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The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver ‘The Great No’

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No Cards - Public DomainAs Greece plunges even deeper into economic chaos, Greek Prime Minister Alexis Tsipras says that his government is prepared to respond to the demands of the EU and the IMF with “the great no” and that his party will accept responsibility for whatever consequences follow.  Despite years of intervention from the rest of Europe, Greece is a bigger economic mess today than ever.  Greek GDP has shrunk by 26 percent since 2008, the national debt to GDP ratio in Greece is up to a staggering 175 percent, and the unemployment rate is up above 25 percent.  Greek stocks are crashing and Greek bond yields are shooting into the stratosphere.  Meanwhile, the banking system is essentially on life support at this point.  400 million euros were pulled out of Greek banks on Monday alone.  No matter what happens in the coming days, many believe that it is now only a matter of time before capital controls like we saw in Cyprus are imposed.

Over the past several months, there have been endless high level meetings over in Europe regarding this Greek crisis, but none of them have fixed anything.  And even Jeroen Dijsselbloem admits that the odds of anything being accomplished during the meeting of eurozone finance ministers on Thursday is “very small”

Some officials believe Thursday’s meeting of eurozone finance ministers will be perhaps the last chance to stop Greece sliding into default and towards leaving the euro.

However the president of the so-called Eurogroup, Jeroen Dijsselbloem, said the chance of an accord was “very small”.

And it is certainly not just Dijsselbloem that feels this way.  At this point pretty much everyone is resigned to the fact that there is not going to be a deal any time soon.  The following comes from Reuters

“People are getting anxious on both sides. Athens expects Brussels to move. And Brussels expects Athens to move. And it’s stuck,” said a senior EU diplomat, who declined to be named.

It’s very dangerous, and we may have an accident.”

EU officials insist that it is Greece that needs to back down, but the Greeks have no intention of backing down.  Just consider the words of Greek Prime Minister Alexis Tsipras.  He says that he is not afraid to deliver “the great no” to the rest of Europe

Greek Prime Minister Alexis Tsipras said he’s ready to assume responsibility for the consequences of rejecting an unfair deal with creditors.

In a sign that he’s being taken at his word, officials from the Netherlands, Portugal and Germany said they were bracing for a breakdown in talks that could roil the currency bloc.

With a viable solution “the Greek government recently elected by the Greek people will bear the cost of carrying through,” Tsipras told reporters in Athens on Wednesday. Without one, “we will assume the responsibility to say ‘the great no’ to a continuation of the catastrophic policies.”

To me, that sounds like a man that is not going to back down.  And to call it “the great no” is not an exaggeration at all.  I think that he realizes that this “great no” will unleash financial chaos all over Europe.

For Greece, the consequences would likely be catastrophic.  At least that is what the Bank of Greece thinks

Failure to reach an agreement would, on the contrary, mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and – most likely – from the European Union. A manageable debt crisis, as the one that we are currently addressing with the help of our partners, would snowball into an uncontrollable crisis, with great risks for the banking system and financial stability. An exit from the euro would only compound the already adverse environment, as the ensuing acute exchange rate crisis would send inflation soaring.

All this would imply deep recession, a dramatic decline in income levels, an exponential rise in unemployment and a collapse of all that the Greek economy has achieved over the years of its EU, and especially its euro area, membership. From its position as a core member of Europe, Greece would see itself relegated to the rank of a poor country in the European South.

And no matter how confident the Germans appear to be right now, the truth is that a Greek debt default would be a complete and total nightmare for the rest of Europe as well.  The euro would drop like a rock, stocks would crash all over Europe and bond yields would go crazy.  And that is just for starters.

So we desperately need to see a deal.  But with each passing day that seems less and less likely.

In fact, a Greek parliament committee on public debt just released a new report containing their preliminary findings.  This report is not legally binding, but it does show the mood of the Greek parliament, and what this report says is absolutely stunning.  It concluded that the Greek government is under absolutely no obligation to repay its debts.  Just check out the following excerpt from the report

All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious.

In other words, what this report is saying is that the Greek government should never pay back any of this debt.  That certainly is not going to sit well with the officials from the EU and the IMF.

And what happens if other financially troubled nations in the eurozone decide that their debts are “illegal” and “odious” as well?

Globally, there are more than 76 trillion dollars worth of bonds floating around out there, and the yields on those bonds are based on the assumption that they will always be paid off.  If nations such as Greece start defaulting, that will throw the entire global financial system into a state of tremendous chaos.

Of course the Greek financial system is already in a state of tremendous chaos.  At this point, many believe that it is just a matter of time before capital controls are imposed.  This is something that I have warned about in the past.  The following description of what capital controls in Greece may look like comes from Bloomberg

No one knows the specifics for Greece, but here’s what happened in Cyprus: ATM withdrawals were capped at 300 euros a person per day. Transfers of more than 5,000 euros abroad were subject to approval by a special committee. Companies needed documents for each payment order, with approvals for over 200,000 euros determined by available liquidity. Parents couldn’t send children that were studying abroad more than 5,000 euros a quarter. Cypriots traveling abroad could carry no more than 1,000 euros with them. Termination of fixed-term deposits was prohibited, while payments with credit and debit cards were capped at 5,000 euros. Checks couldn’t be cashed.

Since most Greeks do not want to have their money trapped in the banks, they have been pulling out cash and hiding it at home at a record breaking pace.  This is precisely what we would expect to see when a nation is on the verge of total financial collapse

“Everybody’s doing it,” said Joanna Christofosaki, in front of a Eurobank cash dispenser in the leafy Athens neighbourhood of Kolonaki. “Our friends have all done it. Nobody wants their money to be worthless tomorrow. Nobody wants to be unable to get at it.”

A researcher in the archaeology department at the Academy of Athens, Christofosaki said she knew plenty of people who had “€10,000 somewhere at home” and plenty of others who chose to keep their stash at the office. Was she among them? “If I was, I certainly wouldn’t tell you.”

As I wrote about yesterday, I believe that this is the beginning of the next great European financial crisis.

Eventually, it will spread all over the planet.

Unfortunately, even though global debt levels have never been higher and the signs of the coming financial implosion are all around us, most people have been lulled into a false sense of security.

Most people just assume that everything is going to turn out okay somehow.

The second half of this year is going to be much different from the first half, but most people will not be convinced until everything starts completely falling apart.

By then, it may be far too late to do anything about it.

  • FortuneSeek3rz

    We’ve gone through tough times before, but the modern crises are so much better that the old ones. We have a plethora of technology and creature comforts we didn’t have in The Great Depression. We can shoot an email to the other side of the world in a few seconds and we can research any topic instantaneously on the world wide web. There has never been a better time to be alive than right now. The truth is probably something like this: not only will there be no “great collapse” coming, but we’re on the cusp of far and away humanity’s greatest era to date. The inventions and breakthroughs that are taking place in the 21st century will bring us to levels never before thought possible. It truly is a great time to be alive!

    • Don’t joke!….. Are you serious? Do you know how much planning and things I bought with debt based money that I will never be able to pay off! I am still going with a great collapse will happen!

      • FortuneSeek3rz

        Debt is part of what financed what will be the greatest epoch in human history. Like people in the 1800s who wouldn’t believe what today’s smart phone is capable of, the next century will bring inventions and breakthroughs that will thrust humanity into an unparallelled existence.

    • df NJ

      If we had something to threaten BIG oil like Thorium molten salt nuclear reactors or some other technology I would somewhat agree with you. But in my lifetime gasoline has mostly been a shackle.

    • Orange Jean

      Weirdest comment I’ve seen in a long time…. how do you reach the conclusion that having more technology and creature comforts at present is going to help if we have another Great Depression? Got any recipes for yummy eats using an iPhone or mix of “devices” as the main ingredient? Nope, guess not!

      My dad grew up in the last Great Depression. One of the main differences between those times and now is many more people lived on farms and even those living in cities often know skills that would allow them to survive with bare minimums… like knowing how to hunt, fish, garden, can goods, etc. People were also a lot more used to living near or with extended family, or at least could do so if “worse came to worse” and they needed to pull together to help one another.

      Nowadays a lot of people these days don’t have a clue how to cook even, and once the power is out or you can no longer afford it… you’re not going to be able to Google anything and find out how to do it. Your fancy phone isn’t going to work, or you won’t be able to afford it. Most people no longer have basic survival skills. And so many families now live in totally different places, barely communicate. I cannot see that as “better” than what things were like during the last Great Depression.

  • Guest

    “So we desperately need to see a deal. But with each passing day that seems less and less likely.”

    I think there will be a last-minute deal, and things will just continue as they have for a little while longer. I think this is just political posturing on the part of Tsipras. He’s a very smart man, and I don’t think he would intentionally cause financial chaos for Greece as well as other European nations.

  • Agamemnon

    Time to send in the Borg and have them strip mine everything of value of his worthlittle excuse of a nation. Not pay back your debts? An obscenity of the highest order! Do unto Greece what they did to Troy.

    • sam

      Your so brainwashed! The debt is illegiatme it’s because of corrupt actions European bankers and politicians. The Greek people are innocent. Austerity is demonic and unjust. They want to steal everything from Greece from increasing taxes to taking landmarks. It will all go into the hands of the bankers and elite who caused these problems!

    • df NJ

      If Greece were Muslim US troops would be there in a second.

  • robert

    Greece is another of these entities that should not be a country at all. The UN is filled with “crap” states that have no intrinsic worth and many of them were invented after WW I and II. When the British Empire busted up, the chaos really began. Greece has no economic strength and never has. They ran a socialist state with a monster government bureaucracy that enjoyed raping the average Greek citizen often forcing them into cheating on their taxes and conducting hidden monetary transactions.

    What is happening now has started wars and we might well see the eruption of one of those given the European history of having a lot of them. Russia has been pushed too far by the west and they have a guy in charge who will push back PHYSICALLY.

    I do not think anyone has a good idea on what will happen. Michael does a good job at painting scenarios and he might be right on all counts, but he might not have it all right either. Strong governments will take emergency measures to prevent “collapse”. Whether the measures will work is a guess but the government will try to save the day. I am guessing there will be freezing accounts and transactions; only greenbacks will be allowed for commercial purposes. No gold or silver. Prices might be frozen along with wages. Essential services will be forced to continue to operate under emergency decrees. I suspect we would see sabotage by unhappy labor. China might not buy our debt but then right now they depend on the US to buy their products. Leading to war, the US can repudiate that debt and cancel any debts they choose to such as student loans. There may be a “jubilee” after all. The economy would be jolted to be sure as things are sorted out but there might be a jump start. The US military will be paid, fed and on constant alert for violence etc. Some services might continue such as air traffic control and operated by the military. With luck, the heads of state of the big economies will meet and work out something or else go to war. Either way, the world as we know it is going to change in a big way.

    Personally, I do not look for “collapse” in the Michael sense at least not in the wake up one morning and all hell has broken loose. The US is a big country with a big economy. It will resist going down. The big unknowns are cyber attacks that might shut down the national grid or damage the banking system writ large.

    In the meantime, I keep a little food handy.

    • Sam

      Greece has been along even longer than our country. It has a lot worth. It’s given the world great things. And Greek people are good hardworking Christians. They have been screwed over by European bankers and politicians. Greece would of been fine if it never was apart of the EU.

      • Robert

        I did not say Greece was not ancient. Well aware of that. “Many” countries are recent inventions. There are good people everywhere. The problem is greedy, corrupt govts. Including our own.

      • Zenithon

        Modern Greece really hasn’t been around longer than the United States. Most of the area that is Greece today was part of the Ottoman Empire for about 250 years until Greece regained its independence in the 1830’s, when France, England and Russia helped to fight off the Ottoman empire and create an independent Greek state out of former Ottoman territories. The long period of Ottoman rule vastly changed the Greek culture.

  • K

    Well, as I said just a couple of days ago. If you have not prepared, you are on the verge of being too late. Michael, if you doubt how right you are. Notice how fast the trolls arrived. Before this is over, we may need a big troll swatter.

    • Annoyingandlovingit


      • Quetzol-43

        You have the audacity to disagree with me?
        Oh right, I can just dismisse you as an internet troll.

        • Annoyingandlovingit

          And lovin it!!!

    • Nemnor

      For those who are (mindlessly) putting all the blame on the Greek masses for their economic woes, while it is true that every individual and every nation must take up some responsibility for the condition they are in, please be aware of the following…

      The main root cause of the major economic issues in Greece (and the World as a whole) is the world-wide Capitalist system itself – which is now decadent and at a “dead end” (mainly due to reaching a state of general over-production).

      Currently, the most nagging issue facing the world-wide Capitalist economic system is that, despite all the “interventions” of Governments and Central Banks, and unlike about 40 years ago and more, the system is now NOT able to generate long-term recovery by economic means alone. This is a significant (and even dangerous) degree of decay of the world-wide Capitalist economic system – as this degree of decay will likely “compel” the system to bring about WW-III (eventually), in a desperate (mad, last-ditch) attempt “save Capitalism” from total collapse/chaos.

      • Steven76ca

        Odd how you could attribute government overspending for many years in all sorts of programs and subsidies to be part of the capitalist system. The Geeek government was more socialistic than capitalistic like many of the European countries. All of The PIIGS all had a similar problem: overspending by their government.

        • Evil_shadow

          Strange, but Doesnt Us have same problems than we , europeans have? Probably even bigger, but tamed for now.But you cant just say that Socialism is the only cause for current turmoil in Europe.

  • VigilanteCaregiver

    Currency collapse was always inevitable. The nature of fiat currency is to eventually hit hyperinflation as it’s a reflection of man’s desires – it was and never will be actual money (money being a medium of exchange with its own intrinsic value).

    Under normal circumstances we would use precious metals. Of course there would never be enough precious metals to cover demand for currency: that’s in our best interest: the less money and greater supply, the more prices will be forced down. And before anyone goes off about not enough money to sustain an economy; we used to have this amazing thing called bartering. It is harder to collect taxes this way, and that’s another benefit. Government was never supposed to become a parent that holds all the money for their stupid children. The people are the parents – the many levels of governments and bureaucracies, our temp employees.

    Greece is exactly the example of what we, the United States, should immediately move away from. Unfortunately, this requires actual adults in elected leadership positions to accomplish – mostly by gutting the entire federal system. Only a standing military (minus the lawyers) should remain. The vast majority of functions taken up by the states and localities. This includes the Federal Reserve (may it rest in pieces).

    The Federal Reserve and international banking movements are what will collapse the system on our end. The best way to head this off is to look at what’s happened and reverse engineer it: start with declaring gold, sliver, nickel, copper, etc. to once again back the dollar – back on the gold standard. This will drive the price of gold up and the value of the dollar down to near crash… unless we temporarily link it to our energy production at the same time. A new Precious Metals/Energy Standard with minting and printing done solely out of the Treasury Dept. would stabilize and value our dollars again. Yes, we would still use fiat dollars, but they would have the old “Redeemable for gold on demand” label again. Probably saying “Redeemable for precious metals or energy certificate of equal value on demand” Banks would again be required to have a percentage of precious metals and some kind of Oil bonds or Rights to back the institution. How that would happen… I need to research that part more. Probably using existing fiat holdings, then burning the paper afterwards.

    Also, keep in mind that the US has over $120 Trillion worth of untapped raw materials, and possibly $300 Trillion in reusable materials on-hand – not to mention the technological advances made in agriculture and production cutting down overhead and prices. A family of 6 can now produce most of their needs on a SINGLE ACRE – as opposed to the old hat of 160 homestead acres.

    We do this and I believe we could stave off the worst of it. The derivatives would crash, but the value of the banks and dollar would be strong and armored enough to survive the hits. We are capable of heading this off – majority just needs to grow the #$%& up!

    • Annoyingandlovingit

      Yeah, right

      We would throw out our ~precious congressmen~ or is it congress-neutralsex? and replace them with you?

      Not a bad idea. At least you have a half-baked plan.

      • VigilanteCaregiver

        Alright, Troll. Let’s have a go!

        Gentleman’s debate – right here! No trolling:ex-name calling, ex-belligerence, ex-personal attacks. We debate on the data with our own ideas and philosophies. Cite all useful data, and little use of others ideas.

        You said I’ve brains and too good for here – let’s see if you’re right. And let’s see your chops!

        You in?!

        • Annoyingandlovingit

          Im in! And I will go first.

          I called it a half-baked plan because of two major flaws. One: you forgot there may not be any gold in the Federal Reserve bank anymore. Two: you need to work out the transfer of fiat to backed dollars with certainty.

          If there is plenty of gold, it will work, if there are “adults” in charge. I said you could be one of those adults, and I meant it. Been following your posts for years; brilliant stuff. But there’s very few of you, plenty of me.

          Mixing the gold standard with energy production is a good idea, but again you nee d to come up with specific details. What mechanism will facilitate the transfer, what agencies will survive, how will you deal with the inevitable losers who will go psycho-killer on everyone just like in Greece – a lot of details need hashing.

          Generalized plans won’t cut boy! Details.

          • VigilanteCaregiver

            ARRGH! You’re right! I forgot the gold isn’t there.

            And I can’t write an entire proposal here: wrong forum, too long.

            You seemed to easily drop the troll persona. What’s that all about?

          • Annoyingandlovingit

            About time you answered!

            Correct; so find the right place to post it.

            As for trolling. Trolling is not what people claim. Were not trolls as in what you posted two years ago from the Huffpo. Trolling means we own the internet. If I like your post, I could easily get you ten thousand hits – I hate your youtube crap, five thousand dislikes, easy. Most of the time on social media its trolls moving what content we like. Troll really means control (con – trol = troll).

            Here’s my question to you VC. Why do you bother posting here? It’s just another backwater I come to mess with the crazies – it’s fun. Why are YOU here?

          • VigilanteCaregiver

            I’m not much for social media; being a caregiver and all. Originally this was a good place to encourage each other to prepare and share ideas. I got involved at first because I was pretty much stuck in the house and my wife doesn’t like fierce debate. Used to be a few guys here that posted regularly: Syrin, Mondo, Alasha, 2gary2 (he was not a prepper), MalcolmReynolds, etc – now it seems only K, GSOB, and a few others remain. Everyone new here I’m not sure about. From what you said, a few may have been you.

            Guess with success, Mike’s blog attracted the trolls like you, Jox, Gay Veteran, and such.

            I remember how it wasn’t just politics here: we used to talk about actual preparations. I’ve never really been a prepper – more of an industrialist. Figured the best way to prepare for an economic collapse is to also prepare to rebuild.

            For example, my original post on this article. I’d rather avoid a total collapse. We’re gonna get hit – that’s for sure; minimizing the damage to the US is my priority.

          • Annoyingandlovingit

            Hmm. Interesting.

            So, why did you start prepping if youre and industrialist?

          • VigilanteCaregiver

            NOPE! My question this time:

            You went at that feminist last article with the term MGTOW. I researched this… philosophy, I guess. It stands for “Men Going Their Own Way”; summed up as men rejecting women (feminists) until they stop acting like psychos. I agree with the premise and intention: not the actions and results. It is quite anti-marriage. And we need married couples to reproduce – our population is crashing and bringing in illegals won’t fix it. Gay marriage and their faking gay families to raise #$%&ed up adopted kids is bad enough, but now we may need to consider legalizing polygyny (what with a lot of men going MGTOW and population teetering on crisis.)

            I don’t want to pollute marriage anymore than the next guy. Scaling back the rot is necessary, so I agree that Feminists alone need blackballing; but not all women are Feminists. Those women who are normal and well-adjusted should get the opportunity to marry decent guys. Is there any way MGTOW’s can reconcile with decent, non-feminist women?

          • SunnyFlaSnotress

            “Psychos”.. you don’t see us feminists running around churches shooting people.
            What exactly is your definition of a feminist and what is your problem with feminists?

          • Annoyingandlovingit

            ‘you don’t see us feminists running around churches shooting people”

            Feminists prefer to mass murder with the baby still technically in the mom and call it a fetus. babykiller

          • SunnyFlaSnotress

            When I eat an egg, I consider it an egg, not a chicken. Far more people die of starvation than the number of fetuses aborted.

          • VigilanteCaregiver

            That is sick. Eggs for culinary purposes are UNFERTILIZED! The analogy is absurd, and disturbing in many respects. And starvation is not caused by overpopulation – you libelously cited that UN report, and overpopulation is a debunked myth.

            Don’t bother responding. I don’t like corresponding with genocidal lunatics.

          • Annoyingandlovingit


          • SunnyFlaSnotress

            Your ilk isn’t really interested in life and mortality as much as it’s interested in female oppression.

          • Annoyingandlovingit

            Says you babykiller

          • VigilanteCaregiver

            Feminism is about few women gaining dominance by being hostile. Read your last line for proof.

            You have achieved nothing more than irritation. I will not now nor ever bring feminist concerns or demands into consideration; there is nothing redeemable or even useful in your ideology. Look the results: 4000 babies aborted in the US per day (less than that died on 9/11 – and we went to war), men abandoning marriage and fatherhood, and over half of all US children growing up deficient due to parental negligence. That is feminism – you own these results. And feminists should face some sort of justice for it.

          • SunnyFlaSnotress

            My last line isn’t hostility, it’s truth.
            Lol, the world has changed LOTS since I was young, and it is still changing for the better.
            Men abandoning marriage is just that.. men abandoning marriage.
            Far more REAL people (not fetuses) die everyday from starvation than abortion.
            Abortion is easily done.. all it takes is an unripened papaya and many other methods.
            There is little you can do to change the evolution w/o a loss of civility. Those who lose their civility generally face their judges alone.

          • VigilanteCaregiver

            Okay, I’m calling bull#$%&.

            The abortion statistic I cited came from the US Department of Health and Human Services. And claiming the number is lower still means genocide is occurring!

            Guess you read that UN FAO report on malnutrition on some feminist or activist website – I read the actual report, cover to cover. The UN never said overpopulation is the cause of malnutrition and starvation. They cited poor agricultural methods, people undereducated in nutrition, civil unrest, and dictatorships causing economic hardships. We are not overpopulated; just the opposite – we’re underpopulated in many high-developed countries and it’s gonna get worse when the baby-boomers go for the great beyond.

            And I do see it everyday. I am a caregiver and work with the disabled daily.

            And men are abandoning marriage – the majority citing feminism as their reason!

            What disturbs me most is how comfortable you are with abortion. Have you witnessed an abortion performed? I have! And it was evil, inhuman and murder. Unless you have witnessed an actual abortion, don’t bother supporting it to me.

            And will I change what’s happened already? No; I won’t. The best way for me to defeat your insanity is to allow it. My son and I will give you a decent burial at least. More than your lot provided to the millions murdered that you gave support to.

          • Annoyingandlovingit

            DUDE! Thats why I like you. No cut and paste stupid.

          • Annoyingandlovingit

            …and yet, you implied I’m rough!

          • Annoyingandlovingit

            It’s not feminism alone that’s at issue with MGTOW’s. It’s women in general. We have expectations of maturity, self-sufficiency, and to treat us decently. Just like that bible saying of women need to obey her husband – none will do it! I fully understand your position, VC, but women need to be abandoned and left to understand how much they really need us.

          • SunnyFlaSnotress

            You use the term Troll way too casually.
            Let he who is without fault cast the first stone.
            I see Gay Veteran posting many intelligent things.

          • Annoyingandlovingit

            HEY! OUR DEABTE! Sit down and wait your turn!

          • SunnyFlaSnotress

            This isn’t a private chat, it’s a public blog.

          • Annoyingandlovingit

            Who cares! I’m talking!

          • VigilanteCaregiver

            You obviously haven’t read Gay’s stuff over the past year. The man is a lunatic.

          • Annoyingandlovingit

            Feminist troll

          • K

            Vigilante. The main idea is correct. Money must be backed by something. We use gold and silver for convenience. It can be backed with food, or anything else of actual value. Well done on drawing the troll out. He has answered you honestly, at least for his group. Sad they do not use their abilities, for something more than self amusement. The shills are the paid disinformation group. Be careful of posting on the larger forums. They are much more closely monitored. Yes, we are already past the point. Where you want to draw too much attention to yourself. Stay well.

          • VigilanteCaregiver

            Thanks K. How’s it going?

          • K

            It just got more interesting. A cousin, I have not seen in a long time. Just passed through town, so we had lunch. He is a pastor of a small church in florida. It is one thing, to have some feeling you know what is coming. But to sit down with someone, you have not seen for almost a decade. And have them agree that they see the exact same thing. It really drives the reality home.

    • sam

      Greece is older than our country. Greece has done a lot for the world! Their people are actually nice hard working Christians. It’s not their fault their were screwed over by European bankers and politicians! You should be blaming the bankers and politicians not Greece.

      • David_R59

        Right after WWII, right after the Nazis were kicked out, who did the Greeks vote for? Communists, that’s who! And they continue to vote for communists.
        Sorry, but they deserve everything that’s happened to them.

        • Evil_shadow

          that’s why US is in decline for last 40 years too right? because you have had “communists” in washington, right? Capitalism works if you forget about everyone other than yourself.

          • Bartertown

            That’s the point. Selfishness is taught ad-nauseum.
            Funny how average americans don’t know their ‘education’ system was set up by communists and based on Pavlov dog training methods. You are seeing the results

      • DANA

        STOP blaming bankers for the greed and desires of ordinary people. I see that a lot on here. The bankers may be guilty of taking advantage of people living beyond their means, but that doesn’t make the people innocent. Europe in general has been living in a socialist “paradise” they could never sustain and this has done damage both economically and culturally. I have great compassion for the poor, but they are not automatically innocent of any wrong doing. Until the individual changes, nothing will change!

        • alan

          Sadly the bankers keep on giving out loans they have no business giving. Thats why you fill out a loan application. If the people are too stupid then the bankers should have been smart enough not to give the loans. However the bankers know they will get bailed out so they don’t care.

          • DANA

            I agree that bankers take advantage of these situations and I am adamantly opposed to bank bailouts, but this greed goes from the bottom up, right back to the bottom again.

          • Bartertown

            Wow. That’s your knowledge base?
            ALL bank loans were/are given out as instructed by politicians. Fanny/Freddy are government schemes. You think the banks LOSE money? These loans are sold, recycled..foreign investments..
            Educate yourself, you sound american..

        • SunnyFlaSnotress

          Well said, Dana

        • Evil_shadow

          but you have to admit that if the banksters wouldnt be soo greedy there those people(who are unable to pay off mortgage) wouldnt get money, thus banks wouldnt loose any money. One more question for you (since you’re saying that somekind of socialsim is bad thig): if you would know someone who is living on the streets(lose of job, no house due to bank’s eviction), would you help him/her or not? Isnt he/she just as human as you are? So where does leave us then, cultural and social if we’ll turn our backs to them?

          • DANA

            I respect your comment and you sound like maybe you are having hard times, so please don’t take anything I’m saying the wrong way. First, the mortgage crisis was or is a combination of government mandating banks give loans to unqualified buyers for politically correct reasons, regardless of whether or not they could pay them back. Second, the banks after government pressure, decided to take advantage of this situation in order to make record profits, knowing it would probably be short lived and they would be bailed out. During this time, I saw many people behaving as if they were carrying around wealth because they owned a home and proceeded to spend, spend, spend! “It can only go up, the party will never end” they would say, but it did end. No one is advocating for people to become homeless or not have sufficient food, but the party is over and people need to start living their lives in such a way that is responsible and benefits their nation, not just what benefits them. Get back to strong families, strong nations with a sense of culture to pass on to their posterity, strong faith with an emphasis on practicing this faith, charity and kindness and maybe things will start to change.

          • Evil_shadow

            You are right in many points though; people are living past their basic needs and became greedy b’stards(at least in my country). Would they been wise and not buying all that unnecessary crap (prolly made in china LOL ) and wouldnt be envy to their neighbours because they have morethan themselfs, everything would be different. Good luck, i think that hard times are upon us. stay safe ;). cheers

        • Bartertown

          Seems you know little or nothing of bankers. All roads didn’t always lead to Rome, most of the time they led to bankers.
          Who/what is the “Federal” Reserve?
          Who is Mayer Rothschild?
          Who funded both sides of the Civil War?
          Who/what is Goldman Sachs?
          Who/what controls Wall Street?
          Who are the Rockefellers?
          Seems like someone needs to read up on true banker history.

          ps: Goldman Sachs is directly involved with Greece.

      • VigilanteCaregiver

        Greek culture is not the Greece of today – I’m sorry. Hellenistic influences still remain, but Greece hasn’t sought to improve itself for a long time.

        The Greeks, it turns out from recent discoveries, did not invent philosophy, democracy, stonework, and such – many cultures before them are now known to have done these things earlier. The Greeks just managed to have their records exist longer.

        The EU and current international banking systems were created to transfer wealth from the richer, more stable European nations to the more socialist nations to buoy them up. It failed.

        Sorry. If Greece wants to thrive, the Greeks must decide to thrive.

    • DANA

      Did you ever think that some people or cultures are just so hopelessly stupid that they need to be ruled with an iron fist both socially and economically. Of course you have to give up freedom and liberty, and sadly many are fine with this! I’ve given up on most of the human race!

      • VigilanteCaregiver

        No. I do agree that some cultures are deficient. Iron fist? Absolutely not. Allowing countries and nations to face the results of their decisions without outside relief – yes.

        Don’t give up on the human race; give up on the rotten corruption and evil – that’s the real problem. Do not ever give up your liberty! Even if you’re in the gulags; laugh out loud and be a nuisance; prove your free every day!

        • DANA

          “Allowing countries and nations to face the results of their decisions without outside relief-yes” I would also add individuals to that list, but basically I know what you are trying to say. I would never give up my liberty, but feel I’m surrounded by many who would gladly do so for an easier life filled with endless entertainment and pleasure. You have to wonder what our forefathers fought and died for, what a waste!

  • Bill

    You are right. By then it may be way too late.

  • rentslave

    Accept cutbacks in the USA?You can’t even get these people to take orders from the police at swimming pools.

    • Gay Veteran

      yeah, you peasants better obey the cops!
      meanwhile, the Justice [sic] Department continues its refusal to prosecute Wall Street banksters

      • Annoyingandlovingit

        Thank you for contributing to OUR discussion of Greece’s impending default…….

      • Annoyingandlovingit


        • Gay Veteran

          thanks for contributing to the discussion about Greece

          • Annoyingandlovingit

            thanks for contributing to the discussion about Greece

  • Paul

    I hope this corrupt system implodes.

    • Aron

      me too….but not sure if i believe anymore that it will collapse. i think tptb have it all fraudulently under control.
      no matter what bad news comes…they can sweep under rug and move on and on and on.

  • tom

    Classic Michael article. Greece has an economy similar to Idaho. This is a black eye for Europe, nothing more. If idaho disappeared no one would notice, but michael. because a third of his book sales would disappear;)

    • Genada

      Yea your failing to take two things into account. Greeck bonds are being held my many banks. Those bonds make up part of there collateral requirements. They also have many credit default swaps tied to them and derivatives as well.

      As with a crack in a damn, one small crack is the start to the whole thing coming down and that is what Greece is. It’s the crack that threatens the entire system.

    • HawkinsUSSA

      So Greece is Idaho, eh tom, grand economist extradinaure that no one heard of. So funny yet not at all. Go blow, worthless excuse for a human being. U should be eliminated for stealing oxygen from productive folk

      • tom

        i guess you are from idaho…

    • jox

      European stocks are down, and yields of european debt are high, so I think that Michael is not the only one that believes that the impact of the Grexit is going to be vey harmful.

      • tom

        I doubt it. Little Greece is not the linchpin. I think Michael should focus on China and Inflation. Oil, Europe, Stock Market and America’s poor will keep doing what they always do. Up and down, socialist, bubbles and nothing respectively.

        • Jerry C

          Normalcy Bias. Assuming things will continue as they always have is a HUGE mistake. These times are extremely different; which is exactly what Michael is trying to warn folks about.

  • Genada

    Greece is the problem with no answer. You either allow them to default and watch the system blow up or you paper over it and bail them out. If you bail them out tho, it’s going to require a bail out of many other countries as well.

    So Greece will be made to suffer and the hope is to collapse the government and bring in someone that will accept the demands made on it.

  • Kochvilledi

    Oh good grief. Please, will someone end this show? Greece can not repay their debt. Ever. Everyone knows it, but few want to admit it.

  • JailBanksters

    The Greek People are good people being punished for greedy criminal actions of a handful of Politicians and Bankers which have largely gone unpunished. And it’s not just Greece, it’s also the ECB,IMF and of course Wall St that have also escaped criminal charges. All the people that created the problem are all living high on the hog, while the people that had nothing to do with it are paying for it.

    • sally

      Exactly too bad other people on this site are so brainwashed that their blaming innocent Greek citizens.

    • Nemnor

      JailBanksters, some of what you stated is “true” (or close to the “truth”).

      However, the main root cause of the issues facing Greece (and the rest of the World for that matter) is the world-wide Capitalist system itself – which is a system based upon the exploitation of man by man and country by country.

      The world-wide Capitalist system is now decadent and at a “dead end” – due to reaching a state of general over-production. Hence, the reason, NO amount of economic “interventions by Governments and Central Banks are able to permanently solve the economic issues.

      Although the focus is on Greece currently, the economic issues are more or less the same in virtually every other country in the World. Greece is simply one of the worse case, but eventually, even the USA will sink towards total economic collapse/chaos.

      • JailBanksters

        I’ll buy that, except
        One of the conditions of entry into the EU was everybody had to stop printing their own money. But I don’t think the UK got that memo. And every other country outside that mess, can also print their own money. Most is debt free for the Government, but you are still devaluing the currency because there is a race to the bottom.
        Everybody thinks Inflation is a great thing because it’s worth more today than yesterday. But it’s really been devalued, and Inflation is just a by product of FIAT currencies, you can’t stop it. And why is 2% inflation bad, 2.5% Inflation is good and 3% inflation is also bad, surely either 2% or 3% Inflation would be even better.

        • Evil_shadow

          im not sure, since only 19 Eu countries have Euro as national currency. And its common currency that will drag Eu zone in demise.



    • Jerry C

      It’s just not the Greek People who are being setup, but 99.99% of everyone else on the planet. There’s a good book that explains where all of this is heading and it will be the worst any human being has ever witnessed.

  • Sam

    This is great that Greece is doing this. Greek people are nice hard working Christian people who have been screwed over by Europe bankers and politicians. The debt is illegitimate and the austerity is done on purpose to steal from Greece. The debt should be erased and Greece should leave the EU it’s the only way for Greece to make a revival one day. The European Union is run by corrupt individuals. The bankers are also corrupt.

    • Nemnor

      Sam, if I may say – much of what you stated is “true” (or close to the “truth”).

      Also, I posit that – the main root cause of the major economic issues in Greece (and the World as a whole) is the world-wide Capitalist system itself – which is now decadent and at a “dead end” (mainly due to reaching a state of general over-production).

      Currently, the most nagging issue facing the world-wide Capitalist economic system is that, despite all the “interventions” of Governments and Central Banks, and unlike about 40 years ago and more, the system is now NOT able to generate long-term recovery by economic means alone. This is a significant (and even dangerous) degree of decay of the world-wide Capitalist economic system – as this degree of decay will likely “compel” the system to bring about WW-III (eventually), in a desperate (mad, last-ditch) attempt “save Capitalism” from total collapse/chaos.


    While the consequences of a Default would be quite dramatic, we must ask what other choice does Greece have?

    Yes, they are bankrupt. Yes, they have been irresponsible but, frankly, so has the ECB. No one forced the Germans, who dominate the bank, to keep shoveling Euros into Greece. Reap what you Sew. Mind you, we in America are not in position to lecture anyone with our tottering TBTF banks. The real issue, as Michael as repeatedly pointed out, is the derivative chain. If this causes that to unwind, you are looking at Martial Law and not just in Greece.

    Bond yields are soaring. Unemployment is pegged at 25% but why should we believe that? What is happening on the street? Saw a photo of a Greek who had set up household in an Athenian alley. Was forced out of his apartment. Could not pay his rent. One of many, I am sure. Now you tell me people are keeping their money under the mattress? When things get to that point, you are well pass the point of no return. Sounds like Weimar.

    My guess is that Yellen has the QE pump ready to be turned on at a moment’s notice. This is a pre-election year in America, after all. Having a massive banking crisis a la 2008 would be most inconvenient tor a certain female candidate. We shall probably stagger through but Default for Greece is inevitable for the simple reason they can not pay.

    I suspect we in America will reach such a point vis-a-vis China when we are starving while watching our wheat head to China to pay the debt.

    • A Friend

      Well said! This is what I’ve been thinking as well.



    • Drud

      Yes, nice post, but I do have one nit-pick. Cash hoarding is deflationary, as velocity of money spirals downward. Wiemar was a hyper-INflationary collapse. People lost confidence in the currency and could not spend it fast enough. Velocity spiked…people insisted on getting paid daily and would try to spend their entire paycheck during their lunch break because they knew it would be worth less at the end of the day. I only bring this up, because hyperinflation and deflation are the ONLY ways out of a sovereign debt crisis (well there’s jubilee, but that will never happen)…and I wonder which way the US will go when our time comes.


        You are right. I stand corrected.

      • Jerry C

        Jubilee won’t happen?! Certain are you? My gut tells me that will be the carrot to most people to get hooked into the new electronic chip system. Join the system and all debts forgiven! You keep & own everything outright regardless of what you owe. You refuse…um, the Mark (cough), and you won’t be able to buy, sell or trade. Voila!

        • Drud

          No, Yoda, I mean Jerry, I am certain of nothing. I was, however, speaking of a genuine jubilee that fairly forgives all debts. I mean there was basically a jubilee in 2008, but only for TBTF banks. You’re idea is one I have not heard before and it is certainly interesting and plausible. There is definitely a war on cash underway, perhaps a carrot of some kind is in the offing.

    • df NJ

      Why do the international bankers allow unfair trade. The Chinese pegging the Yuan to the dollar 6 to 1 has destroyed factories here and in Europe. It’s almost as if the mayhem and chaos is purposely being engineered.


        What is the old Sherlock Holmes quote? Something to the affect of when you have eliminated all the other possibilities you are left with the truth no matter how improbable: Our Elites have been bought off and have sold us out.

  • chilller

    Looks like the evil and greedy Troika’s hens have come home. These over the top cocky SOB’s have never been told “NO” before and, like the rest of the EU, have no contingency plan. All their scare tactics, all their threats, all their chest beating will force them to cave in to Greece or go into chaos mode. It’s high time someone thumbed their nose at these arrogant POS. And the rest of the pigs will rapidly follow suit shattering the failed EU experiment.
    Bout time…

  • Beanodle

    Greece has defaulted on its National Debt 5 times in recent history. Why should it be any different now?
    Yanis Varoufakis the Greek Finance Minister has openly stated that Greece is bankrupt and has no possible way of paying out its creditors.

    Why is good money being poured into a bad investment just to keep a political Euro project going.

    It will have to stop sometime – maybe this weekend.

  • DJohn1

    The domino effect is what most people fear from the Greek Debt Default.
    Because if they go under then Spain, Italy, and Portugal are probably next.
    We are not that stable either. So what happens when the people that loan the money are faced with it not being paid back?
    I suspect there is collateral on the loans. So the bankrupted country has to produce that collateral as penalty for going broke.
    And there lies the real problem. The collateral they are not willing to give up. They agreed to the terms of that loan.
    There are things that need to be done.
    I suggest that Russia will pull in the loans and make good on them in return for Greece becoming a satellite state of Russia. If that happens, then all hell is going to break loose.
    The domino effect will then do the same thing to the other debt countries around the world including us.
    Which is what this economic warfare is all about.

    • K

      Close, but I do not think the Russians have any interest in Greece. Now the Greek part of Cyprus, that is another matter. They have already obtained limited basing right for their Navy there. For expanded basing rights, they might be willing to be of some small help.

  • John


  • True Grit

    Greece should leave the Euro, then Tsipras make an empassioned speech to the good people of Greece to trade in all Euros for the new Drahma, use those Euros to pay back the Euro Gods (after negotiating a zero interest and reduced principal deal) Use Greek sovereign currency and never, ever again use a privately owned central bank to loan them money at interest.
    Print Greek currency to build infra-structure and employ the youth and build manufacturing. They would leave the rest of the debt laden world behind.
    Unfortunately they would probably be attacked militarily.

  • chris

    Greece was deliberately allowed into the EU by the ever greedy for expansion EU bending the rules to allow it in although it was not in a financial position to enter the EU. Goldman sachs, apparently, enabled it to bend the limits on borrowing thereafter. When the financial crash of 2008 came the EU forced Greece to take this debt in order that the EU could protect itself and the Euro. I’d say the EU bears responsibility for this mess.
    Anyway now Greece is the perfect vehicle for the power elite to engineer a massive market crash to cover up for their failed policies sicnce 2008 and then to either buy back in later or break the entire financial system apart to install their New World Order.

  • df NJ

    I would like to see Greece extract themselves from the European Union. Then maybe when the rest of the dominoes leave maybe we can too. I’m sick of all my hard labor going to support the European monarchy. You would think people would be able to generate enough fruit of their labors to take care of the young and the old without any hardships. I guess I am an idealist. I wish our Constitution still had meaning.

    • Nemnor

      If I may add, your US tax dollar is being used to “support the European monarchy”, because one of the highest priorities of the US Ruling Class (“the 1%”) is to help “save Capitalism” in every part of the Globe.

      Of course, ultimately, ALL efforts to “save Capitalism” will be in VAIN, as the system continue to sink towards total collapse/chaos. However, there is the increasing prospect that the system will generate WW-III (eventually), for the similar reasons it brought about WW-I and WW-II.

      • Annoyingandlovingit


        • df NJ

          But he has a point. What is called “capitalism” is really a group of heavily regulated and controlled pay-to-use markets. We do NOT have free markets. The only way a society based on capitalism can really work is by having free and open markets to wring out the inefficiencies of monopolies and cartels. But what we have is government passing legislation eliminating competition and purposely creating cartels and monopolies. So what Nemnor is criticizing is the results of a command-controlled economy that is just labeled as “capitalism”. Hospitals, I rest my case.

  • AzDi

    I don’t get why the stock market just keeps going up?????

    • df NJ

      It isn’t because of wage inflation, overheated job market, increasing retail sales, and record profits by the majority of the companies reporting!

      Retail sales down, wage inflation non-existent, absolutely no reason to think there’s any real growth from construction, dollar up, commodity exports down, it does make you think what delusion is driving this market.

    • nobody


  • smoke57

    Obama’s (and the corporate) trade bill has just passed the House. It’s up to the Senate now…who will pass it. The never ending screwing of the American People never ends. Will we ever learn what is in it?

    • df NJ

      I’ve learned. It doesn’t matter who gets elected. There’s no reason to vote. Our government is completely illegitimate.

      All government is a boondoggle for billionaires.

      Government by the rich, for the rich, screw the worker!

  • lilbear68

    the greeks should follow the example set by iceland beginning with jaiing the banksters and rewriting their constitution. but then the banksters that own the media dont want ppl to know that iceland has recovered very nicely. sure they had some hard times but with their method the hard times ended sooner rather than later as it would have under the bailout

  • Km

    And yet, Goldie Hawn and her daughter were photographed vacationing there, hymm? Guess they didn’t get the memo!

  • Catman

    Whatever happens with Greece the US markets do not care. All they want is endless zirp, and being assured of that they finished way up today.

  • dingaling

    white male christian

  • snickerdoodle


  • smiley

    self defense

  • heebiejeebie

    whiate male christian gun owner

  • sheethitthefan

    wyatt male christian gun owner self defense take a gun

  • interestingway

    wyatt tyatt yo own show lace tyrone

  • poet thatdontknowit

    once owned an ounce now i only pounce

  • testintestical

    testing testing come in one two threee teeeeeesting test. ok 1 2 3 4 anyone out there got a clue yet?

  • helpneedmoantidepressants

    delectable collectable or is it collectible same as tomato or tomatoe peas in a pod get low to the sod its time to hot rod to the mod pod

  • imgonnascrewuover

    glenn beck christian gun owner collectible guns shot gun on the run

  • tired of all you folks

    soooo serious people…. come on all you well studied folks. folks folks folks folks folks like these these kind of folks folks folks folks what is it with folks folks folks what’s up folks folks these folks were just sitting arouns those folks politicians and folks folks what is it with that word usage folks and those boney fingers pointing at us when they lie folks folks folks please help me to understand the lie sack of sheets politician folks folks folks

    • df NJ

      It’s easy to understand. All government is a boondoggle for billionaires. Government by the rich, for the rich, screw the worker. There’s nothing that can be done about it.

  • a flood of ranting

    who is it that is in charge of this world it is the devil satan the evil one. satan is the one that steals lies and destroy. satan hates the good ole usa cause we are mostly christians and we can tell others about jesus freely. other countris are done cause they gave up the gun-now it’s our turn cause when we lose our rights there will be no more fight left in us-we the people are now we the sheeple satan will strike down the church steeple. then we will be in a world of hurt

  • Zenithon

    As defined by Merriam-Webster,

    Capitalism: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

    So what is it that you are advocating replace private free markets?

    • sharonsj

      We don’t have free markets. They are all rigged by the banks and the corporations. The stock market is controlled by flash trading, not by investments. And the distribution of goods is slowing to a crawl because Capitalism has produced a few very wealthy people and a whole lot of poorer people who can’t afford to buy anything.

      If you want a replacement for Capitalism, go listen to a lecture by Prof. Richard Wolff.

      • Zenithon

        I’ve listened to Prof. Wolf. You and I will just have to agree to disagree. I don’t think he has the answer.

  • nobody

    Have you ever heard of phrasing and punctuation?

    • df NJ

      “run-on sentence” is what clanked around in the gears of my mind.

    • tsssssss

      I think the writing is supposed to be as it is. Can’t you feel the rhythm? Or are you one of those white Christian males? The writing phrases have street ghetto groove man like I went to high school and this is what they taught us with your tax dollars that everyone can be an artist and everyone can be famous even on this worthless message board. oh yeah oh yeah oh yeah ha ha ha ha ha

  • Robert C.

    I see there is no article about the Charleston, SC church shooting. Since the author is a christian, one would think that he would already covered it. Why so silent?

    • 2gary2

      Have you considered stayingon topic lately? //sarc

      • Robert C.

        I am on topic. The author of this website is a stanch christian, one would think that he would do an article about the church shooting already. He always says that the church is under attack and yet, he does do an article about the one in S.C? Why is that?

  • df NJ

    Happiness comes from helping other people achieve some level of happiness. The difference between an adult and child is an adult transitions from being self-centered to being self-less. An adult is capable of making a trans-personal commitment like getting married or having children. An adult subjugates their ego to a cause greater than their individual self. Selflessness is admirable virtue, but in the end, we only criticize and hate in other people what we do not like about our own character.

    • psychodyko

      O.K. so tell me what you hate about yourself?

  • df NJ

    I think not being able to buy gasoline will happen before someone comes to take your guns away.

  • Prut

    The Greek debt is odious.

    • df NJ

      If I were Greek, I would argue screw the World bank and not pay it. Is it really such a great privilege to be under the umbrella of European monarchy?

  • jakartaman

    Gadooch! The flushing of the Euro down the toilet.

  • David

    Scotty to Captain kirk: We are no longer in control of the ship……..

    • df NJ

      It will be a strange shift of consciousness when we have more people living in space than on Earth. Then maybe spending trillions of dollars on War in the ME will finally become irrelevant.

  • Robert C.

    So, are you saying that the shooter was motivated by satan since he called his victims “n-word” before he shot them? They welcome him into their church and he shot them because they’re black. So again, why the silence from the author?

  • df NJ

    “To me, that sounds like a man that is not going to back down. And to call it “the great no” is not an exaggeration at all. I think that he realizes that this “great no” will unleash financial chaos all over Europe.”

    Tsipras all of sudden is the most powerful man in Europe. I wonder which military the Rothschilds will call in for the military strike.

  • GetReal4U2

    time is very short…get ready…September approaches quickly…

  • Bartertown

    Greeks made their own problems in terms of not paying taxes. This is widely known, they prefer to live and deal in their own ‘black market’ of sorts. Even medical is paid by ‘slight of hand’. Now they foul on austerity measures by demonstrating against the very situation they themselves caused. We shall see tomorrow [Sunday] at the “ultimatium” meeting. [lol]

    The biggest problem for the world today [my opinion] is Barack Obama. Americans don’t seem to realize or care that he is destroying Europe [fact, not my opinion] His sanctions against Russia has caused Germany alone to lose 34% in trade deals at the begining of 2015. Europe, China..everyone is affected. We are now being seen as aggressors. And, THE BIGGEST THREAT TO AMERICA IS BEING SEEN AS HOSTILE. We are almost there. While the rest of the world is at least trying to get along through fair trade deals and we are with the tired worn out war mentality, which is forcing other nations into battle ready mode.

    The world is sick of the US and it’s sheeple-people. And that will ultimately be our downfall. We cannot be cut off from the world. Already, nations are trading in a basket of currencies even as the USD is reserve. That alone should be a wake-up call.

    ‘K’ mentioned about “being too late” and preparing. Do not take this advice lightly.

  • Annoyingandlovingit

    speechless. Someday it could happen. I commend you,, sir; and look forward to this again. Publish a book or start your own blog, buddy!

  • Zenithon

    What you’re describing isn’t capitalism. It might be described as crony capitalism. True capitalism empowers people to have the freedom to decide and work for their own destiny. There have been lots of other financial systems where people were far worse off. Would you like to go back to having kingdoms ran by royalty who kept all the power and money away from the people? Maybe it’s a communistic type society you are after. You could let the government decide your future, tell you where to live, how much you can purchase, where your kids go to school, where or if you can worship, what you can publicly say. Every system is fraught with problems and disasters. Do you really think any system will ever not have corruption and a class of people at the top who live off those on the bottom? At least with a combination of capitalism and some form of democracy or republic with free elections, people can choose to turn the tide. Countless numbers of people have pulled themselves out of poverty under free capitalistic systems and achieved the freedom of financial stability through hard work and innovation. Lots and lots of other people have not fared so well, but more often than not, the ones who persist and work hard tend to at the very least do pretty well.

  • Ex Deo


    I think you are naive and bit confused, even a little disenfranchised. To say Capitalism is to blame. We haven’t had Capitalism for a very, very, long time. Your idea is very cliche response and misconstrued. If we had Capitalism we wouldn’t have Central banks, fiat currency, the welfare state, government interventionism, bail outs and government central planning. No such thing as a European Union in a real Capitalist free market. All your pain and focus is actually in the lack of Capitalism. We have quasi Capitalism or corporatism, socialism, and fascism but definitely NOT capitalism. None of these entities would exist if we did. I suggest you a quaint yourself with Adam Smith’s “The wealth of nations”. All of Murray Rothbards works and Frédéric Bastiat’s “The Law”.

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