If Greece Fails

[Gunner3456]

Thanks for the link, Gunner. 1st sentence says that the g20 leaders are looking to increase the firepower of the IMF, what could that possibly mean? Increased quotas from contributing nations? And, of course, the U.S. quota is by far the largest of all member nations.

The IMF (international monetary fund) is a one-world-government proponent, originated and operated to make everything "fair" globally. It gets funds from many nations and then doles them out to those in need. ("From each according to his ability, to each according to his needs." - Karl Marx.)

Yes, increasing its firepower is just double-speak for getting bigger nations to pour in more money to give the the broke socialist nations.

 

[Gunner3456]

Here is a good article on why Italy is a bigger threat to the global economy that Greece, and indicates the power of the IMF.

Italy to Allow IMF to Oversee Reform Progress


"Italy will allow the IMF to monitor its progress with long overdue reforms of pensions, labor markets and privatizations, European leaders announced on Friday, looking beyond the crisis in Greece to the far graver threat to the euro zone.

With its borrowing costs rising and debt levels stuck at 120 percent of GDP, the euro zone's third largest economy is too big to fail. Paralysis in Prime Minister Silvio Berlusconi's weakened government has sapped market confidence."

Berlusconi agreed in late-night talks with euro zone leaders and U.S. President Barack Obama on the sidelines of a G20 summit in Cannes to have the IMF and the EU issue quarterly reports assessing its performance on reform promises.

More...

 

[knuckle Head]

DDOT Drivers Refuse To Work: ‘They're Scared For Their Lives' « CBS Detroit

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[Gunner3456]

DDOT Drivers Refuse To Work: &#8216;They're Scared For Their Lives' « CBS Detroit

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The first and third ones are real SHTF stuff. The middle one is overseas surveillance, but I wonder if it's all they are doing, or only what they admit to.

 

[Grunwald]

The first and third ones are real SHTF stuff. The middle one is overseas surveillance, but I wonder if it's all they are doing, or only what they admit to.

Detroit has long been known as a s*** hole. I remember 20 years ago a young "lady" had a profile on AOL (when AOL was what Facebook is today) that said she was from Detroit and her quote was "Welcome to Detroit, now get the f*** out".

There are other places in this nation that are just as unsafe, but they are subsections of existing cities. Detroit is pretty much the one major city that is collapsing on it self.

I also remember a friend at work sending me a series of 4 photos. Detroit and Hiroshima in 1945 and then both cities present day. Guess which one looked like it just went though a war? The caption was "Maybe we should have nuked Detroit instead".

 

[BrentN]

Here is a good article on why Italy is a bigger threat to the global economy that Greece, and indicates the power of the IMF.

Italy to Allow IMF to Oversee Reform Progress


"Italy will allow the IMF to monitor its progress with long overdue reforms of pensions, labor markets and privatizations, European leaders announced on Friday, looking beyond the crisis in Greece to the far graver threat to the euro zone.

With its borrowing costs rising and debt levels stuck at 120 percent of GDP, the euro zone's third largest economy is too big to fail. Paralysis in Prime Minister Silvio Berlusconi's weakened government has sapped market confidence."

Berlusconi agreed in late-night talks with euro zone leaders and U.S. President Barack Obama on the sidelines of a G20 summit in Cannes to have the IMF and the EU issue quarterly reports assessing its performance on reform promises.

More...

I think we may be worried over nothing. Just today Obama said that the problem in Italy is in large part psychological. I feel so much better now. No bail-out needed, just a few therapists.

 

[Stomper]

I think we may be worried over nothing. Just today Obama said that the problem in Italy is in large part psychological. I feel so much better now. No bail-out needed, just a few therapists.

So... National debts of various countries... impending defaults, economic depression, growing violence and discontent around the WHOLE WORLD is... "in large part psychological"?

Can we say, "Nero played the violin while Rome burned"? My thanks go out to ALL the Jackholes who voted for this SCHMUCK, and plan to vote for him again in the next election... hope you all are sleeping well in the next year or two.

 

[BrentN]

So... National debts of various countries... impending defaults, economic depression, growing violence and discontent around the WHOLE WORLD is... "in large part psychological"?

Can we say, "Nero played the violin while Rome burned"? My thanks go out to ALL the Jackholes who voted for this SCHMUCK, and plan to vote for him again in the next election... hope you all are sleeping well in the next year or two.

Excellent analogy with Nero. But no violin today, maybe some 1/2 court pick-up.

 

[Stomper]

Excellent analogy with Nero. But no violin today, maybe some 1/2 court pick-up.

LMAO.. followed up by a platter full of cimichangas... but don't Michelle!!

 

[chemist]

I think Nero is the perfect analogy - except that I don't know the Latin for "bunga bunga."
Inside Berlusconi's 'Bunga Bunga' Parties: Explosive Details Of Italian Prime Minister's Sex Scandal

 

[EZLivin]

Just today Obama said that the problem in Italy is in large part psychological.

Ok, hmmm...

Obama: The problem in Italy is in large part psychological...

Martin Armstrong (Economist, historian, & market genius who was totally bubblegumed by TPTB): "As the LEFT and RIGHT argue over philosophical issues, we are facing a collapse in Western Civilization as we know it that is on par with the collapse of Rome – the Financial Armageddon. Why? It is NOT that because of fiat money. We should wish it was just that. We are in the final throws of a Sovereign Debt Crisis upon which the entire future hinges. Pension funds depend upon government bonds. Once one sovereign nation defaults, capital will respond as it historically has – it will look at the financial landscape and ask the only question worth asking – Who is next? We are cascading toward a choice of MONETIZATION or DEFAULT...there is no immediate solution that we can expect from the political arena. The best we can hope for is to redesign the monetary system and have a plan ready to go when it all turns to dust and falls down...We have crossed the point of no return. We are on the edge of complete collapse of the Western Financial System that threatens to destabalize everything and obliterate our future. Pension funds depend upon SOVEREIGN DEBT. We are in a position where there MUST be a complete structural reform, or everything goes bust and civil unrest will destroy what is left."

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I'll side with Armstrong. Since restructuring the system would have to be initiated and facilitated by political leaders worldwide, and since doing so would bring a tremendous amount of pain, it will likely not occur until after the system fails completely and there is no other choice.

 

[Grunwald]

Ok, hmmm...

Obama: The problem in Italy is in large part psychological...

Martin Armstrong (Economist, historian, & market genius who was totally bubblegumed by TPTB): "As the LEFT and RIGHT argue over philosophical issues, we are facing a collapse in Western Civilization as we know it that is on par with the collapse of Rome &#8211; the Financial Armageddon. Why? It is NOT that because of fiat money. We should wish it was just that. We are in the final throws of a Sovereign Debt Crisis upon which the entire future hinges. Pension funds depend upon government bonds. Once one sovereign nation defaults, capital will respond as it historically has &#8211; it will look at the financial landscape and ask the only question worth asking &#8211; Who is next? We are cascading toward a choice of MONETIZATION or DEFAULT...there is no immediate solution that we can expect from the political arena. The best we can hope for is to redesign the monetary system and have a plan ready to go when it all turns to dust and falls down...We have crossed the point of no return. We are on the edge of complete collapse of the Western Financial System that threatens to destabalize everything and obliterate our future. Pension funds depend upon SOVEREIGN DEBT. We are in a position where there MUST be a complete structural reform, or everything goes bust and civil unrest will destroy what is left."

<broken link removed>

I'll side with Armstrong. Since restructuring the system would have to be initiated and facilitated by political leaders worldwide, and since doing so would bring a tremendous amount of pain, it will likely not occur until after the system fails completely and there is no other choice.

Unfortunately all of their fancy terms like "recapitalize" are just attempt to deflect the general population from the real problem and that problem is simple.
The governments have spent more than the economy will support. Because they were spending beyond the threshold of what their populations would put up with regard to the level of taxation, they borrowed the money. Problem with borrowing is that eventually you have to pay it back and if you continue to borrow eventually your interest payments will exceed all of your income.
The simple truth is that the governments cannot pay their loans back and someone is going to get stiffed.

 

[kenno]

Bend over!

 

[mjbskwim]

The only way out of this is if the economy does fall.

Or if everyone just decides to forget all the debt and we start over clean.

And can we just leave the word "pension" out of all this? I really want mine to continue,if at all possible
And fully realize it may just end in a couple years

 

[Stomper]

I have a pension fund through the union I'm affiliated with, and technically Social Security is another "pension" I SHOULD be getting when retirement rolls around... God knows I've paid a TON 'O MONEY into it so far during my working life... but I know those "pensions" only exist on paper (and no place else)... maybe if we put on our ruby slippers and start clicking our heels together things will work out, hmmm?

 

[Gunner3456]

I'm not counting on any pension including SS. I'm studying how people survived the Great Depression, and even worse, Serbia, Bosnia and Venezuela. I'm trying to have on hand what they wished they had, looking back.

 

[mjbskwim]

I have a pension fund through the union I'm affiliated with, and technically Social Security is another "pension" I SHOULD be getting when retirement rolls around... God knows I've paid a TON 'O MONEY into it so far during my working life... but I know those "pensions" only exist on paper (and no place else)... maybe if we put on our ruby slippers and start clicking our heels together things will work out, hmmm?

I laughed but it ain't really that funny

 

[chemist]

throes, not "throws"
kind of casts a pall on the rest of the article

 

[knuckle Head]

Yeah ditto on the Pension thing, I have a couple I am hoping to start collecting in 12 to 15 years, I also get a slight VA Disability check right now.

I also know a few others who about to start collecting pension that they worked their entire lives for.

Ain't it something lots of people collecting from never paying into any pension or working for it and those who earned it or worried we will never get what we worked for.

What a mess, and all these idiots think Obama is the answer, he has increased our debt by 50%in less than 3 years, and behind the destruction of our society and moral breakdown.

 

[EZLivin]

throes, not "throws"
kind of casts a pall on the rest of the article

Considering Armstrong's experience and history I would not disregard him due to a spelling error(s). Same goes for Jim Sinclair's commentaries. I like to be ahead of the herd, rather than in it; Armstrong and Sinclair are the two best out there in my opinion.