Wax on Wax off.....things could spiral out of control rather quickly
If you find that you are pointing to yourself on 5 or more of the bullet items below... please delete your Twitter account immediately.
Third Greek Bailout Suddenly In Jeopardy: Creditors Warn Cash May Be Delayed If Elections Don't Go As DesiredSubmitted by Tyler Durden on 09/01/2015 11:14 -0400
Just when everyone was convinced that the main "risk off" event of the summer, namely the Greek bailout, was safely tucked away and that having abdicated its sovereignty to its creditors and Germany in particular, who now hold the Greek banking system hostage courtesy of draconian capital controls, that Greece would continue to receive its monthly cash allotment just so it could repay creditors from its first two bailouts and would not make headlines for the foreseeable future , Market News just reported that suddenly even the Greek bailout is no longer on autopilot as a result of the upcoming elections in three weeks, whose outcome is anything but assured.
In case you aren’t up to speed on your Japanese history, the nation’s post WWII Constitution prohibits military action unless it’s in self-defense. Clearly a sensible approach, which is why the current Japanese government, led by the demonstrably insane and incompetent Prime Minister Shinzo Abe, wants to get rid of it. Not only will this action increase the likelihood of World War III in the Far East, but it’s another important example of a government acting against the will of the people. Democracy is dead. Globally. If we fail to bring it back, history will see us as one of the most inept and spineless generations in history.
One of the most curiously persistent surrealisms of Washington, DC is the reflexive deference given the Federal Reserve System. The Washington elite tends to accord more infallibility to the Fed than do Catholics the Pope.
"It is estimated that sub-Saharan Africa will have 900 million more inhabitants in the next twenty years. Of these, at least 200 million are young people looking for work. The chaos of their countries of origin will push them further north." That is the future. It will no more go away by itself, and by ignoring it, than the present crisis, which, devastating as it may be, pales in comparison. Europe risks being overrun in the next two decades.
With corporate profits falling, margin debt at all-time highs, the Fed preparing to raise rates, China’s fake economic system imploding, currency wars breaking out across the globe, emerging markets in turmoil, oil dependent countries in the Middle East seeing budgets go deeply in the red, Greece and the other insolvent southern European countries nearing collapse and tensions rising between Russia, Europe and the U.S., there is plenty to fear in this central banker created debt bubble world. History teaches us this isn’t over. It’s only just begun. The bubblevision assertions that the worst is behind us is false. They will insist all is well until you’ve lost half your net worth. When fear overtakes greed, neither monetary easing, propaganda, nor acts of desperation by politicians, government bureaucrats, or central bankers will turn the tide.
News That Matters
The week that passed has left many of the so-called “smart crowd” flummoxed, disheveled, dismayed, and disrobed from their expensive facades of “expert insightful analysis.” It seems all that “expert” as well as “insight” wasn’t all it was made out to be. In less than a week: historic records weren’t only broken – they were smashed to smithereens. And the one’s that were the most historic? They weren’t set for positive things.
Look out below... literally!
Here are some modestly optimistic musings on what may be next in the cards for Greece...
"The [Chinese] slowdown was predictable, predicted, unavoidable," Lagarde was quoted as saying." Well, yes, it was... by everyone but the IMF. Here is the history of the IMF's Chinese GDP growth forecasts taken straight from its World Economic Outlook quarterly pieces. The graph needs no explanation.
Simply put, a perfect storm of failing trends...
Earlier this week, as the financial world was mesmerized by a min-stock market crash, the Financial Times published a dastardly little piece of fascist propaganda titled, The Case for Retiring Another “Barbarous Relic.” When you start to see increased propaganda about banning cash, you know the status quo is very scared and things are getting very serious. You’ve been warned.