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European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday

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The End - Public DomainThe wait will soon be over.  Greece submitted a final compromise plan to its eurozone creditors on Thursday, European finance ministers will meet on Saturday to discuss the proposal, and an emergency summit of all 28 EU nations on Sunday will make a final decision on what to do.  The summit on Sunday is being billed as a “final deadline” and a “last chance” by EU officials.  In essence, Greece is being given one more opportunity to embrace the austerity measures that are being demanded of them by their creditors.  So has Greece gone far enough with this new proposal?  We shall find out on Sunday.

For months, the entire planet has been following this seemingly endless Greek debt saga.  Global financial markets have gyrated with every twist and turn of this ongoing drama, and many people have wondered if it would ever come to an end.  But now European leaders are promising us that the uncertainty is finally going to be over this weekend

This time, the leaders’ summit called for Sunday is being billed by all concerned as the definitive moment that will determine Greece’s future in the euro. It’s “really and truly the final wake-up call for Greece, but also for us — our last chance,” EU President Donald Tusk said on Wednesday, the day after the most recent emergency session.

So what is the general mood of European leaders as they head into this summit?

Overall, it does not appear to be overly optimistic.

For example, just consider what the head of the Bundesbank is saying

Bundesbank Chief Jens Weidmann, meanwhile, said that central banks have no mandate to safeguard the solvency of banks or governments, and stressed that emergency liquidity to Greece should not be increased.

And even normally upbeat leaders such as ECB President Mario Draghi are sounding quite sullen

Just how uncertain the coming days are was highlighted when ECB President Mario Draghi voiced highly unusual doubts about the chances of rescuing Greece.

Italian daily Il Sole 24 Ore quoted the ECB chief, under growing fire in Germany for keeping Greek banks afloat, as saying he was not sure a solution would be found for Greece and he did not believe Russia would come to Athens’ rescue.

Asked if a deal to save Greece could be wrapped up, Draghi said: “I don’t know, this time it’s really difficult.

That certainly does not sound promising.

It isn’t as if the Greeks are not trying to find a compromise.  Their latest offer reportedly contains some very painful austerity measures

Greece is seeking another bailout totaling at least 50 billion euros ($55 billion) from its European creditors and offering to make painful spending cuts and tax increases as it races to avert a financial meltdown, according to government sources.

Under a 10-page blueprint completed late Thursday, the country said it would undertake austerity measures worth between 12 billion and 13 billion euros ($13 billion to $14 billion), including raising taxes on cafes, bars and restaurants.

But once again, it appears that pensions may be a major sticking point.  The following comes from a Zero Hedge report about the latest Greek proposal…

The biggest surprise is once again in the biggest hurdle: pensions. Recall that as we accurately predicted two weeks ago, it was the government’s unwillingness to directly cut pensions that led to the IMF refusing to even negotiate the Greek proposal.

As a further reminder, this is what IMF’s chief economist Olivier Blanchard said almost a month ago on the topic:

Why insist on pensions? Pensions and wages account for about 75% of primary spending; the other 25% have already been cut to the bone.  Pension expenditures account for over 16% of GDP, and transfers from the budget to the pension system are close to 10% of GDP.  We believe a reduction of pension expenditures of 1% of GDP (out of 16%) is needed, and that it can be done while protecting the poorest pensioners

Fast forward to today when MNI reports that “there are no pension cuts in the draft of the proposal.”

And if recent experience is indicative, this likely means that the Troika will once again refuse to move on with the draft.

We shall see what happens on Sunday.

I have a feeling that it is all going to come down to what Germany wants to do.  At this point, the Greeks owe the Germans approximately 86.7 billion euros.  The German people are overwhelmingly against pouring more money down a financial black hole, and German leaders have taken a very hard line with Greece in recent days.

If Germany does not like this new Greek proposal, it will almost certainly fail.  And if there is no deal, Greek government finances will totally freeze up, the Greek banking system will utterly collapse, and the Greeks will probably be forced to switch back to the drachma.

Speaking of the drachma, check out what Bloomberg is reporting

Between June 28 and July 4 at a Hilton hotel in Athens, transactions on a Bloomberg reporter’s Visa credit card issued by Citigroup Inc. were posted as being carried out in “Drachma EQ.”

The inexplicable notation — bear in mind, the euro remains Greece’s official currency — flummoxed two very polite customer service representatives and spokesmen for the companies involved. It depicts a currency changeover that the Greek government and European officials have been working for over six months to avoid.

Banks around the world are bracing for the increasingly real possibility that Greece may be forced to abandon the euro, a currency it shares with 18 other European countries.

Could plans to roll out the drachma already be in motion behind the scenes?

The next few days promise to be extremely interesting.

Meanwhile, there are all sorts of other indications that big economic trouble is ahead for the entire planet.  For instance, global commodity prices have been plunging big time

While market commentators worry whether an economic collapse in Greece could trigger turmoil in financial markets, a slump in commodity markets may be signaling the world is already in a deep recession.

The slump in the Chinese stock market and concern over the Greek debt crisis sent commodities towards multiyear lows. The S&P GSCI—an index which represents a diversified basket of commodities—has been down nearly 40% over the past year and had slumped by more than six percent as of Wednesday, July 8th.

We witnessed a similar pattern just prior to the financial crisis of 2008.

And in addition to the problems that have erupted in China, Greece and Puerto RicoCNN is reporting that every major economy in Latin America “is slowing down or shrinking”…

Every major Latin American economy is slowing down or shrinking. The World Bank predicts this will be Latin America’s worst year of growth since the financial crisis. As if that’s not dire enough, the world’s two worst performing stock markets are in the region as well.

Very few people are talking about Latin America right now, but the truth is that the region is in the midst of a slow-motion economic implosion.  Here is more from CNN

Venezuela is arguably the world’s worst economy with sky-high inflation. Next door, Colombia has the world’s worst stock market this year. Its index is down 13% so far this year. The second worst is Peru, down 12.5%.

Right now, trouble signs are emerging all over the planet.  That is why we shouldn’t just focus on Greece.  Yes, if Greece is kicked out of the euro that is going to greatly accelerate things.  But no matter what happens with Greece, the truth is that we are steamrolling toward another major worldwide financial crisis.  Perhaps you didn’t notice, but I purposely did not use the word “Greece” once in my recent article entitled “The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015“.

Yes, I am taking what is happening over in Europe very seriously.  I believe that we are about to see some things happen over there that we have never seen before.

But the Greek crisis is only part of the picture.  Everywhere on the globe that you look, red flags are going up.

Sadly, just like in 2008, most people have chosen to be willingly blind to what is happening right in front of their eyes.

  • Alwaystomorrow

    The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015

    Published 6/25/2015
    176 days until 12/31/2015.

    For fun, lets do a count down every day until the end of 2015 and see just what happens.

    • RagingVoiceOfReason

      Okay.

    • loser

      Git a life

    • thechaosdjinn

      Seriously? posting this to every article should at least have an accurate number of days in the countdown. Would make it look more genuine that you are trying to prove a point in response to the original assertion in Michael’s article from 6/25. The sad part is, If you do embrace a countdown, I don’t think we’re going to make it to less than 100 days without a meltdown.

    • none

      So if we make it to 01/01/16. We will be ok?
      Veniswalia, Columbia? Arn’t those two countries that recived billions in our foreign aid every year?

    • Horiboyable .

      You will only get to October

  • VigilanteCaregiver

    I remember being in Europe back in the 80’s. The numerous currencies were exciting for a 9-year-old to work with. Kinda miss it. I know about how the Euro came into being and such; but I did like the earlier method. Just my opinion.

    The EU is panicking – that’s what’s spooking the markets, not the idea of the Drachma returning. Currencies do come and go, which is why FOREX trading is speculative and not a security. Today it’s considered a security and that’s why banks and traders are panicking. Where’s the adults like we had decades ago that actually managed all this with ease?

  • K

    Even if a deal is somehow made. Smooth sailing is not assured. A lot of what is in the current offer, was in the last offer. You know the one the people of Greece voted against.

    • A spartan woman

      Well said K. The current offer is almost the same to the last that we regected. If the government compromises, simply throws the “no vote” to the waste basket.
      “Golden dawn” party (extreme nationalists) will be much more powerfull then.

  • GSOB

    What, another glitch?

  • Patriot One

    Who’s holding , who’s kicking the the can??

  • Pragmatist

    No deal does not necessarily mean Greece must revert to the drachma. According to the BBC, Greece could follow the example of Kosovo and Montenegro if it fails to reach a deal. Despite the objections of the European authorities, both have unilaterally adopted the euro. Such a move would give Greece a stable, internationally-recognised currency – but one in which they had no say. This might be their best option.

  • Chuck

    How about the hundreds of trillions dollars worth of derivatives? What’s going on with them?

    • Hillbilly

      A picture is worth a thousand words!

    • Jerry C

      I thought it was in the quadrillions. QUADRILLIONS. The human mind cannot even fathom a number so large.

  • Rukander

    And why no before ?

  • CharlesH

    I can’t help but to believe that the entire world is heading into a Depression. So – 1929 there was the Great Depression. What will this one be named? God bless everyone.

    • df NJ

      Information is the great equalizer. What is valuable today may be irrelevant tomorrow. 3D printers replace Walmart, BitCoin replaces gold and banking, LFTR replaces fossil fuel as the World’s primary energy source. The future will be as bright as much as we want it to be.

      • Hillbilly

        “Information is the great equalizer” I would not have expected such a tag line from such a uninformed individual. You just keep them fingers crossed there bud.

        • df NJ

          Would your prefer me to say information is the source of all tyranny? Now matter how bad it gets technology will solve our problems. It’s more a question of political will.

          Or are you determined to be an a hole by calling me “uninformed”?

          • Hillbilly

            Just don’t think technology to be a savior. But yes an a hole none the less

          • df NJ

            I can see you are determined.

            Technology is not our “savior”. Political will to use technology that make our lives better will be our savior. I wasn’t suggested technology was a replacement for Jesus Christ.

            LFTR is probably the coolest thing I’ve seen in 30 years. China and India are actively working on replacing all their coal burning plants with LFTR. If oil goes to $20/barrel and gasoline becomes $1.50 per gallon will that be a good thing?

          • Hillbilly

            Thorium-based “nuclear power” is not as impressive to me as HHO look it up it’s by product is water I haven’t seen a cleaner fuel

          • df NJ

            It’s cool you even know what HHO is! But HHO does not have the same energy output needed. LFTR can’t have a meltdown. Google the video “lftr ted talk Kirk”. It’s just amazing that the technology even exists. LFTR is truly a godsend. It’s just amazing. Please don’t be an a hole. I mean no disrespect.

          • Hillbilly

            Please don’t be offended by a minor disagreement. I am well aware of some ground breaking tec. available. I am very well read, but I just don’t think it will “save us all”. All of these events have been foretold those with eyes can see those with ears can hear those without can hope.

          • df NJ

            It’s not over yet. Satan doesn’t rule us completely. Love may still save the day.

      • VigilanteCaregiver

        Oil and Coal are not “fossil fuels” – that’s a mislabel.

        Oil is made in between the earth’s crust and mantle; recent geologic proof of what is called an ocean in stasis exists there (not water as constituted on the surface, but in gaseous form). the hydrogen is chemically bonded to carbon in this area and is moved toward the surface via earth’s rotation. On the way it’s further refined by micro-organisms into what is considered crude oil. Different microbes, time to reach the surface, and geology give us the varieties of crude oil. The earth is constantly making oil. European and Russian oil producers report that abandoned wells were strangely refilled after 30 or so years hiatus.

        The most likely method of coal’s creation is plant debris being captured in heavy flood areas in either deposited soil repeatedly, or heavily in caves. The pressure of the earth creating sedimentary rock creates the coal deposits.

        These aren’t fossilized remains of ancient creatures – they’re much more practical and recent.

        The LFTR method is fascinating! Haven’t seen any articles about it being implemented commercially yet, but more nuclear power for us is needed – especially if it’s as efficient as its claiming to be!

        • df NJ

          Uranium is as rare and costly to mine as platinum. Thorium is as common and cheep to mine as lead. A house size amount of Thorium could power the entire country for a year. LFTR are extremely safe and carbon neutral. The problem in this country is we have a culture that hates science and is determine to preserve the status quo.

          • VigilanteCaregiver

            Completely agree and well researched!

          • Nemnor

            To put what you said more accurately – it is the Capitalist economic system (a system that produces goods and services for profits – as the primary end-purpose of production, rather than to meet GENUINE Human needs) that is ultimately (in the end) more of a hindrance to genuine scientific advancement and genuine Human advancement.

            Observe that, for the last 70 years or so, new technologies (or any other apparently promising technologies) that appear to have the potential to bring much good to society, BUT, does not also seem to present a way for someone to make HUGE profits out of, are either completely kept hidden/secret by the Government and/or are bought out by private monopolies that then shelved (or kept underdeveloped) the technologies for decades – to allow the private monopolies to continue to rip huge profits out of the OLD (outdated) technologies .

            An economic system (like Capitalism) that produces goods and services based on profits or profitability, is ultimately a great danger to the survival of the Human Race (and, eventually, time will demonstrate this to be a fact to every honest and “rational” person). The Human race will surely perish, IF we do not “wake up” in time and be aware of the true nature of (and the real danger presented by) the Capitalist economic system.

          • GSOB

            LOL

      • CharlesH

        Hey – don’t get involved with Hillbilly – he’s an internet troll – no life – just his monitor and keyboard.

        • Hillbilly

          My Disqus is open for you to read through if you honestly feel my views change to start debate than you are just not looking.

          Good luck to you my friend

    • Rick

      As you might remember, back in the 30’s when we were suffering our Great Depression under FDR, the rest of the world was suffering an even greater depression. This time if we have a war on our soil, we will be the ones suffering the greatest. But with the fine leadership of this Administration, and Congress, I doubt it could ever happen here…

      • CharlesH

        Your doubt quite honestly is my biggest fear.

      • loadnup

        Surly you jest with “It could ever happen here….” lol….

        • Rick

          Glad you got it!

    • David G

      Global depression 2016

    • True Grit

      An “Economic Recovery” By the U.S. Government

    • T.

      The Great “Tribulation”.
      Is what this one will be named.

  • Bill

    I think the can is about to find the end of the road.

    • peter d

      “Global stocks gain as Greece, creditors narrow differences”—one of today headlines.
      Sucks but this “can kicking” can go on forever.
      Stock market falling? no prob, capitol controls make phony glitch. TPTB can do whatever they want with one key stroke.

      Michael’s RED ALERT post was good read but TPTB will cover up everything.
      What happenned to recent deritivaves explosion? covered up! stock market falling? woops glitch?
      Sad but this corrupt system will go on forever..

      • Bill

        Can’t disagree. China is today’s fix. Greece could change the picture “again” by Mon.

      • HeyAHuman

        I hope you’re being sarcastic. At this point, the system is obviously a house of cards.

      • Nemnor

        Well… do you believe that, eventually, everything (every Human) would grow old and die (even a natural death)?

        If your answer is “Yes”, then you KNOW what regardless to how much a person exercise, eat the right foods, get sufficient sleep, etc., they will eventually die. (right?)

        So even more so, the person that is not exercising, eating bad foods and not getting sufficient sleep will eventually die (and likely much sooner than the person doing all the healthy stuff). (right?)

        Likewise, the entire world-wide economic system is on a general slow grind and relentless DECLINE towards total collapse/chaos.

        If the world continue to “hand on” to the current world-wide economic system, while you can not predict when the final collapse will come, you KNOW that it WILL come.

        However, before that (inevitable) final collapse happens, there is the increasing prospect that the system bring about WW-III, as the Ruling Class (“the 1%”) look pass the massive destruction of Capital along with the loss of millions or even billions of lives to a “reconstruction boom”, and then start a new cycle of EVIL (i.e. just like they did with WW-I and WW-II to keep this evil system going).

        It is up to the Human Race to “wake up” and see the TRUE nature of the now decadentworld-wide Capitalist economic system, and put a final end to it. OR, face the SEEMINGLY endless cyclical destruction of millions (even billions) of lives and the massive destruction of our habitat, to keep the Capitalist system going mostly for the benefit of a FEW (“the 1%”).

    • Mike Smithy

      From now on, I will refer to the EU as Ewwwww.

    • T.

      All “Cans” will hit the End of the Road in September and Not before.
      September is “Shemitah” time – The Cabal that runs the WorldFinancialSystem operates off of a “Shemitah” calendar. They will begin the Collapse in September 2015
      “Shemitah”
      Everything between Now and Then is Theater.

    • none

      Good news Bill:
      Rumor has it that China will pick up the can for Greece!
      Since it would be cheaper than building an island in the south China sea.

      • Bill

        Not sure the Greeks would eat rice.

  • df NJ

    “Greece Seeks $59.2 Billion Bailout in Effort to Keep Euro”

    It’s funny how the media portrays this. It seems to me the Greeks DO NOT want to be part of the Euro. But the headlines are always the opposite.

  • sre

    What’s happening in Greece and the rest of Europe right now reminds me of some catalogs I get in the mail. On the front of the catalog you read “This is your last catalog unless you order. I don’t order, then a few weeks later another catalog from the same company comes in the mail. On the front of the catalog: “This is your last catalog unless you order from this one”. It is never ending, just as this crisis has been.
    Why not get it over with? After all, the economy of Greece is very small.

  • tom

    Stock market went up. I am a little surprised about USA’s DOW and etc. but Euro markets are the best for investment in 2015 & 2016, sans greece;)

    • df NJ

      Are you being sarcastic?

      • tom

        Literally everything is going up in Europe. European equity markets are the best place for investment in 2015 & 2016!

  • rat28

    A compromise will happen on Sunday.. and the stock markets will all rebound strongly by Monday

    • df NJ

      I heard a lot of Greeks expressing the desire NOT to have the wonderful privilege owing billions to the IMF. OXI

  • Ben Swinson

    How long before they run out of money again … pointless

  • Bob332

    Now that’s a deal borrow $55 B and make cut’s of 12-13 Billion….what can go wrong LOL!

  • Barry Goldwater

    Worth remembering is the fact that in 1929 at least the US had a gold backed Dollar and still had silver coinage in circulation. Today we face a pending economic meltdown with only Federal Reserve Fiat Notes.

    • Guest

      Very good points. I would add that many Americans lived on farms and raised their own food. Moreover, we didn’t have an $18 trillion national debt.

      • Douglas M. Green

        ….and we were a net export country.

        • Will Rogers

          Our biggest exports are jobs and debt.

    • df NJ

      President Lincoln showed us the way by creating interest free money without usury fees. The money was NOT tied to any gold standard. During the Civil War (1861-1865), President Lincoln needed money to finance the War from the North. The Bankers were going to charge him 24% to 36% interest. Lincoln was horrified and went away greatly distressed, for he was a man of principle and would not think of plunging his beloved country into a debt that the country would find impossible to pay back.

      Lincoln printed 400 million dollars worth of Greenbacks (the exact amount being $449,338,902), money that he delegated to be created, a debt-free and interest-free money to finance the War. It served as legal tender for all debts, public and private. He printed it, paid it to the soldiers, to the U.S. Civil Service employees, and bought supplies for war.

      Shortly after that happened, “The London Times” printed the following: “If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe.”

      • True Grit

        And then they killed him!

        • none

          I think Kenedy had the same problem?

      • retired22

        I believe it was Edison who said even if America wanted Central Banking there is nothing that a private central bank does that can’t be done by the Treasury Department!

      • Nemnor

        AND, for those who choose not to understand, PRIVATE banking, with all the usury it entails, is at the very “heart and soul” of a Capitalist economic system.

        Capitalism (“free market” or not), can NOT truly flourish in the best interest of the Ruling Class (“the 1%”) without PRIVATE banking. Hence, the US Ruling Class (“the 1%”) did have the foresight to see that Lincoln’s action, though it was indeed GOOD for the mass of American people, was basically against the form of Capitalism that works in the best interest of the Ruling Class (“the 1%”). And by extension, Lincoln had to be destroyed!!

        Such is the TRUE nature of the Capitalist system in the USA and virtually everywhere in the World.

      • Will Rogers

        Lincoln is not the man who you think he was…but I do agree he tried to do the right thing with the banks.

    • Mike Smithy

      In addition, the U.S. government in 1929 had very little debt that they had to service and the USA had a strong manufacturing base. Conditions today are much more dire.

  • JailBanksters

    The difference is: Greece is just saying Gimmie Gimmie Gimmie
    whare as the likes of Jamie Dimon just take it.

    • M.

      That’s what Jews are good at.

  • Patriot Alice

    Greece will get bailed out before Sunday, All of the scares dooms day and anxiety about Greece and other PIIS, China, Puerto Rico etc, is for nothing, except for the articles written about them.. Talking head just talk too much.. Story telling to keep the writers writing, and the readers reading.

    • Not Sure

      There is talk that JP Morgan may be the ones to bail them out, since they are the ones behind this whole Greek mess thing to begin with.

  • jakartaman

    Germany is insane – They are going to give more $$ to Greece/
    Doing something over and over getting the same results is the definition of insanity. If Germany believes this concession will fix Greece – I will tell them they are nuts. Greece is a dying country -= giving it some short term life support only prolongs the pain.

  • Rick

    I think the can is to be kicked again. However the pin has already been pulled on the world’s economy. This time we don’t have the dramatics of a major election and a lame duck Bush as president. But we do have blood moons, religious feasts, rumors of asteroids, and rumors of war to distract us. Oh, and the NFL and the new Fall TV schedule will be rolled out in September to make sure we are all dumb, fat and happy. My guess is that by the middle of October the American people won’t know what hit them, where it came from, why it occurred, and if they are still alive, what to do next!

    • df NJ

      I think the people in power will do absolutely anything and everything to preserve their elite status. Doing something that could activate 8 billion people to seek economic justice would probably not be a good idea.

      “After the Bolsheviks came to power in October 1917,
      on 22 March 1917, Nicholas, no longer a monarch and addressed with contempt by the sentries as “Nicholas Romanov”, was reunited with his family at the Alexander Palace in Tsarskoe Selo. He was placed under house arrest with his family by the Provisional Government. Surrounded by guards and confined to their quarters, the Imperial family was inspected on Nicholas’ first night back at home. …The prisoners were told to wait in the cellar room while the truck that would transport them was being brought to the House. A few minutes later, an execution squad was brought in…”

      And we all know what happened next!

      • Rick

        You’ve got a point there. We can only hope that history repeats itself with that same outcome with the current regime.

      • M.

        Yes and after the Judaeo-Bolsheviks murdered the Romanovs they murdered 30 million more goys.

        • M.

          General Franco’s Nationalist troops are an example of real popular resistance against tyranny. They crushed red cockroaches.

          • jsmith

            Nice to know you have read what really happened in Spain. But even until recently, Hollywood has glamorized the commie Republican government backed by the Soviet Union at the time. This same tribe that owned banking, government, education and our liberal media, is still in power now. We are having a Weimar Republic moment.

          • retired22

            Both sides were evil,..it was a struggle between opposing totalitarian dogmas!
            The Republic was a good idea at first but was corrupted by the same sort that are corrupting America today!

          • M.

            You clearly know nothing about it, General Franco fought for Christ like Charles Martel or Jean Vallette, the republicans were willing slaves of the devil, there are few wars in history so obviously a struggle between good and evil. It was one of the few times in modern history that the synagogue of satan failed.

          • retired22

            You are a madman,….a rip roaring lunatic!

          • M.

            Just as I expected, quite typical. First you wish death on one who told the truth about the tribe and now you commence with the ad hominem attacks. This is because you can’t deny the truth of what I’ve written, therefore you attempt to discredit the messenger so that others won’t pay attention.
            Rather like the villain in one of those Poirot films, who when exposed as the murderer begin stammering “nonsense, you’re quite mad?!” whilst looking about as if they expected the others to concur in this assessment.

          • T.

            retired22 is a “name caller”. That’s all he knows how to do when confronted with the truth about these NeoCons (Jews),

          • M.

            Indeed, they never tell the truth about the bloodthirsty red beasts and the horrors they inflicted on the Spanish people who were loyal to Christ. The upper echelons of the tribe must laugh themselves silly at how easy it is for them to deceive the goyim, and this despite being exposed numerous times. All I can say is that these judaizers who lick their boots will soon find out exactly how much their masters love them.

          • Gay Veteran

            and established a dictatorship

          • M.

            Nothing wrong with a dictatorship if the right side is in charge. In fact it’s generally the only way to maintain the rightful order that God intends. If a plague breaks out one quarantines its carriers, and likewise the carriers of pernicious doctrines such as communism ought to be prevented from contaminating society. I doubt you will agree with this given your name and posting history, but it is nevertheless right. There is such a thing as objective truth, however much the depraved neo-pagan mob opposes it.

          • Gay Veteran

            wow, don’t you have some cop boots to go lick?

          • Jim Clark

            Franco was evil. Not as evil-evil like Hitler, Stalin or Mousey Tongue. But Satan is jabbing him with his pitchfork

          • marc

            Every knee shall bow

          • GSOB

            When a person is legally reconciled to God, this changes the kind of person he is.
            “Therefore if any man be in Christ, he is
            a new creature: old things are passed away; behold, all things are become new”
            (2 Cor. 5: 17).
            This transformation is both judicial and moral.
            It happens all at once.
            But its effects do not happen all at once.
            The Church today that Christ builds is better off today then back in the Apostles day. Just like Noah’s efforts in building the ark was over an extended period of time and in the most unlikely location,…. Jesus Christ continues to build His Church. He is the true ark and to be in Him is to be in the ark.
            What was the ark for?
            Did it serve it’s purpose?
            Where is that big boat, the ark?
            How many countries have the story of the ark in their literature that the bible reveals?
            Well. Well Well.
            The Church has the keys to the kingdom and the kingdom is the world. The fruits of the redemption of Christ.

          • Nemnor

            It is NOT “objective truth” to label “communism” simply as “pernicious doctrines” as this is a matter of PERSONAL opinion (and even if people who present themselves as “communist” might have done or cause harm to many). Likewise, if someone is against “capitalism”, or rather, if someone (like myself) is trying to raise awareness of the true nature of Capitalism, I would be doing no good to others by simply referring to Capitalism as an “evil doctrine”, and not also try to show the true history of Capitalism and try to show why the system is now decadent, and why Capitalism is ultimately more of a hindrance to the genuine advancement of Human society.

            Finally, GENUINE “communist” doctrine has nothing to do with unjustly destroying the life of anyone, or carrying out any terrorist activity that may bring harm to the masses. Do not confuse “Stalinism” or “Maoism”, etc. with genuine “communist” doctrine – which is essentially about raising the awareness of the oppressed masses as to what is keeping them in their oppressed condition, so that the masses may free themselves from the stranglehold of their oppressors and transform society towards providing economic and social justice for ALL.

          • M.

            As Our Lord Himself said “By their fruits you shall know them. Do men gather grapes of thorns, or figs of thistles? Even so every good tree bringeth forth good fruit, and the evil tree bringeth forth evil fruit.” Gospel of St. Matthew 7:16-17. I suggest you read the book Marx and Satan by Richard Wurmbrand, it is very enlightening as to Marx’s true religious beliefs. There is very good evidence that he was not an atheist but rather a devil-worshipper who knew full well the destructive effects his ideology would have on the world.
            The following is a quote from Marx’s poem Oulanem. The strange name is an inversion, an anagram of the holy name Emmanuel. “Yet I have power within my youthful arms To clench and crush you (i.e. personified humanity) with tempestuous force, While for us both the abyss yawns in darkness. You will sink down and I shall follow laughing, Whispering in your ears, Descend, come with me, friend.”

          • M.

            The end of Oulanem reads thus “If there is a something which devours, I’ll leap within it, though I bring the world to ruins—The world which bulks between me and the abyss. I will smash to pieces with my enduring curses. I’ll throw my arms around its harsh reality, Embracing me, the world will dumbly pass away, And then sink down to utter nothingness, Perished, with no existence—that would be really living.” I’ll wager that the Soviet schoolteachers never told the poor unfortunate Russian children they brainwashed about Marx’s thoughts in regard to Slavs, that they were “ethnic trash”, though to be fair he hated everybody really. As for everything being a matter of opinion this is absolutely false. There is Truth and there is error, right and wrong, order and disorder and nothing can ever change that because it is the immutable Law of God.
            The empire of wickedness will perish soon enough, though it has even been able to infiltrate God’s Holy Catholic Church filling Our Lord’s pasture with Modernist, Liberal and Communist goats who do their utmost to blacken the True Religion. Their victory seems inevitable to many, and if the Church had a mere human founder this would indeed be the case, but this isn’t the first time this sort of thing has happened.
            Sixteen hundred years ago it appeared that the Arian heresy was bound to triumph, but instead the remnant of the faithful crushed them, and today few know what Arianism was and its only vestiges are to be found among the Unitarian and Jehovah’s Witness sects. So will it be this time as well.

        • retired22

          It’s a shame you weren’t one of them!

          • M.

            That’s right, show your true colours. Are you a real yid or only a good Shabbos goy?

        • sharonsj

          That was Stalin, who attended a Russian Orthodox seminary.

    • N0Bama

      So, I suppose you think the current dead duck in office will save the day?

      • Rick

        That’s the script of the elites. Once things get so bad for the people, they (the people) will be clamoring for the government to ride in and save them (by taking away the last ounce of Liberty we have). But people will be happy in their false sense of security knowing the POTUS has come through with a few crappy GMO,laden free meals, and has kept them safe from the POTUSs personal army ISIL. All along, guess who will be smilin and yuckin it up with the media over the great and wonderful things he’s done for the people. He may even have to use obamacare for his dislocated arm from patting himself on the back so much!

  • Horiboyable .

    This can and will not go on for ever. The laws of mathematics are universal and apply to everyone. You cannot live a life style you have not earned. I am surprised that it has gone on for so long. All Western Leaders are no better than Bernie Madoff. This is why Ayn Rand & Milton Friedman always supported the theory of total separation of the state & economics. When a business gets it wrong it only hurts those who voluntarily chose to deal with that company, when a government gets it wrong, we all suffer except for the ruling elites. I hope you all realise that this economic collapse is going to be HUGE and there is the possibility of war. How will the Chinese Communist Party explain why there is no jobs for their citizens and all of their savings have been wiped out. Remember Albania in the 90s,

    The Albanian Rebellion of 1997, also known as the Albanian Unrest of 1997 (Albanian: Rebelimi i vitit 1997), or the Pyramid Crisis or (improperly) the Albanian Anarchy of 1997,[6] was an uprising sparked by Ponzi scheme failures. Albania descended into civil disorder and violence in which the government was toppled and 2,000 people were killed.

    By January 1997 the people of Albania, who had lost $1.2 billion (out of a small population of three million), took their protest to the streets. Beginning in February, thousands of citizens launched daily protests demanding reimbursement by the government, which they believed was profiting from the schemes. On 1 March, Prime Minister Aleksandër Meksi resigned and on 2 March, President Sali Berisha declared a state of emergency. On 11 March, the Socialist Party of Albania won a major victory when their leader Bashkim Fino was appointed prime minister. However, the transfer of power did not halt the unrest, and protests spread to northern Albania. Although the government quelled revolts in the north, the ability of the government and military to maintain order began to collapse, especially in the southern half of Albania, which fell under the control of rebels and Socialist forces”

    • df NJ

      The fractional reserve banking system is too taxing. The system is rigged. Are you telling me the workers of the world are too lazy or incapable of producing enough goods and services to take care of all the young and old people with dignity? Immature people are selfish. Mature are capable of sharing and caring for children and other people. America is a young country.

      • Horiboyable .

        America is collapsing because they made EXACTLY the same mistakes as Rome did. It’s a pity Obama does not read history and all of this could have been avoided but he is always too busy trying to qualify for the PGA. Hillary is too busy filling her own coffers for favours. The USA will not be in its present form by 2032. America is full of crooks at the moment.

        • Nemnor

          America is declining because US Capitalism (and Capitalism world-wide) naturally and inevitably decayed to the current decadent state.

          There was nothing any president or leader anywhere in the World could have done to prevent the natural decline of the USA, other than a fundamental change away from Capitalism to a superior and sustainable alternative economic system.

          • GSOB

            Laughing Out Loud

          • Horiboyable .

            Capitalism was not chosen because it was a superior economic system. It was the only economic system that was compatible individual rights. Now most of the west is collapsing because the socialist always think there is a FREE lunch to be had. Spending billions and billions on wars destroys business and consumes large amounts of capital which should have been invested in new technology, talk about The Road to Serfdom. The USA will become the new Greece where tourist of the future will come and look at their crumbling structures and ask where it all went wrong.

      • loadnup

        get a grip.

        • df NJ

          America is collapsing

    • Gay Veteran

      “…When a business gets it wrong it only hurts those who voluntarily chose to deal with that company….”
      not when businesses pollute the environment

      • Horiboyable .

        I am an IT consultant, how do I pollute the environment? Admittedly some times my fingers are a little heavy on the keyboard so there are times where I might cause noise pollution in the office but that is nothing compared to the fire alarms being tested every Wednesday at 12 o’clock. I understand your concerns but most people choose to disagree with you, otherwise no one would own a car and it is very clear that most people do and travel by air and bus and trains. What do you think we should do with animals releasing all that methane gas?

        • Gay Veteran

          well if you’re an IT consultant them my comment doesn’t apply to you, now does it?

          it does apply to companies like the one which caused Love Canal

          • Horiboyable .

            Dude, I am from the UK. I never heard of Love Canal, I had to search for it on the internet. I only read one site so cant comment on the depth of the issue. Government agencies should have been more thoughtful about its use and the danger it represented to the public and the community. I understand your concerns. I am a car owner and only use it for essential trips, mostly to take the kids out but it makes me angry when I see folks take their car to go half mile down the road for a bottle of milk! Some folks are nuts, the walk does you good and the kids love going out with their parents to the shops. This is what happens in a total consumer society where people are convinced that they need every last gadget on the planet to be happy and do you know what, the folks that are the most materialistic are the most unhappy SOBs you can meet. My needs are very basic and I am happy.

  • sandandsurf

    It’s all fine and dandy…for now. Wake me up when September ends.

  • DJohn1

    Those people with the money and riches will dictate what happens next.

  • autofixer

    The Greek debt payments will be deferred for decades. That is the only way out, defer the disaster until the next generation.

  • df NJ

    Scotland should have voted to secede.

  • retired22

    No body really knows what the outcome will be!
    For starters most of the ‘usual suspects’ in the media are hacks for establishment elite.They Write & say what validates the the establishment’s narrative! How much truth is in what we have been told is any ones guess. there was an old saying “I believe half of what I see & none of what I hear” I think that this is the beginning of the end for the EU,the small nations of Europe signed on for ‘free stuff’ & not poverty from austerity as a province of the latest German Empire.Regardless of whether the Greeks stay or go they have fired the first shots in the battle against the EU Empire controlled by Germany! There is a lot to this situation that is ideological & political & not just financial! Greece is not the only member nation that is suffering from Austerity programs which are driving people into poverty!These nations are drifting left & becoming very hostile to the bankers & oligarchs & a political explosion is about to blow up the EU!

    • df NJ

      I read all the bailout money that went to Greece so far just went right back out to the international creditors. So with all these bailouts the people in Greece get nothing.

      • willkes

        They get to decline to pay their taxes ? C’mon, what is it you want to GIVE them ?

  • True Grit

    I think they just want the economic part of Nationalism. Not the evil murderous part of Nazism.

  • Gay Veteran

    yeah! and unemployment went down too! /sarc/

  • Richard O. Mann

    I think the can just hit a very large wall and has no where else to go. Looks like the world is getting ready for one really big crash and burn. Interesting times to say the least.

  • Will Rogers

    Greece: Here’s our ‘compromise’ plan ┌∩┐(◣_◢)┌∩┐

    • Will Rogers

      Wish it were true but likely won’t happen.

      • A spartan woman

        Unfortunately last night 251 members of the Greek parliament voted “yes” and accepted the european plan. This plan sell out the whole country and makes us slaves. Traitors!! I’m so sad. I wonder what country is next.

        • M.

          I’m sorry to hear that. I guess they got their thirty pieces of silver. I hope that the Greek nation will not give in, but rather resist this Jewish tyranny all the more.

  • sharonsj

    They already cut pensions by 30%. Since Greece has a great climate, I guess all those old pensioners about to lose their homes can go live on the beach next?

  • newdaycoming

    I only look to one man…. The Man Christ Jesus. Meanwhile, on Earth and in the USA we need a leader. I’m very interested in Trump. Just look at his credentials and he is a real person. Hard worker, not privileged, and genuine. What do you think? I’m also concerned that he could be pissing of some evil suckers out there and hope he has top notch security.

    • df NJ

      “man”, I thought Jesus Christ was God?

      • larrythelogger

        1 Timothy 2:5

        John 1:1-5, 1:14

      • Nemnor

        I really does not matter how anyone view Jesus (i.e. as “God” or as “Man”), since Christianity is imply one of several major (established) religion in the World. Nothing special about Christianity other than it is a major established religion (and it does not have the largest following).

        All the religions are basically the same, and none is better or worse than the other. So, except if you are a devout Christian, do not concern yourself too much on how one view Jesus

    • afchief

      The man is politically UNcorrect (speaks the truth). I like it!!!

  • tom

    I am voting TRUMP!!

  • LWZRGHT

    This is like a meth addict getting cash money from grandma. She might get him an apartment and set up for success, but eventually there will be that boring Friday and he lights it up.

    I guess Euro creditors decided it’s better to get monthly payments rather than lose the whole thing.

    • df NJ

      The real money junkies are on the Federal Reserve board. Stop blaming retirees for the crimes committed by the money grubbing banksters.

      • Nemnor

        I agree with you completely!!

  • marc

    Watch the movie “They Live”

    • df NJ

      “Don’t watch it”

      “Conform”

      “Obey”

  • dazbog

    When our currency collapsed in Bosnia at the beginning of 90s we simply switched to German Marks, Francs, Pounds, Dollars, even Drachma. Many people sold their gold. Silver was not that valuable. Out of all commodities the gas and firewood were mostly needed as well as electrical generators. In my city stores were full and food in fresh market dirt cheap. But on the other hand the meat and cleaning supplies were overpriced.

  • Will Rogers

    More paper please!!!

  • CharlesH

    Today is Sunday, June 12th – so maybe, just maybe (doubt it though) find out what the FINAL outcome will be.

  • LWZRGHT

    A surprise 9th act!

  • tom

    after the deal you can now talk about an economic collapse for another five years!! yippee!

  • df NJ

    Tsipras and the Greeks just don’t want to be part of the World central bank monarchy. It’s just a matter of time before we see a military coup d’etat in Greece. I doubt Tsipras will be alive by the end of the year if the central bankers don’t get their monarchy.

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