Debt Rattle June 29 2015
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Alfred Eisenstaedt Actress Marilyn Monroe at home 1953 • The World Is Defenceless Against The Next Financial Crisis, Warns BIS (Telegraph) • BIS Warns
[See the full post at: Debt Rattle June 29 2015]So, we’re at the mercy of a world run by greedy morons (actually, they’re really smart morons). That’s not a question and not an oxymoron.
Except, if we can use our intelligence (given it hasn’t been educated out of you), we can prepare by having no debt, saving every month/week/day, not in banks; quietly…
And have community; community will save you. The Greeks understand this because it’s still part of their culture; America; not so much.
Community is what’s saving Greek’s now and in the near future…
They are a lesson in survival; pay attention…“No Room for Optimism Over China’s Local Government Debt:
The latest statistics released by China’s Ministry of Finance show that debts owed by local governments reached a new record of 16 trillion yuan (US$2.58 trillion), a jump of 6 trillion yuan (US$967 billion) from two years ago.
Given that local governments in China often hide the actual amount that they owe and may report just 20%-50% of their liabilities to the ministry, the real figure may be much larger, leaving no room for optimism.
The surge in local government debts was created by the 1994 tax reforms that redistributed taxes between the local and central governments. The reforms restricted local governments’ channels for raising funds and forced them to auction off land rights to secure funding for infrastructure projects.
Local governments became further mired in debt because of officials’ pursuit of economic growth figures through ill-conceived infrastructure projects, since their performances were evaluated according to GDP stats.
Beijing’s 4 trillion yuan (US$645 billion) stimulus package launched after the 2008 global financial crisis further fueled the borrowing of local governments, which then turned to shadow banking activities to raise funds at a higher cost.”
https://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20150627000085&cid=1703
Comment at Zerohedge:
“Its the ruling gangster CCPs idea to give the ruling families thier money back. Those serfs who have slaved in factories put life savings into debt ridden family friends companies. Companies debt problems solved. Serfs yet again shoulder burden.
Chinas power is its infiinite population of ignorant serfs for factory work, mao idolotry, xi adolatory, stock market company refi.”
It will be interesting to see if the Greek people vote to stay with the Euro and the Syriza party resigns whether the Troika then gives the new Government the necessary money to keep Greece going. It is after all nothing but politics.
@Patricia
in my opinion, if Greece capitulates now, it’ll get a real good kicking from the troika for it’s rebellion in order that no other countries like Portugal try to copy them. They won’t get good terms for rejoining the fold IMO, maybe initially, but not in the end. An example will be made of Greece. The troika are bullies and not strategic rewarders or long game types. in Geopolitical terms, The Americans may also want to punish Greece for any fraternizing with Russians over rescue plans which could affect gas pipeline routes or Asia-Europe silk road plans for the future. EU and America both have a different interest in Greece and may not have the same goals.So, Ilargi, what of this generational divide in Greece, with young and got nothing wanting to gamble on Drachma, instead of lives of debt slavery, but old and barely surviving on pensions willing to suffer almost any indignity to keep their lifelines?
https://www.zerohedge.com/news/2015-06-29/mood-ground-greece-some-have-raised-prospect-civil-warThe link looks sensationalist to me, John. Old and young are in the same boat. In only because they’re all back living together. I was at Syntagma last night, and what struck me most apart from there being far too many people for my comfort, was that it was entirely peaceful and there was no tension in the air at all. Other than against Juncker. People tell me ever since Syriza took over, there have been no more riots. Tonight is a Yes demo, but they have no real leaders left. Greeks say Samaras and Venizelos are finished and who else is there? Could be interesting for sure.
“The U.S. Supreme Court refused to consider letting states require evidence of citizenship when people register to vote for federal elections, rejecting an appeal from Arizona and Kansas.”
No. I.D. required.
“There is no way you can have a nation in which citizenship has meaning if you do not need to be a citizen to vote; the singular decision by which you choose what person in the political class will represent your interests. If you must be a citizen to vote the government is certainly empowered to demand that you provide reasonable evidence that indeed you are a citizen before casting a vote that is inherently secret in its content as that is the only means of preventing fraud.
This is the seminal test on whether you believe any of what this nation allegedly stands for matters.”
https://market-ticker.org/akcs-www?post=230284
Jobs offshored, voters inshored. How is this system still standing? A country in name only.
Seeing that you posted Marilyn Monroe’s picture at the top of the post, it got me thinking of her money logic in the following clip:
I think Greece could have used her services.
Raúl,
The classic “solution” is to bring in the military once again. There is no way the Americans are going to let the Greeks leave the EZ and pivot East.
I would not be surprised if their current leadership have been told that the sword of Domacles is hanging over their nether parts.
The whole thing is a political one and it really has little to do with the status of the Greeks economy. If any party other than Syriza were in power, the loans would have been extended and it would have been business as usual. The focus would have been elsewhere – Portugal, Italy, France.
Do expect some surprises:
“Even More Admitted False Flag Terror Incidents Come to Light”
Oh! Look! Straight from Al Jazeera’s front page:
Greek referendum is a Machiavellian plot
Democracy is now a Machiavellian plot, brought to you by those who know democracy so well; another well formed opinion that. Pass the kool-aid, moar kool-aid for the masses…
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