Greek Bonds Eligible Collateral Again
The Governing Council of the European Central Bank suspended the application of the minimum credit rating threshold in the collateral eligibility requirements. As a result, Greek bonds are now eligible collateral again. So, Greece’s credit rating may be in the toilet; however, it is good enough for the European Central Bank. If that does not speak volumes about how bad the European fiscal situation is, then nothing will.
Italy May Be Forced To Leave The Euro-zone
Berlusconi, the former prime minister of Italy, stated that if Germany does not accept the European Central Bank is a real central bank and if interest rates do not come down, then Italy may be forced to leave the euro and return to the Lira to be competitive. At least he is facing some truth and not kicking the Euro can down the road.
American Express to American Treasury Secretary
Kenneth Chenault, CEO of American Express, is being considered as little lying Timmy Geithner’s replacement as Treasury Secretary. Remember, when business and government intermix like the one we now have, it is called fascism. At any rate, at least Kenneth knows something about high credit risk and he is about to represent the biggest credit risk in world history… The US. So, where will little lying Timmy go… Most likely replace Benji Bernanke when he steps down. Another example of how the revolving door continues to swing folks.
The Flow Of Gold Into India & China
James Turk believes that within a couple of years, people who own paper gold are going to recognize they have counter-party risk. The scam of trying to make people believe that paper gold is the same thing as physical gold is going to collapse. This is because, despite all of the negative propaganda from the West, physical gold is flowing into India and China. In addition, because of the rehypothecation of gold multiple times, a single ounce gold coin could be worth many times the current manipulated market value.
While the Postal Service has been having major financial problems, this did not deter 171 postal employees from taking advantage of the situation. In fact, these bastards cashed 1300 US Treasury checks. Neither snow, nor rain, nor heat, nor gloom of night could stop these postal employees from stealing checks. But the government can.
10 Foods That Will Last Virtually Forever
Here are five…
2. Peanut Butter
4. Powdered milk
5. Ramen noodles
As an extra… Twinkies! If you can get them.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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