New Record High Euro-zone Debt
The good news is that Estonia has a debt-to-GDP ratio of 10%. The bad news is that the Euro area has gone from 88.2 to 92.2% in one year. Greece leads the pack, in a bad way, at 160.5% with Italy and Portugal coming in next at 130.3 and 127.2% respectively.
Foreign Banks And Brokers
Transferring some assets beyond the borders of the U.S. is being recommended by a number of financial advisers. Unfortunately, because of growing IRS tyranny, foreign banks and brokerage firms don’t want custody or management of assets owned by anyone who is either a US citizen or resident! Hence, another reason, after preparing, to keep stacking physical and hide it like a pirate.
Gold Backwardation Goes Mainstream
Gold futures markets have been flirting with backwardation for a year or so. In addition, lower gold prices, that is making it easier to demand delivery, is making the problem more intractable. As a result, articles are appearing in the mainstream media; such as, the one from Reuters indicating that demanding for physical metal is now far outweighing supply. Let’s see how long before people realize the phrase “far outweighing supply.” Well, at least no nation is about to switch to a gold backed currency yet.
Gold Backed Yuan Currency
Could the People’s Bank of China be on the verge of switching the reference point for its yuan currency from the US dollar to gold? That’s the rumor circulating in the Far East. By doing so, it would immensely destabilize the global financial system. Whether a gold backed yuan would work may be doubtful; however, it is better than the sinking dollar.
The Department of Justice told a federal court this week that the NSA’s spying “cannot be challenged in a court of law.” Also, they told a federal court that the courts cannot review the legality of the government’s assassination by drone of Americans abroad. If you get the feeling that the justice system is now extinct, you may be right.
Boehner Can’t Stand For Issues
When it comes to immigration, along with other issues… House Speaker Boehner is again showing the yellow running down his back. He claims that he cannot stand on issues because it makes his job, as House Speaker, harder. Gee, Boehner, if you really believe the job is so hard, please do the country a favor and resign!
Government Pensions… Gone!
From police, firefighters to teachers, if you are a government worker, then the City of Detroit is the template of how your public pension will simply disappear. Detroit had no money in pensions, and with a bankruptcy, one may just simply forget those city pensions. In short, most government workers around the country are screwed and they don’t know it… Yet!
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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