European Union members are in the middle of numerous sovereign debt crises. Greece, as we’ve noted before, is just the canary in the coal mine for the wealth destruction that is to come.
What we have heard in the news from mainstream pundits and economic experts is that “Greece” sovereign debt is in trouble, and it’s the country of Greece that needs to be saved. The reality is, however, that it’s not the country that is being bailed out, but rather, the banks that invested in it. If it was just Greece we can be assured that they would have been allowed to default long ago. All of the machinations, money printing, and emergency bailouts that European leaders have been working towards are not for the benefit of the Greek people, but for the benefit of the private banking institutions that face insolvency if they don’t get paid. It didn’t work a year ago, and this next round of bailouts for Greece will be yet another failure.
What’s worse is that, just as we and others had forecast in 2009 and 2010, debt problems in the rest of Europe are now coming to the forefront, and the exposure that European banks (and thus, American banks) have to these sovereign debts threatens to literally wipe out several of the largest banks in the world unless the EU et. al. can figure some way out of it.
If you thought Greece was bad, take a look at the exposure that European banks have to Italy’s sovereign debt – we’re talking massive amounts of money:
Source: Clusterstock via Bert Dohmen’s Wellington Letter
From Bert Dohmen, publisher of The Wellington Letter:
Here we can see that the European banks have almost ten times more exposure to Italian sovereign debt than to Greek debt. Yet until June 24, when the Italian bank stocks started tumbling, we heard nothing about that.
Billionaire George Soros said this at a recent conference in Vienna:
“Let’s face it: we are on the verge of an economic collapse which starts, let’s say, in Greece but could easily spread. The financial system remains extremely vulnerable… We are on the edge of collapse and that is the time to recognize the need for change.”
We are on record of stating that total troubled debt in the Eurozone banking system is perhaps around $800 billion. No one talks about this hidden monster. However, an article by Wolfgang Munchau of the Financial Times puts it at 800 billion Euros, or about 30% higher than our estimate. That’s over $1 trillion.
He also points out the members of the EU have guaranteed the debt of all the members of the eurozone. That’s not generally known. As Germany is the only member that is financially viable, Germany in effect is liable for all of this debt. Perhaps Germany’s credit rating should be downgraded?
“So far European officials have failed to stabilize a country as small as Greece,” Greenhaus said. “So we have little reason to have faith they’ll fix a country as big as Italy.”
Europe’s economy and financial system CANNOT be saved.
We saw what happened in Greece over the last twelve months. How do you think the people of Italy and Spain will react? What about the German people, whose government has ‘guaranteed’ all of this debt?
We can expect more protests, riots, violence and financial Armageddon in Europe in months ahead.
For now, the US stock market suggests America is immune to what’s happening in Europe. But if you pay close attention you’ll note that the stock market fluctuates daily and in many cases those fluctuations have been dependent on what the Europeans are announcing. Similar to the US, the events in Europe are literally changing from hour to hour – one day the crisis is solved, the next day it’s a catastrophe. One day soon the reality of what’s happening will hit home and no one will believe the nonsense anymore.
There remains a very high likelihood that the catalyst for a stock market collapse and the second wave of this depression will be European sovereign debt (much like what happened ahead of the Great Depression of the 1930’s when European countries defaulted on their debt).
Western society is breaking down. The elite will make out like the bandits that most of them are.
The elites will initially get away with it, but the masses will likely catch up with them in some time. It won’t be pretty then. I’m likely to be well paid to defend one – oh well – hey we all got to eat right 🙂
I wish the USA was on that chart, but then I guess the page of my 23 inch monitor wasn’t big enough to present that? Or perhaps the small Greek and Irish debts that our media seem to say are “overwhelming” would be hard to see.
Finally its possible, I guess, that Bernake could begun QE1Euro? The first monetary easing for the Euro’s…..print up some more US Dollars and buy up their Euro debt.
One of the reasons we’re not in SHTF is our dollar has no replacement in world markets. I think they thought the Euro would be that replacement, but its not looking too favorable for that now.
Time for another “French Revolution” to rid the world of politicians, bankers and other elite.
Kind of unrelated but interesting information.
“A new promotional video released by the Department of Homeland Security characterizes white middle class Americans as the most likely terrorists. The video is part of Homeland Security’s $10 million dollar See Something, Say Something program that encourages Americans to report suspicious activity, which in every case throughout history has been a trait of oppressive, dictatorial regimes.”
Thanks Bush, for your crappy new multi billion dollar department and thanks to the American zombies who put obama in office and allowed big sis to implement crap like this.
Bye bye freedom.
Oh my gosh!! I saw that video on FB and was absolutely livid!!! Who blow up the Twin Towers…who shot all the people at Ft Hood…who TRIED to blow up the jet on Christmas Day…who shot the 2 men outside a recruiting office in Arkansas…who was planning an attack on Ft.Dix?? ALL MUSLIM men…and who is portrayed as terrorists in this video…WHITE MEN…can you believe it???
So what does this tell you? Report ALL Caucasian men…and maybe a few women…a couple of white haired grandma’s, and let’s not forget the “oh so dangerous 5 yr olds…you know the one’s I’m talking about? Their the one’s who are getting patted down by the TSA!! Our country is so backwards at this point it’s no wonder we are going in reverse in regards to jobs, the economy, etc!!!
Just keep in mind that what dhs is preparing for is the internal strife that will hit when the sheeple start waking up and taking up arms – against their own government for causing/allowing financial armageddon. dhs doesn’t fear foreign muslims. it fears it’s own people! And for good reason!
It depends on what you see as a terrorist. Is it someone who wants to attack America like 9/11? Or is is someone who wants to defend the Constitution? According to Homeland Security defenders of the Constitution are potential terrorists. The FBI had a training class on that subject. Go figure.
That bottle of wine will be much harder to kick down the road than a can of olives. The pretender probably hates peas.
Soros is dancing around the fire like Rumplestiltskin – “…tonight I brew, tomorrow I bake and then the world away I’ll take!” Poised to swoop in with “change” and One World Order.
Im white, kinda middle class,(at least for now) and if they want to hang a title of terrorist on ME because THEY fucked up..bring it on.
again ,, the elite showing fear..lets keep pushing them back into the fox hole. I truely smell fear.
yep all us white dudes are coming to fuck your greedy world up..along with all the retired military, and the vets, and the …. you just cover all your bases..because as i see it any true American is sick and tired of your shit!
Im going to go out and buy that 1911 now..I wasnt going to do it, but now that you have hung a label on me , I might as well sing along..
Today the E.U. dictators decided or still talking that Greece is about to enter a default condition.
What this means in the real life, i’ll be able to tell you in the days to come.
One good friend of mine, who works as a bank teller, told me that tommorow it will be a difficult day. Black Friday mayby? Who knows.
Be prepared and don’t listen to their lies. Trust your instinct and your skills. Hide some gold deep in some shithole, where nobody will ever think to search. Hide a couple of guns and some ammo, and pray to God.
I pray for all of you my dear Ameican friends. May our Lord keep you all safe. Even though, sometimes i think that He has turned his eyes away from this planet.
Manos…he has not turned away. Our faith is being tested. Do not allow your faith to fade. He is there for you in your darkest day
Will be thinking of you , keep us posted on the developments., and how it effects the average person
Hang in there dude. We are only one step behing you guys. Lock and load!
Hang in there, Manos! You have lots of prayers and good wishes directed your way! You may be the first of us to see tshtf, and I hope you have a way to stay in contact with us if it happens, but I am resigned to the fact that we will also see tshtf here too. Take care of yourself and your family! And may God have mercy on us all!
God be with you and the people of Greece.
He has not turned his eyes away from us but we get what we reap. If we ignore Him, He ignores us. If we thank Him and praise Him and remember Him every day, He will remember us and assist us.
But His own son had a hard road and if we follow that son, we must take the hard road. But we will not be alone unless we choose it.
manos, we don’t listen to the devil…and his minions are working full time in this nation…God has a plan…He just isn’t revealing it right now.
I Peter 3:12
One night a man had a dream. He dreamed he was walking along the beach with the LORD. Across the sky flashed scenes from his life. For each scene, he noticed two sets of footprints in the sand: One belonged to him, the other to the LORD.
When the last scene of his life flashed before him he looked back at the footprints in the sand. He noticed that many times along the path of his life there was only one set of foot prints. He also noticed that it happened at the lowest and saddest times in his life.
This really bothered him and he questioned the LORD about it. “LORD, you said that once I decided to follow you you would walk with me all of the way But I have noticed that during the most troublesome times of my life there is only one set of footprints. I don’t understand why, when I needed you the most, you would leave me.”
The LORD replied, “My precious, precious child, I love you and I would never leave you. During your times of trial and suffering when you see only one set of footprints, it was then that I carried you.
By Carolyn Joyce Carty ©
And here’s a great time to say, “PREPARE, PREPARE, AND PREPARE MORE”.
Don’t ask God to guide your footsteps if you ain’t gonna use your feet!!!
Prepare–this ain’t gonna be one of those fishes by the sea events…okay???
Oh, I am prepping. But it is impossible, especially with our income to do so completely. What I cannot do, I must depend on God to do. I cannot do enough without His help. I ask Him to guide my steps in making preps, but there will be times He has to carry us.
God has turned his head away from the world. Look what happened to 92 children in Norway yesterday. Perhaps there is no God because there’s no respect for human life any more. There’s also no justice – that Anthony bitch got off Scot free. There’s so much stuff going on – 10 times worse than when I was a kid growing up and nothing much to worry about. Now you have to worry about everything like losing your home, money, and what little food you have stashed away. Face it, the military has us by the balls. You can defend yourself against pimple faced thugs coming into your home, but not against a military drone dropping a bomb onto your house. We are fucked–not a pot to piss in, and God turns away. We are on our own and the more you people realize it, the better prepared you can get.
And on top of all that, there’s this:
It seems there’s a dangerous radioactive cocktail coming down in the rain in Alberta, Canada, here’s video of an amateur test with a Geiger counter or doisimeter. I suppose it could be fake, I don’t know, but it looks real enough, you tell me:
I found this in the comments at The Daily Bell, is a pattern emerging?:
“…A prominent scientist claims the food all over Europe is radioactive!”
Will there be another wave of Italian immigrants to the U.S. reminiscent to 100 years ago? If so where are we going to put them?
Will all of Europe’s broke countries discharge their starving excess populations onto ships bound for the U.S.A?
You could throw away all the illegal Mexicans and make space for Greeks and Italians. 🙂
Sorry for being funny. I’m not laughing at you. I’m laughing with the European mess.
Early Greek and Italian immigrants were hard workers, good family people, learned the language, and in general were productive additions to the country. Plus, they didn’t send most of the money they made back “home”. So I, for one, think that’s a pretty good idea!
Italian?? What about Japan?? I saw a video yesterday and the teacher was asking for help with the a/c in schools there…something related to the radiation??
And at the bottom, it asked to locate a #number if you had information about housing the refugees????!!!!
Italy could just raid the Vatican and clean out the basement for a yard sale. They could probably pay off the world’s debts with all the booty that outfit has taken through history.
the crisis has been averted!!!whew!!! GOP and the Democrats have reached a deal…i think? depending on which news media you’re watching. Even if they do reach a deal and raise the debt ceiling all they are doing is delaying the inevitable.
If all you good folks think this video is bad, here’s something that’ll really get you going.
The Commonwealth of Massachusetts is setting up a data base (DB) and deploying equipment to scan auto license plates. They say it’s to help LEO’s fight crime, but the DB will store info on EVERY plate scanned. This info, combined with the location of the scan, lets LE know who’s car is where. Repeated scans of an area will be able to be used to determine the auto’s location(s) at various times and dates, developing patterns of movement by ordinary citizens, as well as criminals. This, along with the growing pervasiveness of CCTV camera’s to monitor activity in many metropolitan area’s, is just another sign of the growing repression of citizens by local, state and federal government.
I’m sure this (repression) is exactly what the framers of the Consistution had in mind when they wrote the Second Amendment.
This is so counter to our culture that even Mass. liberals are decrying it as “crossing the line”.
“They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety” – Benjamin Franklin
That info is already available on your car’s black box and accesessible through On Star.
They need to watch cars not equipped with the onstar system.
A similar system is coming to a car near you soon, for those who do not have it. It will come as a federal mandate part/system for security; of course, so that all cars driven by criminals can be short circuited in the event of a chase.
So, Ben, hold on to that 1956 Nash Metro. Mileage is good too!
Glad I’ve got a good bicycle… and refused to get a car with On-Star. My Toyota isn’t fancy, but it gets 30/36 mpg and should run for another 20 years – they’re a bit like cockroaches.
Sooner or later,no matter what is “done”,”re-figured”,”rescheduled” to pass the check it will come due.This debt firestorm will bring down the Institutions of ALL the completely inept\corrupt world Empires (China included).You Betcha your last paper dollar life is gonna change,Completely.Absolutely.Totally.Short term(10 to 20 years) Not for the better,including even the UBER-RICH(lots of guns,gold and oil won’t help when the food chain collapses completely).Dangerously deadly times for all,more fiercely so for the Non-Richies of us.A world-wide version of Post-Empire U.S.S.R.(a lot of it is already off the cliff and swiftly falling to smash on the bottom as in a Wiley E. Coyote\Roadrunner cartoon!)
The Chinese are about to see the fulfillment of their favorite curse:”May you live in interesting times”.Except that when they pointed the finger the other three pointed back at themselves.Prepping takes on a whole new meaning when SHTF world-wide.
Best to All,
Keep your bob bags full and hold your Loved Ones close!
What we may end up seeing is a reverse migration. With industrialization, people began leaving the rural farms and communities to (over)populate the cities. I’m already seeing people who’ve lost jobs and/or homes returning to family groups in the sticks, staking a claim (getting a small plot of land) and becoming more self-sufficient and meagerly employed. They’re liking the change. The contagion may spread. I still have my job, but I’m thinking about it anyway, just to get out of the rat race – I’m thinking goats and a garden, chickens that aren’t doped with prebiotics and hormones, a simpler, quieter life. I predict more of this sort of thing and expect the trend to continue.
“This is a place with a lot of have nots…I’m not sure I’d want to be the one who has…”(not perfectly quoted but close it from the movie Law Abiding Citizen).
Quit riding the fence Fatty. Say what you what to say.
Arguing over the debt ceiling, while doing nothing about the cause of the debt ceiling issue — overspending, is alot like arguing over the locked and bolted shut bathroom door while at the same time drinking 10 gallons of beer. You keep spending (drinking) and before too long you’re gonna have to open that bathroom door, over and over again.
This planet isn’t really that big. When the SHTF, where are these bankers and big wigs going to hide? Can’t run forever. And besides, all these wealthy elite who’ve been living on the pigs back for so long, well, they are fatter and unfit, so really, they can only run and hide for so long before they get puffed out.
Ooo, ahh, all the wonders of globalism, free trade and a bunch more nice buzz words. The problem we are facing is everything is connected to everything.
The EuroZone holds lots of US treasuries. These are used as collateral. As a country faces a financial crisis, they liquidate assets to cover the crisis.
Now we also face the problem of domestic holders of T-bills. These are NOT investments but rather insurance against defaults. These holders are banks, mutual funds and (take a swig first) pension plans.
So if the PIIGS and their handlers dump US tresuries to cover their financial shortfalls, our T-bills get heavily discounted. As the discounts get larger, the market panics and sell-offs become standard fare.
One of the great wonders of global financing is as the risk is spread out through diversification, the complexity of the financial system is increased. It is this complexity and the interwoven connections between all players that permits perceived localized negative events.
The problem is these start out local, but the securitization crosses national borders and oceans.
So what we will see is Germany will jump ship from the Euro. Recall that paying reparations from WWI put Germany in such a bind that they happily accepted Hitler. The national will of Germany will force withdrawl from the EuroZone leaving France to cover the tab.
Of course this has implications of its own. The US T-bills will tank. The debt holdings in Euros that Germany holds will tank. The house of cards falls down.
Consider that it takes all the liquidity of the EuroZone to keep Greece semi-solvent, Italy will be the killer blow. Even lowly Portugal could tip the scales and let all the solvency pour out of the Euro.
Always remember, people don’t change, they just get more so. “What? Take a pay cut to keep the government functioning? I worked for it. I was promised it.”
The world is in this mess because of greed. Not just the bankers, but each and every person. Some just more than others. The worst have an obsessive compulsive disorder to accumulate wealth far beyond reason. The lives they live are all about feeding the compulsion. A compulsion that defies logic is a mental illness that seriously needs therapy.
Don’t believe me? Just how many thousands of rounds does a person really need? Well, enough. But what is enough? Fear is a powerful motivator. Just don’t let fear be “your” mind-killer. Use logic and reason in your preps. I have little doubt that some preppers have stashed enough to open a “Mom and Pop” grocery afterward. If that is your intent, go for it. Otherwise, use some simple logic and then spent as much time La Vita Loca.
EVERYTHING IS CONNECTED TO EVERYTHING.
EVERYTHING HAS TO GO SOMEWHERE.
THERE AIN’T NO SUCH THING AS A FREE LUNCH. (TANSTAAFL)
Yup. This confirms it, bankers are the spawn of the devil.
I left out a link.
Where it says;
Click here to read about the Chicago earthquake http://www.survivalprimer.com/2005CallToArms/Vision_A_Call_to_Arms_2005.htm
and the invasion/occupation prophecies of Chuck Youngbrandt! In obedience to God Paul Phillips has published this information on the Internet. We recently found this website and believe that the Lord is using His people to bring about confirmation of that which is coming upon America.
I have included the link here in the body of the paragraph.
John F. Kennedy once held a dinner in the White House for a group of the brightest minds in the nation at that time. He made this statement: “This is perhaps the assembly of the most intelligence ever to gather at one time in the White House, with the exception of when Thomas Jefferson dined alone.”
Takes a smart man to know a smart man.
Hmm If America decides to wake up who do you actually think is going to wake up? Hell it is not the folks sitting in the projects on the producers backs. It is not the unemployed as long as they are on the dole. The elderly will just piss and moan but really cannot do anything. Of course it is going to come from the middle class after all we are the ones being robbed now.
Do you actually think a rich person is going to come down and revolt? LOL people from the middle class will revolt and then the real SHTF. Although most will not kill or cause bodily harm. But the MSM will portray them that way. Most likely going to take alot longer then most think, but there is nothing wrong with being prepared.
Stop Paying Your Taxes
..it’s the fastest way to bring down the moronic parasites of Govt.. you collapse its revenue (tax) stream which in turn collapses its ability to repay debt (you didn’t run up the bill, you felt got benefit either, so why should you pay it right?)
Bring this sham to an end in one quicke, easy, effective way… you have all the power you need… just stop paying tax
and then what