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Ack! They Are Actually Going To Let Greece Default!

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I wish that I had an “aha moment” to share with you today, but instead all I have is an “ack moment” to share.  As I was analyzing all of the info coming out of Europe in recent days, I came to the following realization: “Ack! They are actually going to let Greece default!”  The only question is whether it is going to be an orderly default or a disorderly default.  Of course the EU (led by Germany) could save Greece financially if it wanted to.  But Germany has decided against that course of action.  Many in the German government are sick and tired of pouring bailouts into Greece and then watching Greek politicians fail to fully implement the austerity measures that were agreed upon.  At this point a lot of German politicians are talking as if a Greek default is a foregone conclusion.   For example, Michael Fuchs, the deputy leader of Angela Merkel’s political party, recently made the following statement: “I don’t think that Greece, in its current condition, can be saved.”  But that is not entirely accurate.  Greece could be saved, but the Germans don’t want to make the deep financial sacrifices necessary to save Greece.  So instead they are going to let Greece default.

Many prominent voices in the financial world that have been watching all of this play out are now openly declaring the Greece is about to default.  Moritz Kraemer, the head of S&P’s European sovereign ratings unit, made the following statement on Bloomberg Television on Monday: “Greece will default very shortly. Whether there will be a solution at the end of the current rocky negotiations I cannot say.”

You might want to go back and read that again.

One of the top officials at one of the top credit rating agencies in the world publicly declared on television that “Greece will default very shortly.”

That should chill you to your bones.

If the EU allows Greece to default, that would be a signal to investors that the EU would allow Italy, Spain and Portugal to all default someday too.

Confidence in the bonds of those countries would disintegrate and bond yields would go through the roof.

Right now, confidence in government debt is one of the things holding up the fragile global financial system.  Governments must be able to borrow gigantic piles of very cheap money for the system to keep going, and once confidence is gone it is going to be incredibly difficult to rebuild it.

That is why a Greek default (whether orderly or disorderly) is so dangerous.  Investors all over the world would be wondering who is next.

At the end of last week, negotiations between the Greek government and private holders of Greek debt broke down.  Negotiations are scheduled to resume Wednesday, and there is a lot riding on them.

The Greek government desperately needs private bondholders to agree to accept a “voluntary haircut” of 50% or more.  Not that such a “haircut” will enable the Greek government to avoid a default.  It would just enable them to kick the can down the road a little farther.

But if Greece is able to get a 50% haircut from private investors, then why shouldn’t Italy, Spain, Portugal and Ireland all get one?

Once you start playing the haircut game, it is hard to stop it and it rapidly erodes confidence in the financial system.

This point was beautifully made in a recent article by John Mauldin….

So our problem country goes to its lenders and says, “We think you should share our pain. We are only going to pay you back 50% of what we owe you, and you must let us pay a 4% interest rate and pay you over a longer period. We think we can do that. Oh, and give us some more money in the meantime. And if you refuse, we won’t pay you anything and you will all have a banking crisis. Thanks for everything.”

The difficult is that if our problem country A gets to cut its debt by 50%, what about problem countries B, C, and D? Do they get the same deal? Why would voters in one country expect any less, if you agree to such terms for the first country?

But if Greece is able to negotiate an “orderly default” with private bondholders, that would be a lot better than a “disorderly default”.  A disorderly default would cause mass panic throughout the entire global financial system.

One key moment is coming up in March.  In March, 14 billion euros of Greek debt is scheduled to come due.  If Greece does not receive the next scheduled bailout payment, Greece would default at that time.

But the EU, the ECB and the IMF are not sure they want to give Greece any more money.  There are a whole host of austerity measures that the Greek government agreed to that they have not implemented.

Since the Greeks have not fully honored their side of the deal, the “troika” is considering cutting off financial aid.  The following comes from the New York Times….

Officials from the so-called troika of foreign lenders to Greece — the European Central Bank, European Union and International Monetary Fund — have come to believe that the country has neither the ability nor the will to carry out the broad economic reforms it has promised in exchange for aid, people familiar with the talks say, and they say they are even prepared to withhold the next installment of aid in March.

But the austerity measures that Greece has implemented so far have pushed the Greek economy into a full-blown depression.  Greece is experiencing a complete and total economic collapse at this point.  The following comes from the New York Times….

Greece’s dire economic condition can hardly be overstated. After two years of tax increases and wage cuts, Greek civil servants have seen their income shrink by 40 percent since 2010, and private-sector workers have suffered as well. More than $75 billion has left the country as people move their savings abroad. Some 68,000 businesses closed in 2010, and another 53,000 — out of 300,000 still active — are said to be close to bankruptcy, according to a report issued in the fall by the Greek Co-Federation of Chambers of Commerce.

“It’s an implosion — it’s an endless sequence of implosions from bad to worse, to worse, to worse,” said Yanis Varoufakis, an economics professor at the University of Athens and commentator on the Greek economy. “There’s nothing to stop the Greek economy losing 60 percent of its G.D.P., given the path it is at.”

But Greece is not the only one in Europe with major economic problems.  The unemployment rate for those under the age of 25 in the EU is an astounding 22.7%.  And as I have written about previously, there are a whole host of signs that Europe is on the verge of a major recession.

Greece is just the canary in the coal mine.  The truth is that the entire European financial system is in danger of collapsing.

Today, it was announced that S&P has downgraded the European Financial Stability Facility.  It is pretty sad when even the European bailout fund is getting downgraded.

Of course most of you know what happened on Friday by now.  Very shortly after U.S. financial markets closed, S&P downgraded the credit ratings of nine different European nations.

Only four eurozone nations (Germany, Luxembourg, Finland, and the Netherlands) still have a AAA credit rating from S&P.

But even more importantly, the nightmarish decline of the euro is showing no signs of stopping.

Right now, the EUR/USD is down to 1.2650.  It is hard to believe how fast the EUR/USD has fallen, but if a major financial crisis erupts in Europe it is probably going to go down a whole lot more.

So what happens next?

Well, if there is a Greek default all hell will break loose in Europe.

But even if Greece does not default, the coming recession in Europe is going to put an incredible amount of strain on the eurozone.

Many have been speculating that Greece or Italy could be the first to leave the euro, but actually it may be the strongest members that exit first.

The number of prominent voices inside Germany that are calling for Germany to leave the euro continues to increase.

In addition, public opinion in Germany is rapidly turning against the euro.  One recent poll found that only 47 percent of Germans were glad that Germany joined the euro, and only 36 percent of Germans want “a more federal Europe”.

As this crisis continues to unfold, there will probably be even more “ack moments”.  European leaders have mismanaged this crisis very badly from the start, and there is no reason to believe that they are suddenly going to become much wiser.

Once again, it is important to emphasize the role that confidence plays in our financial system.  The entire global financial system runs on credit.  Banks and investors lend out money because they have confidence that they will be paid back.  When you take that confidence away, the system does not work.

Let us hope that the folks over in Europe understand this, because right now we are steamrolling toward a credit crunch that could potentially make 2008 look tame by comparison.


Now another of the three major credit rating agencies, Fitch, is publicly saying that Greece will default….

“It is going to happen. Greece is insolvent so it will default,” Edward Parker, Managing Director for Fitch’s Sovereign and Supranational Group in Europe, the Middle East and Africa told Reuters on the sidelines of a conference in the Swedish capital. “So in that sense it shouldn’t be a surprise to anyone.”

  • wilson

    “The entire global financial system runs on credit. Banks and investors lend out money because they have confidence that they will be paid back. When you take that confidence away, the system does not work.”

    And the total lack of confidence in the European banking industry and economy has resulted in record amounts of money being stuffed into the European Central Bank by private banks. Private banks are not earning interest on this money, rather they are paying a fee to keep the money there because it is safer there and the “loss” that comes from paying the fees are less than the potential loss that might happen if the private banks lend the money and the borrower defaults on the loan. As a result the credit markets are freezing up as money to lend businesses is becoming very scarce. Bottom line: total freeze up of credit and collapse of the European economy. See this link:

  • r.bitting

    Therefore we also, since we are surrounded by so great a cloud of witnesses, let us lay aside every weight, and the sin which so easily ensnares us, and let us run with endurance the race that is set before us, looking unto Jesus, the author and finisher of our faith, who for the joy that was set before him endured the cross, despising the shame, and has sat down at the right hand of the throne of God… Hebrews 12:1-2. These are the days when you spend time in Hebrews ch. 11, and know that this too shall pass, we’ll be home in just a little while. Don’t

    • M. Hapney

      Oh oh – it looks like one of your patented cut and paste jobs got cut off. Better fix that!

      • r.bitting

        not quite… I accidently sent it too soon. The end of the statement was don’t quit.

    • horhey

      Interesting statement,….don’t throw blows in the air as you run the race. Run the race with the “large shield of Faith” on your back. Lol

  • PatriotOne

    They will print. This is all a ploy to sucker us in.

    • sensetti

      Agreed, why would they stop now?

    • Rocky

      They will print eventually because the masses are going to riot and ask for their own enslavement. Do whatever you want to me, but FEED ME!

    • M. Hapney

      Smash — That was one of the best videos regarding the fake politician system. Very, very good.

      Voting is for suckers.

  • ScoutMotto

    This should serve as an example of how socialism does not work.

    Germany resents the notion of bailing out Greece, yet doesn’t Communism dictate “from each according to his ability, to each according to his need?” Isn’t this the system of government that they wanted? Isn’t it fair to take from the haves and give to the have-nots? Isn’t this the same system where everyone who does not have expects to be bailed out by those who have?

    What about where Communism dictates a “centralization of credit in the hands of the state by means of a central bank and an exclusive monopoly? Isn’t this supposed to be a good thing for everyone?

    Greece needs to tell the ECB where to stick it, and issue their own currency, debt-free.

    • sharonsj

      to ScoutMotto: You must be a typical conservative, who spouts ideology and not facts, and still can’t tell the difference between Socialism and Communism. Socialism works just fine in Scandinavia, for example, whose citizens are a hell of a lot better off than we are.

      • Jeremy

        Once again, there is not enough money to pay for your social welfare programs. How difficult is this to understand?

        Additionally, have you done an in-depth study of the Scandinavian countries, to say that they are doing “just fine”? The burden is on you, because it is you and moonbats like Gary2 who keep parroting these countries.

      • Malcolm Reynolds

        OOh close but no cigar. Typical leftist. They live a much more spartan life than we do at the behest of their overseers.

  • Bone Idle

    European leaders have mismanaged this crisis very badly from the start, and there is no reason to believe that they are suddenly going to become much wiser.

    The start was creating a common currency with no lender of last resort on the first place. A currency containing member states with totally different economic abilities and political agendas.

  • davidmpark

    No bailout. And yes, the Euro will collapse soon. Then the US.

    And before we all start saying, “Oh no! The Chinese, Ruskies, and New Caliphate will rule the world economy and all politics!” No they won’t. Without US Dollars via DoD, there is no Chinese Communist, Russian Federation, or New Caliphate: they are all broke already. Their economies are not substance/hard asset based, but also rely on credit. I know they do have godl/silver coinage, but they don’t use gold and silver money.

    We’re in for a nasty ride! Prepare for a massive change in your lives!

  • Covington

    Yet Germany love it when Greece keeps buying German milatary hardware.

    • tom

      Greek buying? Greek is not paying with it’s own money. They borrow it and can’t pay it back. Who pays for it in the end? The taxpayer. German workers are fed up with this system.

  • McKinley Morganfield

    Germany and others have been floating worthless loans to Greece in the hopes of keeping the whole system afloat yet Greece just keeps sinking under the red ink. So I welcome this news because I sincerely hope it means the inevitable and unavoidable contraction will begin. Debt and deficits are not cured by more debt and higher deficits. 100+% debt to GDP can not be sustained as there is no reasonable (or historical for that matter) expectation that an economy can grow its way out of debt hole. I think it is already to late for nn orderly contraction in Greece and many other places.

    PatriotOne is correct IMO. Bernanke will try to print to keep the ship of state and the banksters afloat because that is the only thing he knows how to do. It won’t work as soon or later hyperinflation kicks in. That is a one way street to chaos and total or nearly total collapse.

    Keep prepping.

    • Jeremy

      I welcome this news also. I expect a very bad 2012, but in the long run this was the best in order to rebuild.

      There simply is not enough money in the system to pay for these programs.

  • ken nohe

    In a way, we are lucky to be alive while history is being written.
    Some people have difficulty believing in evolution because they can’t see it in action. Well, as for social “evolution”, it looks like they will at last be able to witness it at work. Which country goes down first is almost a footnote. The problem of the Euro is not Greece, it is the principles on which it is built. Likewise for the world financial system: It is not viable and will therefore not survive much longer. The frightening thing is that we are years, maybe decades away from a consensus on what should come next. This matters because, social complexity cannot appear spontaneously, it must be built and engineered. The alternative is a sharp drop. A huge risk which hopefully we will be wise enough to avoid, but I am less and less certain.

  • Rancher

    Folks you better start finishing getting your life and house in order. I don’t know about you but we have seen this for years.

    Are you ready?

    • Discusted

      About 80% of those in the US haven’t a clue about what is going to happen
      They just keep pumping out babies, buying things they don’t need or can’t afford and not saving one dime.
      I will be laughing my ass off when it comes crashing down and those stupid 80%ers will be driven mad when the money and the food stops coming and their babies are screaming from hunger.
      Also watch the major cities like New York, Chicago and Los Angeles burst into flames while I am along ways away!
      When it happens no army in the world is going to stop it (especially when the far left will take the guns away from the army and let the people run amok!)

  • BenjiK

    I know some feel it is unfair to compare national economics vs. household finances, but the accountability factor shouldn’t be so easily dismissed. Take the John Mauldin quote for example. How would your mortgage holder, or even your landlord for that matter, react if you called them up and said:

    “I am only going to pay you back 50% of what I owe you, and you must let me pay a 4% interest rate and pay you over a longer period. I think I can do that. Oh, and give me some more money in the meantime. And if you refuse, I won’t pay you anything and I will continue to live here. Thanks for everything.”

    Yeah, that would go over like a turd in a punch-bowl. 1) You wouldn’t be there very long, you would be FORCED to leave. 2) You would be held legally responsible for some sort of repayment and 3) You more than likely be seriously reprimanded by law enforcement.

    No matter what country you live in, why is it such an unreasonable expectation that our governments be held to the same standards as it’s citizens? There is no other sector of the global, civilized community that is allowed to repeatedly, shamelessly and arrogantly get away with such massive waste, debt, corruption and unaccountability.

  • Emily

    This year the US will have to rollover almost 16 trillon in debt. Someone is going to have to purchase those bonds, but with yields for a 10 year bond below 2 percent who would buy them. Now with Greece defualting the only buyers for US bonds will be the FED. Can anyone say hiperinflation?

  • SayWhat

    “Greece could be saved, but the Germans don’t want to make the deep financial sacrifices necessary to save Greece. So instead they are going to let Greece default.”

    Umm…why wouldn’t they? Why is it the responsibility of the German people to commit economic suicide propping up a country that can NOT socially or structurally get its economic house in order? In the end, the only ones who would win are the banks and their cronies.

    And if by some miracle the German economy survived…who would be next…and next…and next…?

  • bobcat

    Hows that austerity working out for ya over there in the EU?

    The banksters and politicians in cahoots with them want to impose the same Rx on the USA, namely the very same austerity measures that drove Greece’s economy into the ground.

    • NotBobcat

      ?? If they had austerity measures in place they wouldn’t need another loan ?

  • mark

    You can’t fix a debt problem with more debt. The can gets kicked down the road farther with each new loan. Since the first loans can’t be paid back, what makes you think that the next loan will be paid back. All that takes place is that most of the taxex collected will continue to pay interest to those that own the bonds. At some point the people being taxed will say enough and not pay the debt back or the powers that be will just print more cash and trash everyones money.

  • mondobeyondo

    Looks like Greece is done financially. Yep, they’re one big gyro (which rhymes with “euro”. How ironic!!) Greece is a relatively small world economy, but it’s just the first domino that’s gonna fall.

    Up next: Swiss cheese, Italian pasta, Spanish rice, French toast, and Canadian bacon.

    Don’t worry though, our turn is coming. The U.S. will cause the biggest crash of all. There is no escaping our fate. Our goose is cooked.


    • Discusted

      Gold, Silver, Food, Water, Guns, and A Cabin or house along the northern border (incase you need to sneek across and buy supplies)
      Dont be anywhere near a big city, it will go up in flames!

  • tappedops

    Ya gotta love it and congrats Mr M…
    Zero,GWB,IWars,DruPort…all linking to each other… the “infowar” is on, and the next bubble to blow is the MSN… so be it…

  • Ed_B

    “At this point a lot of German politicians are talking as if a Greek default is a foregone conclusion.”

    At this point? ***********. A Greek default has been pretty obvious for the past 6+ months and only now are the Euros talking about it… in public.

    The fact is, neither a person nor a nation can be saved from themselves. Europe trying to “save” Greece is an effort in futility that serves no one. Does the phrase “good money after bad” have any meaning here? Yes, actually, it does. Same goes for every other deadbeat country out there. Just default, take your medicine, and get on with your lives. If the USSR could do it, why not Greece, et al.

  • mondobeyondo

    Last week on “Jeopardy”….

    Contestant #1: “I’ll take Greek Debt for $300 million, Alex.”

    Alex Trebek: “You’re gonna have to wager more money than that. Contestant #2, your turn.”

    Contestant #2: “I’ll take Anal Bum Cover for $200.”

    Alex Trebek: “The category is called An Album Cover.” Let’s just move on to Final Jeopardy! The category is “Nuclear Conflict”.”

    Well, that’s all the time we have for today! Tune in to “Wheel of Misfortune” for more excitement tomorrow!

  • Michael

    Hi Michael,

    I don’t think it’s really a decline of the Euro, it’s only a search for common points with US dollar. Many european politicians think a change around ONE for ONE between the euro and the US dollar could be a good step.

    the greece is a very small part of europe …. they can move out of euro, without great consequences. For Italy of Portugal, it’s very different !!!!

  • luis

    Damm greece was beautiful back then now is crap

    • mondobeyondo

      From what I’ve heard and seen, it still is. I have never beem to Greece, but I hope to visit there one day.

      In American cities like Detroit, people run away from ruins. In Athens, people travel to visit ruins. Says a lot, huh?

  • Tel

    By gum! I told you all a year ago that Greece would default, and there’s a perfectly logical reason — the Greek government spends more money than it earns, and has done for a decade or more. Think about it for a moment, you can’t get something out of nothing.

    “Right now, confidence in government debt is one of the things holding up the fragile global financial system.”

    Quite the contrary: it is one of the things holding back our entire financial system. People need to learn that their governments are not infinitely trustworthy, nor even mostly trustworthy. They need to learn to look to themselves for guidance, and not just mope around like dumb sheep.

    The healthiest possible outcome for the Euro is for Greece to default, then have elections in February and they get their chance to sit and think about a realistic strategy that means Greeks will be working together with Greeks, not expecting the rest of the world to bail them out. At any rate, it’s their future, they need to be responsible for it.

    The IMF should take their “emergency” vulture loans and just piss off. They help nobody but themselves.

  • Pat

    I live in Spain. We are not far behind Greece. I can tell you that these governments / bankers are all crooked and use the so called economic collpse to hide behind. I am a banker myself. Please do not allow the media to convince you that the economic collapse was unavoidable. There is plenty of money. They just don’t want you to have any.

    These are just your common street thugs on steroids using strong arm and scare tactics so that you will not complain. I see this non sense everyday where I live. In a moment I will have a nice cup of coffee at a cafe where there will be a number of retail bankers having coffee and toast as if nothing were wrong. They relax and do this every day while the rest of the world goes into a panic.

    They have no money for schools or garbage collection or hospitals. But they have plenty of money for police, military, fireworks, tv programs and vaccines. Who do they think they are fooling? Don’t buy into the lie! At the same time where I live is like a third world country.

    We have organized ourselves to counter this attack by buying gold and silver, buying land, building homes for the homeless, creating jobs, and growing our own organic food to be sold through our own coop. To learn more go to: or write me

    • Me No Likey

      Paragraphs 1-3 describe conditions in the banana republic of amerika…paragraph 4 could be a lesson to its people…

  • Lennie Pike

    If a Greek default causes the dominoes to begin falling, and unless the “people” behind the Federal Reserve etc. are ready to bust their move with a one world currency, those “people” will create the money needed to prevent a Greek default or any other default.

    That money would likely be U.S. Dollars that the average American will pay for every time he buys groceries or is told there is a new tax or fee that he will do nothing about.

    My bet is “they” will create the money because they have war plans at the moment.

  • Lets not forget what David Wilkersson saw in his vision in the seventies. The big coming recession begins with Germany with a domino effect on Japan and finally USA, then the rest of the whole World. David Wilkersson died last year, rest in peace.

  • jmcadg

    Interestingly, an orderly default is where Greece is allowed to softly exit over a two year + period.

    A disorderly default is where Greece exits the Euro soon and goes back to a devalued Drachma.


    The Germans know giving money to Greece IS a bottomless pit.

  • I have already lost confidence in the system. I borrowed the max from my retirement plan and bought precious metals. Every payday I withdrawal my entire check and hold the notes just long enough to find the best deal on hard assets and commodities. I deposit the funds to cover debit card purchases the previous day. I sold my home in the city and built an off-grid retreat. I’m only there on weekends now, but when my job is gone I’ll be sitting on the screened porch watching the leaves change while extended unemployment direct deposits devaluing dollars to be handled the same way.

    I can do nothing about the economy except lesson my exposure to it as much as possible.

  • Ulrick

    “Many in the German government are sick and tired of pouring bailouts into Greece and then watching Greek politicians fail to fully implement the austerity measures that were agreed upon.”

    Totally incorrect. This is what the British press is saying not what the Germans are thinking.

    The Greek people are already under strict austerity mesures and can’t do anything more. Despite their huge efforts and sacrifies, they are still attacked by the english-american world while their debt is not near as bas as the UK debt.

    Everybody in Europe understand now that it’s not Greece’s fault. The Eurozone has been trapped by the UK and the USA cartel.

    I say to the Greece : default now and tell the Anglo banks to eat crow.

  • jox

    Michael, you put too much faith on the articles of the anglosaxon financial press. The debt problem in EU is big, ok, but European administration is DOING SOMETHING about it. Big austerity measures combined with haircuts so that both people AND investors take part of the impact. I read this blog every day, and if I’m not wrong this is more or less what you are proposing. Anyone have other ideas about how to exit this nightmare?

    You can compare with the strategy of US and UK if you want. And don’t worry about the attacks from the anglosaxon financial system (rating agencies, press..), they are having the opposite effect, they are uniting Euro countries.

    In the end the Euro will survive and will surge more strong than ever, and world attention will turn where all this crisis started and where the problem still reside: US and UK. I think this is not wishful thinking, but objective observation supported by facts.

    • Michael


      I am so glad that you come to the site so often.

      As for the euro, in the end we will see how it plays out. 🙂


    • Michael

      jox, i am in france and i like your analysis

    • tak

      you sir are wrong you said they will take there hair cuts,so if I owe you 100,000 dollars and pay you back only 20,000 that not a default come on man get real I still defaulted on the money I owe you

    • Jeremy

      The Euro administration may allocate the mess between people and investors, but no one held a gun to the head of the Greek government to spend more than they could possibly raise in taxes. This holds true for every country, the UK, US, Japan, France, Italy, who find themselves in debt.

      Also, how is it right to dishonor the full obligations by Greece and eventually other European countries to their creditors? IMO it is morally wrong, and these creditors should be repaid what they are owed in full. If they cannot at the time, these countries can take measures (outside of more bailout funds) to keep investor confidence while re-ordering government policy and their societies to better meet their obligations.

      Sorry, but no one is immune, and everyone participated in this flawed spending model. It is easy to blame the US and UK, and I do not remember any of these countries protesting this unearned spending.

  • David M

    OK. In March, a 14 billion Greek payment is coming due. My question is this. When will the Greeks and the Bankers know that the bail out money will not be paid? Weeks in advance? Days, minutes?

    How can we read between the news lines and know the jig is up? What signs might there be?

    • 007

      That’s not a problem, 14 billion. Obama spent that over the weekend. You can rest assured the ECB, FED and IMF will find a way to print some more money to bail them out. Remember it is an election year!

  • Syrin

    This is GOOD news. This is what the market would call a correction or return to baseline. Bankrupt nations can’t bail out bankrupt nations. Greece hasn’t done any substantial “austerity” measures. They still retire in their mid 50’s with gigantic pensions. Half their work force is still on the gov’t pay roll. It’s unsustainable.

    People are going to quickly learn what the REAL definitions of unsustainable and austere are.

    No country has begun to touch their “entitlement” programs which are decimating each and every one of their nations. That’s why I laugh when the greedy liberals scream bloody murder any time these “entitlement” programs are even CONSIDERED for cuts. Why? Because they are unsustainable, and the laws of economics don’t get put on hiatus because the Gary’s of the world throw a hissy fit. Now, the laws of economics are coming to roost, and the pay back is going to be a b****.

    I mean it’s LAUGHABLE. They portray ANYONE willing to make cuts as trying to throw granny over the cliff, but as I have repeatedly pointed out. It’s better to have fewer benefits than none, because without reform, there won’t be any. Greece is going to be the first to show the world that this is indeed the case.

    • sharonsj

      Syrin–Greece has implemented austerity programs, that’s why people are rioting in the streets and abandoning kids they can’t feed. As for entitlement programs, before you take away food and heat from the old and poor, why aren’t you complaining about corporate welfare? Why aren’t you picketing GE and ExxonMobil who have earned billions and paid not one penny of Federal income tax?

      • Jeremy

        Once again, these governments overpromised their populations, and simply cannot raise the necessary funds in taxes to support their promises.

        You can deflect all you want, but you only make the correction more difficult. You can blame “typical right-wingers” all you want, but you cannot permanently delay the laws of economic gravity, that you simply cannot, as a long term solution, spend more money than you take in. Holds true for people, and governments. Otherwise, money is meaningless, and has no basis of value.

      • Syrin

        Wow, there are a lot of false assumptions AND false statements in that paragraph. That takes effort, well done.

        First of all, I have said the term SHOULD be “Too big to bail out”. I am and have been against ALL bail outs, so nice try there. Swing and a miss. Goldman Sachs OWNS thios administration.

        Greece has NOTY implmented ANYTHING that ANYONE could call “austere”. Greece has implemented “mildly inconvenient” programs. Ask Germany who agrees with ME, not you. They wanted an ECB bail out so they could keep paying people who retire at 55 lavish pnesions at the cost of the German tax payers. Surprise, surprise, Germany said hell no.

        I love your bleeding heart CRAP, and make no mistake, that’s what it is.

        You DO REALIZE that for THOUSANDS yupon THOUSANDS of years of human history, there were no such entitlement programs right? The elderly would be forced to actually save for their OWN retirement.

        Tell me this. Why do you think its GOOD to rob the next generation? You talk about the poor elderly who are the wealthiest segment of society, but what about the next generation? Here in the US, every child that is born is handed a bill from the gov’t for a minimum of $100,000. Care to explain why you think that’s good? The next generation is SCREWED when it comes to standard of living because they are working to pay for all these poor elderly you keep speaking of.

  • Denis Roy

    you miss the point when Greece does not sell their assets at fire sale prices
    the IMF are not there to help them out, they are there to profit when Greece and any other country is at the weakest
    do some research about the IMF and World Bank and print that…you will see some action…you will be a marked man too
    who owns most of the worlds wealth…look deep and watch your site be closed down in a heartbeat
    I do like your articles

    • Jeremy

      Doesn’t change the fact that the Greek government promised in pensions, spent (both corporate and poverty welfare), and borrowed more than they could ever pay back in taxes. When confronted with this reality, they continued the same course, and their people could not handle the truth.

  • So let’s bail out Greece, then what? What happens after you bail out Greece. The problem doesn’t actually go away. It just gets kicked down the road. The problem of too much debt can only be solved by a lot less debt – default.

  • godnguns

    Let them default. The Germans are sick and tire
    d of throwing good money down a Greek crapper. The Greeks have actually just decreed that paedophiles are “disabled” and thus entitled to 35% of their salary as a disability pay. A greek hairdresser’s job is classified as “stressful” so she gets to retire at age 50.

  • In other words, your thesis is that, rather than let the big bondholders take a haircut of 50 to 80 percent on their loans to Greece, the French German, and Benelux taxpayers should bail out a country so corrupt that the tax collectors collect graft rather than taxes? So the rich win all around!
    Sorry, I mistook this for a progressive website.

  • josh
    • Michael


      Great catch. Now Fitch is calling a Greek default on March 20!


    • Tim

      Now we just need Moody’s concurrence for the trifecta.

  • PC

    Default is exactly what should be done. That is why they will not let it happen.

  • Midwesterner

    Let me see if I understand this, Greece will not/cannot pay the “bond holders” or banks back all the money that was lent to them. But isn’t it these same banks that were just bailed out by everyone? If so wht not just call it a wash? You don’t owe me & I don’t owe you.
    Everyone is astonished that Greece may default but wouldn’t the banks have defaulted if they weren’t bailed out by the people/taxpayers?
    Please explain.

    • jox

      Exactly. The banks had recently €450 billions in loans from the BCE at 1% to stay afloat. But the BCE says they cannot buy sovereign debt. Then the banks buy the debt at 3% to 7%. And profit! Banksters have invented the perfect machine of never ending profits.

  • Michael

    the main problem with the Euro : it’s a UNIQUE money for 17 very different countries.

    Many people in europe wanted to keep their national currency and get a complementary money for our inside exchange between the 17 countries …. that WAS the Good way for WEALTH

    you are lucky in USA our european political executives are stupid !!! with the Euro as a COMMON and not unique money, USA will be now very close to the third world !!!

    but we will fall together !!!!!!

    • Jeremy

      Yes, we will all fall together, and truth be told, probably should. We elected politicians who promised more to us than they could possibly raise in taxes.

      It is our responsibility now to get our finances in order.

      Also, there is plenty of stupid to be shared between the leaders of our countries. And our peoples too, being that we were suckered by these promises. LOL

  • Okay, but doesn’t this prove that the whole bank/borrowing/debt system is a lose-lose proposition — FINALLY?? The central banks and debt of any kind has proven to be a WRONG PATH, not just for individuals, but for towns, cities, and whole countries. It’s time for new thinking about
    1. the purpose of governments
    2. the proper use of REAL money

  • RSteiner

    If you look at a EUR/USD chart over the last 10 years, you see that the Euro not doing so bad. – I seems that during a recession a lot of people flee into the dollar, which is driving it up for a short term – for example in 2008 and 2010, the dollar rallied (or the Euro collapsed) much faster than what we see today.

    Anyway, in the long run the dollar will collapse faster – simply because of the trade imbalance:

    While the EU is more or less self-sufficient (imports roughly equal exports), the USA is extremely dependent on imports, therefore a real big dollar-collapse is unavoidable in the long run.

    The EU will (hopefully) also collapse, but the drop in the standard of living will be much larger in the US.

  • godsofold

    A GREAT video to watch is one concerning the economic collapse of Argentina. You’ll get a great overview of what is happening worldwide and what the globalist’s are planning on doing to the U.S. The video is available on YouTube.

    Semper Fi

  • Donald Wilson

    Get ready for a ride on the wild side. Good luck.

  • jolt

    This is only the first domino to fall.

    Other countries will follow.

    Massive wealth is about to change

    Learn from history what is about to

    Make sure you prepare yourself for
    what is about to come our way.

  • OH NO

    A verbal agreement and a hand shake used to be all that it took when they didn’t honor that then you had to sign to show proof, now a contract means nothing NO HONOR AMONGST THIEVES sounds like politicians, bankers, and now countries people that will sign or say anything to get what they want the ramifications don’t look good. No honor no trust no credit!!

    • DaytoDay

      You got that right…

    • Jeremy

      Yep, and that cannot last forever. Our evidence? Look were we are now.

      No honor amongst thieves.

  • the end of the world is coming
    The End Of The World is Coming
    Get Prepared
    Buy Beans, Bullets, BandAids
    See how to prepare at:

  • Old Man

    Greece is a sovereign state. If it defaults on its sovereign debt, it is because it has accumulated such debt by its own decisions and defaults on repayment by the same sovereign decision.

    The terms of Greece debt are clearly written and enforced by Greek laws. No foreigner is going to ‘let’ Greece default. It is 100% the decision of the Greek government.

  • Stefano Marchesi

    Greece should “disorderly default” tell the EU,ECB & IMF to take a sexual exit, Greece will get out of the EU & Euro, Invite Russia to park its fleet in Crete, accept Russian, Chinese loans and investments. Nationalize all banks in Greece foreign and domestic, establish a provisional military government to get rid of all Greek & foreign parasites/scumbags, then we will have a healthy Greece. Greece would have been better off joining the Sicilian MAFIA then the EU.

  • George

    The Greek government’s default on its bonded indebtedness is a minor chapter in this story. Like the earthquake at the Fukushima nuclear reactor– little apparent damage will be done by the first series of tremors caused by the Greek government’s default. But, as at Fukushima,the tsunami will then hit, in which Greek pension funds, health insurance benefits,unemployment insurance, and government payments of all sorts become worthless pieces of paper (whether by outright default, bankruptcy or by means of drachma hyperinflation). Bonded indebtedness default is not catastrophic for the Greeks; unfunded future liabilities are the unanticipated tsunami. What lessons will the rest of the developed world draw from Greece when they see that country’s gigantic bubble of unfunded, “government guaranteed”, social safety nets and pensions implode, leaving the people of Greece impoverished?

  • Barn Cat

    Greeks can’t be propped up forever. The longer their default is put off the worse it will be. The IMF has deliberately imposed austerity measures that will shrink their economy. The ultimate goal is to create a disaster big enough to allow the formation of a one-world government.

  • Cinderella Man

    Get it over with already Im ready for Economic Collapse pt 2. Im sick of this whole crappy materlistic society where everybody treats each other like crap. Just crap all over yourselves.

    • DaytoDay

      LOL, that is true…

      You know what’s amazing?

      All of the former “middle class” people who are now in-need of charity, but never gave so much as a dime to those who were struggling, when they had it to give…

      I have been honked at and have experienced road-rage, because I held up the “line” for a couple of secs, while I gave a homeless guy a few bucks… It’s not much, but I don’t have much to give… but the hate that people show is unbelievable… And this was in a “classy” city… More like, a bunch of rich pricks…

      Karma is a ….

    • mondobeyondo

      Hey, we haven’t even been through the current collapse yet! Don’t rush things.

      It’s coming. There is no doubt in my mind, that the economic collapse is coming. But the longer it takes to get here, the better off more of us will be. More time to prepare and pray. More time to warn our families and loved ones. More time to hug your sons and daughters. More time to watch “Titanic” on DVD.

      So, don’t rush it. I’m kinda glad the bottom hasn’t fallen out (yet).

      • mondobeyondo

        It’s worth it to stick around. Kate Winslet is such a hottie!!

  • 007

    There will be no default. The ECB and the FED will just find a creative way to print the money and loan it to Greece and any other insolvent country. They have given up on any concern of eventual inflation. They just want to keep the wheels on the wagon. The money printing will continue now until the inflation becomes unbearable to the public.

    The good news is inflation is not that horrible yet. The current real inflation rate is probably around 10%. The fools believe they can control inflation when the time comes. However, they would have to quit printing money, raise interest rates and sell their government bonds. I don’t know who will buy the bonds then.

    In the mean time relax, there is plenty of paper to print money. Expect more lies about inflation not being a problem until people wake up and start to riot. Even then the military will be able to keep the unrest under control for a long time. My bet is that things can continue like this for a few more years.

    When you see riots over prices that is the time to worry. The central banks will then have no more cards to play. Except a new world currency!

  • mondobeyondo

    In case there is any doubt:

    Yes. We are screwed.

    How do you want it? Flathead or Phillips head? Or maybe you prefer an Allen wrench?


    Are we committing national suicide? Webster’s Dictionary (1828) defines suicide as: “Self murder; the act of designedly destroying one’s own life.” For that to be true on a national scale, the decisions leading up to our national self-destruction would, of necessity, have to be made by those who govern the country Congress, or “the government.”

    Much of the German population was captivated by Hitler. The “presstitute” Goebbels’ media holds out Obama as a shining example. His manners are a composition of every tyranny to grace the scorched earth of despotic government. Will the America public come to their senses and make war against this Amerikana version of the Fourth Reich? You need not look for the Boys from Brazil to find today’s Nazi’s. They do their business in New York City, run their international institutes from London and order their bombing from Washington, DC.

    Sieg heil! to the New World Order is the modern definition of national suicide.



    • mondobeyondo

      Freedom definitely is not free. There is a price to be paid. Sad that people no longer realize that.

  • Tatiana Covington

    We’re smart enough to start curing hereditary disorders by actually altering the DNA.

    But we can’t keep our finances straight.

    Why do we have this persistent problem?

  • Obama sued over indefinite detention and torture of Americans act!!!


    To claim that Germany can rescue Greece is patently false. Germany, while the strongest economy in Europe, has to roll over about $350 billion in debt this year. While that figure is manageable, bailing out the Greeks at the same time is not. Further, this is not the first
    Greek bailout. They cannot repay the original bailouts, so why would any sensible German think an even larger bailout will be re-paid? Even if the Greek government agreed to ALL austerity measures, the people of Greece have spoken. Even with the riots in Greece, it was a far cry from the civil war that would come if draconian measures were taken by the government to force the people into submission. Germany knows this.

  • Gary2

    More than a million signatures will be submitted to recall Scott Walker. A moment of silence (and awe) is required.

    Bye Bye rightwingers!

    • Fox

      Freakin public unions, you have no idea how much the rest of the nation hates you guys

      • Patriot Alice

        The Wisconsin governor will need all the help and encouragement he can get….We can’t let the USA become another Greece…

        • Jeremy


      • JustanOguy

        Thumbs Up!

      • Dan

        Speak for yourself

    • Malcolm Reynolds

      How many of them will be valid? Typical corrupt leftists cant get their way so they resort to cheating.

    • Syrin

      Explain to everyone why you prefer he fire 5000 teachers rather than have them contribute a PITTANCE to their own benefits, benefits FAR in excess what they could get outside of tax payer support. Explain why you want to recall Walker now that things are starting to financially for a state that was on the verge of bankruptcy. Explain to us who YOUR candidate is, and why you regressives can’t handle opposition. Walker won’t get removed via a general vote. You Marxists will attempt to use force. You all are a danger to this country. explain to us why you consider fleeing a state to be a valid option for legislators.

    • Syrin

      Oh, and I LOVE the irony of you posting this in a topic about Greece, a nation that is burdened by the public employees to the point of bankrupting the entire nation, and this is what you’re pushing for in Wisconsin.

      Get that bumper sticker on your car gary!

      “Greece has it RIGHT !!”

    • knightowl77

      Bye Bye balanced budgets, bye bye public employees paying a portion of their healthcare premiums and retirement costs like private employees have to do….its ok you can tax people more so the public union employees don’t have to pay anything for their benefits /sarc….

      • RightWingRadical

        Let them have it and let the state implode. As businesses and people flee to another state because taxes skyrocket, the pubic employees can p(l)ay (with) themselves.

    • Rodster

      I actually agree with Gary2. I say recall Scott Walker so we can speed up the total take down of the US and Global economy. Won’t it be fun when no one has a job? 😛

      • JustanOguy

        Rodster… I actually agree with your sentiment except for the “no one will have a job” part.

        They’ll be plenty of jobs… just not in Government. Maybe you won’t get paid in worthless dollars… but there is always a method of exchanging goods and services for those that understand what paper money really is in the first place.

        Bring on the Collapse!

    • Peter Pan

      What group of kindergarten do you go to? The toddlers? Don’t you get it that this is the same mafia dressed in different uniforms and they try to drive a wage between the two groups of idiots-who call themselves conservatives and liberals. Grow up.

  • Nexus789

    Ultimately the whole world will default….a complete reset may occur as $700Trillion dollars worth of crap derivatives are set to zero and the whole financial system becomes insolvent.

    The banks are culpable for ALL of this as we relinquished any form of control and the ‘free market’ nutters run roughshod over regulation and control. Humans don’t live long enough to learn from history…we are set up to make the same mistakes over and over.

    Should have killed off the banks decades ago – bunch of thieving bastards the lot of them….they have used their position of money owners to skim off (steal) value that they have not earned. Banks create no value and only destroy value.

    They (the banks) got the dumb (paid off?) politicians to use (waste) all we have worked for to secure a fairer society in a STUPID and ultimately futile attempt to bail out what cannot be saved and then blame the poor and defenceless in society for the debt they incurred.

    What was the banks behaviour after this – the creation of billions of more useless derivatives, payment of even larger bonuses to themselves and more speculative behaviour to destabilise bond and commodity markets (where they win as they are paid on transactions/commissions).

  • tom

    Many people don’t understand the real problem of the EU. The many different nations have their own languages and traditions. In Germany people retire at the age of 65, in Greece at 50 – 55. Not having a common language is the main issue in the course of shaping a strong and long lasting EU. Neither the romans nor strong rulers could enforce a common language over the centuries. Speaking the same language is an important means to create a sense of community. Different religions, different traditions and different languages ​​are the main separating factors.

    A common currency was never able to overcome this.

    Those responsible for the introduction of the euro knew that and have ignored warnings. The confidence in deposits is shaken by products that no sane citizen morally accepts or understands. Insurance companies, banks and politicians have destroyed a lot of confidence with their false promises.

    Greece. For years, no compensation of debts found place to the other states. Since years Greece is not able to pay back money. Does really anyone believe that Greece gets its own problems under control in the current system?

    It would be a wrong sign, to condemn the so-called rich EU states to waive the payment of the products that they have produced and delivered for years to Greece. Other states would misunderstand this signal.

    As a bad sideeffect greek people leave Greece and move to Germany. There they apply for state assistance. This must be banned because it increases the basic problem.

  • Autecom

    Germans do not want to save Greece anymore because : a) the German nation is sick and tired of sending billions of Euros to help nation that has failed to “comply with financial regulations” (that’show they perceive it).
    b) German politicians need to keep in mind that the nation does not want to send any more capital our of Germany (see point a)
    c) if they help Greece, then they will have to do the same with Italy, Spain, Portugal, Ireland, Slovakia, Slovenia, Hungary, Poland… one country simply cannot finance half of Europe, because there is not enough liquidity and those countries in most cases do not comply with what the money lender expects them to do (which is obvious as people are struggling to survive and go out in the streets to protest)
    d) France cannot easily help Germans help the rest of the Europe. (see S&P recent stunt).

    Germans are probably the only big country in EU (apart from UK) that have somewhat strong economy and that’s thanks to their reason. You can see more countries turning away from EU as that’s what we’ve always been officially told (I’m Polish) when joining EU – we have to remain Polish, protect our language and culture, etc etc. So now this attitude is growing stronger as nations will start drifting away from EU. Nobody lieks to be with the poor and broke guy. Only true friends stay with guy that bankrupts and nations as political systems have never been and never will be true friends. Besides, it is quite reasonable that each nation (tribe etc etc) protects itself and wants best for themselves.

    • comnenus

      Americans cheated Germans all of their gains from WWI. If Wilson didn’t succumb to the Polish and Czech lobbies, all of the Baltics thru Ukraine, and everything west of it, would be part of Germany and its weak ally AustriaHungary.

      Germans are sick of doing everything for no return. If the Americans tell Poland ( a US puppet nowdays) to quit what it stole from Germany with Soviet hands during 1945, then Germany might oblige.

      But Poland is not a Euro nation and has little incentive to sacrifice itself to rescue the Euroland.

  • Patriot Alice

    Those socialists can’t get enough free money, and are the laziest people on earth…

  • Antonio Gonzalez

    Remember Grece default , americans banks will be the losers.

    • JustanOguy

      There are plenty of American banks that have nothing to do with Greece. There were plenty of banks that were not involved in sub-prime lending and exotic home loans…

      Stop categorizing all Banks together. All that accomplishes is the Propaganda that the big banksters have to be bailed out when they make bad decisions when the reality is, they should be left to fail and allow the smaller banks that play by the rules to grow.

  • JustanOguy

    Greece Defaulting should “chill our bones”?

    Hardly…. everybody has been waiting for it for over a year now. The message that will be sent is that the other countries better get their financial house in order.

    Exports from the U.S. to Greece? Whatever…

    When Iceland defaulted and went BK, it was probably more significant then some Socialist country such as Greece where people don’t really work anyways…

    If it was real money…. maybe I’d be somewhat concerned. However… it’s not real money to begin with. Defaulting on debt made up of funny money is Defaulting on Funny Debt.

  • “Dear Leader”

    Of course the EU will let Greece fail. Many banks were asked to take a haircut. Many had insurance with US banks and US authorities. As this wasa a so called voluntary scheme your US insurers refused to pay. Therefore the banks refused to take any losses. By letting the Greeks fail, the US insurers (and others) cannot claim this is a voluntary action and therefore will have a massive claims against them. They thought they would make a killing bacause the Europeans would have to bail the Greeks out.

    Better to let Greek crash and the insurers caqn pay up. After all they were happy to take the risk…

  • RightWingRadical

    Why should Germans mortgage their future so Greeks can retire at 50? In modern times, Greece has never produced enough to allow a first world lifestyle. If they don’t want the austerity measures, fine. But if you take the king’s schilling…

  • kelana

    IF EU is allowed to disband, and so leaving out BRUSSELS to host only the NATO (the war machine of the USA Imperium Military Extension), then how is the fate of NEW WORLD ORDER (NWO)???

    EU is the pilot project for the One World Government, that’s why BRUSSELS demands a lot of authorities & power to control the entire EU.

    Think the Globalist financial cartels will resort to other means to realize their ultimate agendas of the NWO, One World Government if EU is ever collapsed. Regime changes in various regions are the ongoing projects. After Tunisia, Egypt, Libya, now they are attempting on Syria and Iran. One after the other, this vampire giant squid is extending its grips everywhere, to eventually suck out the mankind and enslave most of them!!!

  • paul devine

    if anyone believes that germany can save europe and the euro they are mistaken. give it a month or two and the same commentators will be questioning the stability and creditworthiness of germany. but in the grand scheme its no big deal! this is just another bubonic plague… its the evolution of mankind. the strong will survive and the weak will perish… but lets be clear about something… weakness has no correlation to wealth… individuals who have the gumption and the will to survive will do so, regardless of paper wealth… it is time!

  • J

    It is interesting that the people who know the least always have an opinion on everything and glad to share it.

  • Dan

    The sky is falling, the sky is falling!!!!

  • Gary3

    Poor Gary 2, it’s all about Wisconsin for him. Too bad it matters nary a bit in the larger scheme of things. The U.S. is bankrupt in large part because of overspending (such as crazy union contracts in Wisconsin).

    Look Gary 2, Greece will default, so will everyone else, including the U.S.A. You’ll soon be worried about feeding yourself more than any lefty b.s. fantasy. Oh, how about that Obama signing the military detention bill (to detain Americans WITHOUT cause)? Sounds just like G. Bush to me.

    Vote RON PAUL! (when he runs as an independent in the coming election)

  • lifeseeeker

    Europe could easily get out of the crisis, by finally turning the Euro into a real sovereign currency. Here’s a simple plan:…crisis-is-easy/

    It’s painful to know the problems can be solved while you look at the rot spreading

  • This is the latest message on my blog

    FRIDAY, JANUARY 20, 2012
    Costa Concordia
    That is the name of the cruise liner that hit the rocks and sunk on the coast of Italy recently. One of my readers brought to my attention yesterday that the decks on the ship are named after European countries. That reminded me of what David Wilkerson had prophesied several years ago about a European nation going bankrupt and that would cause economic collapses in many other European countries, and the United States as well.

    The Costa Concordia was built in Italy and hit the rocks and sank on the shoreline of Italy. I believe the spiritual meaning of this is that Italy will be the first nation to “hit the rocks” and go under financially, and then the rest of Europe will follow shortly thereafter. The economic collapse of the USA will not be far behind. For those with stock market investments I suggest that if you hear that Italy’s economy has collapsed that you should immediately sell your stocks because the economic collapse of this nation will not be far off. As soon as Italy’s economy collapses the stock market will tank and will not recover. It will all be a fast downhill slide from then on.

    Like the cruise liner, the nations have been cruising along into a financial abyss, unwilling to make the hard decisions and sacrifices necessary to bring their countries back to economic stability. They have just been having a great time, like those on the cruise ships, ignoring the stark realities of their failing economies. The United States is no different, spending money like there will be no tomorrow. It will come to an end shortly.

    Yes, I believe that this message is a warning from the Lord to help you to be ready for what is coming.

  • Nikos

    Greeks are the harder workers in europe for all to know and the whole default is setup by a group of people who want to take over Greece .This is clear war and if they can do this to Greece ,they can do it in every country you americans think u are safe? think again. WW3 has started

  • Dirk

    Let Greece default? I’m not sure I understand. Greece, like the US, has technically been in default for a long time! When you are not able to pay your creditors with something of REAL value to them, you are in default. Of course we have shit-for-brains Bernanke at the Fed. printing off ever more worthless money to ‘bail out’ those who are wealthy enough to be ‘too big to fail,’ just like the EU has been doing for Greece because to face the inevitable means admitting we, dear children, are broke, which in fact the EU is. Nobody has any more money to bail anybody out anymore. The world has been pissing pretend money down a very real black hole of compressive deflationary contraction for years; digging an ever deeper abyss that we can’t get out of. Soon we will be forced to let those ‘too big to fails” to fail. Good! The wealthy elite have been squeezing the last bits of ressemblance to any real wealth out of the world economic system like a strong man might squeeze that last drop from a lemon. This has happened and now they will exit stage left leaving the rest of us who were led to believe we, too, could be wealthy like the big boys holding the huge bag of worthless dollars and IOU’s. Going to be a very bumpy ride kids!

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