Debt Rattle July 16 2015

 

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  • #22477

    John Collier Grandfather Romero, 99 years old. Trampas, New Mexico 1943 • China’s Debt-to-GDP Ratio Just Climbed to a Record High (Bloomberg) • China
    [See the full post at: Debt Rattle July 16 2015]

    #22479
    VisionHawk
    Participant

    Re: Greece…..

    What I would love to see, is abject Syriza faces while getting some vital liquidity back into the system, then ultra-quietly start printing Drachmas (perhaps somewhere deep in China or Russia), then give the Troika/Germany the big finger, then leave and default.
    BANG.
    (That’s the Greek door slamming on the way out).

    #22480
    Raleigh
    Participant

    Ruchir Sharma, head of emerging markets at Morgan Stanley, says (at the end of the interview) that “every single, major global recession in the last 50 years has been caused by the U.S. economy stumbling or going into a recession. My take here is that in the next couple of years, the next global recession will be made in China…” The host says, “You can’t make the U.S. consumer bail this one out, right?” Sharma says, “Exactly. The global economy is doing well, but China is a risk.”

    https://www.bloomberg.com/news/articles/2015-07-13/china-may-tip-world-into-recession-morgan-stanley-s-sharma-says

    The global economy is doing well? Really? The U.S. gets to rig its stock market, provide cheap loans to vested interests, hand out subprime auto/student loans, and pretend they’re not in a recession. The banks hide their junk somewhere where the sun doesn’t shine, the media paint the mess in Cinderella colors and – voila – it’s doing well.

    I think what Mr. Sharma really means to say is, “Every country is lying and cheating, but China might be the one who gets caught this time simply because they can’t get their consumer economy growing fast enough to counteract the drop in exports to countries who are up to their eyeballs in debt.”

    #22481
    mr.mud
    Participant

    Hopefully VisionHawk’s ‘vision’ comes true, though if SYRIZA had done it starting just after their election they’d have been ready to slam that door a few days ago waging the finger as they walked out.

    The most hopeful article i’ve read since the surrender is: “Why the cash economy in Greece may be ending” by Jan Lundberg
    https://www.resilience.org/stories/2015-07-16/why-the-cash-economy-in-greece-may-be-ending
    “Fortunately, Greeks have a greater connection to the land and sea than most advanced industrialized societies. Typically, families have at least some member with a farm, an orchard, and the means to make homemade wine, cure olives, dry figs, grow fruit, collect herbs, go fishing, and more. The extent of this connection has shrunk drastically since the advent of the shopping culture. But, like in the U.S.’s Great Depression when many Americans had a good chance of having a relative who had a farm to go to as a last resort, Greeks have links to the traditions of their elders and rural relatives. With the advent of agribusiness and urbanization, the small U.S. farmer was eliminated as a Census category; fortunately among modern nations small farmers are much more viable.”

    #22483
    Professorlocknload
    Participant

    The pudding will continue to be served as a component of the Bread and Circuses charade, kept alive by monetary authorities, as they await the massive devaluation they have prepared for us, to hit the streets.

    Not if, when. It is the only solution they know. When I read phrases like “The Fed is waiting for more favorable inflation numbers,” and realize that means higher inflation is “favorable” to them, well, to me it means the Central Banks have one real mission in mind. The destruction of currencies by increment.

    Hold soon to be rendered worthless cash at your own discretion. Or, wake me when a beer is 5 cents again and the Dow is 100.

    Aside, can anyone even imagine the number of warehouses that are being packed in Spain, Italy, Portugal etc. with tonnage quantities of newly printed fiat? Let alone what has been stuffed into Greek banks over the “Holiday?”

    #22485
    Raleigh
    Participant

    Professor – now the printing press central bankers have competition!

    “TimesNews reports that police were called to a local grocery store on Sunday night in regards to a complaint about counterfeit money. When the reporting officer arrived, he spoke with a gas station clerk who said that just prior to the officer’s arrival, a white female had handed him a $5 bill, which he suspected to be counterfeit.

    Since the bill had been printed on regular computer paper and each side had been glued together (but was falling apart), the officer immediately recognized the bill as a fake. […]

    At that point she was arrested, and she gave the best money-counterfeiting “defense” we have heard in a long time:

    “I don’t give a ****, all these other bitches get to print money so I can too.”

    https://www.zerohedge.com/news/2015-07-16/tennessee-woman-arrested-printing-money-all-these-other-bitches-get-print-money-so-i

    She has a good solid point. She just needed better glue and sharper scissors. Perhaps the glue went to her head because the $100.00 bill they found in her purse was right-side-up on one side, upside down on the other, and printed in black and white.

    I remember my father talking about Ponzi schemes and counterfeiting when I was young, explaining that people who do this are criminals. Yeah, Dad, they are, except the little criminals get put in jail while the big criminals get to dine with the President.

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