Greece Needs A New Bailout
Greece’s financial system, i.e. its banks, are utterly insolvent. The private banking system can no longer create money by handing out loans to a just as insolvent broader population. In addition, the European Central Bank is no longer injecting direct liquidity into the Greek economy. To that end, Greece needs a 50 billion euro bailout and the question is…. Will Germany give them the funds with the German elections coming up?
Chinese Gold and Silver
According to Stephen Leeb, the Chinese have helped keep the price of gold and silver down, and because they want to recapitalize their banks and get rid of bad loans, they will push for gold to be a Tier-1 asset and let the price of gold rise. He goes on to say that this may be the year in which the Chinese really do let gold fly. When gold starts underlying their currency, it’s game over for the other non-gold backed currencies.
Warrantless Phone Surveillance
Without fanfare, Obama reauthorized a law that allows government surveillance on overseas activities of suspected spies and terrorists. Ostensibly the law does not apply to Americans targeted for surveillance; however, the question is, who watches the watchers?
Mississippi River Nears Historic Lows
Even with the recent rain and snow, the Mississippi River is continuing its decline toward historic lows. Low water, due to the worst U.S. drought since 1956, has already impeded the flow of billions of dollars worth of goods to the Gulf of Mexico. A further drop in river levels could halt commercial shipping traffic entirely by this weekend. Not only would the shutdown affect thousands of jobs but it will severely diminish trade.
New York Times Op Ed
A New York Times op ed pretty much sums up the goals of the mainstream media and many politicians in both political parties; in that, they want to trash the US Constitution. We have laws passed that clearly are unconstitutional. We have Supreme Court Justices openly stating they ignore the Constitution in their rulings. We have, for the time being, a soft tyrannical dictatorship in the US that could turn hard at any time. The sad part is, the US Constitution has already been trashed for quiet some time.
American Cities Drown in Debt
In many places, mayors, government employees and police officers have simply helped themselves to city funds, giving themselves higher and higher salaries and creating new privileges for themselves. With pension demands, cities are going broke and public safety is being compromised. Sounds like these cities could use a little more Obama money.
Little Lying Timmy Geithner is stepping down as the Secretary of Treasury and his replacement will likely be Jack Lew. He was the chief operating officer of Citigroup’s Alternative Investments unit that bet on the housing market to collapse. He is also a member of the Council on Foreign Relations.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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