Greece

The following story of corporate greed, corruption, and fraud is surely one of the best in recent years.

Over the next six months, Barcelona’s left-wing city council plans to roll out a cash-less local currency that has the potential to become the largest of its kind in the world. While the socialist mayor's official reasoning is 'to boost economic opportunities for local businesses', perhaps there are somewhat less altruistic motives behind the move, such as encouraging people to embrace cashless currencies. It appears the war on cash has moved from one of words to actions (as it is likely no coincidence that most of the local community currencies that have been launched so far are in purely digital format, as would Barcelona’s.)

"It is my duty, within my constitutional powers, to do everything possible to prevent false signals being sent to financial institutions, investors and markets"...

"If European leaders fail to agree a plan to counter the sudden inflows of refugees, it could mean the end of the European Union. If we don't find a solution today, if we don't do everything we can today, then it is the end of the European Union as such," Prime Minister Miro Cerar said. "If we don't deliver concrete action, I believe Europe will start falling apart."

Like medical chemotherapy, Iceland's economic chemotherapy was horrible, but the cancer of debt-deflation was eradicated and the system made whole.

"On the current trajectory, we doubt the market can stay stable beyond a few quarters, especially if some SOE and/or LGFV bonds indeed default."
- Bank of America

"Some In the Turkish Government ... Believed They Could Get Assad’s Nuts In a Vice By Dabbling With a Sarin Attack Inside Syria"

"Puerto Rico is not Greece"... but it increasingly looks like it will be in a few weeks, thanks to US taxpayers who are about to foot the bill for yet another creditor bailout.

In what amounts to a slap in the face for a coalition of Leftist lawmakers who are opposed to the austerity programs that some believe are responsible for painful economic adjustments, Portugal has reappointed PM Pedro Passos Coelho. This sets the country up for an intractable political stalemate and will serve to embed an enormous amount of uncertainty in markets going forward.

America is not Greece, but judging from the Obama administration's just-unveiled plans to bailout Puerto Rico's disastrous debt situation, the American territory may have to sacrifice a little more sovereignty to get some relief. Obama is pressing for Congress to give Puerto Rico (PR) sweeping powers to reduce its $73 billion debt burden through a form of bankruptcy protection not now available to American territories and will also ask lawmakers to establish an independent body to monitor the island’s fiscal affairs (a la Troika).

26 years ago, today was envisioned as day when cars flew, holographic movies were box office hits, hoverboards roamed, and people were fired by fax. None of the happened. Instead the only "back to the future" moment this morning is a deja vu one we have seen every day for the past 7 years: bad economic news leading to surging stocks.

This is why the system is heading for another, far larger crisis than 2008.

The American people accept the persecution of truth-tellers, because they have been brainwashed into believing that patriotism means defense of the government no matter what. As truth is so unfavorable to Washington, Americans believe that it must not be revealed, and if revealed, covered up, and those who reveal truth must be punished. A country with such a population as this is a police state, not a free country.

“Adulterous women will be stoned; thieves will have their hands chopped off!"