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 Friday, Jul. 08, 2011 at 9:50 PM
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 million in Greek debt default coverage was ,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 .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 , 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:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

Two Podcasts on fbi corruption A06 10:13PM

Fbi assassins assault & try to kill DAVID ATKINS A06 7:29PM

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