“Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.”
On Thursday, we highlighted the pitiable plight of Greek businesses which, facing an acute cash crunch and suppliers unwilling to provide credit ahead of the country’s weekend referendum, are being forced to close the doors.
The country’s banks are set to run out of physical banknotes “in a matter of days” according to a “person familiar with the situation” who spoke to WSJ and Constantine Michalos, the president of the Athens Chamber of Commerce, fears the country’s stock of imported goods will only last for two or three more weeks.
Meanwhile, Greeks have resorted to scavenging for food and picking through dustbins for scrap metal and as we noted on Wednesday, this is hardly a recent development in Greece. High unemployment has plagued the country for years , becoming endemic and relegating many Greeks to a life of perpetual and severe economic hardship. Continue reading »
In the last few days there were dozens of separate attacks in Egypt from the Sinai up to Cairo. Probably more than 60 people died while the Egyptian army used F16 attack plains to protect itself against it disgruntled population.It is clear that the Egyptian rulers will not be able to contain the current situation, today could be marked as the start of Egypt’s civil war.
Democratic elected governments were violently overthrown, in Algeria, Egypt and Palestinian territories. In Algeria the FIS had won the first held elections with a convincing majority in 1990 and 1992. It has been removed from power in 1992 by a coup d’etat that was highly approved by the West. Probably 150.000 people died in the civil war that followed these events up. Continue reading »
America is better off when President Obama is out on the stump bloviating and boasting rather than in Washington actively doing harm. But the whoppers he just told the students at the University of Wisconsin are beyond the pale. Said our spinmeister-in-chief: “And the unemployment rate is now down to 5.3 percent. (Applause.) Keep in mind, when I came into office it was hovering around 10 percent. All told, we’ve now seen 64 straight months of private sector job growth, which is a new record — (applause) — new record — 12.8 million new jobs all told.” That’s a pack of context-free factoids.
By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by private entities such as hedge funds which already happened in 2012), then the rest of the PIIGS will come pouring in: first Italy, then Spain, then Portugal, then Ireland. Continue reading »
Several days ago, we posted a NSA cable leaked by Wikileaks, in which then French finance minister Moscovici (currently a European commissioner) was admitted that the French economic situation was “worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years.” It has not improved since then.
Overnight, in another perhaps even more relevant to the current quagmire in Greece leak, Wikileaks has released another intercepted NSA communication between German Chancellor Angela Merkel and her personal assistant reveals that not only Merkel, but Schauble, were well aware that even with a debt haircut (which took place in 2012 but only for private creditors and whose impact was promptly countered with the debt from the second bailout) Greek debt would be unsustainable. Technically, she did not use that word: she said that “Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt.” Continue reading »
Mind you, their numbers are still way off the mark, in the end it’s going to be easily double what they claim. Not even a Yanis Varoufakis haircut will do the trick.
But at least they now have preliminary numbers out. The reason why they have is inevitably linked to the press leak I wrote about earlier this week in Troika Documents Say Greece Needs Huge Debt Relief. If that hadn’t come out, I’m betting they would still not have said a thing.
It’s even been clear for many years to the IMF that debt restructuring for Greece is badly needed, but Lagarde and her troops have come to the Athens talks with an agenda, and stonewalled their own researchers.Continue reading »
Actor and comedian Jim Carrey has some strong words for California Gov. Jerry Brown: “corporate fascist.”
In a major Twitter rant, Carrey – a Golden Globe winner – slammed Brown on Twitter, labeling him a “corporate fascist” who was poisoning children by signing into law the vaccination requirements, the Los Angeles Times and The Hollywood Reporter (THR) noted.
“California Gov says yes to poisoning more children with mercury and aluminum in [mandatory] vaccines,” he said. “This corporate fascist must be stopped.”Continue reading »
Nearly 100,000 German beekeepers are calling for a nationwide ban on the cultivation of GMO crops. The beekeepers are represented by the German Beekeepers Association (DIB), which is pursuing the ban after the introduction of legislation allowing member states to opt out of GM planting schemes that have been approved at the EU level.
The new law allows a member state to ban GMO agriculture in all or part of its territory. The legislation is strongly opposed by GM proponents and has become a controversial issue throughout the EU. Continue reading »
Democrats have attempted to normalize pedophilia as a sexual orientation
A recent Supreme Court ruling on same-sex marriage may soon allow pedophiles to argue they are suffering discrimination.
“Using the same tactics used by ‘gay’ rights activists, pedophiles have begun to seek similar status arguing their desire for children is a sexual orientation no different than heterosexual or homosexuals,” writes Jack Minor for the Northern Colorado Gazette.
Minor notes that “psychiatrists are now beginning to advocate redefining pedophilia in the same way homosexuality was redefined several years ago.” Continue reading »
UPDATE: Craigslist has removed this post since publishing as this story has gotten national attention.
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In a Craigslist ad posted about 17 days ago, our Federal Government is looking for crisis actors for July 4th through July 6th.
“We are looking for crisis actors for a government emergency drill between July 4-6th. Actors will be responsible for portraying different emergency scenarios in a simulated government terror drill. No experience is needed. Confidentiality agreements are required. Pay is $200. Please message for details.” ~Houston CraigslistContinue reading »
European Parliament president Martin Schulz said his faith in the Greek government had reached “rock bottom,” and, as AFP reports, that he hopes it resigns after Sunday’s referendum. Luckily, he has an idea for a solution… the time between the departure of Tsipras’ hard-left Syriza party and new elections would have to “be bridged with a technocratic government, so that we can continue to negotiate.”
Schulz on Thursday told German Handelsblatt business daily that “new elections would be necessary if the Greek people vote for the reform programme and thus for remaining in the eurozone and Tsipras, as a logical consequence, resigns.”Continue reading »
In what was an “unambiguously” unpleasant June jobs payrolls report, with both April and May jobs revised lower, the fact that the number of Americans not in the labor force soared once again, this time by a whopping 640,000 or the most since April 2014 to a record 93.6 million, with the result being a participation rate of 62.6 or where itt was in September 1977, will merely catalyze even more upside to the so called “market” which continues to reflect nothing but central bank liquidity, and thus – the accelerating deterioration of the broader economy.
End result: with the civilian employment to population ratio dropping from last month to 59.3%, one can easily on the chart below why there will be no broad wage growth any time soon, which will merely allow the Fed to engage in its failed policies for a long, long time. Continue reading »
Want to know what happens in your body when you switch from eating conventional food to organic? Watch this! The study was conducted by the Swedish Environmental Research Institute IVL, and the full report is available here: https://www.coop.se/organiceffect
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Read the report from IVL, the Swedish Environmental Research Institute here: PDF
Following warnings by the federal government that terrorists may be planning to attack Independence Day events, FBI agents are reportedly telling friends and family members to avoid major July 4 celebrations.
Gateway Pundit’s Jim Hoft cites an “inside source” who told him that, “FBI agents are telling their friends and family members to avoid “official celebrations.”
Hoft also claims that the FBI has canceled vacation for all its agents for the duration of the weekend. Continue reading »