ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Feb 02 10:47

update COMER VS BOC Jan 2015

Feb 02 10:27

Obama says he won’t accept budget that doesn’t raise spending

President Obama said Monday he will reject any budget from Congress that doesn’t boost spending on both defense and his own domestic priorities, saying the spending “sequesters” need to go.

Feb 02 10:24

Here's Some Frightening Honesty (Courtesy Of The US Congress)

A member of my staff caught an obscure resolution that was introduced in the US House of Representatives last week—Resolution no. 41.

The fact that there was essentially no coverage of this Resolution really shows how the mainstream media is completely turning a blind eye to the true fiscal situation of the United States of America.

The entire point of the resolution is to say that the federal government is broke.

Webmaster's Commentary: 

Resolution 41 admits the federal Government is basically broke, and recommends that the federal Government which allowed (even encouraged) the 2008 mortgage-backed securities fraud that emptied state and privater pension funds not be responsible for bailing them out, and that these defunded pension funds "restructure" to reduce costs (meaning cheat the people dependent on those pensions).

Feb 02 10:07

Computers Rule The Earth

Webmaster's Commentary: 

I am reposting this in light of people like Bill Gates and Stephen Hawking expressing concern about artificial intelligence, pointing out that we are too late; computers already rule the Earth in a very real way, and not for our benefit!

Feb 02 09:46

One Of These Things Is Not Like The Other

Feb 02 09:36

Globalism Wins as Israel Plans “Free Trade” With Putin, Beijing

As the world is increasingly divided up into geographic “regions” under regional regimes cobbled together under the guise of pseudo-“free trade,” Israeli authorities are now quietly working to create what they call “free trade zones” with both the Communist Chinese regime and the Kremlin-dominated Eurasian Economic Union (member countries shown in green). The negotiations, officially announced this week, come as globalist plotters around the world accelerate their now-open efforts to subvert national sovereignty at a regional level — all on the road toward what top officials from Beijing and Moscow to London and Washington, D.C., regularly and openly refer to as their “New World Order.”

Feb 02 09:33

“We’re on the Verge of a Crisis” and Global Currency Wars Are Triggering It

In financial circles, it is widely acknowledged that the Federal Reserve was about to raise interest rates, but has since changed course and decided to hold firm.

Why? Because currencies are tanking all across the globe, and a stronger U.S. dollar – a double-edged sword – is making export goods more expensive and hurting international business.

Welcome to 2015, the year of the currency wars. Things are about to get volatile, so hold on.

Feb 02 09:32

Europe Fractures: France "Prepared To Support Greece" In Debt Renegotiations

Despite Angela Merkel's insistence on numerous occasions this past week that there will be "no debt renegotiations," it appears a schism at the core of Europe is opening. As France24 reports, following a meeting between France's finance minister Michel Sapin and Greece's finance minister Yanis Varoufakis, the press conference had a considerably more amicable tone that Friday's Dijsselbloem dissing. "France is more than prepared to support Greece," Sapin said adding that Greece’s efforts to renegotiate were "legitimate."

Feb 02 09:31

'Chance for a new start': Croatia writes off debts of 60,000 poorest citizens

Croatian government have gotten creditors on board a plan to erase the debts of some 60,000 poorest citizens. The “fresh start” scheme targets less than 1 percent of the entire debt, but is hoped to boost the economy in the long-term.

The unorthodox measure was voted for by the government on January 15 and comes into force on Monday. To be eligible to participate debtors must have no savings or property, have a debt no greater than about $5,100 and live on welfare or an income of no higher than $138 per month.

Webmaster's Commentary: 

This is a token gesture. In all probability the debts could never have been repaid, and this is a segment of society unlikely to start new businesses to move the economy.

The plan would actually have merit were the debts of the middile class erased.

Feb 02 09:25

Canadians sued the Bank of Canada and won.

Feb 02 09:14

18 Democrats join GOP to restore 40-hour work week under Obamacare

Facing withering pressure to stick with the president and block any GOP effort to change Obamacare, 18 Democrats crossed the aisle to join Republicans Thursday in replacing the 30-hour work week with the traditional 40 hours, a major boost to small businesses.

Feb 02 08:42

Looking for Lessons in Iceland's Recovery

In 2008, Iceland experienced one of the most dramatic crashes any country had ever seen. Since then, its recovery has been just as impressive. Are there lessons to be learned?

Webmaster's Commentary: 

"No! Do NOT look at Iceland. Iceland is BAAAAD! Private Central Banks are GOOOOOOD! Wall Street is GOOOOOD! Austerity is GOOOOOOD!" -- Official White Horse Souse

Feb 02 07:25

The Social Movement against “Globalized Trade” and the Trans-Pacific Partnership

Since the President’s State of the Union message where he announced his plan to push corporate trade agreements and seek Fast Track trade promotion authority, the movement against Fast Track, the Trans-Pacific Partnership (TPP) and globalized trade has grown. Instead of the bump in support that Obama expected after the State of the Union, opposition has increased inside Congress and in the grass roots.

Indications are that we are winning, and if we continue to mobilize over the next two months, we will win.

Feb 01 10:24

White House Seeks to Limit Health Law’s Tax Troubles

Obama administration officials and other supporters of the Affordable Care Act say they worry that the tax-filing season will generate new anger as uninsured consumers learn that they must pay tax penalties and as many people struggle with complex forms needed to justify tax credits they received in 2014 to pay for health insurance.

The White House has already granted some exemptions and is considering more to avoid a political firestorm.

Feb 01 10:22

Rise of the robots at AOL lead to job cuts

Media company AOL laid off roughly 150 employees Friday, or 3% of its staff.

The bulk of the layoffs, or close to 100, were in sales, a result of the company's surging growth in so-called programmatic ad sales, according to a person with direct knowledge of the situation who was not authorized to speak on the record.

Webmaster's Commentary: 

Automation always sounds like a good idea, but taken to it's ultimate end, it will lead to a nation with 300 million Americans starving and out of work, with all the stores and factories filled with robots that have nothing to do!

Feb 01 09:44

Syriza Won by Being the Opposite of Occupy Anarchists

Webmaster's Commentary: 

INN World Report audio interview

Feb 01 09:11

Russian aggression and the BBC’s drums of nuclear war

The drums of war are beating on the BBC and other mass media, writes Oliver Tickell – naked propaganda about fictitious ‘Russian aggression’ intended to soften us up for a war that could wipe out life on Earth.
We must refuse to fall for the endlessly repeated lies, and tell our politicians that our highest priority of all is peace.

Webmaster's Commentary: 

My reply to BBC and indeed all corporate media. Feel free to use as a template for your own emails.

Corporate media assured us that the USS Main was sunk by a Spanish mine in Havana Harbor, even though Captain Sigsbee reported the cause as an on-board fire. This story of a Spanish mine by the corporate media allowed President McKinley to trick the American people into the Spanish American war. An investigation carried out by Admiral Hyman G. Rickover, the father of America's Nuclear Navy, confirmed Sigbee's report. There had been no Spanish mine.

Corporate media assured us that the Lusitania was not carrying weapons when it was sunk by a German U-Boat, even though the German government had taken out ads in the New York papers warning passengers not to sail on that ship. This story of the sinking of an innocent passenger ship allowed President Woodrow Wilson to trick the American people into World War 1 and divert the war from the original belligerents, Austria-Hungary and Serbia, into a war against Germany. In the 1980s, divers entered the hold of the Lusitania and confirmed it had been smuggling weapons of war to Britain.

Corporate media assured us that North Vietnam launched a torpedo attack against the USS Maddox in the Gulf of Tonkin in August 4th, 1964. Even though Captain Herrick reported that the sonar detection of torpedoes by the Maddox had been an error by an inexperienced sonar operator, the claim of a torpedo attack allowed President Johnson to trick Congress into escalating the Vietnam war.

Corporate media assured is Saddam Hussein had nuclear weapons. Need I say more?

So why would anyone believe the corporate media today when they assure us Russia has invaded Ukraine?

Feb 01 09:10

Apple Delivers Monstrously Worrying Earnings

This growing lack of revenue diversification has some concerned. “A bet on Apple is increasingly a bet on the iPhone,” said Toni Sacconaghi, an analyst for Sanford C. Bernstein & Company. “The good news is, iPhones are great. The bad news is, right now that’s driving over 100 percent of the revenue growth of the company.”

Feb 01 09:02

FLASHBACK - Iceland Dismantles Corrupt Gov’t Then Arrests All Rothschild Bankers

Last week 9 people were arrested in London and Reykjavik for their possible responsibility for Iceland’s financial collapse in 2008, a deep crisis which developed into an unprecedented public reaction that is changing the country’s direction.

It has been a revolution without weapons in Iceland, the country that hosts the world’s oldest democracy (since 930), and whose citizens have managed to effect change by going on demonstrations and banging pots and pans. Why have the rest of the Western countries not even heard about it?

Feb 01 09:02

FLASHBACK - Hungary Kills The Rothschild Banks: Ordered To Vacate Country.

The Banking Cabal Invented State Zionism (State Of Israel) Usurping Judaism's (Jew) Non-State Identity.

Just As They Invented Communism, Marxism, Fascism, Nationalism, Socialism, Usurping Other Nation State Identities For Economic Upheaval So As To Institute Centralization Of Money To Their Banks. End Of NWO Story!

Jan 31 15:56

Greece says it will not negotiate with EU-IMF creditors

New finance minister says Athens instead wants direct talks with eurozone leaders to try to cancel some of its debts.

Jan 31 15:54

Podemos Anti-Austerity Party on the Rise, Thousands Protest in Madrid

Following the victory of radical left-wing Syriza party in Greece, thousands of people gathered in Madrid in an anti-governmental rally organized by the Spanish anti-austerity left-wing party Podemos.

Jan 31 10:01

Greece Is Now a Russia Sanctions Veto. Merkel Is Foaming at the Mouth

Two days ago, Zero Hedge first, and shortly thereafter everyone else, pointed out something stunning: the biggest surprise to emerge so far out of the new anti-Troika/austerity Greek government was not so much its intention to proceed with the first test of "Odious Debt" - this was largely known in advance - but its dramatic pivot away from Germany and Europe, and toward Russia.

As we noted before, not only has Greece already blocked all ongoing privatization processes, a clear snub of Merkel and the Troika which demands the piecemeal blue light special sale of Greece to western buyers as part of the "bailout", but is also looking at plans to reinstate public sector employees and announce increased pensions for those on low incomes: further clear breaches of the Troika's austerity terms.

Jan 31 08:39

What’s Really Happening? with Michael Rivero

A few years ago the gold market manipulation story began taking root in the mainstream media. When Dominique Strauss-Kahn (DSK), former head of the International Monetary Fund (IMF), appeared in the spotlight various countries began to question wether their gold, supposedly stored in safe-keeping at the Federal Reserve in New York, was actually still in the vaults.

Michael Rivero, Editor in Chief of What Really Happened, website and radio show, appeared on the History Channel’s “America’s Book of Secrets: The Gold Conspiracy”. This TV program provided some detail of what happened during the DSK arrest for allegedly having a sexual encounter with a chamber maid at a New York City hotel. DSK was actually removed from a plane headed to Germany where DSK was to attend a meeting the next day. DSK had been asking questions about gold the Federal Reserve was suppose to turning over to the IMF.

Jan 30 12:19

My Songs Got 151,781 Plays on YouTube. I Received $10…

By the end of 2013 YouTube made their agreement with Swiss copyright society SUISA and thus finally became open to Swiss authors. By the end of January 2014 I was a YouTube partner and started uploading all my content and my so far 28 videos. But above all I was able to monetize the many third party uploads of my music. Or so I thought because it soon became clear that all my views added to next to nothing in my income reports.

Jan 30 12:16

Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows

For the 8th week in a row (something that hasn't happened since June 2009), US total rig count plunged. This week's 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 - lowest since Jan 2013). The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly. This is the 2nd biggest 8-week drop in 22 years. This - rather unsurprisingly - has led Chevron to decide to cut 23% of its Pennsylvania workforce "due to activity levels." Not 'unambiguously positive' as so many in the central planning bureaus would have everyone believe.

Jan 30 12:16

It Begins: Energy Giant Chevron Suspends Stock Buyback, Blames "Cash Flow Squeeze"

It was less than 24 hours after we posted that either oil will double from here allowing energy companies to grow into a normal P/E multiple, or energy stocks will have to crash by over 40% for the ridiculous 23x to return to its normal, long-term average of 13.6x. Moments ago energy giant Chevron admitted that not only does it not see oil doubling any time soon, but that energy prices are almost certain to go far lower from here, and as a result the company decided that after buying back $5 billion of its shares in 2014, i.e., buying high and higher before the stock crashes may not be the best use of dwindling cash flow, and as a result has just suspended its stock buyback program of the rest of 2015. Yes, energy giant Chevron just ended its buyback!

Jan 30 11:34

Detroit health plan to drop some retirees

Police Sgt. Nancy Headapohl and her husband, Dave, have dedicated a combined 73 years of service to the city.

A former lieutenant, Dave Headapohl served 40 years prior to his retirement in 2006. He was exempt from Medicare and Social Security and got dropped from the city's traditional health insurance plan under changes imposed last March.

Since then, he's been covered under his wife's policy. But that coverage ends under terms negotiated in the city's landmark bankruptcy, leaving him "completely on his own," his wife says.

Jan 30 10:57

Webster Tarpley: An examination of how Syriza won in Greece

In this interview, Dr. Webster Griffin Tarpley explains the demands and policy routes Syriza chose. He examines the need for mass-traction economic demands, principled alliances and a rejection of wedge issues; immigration etc.

Their victory has shocked the ruling class in the UK, and led to an incredibly disingenuous and dangerous propaganda campaign trying to frame Greece as a hub for terrorists.

Jan 30 10:51

Picture: Student Served Most Disgusting “Michelle Obama” Lunch Ever

Recently, major changes came to school lunches because of the efforts of the First Lady, Michelle Obama. The USDA claims that “the new standards align school meals with the latest nutrition science and the real world circumstances of America’s schools.”

It was only recently that dozens of teenagers posted their lunches to social media, specifically calling out Michelle Obama for the reforms she pushed.

Webmaster's Commentary: 

You know you live in a dictatorship when the dictator's wife decides what your children eat for lunch.

Jan 30 10:49

The Country That Refuses to Bow Down to Western Bankers

The powers that be are getting nervous as other countries consider following Greece's lead.

Jan 30 10:11

Canada GDP shrinks on biggest factory drop in six years

The Canadian dollar plunged below 79 cents US today after data showed Canada’s gross domestic product contracted in November as manufacturing dropped the most since January 2009 and on declines in mining and oil and gas extraction.

Jan 30 09:52

International alliance of democratic forces opposing the Euro

The groups already involved at that time coming from France, Spain and Austria were again present. Only the Greek participants could not come for obvious reasons but pledged to continue their participation. (See the Assisi call with the detailed names of the groups involved. ) The Finnish Independence Party joined in.

Jan 30 08:29

Senate approves Keystone XL pipeline despite veto threat

The Republican-controlled Senate passed a bipartisan bill approving construction of the controversial Keystone XL oil pipeline, prompting a showdown with President Barack Obama, who has promised to veto the legislation.

Jan 30 08:27

Occupied By Wall Street – The Latest TARP Taxpayer Screw-Job Is Revealed

The Treasury-created market has benefited a few savvy investors, while saddling taxpayers with a loss. Three private funds, which the report didn’t name, have won almost half the shares available at auction, often netting either a profit on paper or on the resale, according to the special inspector general for the Troubled Asset Relief Program. The Treasury, which has held 185 auctions to date, said it has raised about $3 billion on TARP investments that were originally valued at $3.8 billion, for a loss of $800 million at the auctions.

The Treasury “set up this market where investors could come in quickly and flip and profit,” said Christy Romero, TARP’s special inspector general, in an interview.

Jan 30 08:26

‘Being poor is not a crime’: Civil group files lawsuit to help man imprisoned for failing to pay fines

The American Civil Liberties Union (ACLU) has filed a federal lawsuit against officials in DeKalb County, Georgia after a judge imprisoned a black teenager who was too poor to pay $838 in fines. It all started with a traffic ticket near his home.

Jan 30 08:13

Reagan Economist: Washington Will Do Anything It Can To Stop BRICS

Jan 30 08:09

Bank of England chief 'delusional' to claim UK escaped debt trap - economist

Mark Carney’s claim that Britain has escaped a “debt trap” common to Eurozone states has been dismissed by UK economist Michael Burke as “delusional.” Burke says Britain's debt has merely been transferred from private firms to UK homeowners.

Webmaster's Commentary: 

When all the currency is loaned into circulation at interest, there is no escape possible from the debt trap. Britain should remember that the United States fought a revolution against Britain to break free of the Bank of England's predatory practices.

"The refusal of King George 3rd to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the revolution." -- Benjamin Franklin

Jan 30 08:06

EU to Greece: ‘No question of cancelling debt’

"There is no question of cancelling the Greek debt. Other eurozone countries will not accept this," said Juncker Wednesday as quoted by Le Figaro. He added that Brussels is open to dialogue and didn’t want to threaten Greece.

The Greek government was forced to implement austerity measures in exchange for a €317 billion bailout from the troika of creditors of the ECB, IMF and the EU.

Webmaster's Commentary: 

Half of Greece's debt was created through fraud between former Greek President Papandreou and Goldman Sachs. The goal of the fraud was to conceal Greece's debt through currency swaps, but the plan actually doubled Greece's debt (and made a fortune for Goldman Sachs). The Troika would have been well advised to consider that portion of the debt odious and drop it. But their greed in demanding the Greek people pay for Papandreou's fraud has brought them to this place where their fear of debt-reduction demands from other EU members will not allow them to reduce Greece's debt, which in turn will drive Greece from the EU and default on their debt, triggering a collapse of the credit default swaps sold against Greece's debt.

Jan 30 07:50

Birth Pangs Of The Coming Great Depression

The signs of the times are everywhere – all you have to do is open up your eyes and look at them. When a pregnant woman first goes into labor, the birth pangs are usually fairly moderate and are not that close together. But as the time for delivery approaches, they become much more frequent and much more intense. Economically, what we are experiencing right now are birth pangs of the coming Great Depression.

Jan 29 13:08

Republicans to open February with vote to repeal Obamacare

House Republicans will kick off February with a vote to repeal Obamacare, providing new members the chance to put their opposition on the record as the party chips away at the overhaul and devises some reforms of its own.

“We will begin the month renewing our commitment to individual freedom and opportunity,” House Majority Leader Kevin McCarthy of California said Thursday in a memo previewing next week’s votes.

Webmaster's Commentary: 

Oh? and what about all the people whose expensive Obamacare compliant insurance policies didn't cover their hospital bills?

Jan 29 12:08

Keystone filibuster fails, pipeline poised for approval

The Keystone XL pipeline is closer than it’s ever been to approval after the Senate overcame a Democrat-led filibuster Thursday and was headed for a final passage vote later in the day — setting up an eventual showdown with President Obama, who has promised a veto.

Jan 29 12:08

Why medical debt – and bankruptcy – are growing problems

Burdensomely high medical costs are often blamed for pushing many Americans into bankruptcy. According to the Consumer Financial Protection Bureau some 43 million Americans have unpaid medical debt on their credit reports.

Medical debt isn’t like other debt. It is not because of unwise purchases, but often because of unforeseen circumstances, like an illness or accident. Unpaid medical debts can harm credit scores, which can make it harder to apply for loans, apply for credit cards or apply for a lease.

My own research on medical debt shows that medical expenses are the predominant factor in 18% to 26% of consumer bankruptcy filings – the leading causal factor.

Webmaster's Commentary: 

Not mentioned in this report is the sky-high cost of American medical care, driven upward by insurance company "discounts" forced on hospitals, and made worse by Obamacare, whose approved policies, although more expensive, offer little coverage at all.

Jan 29 10:58

Soros as Kiev’s Central Banker and Ridiculous US Laws

If it comes to pass, and it cannot unfortunately be ruled out, recent media rumors say that naturalized US billionaire hedge fund speculator and philosopher, George Soros, a very weary-looking 84-year-old who continues to try to weaken the Russian economy as he did back in 1998, might become the head of the Ukrainian National Bank in Kiev. Soros as head of any central bank in my view is putting the old fox to guard the hen-house. That would complete a quartet of foreign technocrats that clearly would do no good to the shattered real economy of Ukraine nor to peace in the world.

Jan 29 10:06

Pentagon documents: Obama to request big defense budget hike

Obama will ask for $534 billion for the core budget of the Defense Department — a $38 billion increase — according to "pre-decisional" Pentagon documents obtained by The Associated Press on Tuesday. That means there could be some slight changes when the budget actually comes out Monday.

The Pentagon witnessed major budget cuts with the imposition of so-called budget sequestration in 2013 and has been held at a freeze since then. Military brass say the bleaker budgets have forced cuts in flying hours, troop training and maintenance of military equipment. The agency was due for just a $3 billion increase under caps set in a 2011 budget pact.

The increases are likely to find support among defense hawks on Capitol Hill, but Republicans controlling Congress are only in the early stages of figuring out how to pay for them. Simply taking the money from domestic agencies is sure to be opposed by the White House and could lead to gridlock in Washington.

Webmaster's Commentary: 

The Republican-controlled Congress will do what it has traditionally done to enhance the military budget; gut social programs as completely as humanly possible to avoid making up the short fall in new taxes.

Jan 29 09:59

Big Business “Regulators” and the Transatlantic Trade and Investment Partnership (TTIP): Opening the Floodgates to Corporate Plunder

A new leak concerning the talks around the Transatlantic Trade and Investment Partnership (TTIP) indicates that the floodgates could be opened even further for corporate influence. The leak has been analysed by the corporate watchdogs CEO and LobbyControl and shows that corporate influence on EU and US policies might dramatically increase via the chapter on so-called ‘regulatory cooperation’.

The leak of the EU draft negotiating proposal dated January 23rd makes unmistakably clear that the EU is seeking a very ambitious chapter that strengthens the role of business in future regulatory legislation possibly via a new institution, the Regulatory Cooperation Body (RCB). Its role would be to coordinate the process of regulatory coherence between the US and the EU and would effectively limit policy space and sideline the public and civil organisations.

Jan 29 09:44

How the ‘Rich’ get ‘Richer’

Do you really want to know how the ‘rich’ get ‘richer’?

Well, you can plow through this long list at Mother Jones, or if you prefer, I’ll sum it up for you – in one word – DECEPTION.

Jan 29 09:33

Comcast Renames Man ‘Asshole Brown’ After He Tries to Cancel Cable

Comcast probably doesn’t relish being one of those companies that many Americans love to hate. But sometimes, the cable giant makes this way too easy.

Consider the case of Ricardo Brown. After Brown’s wife had a disagreement with the cable company recently, Comcast started sending him monthly statements under the name “Asshole Brown.”

The disagreement happened when Brown’s wife Lisa tried to cancel her cable. She got referred to one of the company’s dreaded “retention specialists,” who apparently didn’t like being told “no,” as Lisa Brown told the blogger Christopher Elliott, who first reported the story.

“I was never rude,” she told Elliott. “It could have been that person was upset because I didn’t take the offer.”

Jan 29 09:32

Yanis Varoufakis – Who Called Austerity "Fiscal Waterboarding" – Appointed Greek Finance Minister

Greece's new economic chapter begins as unrepetent bailout critic takes helm ahead of promised bailout re-negotiations

Jan 29 08:57

Chinese yuan now top 5 major intl payment currency

The Chinese currency is the 5th most-used currency in international payments, according to the SWIFT network responsible for international financial transactions. Breaking into the top 5 is symbolic to balance dollar-denominated payments.

Jan 29 08:40

Runaway treasure hunter refuses to reveal gold’s location, arrested in Florida

A treasure hunter who allegedly bilked investors after recovering tens of millions of dollars worth of gold from a shipwreck was arrested in south Florida after years on the run and was due to appear in federal court there on Thursday.

Tommy Thompson was detained on Tuesday night at a Hilton hotel in Palm Beach County, said Barry Golden, spokesman for the U.S. Marshals Service in the Southern District of Florida.

U.S. marshals in Ohio said Thompson would be extradited in a matter of days to that state, where he was charged in 2012 with criminal contempt for failing to appear in federal court to reveal the location of gold and funds from his treasure hunt.

Jan 29 08:17

Greece’s new prime minister wants Germany to pay for Nazi war crimes

Syriza has vowed to renegotiate the crippling debts saddled on the Greek economy by European lenders — a move that some fear could threaten the unity of the eurozone. Tsipras and his allies, meanwhile, see their ascension as a historic opportunity, as WorldViews discussed here.

But it's not just the future that's on Syriza's agenda. In what was virtually his first act as prime minister Monday, Tsipras journeyed to the memorial site at the Kaisariani rifle range, where in 1944 Nazi soldiers executed some 200 Greek activists in retaliation for the death of a German officer killed in a Greek ambush.

Webmaster's Commentary: 

The part the Washington Post isn't talking about is that Germany forced Greece to loan it billions which were never repaid. If, as the IMF claims, debt is sacrosanct, then with accumulated interest, Germany may owe Greece more than Greece owes the IMF!

Jan 29 08:15

Subprime Bonds Are Back With Different Name Seven Years After U.S. Crisis

The business of bundling riskier U.S. mortgages into bonds without government backing is gearing up for a comeback. Just don’t call it subprime.

Hedge fund Seer Capital Management, money manager Angel Oak Capital and Sydney-based bank Macquarie Group Ltd. are among firms buying up loans to borrowers who can’t qualify for conventional mortgages because of issues such as low credit scores, foreclosures or hard-to-document income. They each plan to pool the mortgages into securities of varying risk and sell some to investors this year. JPMorgan Chase & Co. analysts predict as much as $5 billion of deals could get done, while Nomura Holdings Inc. forecasts $1 billion to $2 billion.

Jan 29 07:35

President of Soros Founded Economic Institute Says Global Elite In Panic Mode

It wasn't that long ago that Wall Street legend Barton Briggs told super rich to buy farms away from megacities and stock up on food and guns. Many plans have been put forward such as floating cities and armed luxury vessels that will be deployed international waters to keep the 'brigands at bay'. The average working family have surely noticed the price of food and other goods rising but the neo-aristocracy have technocrats and economic forecasters at their disposal and they know the ledge. I wonder how many degenerate French nobility escaped the guillotine? Destabilizing paranoia is rife among the rich but the Soros-backed INET must have some interesting revelations that they won't share with the rest of us.

Jan 28 21:28

‘National moral disgrace’: Over 1 in 5 US children on food stamps & living in poverty

Over 20 percent of US children ? an estimated 16 million youths ? are on food stamps, according to the latest government figures. That number has almost doubled since the Great Recession began in 2007. Nearly a quarter are living below the poverty line.

Jan 28 15:16

The Canadian court case the mainstream media will not cover

The Bank of Canada, unlike the Federal Reserve in the U.S., is wholly owned by the people of Canada. It was nationalized in 1938 and was used very successfully to fund infrastructure, social programs, education, etc, for the benefit of all Canadians. It was used to bring us out of the depression, funded WWII, to build highways such as the McDonald-Cartier freeway, public transportation systems, subway lines, airports, the St. Lawrence Seaway, our universal healthcare system and our Canada Pension Plan.

Unfortunately, since Canada adopted economist Milton Friedman’s theory of monetarism in 1974 this has not been the case and one can track the progression of the dismantling of Canada since then.

Jan 28 12:10

'Patient' Fed shows no signs of wavering on rate hikes

The Federal Reserve on Wednesday gave no sign that it is wavering on hiking interest rates sometime in the second half of 2015. The U.S. central bank was upbeat about the real economy, citing "solid" growth and "strong" job gains.

Webmaster's Commentary: 

Here we see the danger of believing ones own propaganda!

Jan 28 12:09

Democrats who wrote Obamacare tell Supreme Court to reject lawsuit

The congressional Democrats involved in writing the Affordable Care Act told the Supreme Court on Wednesday that they intended for consumers in all states to be eligible for subsidies, and they argue that the law they drafted reflects that intention.

Opponents have challenged the Obama administration’s enforcement of the law, arguing that it only allows subsidies to be paid in states that set up their own exchanges, but not to customers in most of the country who use the federal exchange.

Webmaster's Commentary: 

TRANSLATION: "Yes, it's a flustercluck, but we meant well, so leave it alone!"

Jan 28 11:52

Washington will do whatever it can to stop BRICS, maintain power - economist

Jan 28 10:19

The spreading alchemy of central bank money-printing

Two years ago, I sat in the hushed fortress of the Bank of England, listening to one of its secretive boffins, a languid fellow named Paul Fisher, explain the creation and meaning of money.

He reached into his wallet and fished out a 10-pound note.

This note is worth 10 pounds, he said, because you and I and all the people walking around on the streets out there believe it's worth 10 pounds.

That's it. That's the only reason it has any value beyond the intrinsic value of the paper and ink itself. It's all about trust and belief.

Jan 28 10:15

BEX ALERT - Russian spy cell in New York 'plotted Wall Street meltdown': Men tried to crash high-frequency radio messages used for trading

Russian spies operating a cell in New York were trying to find ways to cause an economic meltdown, according to court documents.

Webmaster's Commentary: 

So, if I understand this right, when the US economy collapses, which now seems inevitable, it won't be because of decades of Wall Street fraud and Washington DC corruption, it won't be the trillions in unregulated derivatives hanging over the top banks, it won't be the debt created by a ponzi-scheme private central bank issuing all of the public currency as a loan at interest; oh no, no, no, no, no, NO, it will be an eeeeeeevil plot by the Russians!

And if you believe THAT one, I have some of Saddam's nuclear weapons to sell you!

Jan 28 09:41

Russia, Turkey announce new gas route with hub in Greece borders

The first gas pipe with a capacity of 15.75 billion cubic meters will be operational by December 2016.

Six hundred and sixty kilometers of the new Turkish Stream pipeline will go through the old South Stream corridor and a further 250 kilometers will head in the direction of the European part of Turkey.

The four threads which make up the pipeline will have a capacity of 63 billion cubic meters, Gazprom said in a statement following Tuesday’s meeting between CEO Aleksey Miller and the Turkish Minister of Energy and Natural Resources Taner Yildiz.

The company will apply to carry out design and exploration work in Turkish territorial waters on Wednesday, January 28.

Webmaster's Commentary: 

So much for Russia being "economically isolated" by sanctions!!

And after this weekends elections in Greece, the country's ruling majority must be feeling pretty chipper at the speed with which this deal unfolded, because the economic implications of this deal will be terrific for the new Greek government.

Jan 28 09:19

AU, China agree big infrastructure deal

Addis Ababa - China and the African Union agreed on Tuesday an ambitious plan to develop road, rail and air transport routes to link capitals across the continent.

African Union chief Nkosazana Dlamini-Zuma praised the proposal at "the most substantive project the AU has ever signed with a partner", although the ambitious project that includes highways and high speed railways is at present just a commitment to develop the infrastructure, and contains few details.

The memorandum of understanding was signed at AU headquarters in Addis Ababa, ahead of a summit meeting of the leaders of the 54-nation pan-African bloc on Friday.

Webmaster's Commentary: 

IF fully implemented, this agreement could mean substantial economic growth for Africa, and a real coup for Chinese business entities.

Jan 28 09:16

America Unites Against the 1%

Black, white, hispanic; middle class, working poor and veterans; from the streets of Detroit to the mountains of West Virginia, Americans are waking up and beginning to understand the need to unite against the scourge we call the 1%.

Webmaster's Commentary: 

And THAT is what they are most afraid of, which is why we get all this fanning of racial tension by the government across the nation.

Jan 28 09:15

Obama drops plan to raise taxes on ‘529’ college savings accounts

The Obama administration said it would drop a plan to tax so-called 529 college savings accounts, after the proposal sparked widespread criticism over its potential impact on the middle class.

Jan 28 09:11

Greece’s new dream team vows to defy foreign creditors

In a taste of what lies ahead, Yanis Varoufakis, the flamboyant new finance minister, said on his way to the government’s swearing-in ceremony that negotiations would not continue with the hated troika of officials representing foreign lenders.

“They have already begun but not with the troika,” said Varoufakis, an economist who has disseminated his anti-orthodox views through blogs and tweets almost daily since the debt crisis exploded in Athens in late 2009 – something he promised on Tuesday to continue to do. “The time to put up or shut up has, I have been told, arrived,” he wrote on his blog. “My plan is to defy such advice.”

Jan 28 08:39

S&P lowers Atlantic City general obligation rating by four notches

Standard & Poor's Ratings Services cut Atlantic City's rating four notches to junk at 'BB' on Tuesday, the second Wall Street rating agency to issue a super-downgrade in the days before the city plans a $12 million note sale.

Webmaster's Commentary: 

Who listens to S&P these days, after the 2008 fiasco?

Jan 28 08:31

UK govt ‘gags & intimidates’ charities that criticize austerity policies

British charities say they have been targeted in a “subtle” yet “menacing” fashion by prominent political figures for publicly criticizing the coalition’s austerity policies. Others are silenced by gagging clauses in government contracts.

Jan 28 08:11

All Eyes On Yellen Who Better Not Disappoint

So will Yellen save the day again?

The problem is that at this point it is unclear just what that means: if she continues ignoring the global deflationary pressures and not relent to delaying the rate hike, then the USD will surge even more (which at this point is no longer a good thing as explained in "When A Soaring Dollar "Reflects Loss Of Investor Confidence And Is Potentially Devastating""), pressuring US exports and corporations that much more until finally something snaps and the decoupling theme so prevalent for the past 6 months is ruined.

Jan 28 08:05

‘If SWIFT gets weaponized, an alternative system is absolutely realistic’

While the West may try to slap Russia with more sanctions, the SWIFT banking payment system will try to stay out of political crossfire, economist Max Fraad Wolff told RT, adding that if it eventually gets weaponized, an alternative will emerge.

Jan 28 08:01

Koch Brothers Prepared To Unleash Nearly $1Bn Leading Up To 2016 Election

Conservative American oligarchic industrialists Charles and David Koch plan to raise $889 million to spend on political operations ahead of the 2016 election. The sum would be more than twice as much as the Koch network spent during the 2012 election.

Jan 27 15:44

Frm Canadian Minister Of Defense Talks About Banker Takeover of Canada

Webmaster's Commentary: 

Money is supposed to serve the people, not people serve the money!

Jan 27 13:30

Is The US Preparing To Blame The Next Market Crash On "Russian Spies" And HFT?

On the surface this sounds like your plain vanilla diplomatic escalation, in which a lowly spy, or rather alleged spy, is exposed to show the displeasure of the host regime toward the opposing country, an action which will surely result, within 24-48 hours, in a comparable arrest of a US spy in Russia.

And yet, reading through the complaint we were dumbfounded when we encountered the following exchange:

Webmaster's Commentary: 

What the US is calling espionage looks like market research or journalism to me. It';s not like this Russia was video-taping 9-11 and cheering as the buildings came down!

Jan 27 13:19

IBM denies rumor of 100K layoffs but confirms ‘several thousand’ layoffs

IBM denies the rumor about the layoffs of more than 100,000 IBM employees. The company says that only “several thousand” IBM employees will be affected by the layoffs. In an email statement from IBM to Reuters, IBM officially denied the rumor concerning as many as 112,000 employees. According to the Jan. 26 Reuters report, “IBM is in the process of layoffs, as disclosed in its latest earnings report last week, but it will affect ‘several thousand’ employees only.”

Jan 27 13:18

This Is The Beginning Of The End For The Euro

The long-anticipated collapse of the euro is here. When European Central Bank president Mario Draghi unveiled an open-ended quantitative easing program worth at least 60 billion euros a month on Thursday, stocks soared but the euro plummeted like a rock. It hit an 11 year low of $1.13, and many analysts believe that it is going much, much lower than this. The speed at which the euro has been falling in recent months has been absolutely stunning. Less than a year ago it was hovering near $1.40. But since that time the crippling economic problems in southern Europe have gone from bad to worse, and no amount of money printing is going to avert the financial nightmare that is slowly unfolding right before our eyes.

Jan 27 13:03

Iran's central bank stops US dollar transactions, adopts RMB

Iran's central bank has announced that it will stop mutual settlements in the US dollar with other countries, with the Chinese yuan or renminbi being named as one of the alternatives.

Jan 27 12:27

EU to consider new sanctions against Russia on January 29

January 29, the EU Council to consider new restrictive measures against Russia. This is stated in the statement of the Heads of State and Government of the European Union on Tuesday in Brussels, according to TASS.

"Due to the deteriorating situation we ask the EU Council of Ministers of Foreign Affairs to assess the situation in Ukraine and consider any appropriate measures, in particular, further restrictive measures against Russia, aimed at the rapid and full implementation of the Minsk Agreement," - the document says.

Jan 27 12:26

If SWIFT would be banned... "there will be strict response" - Medvedev

Russian Prime Minister Dmitry Medvedev promised a harsh response from the Russian side in the event of a decision to limit the participation of Russian banks in the system SWIFT.

"In the case of such decisions would like to note that our economic response, or indeed any other, will be without limits" - quoted by "Interfax" statement of the prime minister.

Medvedev drew attention of the meeting that in addition to budget shortfalls in Russia today is "an extra set of constraints that we have also encountered - a limitation on finance, liquidity." Closing foreign currency markets can not but affect the domestic situation.

Jan 27 12:24

Bank executive, 31, jumps to death from workplace ‘after dispute with girlfriend’

A 31-year-old man jumped to his death from a bank tower in Hong Kong's Central this morning after an argument with his girlfriend, according to a police source.

The man, identified by the source as Lui Yau-man, was wearing a business suit when he was found lying unconscious on an elevated platform by security guards at the Citibank Plaza at around 7.30am.

The source said Lui worked as an assistant vice-president in the risk-management department of Industrial Bank.

Webmaster's Commentary: 

I am not buying 'argument with girlfriend.'

Jan 27 11:12

Obama's Fed Nominee, Who Was Busted And Quit For "Impropriety", Reports Up To $40 Million In Assets

Three weeks ago, when reporting on Obama's close personal friend and Bank of Hawaii "community banker" appointee to the Fed board, Allan Landon, we emphasized an apparently trivial data point that had somehow managed to slip through the background due diligence process. Namely, that about a decade ago, the same Landon stepped down as board member from the Seattle Federal Home Loan Bank after he was found - always in the passive voice - to have "failed to comply with a rule requiring the disclosure of conflicts of interest by a director by failing to make disclosure to the Seattle Bank board of their institutions' planned redemptions." The full story can be read here, but in a nutshell a banker that the president himself has appointed to join the US money printing authority was on the cusp of being investigated for embezzlement, and was forced to quietly disappear into the night despite denying "any wrongdoing."

Jan 27 11:11

The Greeks Have A Simple Message To Europe

Sunday's Greek vote for anti-austerity left-wing Syriza shows the people's eagerness to stop the current bailout scheme and renegotiate a deal that's more favorable for the Greek economy. In the next several days and weeks, we'll learn a lot more about the implication of the vote, and what new leader Alexis Tsipras is capable of accomplishing; but as Bloomberg Businessweek reports, perhaps this banner displayed produly at last night's victory rally says it all...

Webmaster's Commentary: 

The ECB is taking a hard line position with Greece's debt, as any concessions made to Greece will trigger demands for debt reduction from the other EU members. The EU's position is "pay or leave", and with Russia already putting out the welcome mat, Greece might leave the EU, which in turn will trigger other member nations to consider departing the union, which has worked very well for the owners of the ECB and very badly for the people.

Jan 27 10:57

Evidence Grows Showing Wall Street as a Negative Economic Force

Clifton has a theory on why America’s crisis in creating new businesses is a well-kept secret. He writes:

“My hunch is that no one talks about the birth and death rates of American business because Wall Street and the White House, no matter which party occupies the latter, are two gigantic institutions of persuasion. The White House needs to keep you in the game because their political party needs your vote. Wall Street needs the stock market to boom, even if that boom is fueled by illusion.”

Jan 27 10:52

Comparing the inflated cost of living today from 1938 to 2015: US Dollar losing an enormous amount of purchasing power since 1938.

People have a hard time understanding how inflation erodes their purchasing power. Little by little the cost of everything goes up and people simply assume this is normal in an economy. The $2 movie ticket becomes a $8 movie ticket. That can of tuna just got smaller but the price remains the same. The cost of going to college went from manageable to needing large student debt merely to complete a four year degree. Inflation is argued to be a purely monetary outcome. You have too much money, in the form of cash or credit in today’s case, chasing fewer goods. In our current economy, debt is the fuel accelerating inflation.

Jan 27 09:32

Greek Election Could Cause World Economic Crisis - Michael Rivero - Jan. 26, 2015

Jan 27 09:07

Welcome To The Wreckovery: Who Could Have Possibly Anticipated Caterpillar's Disastrous Earnings And Guidance?

Moments ago, Caterpillar was added to the great and growing list of bellwether companies that have reported disastrous Q4 earnings misses, when it announced that not only did it wildly miss its EPS estimate of $1.55, reporting only $1.35 in Q4 Adjusted EPS (and $1.23 on a GAAP basis), but worse, slashed its 2015 sales and profit outlook as follows:

Webmaster's Commentary: 

So with all these major companies reporting missed earnings, plus events in Europe, what is keeping the US stock market propped up?

That is a rhetorical question, of course; we all know about the plunge protection team. But here is the part you should remember. If market rigging is used to keep prices high, it means the entire stock market is over-valued. That means the worth is not there to support the prices.

When a major sell-off happens, an over-valued market will plunge. The higher the over-valuation, the harder the drop. The first people to sell will get their cash out, and everyone else will be left with nothing more than a piece of paper from their broker with an impressive looking number at the bottom.

Jan 27 08:56

New G20 Rules: Cyprus-style Bail-ins to Hit Depositors AND Pensioners

On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which completely changes the rules of banking.

Russell Napier, writing in ZeroHedge, called it “the day money died.” In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a “haircut,” says Napier, deposits are now “just part of commercial banks’ capital structure.” That means they can be “bailed in” or confiscated to save the megabanks from derivative bets gone wrong.

Jan 27 08:52

IBM's stock gains amid reports that a massive layoff is coming

Shares of IBM Corp. IBM, -2.28% are rising 1.2% in premarket trade Monday, on the heels of reports that the technology giant is prepping for a reorganization that will lead to the largest corporate layoff in history. Reports from multiple sources suggest Big Blue will will slash its global workforce by 26%, which would represent about 112,000 of the approximately 431,000 people IBM employs globally.

Webmaster's Commentary: 

IBM is now denying these reports, which means the initial story could be a "pump and dump" scam.

Jan 27 08:45

Gold: Its Time Has Come

Governments, confidence, and prices rise and fall. The current collapse in gold prices from August 2011 to November 2014 has been typical for a once-per-decade gold price decline.

Jan 26 13:37

“Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution”

I must begin with an apology—that I’ve provided readers with such a confusing title to have to digest. It sounds like the sort of title that would be created by some committee. Or worse, by a group of governments that are trying very hard to conceal the purpose of some especially nefarious agreement that they’ve just colluded on.

Well, as luck would have it, that’s just what it is. The “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution” agreement is the title of a decision that was reached by the G20 countries, to approve an across-the-board Cyprus-style bail-in.

Jan 26 13:12

Saxo Bank: The Syriza Victory Is A Disaster For Europe

The result was worse than expected whatever the final outcome - the anti-austerity vote is massive, but it could be an empty gesture as Greece in reality has little choice: Comply with the Troika or leave the EUR. I doubt the later will happen with the same vote as the Greeks are tired of austerity but not off being European.

Webmaster's Commentary: 

That sounds like wishful thinking to me.

Jan 26 11:37

S&P downgrades Russia's credit rating to junk

Webmaster's Commentary: 

S&P was one of the Wall Street Ratings agencies that assured us all those mortgage-backed securities were AAA in 2008, so it's not like anyone will listen to them now.

Jan 26 11:29

Benzer pleads guilty in massive Las Vegas Valley HOA scheme

Benzer, who once owned Silver Lining construction, and 10 others were indicted in the scheme in January 2013, and several months later Benzer was indicted again on charges of evading $1.2 million in personal and company taxes. The charges were related to more than $7 million Benzer and his company obtained from a fraudulent contract with the Vistana condominium development to do construction defect work.

Five of the 10 defendants charged in the first indictment with Benzer, including attorney Barry Levinson, previously pleaded guilty and are waiting to be sentenced.

The sweeping investigation that led to the indictments, spearheaded by the Justice Department’s Fraud Section in Washington, is thought to be the largest public corruption case federal authorities have brought in Southern Nevada. The FBI, Las Vegas police and IRS all played key roles in the long-running investigation.

Webmaster's Commentary: 

I am bumping this story back to the top because this is very important.

Organized crime is targeting Homeowner's Associations across America. Complicit property managers will purchase "improvements" from Mafia-owned businesses which provide shoddy products and services at hugely inflated prices which the homeowners have no choice but to pay! This contributes to the skyrocketing rental prices!

Jan 26 11:25

Super Bowl for the Rich: Upper-Class 91, Middle-Class 9

Just 10 percent of Americans own 91 percent of the nation’s stocks and mutual funds, according to economist Edward Wolff (Table 7). Most of the remainder is held by a “middle class” that is steadily losing ground. The bottom 60 percent is almost entirely shut out (Table 2).

Stock owners, some of whom made billions of dollars last year, can defer their income taxes indefinitely, pay a reduced capital gains tax when they decide to cash in, or pass on the capital gains tax-free to their heirs.

Making money is all a game to the super-rich — redistribution toward the top, trickle-down delusions, tax avoidance, and even, for some of them, dabbling in criminal activities. Sen. Lindsey Graham (R-SC) once said, “It’s really American to avoid paying taxes, legally…It’s a game we play…I see nothing wrong with playing the game because we set it up to be a game.”

Jan 26 11:23

What’s good for Greece is bad for Israel

While most of the world (at least the 99 percenters) are congratulating Greeks at the dawn of their new age of dignity, the Jerusalem Post warns that victory for Syriza is bad news for Israel. Upon reading the article, I could see why they’re concerned:

Jan 26 10:41

JFK to 911 Everything Is A Rich Man's Trick

Webmaster's Commentary: 

BUMP TO THE TOP

This is three and a half hours long, so you may want to bookmark this and watch it in sections, but it is worth it, as it confirms much of what I wrote in "All Wars are Bankers' Wars!"

UPDATE: Once I started watching this, I could not stop. I took a break at the half-way point, but wound up watching it all the way through!

Jan 26 10:09

Negative Interest: A ticking time bomb

Many Americans have been predicting this for well over a decade, but it appears the big axe is finally set to swing at America. Amidst a spate of global currency moves causing seismic shifts in global assets, military conflicts are fast enveloping the planet. An increasingly dysfunctional US government struggles over war with Iran, which incidentally just dumped the dollar, in a domestic environment that is steeped in racism, police brutality and irrational fear without end. Our water supply is being swiftly contaminated, all over the country, by fracking. And above all, corruption and lies are being exposed on the internet at breakneck speed, making it painfully obvious, to even the most political clueless, that something terribly wrong is about to happen.

Jan 26 10:06

Greece elections: Merkel has lost, hope has won

In the aftermath of Greece’s seismic election, I assumed the eurocrat elite would follow the diktat, “if you have nothing nice to say, say nothing at all.” So, I cranked up the Twitter machine and within 5 seconds, I encountered this ‘gem’ from our old friend Carl Bildt. Bildt was the the Swedish Foreign Minster – and one of America’s favourite European poodles – until his own electorate voted him out last year.

Bildt’s Tweet is important because it reveals a mindset among the elite. They extol the benefits of democracy for others, while pouring scorn on the results, if they fail to suit their own agendas. An example was when they forced Ireland to vote again (twice) after initial rejections of EU treaties. Or when they speak of bringing free elections to the Middle East while refusing to deal with Palestine’s elected government, or even recognise the state’s existence.

Jan 26 10:04

Historic Victory for SYRIZA Greece

The leader of the left-wing SYRIZA Party, Alexis Tsipras, claimed a jubilant victory in Athens, Greece, on Sunday. SYRIZA took 36.5 percent of the electorate compared with the 27.7 percent for Antonis Samaras of the New Democracy Party. This is according to official election data. The far-right Golden Dawn placed third at at 6.3 percent, followed by To Potami garnering 5.9 percent of the vote party. To Potami Party is considered a potential ally of SYRIZA.

Whether it is a clear majority is yet unclear at the time of the interview. But one thing is clear: the Greek people have won a battle of reversing austerity economic policies championed by the New Democracy conservative party.

Jan 26 10:04

Iceland's Stabilized Economy Is A Surprising Success Story

Faced with the possibility of financial failure, Iceland had to think on its feet. Instead of bailing out banks USA-style, the country forgave mortgage debt for the population – and completely started over from square one.

A country with a small population of roughly 320,000 citizens, Iceland‘s entire banking structure “systemically failed” in the early days of the 2008 recession. Despite the fact that Iceland is still on the road to recovery, the country ranks high as a politically and economically stable nation. Their success over the last few years has been largely under-reported, and the story behind it is quite fascinating.

Jan 26 10:03

Triangle of Sin: Greece’s new Fin Min aims to destroy Greek Oligarchy

Listening to this man speak is like taking a breathe of fresh air after years of suffocating in a cesspool of lies.

It’s clear that he knows exactly what needs to be done as he points to the troika of rent seeking developers, bankrupt bankers, and media moguls who together are strangling his nation.

The question is, will he succeed, which turns in part on whether he survives. I for one hope he does. He is not only a genius, but a man with morals, extremely rare among finance ministers.

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