One of Greece’s largest banks plans to write off the debt of clients who owe up to 20,000 euros. Several bank bosses have left their posts since Greece’s radical left government came to power in January and the European Central Bank no longer accepts Greek sovereign bonds as collateral. In short, the Greek banks, in desperate need of liquidity, are between a rock and a hard place.
In 2004, the federal debt was $7.3 trillion. This rose to $10 trillion when the housing bubble burst four years later. Today it exceeds $18 trillion. So, in 2004, the average taxpayer owed $72,000. Today, they owe over $154,000.
According to a new retirement survey, only 67% of American workers, or their spouse, have saved money for retirement. 57% have less than $25,000 in savings and 28% have less than $1,000. If you’re in your mid-50s to early 60s, you should have six to nine times your salary in your retirement accounts to maintain your present standard of living.
Jamie Dimon, CEO of JPMorgan, warned stockholders that a crisis worse than 2008 is coming. To that end, they have been amassing a huge stockpile of physical silver, presumably in anticipation of a major liquidity event. For example, JPMorgan has added over 8.3 million ounces of additional silver to their holdings in just the past 2 weeks alone.
Golden Age of Injustice
Here are some examples of what Eric Holder calls the “Golden Age of Justice” as he leaves the Department of Injustice…
1. Supporting voter intimidation by the New Black Panthers.
2. Politicized hiring in the career civil service ranks.
3. Illegal surveillance and targeting of the press.
4. Supporting the murder of people in both the U.S. and Mexico, to destroy the 2nd Amendment that was exposed Fast & Furious.
Golden Age? More like Golden showers.
As McDonald’s sees yet another quarter of sliding sales and profits, their CEO unveiled initial details on a plan to turn that around. Aside from all day breakfast menus, perhaps the franchise could start selling food instead of food that contains ingredients that people cannot pronounce.
Only 5 out of 15 random students at the taxpayer funded University of Maryland could recognize a picture of Ronald Reagan. Some believed it was a picture of Kenny Rogers or John Wayne. Yet another success story from academia folks.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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