Parallel Greek Currency
Greece might resort to IOUs and/or capital controls to avoid a disorderly default and keep the banks afloat for now. As things get worse, the European Central Bank has analyzed a scenario in which the Greek civil servants are paid in IOUs. The final result will be the return of the Drachma.
Global Liquidity Squeeze
A few days ago, the IMF warned regulators to prepare for a global “liquidity shock.” In China, the credit boom has been one of the primary engines for “global growth” in recent years; however, conditions are changing. In Europe, the Greek debt crisis is finally coming to a breaking point and over here in the U.S., Americans are increasingly having difficulty meeting their financial obligations. In short, the global liquidity squeeze has begun.
Japan Overtakes China
Japan has overtaken China as the biggest foreign holder of U.S. debt. Yes Japan, the nation with a debt of over $10.1 trillion is financing nearly $1.24 trillion in U.S. debt. One could say it is quid pro quo… Japan buys the U.S. debt and Japan’s leaders don’t die of lead poisoning.
Former IMF Head Arrested
Rodrigo Rato, who led the IMF from 2004 to 2007, was arrested in Spain over allegations of tax evasion and money laundering. Is there anyone surprised that an IMF banker would be crooked?
USA Freedom Act
On June 1st, extended surveillance powers of the Patriot Act will expire automatically without re-authorization from Congress. So there is an effort to sneak it pass the American people by stealthily placing it in the USA Freedom Act that is being sold as a way to rein in surveillance powers. Isn’t it amazing how bills are named for the purpose opposite of their intentions?
Why No Recruits?
From the definition of adversary to the use of ‘customer’, please watch this video that clearly shows why those in the NSA and the U.S. Military cannot get recruits to join their criminal enterprises. From listening to the recorded conversation in the video, the question is how can these ‘recruiters’ honestly can look themselves in the mirror and honestly believe they are doing the right thing.
End of License Plate?
If a law were proposed today requiring people walking on sidewalks to wear name tags, Americans would strongly reject such an attack on the freedom to move about anonymously; however, there appears to be a move to replace license plates on cars with RFID systems. These systems would track the car anywhere. Yet another 1984 moment brought to you by an out-of-control government.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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