The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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A Warning Sign For The World

Any financial system that is based on debt is doomed to fail.  Today, we are living in the greatest debt bubble that the world has ever seen, and if all of a sudden people could not use credit to buy things our economy would immediately ground to a halt.  Unfortunately, no debt bubble can last forever.  When this current debt bubble finally bursts, faith in the financial system is going to disappear, credit is going to freeze up and there is going to be a massive wave of bank failures.  Right now, Greece is a warning sign for the world.  Nobody wants to lend money to Greece, the Greek banking system is dying, one out of every four businesses has already shut down, unemployment is soaring and the Greek economy has now been in recession for five years in a row.  Sadly, the economic implosion in Greece is rapidly accelerating.  The Greek economy shrunk at a 7 percent annual rate during the 4th quarter of 2011.  That wasn't supposed to happen.  Things were supposed to be getting better in Greece by now.  But instead the Greek depression is getting even worse, and very soon the rest of the world is going to be going through what Greece is currently experiencing.

Unfortunately, most in the mainstream media are treating what is happening in Greece as an "isolated incident" rather than as a very serious warning sign for the world.

Thankfully, there are at least a few reporters out there that are realizing the gravity of the situation.  The following is how one reporter from the New York Times recently described what life is like in Greece now....

By many indicators, Greece is devolving into something unprecedented in modern Western experience. A quarter of all Greek companies have gone out of business since 2009, and half of all small businesses in the country say they are unable to meet payroll. The suicide rate increased by 40 percent in the first half of 2011. A barter economy has sprung up, as people try to work around a broken financial system. Nearly half the population under 25 is unemployed. Last September, organizers of a government-sponsored seminar on emigrating to Australia, an event that drew 42 people a year earlier, were overwhelmed when 12,000 people signed up. Greek bankers told me that people had taken about one-third of their money out of their accounts; many, it seems, were keeping what savings they had under their beds or buried in their backyards. One banker, part of whose job these days is persuading people to keep their money in the bank, said to me, “Who would trust a Greek bank?”

Can you imagine?

Greece is experiencing a full-blown economic collapse and nobody can see a light at the end of the tunnel at this point.

As I have written about previously, the overall rate of unemployment in Greece has now risen above 20 percent and the youth unemployment rate in Greece has soared to an astounding 48 percent.

Deleveraging can be an extremely painful process.  Greece has been forced to try to reduce the size of its budget deficit, but every time it cuts government spending that causes economic activity (and thus government revenues) to slow down as well.

Now the EU and the IMF are demanding that even more very painful austerity measures be implemented in Greece even though Greece is already experiencing a full-blown depression.

The EU and the IMF are demanding that Greece fire 15,000 more government workers immediately and a total of 150,000 government workers by 2015.

The EU and the IMF are demanding that wages for government workers be cut by another 20 percent.

The EU and the IMF are demanding that the minimum wage be slashed by more than 20 percent.

The EU and the IMF are also demanding significant reductions in unemployment benefits and pension benefits.

Of course all of those cuts are going to make the short-term economic conditions in Greece even worse.

The rioting, looting and burning of buildings that we are witnessing right now in Greece is likely to continue for quite some time as exasperated citizens attempt to express their frustrations to politicians that simply do not seem to care.

According to the National Confederation of Greek Commerce, recent rioting resulted in damage to 153 businesses in Athens.  45 of those businesses were totally destroyed.

You can view some stunning footage of the current rioting in Greece right here.

Despite all of the austerity measures that have already been implemented, the truth is that Greece is very likely to default soon anyway.

There is a very good chance that the new austerity agreement that the Greek parliament just approved will never be implemented.  There are new elections scheduled for April and the current party in power is polling in the single digits.

The new Greek government is likely to look much different from the current one, and nobody knows for sure if the new government will follow through on any of the promises being made by the current government.

In addition, the German parliament must approve this new deal with Greece, and the German parliament is not scheduled to vote on it until February 27th.  Considering the mood in Germany right now, approval is not guaranteed.

So there are all kinds of things that could go wrong with the "deals" that are currently being discussed.  The truth is that a Greek default in the coming months seems to become more likely by the day.

Some in the financial world almost seem eager for a Greek default.  The following is what Jon Moulton, the chairman of Better Capital, recently told CNBC....

"If I was Greek, I wouldn’t be going for these measures, I’d be going for default and getting it over with. Would you like two to three years of pain or 20?"

But a disorderly Greek default would not be a pleasant thing for the global economy at all.  A recent article in the Guardian detailed what some of the consequences of a Greek default and exit from the eurozone might be....

But default and "re-drachmatisation" would be a costly and chaotic process. In the long term the euro might be strengthened if some of its weaker members headed for the door. But in the short term banks across the eurozone might have to be closed to prevent a run on the single currency as investors speculated about which country might be next. A new wave of bank nationalisations would be likely to follow as lenders counted their losses on now worthless Greek debt.

Capital controls would have to be imposed and borders shut to stop money flooding out of Greece. Portugal, Italy and Spain would come under intense pressure from investors wary about the risk of another victim. Banks everywhere, already reluctant to lend, would cut back hard, nervous about their exposure to the bonds of all Europe's crisis-hit states.

And the financial crisis in Europe is going to continue to spread well beyond Greece.  Moody's Investors Service just downgraded the credit ratings of six European nations.  The following is how Bloomberg described the downgrades....

Spain was downgraded to A3 from A1 with a negative outlook, Italy was downgraded to A3 from A2 with a negative outlook and Portugal was downgraded to Ba3 from Ba2 with a negative outlook, Moody’s said. It also reduced the ratings of Slovakia, Slovenia and Malta.

Countries such as Italy, Spain, Portugal, Ireland and Hungary are heading down the exact same road that Greece has gone.  Greece was the first one to experience a full-blown depression, but soon Greece will have a lot of company.

Greece is most definitely a warning sign for the world.  If you keep recklessly piling up debt, eventually a day of reckoning comes.  It is inevitable.

But Barack Obama does not seem to understand this.  He continues to pile another 150 million dollars on to our national debt every single hour.  He knows that cutting spending significantly right now would hurt the economy and that would significantly hurt his chances for another term.

Needless to say, Barack Obama is not likely to do anything that is going to significantly hurt his chances for another four years in the White House.

So we continue to roll on toward disaster.

The U.S. financial system is like a car with no brakes that is heading straight toward a 5,000 foot drop at 100 miles an hour.

It is all going to seem like fun and games to some people until we hit the canyon floor.

Once that happens, nobody will be laughing.

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  • chiller

    Of coarse the Greek politicians don’t care, it doesn’t affect them! Want to cut spending…make the politicians cut their pay, benefits, retirement, everything!

    • Paul

      How about taxes?

      It is said nobody pays tax in Greece. Did they start already to collect?

  • Jeremy

    Who said that the situation in Greece would be better by now? They lived well beyond their means for decades, and this is the correction. Same as will happen around the world. It is time to be brave and consider how to live in this new world.

  • http://economiccollapse jackier

    How big of the cuts are the polititians going to take from their pay/pension/medical? They are the ones responsible for the country where it is.

    • Gary3

      The Greeks did this to themselves, just as USA is doing herself. The politicians in both countries gave them what they wanted. Any fool who mentioned reality was promptly voted out.

  • mondobeyondo

    Greece is going down faster than the Titanic. Faster than the Lusitania.

    And just because we sing “God Bless America”. you think we are exempt?

    We’re going down faster than the Costa Concordia.

  • BenjiK

    And what happens to Greek politicians who oppose the austerity measures? Well, they’re removed from office of course.

    http://greece.greekreporter.com/2012/02/10/papademos-says-he-will-remove-dissenters-because-default-would-bring-misery/

    • Alasha

      ps: i luv ur Gravatar, Benjik – lol

      • BenjiK

        It’s funny you say that, I was just thinking about changing it while reading this thread! I guess I just don’t feel like a frustrated triangle most of the time….. :P

        • Alasha

          lol!!!!!!!!!!!!!!!

  • Patriot Alice

    They can’t float or swim with all of their debt…Once they hit the floor and rid themselves of their debt, they can kickstart a resurgence..

  • Rodster

    Bravo as usual :)

    Michael, I have a question? In your article you said Greece has been in a 5 year recession and then you mentioned it’s in a depression. Can you elaborate?

    • Michael

      Rodster:

      Officially, Greece has been in a recession for five years and they are still in a recession.

      In my opinion, they have entered depression territory at this point. I don’t see how people can call what Greece is currently going through a “recession”.

      Michael

      • S. Wiseman

        Aren’t they both true? Since a recession is a period of economic contraction, its severity and duration are what makes it a depression. Both happen at the same time depending on the severity. Perhaps I am wrong?

    • mondobeyondo

      Greece is definitely in a depression.

  • Cinderella Man

    Im around so many people that are outright ignorant or in total denial that the economy is about to fall of the cliff, again. The news wears me out, now that they canned Freedom Watch there isnt any reason for me to watch the Fakestream media anymore. CNBC, FBN, and the alphabet nightlies are spoon-feeding us crap each and every night. I dont care about the Emmys, dont care about how many welfare recpients are changing their worlds one person at a time, I dont care about puppy dogs and kitty cats and flowery sunrises according to Robin Meade! I want the truth. Alot of Americans are finally waking from their slumber, but I fear it will never be enough in time. Things are going down in March. The opening salvos in Iran may start, The market may have a Bear Stearns domino effect, cascading into a full on depression. I read the other day about the intial market crash in ’29 then a bull market rally in ’30 and ’31 then a much stronger fall in ’32. This is our second wave. The market peak will be over 13000 but it WILL fall again… You cannot escape economic laws of gravity!!!!

    • DownWithLibs

      Hey, did you hear about Whitney Houston?

    • Gary2

      Alot–not

      This is two words a lot, NOT alot. I can not understand how so many people make this error!

      • Malcolm Reynolds

        The same way people make the mistake of believing taxing the rich and communism works.

    • Alasha

      I don’t know … Cinderella Man. i thk i must agree. somehow tho’ something in the back of mind wants to start ASAP to fall so ppl will see i was right! mmmmmm. not that i am ready. just tired of waiting :(

    • mondobeyondo

      That’s true. The market crashed in October of 1929, then had a brief rebound in 1930 and part of 1931.

      And then the bottom fell out.

      • BenjiK

        Very wise insight my friend…..

  • Workhorse1

    Here is a history lesson . Why did the French revolt in the 1790s and send 40,000 people to the gullitene? Answer, the price of bread rose 40% overnight and people began to starve. Their leaders were turning their currency into confetti to suport their lifestyle . Does any of this sound familar ?

  • Rodster

    It’s looking like the EU wants Greece to default
    http://www.ft.com/cms/s/0/7cb53ba0-573a-11e1-869b-00144feabdc0.html

    “Eurozone officials have called off an emergency meeting of finance ministers to approve a vital €130bn bail-out for Athens amid a growing fight among the country’s European creditors about the merits of ALLOWING Greece to go BANKRUPT”

    • Alasha

      duh 2 me, i thought they did default, Rodster – hence the austerity measures… if it is burning now, what will a default look like? jeepers!!!

    • knightowl77

      The mtg has been postponed yet again….no consensus…

  • M. Hapney

    Great articles.

    The “Barack Obama doesn’t understand this” is moot.

    He is a puppet. Makes no important decisions. A cardboard standee. Politics and politicians are just part of the shell game, a sham.

    I wish more people would realize this, but they can’t. That would mean coming to terms with the truth.

    The truth is we are slaves and have no say. The B.O. of the world are just there to give the illusion of freedom, as in voting.

    The next president of the USA has already been pre-selected. Your say means -0-.

    • mondobeyondo

      I haven’t heard much “hope and change” from him lately. Maybe Backack Obumbler has given up on his own 2008 campaign theme?!

    • liberranter

      Thank you, M. Hapney. I keep harping on this point over and over and over again, a point that should be as obvious even to someone in a coma as the sun in the daytime sky, but no one seems to get it. I am SICK AND TIRED of hearing and reading about people blaming Barack Obama or George W. Bush, or any of the other fungible morons preceding or following them for this or that policy, this or that executive order, this or that statement. NOTHING THESE LOSERS SAY OR DO IS OF THEIR OWN FREE WILL – ALL OF IT IS SCRIPTED FOR THEM BY THEIR BANKSTER HANDLERS! (Once again, the last president who tried to break that mold was JFK. We all know how that turned out for him.) Whether it is Barack Obama or any of the current crop of Rethuglican scumbags who is put on the throne in November will matter not one dam. The current reckless, criminal imperial policies will continue no matter who holds the meaningless title of President of the United Fascialist State of Amerika.

      (To all of you Ron Paul supporters who are surprised and outraged at the latest caucuses results in Maine and elsewhere, I have some prime beachfront property in Cheyenne, Wyoming that’s just too good for you to pass up.)

      • Gary3

        Not completely true. Meeshal Obama DOES decide where to go on vacation.

  • Darren

    For anyone who feels like killing themselves because of financial hardship, it’s not worth it. To deal with the short term of pain and agony of this world is nothing compare to the pain and agony of eternity in hell. Just remember you can’t take your money and belongings with you when you die. Just have hope and faith in our Savior Jesus Christ and in the end we will have rewards beyond our imaginations waiting for us in Heaven.

    • Kathy Smith

      AMEN DARREN

    • Dan

      Well said Darren.
      I will meet you in the air one day ….soon!

  • Nicky G

    “But Barack Obama does not seem to understand this”

    You don’t know that.

    • knightowl77

      No, its true…only his teleprompter knows for sure what is coming next….We have to wait for TOTUS to tell us as well… ;-)

  • McKinley Morganfield

    “And the financial crisis in Europe is going to continue to spread well beyond Greece.”

    People who need Michael or Sherlock Homes to tell them this is the bare naked truth need to stick their heads deeper into the sand. The global financial system is going to unravel very quickly once the first stitch is loosed. Bernanke, the ECB, and other central banks will try to print, print, print to keep the can moving down the road, but as Michael notes the can is about to sail into the canyon. My best guess is that global financial collapse will occur within no more than 6 months after the default of Greece. Bear in mind, panic travels like wild fire.

    SO we face too much leverage compounded by too little willingness to take the short, difficult road. So we can be assured it will be the long, difficult road down the mother of all depressions.

  • tappedops

    i sort of get what your saying but im pretty into the laker game and then after that im watching the second half of the gramms on tevo… but im sure this bank thing is real… im just not sure how it effects my simpons reruns— could you explain…

    • Alasha

      lol

  • tappedops

    simpsons…sorry

    • Malcolm Reynolds

      you forgot “gramms”, “tevo” and “effects”

  • Bone idle

    The Greek bailout is a sham. It will never happen. Those countries who are supposed to stump up funds to contribute to the bailout never intended to do so. e.g Finland has refused to hand over funds to the bailout.

    Greece will default. The Northern partners of the Euro always intended for this too happen.

    Any alleged bailout funds will be mused to prop up banks who may suffer from the Greek default.

    My tip.

    Greece will default and then be supported directly be Germany or the Chinese in return for hard assets.

    Meanwhile watch the other Euro southern countries.
    France will have a change of Presidency. A neo communist will get in, nationalize half the country as well as the banks. This will leave those other countries depending on French bank support without a life line. Be prepared for the new French President to play havoc with the derivative market. French US relations will sour.

  • Steve

    First to read the end of times.

  • r.bitting

    To him who loved us and washed us from our sins with his own blood, and has made us kings and priests to his God and Father, to Him be glory and dominion forever and ever Amen. Behold, He is coming with clouds, and every eye will see him, even they who pierced him, and all the tribes of the Earth will mourn because of him. Even so, Amen.

    • Dan

      Yes, come Lord Jesus come!
      I believe we are very near that time!
      Stay in prayer!

  • Antonio Gonzalez

    Greece will default and you know, the big losers will be USA Banks.

    • Highspeedloafer

      The big losers will be all of us. The bankers will survive, don’t you see that?

    • Bob

      And the Fed. will just print more money to prop up the banks and your Grandchildren will have to pay for that.
      They will be lucky if they have huts to live in after obama gets done with us.

  • Gabrial Singh

    Barack Obama did NOT create the financial system we have today. You ronald reagan right wingers did. How do you like your work?? Dick Cheney, et al, and nary a word about that. Its all the black mans fault. all the white ones were perfect. I see your point, loud and clear.

    • Jerald

      The Celebrity in Chief is simply a puppet for Wall Street Bankers. Don’t forget he’s a trained liar, I mean lawyer. Race has nothing to do with it, other than his being elected by “racists.”

    • Malcolm Reynolds

      “Its all the black mans fault. all the white ones were perfect. ”

      You rabid leftists prove it’s YOU who are the racists in this country every time you mention race. Republicans cant fart w/o you wackos accusing them of racism. Yet, its your side that fought FOR slavery, AGAINST the civil rights acts, FOR cleansing this country of blacks via Eugenics/Planned Parenthood and the Klan.

      Ronald Reagan created the financial system we have today? Interesting. Wrong and stupid, but interesting.

      • Gary2

        right wing white supremest speaks at CPAP. nothing more to be said.

  • DownWithLibs

    Anyone else here notice that Germany (under a female leader) finally conquered Europe on the third try without firing a single shot?

    • justamom

      Interesting observation…

  • Bill

    The speed of Europe’s collapse will be overwhelming to its debt-based, just-in-time-delivered, system. The outcome will be brutally painful.

    • Michael

      Good point Bill.

      Michael

  • mondobeyondo

    Iran will be at war with the U.S. within the next year.

    And America will lose that war – because we won’t be able to afford to fight it!

    • mondobeyondo

      WWII was the last major war the United States and its allies will ever win.

      Just sayin’……

      • liberranter

        Heck, you could even argue that America actually lost that war. As the old Firesign Theater gang pointed out in more than one of their skits during the late ’60s and early ’70s, America was supposed to be fighting fascism in that war. So how come we’ve been seeking to perpetuate it in ever conceivable corner of the globe since 1945?

  • mondobeyondo

    Did you ever see those old films of WWII Stuka dive bombers? Well, that’s the sound of the Greek economy these days.

    And it’s heading across the Atlantic. You will not escape it.

    Burn and crash. Oops, crash and burn.
    What’s the difference anyway?!!

  • confused

    I can’t quite figure this out. Rolling over
    Greek debt for 30% bonds seems that someone
    or something is making out like bandits
    since money can be borrowed for next to
    nothing by the large banks. This is just too
    strange for anyone to think that this can
    happen. Those in the poor house are further
    punished. Strange…strange

  • tak

    the riots over here will be much worse, over here we will be fighting with guns ,not rock throwing

  • mondobeyondo

    Most of you probably think I’m crazy.
    That’s okay.
    They thought the Wright brothers were crazy for thinking men could fly.
    They thought Charles Lindbergh was crazy for thinking he could fly across the Atlantic Ocean to Paris.
    They thought Charles Manson was insane.
    Well, you got that one right!
    One out of three ain’t bad though!

  • kwark

    Gotta keep paying those big banks because, other wise, you know, the economy will tank and horrible things will happen. Course the same thing will happen anyway but much worse the longer we postpone the inevitable. Greece is just the opening act in a painful farce that will include us in act 2 or 3.

  • http://yahoo oscar g. salomon

    the debt problem now going on around the world can be blamed on greed by people who are manipulating the economies of nations.these people should have cared for their fellow humans as they will also be affected.for those who are also on the verge of economic collapse due to debt should go back to basic simple living.the government should prioritize basic necessities-food,shelter,clothing,water,energy and education.spend more on these specially on agriculture this way people will have something to eat.countries should reduce their deficits,tax more the rich,reduce corruption.

    • vtech.accountant

      Exactly! in short the gov should prioritize the basic Needs and not the Luxuries!

  • http://EconomicCollapse Already Gone

    Obummer Has Submitted a proposed budget of 3.8
    Trillion dollars for 2013,The printing presses
    are already running at high speed but i am sure with today’s technology from china they will learn how to make them run at a supersonic speed. As for this country going down the same road as Greece the democrat run senate seems to have a different viewpoint of that there opinion is that will never happen to this country, the blind leading the blind.But a little reminder when the collapse happens where do you think these people will be? Out on the streets with the rest of the doomed society?
    Do you think they will be out there protesting
    with the rest? Highly unlikely no they will be down in there taxpayer paid for shelters which
    we as citizens will not have any right to even
    so we paid for them. This is a part of the vicious circle of life and only god knows when it will stop.

  • Sid Davis

    The whole purpose of the Federal Reserve Act of 1913 was to convert the monetary system of the USA from one based on gold and silver coins, as required in the Constitution, to one based on checking account balances created by banks and loaned into circulation, with interest being collected on the loans. This results in a huge transfer of wealth from people, businesses, and governments to banks as they pay interest on these loans.

    Now there is no money in circulation. There is only bank debts (Federal Reserve Notes, checking account balances, saving account balances and CD’s) that we call money and the banks have accomplished their goal of indenturing the public to them; we are just slaves and most are too unaware to even realize it. Instead the masses blame anything else but the monetary system for their suffering as the bust phase of the Federal Reserve induced boom/bust cycle unfolds.

    This government/corporation collusion has destroyed freedom and simply the opposite of freedom is slavery.

    So go ahead and vote to continue the delusion that we are free because we can vote from the approved list that we are allowed to choose from. And in the mean time, if you want to survive the collapse of this house of cards system, get independent of it.

  • h5mind

    The media likes to pretend “things will be worse” if Greece defaults instead of accepting yet another Draconian round of tax hikes and wage cuts. This is utter rubbish. Every penny of Greek, Spanish, Italian, and Portuguese debt is guaranteed by multiple, overlapping insurance policies called Credit Default Swaps. There is currently $800 trillion’s worth of coverage circling the world’s financial markets. The investment bankers who sold these Swaps would rather the people cover the world’s gambling losses instead of simply paying out on those policies. Does anyone remember what happened when Iceland told the IMF to shove off? You’re right, nothing. Just say NO to more bankster looting and take back our sovereignty, our economies, and our power. Cut off the head of the snake before it devours us all.

  • Motobutcher

    Ammo is the only currency for the 21st century.

    • Dan

      Don’t forget the rope ~~~

  • Gary2

    I think I see gog-magog in the lower left of the picture of Michael’s globe at the beginning of the post.

    • tak

      g2 I would like to be there when you neal before GOD just to see the look on your face when you realize what a big mistake you have made

  • Alasha

    Gary Null had a excerpt on his show from an BBC interview of school children who usually only had the meals the school served to eat. Nothing at home. Ketchup soup and one of the little girls said they ate rats once.

    http://www.progressiveradionetwork.com/the-gary-null-show-wnye/

    2/14 show starting at 22:00 – 26:00 four of most heartbreaking mins.

    it is almost unbelievable – i thought these ppl would have food stamps!!!!!!!!! how r these ppl falling through the cracks of our society….

    • Gary2

      the repube scum have cut WIC and food stamps. If not for Obama more would be starving.

  • Mark

    I went through that 7 page article on Greece. It is ugly for many there. I did notice that many were going back to live in the country and try to produce a product from the land to sell. Pay close attention to the two words produce and product together. Is seems that the huge amount of takers in this country never learned those two words. This country was great when most people put those two words to work. Oops there is a third word to add to the list.

  • Eisenkreutz

    Youre doing the Lord’s work, Michael. I dont know where you get the patience to keep on writing day after day after day trying to wake up the idiot populace, but I salute you. I dont think its going to make any difference in the long run. We deserve exactly what we are going to get. My view is that there is no financial crisis or social crisis; there is only one problem at work here: the American people are too stupid to understand simple concepts, and they are too lazy to care.

    • Michael

      Thank you for the kind words. It is an honor to have so many people coming to the sites every day, and hopefully I can continue to put out articles that really make an impact.

      Michael

    • Rhynn

      Hey Eisenkreutz. Don’t forget “arrogant”.

      It takes a high degree of arrogance mixed in with the aforementioned to not only fail to grasp what’s going on, but to mock and claim superiority over others who refuse to download their realities from the television and Keynesian Economics pundits.

      And still more arrogance to aggressively defend stupidity publicly against all challengers.

  • David M

    A collapse before the November elections gives Mr O. an excuse to call them off.

    Not saying there won’t be unhappy people.

  • dan17

    what they are doing to greece now they did to romania for 20 years with the so called economic reforms. free market where the big western banks exploit and take everything away. we cannot eat money and the most important necessities besides belief in God is food and shelter. and real food is non gm food that sustains health.

  • 1% admirer

    Obama doesn’t u derstand but neither do Romney, Gingrich or Santorum. Paul has a clue but the GOP machine won’t let him get the nomination even if he could somehow win a majority of the primaries. Don’t historians tell us that the Roman Republic may have won the three Punic wars that happened with 80 years but the ultimate results were an increase in wealth to a few, small yeoman farmers put out of business by the massive amount of slave labor brought. People like the Gracchi brothers tried to help but used mob violence and were ultimately killed themselves. Warlords like Marius, Sulla, Pompey, Crassus and Caesar arose, 60 years of terror and purges until Augustus could impose a sham
    Senate with him in control but he did bring peace and gladiator games were expanded. Four centuries of emperors followed.

    • Rhynn

      Can’t move forward while looking backward remember? History. That’s the past.

      • knightowl77

        History may not repeat itself, but it does rhyme.

        If you do not learn from past mistakes, you are doomed to repeat them…

      • Malcolm Reynolds

        Au contraire, you cant move move forward without looking backwards or you’ll just stumble and fall over the same mistakes of the past.

  • Craig

    Really I don’t care about Greece. I care about the USA. With the democrats fighting so hard against any budget deficit cuts, they are incapable of voluntarily reducing our debt. A very serious problem will force the politicians to cut our debt, and the democrats will go kicking and screaming all the way. The leadership or our government is so weak. $$$$ is the only thing they care about.

    Since I will soon be losing my photo share site (can’t afford the year payments anymore), I thought I’d try to post a few:

    Girls swimming in Lake Washington in Kirkland, WA
    http://www.pbase.com/craig_c/image/117682610

    • Rhynn

      Craig, your post outlines two major reasons why things will not be improving in this country any time soon.

      You say you don’t care about Greece. Many Americans probably feel the same way, but the fact of the matter is that it is too late to “not care” and Americans have nobody to blame but themselves for that. It was the choice of the American public to repeatedly elect and not remove leaders who have no concept of tending to domestic business and leaving international business to tend itself. Not hardcore Isolationism, but Non-Interventionism. Bluntly, keeping our nose out of regime changes and Imperialistic foreign manipulation. Now, there is no reversing out of the mud puddle we have wedged ourselves into.

      But that’s what Americans want to do; forget what’s happening abroad while still openly backing leaders that have already pledged to make sure it continues, and spreads.

      And how are Americans managing to do this? Because they are too busy manufacturing and harping on differences between one another and ways to be superior to one another to realize the truth. There is no two party system in American politics, and there hasn’t been since the late 1800′s. There is one party ideology supported and advanced by the same people with different zoo animals for icons. They’re all rich, they all support big government, they all support destruction of the economic base, and they are all warmongers. So much dismay from the public. Bush destroyed freedom with the Patriot Act say Dems, but when you ask them what NDAA stands for their eyes glaze over. I haven’t encountered a single person who I have not conversed with extensively about Ron Paul who has even been able to tell me what the NDAA is.

      And even those who seem to know on the internet are still not getting THE MAIN IDEA. That a Democrat wrote the 2nd chapter of a book on oppression whose first chapter was written by a Republican. They simply don’t get what that means about partisan politics. And until they spend more time figuring out what it does mean, they will continue to script their own demise.

    • mondobeyondo

      You should care about Greece. What happens there is going to eventually happen to us.

  • Alasha

    Gary Null had a excerpt on his show from an BBC interview of school children who usually only had the meals the school served to eat. Nothing at home. Ketchup soup and one of the little girls said they ate rats once.

    http://www.progressiveradionetwork.com/the-gary-null-show-wnye/

    2/14 show starting at 22:00 – 26:00 four of the most heartbreaking mins.

    it is almost unbelievable – i thought these ppl would have food stamps!!!!!!!!! how r these ppl falling through the cracks of our society….

  • I am Tyler Durden’s contempt for the system

    We have passed the crossroads on the road and are in unsustainability territory. With constant talks of austerity, quantitative easing, orderly default, and irrational data increasing growth and stemming contraction, all we have left is the inevitible reality of the death throes of capitalism.

    • Malcolm Reynolds

      “all we have left is the inevitible reality of the death throes of capitalism.”

      Uhhh, not so much. All the little buzz words YOU used – unsustainable, austerity, QE and Default are hallmarks of left wing socialism.

      Capitalism is merely an engine that starts every time you turn the key and all the Fabian socialists infecting this country have been intentionally hiding the keys to dupe and destroy us.

  • Chris

    Imagine a scenario where the elite deliberately let the financial system crash overnight. They retreat to their underground bunkers after having first disabled all forms of energy generation (possibly by computer virus)and wait. On the surface chaos and anarchy reign with gangwarfare and eventually cannabalism and disease and polluted water supplies. How long do you think before 95% of the population are dead? 3 weeks? Less? Drones are then used to mop up the survivors. Elite reemerge.

    • Rhynn

      And then there’s the flip side of the coin and awful reality. Nobody’s left to actually “do” anything.

      It’s what these idiots don’t seem to grasp. When you price your customers out of the market on the one hand, and ship their jobs offshore on the other, thus “mopping them up”, nobody can buy your products and sustain your business.

      Maybe businesses in Central African Republic can get away with such nonsense given the thimble worth of purchasing power their population wields, but when you are doing such things to the largest consumer base on the planet, there are no words. “Moron” maybe.

    • S. Wiseman

      Civilizations rise… civilizations fall. What is happening in the world is nothing new. Been this way since the very first city-state started by Cain and Nimrod. It is what has to happen until people finally realize they are serving the wrong master. The “beast system” is a system that devours. It requires you all to work. When the bubble expands to its maximum capacity, it pops. Massive die-off. Don’t worry… once the 95% are dead (wars, civil unrest, disease), then the elite who were hiding will reappear to pronounce their man with all the answers and you will gladly set him up in office to rule over you. Prosperity returns now that there are so many jobs available due to the jobs vacated by the deceased; and the sheeple will once again – as hypertiger would say – “march to their doom with glee” subjecting themselves to the NWO and making the elite once again very, very rich. Amazing that a so-called educated and Christian populace just don’t understand the nature of the game. Once again in bondage to “Egypt” – the city-state.

  • Mike

    As Gerald Celente says….watch Greece to see whats coming to Amerika; prepare folks, prepare.

  • Rodster

    Europe economy: Recession hits Italy and Netherlands

    Two of the eurozone’s biggest economies have fallen into recession, according to the latest economic figures.

    http://www.bbc.co.uk/news/business-17037747

  • http://economiccollapseblog.com bill

    now people listen to our goverment everything is ok and they wont be no default with greece and the eu is doing fine were in recovery,unemployment is down,give the goverment your firearms the police will protect you in a timely manner,there isnt any crime to speak of we are doing great

  • Hans

    The Greek politicians are between a rock and a hard place.
    Whatever they do, they will default. If they agree to the austerity measures, in spite of the protests, they are merely playing for time. They have no hope of complying with the conditions set by the EU and IMF. However, if they refuse to accept the conditions, they will default immediately. Their own personal house of cards will come tumbling down. Is it not normal human behaviour to try and postpone the doom for as long as possible? Even these politicians have to feed their own families. Though I have no time for any politician, I can understand why they act like they do. By agreeing to these measures, they are kicking the can down the road once more.
    The politicians in the US and in fact all over the world are doing exactly the same. They will only accept default if it is forced upon them. the only question is, will it be the lenders (unlikely) or their own people forcing it down their throats. Either way, there will be blood in the streets.
    The fallout will affect nearly all of us. The EU basically accounts for about a third of South Africa’s exports. Obviously, if the EU and the USA folds, the Chinese will no longer have a need for our mineral commodities. Who will we export the cars being manufactured here to?
    Whenever the mainstream media reports any bad news from Greece, our currency devalues as a result of “risk aversion” relating to developing economies. Ironically, the very strict exchange controls here never allowed our banks to play along with the gambling of the big EU and USA banks. At least our banks are not bankrupt, but through pension funds and such we are just as vulnerable when stock markets and currencies collapse. At least we produce food in this country and I have family with farms. However, with Zimbabwe as an example, nothing is sacred or safe. I still feel safer here than I would have if I lived in the EU or USA.
    Theoretical discussions are fine, but I can only imagine the desperate measures people will resort to if they lose their own jobs and the survival of their families are at stake. Things will get really scary.

  • William

    If you vote for an incumbent in the US Congress in Nov of 2012, What Greece is today will be what America will be in 2015-2016. GET OFF the various social media web sites; look at what the US Congress has done to America in the past 30 years. Vote incumbents OUT! If you do not do that, then you only have yourself to blame. With the US Congress at a 10% approval rating, this should be obvious to anyone with an IQ over 50.

  • Paul

    As long as Europe lends money to Greece, everybody else wants to lend money to Greece. Because the European taxpayer is paying.

    And the same is happening in the US. As long as China is buying US treasuries, the US government can print money, buy tanks, pay soldiers, make wars – and firms like Blackwater and Halliburton can make profit that is exchanged for Gold in the end.

    And as long as the army is paying more than welfare peole are joining the army and go to “see the world”.

    Just imagine, families would get rich. Then there would be no more soldiers.

    Maybe we should “invest” in Martin-Marietta, Heckler&Koch, Krauss-Maffei, BAE, etc.

  • ScoutMotto

    My advice to Greece is to tell the EU to take a flying leap, kick the ECB out of Greece and issue their own currency debt-free. Arrest the Rothschild agent Papademos and toss him in the clink.

  • grandpa

    what a great time to begin to design your own local general store and bank….if you can add and subtract on paper ,your’e a genius

  • karen

    On Feb 20 2012 a thousand active duty and veterans will march on dc in support of ron paul not because of his thoughts of the military in other countries but because of are economic situation. Never in my time have I seen this, and thousands and thousands of military are being put out of the military or kicked out, where will they go?? On unemployment there are no jobs for all of these people. A 100,000 military will have no job in the future, and beware the people whom let there names be known as preppers in the national geographic program are now being persued and being labled mentally ill and their weapons being taken from them, I would just keep what you do to yourself.

  • No Country For Constitutional Men

    I have more than a warning. This chart from Market Ticker says our Empire and fiat in general are doomed like so many other Empires throughout history. We are nothing special folks.

    http://market-ticker.org/cgi-ticker/akcs-www?get_gallerynr=2772

    • mondobeyondo

      Of course it’s doomed.

      The United States of America is an empire. We champion “freedom” and “democracy” and “liberty”, and we masquerade as this beacon of equality, but our military might proves we are as much an empire as ancient Rome, or Greece, or 19th century Great Britain. If you don’t understand that, nothing else matters.

      You don’t think the U.S. is an empire? Why all the military bases? Why all the aircraft carriers? The F-18′s, Stealth fighters, and Stealth bombers? And the nuclear arsenal? Oh yeah! It’s to catch all those terrorists running around!

  • Syrin

    Paul Ryan recently said we really only have 2 years (3 at most) to get back to the road of fiscal sanity. After that, no one buys our bonds, interest rates will likely be near 5% as they will INEVITABLY have to increase, and we will be forced to pay 5% interest on 20 TRILLION dollars of debt which amounts to a trillion annually. We currently pay virtually no interest.

    Think Greece is bad? wait until our uneducated, violent welfare dependents (looking at you GARY) stop getting their gov’t goodies.

    • Gary2

      Paul Ryan-my rep is a 1% piece of crap. He will be loosing in 2012 to Rob Zerban! He is hated in a majority of his district.

    • Gary2

      I find it interesting that Ryans road map to poverty increases the debt-why-he cuts taxes on the rich. what a *******************!

  • Kathy Smith

    Get right with the Lord. He is our only hope left.The new heaven & earth He has promised will be coming soon. Jesus died that we may share in the new times with Him. God bless us all.

    • Dan

      Thanks Katy!
      I pray He comes soon!

  • Brian

    The financial crisis, here and abroad, will eventually get so bad, people will be screaming for a “savior”! Look at history, how bad was it in Germany prior to ushering in Hitler (i.e., their “savior”). The same thing will happen again…..this time globally! The writing is on the wall….then again, the writing is in a particular “Book” that most people scoff at. It’s all falling into place…

  • http://countrythinker.com/home/ Country Thinker

    “But Barack Obama does not seem to understand this. He continues to pile another 150 million dollars on to our national debt every single hour. He knows that cutting spending significantly right now would hurt the economy and that would significantly hurt his chances for another term.”

    It would hurt the economy in the short term if you rely on GDP as an accurate measure of the economy. GDP showed a “boom” during the nastiest leg of the Great Depression – World War II. The federal government destroyed scarce resources on a grand scale in the war effort and called it economic progress.

    At the end of the day, central economic planners like GDP because it justifies government spending and encourages taxable behavior. Until we dvise a better metric for the economy governments will continue to run amok with the patina of intellectual justification.

  • No Country For Constitutional Men

    You will notice on the chart that the slope more than doubles each period while the time period is cut by more than half each time. What you are seeing is the exponential function of math and maximum potential. What’s left? How about a 90 degree (wall) moon shot with a time period of less than 2 years. At this point, it’s not a maybe. You have been warned.

  • Shahid

    Shahid
    A look at the euro 17. The PIIGS are having their own problems and can not give much to Greece. France is having an election soon and will be stymied by it.Slovenia, Slovakia, Estonia and Montenegro are under a deep freeze and in need of help themselves. Finland is already refusing. Austria is nervously looking eastwards where its banks are exposed up to their necks as well as their backsides.Cyprus and Malta;the less said the better.Belgium is mired in deep domestic issues. Luxembourg is to small to make a difference.Almighty Germany stands alone. The writing is on the wall for all to read.

    • REED RICHARDS

      Shahid,

      Greece is one of the PIIGS.

      PIIGS = Portugal, Italy, Ireland, Greece, Spain.

      Any nation worth its salt will refuse any IMF, ECB, and European Union bailouts……

  • JAH666

    I talk and communicate with more and more people that are either just beginning to awaken to the realities of the situation, or are aware of what’s coming and are numb from the saddness and fear because they feel helpless before the oncoming tsunami. My brother has turned off the news and no longer reads about current events so that he won’t have a heart attack.

    Michael quoted the stat of the Greek suicide rate having gone up 40%. Once the collapse begins in earnest and things can’t be shoved to the background by people like my bro’ and others that just don’t want to face it; will America see a rising number of suicides and other violent crimes? Will this be one of the death-throes of our civilization?

    • TX4Life

      I have a friend and relative that are both the same way. They say it doesn’t do any good to watch the news, they would rather live in ignorance. I do believe we’ll see the suicide rate climb as things decline.

  • Shahid

    A couple of mistakes above but that seems to be the general lay of the euroland.

  • Billy

    When is this supposed to take place in America? I know to some degree it is already happening, but I’m just curious because i hear nothing of any of this on the news.

    • RES

      Billy, you won’t hear of any MSM news on this. Its business as usual for these neanderthals. GET READY OR GET HUNGRY.

    • TexasRedNeck

      Billy, you never will hear anything about this from the MSM, if they actually reported what is really happening in this country and around the world we would already be in the middle of a revolution.The people with all of the real wealth won’t let the MSM report anything that reveals just how bad things really are.
      Ignorance is bliss !

    • James Monroe

      Bill,If you spent a million dollars a day since the birth of Christ ,you would not have spent 1 trillion dollars. Our debt is over 15 trillion.
      there is no way out. the end is near for the US.

  • http://EconomicCollapse Teressa

    Get ready because it coming to America and so help us G-D that it does not… We will be in for ride and very rude awakening as well. Very hard to believe and digest.

  • http://EconomicCollapse Teressa

    Get ready because it coming to America and so help us G-D that it does not… We will be in for ride and very rude awakening as well. Very hard to believe and digest. I do not know what we all going to do but we need not to allow this to every happen. We will have revolution in this country for sure.

  • http://EconomicCollapse Teressa

    Please change my cartoon face thank you…

    • Michael

      I am afraid that they are randomly generated and I don’t have control over that.

      But you can choose your own by getting a “Gravatar”. You can get a “Gravatar” at this site….

      http://en.gravatar.com/

      Michael

      • REED RICHARDS

        Michael,

        Where is the people’s article on the TSA? Time to put this gang of pedophiles and perverts out of business, permanently…………..

    • Alasha

      Lol, Teressa. 2 funnee!

    • Big M

      I understand your frustration Theresa. Not a pretty face in least. :D

    • Gary2

      Michael is correct-gravatar is very easy. You can then look as good as me!

      • Michael

        Yes, this is something that Gary is 100% correct about. Getting a Gravatar is free, easy and will help your comments to stand out.

        Michael

  • robertsgt40

    Greece is intentionally being destroyed along with the rest of the world’s financial system. Can’t have a NWO with sovereign nations. Evidence: Greeks are mandated to purchase billions in military arms as part of the bailout. Go figure

  • Matthew

    Everyone needs to remember that this is Greece, a small country with a small population compared to the US. Also, the Greeks don’t control the worlds reserve currency, so when TSHTF in the states it’s going to be a GLOBAL EVENT! Every other countries currency is linked to the dollar in some form or another. When we go down so does everyone else. Greece is merely a microcosm of what’s going to happen here. NOW is the time to prepare. If you are someone who gets information from the lame stream media I can guarantee you that it will be too late by the time those clowns report the truth. Everyone must seek alternative places for their news and critically THINK about the information that is being “reported” don’t let others think for you.

  • Cinderella Man

    Gary2, Dude you should be the last person to be the grammar police, you can barely spell half the time!

    • Gary2

      i know. I just can not figure out why everyone thinks a lot is one word???

      • Judy Barrett

        Gary 2,
        Seriously? ‘alot’ is the British ‘spelling’ and presentation of a lot. In England, Ireland, Scotland and Canada it is counted as one word. You need to get out more.

  • jsmith

    The best thing that the Greek people can do is exactly what they are doing. They are rising up against the International white shoe Banking Elite, and the European Central banksters that enslave them. Good for them! These elites will be driven out of Europe and hopefully out of the United States. These moneychangers were driven out of the temple in the past, and will be driven out again. The whip is all they respect!

  • http://goto.glocalnet.net/pdn/ Urtica dioica

    There are never a single ray of hope in your articles, only destruction and hate!

    • Michael

      I think that if you take a closer look you will see that my writing is motivated by the exact opposite of hate.

      Michael

      • Gary2

        you mean you do not hate the poor you regularly bash???really???

        • Michael

          Gary you know how often I write about the plight of the poor.

          But we disagree on what the solutions are.

          Michael

    • James Monroe

      Have fun in your total anarchy world

      • Bill

        Gotta be better than the government controlled nightmare we have now!

  • Jeremy Bridges

    Memo to the German Government. The Greeks would like their gold back – you must remember World War 2. When your disgusting armed forces massacred their citizens and raped their Country.
    Memo to German citizens contemplating a vacation in Greece this year.. Don’t. Try North Korea instead, you’ll feel at home there.

  • No Country For Constitutional Men

    Never waste a crisis even if you have to invent one endlessly seems to be their strategy for a world currency and supra-government body which will legislate for the good of all peoples of the world. Time to dust off, “Animal Farm”, Comrades. We can’t have you hurting yourselves, now can we?

  • Mark

    Invest in silver and gold people. Always safe.

  • Barry Soetoro

    Maybe we can send the Greeks Gary2. He could tax everyone into prosperity.

    • http://lnx-bsp.net/ Tel

      They already had a Socialist government, it borrowed everyone into prosperity.

      They borrowed money and spent it making more government jobs, so unemployment went down. Looked good until people stopped lending.

  • Angela Merkel

    oh Barry, I just love it when you are so…uh….BUTCH :)

    luv,
    Angela

  • Mattwm

    This is the result of all socialistic governments. The end result will be the same for the rest of Europe and America if we do not change course. Unfortunately, in America, people still think Obama knows what he’s doning, and he doesn’t. Obama is running American into the same trouble that Greece is in, and most Americans are too d u m b to realize it.

  • Mad Max

    People, please listen up. This is much bigger than a financial problem. Any financial problem is easily fixed with money. But trillions have been spent to prop up the old systems and it hasn’t worked and it won’t work. Bankruptcy can’t fix this. The bankers and our so called leaders have no idea what’s really wrong, let alone fixing the problem. I believe we have only one way out.

    FIGHT THE CAUSE – NOT THE SYMPTOM
    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )
    Free people shouldn’t act or live like slaves…

  • Richard

    What we need is the people to realize that the elites have caused all the world’s woes. It is at this time, that the sheeple rise up and fight these criminals, or we all go down together!

    Do you think we could ever possibly have a New World Order or a One World Government without the elites who’ve been pulling all the strings that have gotten us into this mess, on a world-wide scale? The elites ‘wet dream’ is 1 minute to midnight away!

    I’m sorry citizens of the world to be so blunt in my assessments, but this truly is the hour of do or die. Not only does America have a criminal elite cabal running things, the whole world has been taken over by these elitist thugs. They desire one thing and one thing only — the total domination of the world. Goodbye freedoms, bye bye economy, bye bye everything!

    The time for revolt against the elites of this world is at hand. All of you so-called law enforcement and military out there you’d better wake the hell up. When the elites take over, the first thing they do is kill you. If they perceive you as any kind of a threat to their wealth and power, your gone! End of story. Those who are aiding and abetting these criminals will be some of the first to go. When you make a deal with the devil, the devil will be quick to turn on you.

    If you think Europe and America and the western countries are experiencing all of these economic woes due to circumstances beyond our control, then your still drinking the kool-aid! These elites are master manipulators and many of them operate behind the scenes. Many of them you wouldn’t even recognize or ever heard of. That’s the way they like it. Law enforcement and military around the world will either force tyranny on the world or come to it’s rescue. Yes, I believe we’ve reached the point of no return. Like that elite Bush once said, “you’re either for us or against us.” What’s it going to be all you police and sheriffs out there. What’s it going to take all you brave, military soldiers out there. Only way for this to work is there is strength in numbers. Rise up and defeat these elites or you’ll be looking down the barrel of a gun aimed at your heads!

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