Debt Rattle April 4 2015

 

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  • #20296

    DPC Coaches at Holland House Hotel on Fifth Avenue, NY 1905 • Huge Miss: +126,000 Jobs, Labor Force -631,000 in Two Months (Mish) • US Jobs Data: Wint
    [See the full post at: Debt Rattle April 4 2015]

    #20307
    Ken Barrows
    Participant

    At least America’s trade deficit is dropping despite the strong dollar. I suspect it’s because the USA, despite what the media reports, is still a huge crude oil importer.

    #20308
    Glennda
    Participant

    I find my self pausing in outrage that

    “According to their best military intelligence, Kiev’s army, after the recent IMF loan, was allocated no less than $3.8 billion for weapons.”

    and the IMF treats Greece like naughty children, or worse with fiscal waterboarding.

    #20309
    John Day
    Participant
    #20347
    Dr. Diablo
    Participant

    Reminds me of the Beppe Grillo article yesterday,

    “This debt is im-mo-ral. Actually, it’s not the debt of the Italian nation – or Greek for that matter. It’s a debt that had accumulated from corrupt deals, arms sales, it’s debt to Siemens or international arms corporations that sold Greece their submarines. There were many deals like this one, and people didn’t know anything about them.”

    There are 20 reasons Greece shouldn’t pay. That’s one of them. What about the legal rule that says ignoring totally obvious bankruptcy is fraud, and therefore, fraudulently conveying additional debt onto a bankrupt entity has no force of law? Because that’s already a well established precedent, worldwide.

    If it weren’t, the smartest thing to do would be to start a company, bankrupt it by not paying, then collude with the bankruptcy judge to double its debt again under shelter of law. In which case, the entire societal trust system would collapse. …Which is exactly what has happened in Greece-EU, for exactly the same reason: fraud, theft, and tyranny under color of law means everyone now understands there is no law.

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