Greece Poised to Leave Euro
Here we go again… Greece could leave the euro-zone within the next six months as Greece is in its fifth year of recession. If Greece does leave the euro-zone, many will receive a massive haircut on the loans made to Greece. In addition,, hopefully, the Greeks will look at Iceland as the model to follow. They certainly have the natural resources to make a comeback very quickly on their own.
China’s Yuan Hits Record High
At nearly 6.26 to $1.0, China’s currency hit a record high against the US dollar. This marks the highest level since 1994 when China launched its modern foreign exchange market. So, what does this mean? Expect higher prices at Wal-Mart. Or maybe, they believe Romney, who has been bashing the Chinese for not floating the Yuan, will win and want to get on his good side?
Budget Gap Tops $1 Trillion Again
For the 4th straight year, the US has successfully spent more than a trillion dollars more than the government brought in. The gap between the government’s tax revenue and its spending totaled $1.1 trillion. Tax revenue rose 6.4 percent from 2011 to $2.45 trillion. And spending fell 1.7 percent to $3.5 trillion. Needless to say, with an aging population and a weak economy, things do not look better for next year’s budget either.
Art Cashin believes that there are some eerie parallels to today versus the Wiemar Germany era. He goes on to say that there are a variety of things in place that could begin to react somewhat domino-like and cause a frightening hyper-inflationary event. He says to keep an eye on the M2 figure and watch the velocity of money very carefully.
Executive Order Allows Seizure of Americans’ Bank Accounts
The latest executive order, by Obama, claims the power to freeze all bank accounts and stop any related financial transactions that a “sanctioned person” may own or try to perform — all in the name of “Iran Sanctions.” The order says that if an individual is declared to be a “sanctioned person,” their financial resources will have successfully been completely frozen. So, would a “sanctioned person” be someone whom they do not like?
New $100 Bills Stolen
Federal authorities are not saying how much; however, it appears that a large amount of the newly-designed $100 bills, bound for the Federal Express err… Reserve in New Jersey were stolen. Of course, it is no real secret that many in government want to get rid of cash all together, and the loss of so many not-released $100 dollar bills, that were to go public in 2013, will only add fuel to that fire. Needless to say, this sounds like an inside job; however, this is the same government that lost pallets of $100 bills in Iraq.
Text Against Terror Fails
Funded with $5.8 million dollars, a New Jersey experiment to turn citizen into snitches has meet with absolute failure. The program was designed for the public to text messages, with their cellular phones, if they saw a possible terror threat. Of course, the only real terror for Americans are from the Department of Homeland Insecurity and the government.
Nothing speaks more to the fraud that is the CPI than the fact that Social Security will only go up between 1 to 2% this year. This is the lowest increase since 1975. If anyone believes this is the real inflation… Stop drinking the Kool-aid.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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