We had a server outage, and we're rebuilding the site. Most of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Greek Tragedy Goes Global

by Stephen Lendman Saturday, Jul. 09, 2011 at 4:50 AM
lendmanstephen@sbcglobal.net

financial terrorism

Greek Tragedy Goes Global - by Stephen Lendman

After Greece's government surrendered to banker occupation, trends analyst Gerald Celente told Russia Today that:

America's "economy continues to decline. There's no recovery in sight." Across Europe in Greece, Britain and elsewhere, people are reacting against forced austerity to assure bankers get paid.

In fact, Trends Journal months ago called it "off with their heads 2.0....The global ponzi scheme is under collapse....whether it's in Egypt, Tunisia, whether it's in the UK, Greece. Watch out for Spain. Here comes Italy. Ireland's coming up the backstretch. It's only going to get much worse."

"The people know the score....What killed capitalism (is explained) in four simple words: too big to fail...The banks are failing, and they want the people to bail them out....I want to make this clear. The IMF is nothing more than the International Mafia Federation, the loan sharks of last resort, and the people know it. They call it privatization. Adults call it stealing valuable public assets, and selling them to your friends really cheaply."

In all these countries, "the politicians only represent the people who give them the most amount of money....And what do these austerity measures bring - a lot more poverty and unemployment." People know it. They're mad, and they're reacting globally.

Expect it eventually in America, the heart of predatory capitalism, stealing from the many for the privileged few, bankers and war profiteers always first in line for handouts, as much as they want whenever they want it.

On July 2, long-time former insider, market analyst/observer Bob Chapman said world markets, especially America's, "are in a state of uneasiness, and it's only a matter of time before they degenerate further. The real question is will everything break loose between now and the end of the year?" In part, it will, and it's currently happening.

In fact, problems Chapman explained months ago "are coming together like a bad dream. This could be a replay of 2008, but for a different set of reasons." Wall Street is a reliable leading indicator.

On June 16, New York Times writer Susanne Craig headlined, "Wall Street Braces for New Layoffs as Profits Wane," saying:

"Wall Street plans to get smaller this summer." Faced with economic weakness, "many of the biggest firms are preparing for deep cuts in jobs and other costs." According to Normura analyst Glenn Schorr, "It's a tense environment right now," suggesting hard times perhaps returning soon.

According to Chapman, Greece's problems weren't solved. They're festering greater than ever. More on that below. Moreover, sovereign nation debt ratings "are falling like ten-pins. (We believe that) euro, (Eurozone) and European Union problems....are unsolvable."

"Little has been done to repair" the 2008 debt crisis. Conditions across Europe, Britain and America are no better. Sooner or later Greece will default, perhaps causing "a collapse of the world financial system, as we know it....The entire financial sectors" in Western countries "are more vulnerable now than ever" and getting worse.

Watch out. Failure somewhere could trigger panic globally. Moreover, China's economy is slowing. Major inflation and real estate bubble problems exacerbate it, and Japan's now back in recession. Overall, talk of recovery is illusion, not fact, in the face of growing global deterioration.

Financial expert and investor safety advocate Martin Weiss has been warning regularly about deepening debt crises and likely defaults. On July 4, his latest report is headlined, "Why the Great Greek Tragedy Has Barely Begun," saying:

The likelihood of Greek debt default is much higher than ever, what Western governments and media won't explain until its debt bubble implosion no longer can be hidden.

Have bailouts helped? Absolutely not! In fact, global institutional investors believe "the probability of a Greek default is FOUR times greater today than (when) European officials announced" their bailout.

Moreover, when Lehman Bros. failed in September 2008, "the most investors were willing to pay for $10 million in Greek debt default coverage was $52,000. Today, they're paying 45 times more!"

In fact, they know that force fed austerity, including tax hikes, layoffs, spending cuts, lower government revenues, and public asset fire sales won't avoid default. It's not if, just when and how badly contagion spreads globally.

What Greece and other troubled economies, entrapped by IMF mandates, have done is sign their "own death warrant." Greece's loans will keep it going another few months at most, "through the summer, but not a single second longer," so it's back for more help, more cuts, higher unemployment, less revenue, greater poverty on the road to financial oblivion like other countries on the same path.

As a result, Weiss sees three major financial crises ahead:

(1) Already reeling from America's greatest housing depression, US banks face more crushing burdens ahead because of their exposure to European banks that have loaned billions to Greece. When they're hit, US banks go with them, those most exposed hammered hardest.

(2) Vulnerable US money funds have "half of their $1.6 trillion in assets in European banks." Moreover, "50 million Americans have money in those funds!" When Greece defaults, they'll be hard-pressed to repay what they borrowed. As a result, "breaking the buck" may follow, meaning their share price value will fall below $1, what most investors once thought impossible, but it happened after Lehman collapsed.

In late June, even Bernanke admitted that European bank exposure "pose(s) some concern to money market mutual funds," a rare divergence from past rosy scenario predictions.

However, danger signs extend well beyond money funds. Virtually all global debt markets are vulnerable, including corporate commercial paper and US Treasuries. When crisis conditions deepen globally, no financial assets are safe. As a result, catastrophic consequences are possible.

(3) "Washington is suffering from the same debt disease as Athens," multiplied many times over. As a result, every hardship Greece now faces offers "a sneak preview of what could be in store (for America), barring" an unlikely major political miracle as lawmakers debate exacerbating measures, not healing ones. No wonder Weiss advises, "Above all, stay safe!"

In Part 2 of his May Quarterly Letter to investors, GMO asset management firm co-founder and chief strategist Jeremy Grantham headlined, "Time to be Serious" by lightening up on risk exposure at a time stocks are 40% overvalued and fixed income "badly overpriced."

With red flags emerging everywhere, now's "not the time to float along with the Fed, but to fight it," meaning safety is essential over risk as beating odds gets longer in a global economy getting sicker, not better, but don't expect Western governments or media to explain.

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.

Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour/.
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Woolsey Fire: Worst News of 2018? J01 12:18AM

Oppose Environmentally-Harmful Development D10 4:03AM

Oppose Environmentally-Harmful Development D10 3:58AM

OUR HOUSE Grief Support Center Presents Night for Hope O30 5:38PM

Marshall Tuck’s racist dog whistle O27 5:01AM

Marshall Tuck’s ethnocentrism contradicts Californian values O27 4:32AM

Contra Costa-Hawkins O25 3:48AM

Debunking Some Anti-Prop 10 Propaganda O12 6:56AM

Why Should California Choose De Leon Over Feinstein? O10 9:55PM

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

More Local News...

Other/Breaking News

The Attack of Corporations and the Rich on the Rest of Society J22 2:36PM

bataclown J22 12:32PM

bataclone J21 8:08PM

VAN ATTACK HOAX J21 7:35PM

Mobile Royale Hack Online Generator - Get Unlimited Crystals J21 3:03PM

Unification, séparation et fragmentation J21 2:48PM

Testing Upload J21 7:10AM

FARCELONA.2 J20 7:18PM

FAKE NEWS POR SOROS J20 6:11PM

Chemtrails and Prince J20 2:43PM

Wages For Housework J20 2:41PM

Tutelle comportementaliste J20 9:18AM

A Mistake: Jesse Jackson-Toyota deal-in Lexington -Ky is .8 billion over 10 years 2018 J20 1:17AM

If Trump Declares a AantionalEmergency, He'll Be Breaking the Law J20 12:47AM

Jesse Jackson's Sneak Attck on Toyota Lexington Ky and it's workers 2018 J19 9:12PM

Video: Chris Herdges in Eugene, 1 hr 24 min J19 5:37PM

FAKE NEWS J19 2:31PM

MACROTHSCHILD.2 J19 11:03AM

Judge Delays Ruling on Puerto Rico Debt Deal White House Opposes Island's Food Assistance J18 6:04PM

BATACLOWNS J18 9:28AM

FALSAS VICTIMAS J18 9:22AM

Paraphysique de proxémie guerrière J18 7:59AM

MACROTHSCHILD J17 9:38PM

FARCELONA 8.17.2017 J17 3:23PM

DEAD MAN LIVING J17 10:46AM

DIARY OF A CON MAN J16 10:40PM

PR Debt Cancel, Judge Reviews Cofina Debt J16 9:04PM

Réseautage, fragmentation du capital J16 4:20PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy