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Grexit: Remaining In The Eurozone Is No Longer ‘The Base Case’ For Greece

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Exit - Public DomainAccording to the Wall Street Journal, Greece staying in the eurozone is no longer “the base case” for European officials, and one even told the Journal that “literally nothing has been achieved” in negotiations with the new Greek government since the Greek election almost three months ago.  In other words, you can take all of that stuff you heard about how the Greek crisis was fixed and throw it out the window.  Over the next few months, a big chunk of Greek government bonds held by the IMF and the European Central Bank will mature.  Unless negotiations produce a load of new cash for Greece, there will be a default, and right now there is very little optimism that we will see an agreement any time soon.  In fact, as I wrote about the other day, behind the scenes banks all over Europe are quietly preparing for a Grexit.  European news sources are reporting that the Greek banking system is on the verge of collapse, and over the past couple of weeks Greek bond yields have shot through the roof.  Most of the things that we would expect to see in the lead up to a Greek exit from the eurozone are happening, and now we will wait and see if the Greeks actually have the guts to pull the trigger when push comes to shove.

At this point, many top European officials are quietly admitting that it is more likely than not that Greece will leave the euro by the end of this year.  The following is an excerpt from the Wall Street Journal article that I mentioned above

It’s still possible that Greece can remain in the eurozone—though that is no longer the base case for many policy makers. At the very least, most fear the situation is going to get much, worse before it gets any better. No one now expects a deal to unlock Greek bailout funding at this week’s meeting of eurozone finance ministers in Riga—originally set as the final deadline for a deal. The new final, final deadline is now said to be a summit on May 11.

But among European politicians and officials gathered in Washington DC last week for the International Monetary Fund’s Spring Meetings, there was little optimism that a deal will be agreed by then.

The two sides are no closer to an agreement than when the Greek government took office almost three months ago. “Nothing, literally nothing has been achieved,” says an official.

Literally nothing has been achieved?

That is not what the mainstream media has been telling us over the past few months.

They kept telling us that agreements were in place and that everything had been fixed.

I guess not.

The Germans believe that the risks of a “Grexit” have already been priced in by the financial markets and that a Greek exit from the euro can be “managed” without any serious risk of contagion.

So they are playing hardball with the Greeks.

On the other hand, the Greeks believe that the risk of contagion will eventually force the Germans to back down

Greece’s Finance Minister Yanis Varoufakis said in an interview broadcast on Sunday that if Greece were to leave the euro zone, there would be an inevitable contagion effect.

“Anyone who toys with the idea of cutting off bits of the euro zone hoping the rest will survive is playing with fire,” he told La Sexta, a Spanish TV channel, in an interview recorded 10 days ago.

“Some claim that the rest of Europe has been ring-fenced from Greece and that the ECB has tools at its disposal to amputate Greece, if need be, cauterize the wound and allow the rest of euro zone to carry on.”

In this case, I believe that the Greeks are right about what a Grexit would mean for the rest of Europe and the Germans are wrong.

Once one country leaves the euro, that tells the entire world that membership in the euro is only temporary.  Immediately everyone would be looking for the “next Greece”, and there are lots of candidates – Italy, Spain, Portugal, etc.

There is a very good chance that a Grexit would set off a full-blown European financial panic.  And once a financial panic starts, it is very hard to stop.  The danger that a Grexit poses is so obvious that even the Obama administration can see it

A Greek exit from the euro zone would carry significant risks for the global economy and no one should be under the impression that financial markets have fully priced in such an event, the chairman of the White House Council of Economic Advisers said.

The comments by Jason Furman in an interview with Reuters in Berlin are among the strongest by a senior U.S. official and are at odds with those of German Finance Minister Wolfgang Schaeuble, who told an audience in New York last week that contagion risks from a so-called “Grexit” were limited.

“A Greek exit would not just be bad for the Greek economy, it would be taking a very large and unnecessary risk with the global economy just when a lot of things are starting to go right,” Furman said.

Meanwhile things continue to get even worse inside Greece.  If you have any money in Greek banks, you need to move it immediately.  The following comes from Zero Hedge

Things for insolvent, cashless Greece are – not unexpectedly – getting worse by the day.

Following yesterday’s shocking decree that the government will confiscate local government reserves and “sweep” them into the central bank to provide the country more funds as it approaches another month of heavy IMF repayments, earlier today Bloomberg reported that the ECB would add insult to injury and may increase haircuts for Greek banks accessing Emergency Liquidity Assistance, thus “reining in” the very critical emergency liquidity which has kept Greek banks operating in recent weeks as the bank run sweeping the domestic banking sector has gotten worse by the day.

And many Greeks don’t even have any money to put in the banks because they haven’t been paid in months

Meanwhile, the reality is that for a majority of the Greek population, none of this really matters because as Greek Ta Nea reports, citing Labor Ministry data, about one million Greek workers see delays of up to 5 months in salaries payment by their employers. The Greek media adds that about 45% of salaried workers in Greece make no more than €751 per month, the country’s old minimum wage; which also includes part-time workers.

No matter what European officials try, things just continue to unravel in Greece and in much of the rest of Europe.

We stand on the verge of the next great global economic crisis.  The lessons that we should have learned from the last crisis were never learned, and instead global debt levels have exploded much higher since then.  In fact, according to Doug Casey, the total amount of global debt is 57 trillion dollars higher than it was just prior to the last crisis…

In 2008, excess debt pushed the global financial system to the brink. It was a golden opportunity for governments and banks to reform the system. But rather than deal with the problem, they papered over it by issuing more debt. Worldwide debt levels are now $57 trillion higher than in 2008.

The eurozone as it is constituted today is doomed.

That doesn’t mean that the Europeans are going to give up on social, economic and political integration.  It just means that we are entering a time of transition that is going to be extremely messy.

And once the European financial system begins to fall apart, the rest of the world will quickly follow.

  • MichaelfromTheEconomicCollapse

    Many of you already know that I recent went down to Dallas, Texas to give a couple of very important two hour presentations. As I promised, DVDs are being made of these two presentations, and you can now order them from the Prophecy Club. To check out the new DVDs, just follow these links…


    • Israeli Woman

      Hi Michael,

      Yes, Israel is blessed- and there is a timeline for conversion. After the Moshiach comes conversion will not be allowed. Christians have tried to take the blessing by force in the times of the Crusades and thereafter. Now Christians attempt to take the blessing with “love” by twisting scripture in the same way it was done at the founding of Christianity. You are not the “branch grafted in”. You are not Israel. Christians will have a portion, but it will not be Israel.
      Renounce Idolatry- and make no mistake, worshipping a human being is idolatry- and join the body of Israel.

      In the future the Temple Mount will have the holiness of the Holy of Holies, Jerusalem will have the holiness of the Temple Mount, Israel will have the holiness of Jerusalem and the rest of the world will have the holiness of Israel. This means that your portion as a righteous member of the nations- which you are- is where you are, when the world has been purified and all worship the creator in unity.

      Conversely, All torah observant cohanim will be as the high priest, all torah observant Israel will be as the cohanim, and all of the nations will be as Israel. This is true- for the future.

      • alan

        Send money now before its too late.

        • df NJ

          If you say “before its too late” then it already is.

      • gary


      • Mike

        Jesus is God in the flesh
        “Emmanuel” Isaiah 7:14.

        The third person of Elohim did come in the flesh and die for the sins of the world (grafting in the believing gentiles) as it was foretold in the book of Isaiah (and many others).

        Isaiah 53:5 states “Surely He took up our infirmities and carried our sorrows, yet we considered Him stricken by God, smitten by Him, and afflicted. But
        He was pierced for our transgressions, He was crushed for our iniquities; the punishment that brought us peace was upon Him”.
        What do you do with such clear verses like the one above?

        • Mike Smithy

          If Jesus was God in the flesh then please explain who Jesus was speaking to while being cricified as referenced in Matthew 27:46: “My God, my God, why have thou forsken me”? It is illogical to presume that Jesus was talking to himself as he gazed to heaven.

          • Mike

            God is one God in 3 Persons (Father, Son and Holy Spirit. “In the beginning was the Word, and the Word was with God, and the Word was God. He was with God in the beginning. Through him all things were made; without him nothing was made that has been made. In him was life, and that life was the light of all mankind. The light shines in the darkness, and the darkness has not overcome it.” John 1.
            “If you have seen Me you’ve seen the Father”.
            I can go on and on, but people that say Jesus is not God don’t know God. St. Patrick used a 3 leaved clover to describe the Trinity (one leaf, 3 lobes). Water is liquid, solid and gas. Just thought I’d offer some earthly examples of 3 in one. Oh, one more thing, “Then God said, let US make man in our own image” Genesis.
            Saying Jesus is not God is a fatal error of eternal consequences.

  • K

    As I stated in a previous post. There is no good reason for the Greeks to stay in the eurozone. With an economy mostly dominated by tourism. There just is no big advantage in staying. I also think you nailed the Countries, that would be next in line to follow them. Excellent article.

  • VegasBob

    The fundamental problem is that what cannot be repaid will not be repaid. The Greek government owes some $330 billion and Greece has a population of only 11 million. That’s a debt load of about $30,000 per citizen.

    The only viable economic strategy for Greece is default, repudiation of its debt, and an exit from the Euro. Anything else is going to leave the country in economic depression.

    Default is going to leave a lot of bond owners holding a bag full of worthless Greek government bonds.

    At some point, all of the central-banker tricks like zero interest rates and money-printing and lending more money to cover interest payments are going to stop working. At that point, we will then see all overvalued asset classes – including stocks, bonds and housing – literally collapse, perhaps as quickly as in the span of a few days. It will be the biggest margin call in history.

    People avoid learning the lessons of history, but here are two tidbits that become apparent from human history. First, no country in world history has ever borrowed its way to prosperity, and second, no country in world history has ever brought about wealth and prosperity through the end of a printing press.

    People also avoid learning about mathematical exponents. When debt rises considerably faster than income, eventually it becomes impossible to pay the interest and principal on the debt. That’s where the final scam, negative interest rates, comes in. But investors and lenders cannot tolerate negative rates forever, otherwise they themselves will go broke as the value of their holdings inexorably shrinks.

    Disaster is coming. It’s only a question of when.

    • GSOB

      When is of no concern because when its ripe nothing will stop it. Instead, do good and get cleansed from your sins and learn what is the will of God for you and your life.

      All you said was great.

      What I just suggest is of the greatest things I can say to you and to all you bloggers.

      Seek Christ and His kingdom.


      Your remarks should be on every editorial page in the country. Our acknowledged debt plus the unfunded liabilities comes easily to 100 Trillions (probably a conservative figure). Divide that by 330MM and you come up with 300K/per person of national debt. We are never, ever going to repay that. Never. Our economy is largely a shell game. When the cops (the Chinese) come along to break it up there will be nowhere to run.

  • Genada

    Seems like they want to asset strip the nation as much as possible before it leaves. When Greece is forced out they are going to have to make it bad enough on the people of Greece that no one else dares to elect a government that would challenge the EU again.

    The question I think that’s going to determine the fate of Greece is what Russia think is best for it. Russia can string this along and play white knight to Greece and provide them with enough money to stay for longer and keep this going. Russia could also after they were forced out help the people of Greece by lifting sanctions and provide a bit of money to help to keep the country somewhat stable. If they were to do that and help Greece make a successful transition out of the EU, it would show the rest they can leave and could shatter the EU.


      What you see Germany doing to Greece today is what China will do to America tomorrow.

      • Genada

        Will not be China doing it to us. It will be our own government on behalf of our banks.

        Every country is in massive debt that can never be payed back. All future promises will end up being defaulted on.

        China is in no better shape then we are. They have massive debts as well and they have a economy that is slowing fast.


          4 trillions in foreign reserves, World’s largest Gold Holdings, the interest we pay China on our bonds pays for its entire military. Throw in a willingness to use force to keep the masses under control and my money is on China.

          • Genada

            The problem with foreign reserves is it’s in fiat money. It’s never being payed back.

            China and the entire world is living on fiat and requires every growing amounts of debt for growth. They are just as much up the creek when this all crashes.

            It’s going to be a world wide depression as all the world’s currency goes up in smoke. I do not see any country being a winner in this.

            The gold and silver will be helpful to them in relaunching their economy.

            I think all governments will show a strong willingness to use force on their citizens when this all goes bad. China has a longer history of it but I do not doubt for a second that we will see tanks on the streets of the United States during the next crisis.

          • XSANDIEGOCA

            Tanks on the streets? Yes, indeed.

          • Gay Veteran

            “The problem with foreign reserves is it’s in fiat money….”
            China is busy spending its dollars. GOLD! The new Asian development bank. $45 billion in Pakistan alone

  • GSOB

    But the word of the LORD came to me, saying, Thou hast shed blood abundantly, and hast made great wars: thou shalt not build an house unto my name, because thou hast shed much blood upon the earth in my sight.

  • tacoma

    The new Greek government has already decided to leave Eurozone, and the EU itself later if necessary. There are two prime reasons – 1. Greece has had enough of Eurozone policy, which reflects IMF policy of bailout in exchange for even more collapse. The IMF is never about bailout – always about making profits from its ‘bailout’ money. 2. It has found an alternative to being in the Eurozone, or even the EU.

    That alternative is to be a strategic partner to Russia. Step one is to sign a gas hub deal with Russia. Step two is to join the Eurasian Economic Union (EEU). Egypt is doing a similar strategy shift. Turkey, which has signed on to being the terminal of new Russian gas line under the Black Sea, is stepping into the same strategy. It’s hope of joining the EU is finished, so it too will join in the EEU. Nobody should be surprise Turkey leaving NATO in the future.


      I would be willing to bet the biggest holders of the Greek 3 year bond paying 20% plus are some of the biggest banks in the EU.

    • df NJ

      All the Greeks have to do is have the government issue legal tender like Lincoln did. Let the bonds default who cares. There’s just way too much money at interest floating in the world. All the debts will never be paid off. Maybe the Rothschilds will nuke us over it. But at least they will no longer be in power.

  • sss

    You are mad, crazy and paranoid. All of you guys are paranoid and crazy. Just sit and wait for all eternity to see economic collapse like Michael says. Nothing will happen and the gov will still roll.

    It did not take an American to see all of you guys, Michael or his supporters, mad and paranoid. I am a Vietnamese from the other side of the Earth to realize that all of these articles Michael says are just all stupid and angry.

    • MichaelfromTheEconomicCollapse

      Well, I am definitely not angry…

      Could I be stupid?

      You make the call…


      • Kevin

        As a loyal reader, I’ll side with Michael and his analysis any day of the week. ALL of what is reported here is factual, look at the data.
        And to be blunt, if you don’t like what this site is about, go away.

        • ss

          Okie it is factual data, like accidents, building fire and war and like everything bad in this world. But how is about good things like charity, flowers, loving mother and kind hearted father in the church? Good things are far too many. All you guys are just pessimistic
          And USA is democratic, i am supposed, unlike Vietnam, we have to listen to the communist.
          You said if i dont like the site, then leave. How about you, dont like USA and go to Vietnam and live with the red communist. I will buy you the ticket to Vietnam to live and enjoy their regime

          • jsmith

            Well SS, you can believe in whatever you want to believe, but I’m now 65 years old, and I can tell you that with the exceptions of the 1921 and 1929 financial depressions which I did not personally experience, nothing, I repeat nothing is quite like an $18 trillion dollar debt, 48 million Americans on food stamps, and a disintegration of our cities and infrastructure we are experiencing now. I repeat, this is the worst it has been since I have been alive.
            While I am financially stable, It pains me to see what our leaders are doing to this country and its citizens.

          • SSS

            Then go to Vietnam and enjoy our VC comrades. I am sure that you will realize that your nation is a paradise to many of us, Vietnamese, once victims of your nation.

          • Priszilla

            Didn’t the South vietnamese invite the us to make war against the North?

          • df NJ

            It turns out the Gulf of Tonkin was made up intelligence. Imagine that, people in the intelligence community faking reports to drag us into war. Never happen.

          • Priszilla

            They need to sell weapons to make profit.
            For that you need a threat.
            Then the money will come from the taxpayer, approved by politicians.
            It’s all about profit.

          • jsmith

            You just don’t get it triple s. This nation was a beacon to the world economically, and while I understand that it is a paradise to people coming from other third world nations, specially Asian nations where life is cheap, it doesn’t help American’s that are experiencing a planned bring-down by our elites.

          • Nemnor

            It is NOT a “planned bring-down”. Rather, it is the decadent Capitalist system in the USA and the entire world that is (slowly) sinking towards total collapse/chaos.

            The MAIN reason for the “bring-down” is that the decadent capitalist system in the USA (and the World) can no longer create long-term recovery.

            The system is in a ON-GOING crisis that began since late-60s/early-70s, and most of the actions (“good” or “bad”) of the governments, central banks and corporations awas (is) in an attempt to save world-wide Capitalism from sinking into total collapse/chaos.

          • Nemnor

            I meant to say – “the decadent capitalist system in the USA (and the World) can no longer create long-term recovery, BY ECONOMIC MEANS ALONE”.

            Also, I meant to say – “most of the actions (“good” or “bad”) of the governments, central banks and corporations was (are) in an attempt to save world-wide Capitalism from sinking into total collapse/chaos”.

          • SSS

            Tell you this young man. You are 65 and i am 75. I was once South Vietnam officer and abandoned by your nation. I lost my wife and family in concentration camp about 30 years ago. I have been through a lot of hell than you american who live in peace in the USA

          • Revolt to save America

            what is your point ??

          • XSANDIEGOCA

            Our eternal shame.

          • Gay Veteran

            about what?

          • XSANDIEGOCA

            We abandoned them to their fate.

          • Gay Veteran

            we should never have been involved in a civil war

          • XSANDIEGOCA

            You are absolutely correct.

          • Concerned Citizen

            It wasn’t a traditional Civil war, it was a Proxy war with the Soviet Union. The US Govt. only got involved to poke the Communist Bear in the eye. It was Never about North/South Vietnam. Same MO as today. Iraq, Egypt, Syria, Libya, Yemen Ukraine. US foreign policy (Post WW II) has been to stoke chaos and disorder to remain the only Super Power. Sad but true

          • XSANDIEGOCA

            We were younger then. We believed. Then we realized we had been betrayed. We lost that Lovin Feelin….

          • Tranqual

            Google “EU’s Antitrust Charges Against Gazprom are really about Greece” interesting article. I have come to believe all wars are fought to promote financial interests of the oligarchs. What’s up with the saber rattling with Russia? Ukraine? Interesting Greece connection. Bankers own Greece now. I suppose they would like to keep the “host” barely alive, but wouldn’t really welcome a genuine recovery.

          • XSANDIEGOCA

            Sadly, you are right. I never thought I would see another Vietnam again in my lifetime but I was wrong. I look at the 911 Wars and ask just what do we have to show for it? Nothing. Indeed, we have made the situation worse, if that is possible. We booted out bad, nasty Saddam, who was a bad, nasty I must admit but traded him for ISIS and Iranian Hegemony? Now we are embroiled in that region on steroids. Cui Bono? Wall St and the Military Industrial Complex.

          • Tranqual

            Did you look at the article? It is pathetic don’t you think, O trying to act like he’s a man? “Nato is marching toward Russia, and they have no idea what awaits them” by Stanislav Mishin. Interesting also. Why is our gov backing the radicals? Assad has to go? O backed MB over Sisi? I see stage being set for EZ 38/39. One reason I want to head for the hills is not just the police state but what’s going to happen after NAU is imposed. What will be precipitating event? Civil war in the aftermath? When the blood is in the water will Russia, China attack? China wants to be top in the world and see US as only country stopping them.
            “Then he said to me, This fourth beast is the fourth world power that will rule the earth. It will be different from all the others. It will devour the whole world, trampling and crushing everything in its path. Its ten horns are ten kings who will rule that empire. Then another king will arise, different from the other ten, who will subdue three of them.” Dan 7:23-5
            US, China, Russia? Too busy fighting each other and antichrist takes over? Not hard to imagine a “moderate” Moslem coming forward after EZ 38/39 to make peace pact with Israel. I am only Christian in my family. Maybe they will listen after country goes down?!

          • XSANDIEGOCA

            Something very bad this way comes.

          • Catman

            Your pain and anger are very understandable. Yes, we live in relative peace now, but we sense our leaders have been intentionally throwing it away at the behest of a leftist agenda that has forsaken God. And yes, we know things could be much worse for all of us in the US. We just feel in our bones things are going to deteriorate rapidly and we will be experiencing what your country and many others have and are.

          • Gay Veteran

            fixed your sentence: throwing it away at the behest of a FASCIST agenda

          • Catman

            That too.

          • GSOB

            Its past the hour for you to put the war to an end.

          • Jack Frost

            Maybe after all those American lives were sacrificed, your young men could have assumed the fight for their homeland. Or should we still be there doing your heavy lifting today?

          • Priszilla

            Every people has the government it deserves.

          • XSANDIEGOCA

            You got that right! 64. Just retired. Anyone who is not preparing for the Coming Hard Times is going to be caught short.

          • df NJ

            In 1929, it was not the stock market crash that caused all the human suffering. The decline in money supply between 1929 and 1933 fell 30.9 percent from its 1929 level. Without enough money supply in the economy for products and services people die.

          • Genada

            It was pessimistic to suppose you should have enough life rifts for everyone on the unsinkable Titanic as well. How did that work out?

          • MichaelfromTheEconomicCollapse

            There are lots of good things in the world. And down in Dallas I just gave the most hope-filled presentation of my life.

            But I love this country and I mourn for how it is falling. I am trying to warn people about what is coming.

            Perhaps you have never been to America. We are becoming more like Vietnam every day. We are turning our backs on the principles that this nation is supposed to stand for, and we are embracing values that have destroyed nations all over the planet – including Vietnam.

          • SSS

            Actually Michael. I was South Vietnam officer back to vietnam war and i have been to usa several times. The most recent one is 2012, visiting my old pal, also a veteran. He lost a leg and a whole family

          • RageHard84

            I’m not saying that Communism is better than what we’ve in the US. But we still have problems, and some fear democracy is dying.

          • Gay Veteran

            “…And USA is democratic….”

            sorry, but the corporations and top 0.1% rule America

          • RageHard84

            I’m not saying that Communism is better than what we’ve in the US. But we still have problems, and some fear democracy is dying.
            You talked about church. Are you a Christian? Have you noticed that around you society is glorifying celebrities who live contrary to God’s teaching?

          • Papa J

            This is part of the problem. We are NOT a democratic gov’t. We are a Representative Republic. – Well, we were until the education system said we weren’t. There is a big difference

        • Pic889

          I think that a total economic collapse will NOT happen, because if it does, the production chains that make the oppulent lifestyles of the rich possible won’t be able to function, and the rich don’t want that.

          What we are going to see is the slow creation of a huge plebes class, and any country that tries to reverse that trend will have access to energy and technology cut off (think Argentina after the 2001 default).

          • df NJ

            With 3D-printers you no longer need factories. Unless the people fight for their worth political, the powerful elite have no interested in supporting the masses.

      • sss

        You are not a savior, you are a man and what you are doing is spread fear and bitterness

        • MichaelfromTheEconomicCollapse

          I never said I was a savior.

          Jesus Christ is our savior.

          And I am definitely not spreading fear and bitterness. What i am doing is the exact opposite of that.

          • XSANDIEGOCA

            Your column is a font of Sanity and Truth. Thank you for putting it out. Too much Happy Talk and not enough Truth out there. Your column is an antidote to that.

          • Gay Veteran

            you follow Gerald Celente or Paul Craig Roberts any? incredible views about what is happening

          • XSANDIEGOCA

            I do and they call it!

          • jakartaman

            I visit this site everyday.
            Just because the collapse has not happen yet is only because the elite are just milking the last drops out.

          • GSOB

            Please, do not shut your site down.
            It is a great platform to communicate fears and worries the people had which led them to this site.
            I find it rewarding to be able to share the Word. And I would have to go elsewhere if you if Satan where to overwhelm you with guilt.
            All things work together for good to those who love God.
            What remains is….faith, hope and love…as we endure.
            Be encouraged. You have a corner on this market and as one among the Christians, you have been provided the platform for fellowship to another level that is constantly filled with all kinds of exotic fish.

        • Chris Sky

          he’s spreading REALITY and TRUTH.

          Reality… the world is run by evil people who are making a big push to solidify their control and your subservience. They are using DEBT and PROPAGANDA and WAR as their weapon to steal your wealth, while making you kill your neighbour, while they sit on the sidelines and prepare to divide the spoils of war. This is a WORLD WIDE phenomenon

          sticking your head in the sand because you’re old and will be dead before you get to see the worst of it, doesn’t help the rest of us that will be living through the hardest time in the history of man.

          if you’re too ignorant to see it coming. That’s your own fault.

        • GSOB

          Division not to be sown amongst believers.

          Behold the sower goes out to sow.

          What you sow you shall reap.

          Job 4:8
          For the one who sows to his own flesh will from the flesh reap corruption, but the one who sows to the Spirit will from the Spirit reap eternal life.…

    • victorstock86 .

      If that is the case why are you wasting your time on this site?….the 2008 crisis certainly happened, do you seriously think it cant happen again?!

      • sss

        It wont happen again for a very long time. Everyday people are doing their best for their living and humanity is getting better everyday. Stop being a cynic and says like everyone is bad

        • Scott

          I’m sorry but you are very wrong about humanity getting better! The truth is, men are not getting better and better, but worse and worse. Well it is true that science, medicine, technology and many arts or more sophisticated and more highly developed then at any time in history, we have to admit that with these greater skills we have become, not greater man of God, but greater sinners. Our societies in the United States and across the world are not models of godliness, peace, and love. Instead, our societies have consistently improved in the ability to sin. Read 2 Timothy 3:1-5, The Scripture clearly states that than last days men will be lovers of self lovers of money boastful arrogant revelers disobedient to parents ungrateful unholy I’m loving your reconcilable malicious gossip without self-control brutal haters of good treacherous reckless conceded love of pleasure rather than lovers of God.

          • SSS

            Every criminals have a future
            Every saints have a past
            I suppose you Christian should get used to this quote
            Humanity may be bad but they will be good in the future.

          • Priszilla

            Been to HCMC. The girls there are quite agressive in trying to find customers on the street. Nice coffee.

          • GSOB

            There is no one good except one.

            “And Jesus said to him, “Why do you call Me good? No one is good except God alone.”

        • chris

          Somehow you’ve come to the wrong site. The site for rose tinted spectacle wearers, non thinkers, government propagandists and the delusionaly optimistic and naive is found elsewhere and probably links to Wall St.

        • victorstock86 .

          I think your living in a dream world….humanity is getting better huh? You ever read or watch news? The entire mid east is becoming a war zone, Latin America in inundated with economic instability and drug trafficking with 100,000 dead in Mexico, the Eurozone is ready to come apart with Spain, Italy & Greece suffering above 20% unemployment, the USA is facing upheaval and has become a police state where cops kill hundreds of people a year and arrest people over nothing. Yeah right the world is getting better, its people like yourself that actually prevent the world from improving cause you refuse to recognize there is even a problem. Like I said why are even on this site, if you believe none of it? You are probably a shill or are so out of touch with reality that you not worth anymore of my time. Go waste your time somewhere else…Jersey shore or MTV maybe?

      • Revolt to save America

        Yes it will happen again and worse ! You bet, and new collapse. Research Martin Armstrong and see charts, YES 2007 doesn’t mean we are ok, notice our jobs are outsourced over seas, OUR STANDARD OF LIVING IS FOREVER CHANGED.

    • john

      Michael is right, I am from Europe, lived in the USA for several years, live in Asia now and I can tell you Asia is not better than the USA. if USA or Europe go down, we all go down. it s not a question of if, it s a question of when.

      the problem is that the majority of the people are screwing themselves in debt. they just borrow what they can not pay back. these banks give loan too easily because we all want to live the American dream like having a car, and a house filled with electronic gadgets…

      teens don’t work, and they have all what they want. I have seen 4 children family in the USA with no job and having everything you can dream of , air-conditioning switched on all day (400$/month), fast Internet, TV cable, a 1300$/month house, cars, Netflix, cellphone (the best one), play station, flat screen TV everywhere,and the fridge is filled with all kind of food.
      and I bet millions of US families like this one live the American dream with free money printed by Obama gang.

      in Asia I see poor people living in a garage at 100$ a month, 400 $ monthly income and they have a brand new Toyota 4×4 at 30 or 40’000$. plus add all the gadget like iphone and iPad. it makes no sense at all.

      • Revolt to save America

        I have 4 kids, they have the cable, iphone6, both my kids work, jobs are hard, I have a house I paid in full, no car loans, no free Obama stuff at all. I am debt free, and if we want to run air all day we do, netflix, etc…………. this was the typical American family, not everyone is in debt and over spending. I drive a PRIUS and pay all my bills. AMERICA IS IN TROUBLE, I worked smart for what I have, so if my kids have nice things, who cares, I don’t give them nearly what I can, I want them to know work. AS you see most jobs are 10 an hour, the middle class is getting ruined, My son is 19 and learning CNC machining because college has become a joke and a debt with no guarantees. CNC can earn him 30 an hour and his education cost me total $1,600 for 1 1/2 years of hand on learning. Be well

      • df NJ

        The problem is the fractional reserver banking system. If we do not have an adequate supply of money for the masses to buy goods and services people will suffer and die. The answer is real money supply to the masses.

    • Revolt to save America

      I suggest you spend your time reading things you believe in, if you don’ t like it here. You sound very uninformed. Go away.


      My friend is a Bond Trader and flies frequently to NYC. He was two blocks from the Twin Towers when they were hit on 911. His thought at the time was “this could not be happening”. He then watched the Jumpers leap from the top and thought “this could not be happening”. Oh, but it did happen. On that day, the Enemy came within a hair of shutting our financial center down. It could happen again. In fact, it probably will only next time it will be far, far worse.

    • RageHard84

      I honestly don’t think Michael is mad, I’ve read many of his articles and he doesn’t come across that way.
      Crazy and paranoid? Maybe. But you have to notice that a lot of crazy stuff is going on in the world. Maybe it’s a bit paranoid to think the trouble will result in a total collapse.
      His articles are not stupid, they cite a lot of factual data.

  • Priszilla

    The purpose of joining the euro is the ability to get a loan in euro and buy things in euro from Germany. If you can’t do that anymore it’s pointless to remain.

  • chris

    ‘Unless negotiations produce a load of new cash for Greece, there will be a default, and right now there is very little optimism that we will see an agreement any time soon.’

    It’s almost as if Greece is being deliberately pushed to the exit (after years of trying to prevent it leaving) in order to precipitate some massive stock market collapse which will serve as a useful cover/excuse for the elite to avoid being blamed for creating a massive stock market bubble and then popping it themselves through raising rates. They will of course have sold their overvalued stocks just before and buy back in later.


      MarketWatch says SELL

  • chris

    After years of artificially inflating the global stockmarkets to new records in the absence of a solid economic foundation in order to create a false sense of economic well being and to bail out the imprudent and Wall Street, some suitable reason has to be found for crashing the thing again in such a way that those guilty of this massive folly (central bankers, Fed, BoE, Wall Street, politicians etc) can avoid being blamed and can get away scot-free with their loot. I’d say it looks like Greece is the chosen vehicle at the moment.


      I would say you are right!

    • Nemnor

      The main reason for all the artificiality, rigging and manipulation of the current economic system is, to help ensure (they hope) that people might not lose faith in the world-wide Capitalist system, and then start looking for a REAL alternative.

      However, the illusion can NOT go on forever.


    Can’t let a crisis go to waste! Up till now, I thought the Fed would just engage in the Mother of All QEs but I was wrong. They will embrace the crisis as an opportunity to engage in a final Transformation, giving SS and Medicare a massive haircut, a massive Bail In a la Cyprus, that sort of thing. One thing is for sure, the Mandarins are clicking their fingernails in Hong Kong and Shanghai. China will move in and pick up what’s left at pennies on the dollar.

    • chris

      The final crash (deliberate?) to pave the way for a new one world system with China the dominant Global force (thanks to being enabled to suck up the Wests’ manufacturing) as per the plans and desires of the Global elite? The Red Dragon to assume leadership?!


        China has 4 trillions in reserves and the largest Gold Reserves on the planet. They can drop the global economy in a heartbeat just be tying the Yuan to Gold. At this point, they need the World as an outlet for their stuff. The day will come when they do not need us and it be a replay of the Day the Earth Stood Still.

  • sTango

    Are there any people out there who follow our obviously insane financial policies that are not religious?

  • Nemnor

    Michael, you said – ‘…It just means that we are entering a time of transition that is going to be extremely messy….”.

    Could you elaborate and say exactly what this “transition” is?

    If I am not mistaken, I get the impression that you are implying that things will eventually workout all right for the Eurozone? That there is somehow a “silver lining” behind the very dark cloud over the Eurozone? (forgive me if I am mistaken).

    IF I am not mistaken, I posit that this is pure wishful thinking, as the future of Eurozone (in fact the entire world) is massive wide-spread poverty and the likelihood of massive wide-spread destruction through war.

    The root of the issues in the Eurozone (and the entire world) is the economic system itself – which is now decadent and is at a “dead end’, and is NOT able to create long-term recovery by economic means alone (and time will demonstrate that I am correct on this matter).

    Also, nothing can save the USA, except a fundamental change away from the current economic system to a sustainable alternative economic system, in which (among many other changes needed), the production of goods and services is reoriented to meet the needs of society as the primary end-purpose of production (and time will prove that, without that fundamental change, ALL efforts to save the USA will be in vain).

    • retired22

      You see what happened to oil prices when price discovery set in? People ask why oil prices slid down so far & so fast.They would do better to ask how in a supposed free market subject to supply & demand the price of oil shot up as high as it did to begin with! Speculative manipulation!
      You want to know what is coming up in the future?
      Find out by watching the rest of the economy correct & go into price discovery just as oil did!
      When the rest of the economy follows oil into ‘price discovery’ & corrects,that will be what we are left with!

      • Nemnor

        retired22, you said – “…When the rest of the economy follows oil into ‘price discovery’ & corrects,that will be what we are left with!…”.

        Are you implying that by – “… ‘price discovery’ & corrects…”, things will generally get better? That the USA (and the world) will then again see long-term recovery?

        IF I understand you correctly, then I posit that you do not truly understand the situation with the current economic system in the USA (and in the world). The situation is that the current system is decadent (i.e. OUTDATED) and can no longer carry the Human Race into a prosperous future for the many.

        Regardless to any “price correction”, etc., the future of the USA and the world under the current economic system is – massive world-wide poverty and massive world-wide destruction – through wars, environmental collapse and economic collapse. This is the ONLY future this current system can provide (and time will prove me correct on that).

        • retired22

          You read me wrong.
          Price discovery & the later economic corrections mean an across the boards free fall drop in prices leading to mass chaos & Anarchy!
          Nothing positive about it!

          • Nemnor

            Thanks for the clarification!

  • DJohn1

    What exactly caused Greece to fall economically?
    Were they engaged in socialism?
    Were they engaged in not paying their taxes?
    Were they making far too much debt and collecting too little taxes?
    Because all of those things can be found much closer to home.
    The fault lies with government approved by the people that allows this kind of accounting to occur.
    Keynesian economics has and will continue to bankrupt the currencies that engage in it.
    That is why Switzerland does not do it. They have a currency that since world war II has increased in value 3500 times.
    That is why we have devalued so that a dollar is worth about 3 cents in the same amount of time.
    The only way is to balance the books.
    That means a lot of things that everyone loves to spend money on just have to go.
    You want to bankrupt the country, go to war.
    The Swiss do not go to war.
    I use them as an example only because they have succeeded where we have failed.
    It is time this country leaded by example and quit making war.

    • Nemnor

      DJohn1, for hundreds of years now Greece had ALWAYS been (and still is) a CAPITALIST state. However, Greece may be more accurately qualified as a State/Welfare Capitalist state (more or less).

      Please understand that what many refer to as “socialism” or “communism”, is really DECADENT (decaying) Capitalism that has transformed into a form of State/Collective/Welfare Capitalism – to save Capitalism from sinking into total collapse/chaos.

      Also, in time to come, Switzerland and every other country you hold up as “successful/prosperous”, will ALSO fail (just like Greece) as the world-wide decadent Capitalist system sinks toward total collapse/chaos. (It is only a matter of time).

  • df NJ

    We could cut miltary spending if we just moved everyone and the buildings in Israel to some part of Arizona. Heck, we could even bring the dirt the buildings are resting on and it would be cheaper. We would probably save millions of lives in the process.

    • df NJ

      +In 1929, it was not the stock market crash that caused all the human suffering. The decline in money supply between 1929 and 1933 fell 30.9 percent from its 1929 level. Without enough money supply in the economy for products and services people die.

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