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

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. (Read More...)

The Next Great European Financial Crisis Has Begun

European Financial CrisisThe Greek financial system is in the process of totally imploding, and the rest of Europe will soon follow.  Neither the Greeks nor the Germans are willing to give in, and that means that there is very little chance that a debt deal is going to happen by the end of June.  So that means that we will likely see a major Greek debt default and potentially even a Greek exit from the eurozone.  At this point, credit default swaps on Greek debt have risen 456 percent in price since the beginning of this year, and the market has priced in a 75 percent chance that a Greek debt default will happen.  Over the past month, the yield on two year Greek bonds has skyrocketed from 20 percent to more than 30 percent, and the Greek stock market has fallen by a total of 13 percent during the last three trading days alone.  This is what a financial collapse looks like, and if Greece does leave the euro, we are going to see this kind of carnage happen all over Europe. (Read More...)

We Might As Well Face It – America Is Addicted To Debt

Debt Tree - Public DomainCorporations, individuals and the federal government continue to rack up debt at a rate that is far faster than the overall rate of economic growth.  We are literally drowning in red ink from sea to shining sea, and yet we just can’t help ourselves.  Consumer credit has doubled since the year 2000.  Student loan debt has doubled over the course of the past decade.  Business debt has doubled since 2006.  And of course the debt of the federal government has doubled since 2007.  Anyone that believes that this is “sustainable” in any way, shape or form is crazy.  We have accumulated the greatest mountain of debt that the world has ever seen, and yet despite all of the warnings we just continue to race forward into financial oblivion.  There is no possible way that this is going to end well. (Read More...)

‘You’re Fired – Now Train Your Much Cheaper Foreign Replacement’

Fired - Photo by XonecaIf you were laid off from your job, would you be willing to train your replacement if your company threatened to take away your severance pay if you didn’t do it?  And how would you feel if your replacement came from India, and the only reason your company was replacing you was because the foreign worker was a lot less expensive?  Sadly, this is happening all over America – especially in the information technology field.  Huge corporations such as Disney and Southern California Edison are coldly firing existing tech workers and filling those jobs with much cheaper foreign replacements.  They are doing this by blatantly abusing the H-1B temporary worker visa program.  Workers that had been doing a solid job for decades are being replaced without any hesitation just because it will save those firms a little bit of money.  There is very, very little loyalty left in corporate America today.  Even if you have poured your heart and your soul into your company for years, that ultimately means very little.  The moment that your usefulness is over, most firms will replace you in a heartbeat these days. (Read More...)

Hospitals Are Blatantly Ripping Us Off

Scam - Public DomainMost Americans are deathly afraid to go to the hospital these days – and it is because of the immense pain that it will cause to their wallets.  If you want to get on a path that will lead you to bankruptcy, just start going to the hospital a lot.  In America today, hospitals and doctors are blatantly ripping us off and they aren’t making any apologies for it.  As you will read about below, some hospitals mark up treatments by 1,000 percent.  In other instances, basic medical supplies are being billed out at hundreds of times what they cost providers.  For example, it has been reported that some hospitals are charging up to 30 dollars for a single aspirin pill.  It would be difficult to argue that the extreme greed that we see in the medical system is even matched by the crooks on Wall Street.  These medical predators get their hands on us when we are at our most vulnerable.  They know that in our lowest moments we are willing to pay just about anything to get better or to make the pain go away.  And so they very quietly have us sign a bunch of forms without ever telling us how much everything is going to cost.  Eventually when the bills come in the mail, it is too late to do anything about it. (Read More...)

Guess How Many Nations In The World Do Not Have A Central Bank?

OctopusCentral banking has truly taken over the entire planet.  At this point, the only major nation on the globe that does not have a central bank is North Korea.  Yes, there are some small island countries such as the Federated States of Micronesia that do not have a central bank, but even if you count them, more than 99.9% of the population of the world still lives in a country that has a central bank.  So how has this happened?  How have we gotten the entire planet to agree that central banking is the best system?  Did the people of the world willingly choose this?  Of course not.  To my knowledge, there has never been a single vote where the people of a nation have willingly chosen to establish a central bank.  Instead, what has happened is that central banks have been imposed on all of us.  All over the world, people have been told that monetary issues are “too important” to be subject to politics, and that the only solution is to have a group of unelected, unaccountable bankers control those things for us. (Read More...)

American Pharoah: What A Perfect Description For The Guy In The White House

Obama Pharoah - YouTube ScreenshotA horse named “American Pharoah” just won the Triple Crown.  Is this some sort of a sign for America?  The office of the presidency was greatly strengthened under previous administrations, but now Barack Obama has grabbed an unprecedented amount of power for himself.  In this article, I am going to focus on immigration, but Obama’s power grab is certainly not limited to this area.  And as I have written about previously, if there is some sort of major “national emergency” over the next year or so, the legal framework has already been created for Obama to use his “emergency powers” to take total control of virtually everything.  So is comparing Obama to the pharoahs of ancient Egypt unfair?  I don’t think so at all.  He is certainly acting as if he would like the powers of a dictator, his policies in the Middle East would make the pharoahs proud, and without a doubt Obama loves the adoration and worship of his fans.  In my opinion, he is the closest thing to a pharoah that the United States has ever seen. (Read More...)

Why Is The EU Forcing European Nations To Adopt ‘Bail-In’ Legislation By The End Of The Summer?

Question Smiley - Public DomainAre they expecting something to happen?  As you will read about below, the European Union says that any nation within the EU that does not enact “bail-in” legislation within the next two months will face legal action.  The countries that are being threatened in this manner include Italy and France.  If you fast forward two months from this moment, that puts us in early August.  So clearly the European Union wants everything to be squared away by the end of the summer.  Is there a reason for this?  Are they anticipating that something really bad will happen in September or thereafter?  Why such a rush? (Read More...)

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