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This Is Where The Developed World's Households Have Invested Their Money

Tyler Durden's picture


Yesterday we presented what the balance sheet of the developed, or better known as insolvent, world- recall there was over $21 trillion in excess debt as of 3 years ago, looks like, and the curious to some observation that trillions in liabilities also double up as assets, in what is easily the world's most confounding (to central bankers at least) global circle jerk. After all, one can not inflate liabilities, without also destroying the assets these double count as  at the same time. Yet while informative, that chart did not tell us anything we did not already know. However, the next chart we will present today will show a different aspect of the developed world, namely by indicating how the households of the three "richest" economies - Japan, the US and the Euro Area, have invested their money in various financial assets. And while this is merely the asset side of the ledger it shows how distinctly different the approach to capital allocation has been for countries in different stages of growth or ungrowth. What is most notable is the distinct distribution of capital in shares and equities within the three regions: it also shows why a sustained downtick in the US stock market is the deathknell of the modern economic experiment. What is also curious is that the investment of Japanese households into Insurance and Pension reserves, which in turn are then funneled into JGBs, is no larger than the US or European equivalent: it means that the true funding cost of the welfare state is roughly a third of all modern financial assets.

What is different about Japan, unlike the US, is that whereas in the US pension and insurance reserves are recycled into 401(k), in Japan these go to prop up the bond market. In essence, the weakest link for Japan is the bond market, while for US it is stocks. Unfortunately, since the US is now well on its way to becoming Japan, and retail has given up on stocks (just today we had yet another consecutive outflow from domestic equity stock funds, soaring markets be damned) we expect increasingly more capital to be reallocated from equities and into currency and deposits, as the fear of deflation pushes more and more to keep cash well-invested in the First Bank of Mattress City. And as the rotation out of stocks and into other financial assets accelerates, prepare to see what true Japanification means for yet another increasingly aging society.

The assets of the developed world's households:

And the offsetting financial liabilities - nothing but another circular pyramid scheme.

Source: BOJ


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Wed, 03/28/2012 - 22:17 | 2299393 JPM Hater001
JPM Hater001's picture

Waldo is in the lower right corner

Wed, 03/28/2012 - 22:51 | 2299468 I think I need ...
I think I need to buy a gun's picture

abc news(diane sawyer last night) and a few magazines are calling Bernanke an American hero he saved us ALL froma great depression......

Wed, 03/28/2012 - 23:09 | 2299496 bnbdnb
bnbdnb's picture

Yeah real genius, Einstein. I will buy your junk and then give you money to pay me back some day...whenever is good for you...oh at no interest too. Forgot!

Thu, 03/29/2012 - 00:18 | 2299617 Vic Vinegar
Vic Vinegar's picture

Well, as we type our tripe tonight, all those magainzes, Diane Sawyer, et. al are correct - Ben B is the greatest central banker ever.  Tall Paul ain't got shit on Gentle Ben.

And yet here's another beautiful Wednesday that has afforded you the opportunity to hug your wife/child/mistress/mother/father/brother/sister/neigbhor and an opportunity to buy physical.  Seems like there is little to complain about as of today.  Perhaps tomorrow will be worse, but today was pretty good.

Thu, 03/29/2012 - 00:45 | 2299659 Oh regional Indian
Oh regional Indian's picture

Great attitude VicVin. 

Now+Here = Nowhere 

Perhaps we all need to be going NowHere fast?

Meanwhile these charts are a real tell. In essence, those sliders are all th eways the Ponzi can continue to... nudge asset allocations till they all meet in the middle. The great stock bonfire soon to come. The greatest destruction of "wealth" in known history etc. Inevitable.

The even funnier thing is, nothing in that whole basket is absolute wealth. Land/Equipment/Intelprop is all a fraction of what is owed in this re-re-hypothecated world.

In a word.... fail.



Thu, 03/29/2012 - 00:59 | 2299669 AssFire
AssFire's picture


I been meaning to ask you:

Is it true Gandhi was a pedophile??


I have heard lots of sick stuff about him sleeping with and performing enemas on girls routinely... hope he's wasn't a sick bastard.

You tell me, please.


Thu, 03/29/2012 - 01:53 | 2299721 Ahmeexnal
Ahmeexnal's picture

Hey @55f1r3, your avatar/pic reminds me of that invincible spanish galleon, the Nuestra Señora de la Concepción.

If AAPL is such a great opportunity.....why are the top honchos at APPL selling their stock?


Three Apple executives sold millions of dollars in Apple shares after restricted stock units awarded in 2008 vested. The three executives were Apple CEO Tim Cook, Apple CFO Peter Oppenheimer, and marketing chief Phil Schiller. The sales were disclosed in mandatory SEC filings.

- Tim Cook sold 106,640 shares at an average price of $600.79/share, after having 93,360 shares withheld for tax purposes. He netted $64 million.

- Peter Oppenheimer sold 80,147 shares at an average price of just under $599/share, after having 69,853 shares withheld for tax purposes. He netted just under $48 million.

- Phil Schiller sold 64,151 shares at an average price of $602.66/share, after having 55,849 shares withheld for tax purposes. He netted $38.66 million.


Blowing iBubbles about to burst?

Thu, 03/29/2012 - 02:06 | 2299740 AssFire
AssFire's picture

That ship was merely stolen from Spain by Drake, not set on fire like my ass in the avatar. Still, jump right in there! I did the same.

Thu, 03/29/2012 - 02:21 | 2299762 Ahmeexnal
Ahmeexnal's picture

yet it is known more by the name of CACAFUEGO (FIRESHIT) than it's original name.

the inquiring minds have wondered for centuries why....

Thu, 03/29/2012 - 05:53 | 2299921 GetZeeGold
GetZeeGold's picture



We're pretty pleased with our precious metal postions at the GetZee household.


It's pretty much gone down the way we've planned.


Thu, 03/29/2012 - 03:19 | 2299829 Oh regional Indian
Oh regional Indian's picture

Absolutely .



Thu, 03/29/2012 - 10:12 | 2300416 Chuck Walla
Chuck Walla's picture



That sounds like my usual and favorite Saturday night.  What's the prob here?  Enemas are healthy.  Ben's giving your wallet a big one right now,

Thu, 03/29/2012 - 01:49 | 2299705 Vic Vinegar
Vic Vinegar's picture

A reply to my junker:

Rather than giving a random internet red, why not give us:

a) An explanation of how you think the world should be

b) A review of this Lady Gaga song

The cynic in me says both of your potential comments are equally worthless.  As ORI and Lady Gaga each said "we're going no where fast".  LOL

I say buy physcial. It's the right thing to do.  At the very least, you have something to pass onto your kids.

Thu, 03/29/2012 - 03:53 | 2299843 i-dog
i-dog's picture

Please don't encourage the serial junkers to also have to add yet another load of misguided nonsense to the board!

Just wear the junk and spare us from the drivel. (I got about 30 junks for a comment a few days ago and didn't even bother replying to those who could barely string an ad hominem together...I stand by my comment and they can stand by their ignorance).

Thu, 03/29/2012 - 04:15 | 2299858 Vic Vinegar
Vic Vinegar's picture

My gay brother implores you to quit being a fag.

'Cuz there is so much wisdom yet to imparted upon "this board".  LOL

Buy physical.  Everything else is bullshit.

(Enjoying Katy Perry videos are super-optional.)

Thu, 03/29/2012 - 06:19 | 2299939 i-dog
i-dog's picture

Having since seen your other grafitti downthread, I can see why your vin is aigre.

*Yawn* ... get a life. Oh, and buy physical ... you really must buy physical ... I really, really, really think you should buy physical !!! Nobody's ever mentioned it here before, so I'm letting you in on the secret ... buy physical, bitch!!

Thu, 03/29/2012 - 08:18 | 2300098 tarsubil
tarsubil's picture

Vic is quite the trickster. He got me a couple days ago.

Thu, 03/29/2012 - 08:37 | 2300135 LoneCapitalist
LoneCapitalist's picture

Vic, I personally agree with youre saying ,for myself. I have been, and will continue to buy physical. But, what about the people who are barely making ends meet and couldnt afford to buy PM even if they knew what was going on. For them, the longer this drags on the worse shape theyre in. Im afraid that by the time this system collapses there will be many destitute people who wont survive it.

Thu, 03/29/2012 - 09:55 | 2300359 MachoMan
MachoMan's picture

What would you do if a booming voice from the heavens told you that modern society was going to collapse and that you were going to die if you did not adequately prepare?  I think that's the gauntlet that's been thrown down.  Simply put, there are a myriad of ways to prepare, most of which do not need any remotely large sums to perform, e.g. learning useful skills or trades (although one must sacrifice time for the pleasure), buying smaller weight PM coins, exercising and becoming more physically fit (again, must sacrifice time), or developing personal relationships with like minded and helpful individuals...

It's one thing if you attempt to exhaust all possibilities after a reasonable effort to determine all possibilities...  it's another to sit in your house (not paying the mortgage no less), idle, and complain.

Sympathy is a luxury of prosperous times.

Thu, 03/29/2012 - 08:42 | 2300145 IrritableBowels
IrritableBowels's picture

At Vic Vinegar
Your account must be hacked.

Wed, 03/28/2012 - 23:12 | 2299512 r00t61
r00t61's picture

If by "saved us from a Great Depression," they mean, "helped to bail out, with the politicians' blessings, the most powerful and politically connected vampire squid financial institutions on the backs of taxpayers the world over," then yes, I wholeheartedly agree.

Wed, 03/28/2012 - 23:40 | 2299564 Kobe Beef
Kobe Beef's picture

And since those same politically-connected institutions own the MSM, that's exactly whose opinion will be presented on the TV.

I can't believe people still watch that shit.

Thu, 03/29/2012 - 02:07 | 2299743 Ahmeexnal
Ahmeexnal's picture

Seems like Diane Sawyer just earned herself a lamp post and some rope.

Thu, 03/29/2012 - 06:17 | 2299942 uno
uno's picture

around a year ago I forced myself to watch the MSM 6:30 news spin, Diana Sawyer 's first story was about Gabbi Gifford and her amazing recovery, THE FIRST STORY.  good thing we only have 2+ wars ongoing with Iran on deck,police state, economy 22% unemployment etc.  Yep, some thing never change, I can't imagine the Trayvon MSM jihad.

Wed, 03/28/2012 - 23:15 | 2299518 vast-dom
vast-dom's picture






Wed, 03/28/2012 - 23:49 | 2299570 DormRoom
DormRoom's picture

Japan exports helped its economy get back on track after the 1990s collapse.  However, the US cannot export its way to health, without paradoxically causing a global recession.  And the Answer  lies in our old friend, the Triffin dilemma.


If the the US has a trade surplus, it means less USD (reserve units) in the global system.  And a shortage of global USD will cause other economies to contract.


So the US is not like Japan.  it can not export its way out of deleveraging, and a balance sheet recession. It needs China to orient itself to consumer society @ the same time. good luck with that, if China has a hard landing because of its own infrastructure malinvestment over the last decade.

Wed, 03/28/2012 - 23:51 | 2299587 lasvegaspersona
lasvegaspersona's picture

Dorm room

are you familiar with FOFOA's dillema and the fact that physical gold as a wealth asset solves both?

can't be sterilzed though

Wed, 03/28/2012 - 23:51 | 2299590 tempo
tempo's picture

Japan we have a even bigger problem..RADIATION (

Wed, 03/28/2012 - 22:22 | 2299407 lolmao500
lolmao500's picture

Do I look fat in this dress?

Wed, 03/28/2012 - 22:35 | 2299428 Jendrzejczyk
Jendrzejczyk's picture

Never answer that question.

Anyone seen a cat roaming around? I smell vaporization. Here Kitty, liberal kitty, where did you go?

Wed, 03/28/2012 - 22:40 | 2299447 Unprepared
Unprepared's picture

No, you look (bi)lateral

Wed, 03/28/2012 - 23:56 | 2299595 GMadScientist
GMadScientist's picture

Only with the lights on, bitch.

Wed, 03/28/2012 - 22:28 | 2299417 innertrader
innertrader's picture

The biggest news in 4 years!!!!

ABSOLUTELY everything barack hussein obama has done as President of the USA is a fraud and invalid!!!


Wed, 03/28/2012 - 22:37 | 2299435 Dr. Sandi
Dr. Sandi's picture

Wow, I guess that means we get a free do-over.

Thu, 03/29/2012 - 05:55 | 2299922 GetZeeGold
GetZeeGold's picture



I believe that well be the ruling of the SCOTUS.


Thu, 03/29/2012 - 10:38 | 2300511 citta vritti
citta vritti's picture

geez, not again, I thought we were all done over already

Wed, 03/28/2012 - 23:03 | 2299486 Clockwork Orange
Clockwork Orange's picture

Doesn't matter.  The damage has been done.  

And it won't get any coverage anyway, so its a not event.  If by wild chance, it amounts to anything it will just be more theater for the left/right sheeple.

The right sheep will get the nod this time, and Obamney, Fed-blower and Wall-Street whore will not fix anything other than business deals for his group of corrupt blood-sucking cronies.  

The same group of elitist con-artists will be pulling the levers, and the elephant vampires will get more blood than the donkey leetches.  

The f-ing guy invented Romneycare, which was bankrupt in less than 2 years.  He is John Kerry with an elephant pin.

This sickening vaudville act needs to get the hook, and soon. 

Wed, 03/28/2012 - 23:08 | 2299495 Freddie
Freddie's picture

I went to a well known retailer for ammo and they now sell guns online too.  I went to check on ammo and guns.   They are a big retailers.  Just about everything is sold out.  Ruger - everything sold out.  AR 15s. The cheap ones sold out.  Cheap and lower priced ammo - sold out.

Gun and ammo sales are going absolutely ape shit again.

Wed, 03/28/2012 - 23:19 | 2299525 r00t61
r00t61's picture

It seems that ammunition is one of the few robust American-based manufacturing sectors left in the nation.

Wed, 03/28/2012 - 23:25 | 2299539 gwar5
gwar5's picture

I'd love to see Obama standing in front of a gun shop with a long lines promoting how well the economy is doing.

Maybe WM Banzai will favor us with such an image.

Wed, 03/28/2012 - 23:26 | 2299542 r00t61
r00t61's picture

When I was at the local shop the other day, they had a funny poster on display: Obama's official White House portrait, with the caption, "Gun Salesman Of The Year."

Thu, 03/29/2012 - 00:42 | 2299653 rosiescenario
rosiescenario's picture

Ruger should be donating millions to his campaign....he has single  handly brought them to a sold out condition....perhaps the only manufacturer who can make that claim.

Thu, 03/29/2012 - 01:56 | 2299729 Freddie
Freddie's picture

Ruger just recently sold out of all production I think.  I would guess the shooting in FL will drive sales into outer space.

Old man Ruger was pretty much against carry guns and he kept a lid on new guns.  Their range was pretty tired.  After he died they came out with new stuff and lots of carry guns plus a nifty AR. 

Wed, 03/28/2012 - 23:48 | 2299581 Dugald
Dugald's picture

You  may yet have to exchange bullets for beans.....yes you can eat a bullet, but it oft tends to be terminal

Thu, 03/29/2012 - 00:43 | 2299654 Edelweiss
Edelweiss's picture

  Some items are a little more scarce (or pricier), but I can find what I want.  For example, I remember around the time of O's election a box of 20 5.56mm mil spec was around $8.  I can find it now at the same price, and lower.  The same is true of other common calibers such as 7.62x39 which can be had for around $4 per box of 20 rounds.  Some retailers cap the amount you can get at 1,000 rounds.  As for guns, if you can't find what you want on Gunbroker, you're doing something wrong.  Regardless of what any of you buy, do yourself a favor, and learn to use it.  Otherwise you're one jam away from holding an expensive club. 

Thu, 03/29/2012 - 01:52 | 2299727 Freddie
Freddie's picture

Good advice and info.  Don't forget to buy a few parts  like srpings and firing pins too.

The site I was checking was cheaper than dirt.  They sell guns now and they are big.  Loads of stuff is sold out especially cheaper ARs.   I am looking for something in cheaper Russian calibers like 7.62x39 myself.   If I had any guns - I might have some extra cheaper Russian non-corrosive ammo for extra back up. 

I lost my guns in a boat accident and guns frighten me, so I will stick to a bat, pepper spray and a whistle. (sarc)  If things get really bad - I can wear my "can't we get along" T shirt.

Thu, 03/29/2012 - 03:25 | 2299833 Edelweiss
Edelweiss's picture

  I can't advocate the ownership of guns in any way, but....  an AK variant in 7.62 is affordable (around $600-$700), and the ammo is still one of the least expensive rifle calibers to shoot.  A web search like "most reliable AK" should turn up a website with scores based on owner's reviews of those particular rifles.  Lots of good info for prospective buyers.  A good way to not waste your money on a piece of crap. I can't remember the name of the site.  Like you, I think a loud whistle and a T-shirt with an effective slogan is all I need to stay safe though.  Thankfully, we live in a civilized country!  

Wed, 03/28/2012 - 23:48 | 2299583 Bear
Bear's picture

Every phony or boloney, right or left must be shown the light of day. If we say oh well ... we lose any claim to be heard. Obama is a fraud ... he should be prosecuted just as Nixon should have been prosecuted for the Watergate. We can’t just say everyone is doing it and … oh well.

Thu, 03/29/2012 - 00:23 | 2299627 Al Gorerhythm
Al Gorerhythm's picture

I gave you an uptick and have forwarded it off to london to be rehypothicated. It's endless there. Well said.

Wed, 03/28/2012 - 23:22 | 2299531 gwar5
gwar5's picture

Kenya believe it?  Pretty incredible, huh?  Way bigger than Watergate. It looks to be true.


I was previously an agnostic on Obama's fake documents, but the forensic evidence is in --- and the docs presented by Obama are fake, and not even good fakes. The Birth Certificate is a poorly done forgery done with Adobe software traced to a computer with an IP address known to be in the White House. 

Thousands of people have already found on their own that they can download the document from the WH website and can cut, and paste, and move the elements on the document around --- which you are not supposed to be able to do with a copy of a scanned original. You can only do this from a digitally manufactured document that was clumsily posted directly on the Web by Obama last year.

They never even bothered to print out a hard copy of their fake tto scan and then post on their website. Just the digital seals and stamps alone prove its a digital forgery and fake. Stamps and seals are never digital, always must be hard copies, this is why.  

The Selective Service Card forgery was so poorly done it didn't even use the four digit '1980' format known to be used. It just used "80", which appears to be made by using a 2008 stamp, cutting it in half and turning the "08" upside down to make a crude "80". The original 1980 stamps are no longer made and in use, so somebody improvised.

Obama's Connecticut SS# does not pass E-verify either. It gets kicked out as a mismatch for fake use wih an alert that says it needs to be reported.

Forging fake official dates and seals are all felonies which necessitates an ongoing thorough investigation. All acts by his president are suspect.

Army Physician Lt Col Lackey needs an apology and a medal for having spent 6 months in Leavenworth trying to force Obama to present legal documents. Nobody in the MSM seems to notice while the foreign press is reporting and going nuts. We are a laughing stock.




Wed, 03/28/2012 - 23:47 | 2299578 Kobe Beef
Kobe Beef's picture

Wow, a fake President to go with our fake economy, fake markets, and fake money. Add in a fake War on Terror and fake Rule of Law and The USSA is just one big Potemkin Village apparently.

Thu, 03/29/2012 - 00:08 | 2299609 oldman
oldman's picture

Hey, Kobe Beef, psssst!!!

Now that the virtual reality has met the street and doesn't hold up------whaddya gone a do about it?

If you do nothing but complain----shhhhh!!! I won't say a word.

It's your concience, Kobe

Just having fun, nothing personal and no disrespect intended                   om

Thu, 03/29/2012 - 01:26 | 2299693 Kobe Beef
Kobe Beef's picture

No worries, it's a good question for all of us at the Zedge. Most of us understand the virtual reality. Personally, I never bought into the USSA. Left the country more than a decade ago, and have no plans to return.

And yet, I can't forget it. And I can't forgive the people who destroyed it. I don't know why I still care. I've escaped the gulag, so why bother? I suppose it's leftover idealism: Life, Liberty, and the Pursuit of Happiness, the country of my childhood memories, etc. But the USSA is not for me nor my kind of people anymore, it's just for proles, outer & inner party members now.

So the realist in me says wait, the regime will collapse of its own mismanagement. The anger in me says burn Washington to the ground.

What do you think the proper response should be?



Thu, 03/29/2012 - 02:57 | 2299812 oldman
oldman's picture

@Kobe Beef

Hey Beef,

Sometimes just playing around I meet interesting people like yourself. I say you are 'interesting' because your story sounds like mine from twenty years ago---and I'm an interesting guy because my response was interesting. I did nothing but gather in all my marbles and bring them to South America to the happiest years of my life----no work, no profession, no business, no income---lived off my savings 'til SS kicked in and hung out in the forest pretending that I was saving it from the insanity of mindless consumption. I became a minimalist do-nothing dude.

I did nothing, except follow the orders of those who are leaving now with their pockets full and full retirement benefits, but who could only say to me twenty years ago:

"Oldman, if you don't like it here, why don't you just get out of here and live somewhere else,? We are sick of your not saluting the flag, saying the pledge of allegience, calling the USA a fascist nation---you nigger-loving, tree hugging, lazy, un-Amerikan piece of shit!"

My friends just kept asking, "oldman, you still here? I thought you were leaving."

Obviously, now that they are jumping like rats from the sinking ship and bringing their madness here---I'm pretty fucking hostile to them and angry because it was always 'they' that should have left: they wanted death and destruction, million dollar toys---oh, shit--I don't want go on about me----------------

Your response is the same as my response and I still believe that it was the correct response, but----------------------

Now, I'm tempted to go back and I tried, but there is just too much sickness among the population. This is why I have so much respect for Occupy and send a few bucks to them from time to time---They are really kicking ass and getting their asswes kicked----I don't have what those youngsters have --I never did. They are heroes for this oldman

Thanks, Beef, nice to know you     om

Thu, 03/29/2012 - 10:29 | 2300468 Kobe Beef
Kobe Beef's picture

Well, there's a lot to be said for minimalism: What you don't have, want, or need can't be used against you. Consumerism is the trap locked around many a mind nowdays.

Nice to meet you, oldman, I'm sure I'll see you around!



Wed, 03/28/2012 - 23:55 | 2299593 sitenine
sitenine's picture

Not to worry - he'll have more flexibility after his next election.

The flexibly whether to look for another job or to take a little time off, I hope.

Thu, 03/29/2012 - 06:14 | 2299938 GetZeeGold
GetZeeGold's picture



Next election......with gas at $5.00 a gallon?


Don't bogey that dope.....pass some over here.


Thu, 03/29/2012 - 00:12 | 2299612 lasvegaspersona
lasvegaspersona's picture


me too

I do not have time to be into conspiracies and I do not want to be made fun of for being a 'birther'...but... The evidence seems overwhelming.

Here  is a plan: I offer $10,000 for anyone who can prove that Arpaio's case is wrong (criteria for that proof to be determined). A Facebook page gets started and anyone interested in the truth agrees to add to the 10k. We get to say...who knows a billion dollars (a few million would make even the most ardent Obama fan take interest I'd think...

If some one shows that Arpaio's reasoning is wrong I'm out 10k and all the folks who chipped in (mabey to a Paypal account in escrow) are out a few bucks but we put this issue aside. If the 'reward' gets big enough it will be hard to ignore.

I call this a 'massive societal' reward. I am not even on facebook but I freely give this idea to the 'sphere and I really will kick in the first 10k. If someone else will help with criteria (ie how we will know Sherriff Arpaio is wrong in his view of the evidence) I'll send Tyler a check to be held in escrow until the winner is declared or until a date in the future when we declare the contest closed due to lack of a winning set of proofs.

This idea could be used to bring attention to a number of ideas that won't be given media attention but would be given notice if the reward is huge (think Dirk's dick huge). Imagine a $100,000,000 reward for the proof Building 7 just fell over. 

I have a tad of Adobe experience so I'm confident in putting up 10k to get the answer to Obama's Birth certificate resolved...building falling over experience, not so much so I'll leave that to a patriotic engineer.

Thu, 03/29/2012 - 02:08 | 2299747 Uchtdorf
Uchtdorf's picture

I like it. I'll chip in.

Thu, 03/29/2012 - 02:35 | 2299788 hooligan2009
hooligan2009's picture

chip in with greenbacks made by adobe...wait that makes adobe as legitimate as the fed...and obama...hmmm

Thu, 03/29/2012 - 10:33 | 2300486 Kobe Beef
Kobe Beef's picture

@ lasvegaspersona

That's the best idea I've heard all week.

Anybody know how to get this thing going?

Thu, 03/29/2012 - 06:00 | 2299929 Colonial Intent
Colonial Intent's picture

Dont forget he's black too, thats pretty suspect.

Wed, 03/28/2012 - 23:53 | 2299592 robertocarlos
robertocarlos's picture

Obama is the CEO of The United States corporation.  He could have been born on the moon.

Thu, 03/29/2012 - 02:56 | 2299623 Al Gorerhythm
Al Gorerhythm's picture

MSNBC host Chris Matthews rates up there with the thinkers of the ages. <sarc>

He obviously writes his own UTube headers as they nearly all state how great he is in smacking all of his guests down. Why anyone goes on there or still listens to him is beyond me. I accidented upon him after watching your vid. It will never wash off.

He berates patriotic people as nut-jobs, i.e. those who demand that the Office of President be held to highest scrutiny; Those demanding that any candidate applying for that office fulfill the eligibility criteria when submitting their candidacy. The constitution demands it and still this guy says that the proponents of our constitiution, from the writers to the citizen adherents, are wack-jobs! This guy is a mole and 5th colomunmist or a wack-job himself. Tit for tat unintended as he obviously choses to ignore the clauses of the constitution that don't suit his agenda, or supports their redundancy by our president and his handlers.

We now live in a world where our leaders are being selected and installed by a group of people who are behind-the-scenes manipulators. Their handlers have agendas. To deny such is to deny Greece, Italy, Ireland, and any other country who has a leader placed into office by dictat rather than the vote, and by fraud or deceit by broken electorial promises.

This guy is a pure propogandaist and obfuscator, who attacks his guests and derides the case for a constitutional republic. Take the country back. Ride him and his ilk out on a rail. 

Thu, 03/29/2012 - 06:40 | 2299963 uno
uno's picture

You can see how few people 'watch' Matthews and other cable news shows.  Monty Python had a sketch where a TV channel showed the highway, I'm convinced that would be the cable news prime time winner.

Thu, 03/29/2012 - 05:28 | 2299903 John_Coltrane
John_Coltrane's picture

So, the document evidently had up to 8 layers-indeed this would not be present in a scanned original document-only one which one had altered in some way.  Anyone who has ever used photoshop to alter a doc (say, for income tax purposes) knows to save it as a single layer only, but apparently the Obama operative who did this wasn't very astute-timmy was that you?.  But, if you do that single layer save you can't add elements such as a date stamp you don't have, but need to extract from a separate document.  You'd have to take that element from another scanned document which is evidently what the author of this document did.  And badly, it appears.  The old trick of copying digits from one part of the document to another to preserve font is also mighty phony.  However, evidence of blending of elements is usually apparent at the borders of the two objects when the doc is magnified. 

In short, this story looks very interesting.  Great link. 

Obamacare shot down by the courts and a forged birth certificate in one day.  Wow.

Thu, 03/29/2012 - 06:06 | 2299933 Colonial Intent
Colonial Intent's picture

Its on the internet's therefore it must be true, feckin omadahn's


Where were all you "patriots" when the patriot act got passed?

Thu, 03/29/2012 - 07:08 | 2299997 Calmyourself
Calmyourself's picture

Why was it cut and pasted together?   No, your right I did not go full nutso, just yelled and screamed at every congressinal staffer I could get ahold of so yeah I deserve a fake president, your right..  Lib moron..

Thu, 03/29/2012 - 06:23 | 2299948 memyselfiu
memyselfiu's picture

What? Bobby was asleep this whole time? Pamela really didn't die?


I'm shocked!

Wed, 03/28/2012 - 22:29 | 2299418 Unprepared
Unprepared's picture

I'm not comfortable with the idea that retail investors are flocking out of the stock market because they suddenly became cognizant of how risky or how broken the market became. Sheeple doesn't wake up even if it's inside the slaughterhouse. There is only one reason why a sheep would want to sell .. if it has exhausted all other cashable (quasi)assets and collateral to use against a new credit line.

Wed, 03/28/2012 - 22:30 | 2299420 Cursive
Cursive's picture

Jeremy Siegel is doing cartwheels looking at this graph.  Give me a "P."  Give me an "O."  Give me an "N." ....

Thu, 03/29/2012 - 04:22 | 2299864 Vic Vinegar
Vic Vinegar's picture

Why don't we end tonight with you, Cursive?

You said many moons ago that I was "searching for something". 

Perhaps you should get credit for that.  But then again, you gave that comment without appreciating its irony.

I mean, you actually fuking wrote this thing above. 


And yet, I'm no better than you.  We can play Playstation anytime.  Best wishes, bud.

U B searching for this, Curs?  Tell me

/looking forward to gaming with you

Wed, 03/28/2012 - 22:31 | 2299423 ultimate warrior
ultimate warrior's picture

Bullish PM's. As the chart shows no one has em yet so get em while you can.

Wed, 03/28/2012 - 23:10 | 2299509 savagegoose
savagegoose's picture

what does PM's come under? cash , or commodities?

Wed, 03/28/2012 - 23:33 | 2299554 Schmuck Raker
Schmuck Raker's picture


Thu, 03/29/2012 - 02:34 | 2299785 Ahmeexnal
Ahmeexnal's picture can you claim insurance on those "boating accidents"?

Thu, 03/29/2012 - 05:04 | 2299890 John_Coltrane
John_Coltrane's picture

Store of Value.

As 2000 years of history demonstrates.

Wed, 03/28/2012 - 22:35 | 2299431 Son of Loki
Son of Loki's picture

I see more and more people withdrawing their Moolah from stocks and piling it into their savings accounts, safe depost boxes or maybe as ZH states, in their mattresses. People fear another 60% plunge in stocks, 2006 style, or fear loss of their jobs and will need the cash for a long unemployment period.

It's an epoch in our histroy I have never witnessed before in my life.....while at the same time I read Wall Street execs getting record high whopping salaries and bonuses....

It's an odd world....odd.....

Wed, 03/28/2012 - 22:41 | 2299448 ekm
ekm's picture

As your post confirms, nowadays being an "expert" in finance is no advantage at all, whereas being an expert in history is quite advantageous.

Thu, 03/29/2012 - 03:57 | 2299847 Vic Vinegar
Vic Vinegar's picture

Fair point.  But seems like you be a whiny bitch.

Thu, 03/29/2012 - 07:15 | 2300005 barroter
barroter's picture

Yeah, humanity rarely changes, history tells you all.  Experts, especially those in finance, to me are just looking for a way to dig into my pocket.  All I see is fraud.

Sat, 03/31/2012 - 14:39 | 2306590 CoolBeans
CoolBeans's picture

This, ekm is an excellent remark.

Would you mind if I borrowed it?  I loved it.

Wed, 03/28/2012 - 22:55 | 2299472 dwdollar
dwdollar's picture

Some are making cashier's checks out to themselves and putting it in their safe deposit boxes.

Their unbreakable faith in paper is some kind of psychosis.

Thu, 03/29/2012 - 07:19 | 2299869 i-dog
i-dog's picture

Bizarre logic they use! ... Fearing a stock market paper crash, they put some bank paper in a bank-controlled "safe" deposit box (and pay the freaking bank for it, too!!) :-/

Geniuses! Following the stock market crash of 1929, some 650 banks failed, followed by another 1,300 the following year. Why would one keep anything in a bank for "protection"?

Thu, 03/29/2012 - 03:55 | 2299846 Vic Vinegar
Vic Vinegar's picture

11 greens to zero.  So let's consider:

I see more and more people withdrawing their Moolah from stocks and piling it into their savings accounts, safe depost boxes or maybe as ZH states, in their mattresses. Where?  I don't see this at all.  People fear another 60% plunge in stocks, Where, again? 2006 style, or fear loss of their jobs and will need the cash for a long unemployment period.  Don't you mean 2008-style?

It's an epoch in our histroy I have never witnessed before in my life.....while at the same time I read Wall Street execs getting record high whopping salaries and bonuses....  True.  I mean, they actually do things rather than comment on the internet.  Funny how life rewards do-ers.

It's an odd world....odd..

Is it?  How odd is this Katy Perry video

Thu, 03/29/2012 - 07:25 | 2300016 jplotinus
jplotinus's picture

"... it means that the true funding cost of the welfare state is roughly a third of all modern financial assets..."

Let's consider an implication of the above quote:

It would appear that Capitalism simply CANNOT afford to pay decent wages and provide for health and pensions. It would appear that such items cost too much and Capitalism, according to the tone of the quote, should not be put into a position by governments where such demands are made.

Ok, I get it. Capitalism cannot pay good wages and good benefits. It's every woman for herself out here and that's the "price of freedom" (what a non sequitur that last ditty is).

Well, you know what; screw Capitalism.

Sat, 03/31/2012 - 14:36 | 2306587 CoolBeans
CoolBeans's picture

Wholeheartedly agree - hence my comment on the asset drops my client firms are experiencing - widespread.   Scary times and more ahead.

Wed, 03/28/2012 - 22:37 | 2299434 TheGoodDoctor
TheGoodDoctor's picture

Looks like Japan and Europe aren't as stupid as the US.

Wed, 03/28/2012 - 22:45 | 2299459 UP Forester
UP Forester's picture

Yeah.  The paper they hold is much better than the paper the US holds.

Wed, 03/28/2012 - 23:32 | 2299553 jayc
jayc's picture

Uh, what if their vast currency holdings are US dollars? 

Wed, 03/28/2012 - 22:38 | 2299441 booboo
booboo's picture

So having had the shit bombed out of your countryside, raped and pillaged by invading bands of huns and war lords, the europeans and japs have learned to keep their shit handy for a quick exit. We on the other hand just love to get hosed by Fraud Street? Got it.

Wed, 03/28/2012 - 22:44 | 2299453 Jash
Jash's picture

If we keep on this road, we will find it ends violently and abruptly. At this point though, what are the alternatives?

Wed, 03/28/2012 - 22:45 | 2299461 UP Forester
UP Forester's picture


Thu, 03/29/2012 - 02:50 | 2299807 Vic Vinegar
Vic Vinegar's picture

a) Hottest chick you ever fuked in the UP was ___

b) BOHICA means?

Explain these things to us spacemonkeys who don't get it.

Thu, 03/29/2012 - 03:00 | 2299813 UP Forester
UP Forester's picture

If you were in the military at any point you would know BOHICA.  Sierra tango foxtrot uniform.

Thu, 03/29/2012 - 03:10 | 2299823 Vic Vinegar
Vic Vinegar's picture


I would prefer not to destroy you. 

If you and me fight, then that means the pyramid worshipers and Third Eye Blind fans win.  Who wants that?

You are my soul brother. 

Shit, I don't think you drank enough Kesslers and we didn't connect enough on the internet.  Score another one for the bad guys.

So it goes, huh? Some people were pretty witty here.  At least they had that.

Thu, 03/29/2012 - 08:36 | 2300133 Canucklehead
Canucklehead's picture

You sound like you are 17 and living in your mom's basement.

Thu, 03/29/2012 - 03:18 | 2299828 Vic Vinegar
Vic Vinegar's picture

If you were in the military at any point you would know BOHICA.  Sierra tango foxtrot uniform.

I totally was not in the military.  And I sure as shit don't understand your acroynim.

Yet I like Katy Perry videos.  Perhaps you could try harder?  Just asking.

Thu, 03/29/2012 - 04:25 | 2299867 UP Forester
UP Forester's picture

So, basically, you want to Facebook ZH by seeing who's sleeping with whom, don't have a search engine, and like canned bubblegum pop singers.

As for BOHICA, it stands for Bend Over Here It Comes Again. 

GoogleNSA search can help, O-Acidic One....

Thu, 03/29/2012 - 04:33 | 2299870 Vic Vinegar
Vic Vinegar's picture

As for BOHICA, it stands for Bend Over Here It Comes Again. 

And to think Henry Kissinger was too mean about the military!  Looks like he was a big softy.

Thu, 03/29/2012 - 07:50 | 2300046 kralizec
kralizec's picture

Do we have to explain FUBAR & SNAFU as well?

Wed, 03/28/2012 - 22:43 | 2299454 Freebird
Freebird's picture

Golden Bullet

Thu, 03/29/2012 - 02:53 | 2299810 Vic Vinegar
Vic Vinegar's picture

Developed a/k/a bankrupt world.  LOL

'Cuz the non-bankrupt world has all the answers.  LOL again

Wed, 03/28/2012 - 22:45 | 2299462 skyun
skyun's picture

Why aren't there any outrage over these findings. I guess if no one talks about it; it never happened.

Wed, 03/28/2012 - 22:49 | 2299465 CoolBeans
CoolBeans's picture

As I sit here late into the evening working on the fiscal year end filings for some of our investment firms -- I'm seeing a real trend in managed assets dipping WAY far, for every single firm but one this week has taken a significant dip.  It isn't just account values - their # of managed accounts listed are much lower.  Yikes.  

Thu, 03/29/2012 - 00:12 | 2299613 oldman
oldman's picture


Sat, 03/31/2012 - 14:32 | 2306577 CoolBeans
CoolBeans's picture

OLD MAN (Old men bug me - especially when they're driving).

Off topic on ya, huh?  Go back to breasts and videos will ya?  I was commenting on the ARTICLE.  Investors have been pulling out.

Get with it or get off - but don't sit there and insult.

Wed, 03/28/2012 - 22:52 | 2299471 boogerbently
boogerbently's picture

What's a fraudster to do? Admit the scam, BEFORE we could take their guns???

Wed, 03/28/2012 - 22:58 | 2299478 AssFire
AssFire's picture

Sorry to post this twice but I feel it is very important.
This is from a retired Police officer with the Texas Highway Patrol...........

"If you know veterans and gun owners, please pass this on to them. Be
very cautious about what you say and to whom. "
I am passing this along...there are comments from two other people I have
also been asked if we keep guns in the house. The nurse just kinda slipped it
in along with all the other regular questions. I told her I refused to
answer because it was against the law to ask.

Everyone, whether you have guns or not, should give a neutral answer so they

have no idea who does and who doesn't.

My doctor asked me if I had guns in my house and also if any were loaded.
I of course, answered yes to both questions.
Then he asked why I kept a loaded gun close to my bed. I answered that my
son,who is a certified gun instructor and also works for Homeland Security,

advised me that an unloaded, locked up gun is no protection against criminal attack.
The Government now requires these questions be asked of people on Medicare,
and probably everyone else.

Just passing this along for your information:
I had to visit a doctor other than my regular doctor when my doctor was
on vacation. One of the questions on the form I had to fill out was: Do you
have any guns in your house?? My answer was None of your damn business!! So it
is out there... It is either an insurance issue or government intervention. Either way,
it is out there and the second the government gets into your medical records
(As they want to under Obamacare) it will become a major issue and will ultimately
result in lock and load!!
Please pass this on to all the other retired guys and gun owners...Thanks
From a Vietnam Vet and retired Police Officer:
I had a doctors appointment at the local VA clinic yesterday and found
out something very interesting that I would like to pass along.
While going through triage before seeing the doctor, I was asked at the
end of the exam, three questions:
1. Did I feel stressed?
2. Did I feel threatened?
3. Did I feel like doing harm to someone?
The nurse then informed me, that if I had answered yes to any of the questions,

I would have lost my concealed carry permit as it would have gone into my
medical records and the VA would have reported it to Homeland Security.

Looks like they are going after the vets first. Other gun people like
retired law enforcement will probably be next. Then when they go after the
civilians, what argument will they have?
Be forewarned and be aware. The Obama administration has gone on record
asconsidering veterans and gun owners potential terrorists. Whether you are
a  gun owner veteran or not, YOU'VE BEEN WARNED!!!!!
If you know veterans and gun owners, please pass this on to them. Be very

cautious about what you say and to whom.

Food for Thought; Never trust a dog to guard your food.

Wed, 03/28/2012 - 23:08 | 2299503 UP Forester
UP Forester's picture

They've been asking those questions at the VA clinic for two years, now.

Doesn't take a rocket scientist to know "anything you say can and will be used against you to fuck you up."

Thu, 03/29/2012 - 04:55 | 2299885 jomama
jomama's picture

what is with your katy perry fetish anyway?

Thu, 03/29/2012 - 05:16 | 2299897 Vic Vinegar
Vic Vinegar's picture

She has nice tits and I always come back to that when I start to wonder why I ever commented here in the first place.

Wed, 03/28/2012 - 23:10 | 2299508 MagicHandPuppet
MagicHandPuppet's picture

First they came for the vets, and I couldn't give a turd. Then they came for brain dead government worshiping costume-wearing genocidal murderers who invade countries with oil that our corporate masters covet... Oh, I already covered that one.

Thu, 03/29/2012 - 03:40 | 2299814 Al Gorerhythm
Al Gorerhythm's picture

Not that I'm pro war but you sound like one of those dopey, overly-invigorated, juvinile cunts from the Vietnam era who blamed the troops for the war. Yup, they all got up out of bed one day and bought a ticket to Saigon, just like they are lining up at the ticket counter to ride it first class to Kabul,all, chanting USA! USA! and wearing boardies and Hawaian shirts.

The grunts never start the fire, tool.

Thu, 03/29/2012 - 05:24 | 2299901 Vic Vinegar
Vic Vinegar's picture

First they came for the vets, and I couldn't give a turd. Then they came for brain dead government worshiping costume-wearing genocidal murderers who invade countries with oil that our corporate masters covet... Oh, I already covered that one.

That was seriously brilliant, MHP.  Greenie from me.

 But the question must be asked: why comment here at all?  To give spacemonkeys like me LOL moments?  'Cuz that seems overrated.

Wed, 03/28/2012 - 23:13 | 2299516 Freddie
Freddie's picture

All my guns and ammo were lost when my rowboat tipped over to my secret little island.  Guns scare me too much too. 

Go to Cheaper than Dirt's web site and you will see that many guns are sold out as well as ammo.  PEople are going insnae buying guns.

I know a few old dumb SOBs who voted for Allah.  Thanks morons - the ones who voted for the islamic.


Wed, 03/28/2012 - 23:51 | 2299591 Unprepared
Unprepared's picture

Because yu think he's a muslim? Anyone who believes so is a dumbass. Actions speak louder than TOTUS.

Thu, 03/29/2012 - 00:06 | 2299606 Dugald
Dugald's picture

People going insane buying guns? I thought the insane were already tooled up!

Thu, 03/29/2012 - 02:03 | 2299737 Freddie
Freddie's picture

Sorry.  Bad choice of words on my part.  I sound like a gun banner with those words.  I should have said gun and ammo sales are going insane again.   2008-2009 were off the charts. 2010 and 2011 were strong.  I think now it is off the charts.  The shooting in FL will drive more sales as well.  i have never seen anything like it. 

Wed, 03/28/2012 - 23:17 | 2299520 Jena
Jena's picture

Always smile when you say "No."

Wed, 03/28/2012 - 23:46 | 2299575 Schmuck Raker
Schmuck Raker's picture

"God, no." "Lord, no." "No, thank Heaven."

Any of those will help you pass as a 'Patriot'. Good to know.

Thu, 03/29/2012 - 01:51 | 2299722 Jena
Jena's picture

No.  Smile, like "What.. who, me stressed?  Noooo.  Fuck, no.  Like I might snap and go on a shooting rampage?  Nah, not this week."  

That sort of smile.

Thu, 03/29/2012 - 01:10 | 2299676 lasvegaspersona
lasvegaspersona's picture


I am a doctor and I see a lot of Medicare and I have NEVER been asked to check on the gun ownership of my patients..NEVER!!!

The docs doing this might be in the VA system, I have heard of some issues with vets and guns.  They might also be liberals or belong to very liberal  medical societies  (American Academy of Pediatrics comes to  mind).

I would scream if someone asked me to do this.

Thu, 03/29/2012 - 03:11 | 2299824 Al Gorerhythm
Al Gorerhythm's picture

I've got to learn to mull shit over. Cheers doc.

Sat, 03/31/2012 - 14:27 | 2306567 CoolBeans
CoolBeans's picture

As noted above - we had kids in for a physical and FluMist last year and the question came up (Peds doc + our regular internist)

Fri, 03/30/2012 - 03:27 | 2302842 MeelionDollerBogus
MeelionDollerBogus's picture

Some may say this is nuts but I suggest that if no personal action of your own, alone or together, can stop this nonsense... it may be time to leave.

Sat, 03/31/2012 - 14:26 | 2306561 CoolBeans
CoolBeans's picture

THANK YOU!!!!!!!!

I noticed this question came up during a the kids' annual check-up ....thought it was a safety issue in terms of kids, etc.  OMG.  We've trained our kids to answer in kind.  Thi is not a medical question and a big fat "no".

Our goobermint scares me more everyday.  Zero trust.

Thank you again for posting this very important info.


Wed, 03/28/2012 - 23:08 | 2299500 yogibear
yogibear's picture

Wall Street is always looking for donors. Plenty of them always willing to donate to the Wall Street bonus bigger than than last year fund. 

Thu, 03/29/2012 - 04:46 | 2299879 Vic Vinegar
Vic Vinegar's picture

Nah, let's most definitely end it on you.

I mean, UP Forester is actually pretty cool, and I really like him.

On the other hand, I try and decipher your comment.  Holy shit it makes no sense. 

Buy physical.

Wed, 03/28/2012 - 23:09 | 2299505 Mr. Lucky
Mr. Lucky's picture

"Other" looks good to me.

Thu, 03/29/2012 - 04:52 | 2299883 Vic Vinegar
Vic Vinegar's picture

Let's get existential on these spacemonkeys.  Cuz at times I wonder why we are here.

Buy physical.

Thu, 03/29/2012 - 07:51 | 2300049 kralizec
kralizec's picture

Buy physical.  Hmmm, I've heard that somewhere before...

Good thing I already have!


Wed, 03/28/2012 - 23:12 | 2299511 q99x2
q99x2's picture


Wed, 03/28/2012 - 23:13 | 2299514 sobeprimal
sobeprimal's picture

To be fair, if they are going to count "loans" under liabilities they also need to count "home equity" in the assets


Thu, 03/29/2012 - 04:53 | 2299884 Vic Vinegar
Vic Vinegar's picture

No.  Buy physical.

Wed, 03/28/2012 - 23:13 | 2299515 Steverino
Steverino's picture

Puff puff ..............paaaaasssssss.....

Wed, 03/28/2012 - 23:19 | 2299526 Dre4dwolf
Dre4dwolf's picture

Lol, I looked at the title. then i looked at the small thumbnail , and determined from the unreadable preview icon of the chart, that the smallest bracket would be where all the rich people invest their money and make a killing.


bonds and "investments trusts".

Blind Trust = Wink and a nod and go invest my money into the most illegal scam you can find and make me rich.... (blind trusts) give me the returns and keep your mouth shut that im involved.


Bonds = Banks raping the tax payer by inflating the currency , (bank buys bonds , which allows govt to print money) bank sells bonds to central bank for a meesly return (thus duplicating a few bucks ).





90% of the markets volume is probably computers auto - trading on the behlaf of the banks.

Wed, 03/28/2012 - 23:23 | 2299536 WoodMizer
WoodMizer's picture

Ya'll have earned thrice your pay today; prolific and astute as always.

Thank you Tylers

Wed, 03/28/2012 - 23:34 | 2299556 slewie the pi-rat
slewie the pi-rat's picture

$50 Tril US Households' financial assets;  wowser!

the second graph:  "OTHERS"? 

here's the % of "OTHERS" owed by private non-finanial corporations:

  • japan:  26.9%  (X 1,028 Tril Yen =  277 Tril Yen)
  • US:  20.8%  (X $27.9 Tril = $5.8 Tril)
  • EZ:  15.8%  (X 25.5 Tril EUR = ~ 4Tril EUR)

"Others" is a residual left when the other categories are quantified

somehow, i do not find that reassuring...

Thu, 03/29/2012 - 05:01 | 2299889 Vic Vinegar
Vic Vinegar's picture


I would genuinely like to hear from you or Tyler as to what our comments on this site should mean.  'Cuz I'm growing tired. 

You only got one green for your brilliance.  I'm not sure what any of us are doing here other than masturbaing mentally.

I would genuinely listen to what you or Tyler have to say about what the comments section here should be/what we are building towards. 

/I'll hang up and watch another Katy Perry video as I wait for a response. 

Give me something.

Wed, 03/28/2012 - 23:37 | 2299558 rsnoble
rsnoble's picture

Is the US developed?

Thu, 03/29/2012 - 00:15 | 2299618 Dingleberry
Dingleberry's picture

Does Detroit count?

Thu, 03/29/2012 - 00:42 | 2299655 Unprepared
Unprepared's picture

It's a veloping country.

Thu, 03/29/2012 - 01:41 | 2299710 Non Passaran
Non Passaran's picture

It's developing but backwards.

Wed, 03/28/2012 - 23:47 | 2299579 Die Weiße Rose
Die Weiße Rose's picture

A Civilization on Edge

Amid Debt Crisis, Athens Falls Apart

As Greece struggles to master its devastating debt problem, decades of mismanagement have taken their toll on the country's once-proud capital. Athens has degenerated into a hotbed of chaos and crime, where tensions between Greeks and immigrants have led to attacks on foreigners by the far-right.  

Massoud starts walking faster as the shadows lengthen. He glances at the scratched display on his mobile phone. It's 7:15 p.m.

The sun is setting behind the large apartment buildings on Patission Street, disappearing behind the few remaining classical facades where the plaster is beginning to crumble. "For Rent" and "For Sale" signs are posted on boarded-up windows or behind sheets of opaque glass.

Massoud is in a hurry. He wants to get home before dark, because that's when the people who are out to get him come out.

The gangs of right-wing thugs, sometimes up to 20 at a time, approach their victims on foot or on mopeds, carrying clubs and knives. They are masked, faceless and fast. They appear suddenly and silently before striking.

The neo-fascists are hunting down immigrants in the middle of downtown Athens, in the streets north of the central Omonia Square. They call it cleansing.

They hunt people like Massoud, a 25-year-old Afghan from Kabul. He has been living in Athens for five years without a residency permit, even though he speaks fluent Greek. He studied geography in Kabul, but in Athens he works as a day laborer.

The gangs also hunt the dark-skinned man pushing a shopping cart filled with garbage and scrap metal through the streets. Or the woman with Asian features, who now grabs her child and the paper cup with which she has just been begging in the streets.

Social Bankruptcy

The area around Patission Street used to be one of the most upscale parts of Athens. Maria Callas lived there, but that was a long time ago. Today there is a shoe store on the street that sells patent leather ballerina shoes from China for €5 ($7) and sneakers for €8. The columned structure of the National Archaeological Museum, which houses the largest collection of art from Greek antiquity, is also on Patission Street. A section of Aristotle Street frequented by prostitutes, who are getting ever-younger, is only 50 meters (165 feet) from the museum.

The Greeks may have come to terms with the fact that the luster of antiquity is long gone. But the notion that Athens, a once-proud city, has now become synonymous with political failure and mismanagement is difficult to take. The consequences of decades of mismanagement are most glaringly evident in the center of the Greek capital.

A few years ago, Café Frappé on Omonia Square was filled with tourists and Athenians. Today, the homeless camp out on air shafts, and police wearing bulletproof vests patrol the area at regular intervals. Even the traffic has declined.

The Greeks are moving away, and they are already a minority today. Here, in the middle of the city, the central issue is no longer the nation's insolvency but its social bankruptcy. The plaster is crumbling on the polykatoikias, the apartment buildings typical of Athens, and so is civilization. And in the places where poverty and destitution are most clearly evident, hatred is outpacing any desire to help people.

Stickers in the colors of the Greek flag are attached to the corners of many buildings. "Greece for the Greeks," the stickers read, put there by the right-wing extremist Chrysi Avgi party. Polls show the party at close to 4 percent, and it now stands a good chance of entering the parliament after the election in a few weeks. It would be a small step toward the party's goal of securing the "dominance of the white race and the Greek nation."

'The Focal Point of the Greek Plight'

Athens has a population of more than three million people, but no one knows how many more are living there illegally and without papers. Nevertheless, where they live is no secret: in the city center. Their numbers are estimated at more than 100,000.

The downtown area is "a hotbed of crime, drugs and prostitution," says Athens Mayor Giorgos Kaminis, sounding more resigned than combative. Kaminis, a constitutional lawyer, is supported by several parties on the left. City hall is in the middle of the 6th district, the largest district in the downtown area. His proposal to solve the problem doesn't sound much different from that of the right-wing hardliners.

"Voluntary repatriation" is the only way to cope with the plight. Together with the European Union Task Force, Kaminis wants to develop a plan and create incentives for the refugees to voluntarily allow themselves to be sent home. The problem in downtown Athens, according to the mayor, is also a consequence of the failure of European refugee policy. "Some 300 people come across the border in northern Greece every day," which is far too many, says Kaminis.

A walk along Panepistimou Street, one of the city's main arteries, reveals people openly injecting drugs into their arms, carotid arteries or penises. Depending on the police presence, the scene sometimes shifts by a few hundred meters, to Syntagma Square or Omonia Square. Most of these people are young Greeks, and their numbers are growing by the day.

No other European capital's city center looks like downtown Athens, says Nikitas Kanakis. "This is where you'll find the focal point of the Greek plight," he says. Kanakis, a 44-year-old dentist, runs the aid organization Doctors of the World in Greece. He was in Rwanda shortly after that country's genocide, and he was in Baghdad during the Iraq war. Now he runs a humanitarian mission in the middle of his native city. He calls it "a favela of sorts, just with real houses."

By Julia Amalia Heyer - 03/28/2012 (Der Spiegel):

Part 1: Amid Debt Crisis, Athens Falls Apart

Part 2: Violence, Drugs and Disease,1518,824011,00.html

posted by wr;)

Thu, 03/29/2012 - 02:11 | 2299749 Freddie
Freddie's picture

Another Der Spiegel tear jerker by a liberal lamenting on the struggles or poor (illegal) "immigrants" named Massoud or Mohammed.  Over 50% of Greeks work for the govt with lavish pension pushing paper and doing little.   The reporter is pushing the EU line so German taxpayers feel guilty.  

If this woman "reporter" wants to see really said stuff - go to the former Soviet states that border islamic countries where drug use and poverty is off the charts.  The drugs arrive daily by the truckload.  

The videos are on youtube of these poor Russian kids with no hope or future.  It makes Greece look like carnival.  I could not watch them it was so tragic.

Thu, 03/29/2012 - 06:39 | 2299961 mick_richfield
mick_richfield's picture


A Civilization on Edge.

Ein Reporter voll von Scheiße.

Wed, 03/28/2012 - 23:58 | 2299599 oldman
oldman's picture

i'm not a math guy, but on a per capita basis the US seems better off than the other two populations with $!63,333 followed by Japan with $145,302, and Europe with $60,000 in financial assets; I'm surprised by this so I hope someone checks my math. I used an arbitrary 400 million as the population of Europe because I don't know what 'euroland' we'are talking about.

Of course, if it were my money--I'd take it and run---$163,333 would take care of this old man for nearly thirty years--sixty years if I go back to the forest; and that would be only a reserve fund in gold and gold shares to back up my dole from SS until it runs out. Plus, I have a million gallons of mountain spring water to sell every year from the forest and 1500 pounds of honey each year----and a tree to sleep under.

I'd take that money now before you dudes talk these stock and bond markets down to zero

Of course I also get dividends on the miners for whatever they might be worth    

I really do not understand what all the fuss is about---this is a lot of money on a PER CAPITA basis 

I wish that I had a family of ten !                                            om

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