ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 02 05:17

Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System

The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses. This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico’s 73 billion dollar debt is “not payable,” and a special adviser that was recently appointed to help straighten out the island’s finances said that it is “insolvent” and will totally run out of cash very shortly.

Jul 02 01:17

Man Grabbed, Crushed to Death By Factory Robot: “This is Just the Start… Machines Will Take Over Our Lives”

“This is just the start…machines will take over our jobs, lives and world.”

That was one man’s reaction to news that a deadly accident during the installation of an assembly line robot at a Volkswagen plant in Germany led to the robot coming to life, grabbing a man and slamming him against a metal plate.

A scene out of the movie Terminator just happened for real. A robot killed a contractor at one of Volkswagen’s production plants in Germany, the automaker said.

Webmaster addition: The media is trying to make this our as a murder, when this was clearly a malfunction.

Jul 01 20:09

IMF: austerity measures would still leave Greece with unsustainable debt

Secret documents show creditors’ baseline estimate puts debt at 118% of GDP in 2030, even if it signs up to all tax and spending reforms demanded by troika

Jul 01 19:44

This Picture and Video Explain Exactly Why Doomsday Preppers Are Getting Ready For An Imminent Collapse

If you happen to be one of those people laughing at the preppers, think about how funny it will be when you’re having to dig through the trash for your next meal, because that is how bad it can get.

Jul 01 17:36

Bank closures taking their toll on businesses across Greece

Consumption apparently down 70%, tourism drying up and companies face struggle to pay for wholesale food ahead of 5 July referendum

Jul 01 17:08

Pre-Blame-Game Begins: Fed's Brainard Fingers HFT For "Amplifying Market Shocks"

We warned previously that when (not if) the market crashes next, The Fed is going to need a scapegoat (other than British traders living at home with their parents) and judging by The Fed's Lael Brainard's comments today, high-frequency-traders (HFT) are in the crosshairs. Crucially, Brainard warns that HFT "may amplify market shocks," and The Fed is "studying possible changes in liquidity resilience."

Jul 01 17:04

Desperate Greeks Resort To Scavenging Through Garbage To Find Food

"Sometimes I'll find scrap metal that I can sell, although if I see something that looks reasonably safe to eat, I'll take it"...

Jul 01 17:02

Bank Of England Warns Greece "Threatens To Trigger Market Selloff That Could Ripple Through The Global Economy"

When it comes to Europe, Greece lost the blame game, and just like the Ukraine civil war last year, became an unwitting catalyst greenlighting Germany's concession to ECB QE, this time it may be Greece that launches the next step in the ECB's master plan: not just QE but more QE. This is precisely what Goldman's Franceso Garzarelli, co-head of macro and markets research, admitted earlier today in an interview on Bloomberg TV, when he said that the ECB "will have to go big" if the situation in Greece worsens and leads to wider peripheral bond yield spreads.

Jul 01 17:01

Greece Surrenders its Sovereignty to Brussels

The Syriza government is backing down after the realization that Brussels will declare economic war on Greece by deliberately trying to plunge the country into total ruin, far worse than the sanctions imposed on Russia. This is a sad day for the entire world. It is a terrible example that the Troika is the new equivalent of a Roman Triumvirate – the death of democracy. Europeans will remember this day for it is when national sovereignty died.

Jul 01 16:42

Best Place For $

Jul 01 16:40

Video: Keiser Report: Greece! Start Fresh

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the idea of “nothing to fear but fear itself” as Greece puts an end to sovereign asset forfeiture as capital controls and bank holidays are declared after its government called a referendum. In the second half, Max interviews American defense attorney Craig Brand about civil asset forfeiture.

Jul 01 16:11

Survey: Students forced into taboo trade to make ends meet

A new study shows that an increasing number of British students are forced into adult work, gambling and other taboo trades to make their ends meet.

Jul 01 15:43

Hawaii Lawmaker Who Smashed Homeless People's Shopping Carts Beaten Up By Group Of Homeless

A Hawaii state representative was allegedly beaten by several members of a Honolulu homeless encampment on Monday after he refused to stop videotaping them, according to Hawaii News Now.

Rep. Tom Brower (D), who made national headlines in 2013 after smashing homeless people's shopping carts with a sledgehammer, was reportedly punched in the head several times and taken to Queens Medical Center in serious condition, where he was treated for a concussion and eye injuries.

Jul 01 14:57

Chicago teachers’ union blocks fight against layoffs, offers to impose pay freeze

The contract covering about 28,000 teachers and paraprofessionals in the Chicago Public Schools (CPS) system expires at midnight July 1. Negotiations between the district and the Chicago Teachers Union (CTU) for a one-year contract continue as Mayor Rahm Emanuel works with the Democratic led-legislature and Republican Governor Bruce Rauner to implement austerity measures to cover the district’s $1 billion budget shortfall and hundreds of millions in pension payments.

Jul 01 14:39

5 Ways Puerto Rico's Debt Crisis Echoes Detroit

Jul 01 14:37

MYSTERY: NATIONAL DEBT FROZEN AT $18,112,975,000,000 — FOR 15 WEEKS?

That, according to the Treasury’s statements, makes 15 straight weeks that the debt subject to the limit has been frozen at $18,112,975,000,000.

Jul 01 14:32

Criminalizing the unemployed

The reason Sue has taken off work to meet with the judge on an unpleasantly hot and humid day in June is because the state of Michigan believes she's a criminal.

It began like this: In October 2014, Sue filed for unemployment insurance after being laid off from a contracted IT position. Before the economy self-destructed in 2008, she worked at Ford. Today, like many, she relies on contractual employment opportunities. It was the understandable decision to file for unemployment that led her into Sewell's world. According to the state, Sue has misrepresented how much income she earned during periods she claimed to be unemployed.

State records showed she collected a check from the beginning of January 2014 until she was laid off in October.

Jul 01 14:17

While Puerto Rico sinks in debt, residents flee in record numbers to the U.S.

Puerto Rico is losing its people. Whole families are leaving. “Se Vende” or “For Sale” signs are everywhere. Jet Blue and American Airlines are breaking records in one-way departure flights to Miami and New York.

Webmaster's Commentary: 

Jul 01 13:55

Puerto Rico To Increase Sales Tax To 11.5%

Jul 01 13:53

Why we recommend a NO in the referendum – in 6 short bullet points

Negotiations have stalled because Greece’s creditors (a) refused to reduce our un-payable public debt and (b) insisted that it should be repaid ‘parametrically’ by the weakest members of our society, their children and their grandchildren.

Jul 01 13:48

Greek Prime Minister Confirms Referendum Will Go Forward

Polls suggest Greek citizens support the government in its stance against the Troika.

Jul 01 13:39

Max Keiser: The Truth About Bank Holidays

Jul 01 13:30

Thousands rally in austerity demonstration in Athens

In Athens’ main Syntagma Square, more than 10,000 people gathered Tuesday evening to call for a “Yes” vote in Sunday’s referendum on EU austerity measures in Greece. Many demonstrators carried European Union and Greek flags, as well as pro-EU placards, shouting, “Greece, Europe, Democracy” or “Save Democracy, Yes to Euro”.

Jul 01 13:14

Monthly, Quarterly Ending Analysis

Jul 01 13:05

For students at for-profit colleges, wrong mix of loans can be toxic

Kimberly Garrison has been struggling with her student loans for a full decade. Unable to land a job with her computer networking associate’s degree, the Homestead woman missed payments, which led to her wages being garnished — about $700 per month. When Garrison received an inheritance after the death of her grandmother, she put the full $10,000 toward her loan debt, she says, in hopes of getting it under control.

Still, the $35,168 she borrowed from 2003 to 2005 to attend the Miami campus of ITT Tech has grown to $62,030.

Webmaster's Commentary: 

Higher education used to be about getting a better education and job. Today, under the influence of the money-junkies, it is just another way to plunge Americans onto that debt-hook for life!

Jul 01 12:55

EuroZone Profiteers: How German and French Banks Helped Bankrupt Greece

Alexis Tsipras, the prime minister of Greece, has called a national referendum this Sunday to call the bluff of the European Union and International Monetary Fund who are trying to force his country to accept severe austerity in return for effectively rolling over much of the countries’ debt.

Jul 01 12:44

Man Buys Tiniest Tiny Home for $950, Now He Lives Off the Grid Rent Free

Just when you think domiciles can't get any tinier... How far would you be willing to go to live like this?

Jul 01 12:13

Endless Wars in Middle East More About Money Than Threats

Jul 01 12:11

Global parasitism creates conditions for a new financial meltdown

The way in which financial parasitism, fed by the ultra-cheap money policies of the US Federal Reserve and other central banks, is creating conditions for another crisis is revealed in figures on takeovers and mergers in the first half of this year.

Jul 01 11:44

Is the TPP Okay With Slavery? Really?

So the fast track plan to pass the Trans-Pacific Partnership has run into a new wrinkle after an amendment passed in the Senate debate: slavery. Yes, really, slavery: the Senate voted for an amendment that would make it more difficult for countries that engage in slavery to be in the TPP, and the Obama administration objected.

Jul 01 11:15

1,400 CPS layoffs expected after $634M pension payment

As many as 1,400 Chicago Public Schools workers may be laid off after the school district paid off its $634 million pension debt.

Mayor Rahm Emanuel and Interim CPS Chief Jesse Ruiz will announce their long-term plan to address the pension and funding inequities for the schools at 2p.m. Wednesday.

Webmaster's Commentary: 

"Our plan is to kill off all the retired people. It's not like they are of any use, and they are lousy drivers who take up two parking stalls at the supermarket, so we'll just execute them, humanely of course, sell the bodies for commercial exploitation, and save the pension funds for new furniture for my office."

Jul 01 10:36

7 Survival Skills You Can Barter With

By Dan Sullivan

Whether you believe or not in the fall of the dollar, one thing is clear: we’re all going to have to learn how to barter if we’re gonna survive in a post-apocalyptic world in the (temporary) absence of money.

I can think of many reasons for this but the main one is that, even if the currency survives, we’re still going have to face sky-high inflation...

Jul 01 09:59

LTV 137% - In Unprecedented Development, Lenders Now Take Record Losses On Every Used Car Loan

This wasn't supposed to happen.

With the US consumer hunkering down in 2015 and barely spending more than in the comparble period last year, the only silver lining had been auto sales driven almost entirely by access to cheap credit; in fact, as the chart below shows while revolving credit has barely budged from its post-crisis lows with consumers still failing to fall for the "recovery" narrative, Uncle Sam's zero cost loans which are now reaching well over 6 years in average duration have provided a generous support for the US auto industry. In addition to the bubble in student loans, car loans have been the only confirmation that the US consumer - that driver of 70% of the US economy - is still alive.

Jul 01 09:52

Massive anti-austerity rally in Athens

Jul 01 09:46

Greek pensioners besiege banks, scuffles break out

Anxious crowds of Greeks on Wednesday thronged banks that were opened especially for pensioners who don't have bank cards, to allow them some access to their money. Some had been waiting since the early hours of the morning, but as the opening hour approached, tensions rippled through the crowd.

Jul 01 09:05

On Greece and Europe: What is Called “Negotiation” is a Demand for Total Surrender

What is called “negotiation” is in reality a demand for total surrender. The Troika’s demand is to force Syriza to go back on the campaign promises that it made to voters who replaced the old right-wing Pasok (“socialist”) and Conservative New Democracy coalition, or else simply apply the austerity program to which that coalition had agreed:cutbacks in pensions, deeper austerity, more privatization selloffs, and a tax shift off business onto labor. In short, economic suicide.

Jul 01 09:04

Greece: Austerity for the Bankers

Michael Hudson says Greece’s Finance Minister Varoufakis is proposing austerity on the banking class rather than on the working class to balance the budget.

Jul 01 09:02

Greece becomes 1st developed nation to default on intl obligations

The International Monetary Fund has confirmed that it didn't receive the €1.5 billion payment from Athens that was due by the end of June 30, Brussels time, making Greece the first developed country to default on its international obligations.

Jul 01 09:00

Can This Economy be Saved By Injecting Fiat Money Into Banks?

Phil Watt, Contributor
Waking Times

There is increasing dissatisfaction across the globe with the incompetency, corruption and malpractice of the interdependent finance sector, especially after the Global Financial Crisis in 2008 that crippled national economies all over the world and sent millions of people into unemployment. Thousands also lost their homes, as well as huge portions of their superannuation, whilst the commercial banking sector was bailed out of the mess that they created with trillions of dollars of Quantitative Easing (QE) central bank cash injections.

Jul 01 08:38

As Iran nuclear deadline passes, narrative battle heats up

The real issue holding things up is whether the Americans have the "political will" to make that leap, to agree in writing to its obligations (without 100 caveats) and the courage to face their sprawling bureaucracy whose bread-and-butter is the 'sanctions industry' and the 'Iranian enemy.' says Sharmine Narwani

It’s D-Day in Vienna, and the parties sitting across the negotiating table still haven’t ironed out terms to settle a 12-year standoff over Iran’s nuclear program. Expect this deadline to be missed. And prepare for a lot of hot air to fill its space.

The “hot air” is calculated narrative-spin from a range of players that seek to 1) scuttle a deal, 2) increase pressure/create leverage at the negotiating table, or 3) frame an upcoming agreement in language favorable to one side.

Jul 01 08:35

Wanted in College Graduates: Tolerance for Ambiguity

As artificial intelligence increasingly makes many jobs obsolete, success in the future will belong to those able to tolerate ambiguity in their work. Too many recent graduates, however, approach their job descriptions the way they did a syllabus in college—as a recipe for winning in a career. They want concrete, well-defined tasks, as if they were preparing for an exam in college. “Excelling at any job is about doing the things you weren’t asked to do,” said Mary Egan, founder of Gathered Table, a Seattle-based start-up and former senior vice president for strategy and corporate development at Starbucks. “This generation is not as comfortable with figuring out what to do.”

Webmaster's Commentary: 

I grew up in a generation where figuring things out for yourself was encouraged. And the ability to solve unexpected problems is where humans (at least for the moment) are superior to computers. But people who can "think outside the box" are a serious threat to governments trying to keep everyone inside a box and it comes as no surprise that recent trends in public education, especially Common Core, discourage analytical thinking in favor of teaching preprogrammed responses to preprogrammed problems.

As a side note, AMC has a new series out called "HUMANS" (The 'A' is inverted in the title) which is worth watching. It is very well written, and while the main story line is "bad scientists try to recapture escaped experimental robots" is a tad trite, the real story is about the introduction of artificial intelligence systems into consumer life, and the social problems which will result when we look into our systems and realize there is something looking back!

Jul 01 08:17

Greek PM: We aim to seal deal with creditors after referendum

Greek PM Alexis Tsipras has said any statements about expelling Greece from the Eurozone should Sunday's referendum result in a "No" vote are a bluff - and he made assurances that Greece aims to strike a new bailout deal after the plebiscite.

A defiant Tsipras addressed his fellow Greeks in a live televised speech on Wednesday. He said that his country needs new reforms, different from the ones international lenders are insisting on.

Jul 01 08:16

Obama Removes TPP’s Anti-Slavery Clause, Then Attacks Confederate Flag as “Symbol of Slavery”

Right before he publicly attacked the Confederate flag as a “symbol of slavery,” President Obama quietly removed an “anti-slavery” provision from the Trans-Pacific Partnership Trade Agreement.

Jul 01 08:15

Greece is Screwed!

By order of Prime Minister Alexis Tsipras, Greek banks have been shut down until July 6 and withdrawals from ATMs limited to no more than 60 euros per day.

Here in the U.S., most folks can’t ever imagine such a thing happening. And in all fairness, I don’t expect such a thing to happen, either. But that’s not to say it never will.

Jul 01 08:08

Puerto Rico Announces Bond Payment "Moratorium"

Having concluded last night that Puerto Rico debt is "unpayable," and that his government could not continue to borrow money to address budget deficits while asking its residents, already struggling with high rates of poverty and crime, to shoulder most of the burden through tax increases and pension cuts, Padilla confirmed tonight that (from Bloomberg):

*PUERTO RICO TO SEEK "NEGOTIATED MORATORIUM", 'YEARS' OF POSTPONEMENT IN DEBT PAYMENTS

Webmaster's Commentary: 

This is how the sellers of those trillions in credit default swaps are going to screw the people who bought them. "It isn't a default; it's a 'payment moratorium!'"

Jul 01 08:01

Puerto Rico is on the verge of default

While all the focus is on Greece there is another government that looks like defaulting on its debts: Puerto Rico’s.

Speaking Sunday evening the island’s governor, Alejandro García Padilla, has concluded that the commonwealth could not pay its roughly $72 billion in debts. The admission will probably have wide-reaching financial repercussions, according to the New York Times.

Jul 01 07:52

Greek Pro-Euro Protesters Are Just out of Their Minds

They interviewed the “YES” protesters (yes, stay in the euro) and the response was totally off the wall. A woman responds that she knows 95% of Greeks will be hurt, but:

“It’s only in the European Union that legal democratic processes are guaranteed.”

This is the downside of democracy for stupid people who believe propaganda get to vote, yet if they remained in the euro they would not.

Jul 01 07:46

What’s the Timetable to a Grexit?

We are in the climax of Greece’s debt crisis. It has been a slow-burn crisis, a five-year-long string of high-drama confrontations amid tedious talks. These next three weeks are crucial. On Tuesday, Greece defaulted on the International Monetary Fund. July 20 is the endgame—the day Greece must repay a bond to the European Central Bank.

Jul 01 07:44

10 things they’re not telling you about the Greek crisis

The Greeks are in a crisis because they’re a bunch of lazy deadbeats, right?

After all, they work only 10 months of the year — and get paid for 14. They retire at 25 and lounge around in cafes drinking ouzo. They live on handouts from Germany and cheat on their taxes. The troika of the European Commission, the European Central Bank and the International Monetary Fund have tried and tried and tried to help them, but they just won’t listen. And now they’ve gone full moonbat and are refusing to pay back even a scrap of the money they’ve borrowed.

Right?

Rubbish.

Almost everything you’re being told about the Greek crisis is a load of complete nonsense.

Jul 01 07:42

The real losers from a Greek exit won’t be in Greece

Sooner or later, Greece is going to get out of the single currency.

And there is a paradox in that which most commentators have so far missed. When the moment comes, the Greeks themselves will be just fine. But the collateral damage will be huge.

Jul 01 07:41

Ending the Ownership of Money

As is now common knowledge, some of the world’s most powerful countries are insolvent due to ever-increasing sovereign debt. At this point, the economies are being held together through only one factor: continued faith in the currency by the average citizen. As soon as that faith disappears, the economies will crash.

Not surprisingly, the leaders of these countries and their close associates (particularly the banks) are actively seeking means by which they can escape the effects of the crisis they have created and still retain some sort of control.

For some time, I’ve predicted that one way in which they will accomplish this will be the elimination of cash, that in order to prevent a run on the banks in which the average citizen simply removes his money from the system, such a removal would be made impossible by ending the existence of bank notes. It would be replaced with an electronic currency system, so that the only “cash” that exists is a credit in a bank account.

Webmaster's Commentary: 

Jul 01 07:36

Greece Again Can Save The West — Paul Craig Roberts

Like Marathon, Thermopylae, Plateau and Mycale roughly 2,500 years ago, Western freedom again depends on Greece. Today Washington and its empire of European vassal states are playing the part of the Persian Empire, and belatedly the Greeks have formed a government, Syriza, that refuses to submit to the Washington Empire.

Few people understand that the fate of Western liberty, what remains of it, is at stake in the conflict, and, indeed, the fate of life on earth. Certainly the German government does not understand. Sigmar Gabriel, a German vice-chancellor, has declared the Greek government to be a threat to the European order. What he means by the “European order” is the right of the stronger countries to loot the weaker ones.

The “Greek crisis” is not about debt. Debt is the propaganda that the Empire is using to subdue sovereignty throughout the Western world.

Webmaster's Commentary: 
Jul 01 07:16

Greek Referendum Plan by Alexis Tsipras Tests His Power and Conviction

As Friday night became Saturday morning, with sidewalk cafes still bustling in central Athens, Prime Minister Alexis Tsipras abruptly appeared on national television.

Mr. Tsipras, only 40, had spent his five months in office locked in increasingly acrimonious negotiations with Greece’s creditors. Belittled by critics, and facing the prospect of default, he was under intense pressure to sign a deal.

Instead, Mr. Tsipras tossed a grenade.

Jul 01 07:15

Key Greek Referendum Debt Document Mistranslated

There are three scenarios, and the document’s conclusion is that under the first two there are “no sustainability issues” when the country’s financing needs are taken into account. The official translation provided by the Foreign Ministry and sent to reporters on Monday, though, was missing the word “no.” So the Greek text reads that there is a sustainability issue.

In addition, Greek parliament minutes show that a separate draft translation provided to lawmakers before they were asked to approve the referendum also dropped this crucial “no.” Spokespersons from the interior and foreign ministries declined to comment on the error.

Jul 01 07:13

Fresh Greek Bailout Proposal Falls Short of Creditors’ Demands

A new proposal for budget cuts and policy overhauls from Greek Prime Minister Alexis Tsipras was dismissed by European officials Wednesday as insufficient to revive negotiations over a new bailout for Athens.

Jul 01 05:51

The 75 Trillion Dollar Shadow Banking System Is In Danger Of Collapsing

Keep an eye on the shadow banking system – it is about to be shaken to the core. According to the Financial Stability Board, the size of the global shadow banking system has reached an astounding 75 trillion dollars.

Jul 01 02:35

Racial Tensions Ignite, Distracting Americans While “Major Financial Collapse is Imminent”

Inciting hatred has a tendency to spread and boil over... and then distract from the real issues.

Read more at SHTFplan.com

Jul 01 01:05

Crowdsourcing campaign to bailout Greece launched by British shoe shop employee

A British shoe shop worker launched a crowdfunding campaign to help Greece pay back its $1.8 billion IMF loan, which was to fall due Tuesday. There was so much enthusiasm behind the campaign that the host website's servers were crashed from the traffic.

Jul 01 00:55

Greece’s Downfall and Redemption

Decades of exorbitant military spending account for Greece’s present downfall under an Olympian-sized debt. European governments and news media portray the problem of Greece’s financial woes as public spending profligacy.

Jul 01 00:49

Alexis Tsipras must be stopped: the underlying message of Europe's leaders

One day before Greece’s bailout ends and the country’s financial lifeline melts away, Europe’s big guns have lined up one after another to tell the Greeks unequivocally that voting no in Sunday’s referendum means saying goodbye to the euro.

Jun 30 21:55

Greek Referendum on IMF Ultimatum

This is a test. Will the internationalist banksters force extraction of their ill-gotten interest payments to bail out their reckless derivative trades gone wrong, or will a sovereign country abandon the chains of financial elite coercion and renounce their IMF and ECB debt? Make no mistake about it, Greece has lived high on the hog for decades and has serious internal problems. There is no free ride. However, the pain from the coming default is necessary to shed the yoke of a failed European Union construct.

Jun 30 21:36

Greece – A Moving Target

Mr. Tsipras lets it be known that if the Greek vote ‘yes’ – for the austerity program, he may resign – that might bring the hegemon’s desired ‘regime change’.

Greece is a moving target. A new bail-out package in the wings? Being negotiated as these lines are going to print? An act of desperation? – Confusing for sure – for the electorate, for observers – but especially for the suffering every-day Greek. Almost hour by hour things are changing.

A last-minute, last ditch negotiation with Brussels for a new bail-out program has apparently been initiated by Athens for two years. No amount has been mentioned – let alone the austerities that Greece would have to accept – or the troika.

Jun 30 20:41

The Care and Feeding of a Financial Black Hole

Do you like your black hole? If you aren't sure you like it, then let me ask you some other questions: Do you like the fact that your credit cards still work, or that you can still keep money in the bank and even get cash out of an ATM, or that you are either receiving or hope to eventually receive a pension? Do you like the fact that you can get useful things—food, gas, airline tickets—for mere pieces of paper with pictures of dead white men on them? Do you like the fact that you have internet access, that the lights are on, and that there is water on tap? Well, if you like these things, then you must also like the financial black hole, because that's what's making all of these things possible in spite of your country being bankrupt. Perhaps it's a love-hate relationship: you love being able to pretend that everything is still OK even though you know it isn't, and you wish to enjoy a bit more of the business-as-usual before it all goes to hell, be it for a few more days or another year or two; but you hate the fact that eventually the black hole will suck you in, after which point things will definitely... suck.

Jun 30 19:39

Greece becomes first developed nation to default on international obligations

The International Monetary Fund has confirmed that it didn't receive the €1.5 billion payment from Athens that was due by the end of June 30, Brussels time, as Greece becomes the first developed country to default on its international obligations.

Jun 30 18:35

The Care And Feeding Of A Financial Black Hole

"...anyone who knows mathematics can see that the United States is on the verge of collapse because its debt has gone exponential, but no European (never mind American) politician can state the obvious, no matter how obvious it is. American officials and politicians are definitely puppets, controlled by corporate lobbyists and shady oligarchs. But here's a shocker: these are also puppets - controlled by the simple imperatives of profitability and wealth preservation, respectively. In fact, it's puppets all the way down. And what's at the bottom is a giant, ever-expanding, financial black hole."

Jun 30 18:15

China's "E*trade Babies" Wiped Out In Market Crash

The relentless, limit-down trading in Chinese stocks that unfolded last week and continued into Monday (despite the PBoC's best efforts to arrest the slide with an emergency rate cut) has wreaked havoc on China's rookie money managers and their unsuspecting clients with losses amounting to as much as 80% in some structured funds.

Jun 30 18:11

‘Greece not for sale’: PM Tsipras urges ‘no’ vote on Euro bailout referendum

All eyes are on Greece today, as it moves closer to defaulting on an IMF repayment, which is due in 10 hours.

Jun 30 18:03

Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis

Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece. On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either.

Jun 30 18:02

Chart Of The Day: Is China Sending A Warning?

Jun 30 16:56

Eurozone Nears Chaos as Greek Banks Close

Jun 30 15:53

CHART: U.S. debt headed toward Greek levels

Jun 30 15:09

Video: Young Americans Shocked to Learn of Hillary’s Multiple Mansions

Young Americans being quizzed on the homes of 2016 Presidential candidates were in for a shock this week after learning of the multiple mansions owned by Hillary Clinton.

Jun 30 14:52

Athens Agonistes: Troika Extremists Write New Greek Tragedy

The people of Greece are being driven to their knees by a gang of brutal religious extremists, willing to destroy whole nations for the sake of something that doesn't even exist. Yet the 'civilized' world cheers these barbarians on as they despoil the cradle of Western democracy.

Greece is facing total collapse unless it knuckles under to the draconian demands of the bizarre cultists known as the Troika, a sinister union of three extremist groups (the I.M.F., the European Central Bank and the European Commission) who seek to impose their harsh and rigid way of life across the world. They insist that control of a nation's wealth be given over to a few powerful emirs and the Troika's favored moneylenders in its richer satrapies.

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