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Forget The Election Results – Greece Is Still Doomed And So Is The Rest Of Europe

The election results from Greece are in and the pro-bailout forces have won, but just barely.  It is being projected that the pro-bailout New Democracy party will have about 130 seats in the 300 seat parliament, and Pasok (another pro-bailout party) will have about 33 seats.  Those two parties have alternated ruling Greece for decades, and it looks like they are going to form a coalition government which will keep Greece in the euro.  On Monday we are likely to see financial markets across the globe in celebration mode.  But the truth is that nothing has really changed.  Greece is still in a depression.  The Greek economy has contracted by close to 25 percent over the past four years, and now they are going to stay on the exact same path that they were before.  Austerity is going to continue to grind away at what remains of the Greek economy and money is going to continue to fly out of the country at a very rapid pace. Greece is still drowning in debt and completely dependent on outside aid to avoid bankruptcy.  Meanwhile, things in Spain and Italy are rapidly getting worse.  So where in that equation is room for optimism?

Right now the ingredients for a "perfect storm" are developing in Europe.  Government spending is being slashed all across the continent, ECB monetary policy is very tight, new regulations and deteriorating economic conditions are causing major banks to cut back on lending and there is panic in the air.

Unless something dramatic changes, things are going to continue to get worse.

Yes, the Greek election results mean that Greece will stay in the euro - at least for now.

But is that really a reason for Greeks to celebrate?

Right now, the unemployment rate in Greece is about 22 percent.  Businesses continue to shut down at a staggering rate and suicides are spiking.

So far this month, about 500 million euros a day has been pulled out of Greek banks.  The entire Greek banking system is on the verge of collapse.

Meanwhile, the Greek government is still running up more debt.  It is being projected that the Greek budget deficit will be about 7 percent of GDP this year.

The Greeks went to the polls and they voted for more of the same.

Are they crazy?

Someone once said that the definition of insanity is doing the same thing over and over again and expecting different results.

Unfortunately, it looks like things are going to continue to get worse in Greece for quite some time.

And the rest of Europe is heading into a very bleak economic future as well.

At the moment, unemployment in the eurozone is at a record high.

Most analysts expect it to go even higher.

To say that Spain has an unemployment problem would be a massive understatement.  The unemployment rate in Spain is even higher than the unemployment rate in Greece is.  In fact, unemployment in Spain is the highest that it has ever been since the introduction of the euro.

The Spanish banking system is a complete and total disaster at this point.  The Spanish government has already asked for a 100 billion euro bailout for its banks.

But that might not be nearly enough.

Spain is facing a housing collapse similar to what the United States went through back in 2008 and 2009.  Right now, home prices in Spain are absolutely collapsing....

Fresh data yesterday shows how desperate the crisis is becoming in Spain. The property crash is accelerating. House prices fell at a 12.6pc rate in the first quarter of this year, compared to 11.2pc the quarter before, and 7.4pc in the quarter before that. Prices have fallen 26pc from their peak.

"Fundamentals point to a further 25pc decline," said Standard & Poor's in a report on Thursday. It may take another four years to clear a glut of one million homes left from the building boom.

Meanwhile, money is being pulled out of banks in Spain at a very alarming rate.  As panic spreads we are seeing slow motion bank runs all over Europe.  Over the past few months massive amounts of money have been moved from troubled nations to "safe havens" such as Switzerland and Germany.

Investors are getting very nervous and yields on Italian and Spanish debt are spiking again.

Last week yields on Spanish debt hit their highest levels since the introduction of the euro.  Without massive ECB intervention the yield on 10 year Spanish bonds will almost certainly blow well past the 7 percent danger mark.

The credit rating agencies are indicating that there is danger ahead.  Moody's recently downgraded Spanish debt to just one notch above junk status.  Spain is heading down the exact same road that Greece has gone.

The situation in Europe is very grim.

Greece is going to need bailouts for as far as the eye can see.

Spain is almost certainly going to need a huge bailout.

Italy is almost certainly going to need a huge bailout.

Ireland and Portugal look like they are going to need more money.

France is increasingly looking vulnerable, and Francois Hollande appears to have no real solutions up his sleeve.

As I have said so many times before, watch Europe.

Every few weeks there are headlines that declare that "Europe has been saved" but things just keep getting worse.

The governor of the Bank of England, Mervyn King, said the following a few weeks ago....

"Our biggest trading partner is tearing itself apart with no obvious solution."

And that is the truth.  There is no obvious solution to the problems in Europe.  The politicians could kick the can down the road for a while longer, but in the end there will be no avoiding the pain that is coming.

The equation for what is happening in Europe that I have shared before still applies....

Brutal austerity + toxic levels of government debt + rising bond yields + a lack of confidence in the financial system + banks that are massively overleveraged + a massive credit crunch = A financial implosion of historic proportions

We are watching a slow-motion financial train wreck that is absolutely unprecedented happen right in front of our eyes and our politicians are powerless to stop it.

It is going to be a long, hot summer for the European financial system.

On election day in Greece, the mood was incredibly somber.  Instead of celebrating, most Greeks seemed resigned to a very hard future.  As an article in the Telegraph described, the entire nation seems to be grinding to a halt....

This is the election that is supposed to decide whether Greece stays in the euro. Yet as it, and Europe, face what could be their Katrina moment, the dominant sense here is not of panic, or fear, or even hope - but of a country in suspended animation, grinding to a halt.

The Athens Heart shopping centre, in the southern suburbs, is polished, full of big brands, and almost totally empty of customers. "We've had five sales all day," says Steryiani Vlachakou, the assistant in the Champion sportswear store. "It's been getting a lot, lot worse."

Sadly, it is not only Greece that is doomed.

The truth is that all of Europe is doomed, and when Europe falls the entire globe is going to feel it.

So get ready for the hard times that are coming.  The pain is going to be immense and most people are not even going to see it coming.

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  • http://TheEconomicVoice Gregge Johnson

    INSANITY:::::Just as it was planned by the IMF

    • Prepared Pastor

      I would rather watch a slow moving financial train wreck any day over a fast moving one. It gives us time to get out of the way. Stop relying on other people to do things for you. Grow your own veggies. Harvest your own meat and firewood. Generate your own electricity. Spend those devaluing federal reserve notes on things you need to accomplish these goals while you still can.

      • HecatesMoon

        In addition to growing your own veggies and harvesting your own meat, I think it’s a good idea to start learning what you can and cant eat along roadsides, in fields, and in your yard. Its a fair enough supplement to a person’s food supply or could make the difference if a garden didn’t go so well one year. Plantain, henbit, lambsquarters, queen annes lace root, purslane, dandelion, and a whole lot more- all edible, all available just about anywhere you turn around. Learn to identify, learn how to use, learn how to prepare the things you’ve never thought of as anything but weeds before, and of course, study and learn if and how to identify poisonous look alikes.

      • Techno Death

        Hard to do any of that when you are trapped in an apartment with draconian rules designed to protect the rich property owners. I guess we just die.

  • Washington

    You will not hear the truth in the LSM. So, I will shine the light of truth on the biggest threat to all of US!

    What if Washington wanted to EAT ALL OF THE RICH IN AMERICA?
    http://www.youtube.com/watch?v=661pi6K-8WQ&feature=related

    • GaryToo

      that vid is low information right wing conservative myth. I mean math.

      • Mal R.

        And your response it the old “I sure as hell cant rebut it so I’ll just use Alinksy’s Rules for Radicals #5″. You know that you know which rule that is by heart you ‘low information’ democratic slug.

        • GaryToo

          Mal nut R itioned, (clever?)cortex DONT U GET I MEANT YOU cant argue with the math…

      • Washington

        Government school graduate I presume!

        • GaryToo

          umm no actually blazer and tie, i was saying you cant argue with simple math. watch the vid in link.

  • geekatron8

    “Things that can’t last, don’t.”

  • fred trautman

    this whole scenario reminds me of the advance of a glacier. for most people who are standing on top,a few small rumblings deep underneath their feet goes almost unnoticed. if anyone tries to understand what is going on they are turned away by the complexity of the problem. the end result i believe, will be an extremly large social problem,which our “leaders” and our system of government is illequiped to handle. at some point it will flash over to a lot off violence. get ready and prey

    • sre

      Hey Fred do you actually know the difference between prey and pray?(Look it up.) Or do you really intend to prey upon the victims of the violence to come?

      • Jack Russell

        Did Fred say ‘pray’? I don’t think so. I bet Fred knows the difference between ‘pray’ and ‘prey’. Probably not the point of his post. I’m enjoying ‘preying’ on those who choose the USDollar chess king over the hard currency/gold/silver king. Praying allowed me to be enlightened. Preying allows me to capitalize on the myopic perspective of the public. Thank you, Fred, for your comment.

  • mondobeyondo

    Yes, Greece is doomed. So is Spain. And Italy. And France. The entire eurozone.
    And the United States of America. It’s just a matter of time.

    At some point, you pass the Point of No Return, where it’s too late to turn back. Europe and the U.S. have gone past that point. (i.e. the amount of debt owed exceeds the country’s GDP). There are no U-turns on this road.

    We were too blinded by materialism, quick profit, a stock market rebounding, etc. to notice the “Last Exit – Bridge Out Ahead” sign on the highway. The bankers, big industry, politicians, mainstream media, etc. all kept telling us, “Don’t worry about the washed out bridge! No big whoop!” Unfortunately, they’ve been watching too many re-runs of “The Dukes of Hazzard”, and think the U.S. economy is the General Lee car, jumping over creeks and such. We are not facing a creek this time around. We’re looking at the Grand Canyon. I’ve been to the Grand Canyon, numerous times. Beautiful place! But you’re not going to jump that gorge, sputtering along at 8.2% (official) unemployment. You’d be lucky to jump it in a rocket ship. And as we all know, the U.S. economy isn’t exactly a Saturn V rocket right now.

    We will all soon pay the consequences. God help us.

    • Graham

      Mondo,

      Nicely put. Love the “Grand Canyon” analogy!

      Is this coming global catastrophe scenario being driven by a grossly malaligned global “collective conscience” due to some “outside” negative force, or is it purely the work of the psychopaths who are behind the helm that are steering everything towards their apparent objective of creating a “One World Governement” etc?

      Regulars know from the content of my previous postings what intensive research has led me to disseminate in this forum and the TAD site, simply because I believe “it’s the sum of the parts that make the whole, and by understanding the parts, the whole becomes apparent”. I note that many seem aligned with the general consensus put forward.

      What is also very concerning is some of the rantings and beliefs that are going on elsewhere in the “alternate” media. Yeah, I follow many different subjects and topics. Is it information, disinformation, or just gross fantasy based upon unbalanced mindsets that have an inability to segregate truth from fiction? Seems to me it’s a case of “take your pick and run with it”, or remain as an outside and neutral observer.

      The outcome in the Greek elections surprised me, but then we don’t know if any poll manipulation was taking place. Yes, some ballot boxes were reportedly estroyed by fire, but I haven’t checked for any updates in how this was dealt with after the event became known.

      I’m afraid I still see a “one world currency” well on its way and the power this will give the so called “elite” will not be good for the rest of humanity, especially those who struggle as it is. One possible solution in America is for every citizen to ensure the original Constitution be legally applied in all instances. This would wipe out a lot of the draconian laws that have come about, especially under Executive Order.

      Other than that, I can’t see a way out of the situation aside from “mass arrests” being performed by the Military, who have sworn to uphold the Constitution. Which “one” do they uphold? The original (1776), or the “corporate” orientated one that came about thereafter? There is some very good research online re both of them and Common Law.

      Abolish the Federal Reserve System, the IRS and Freemasonry. I believe this would be a rational place to begin if all I’m reading is true, and I believe the majority of it is. Time is a great “teller” of truth, irrespective of what is being done to cover things up. Far too many things don’t fit with the official lines being put out for public consumption.

      And yes William, that includes your favourite subject too!

    • lyndon eaton

      “we” did not do this to ourselves. it was done to us, methodically over decades. An enemy has done this to us, they planned it, and they carried it out. Be that as it may, we are now going to suffer the consequences, and I am not sure how to fix the problem.

  • Kelly

    Where have u been Michael? I’ve missed you! :) Hopefully on vacation having fun… or finishing up your 3000 sq. ft. fully equipped and stocked economic collapse shelter! You have loyal readers (such as myself) checking frequently for your next article… God Bless and keep it up. Again… your articles do not send me warm fuzzies… but i read them and then i read a lot of the posts/replies and the comfort comes solely in knowing I’m not alone. There are others out there preparing… prepared… ready… …and praying… :)

    • Michael

      Kelly:

      Don’t worry. I had some family obligations last week but this week things will be back to “normal”.

      And always keep on praying. :)

      Michael

  • Kelly

    PS… My mom called me the other day regarding the “Greek Tragedy”… and she said, “Kelly, do you see what they are doing in Greece. They are pulling their money out and stocking up on food, WE ARE SO AHEAD OF THEM…” not meant in any way to ‘slight’ them… but an acknowledgement that what we are doing to prepare for ‘our turn’ is not far fetched… and it’s due to you and others who are sharing their thoughts about what is in store… helping us to focus and prepare now… before it’s a scramble… before the chaos that comes when those in the dark finally see the light and fear sets in in America! God Bless!

  • McKinley Morganfield

    This election is but a moment of reprieve for the ECB and the IMF. What is more telling is the amount of cash Greeks are taking out of their bank accounts and squirreling away in ‘safe havens’. That is a real vote of “no confidence”.

    “We are watching a slow-motion financial train wreck that is absolutely unprecedented happen right in front of our eyes and our politicians are powerless to stop it.”

    Its is indeed ‘slow-motion’ up until there is wide spread panic and when that fuse is lit the shaky global financial system will crumble faster than the WTC on 9/11/01.

    • Graham

      Morgan,

      Re the WTC collapse, that WAS pretty fast, especially Building 7, which I understand 80% of Americans did not know about until a concerted effort was brought about by “Architects & Engineers” for 9/11 truth in November 2010 in a North East ad campaign. I spent considerable time reading through all the data on all the websites ending “for 9/11 truth” and there were many. I also read all the debunking stuff, most of which was successfully debunked itself. Pilots had some real interesting stuff to say about aircraft dynamics and behaviour and the black box findings.

      Yes William, I’m pretty much aligned with your own conclusions!

      • Mal R.

        c.u.c.k.o.o.

        • Graham

          H.A.W.K?

          Have no fear, someday, the truth will be spelt out for you. As matters stand, if you believe the “official” story, you clearly do not know what the “official” story actually consists of… in it’s entirety. Many who are/were part of so called “officialdom”, have since spoken out and many clocks have begun “chiming” as a result. The former head of the Star Wars Defence Initiative is but the latest (Dr. Robert M. Bowman).

          I will watch your posts very closely as I’m certain they will define your psychology further and exactly where “you are at”. When you start to research with integrity, the truth will soon find you! A conscious mind is an awakened mind and not one that accepts any form of propaganda or government/agency “spoon feeding”. I will leave it for you to discover the “bigger” picture, as fragments can be very misleading.

          In the meantime, try sitting in a quiet place and relax. Take a few deep breaths then slowly repeat the word MARANATHA as follows. “MA-RA-NA-THA”. Do this twice a day for 30 minutes and you will eventually escape from “left brain dominant thinking” (ego) and begin using your “whole brain”. It is called full brain coherence. There are many “paths” to this knowledge and your DNA will actively respond to it.. positively.

          If you have any doubt, you can consult many, but in your case, I would advise you to seek out somebody in the field of neuroscience. A Benedictine monk will also prove very useful, or you can seek and obtain technology that will do the complete process for you. Choose wisely!

          Either way, the results will swiftly remove you out of “self” and lead you directly into the “kingdom within”. Keep in mind the biblical phrase “Be still and Know that I am God”. Now you know its true meaning and you don’t have to be religeous to understand it. The mind is naturally charmed by transcendence… once you learn to quiten the cerebral cortex. This will get you “out of mind” and “into the heart”, which has an extremely powerful electromagnetic field. For what reason?

          Time to get back to my “nest”. Woohoo. I mean CUCKOO :)

  • Old Man

    “We have voted for exactly the same thing and we do expect a different result this time.”
    - Greek voters June 17, 2012

    “We will vote for exactly the same things done to us by Bush, Obama, the Fed, Wall Street banksters and bottomline corporate CEOs. And we were told by Big Media, again, that a completely different and amazingly good result will happen.”
    - American voters, Nov. 2012

    “Those who created society’s big problems cannot solve them. They will simply create more of the same. And if you expect more of the same can be different, we have mass insanity.”
    - A. Einstein

    • Graham

      Old Man,

      Good quotes!

      Eckhart Tolle wrote a few very interesting books on the “madness and insanity” of the “ego”. Most people tend to underestimate what the ego is and how it functions. It is an illusion of the mind which directly leads to deceptive and illusion thinking. It also drives everything to do with “self”. Where are all of today’s problems derived from?

      In its more advanced state, egotism leads to sociopathy, narcissism and psychopathy. Note the number of scientists who have tested some Wall Street bankers and know they have the same brain issues as convicted murderers. The frontal cortex does not illuminate! Neither does a part of the rear. Blood chemistry is also similar, as is the DNA.

      • Kev

        There is an interesting book called Political Ponorology discussing the nature of psychopaths in the political arena.I think your point re the culture of ‘self’ is the key to all that is being done to the next generation.Here in the UK the younger generation are totally and utterly selfish and are self obsessed to the point of ridicule.I am convinced Tavistock is behind behavioural modification based around the ego and super-ego leading directly to sociatal breakdown and the collapse in the functioning family.The very worst traits of the human psyche are being manipulated and encouraged deliberately to hasten a collapse in civilised order.

  • Paranoid

    Some of you don’t read what the Greeks have said. Yes they want to stay in EU. Yes they will promise anything needed to get even more money, No, they are never going to pay it back. If you are Greek and figure all the PIIGS are gong down, Plus at least 3 Eastern Europe countries, you know that will doom the EURO and all the Banks you owe money to. Borrow away, it’s free.

    • Bone idle

      52% of Greeks voted to block the austerity packages.
      The 52% was spread around different parties.

      A coalition needs to be made up of the highest placed parties to form a government. This coalition will be hard to get going as different leaders have stated their different goals.

      Allegedly the majority Greeks have voted to stay in the Euro however they have also rejected the austerity packages. You can’t have one without the other.

      Germany and France will dilly dally for so long trying to determine whether or not to turf the Greeks out of the Euro that the whole Euro project will probably collapse before a decision is made.

  • Piglet

    Keep in mind that “statesmen” such as Condi Rice and Rahm Emanuel have both said that times of disasters, great tragedies, etc., should be looked upon as opportunities. For our ruling class, they are indeed. We must not only be careful of the coming collapse but also what our Glorious Leaders will do when they take advantage of our distracted state of mind to inflict their police state plans on us.

    • GaryToo

      you use the term “statesman” very loosely piglet, yes i get its a joke, a sick joke.

  • tappedops

    Quit calling us the usa…its an insult… we are the North American Union— borderless and proud of it…

    • Old Man

      Borderless?

      Try crossing from the Arizona desert into Mexico border towns. You will be shot!

      • Mal R.

        Too bad you cant be shot for being an idiot. The arizona section of the border surrounding Nogales is the busiest hence easiest section of the border to cross.

        Perhaps you missed your Dear Leader assuming dictatorial powers when he decided that he alone would decide to grant amnesty to millions?

  • MisterC

    Looks like they used Die(LIE)bold voting machines in Greece.

    • TX4Life

      I wonder about the validity of these election results also. Before the vote in Ireland, the general consensus of those in the pubs was that they did not want Germany’s assistance because of what further demands might be made of them. Then the election went in favor of Germany’s austerity measures.

      • GaryToo

        TX the brief interviews with the greek voters outside polls (the ones they chose to show) were astounding, mothers saying their children would have starved to death without bailout, and many others saying they want a bailout not with austerity but with stimulus spending. Are you kidding, what do they hope to produce, hommus?

  • 1% fan

    It couldn’t happen to a more deserving continent.

  • http://n/a jgouig

    Yes, you are right; and yet, people will learn to adjust. Everything is not about charts and graphs!

  • GaryToo

    my sense of the greek election was that it would not really make any difference who won. Ir was misinformation that the syriza party was pro-exit. as a result the 2 party system stays. In any case all politicians usually take the easy path, and the majority of voters also usually take the easy path. So to my mind, no matter who won, ANGELA MERKEL, AND IMF,S BOTTOM LINE, would be the outcome.
    What next. Greece will be squeezed even harder, well into 3rd world conditions but we will not hear anout it. Just as the MSM learned from the vietnam televised war experience to sanitize gulf war 1 1991, and heavily edit and under report and even non-report iraq and afghanistan, greece for starters then other dominoes will not be reported on their horrific living conditions. Pleeenty of other filler junk, celebrity or athlete sex scandal, kitten in tree to occupy news, ****** paris hilton gained 5kg!!!.

    • David

      Don’t forget “fun runs”. There’s always good for additional news items.

      • David

        * “They’re”

  • markthetruth

    Facts

    1. Earth itself is not growing and can’t produce natural resources any faster.

    2 Earth itself will not become computerized.

    3. You can’t alter Mother nature.

    4. You can build but he who comes leaves a spot empty somewhere else.

    5. The world is high on wealth, all the world worries are based on Wall Street.

    6. As the attics we are preyed on by the dealers the governments,media and big corporations of how everyone can be rich, and should buy there stuff with your last penny , possession, or even a body part , or first born.

    7. Medication fixes everything.

    8. Instant everything , has gone so far that while your a fetus based on your gender
    you can face instant death.

    9. People lie so much they don’t now the truth.

    10. The Devil made me do it………….

    10 1/2. Empty spaces make it look like i wrote more then i did . May use double space since nothing looks better then something.

    The end………

    • Old Man

      * The Earth is flat.
      * The Universe got to be what it is today in mere 7 days – but without a Sun and Earth to define a day.
      * You can come back alive and kicking after being very dead and rotted out for days.
      * You can walk on water. The universe is held together by gravity but this force can be cancelled.
      * A woman can get pregnant and bear a child without man or sperm.
      * There is another being inside you which lives forever, but which is unknowable.
      * Everything comes from God but it is impossible to know what is God.
      * If something bad happened to you, it caused by Evil. If anything good comes to you, it is caused by God. But we have no idea what the heck these are.

      - The Roman Catholic Church

      • Jack Russell

        The ‘Old Man’ has a sad little cynical view of his maker. “Every knee shall bow and every tongue confess that Jesus Christ is Lord.” Its going to be a very humble moment when ‘Old Man’ does that as his maker has said he WILL.

  • SidDavis

    When the disease is debt, fiat and fractional reserve banking, keeping debts on the backs of the population is the opposite of the cure. Default is part of the cure, but instead the people who benefit from keeping debt burdens on their fellow citizens selfishly refuse to allow the cure to take place.

    The masters are still in control, and the slaves are as exploited as ever, whether it is Greece or the USA. It seems that freedom is more illusion than reality for any length of time in history. Whenever freedom does crop up, those who would prefer to use force instead of competition to support themselves seem to find ways to gain control of the political apparatus and pass laws that favor and protect themselves and their friends at the expense of freedom.

  • Ranger

    I just don’t know anymore, what appears to be up is down and what appears to be down is up. I agree with the article but futures and European markets are responding opposite. Go figure. Spain bonds at or over 7% might be a reason or you know it just could be that the whole thing is rigged by “the few”. I don’t care as I don’t see how it can be reversed overall. Just keep on prepping for the worst I guess and hope for the best.

  • r.bitting

    All who do not trust in Jesus Christ’s sacrificial death on the cross for thier sins will be doomed.

  • Barn cat

    It’s like the Titanic has just hit the iceberg and the ship’s captain has finally agreed to a new contract. The ship is saved.

  • AffinityNetNews

    Those of you who are still in the big cities, you need to get as far away from them as possible!

    If you study the Dry Baltic Index, which is the movement of products by ships, there is none! Fleets of cargo container ships are sitting and rusting in the China Sea and everywhere else as well.

    When the implosion finally does hit, it will be in a nano-second without any warning. The clueless, brain-dead Sheeple who are never pro-active, only reactive, will go insane and clean-out the stores in a couple hours if that long as they attack each other.

    If you aren’t spending every waking moment getting prepared then, you’re way behind the curve and may not survive.

    The collapse could possibly boost America for a VERY brief period, but it won’t last even a couple months before we too do a Wiley Coyote off into the abyss.

    I can’t stress enough, that you get away from the Sheeple! These mindless morons never listen, they never wake-up and they always went someone else to be responsible for them so, they don’t have to grow-up and actually THINK for the first time in their pathetic lives.

    If you want to see our future: take a good-hard look at Argentina when it collapsed and professional people were eating anything they could find out of trash cans … and then it too was gone.

    • mondobeyondo

      In the early 20th century, Argentina was one of the ten wealthiest countries in the world (#7 if I’m not mistaken). The corrupt politicians and Peronist government pretty much ruined that nation. Their President, Christina Kirchner, has already raided the citizens’ private pensions, and is now trying her best to privatize whatever businesses are left. More cash for the government to raid. What a Mess!

      The same thing could (no, probably will) happen in the U.S.

  • DEFCONStudios

    Michael,

    It’s too bad they will continue to kick the can down the road until the Can catches up with them and they realize that the World Wide financial situation is dire if not verging on the border of collapse. It’s a slow motion disaster and the longer they try to kick the can down the road the worse it will become.

  • ole guy

    We are all broke in the industrial western world. There is no intention of ever paying back the debt. Governments will continue to spend spend and print and print until they can’t.Riots and fighting in the streets will be coming to a place called the USA after the elections most likely. The fudged numbers and the hidden spending in the shadow banks will continue to make this administration look good even though most people with half a brain can see through the ruse. They would do this no matter the party affliation of the president sitting in the oval office.

    We working stiffs are basically screwed. Learn a trade you can actually use. Something people will need and you will be ok. Look around you will see our rights being taken away every day. That is the real plan. Greece is just a side show for the real turmoil coming to us all.

    Politicians never want to let a crisis go to waste, even if they are the cause of the problems.

  • Jakartamn

    The questions to be asked are:
    Will the war(s) in the middle east trigger the world collapse
    Will the world wide depression be a quick collapse with devastating chaos?
    Will the depression be a slow evolving slow bleed for a decade or more?
    What will the world look like when we emerge from the carnage?
    Is this GOD’s wrath for a morally/spiritually bankrupt world?

  • Cinderella Man

    Yes it appears that the market could care less about Greece. As of this morning Spain’s borrowing costs are going through the roof and the market is not taking it well. To me its pretty pathetic how the entire world economy is dependent on these stimululs type of bailout to even function. Notice how our market goes up at just the slightest hint of QE3. Peter Schiff is right: the cure has become the poison. If Americans and our govt. can be allowed to spend more money to keep this zombie economy alive we will never heal. This reckless spending must come to an end, these artifically low interest rates must come up it will be painful and we might never come back but it is better than this debt time bomb we have hanging over our heads because there will come a day when we cant borrow another penny and Uncle Ben will be out of his magic bullets. The time to pay the piper is now!!

  • Cinderella Man

    BTW, I love that old painting of the Titanic wish I had one on my wall!

  • sharonsj

    There is not enough money in the world to bail out these banks. Not only is Europe giving them billions if not trillions, but so did our Fed–and it’s still not enough.

    All the political machinations are merely to give the financial industry time to make more money before the whole thing blows up…and of course the taxpayers will be left holding the bag.

    If you haven’t started prepping, you’d better do it now.

    • lee

      “If you haven’t started prepping, you’d better do it now.”

      I’m on it, was skeptical until a few months ago; but its clear Europe will hit a depression in the next year and it’s going to start the dominoes.

      Part 1:
      lose all debts, cut living expenses, maximize job skills – in process

      Part 2:
      stockpile cash, food, water, candles and ammo at home – deadline 1/1/2013

      Part 3:
      buy plenty of books to read to have something to do during power outages and waiting for anyone stupid enough to come into my house during the next great depression.

      • xander cross

        I am on it as well. Paid off car, paid taxes, almost done on other debts, just a little longer while working retail jobs, have only a little after cashing the check. Yeah, I am defiently on the grind. I like your thinking sir. Also, always keep up with the maintenance on your car and your personal items as well, including clothing. Buying books is a good idea as well for when I lost power due to a storm, my books kept me occupied. Michael, you should do an artice about how to prepare for an electrial outage.

        • GaryToo

          that had better not be a white car xander

  • lee

    your image of a sinking ship is perfect as its going to be like that.

    slowly, things will get a worse at the part of the world that hit the iceberg(Europe), then things will get worse at an even slower rate for the rest of the world as the ship goes under this massive amount of debt burdens of governments, companies and individuals.

    those who prepared will get a life boat and have a chance to make it to shore, those who didn’t are likely to lose a limb or get gobbled up by sharks.

  • Michael

    All the Western World will collapse economically ….. UK has also problems. Only Canada and Australia should keep a not too bad momentum.

    The true question is : Who will collapse FIRST ?? Eurozone, UK or USA

    and don’t forget China has also problems….

    • GaryToo

      michael, your last point re china pours water on your first point re australia.
      here in australia there is no such thing as preparation, the word is unheard of. I believe we have a little more time to prepare than others but thats all.

      our manufacturing is all going the same way as yours. the non mining states are being supported by the west where there is still a 500 billion dollar pipeline of investments in mining.

      Chinese growth level is unsustainable and much of that investment in our mining may never happen. when europeans and americans cant buy chinese exports, then china doesnt need our resources. all the miners driving mercs and living in mansions are in for one rude shock.

  • erheault

    The euro was designed to compete with the dollar but by joining the poor countrys with the rich they wound up with the odd couple which was doomed to start with, unfortunatly we are in the race to the bottom with them also but it will take longer for us to sink.
    The only way to pay trillions of debt is by massive inflation like Germany in the 1920s or devaluating the currency as zimbawee,(sp?) or economic crash as the depression in the US 1930s, probally a combination of all of the above but it will be one hell of a ride for us wage slaves and working poor, put both hands on your asses as it will be the only thing you have left when this erupts.

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  • http://worldendsar5newsat11.blogspot.com drbuzzsaw

    I think the world will one day revert to an agricultural society and people will grow their own food and barter for what they need. But before that day we will ALL have to go through a LOT of pain and suffering.
    There is an old saying “If you want to eat, you work”, (NO WORK – NO EAT).
    And for leaders weather they lead a small group or the nation theirs is a position of responsibility – NOT PRIVILEGE – NOT ENTITLEMENT.
    When the leaders EXPECT us to work to feed them, it’s time to replace them.
    I owned businesses that had a number of people working for me and I did NOT put myself as to good to clean toilets, if it was a job that desperately needed to be done and I was the only one left who could do it. I would roll my sleeve’s up and get my hands dirty and THAT is what we need in our leaders. Someone who is willing to do the dirty work no matter what it takes, no matter what anyone thinks.
    http://surviving12-21-2012.blogspot.com

  • Jesse Marioneaux

    I fully agree I think it will be 100 times worse now I pray all of America get ready for the onslaught of hyperinflation and a dollar crash sooner or later it is like that old saying all good things must come to an end I think we are already there.

  • Gary2

    Michael–that was not your car in the second picture in your post was it? Was that why you stopped posting for a week or so? Are you ok?

    • Michael

      LOL – no all of my cars are just fine. :)

      I had some family obligations last week, but this week things will be back to “normal”.

      Michael

      • markthetruth

        is that “normal” as in

        Denoting a solution of such strength that every cubic centimeter contains the same number of milligrams of the element in question as the number of its molecular weight.

    • Rodster

      Wow that looks like what’s left of a Smart Car or should it now be called a Dumb Car?

    • Bone Idle

      Talk about cars.
      I just bought a car off a Greek born Australian citizen
      He is liquidating all his spare items so that he can send funds back to Greece for his relatives to survive.

      He tells me that many other Greek Australians are also sending funds back to Greece for relatives.

  • Jesse Marioneaux

    Hey Michael when do you expect to come to America shores.

  • Scott

    “It is being projected that the pro-bailout New Democracy party will have about 130 seats in the 300 seat parliament, and Pasok (another pro-bailout party) will have about 33 seats.”

    Michael, I heard that Pasok won’t agree to the bailout unless the austerity measures are scrapped. Have you heard anything about this? That would seem to indicate the coalition is shaky at best.

    • Michael

      Yes, I do think that whatever coalition forms in Greece will be incredibly shaky.

      Michael

  • David

    Most likely the election results were rigged a la GWBush did. Greeks aren’t stupid and most likely voted the crooks out if the bank runs, riots and expressions of truth are any indication.

    Rigging the election remains one of the elites most favorite pages in the play book. Its a way of saying you lost so we will take everything. They did it with Lisbon, with Newfoundland, with any issue they just have more and more elections til one time they get it. But this time I believe they are up against it and the Greek people will take it to the streets.

    After all this is most likely a probable outcome for the world

    Gods speed all

    • Daniel

      I enjoy this site until I read comments from crackpots like you. Gore (a fraud and total nut job) was not able to succeed at stealing the election after the votes were counted, through numeous recounts. That does not mean that the election was “rigged”. The fact that Gore’s attempt to steal the election was not universally condemned does not bode well for the future of our country or the sanctity of our electoral system.

  • Evie

    Why cant the collapse come and be over with? Is it so inconceivable not one ceo or banker can go to bed hungry? This is a slow death much like a cancer. Hopefully enough robots will be manufactored to bury people and take care of unrest? How will the elite put the robots into debt to take care of their needs? Forced debt eventually cannot be paid back. The politicans cannot take care of their own small worlds and yet claim to be so expert in banking and globalization. Keep squireling away and cutting corporatons out of the equation. Concerned too many people selling gold for useless cash.

  • patriot alice

    The Greece election to too important not to inject some fraud into the process. Kick the can down the road as much as possible..Hope for the worst and prepare for armageddon…

  • Jon Q. Public Menace

    …Enter the AntiChrist.

  • rjw256

    Nigel Farage leader of the UK independence party speaking in the Strasbourg parliament…….

    Right on the money!

    Complete and utter failure.

    http://nigelfaragemep.co.uk/pages/posts/euro-titanic-hits-the-iceberg-170.php

  • Steve

    Michael,
    I’m a fruit farmer here in North Central Washington. I’m still dedicating all the time necessary to provide my customers with quality fruit. Often I feel like I should dedicate all my time to prepping for the upcoming economic collapse. Why grow quality fruit for profit when the this government intends on pillaging the fruits of my labor to feed its ugly face.
    My wife and I are spending lots of time prepping. We have a large garden, a few pigs and cows (including one we milk)and of course chickens. Our cellar if stocked with lots of canned food from our garden. I feel that there’s more I can do but I’m not sure what it is. What are you doing over there in Idaho to prepare. I was considering raising rabbits also. Maybe you could write a article on how you’re preparing for the collapse and the people on your site can share information which might be helpful for all of us.

    • Michael

      Steve:

      You still need to make money. In the next few years those with a cushion of reserves are going to be way ahead of everyone else.

      So keep prepping, but also keep working hard and making money. :)

      Michael

  • JAH666

    I guess the people that don’t see this are too close to the problem, or are just too dumb to figure it out. Here’s another good article that paints the same picture that anybody with two good eyes and no delusions can see:

    http://www.sovereignman.com/expat/the-experiment-has-failed-are-you-ready/

  • Dave in TN

    Simply put, the Euro was a spectacularly dumb idea. Every country should control its own currency. Possible exceptions are countries like Panama that use the global exchange currency (that is, the USD) as its currency. But even that could be a downfall if the USD implodes — but that’s not too likely anytime soon. I have to wonder what would happen if Greece and the other PIIGS just left the Euro and switched to the USD.

  • propel7

    Albert Pike and his “Blueprint for 3 world wars”, written in 1871, seems to be EXACTLY on course. No deviation from the plan whatsoever. AMAZING!
    “We shall provoke social cataclysm”. “We shall destroy Christendom and atheism and reveal the true light and pure doctrine of Lucifer”. …and the Illuminati does not exist? Only in a fools world. But then again I look around and that has become the reality. FOOLS. Fools who rely on Governments that will do nothing for themselves but accept a handout, deserve their own demise. Fools that believe what they see on TV is reality deserve their little fantasy world when it collapses. Very sad.

  • CatNap

    Remembering Lindsay Williams’ comment from last year: When you see the Euro collapse, the Dollar has, AT THE MOST, two weeks until it goes under.

    If you have any money in stocks, it’s time to get out.

  • Mick68

    Spain’s bond rates topped 7% today, which puts Spain out of the debt market(unofficially), as Spain cannot even afford 6.5%, nevermind 7%. What does this mean? It means Spain’s government will also need a bailout, and in a country with a GDP of 1.2tn, that isn’t going to happen.

    As for Greece, well now the EU has another hungry, insatiable mouth to feed. Congratulations on the election!

  • davidmpark

    We are heading for massive trouble; and we can avoid a lot of it with clear thinking and… actually thinking.

    Start with your own household: prepare for the worst. Prepare yourselves by coming unto God the Father and His Son, Jesus Christ.

    As for nations: begin with removing the limits on oil and energy. Remove the cronyism and the crushing regulations. The earth MAKES MORE OIL EVERYDAY! It’s a product of bacteria near the mantle – not ancient plant material (see http://freeenergynews.com/Directory/Theory/SustainableOil/ for the best start in discovering what this earth really is: the greatest of creations that is the work of a true, actual God).

    Second, governments of all sizes must openly surrender to their people’s rule. Constitutional Representative Republic is our actual model and must be sustained by both the people and our government. The local governments must only act as a policeman to punish crimes of theft, murder, and assault. National government is the policeman of our border and army to protect only against foreign invasion.

    Third, return money to a gold standard. I know how difficult and painful for many that will be, but it is possible. I have some plans for it, but until it’s refined, I won’t be releasing them right now.

    Have faith, be hopeful, and perform charity.

  • Steve

    Michael,
    If the Fed is going to inflate the fiat currency to feed the fake government manipulated economy, what good is the worthless saved paper going to do me?

  • DoD

    It won’t work.

  • Artur

    Thanks for your article. I’m from Ireland and all I can say is that property prices keep going down all the time, and even when everyone around you tells you “it’s the best time to buy!!!” you’ve got two options: 1. ignore all the signals that everything will collapse and you’ll end up with your property being taken away as you don’t have money to pay it out. 2. if you have decided to ignore those signals (or are not aware of what’s going on outside Ireland), and go to a bank to get a mortgage – you end up being declined.as banks don’t have money anyway. All they are keen on doing in giving you e.g. 5k € on 10% interest rate over 2 years for a car e.g.
    Cities are becoming dirtier and dirtier. Suicide rates are increasing, especially now that 2 year grace period of declaring bankruptcy is over and people have to pay back their houses or they face eviction. Ireland’s facing a huge emigration now and the only thing that keeps large companies in Ire is corporate tax that’s lower than anywhere else in the Eurozone – something that can change overnight (e.g. France decides to go with even lower corporate tax – specially with recent changes in politics).

    • GaryToo

      huge emigration allright, i dont find the accent cute, more than half construction workers who open their mouth are paddy.

  • DownWithLibs

    So, any guesses on how long Germany can shoulder the load?

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  • http://wdrep.com Mike

    This article is yet another good compendium of our present situation. And yes, do keep an eye on Europe. By watching evens unfold there we can see yet another example of the pattern with which we will have to cope. Be looking for like-minded persons and families, and have the conversation now. How can we most effectively help one another.

  • crumudgeon

    As the article confirms,a Ponzi scheme must get bigger or it will collapse. The Rothschilds have the same Ponzi scheme in Europe as the Federal Reserve has in the U.S. The Fed receives the value of inflation as a profit hidden by the FRBNY accounts of Treasury auctions. Ref. http://www.scribd.com/doc/49040689. The ECB undoubtedly has the same scheme.

    The U.S. scheme was expanded by consumer debt that built the bubble of mortgage credit. The housing collapse progressed into the slowdown of all suppliers and labor for construction along with the loss of stability of financial institutes. The snowballing added the loss of government tax revenue and then the derivatives gamble that must be paid if default occurs. But there is no money to pay the default when it occurs. The snowballing of accounts receivable that fail is terminal.

    Such is the nature of Ponzi schemes: When it hits the fan, it splatters.

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