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The New European Normal - "If You Cannot Tell The Truth, Hide The Truth"
Perhaps Volkswagen is the best most recent example of "lying when it's important" but as Martin Armstrong, the European Union's leadership (elected and unelected) are the kings of hiding the truth when it matters. As he warns, "if you do not know whom to trust, distrust everyone."
The motto of the ECB is plain and simple: why reform when we still have some power?
Governments will fight until the last drop of blood is spilled; they assume it will be your blood, not theirs. We will see the opposite of transparency unfold along with a rush to eliminate cash. This will force Europeans into electronic money for that is the solution to prevent bank runs. The head economist of the Deutsche Bundesbank warned that the ECB cannot afford to tell the people the truth about banking for it may lead to bank runs.
The banking crisis in Europe is huge because bank reserves are a mixture of sovereign debt from each member state. The only way to prevent this potential banking failure crisis is to withhold the results of bank stress tests from the public.
The ECB is most likely going to follow this advice to prevent the public from knowing which banks are in the worst shape.
If you do not know whom to trust, human nature will distrust everyone.
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Citigroup Inc. will pull out of the Massachusetts retail banking market in January, closing its remaining 17 branches
Mrs citigroup said she penalized mr citigroup for early withdrawal
Bring on the Strauss-Kahn
We have the technology to replace governments, politicians and CEOs. What are we waiting for.
A sheep uprising.....
The people have to be really feeling the pain first. So be patient and wait until people start losing their houses and then their wealth, after that its game on.
Of course if you don't know which banks are in bad shape, the only safe assumption is "all of them".
Ford and Chevy don't use computer chips do they?
There has been a lot of chatter on the internet lately about Deutsche Bank. Where there is smoke there is fire. One red flag for me is the amount of staff movements at the top lately and the announcement that they are making 25,000 redundant.
There has been a lot of chatter on the internet lately about Deutsche Bank. Where there is smoke there is fire. One red flag for me is the amount of staff movements at the top lately and the announcement that they are making 25,000 redundant.
For the fate of Charles the first, hath only made kings more subtle—not more just.
Paine
That game is played everywhere including China and the land of the free.
10,000 layoffs at CAT means the unemployment rate just fell to 4.9%
If Cat is down that much...there are other much smaller companies that are feeling the pain too....and so it goes...slowdown here..slowdown there...
That's the 'New Trickle-Down.'
I don't know about America but if there would be a complete bank faillure in Europe... this place will burn.
Like hell.
And people will get hanged. And cut. And shot. And cooked.
I don't think they realize what kind of pandora box they'll open but shit will become real for everybody who has even worked for a bank for 1 hour.
"If You Cannot Tell The Truth, Hide The Truth, but make sure you take the money"
I wouldn't want to be them when TSHTF. We in America may look back with pride (and longing..) at our revolutionary past, but those folks over in Europe have quite the history themselves.
There is plenty of precedent for some truly vicious blowback over there. They put up with more than we do, for longer, but when they lose it, they REALLY lose it.
Keep your eye on the French. Everyone fears the German, the Hun. But the German is at his heart an obedient little soldier, and craves the stability of his own government, his world, even if he hates it.
The French are FAR more likely to TARGET their leaders and system directly when inflamed. And unlike their German counterparts, they seem to consider domestic chaos a feature, not a bug, of rebellion.
If the Germans start revolting, there will be political chaos, which will likely be contained. But if the French go off, they'll trash the place, and all bets are off as to what they decide to do next. That's why the French government is so controlling over its citizens, and so paranoid about any hint of "terrorism" or 'unrest', and why they are so eager to preserve the EU. (It helps them retain their power, should their people become unhappy with them, again.)
Every government will at some point ask themselves what happened to those who came before them. The answer to that determines how they treat and trust their people. Look at how we in the US are treated by our leaders...They are control-freaks because there's a history here they are worried about. Sure, we may be sheep at the moment, but they have got to be thinking about all those guns folks have been buying over the past few years...maybe going "Hmmm..."
Tread carefully, you global leaders. With all the tinder and accelerant you've been scattering about, even the smallest spark invites tragedy.
The EU will fall apart. You can see the pressures building over the refugee crisis. What will really make it fall apart is when Deutsche Bank collapses and then the citizens will really feel some more pain. These Eurocrates are crazy and arrogant. Watch them attempt to hold on to power while their citizens are in pain. The EU gravy train is so good they will not give it up easily so expect civil unrest. I think some European Nations will default and then they will all get Greeced
The United Kingdom's only chance is to vote ourselves out of this crooked European Family
wait?... what? ... I thought the 2008 panic credit-freeze was due to massive unseen electronic bank runs?
OK ... whatever ... I guess it's one of those situations where you just have to lie.
You want to know who you can trust? Find someone that does honest old fashion work to make a living. Someone that can make a life for themselves without force or fraud would be a good place to start. That number is going to be small but hey they earned our respect. Everyone doing things the right way made a choice to do the hard thing.
Those few know they could make way more fiats ripping everybody off. Yet they willingly take less. Its called integrity.
If those few stopped doing the things they do it all stalls out fast. They are really the only ones keeping the shitshow going. Not because of the wide spread corruption but in spite of it.
Honesty scales very well.