On Monday we got still more bad news for Greece. Around one-third of Angela Merkel’s Christian Democratic bloc opposes further aid for Athens meaning the Chancellor faces an uphill battle in convincing German lawmakers to keep Greece on life support. Meanwhile, a new report from the Hellenic Confederation of Commerce and Enterprises suggests that each day without a deal costs the Greek economy €22.3 million.
Not to put too fine a point on it, but Tuesday’s headlines are even worse.
First, up is parliamentary speaker Nikos Filis confirming what the IMF leaked on Saturday: without a deal, Greece will default on June 5.
Greece will not be able to make a payment to the International Monetary Fund that falls due on June 5 without a deal with its international lenders, the government’s parliamentary speaker said on Wednesday.Continue reading »
Do you remember what happened when Cyprus decided to defy the EU? In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts. Well, the nation of Greece is now approaching a similar endgame. At this point, the Greek government has not received any money from the EU or the IMF since August 2014. As you can imagine, that means that Greek government accounts are just about bone dry.
The new Greek government continues to insist that it will never “violate its anti-austerity mandate”, but the screws are tightening. Right now the unemployment rate in Greece is over 25 percent and the banking system is on the verge of collapse. It isn’t going to take much to set off a panic, and when it does happen there are already rumors that the EU plans to confiscate money from private bank accounts just like they did in Cyprus. Continue reading »
Looks like Kerry screwed up. It was a bit too obvious fawning to Putin like that. He saw right through it. Brother Nathaniel was right to question Dr. Paul Roberts’ assessment essay “Is Washington coming to its senses”
Russian PM Dmitry Medvedev has revoked a decree that allowed delivery of NATO military equipment to Afghanistan through Russian territory.
According to the official document, signed by Medvedev and published on Monday, all previous decisions on NATO cargo transit to Afghanistan have now been revoked. This includes an act allowing delivery of military hardware and equipment via rail, motor vehicles, or through Russian airspace.
The Russian Foreign Ministry has been ordered to inform all the countries involved.
“These documents are jaw-dropping. No wonder we had to file more FOIA lawsuits and wait over two years for them. If the American people had known the truth – that Barack Obama, Hillary Clinton and other top administration officials knew that the Benghazi attack was an al-Qaeda terrorist attack from the get-go – and yet lied and covered this fact up – Mitt Romney might very well be president.”
All over America, formerly prosperous communities are being transformed into crime-infested wastelands of poverty and despair. Of course the most famous example of this is Detroit. At one time, Detroit was the greatest manufacturing city that the world had ever seen and it had the highest per capita income in the entire country. But now it has become a rotting, decaying hellhole that the rest of the planet laughs at. And of course Detroit is far from alone. There are hundreds of other U.S. cities that are suffering a similar fate. In this article, the focus is going to be on Camden, New Jersey, but the truth is that there are lots of other “Detroits” and “Camdens” all over the nation. Jobs and businesses are leaving our cities at a staggering rate, and what is being left behind is poverty, crime and extreme desperation.Continue reading »
Did you know that there is more than $28,000 of debt for every man, woman and child on the entire planet? And since close to 3 billion of those people survive on less than 2 dollars a day, your share of that debt is going to be much larger than that. If we took everything that the global economy produced this year and everything that the global economy produced next year and used it to pay all of this debt, it still would not be enough. According to a recent report put out by the McKinsey Global Institute entitled “Debt and (not much) deleveraging“, the total amount of debt on our planet has grown from 142 trillion dollars at the end of 2007 to 199 trillion dollars today. This is the largest mountain of debt in the history of the world, and those numbers mean that we are in substantially worse condition than we were just prior to the last financial crisis. Continue reading »
The IMF discussed a “Cyrpus-like” take it or leave it solution for Greece last week, FT reports. With the countdown to outright insolvency down to two weeks, PM Tsipras will meet EU leaders in Latvia on Thursday to make one last push for a last minute deal. Meanwhile, the fate of the Greek banking sector hangs in the balance as the ECB has come under fire for the monetary financing of the Greek government.
Seymour Hersh found himself in the middle of an F-5 shitstorm this week after breaking his biggest blockbuster story of the Obama Era, debunking the official heroic White House story about how Navy SEALs took out Osama Bin Laden in a daring, secret nighttime raid in the heart of Pakistan.
According to Hersh’s account, OBL was given up by one of his Pakistani ISI prison wardens—our Pakistaini allies had been holding him captive since 2006, with backing from our Saudi allies, to use for leverage. Hersh’s account calls into question a lot of things, starting with the justification for the massive, expensive, and brutal US GWOT military-intelligence web, which apparently had zilch to do with taking out the most wanted terrorist in the world. All it took, says Hersh, was one sleazy Pakistani ISI turncoat walking into a CIA storefront in Islamabad, handing them the address to Bin Laden’s location, and picking up his $25 million bounty check. About as hi-tech as an episode of Gunsmoke. Continue reading »
In a historic vote delegates of the American Institute of Architects (AIA) overwhelmingly voted down Resolution 15-6 which called for AIA to support a new investigation of the destruction of World Trade Center building 7 on September 11th 2001. The resolution, which was introduced by AIA member Dan Barnum FAIA, was voted down overwhelmingly by a vote of 3892 – 160 meaning 96% of the delegates voted to ignore the science, the facts, and the evidence which is today common knowledge about the destruction of WTC 7!
That’s right. 96% of voting AIA delegates voted with intentions and goals outside the realm of science and reason. Could it be that to 96% of AIA delegates two planes CAN symmetrically destroy three massive towers at freefall speed through the path of most resistance? Can it be that to 96% of AIA voting delegates a 47-story state-of-the-art tower CAN disintegrate at freefall speed due to ordinary office fires? If this was really the case, would you trust these people to build the apartment building you live in or office building you work at? Continue reading »