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risk.net The ECB itself knowingly took in bonds they knew were not going to be able to be paid in full, and now having done so is demanding that everyone except them cover the cost of restructuring Greece’s problems. So what? Greece has the upper hand here. In fact, they have the ECB and [...] Greece may default, Ireland can’t sell more debt, Spain may fess up to hiding debt. Norway has frozen loans to Greece. Protests against banks are spreading. The banksters may no longer be able to force countries to pay for bonds that banks knew were dicey and never should have bought in the first place. [...] Spain protest. juanlusanchez, yfrog The protests are spreading to Italy too. Good. May the protests spread to the entire Eurozone and bring down the corrupt edifice called international banking. When the Iceland banking crisis happened, Iceland choose not to be ground under the boot heel of the banks and be indebted for years to [...] Bad enough that reverse migration is now happening. People are leaving Athens and moving to rural areas to escape the explosive political situation, high cost of living, and shuttered businesses. “Athens has failed its young people. It has nothing to offer them any more. Our politicians are idiots … they have disappointed us greatly,” said [...] Because both parties keep throwing money at endless wars, endless bailouts and a Ponzi financial system. The problem is not one party or the other. The problem is the capture and co-optation of the federal government by the military-industrial complex, the financial industry, and corporations in general. Our government is beholden to them not [...] California Fiscal Outlook. LAO Like a heroin addict needing one last fix, California wants to stop. But, just one more injection of that sweet bond income and then tomorrow it’ll get its financial house in order, really, that’s a promise. California has huge debt and obligations it cannot possibly meet, and default is inevitable, [...] “We are screwed because of the wrongdoing of others.” – Speaker in Irish Parliament Our current financial mess won’t end until bailing out companies and countries with hundreds of billions by governments to protect bonds and loans (and making the public pay for it) is replaced by those entities instead defaulting and forcing the [...] Alarmist? Crazy? I’m no deficit hawk, but at some point the US needs to realize it can not continue to borrow and print money with no little thought given as to how much is owed and how it will be paid back. Because that puts you in an extremely vulnerable position. Via Market-Ticker.org [...] At last check Irish-Bund spreads were north of 725 bps, meaning Ireland is now effectively insolvent, and joins Greece in the group of bankrupt European countries. If this blow out is not stopped immediately, the contagion will again spread to the periphery first and then to the core shortly thereafter. The only question is [...] I am the US economy. I need your debt Dang it folks, just what is your problem? Apparently you’ve all been saving and being thrifty rather than taking on more debt and buying stuff you don’t need. This is just so wrong. And it’s hurting the economy. “There is an epidemic of thrift,” [...] |  | ||||
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