Alexis Tsipras’ Open letter to the German readers

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Posted on 29th January 2015 by Administrator in Economy |Politics |Social Issues

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Most of you, dear Handesblatt readers, will have formed a preconception of what this article is about before you actually read it. I am imploring you not to succumb to such preconceptions. Prejudice was never a good guide, especially during periods when an economic crisis reinforces stereotypes and breeds biggotry, nationalism, even violence.

In 2010, the Greek state ceased to be able to service its debt. Unfortunately, European officials decided to pretend that this problem could be overcome by means of the largest loan in history on condition of fiscal austerity that would, with mathematical precision, shrink the national income from which both new and old loans must be paid. An insolvency problem was thus dealt with as if it were a case of illiquidity.

In other words, Europe adopted the tactics of the least reputable bankers who refuse to acknowledge bad loans, preferring to grant new ones to the insolvent entity so as to pretend that the original loan is performing while extending the bankruptcy into the future. Nothing more than common sense was required to see that the application of the ‘extend and pretend’ tactic would lead my country to a tragic state. That instead of Greece’s stabilization, Europe was creating the circumstances for a self-reinforcing crisis that undermines the foundations of Europe itself.

My party, and I personally, disagreed fiercely with the May 2010 loan agreement not because you, the citizens of Germany, did not give us enough money but because you gave us much, much more than you should have and our government accepted far, far more than it had a right to. Money that would, in any case, neither help the people of Greece (as it was being thrown into the black hole of an unsustainable debt) nor prevent the ballooning of Greek government debt, at great expense to the Greek and German taxpayer.

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TRICKLE DOWN

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Posted on 25th January 2015 by Administrator in Economy |Politics |Social Issues

Guest Post by Jesse

This is about it in a nutshell. ‘Stimulus’ American style comes to Europe.

Printing money and giving it to your cronies inflates asset prices, lines the pockets of the well-heeled heels, but does little for the real economy.

But it doesn’t produce broad inflation (or aggregate demand) so we can do it many times! Success!

“At last the euro’s lords and masters have accepted that something must be done about their zone’s lamentable growth. They will unleash a massive bond-buying programme totalling a reported €1tn. The former BBC economic pundit Stephanie Flanders told the world it was “Santa Claus time”; the European Central Bank (ECB) has ridden to the rescue.

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BEGINNING OF END OR END OF THE BEGINNING

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Posted on 25th January 2015 by Administrator in Economy |Politics |Social Issues

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As we all know, central bankers across the world have only delayed the inevitable economic collapse and made it far worse through their money printing and debt manipulations. Greece started this charade and they appear to be the country which will end it. Fourth Turnings always intensify. Hold on.

Guest Post by Jesse

Syriza Wins Greek Election, Leader Alexis Tsipras Declares ‘End to Vicious Cycle of Austerity’

This is from the live updates at The Guardian Newspaper here.
Here’s summary of a momentous election result for the future of Greece and Europe:
    • The anti-austerity far left party Syriza has won the Greek election by a decisive margin, but just short of an outright majority. With more than three-quarters of the results in Syriza is projected to win 149 seats in the 300 seat parliament.
    • Syriza leader Alexis Tsipras said his party’s victory marked an end to the “viscious cycle of austerity”. Referring to the neoliberal conditions set by the IMF, the European Commission and the European Central Bank, he said: “ The verdict of the Greek people renders the troika a thing of the past for our common European framework.”
    • Outgoing prime minister Antonis Samaras conceded defeated by acknowledging some mistakes. But he added: “We restored Greece’s international credibility”.
    • To Potami, the centre-left party could be the kingmakers in the new parliament, with a project 16 seats. Its leader Stavros Theodorakis has not ruled out a deal with Syriza. “It’s too early for such details,” he said.
    • The far-right Golden Dawn party is projected to come third in election, despite having more than half of its MPs in jail. Speaking from prison its leader Nikolaos Michaloliakos said the result was a “great victory” for the neo-fascist party.
    • Syriza victory has been greeted with alarm in Germany. The ruling CDU party insisting that Greece should stick to the austerity programme. But Belgium’s finance minister said there is room for negotiation with Syriza.
  • Leftwingers across Europe have hailed Syriza win. Spain’s anti-austerity party Podemos said Greece finally had a government rather than a German envoy. Britain’s Green Party said Syriza’s victory was an inspiration.

HOW THE EU ENDS

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Posted on 17th January 2015 by Administrator in Economy |Politics |Social Issues

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SAYONARA GLOBAL ECONOMY

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Posted on 4th January 2015 by Administrator in Economy |Politics |Social Issues

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“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”Ludwig von Mises

The surreal nature of this world as we enter 2015 feels like being trapped in a Fellini movie. The .1% party like it’s 1999, central bankers not only don’t take away the punch bowl – they spike it with 200 proof grain alcohol, the purveyors of propaganda in the mainstream media encourage the party to reach Caligula orgy levels, the captured political class and their government apparatchiks propagate manipulated and massaged economic data to convince the masses their standard of living isn’t really deteriorating, and the entire façade is supposedly validated by all-time highs in the stock market. It’s nothing but mass delusion perpetuated by the issuance of prodigious amounts of debt by central bankers around the globe. And nowhere has the obliteration of a currency through money printing been more flagrant than in the land of the setting sun – Japan. The leaders of this former economic juggernaut have chosen to commit hara-kiri on behalf of the Japanese people, while enriching the elite, insiders, bankers, and their global banking co-conspirators.

Japan is just the point of the global debt spear in a world gone mad. Total world debt, excluding financial firms, now exceeds $100 trillion. The worldwide banking syndicate has an additional $130 trillion of debt on their insolvent books. As if this wasn’t enough, there are over $700 trillion of derivatives of mass destruction layered on top in this pyramid of debt. Just five Too Big To Trust Wall Street banks control 95% of the $302 trillion U.S. derivatives market. The reason Jamie Dimon and the rest of the leaders of the Wall Street criminal syndicate commanded their politician puppets in Congress to reverse the Dodd Frank rule on separating derivatives trading from normal bank lending is because these high stakes gamblers want to shift their future losses onto the backs of middle class taxpayers – again. The bankers, with the full support of their captured Washington politicians, will abscond with the deposits of the people to pay for their system destroying risk taking, just as they did in 2008 by holding taxpayers hostage for a $700 billion bailout.

Only the ignorant, intellectually dishonest, employees of the Deep State, CNBC cheerleaders for the oligarchy, or Ivy League educated Keynesian loving economists choose to be willfully ignorant regarding the true cause of the 2008 implosion of the worldwide financial system. The immense expansion of credit in the U.S. from 2000 through 2008 was created, encouraged, supported and sustained by Alan Greenspan, Ben Bernanke and their cohorts at the Federal Reserve through their reckless lowering of interest rates and abdication of regulatory oversight, as their owner banks committed the greatest financial control fraud in world history. Total credit market debt in the U.S. grew from $25 trillion in 2000 (already up 100% from $12.5 trillion in 1990) to $53 trillion by 2008.

The bankers, politicians, mainstream media corporations, and mega-corporations that run the show lured Americans into increasing their credit card, auto loan, and student loan debt from $1.6 trillion in 2000 to $2.7 trillion in 2008, while extracting over $600 billion of phantom home equity from their McMansions. And it was all spent on things they didn’t need, produced in Chinese slave labor factories. The mal-investment boom was epic and the collapse in 2008 would have purged the bad debt, punished the risk takers, bankrupted the criminal banks, reset the financial system, and taught generations a lesson they needed to learn – excess debt kills. Instead of voluntarily abandoning the madness of never ending credit expansion and accepting the consequences of their folly, the world’s central bankers and captured politician hacks chose to save bankers, billionaires, and the ruling elite at the expense of the common people.

The false storyline of government austerity continues to be peddled to the public, but is nothing but pablum served to the mentally infantile masses, while the criminals continue to manufacture debt out of thin air, pillage the wealth of the working class, gamble recklessly knowing it’s with taxpayer funds, debase their currencies in an effort to make their debts easier to service, and enrich themselves and their cohorts, while impoverishing the little people. Consumer credit card debt peaked at $1.02 trillion in mid-2008. After hundreds of billions in bad debt write-offs by the Wall Street banks and shifted to the taxpayer, the American consumer has purposefully avoided running up credit card debt on Chinese produced crap, despite the urging of bankers, the mainstream media and politicians to revive our warped, debt laden, consumption dependent economy. Credit card debt is currently $140 billion BELOW levels in 2008, despite the never ending propaganda about an economic and jobs recovery. The fake Wall Street created housing recovery is confirmed by the fact mortgage debt outstanding is $1.4 trillion LOWER than 2008 heights and mortgage applications are hovering at 1999 levels.

Where Americans were in control and understood the consequences of their actions, they willingly reduced their debt based consumption. This was unacceptable to the powers that be at the Federal Reserve, in the banking sector, consumption dependent mega-corporations, and their government puppets on a string. The government took complete control of the student loan market and used their ownership of the largest auto lender – Ally Financial (aka GMAC, aka Ditech, aka Rescap) to dole out subprime auto loans and subprime student loans at a prodigious rate. The Wall Street banks joined the party, with assurance from Yellen and the Obama administration their future losses would be covered.

The Greenspan/Bernanke/Yellen Put lives on. So, while credit card debt is 14% below 2008 levels, student loan and auto loan debt has soared by 47%, up $769 billion from its early 2010 lows. The Fed and their government minions have desperately accelerated their credit expansion in a futile effort to revive our moribund, debt saturated, welfare/warfare empire of delusion. After temporarily plateauing at $52 trillion in 2010, the acceleration of consumer credit, issuance of corporate debt to fund stock buybacks, and of course the $5 trillion added to the National Debt by Obama, have driven total credit market debt to an all-time high of $58 trillion. In addition, the Fed expanded their balance sheet by $3.6 trillion through their various QE schemes, funneling the interest free funds to their Wall Street owners to create the illusion of economic recovery through a stock market surge. The .1% never had it so good.

Of course, the U.S. has not been alone in attempting to cure a disease caused by excessive debt by issuing trillions in new debt. It is clear to anyone not in the employ of the Deep State that central bankers in the U.S. are working in concert with central bankers in Europe and Japan to keep this farcical Keynesian nightmare from imploding under an avalanche of deflation, wealth destruction, chaos and retribution for the guilty. The Federal Reserve used every means at their disposal to hide the fact they bought over $400 billion of mortgage backed securities from European banks and in excess of $1.5 trillion of their QE benefited foreign banks. It was no coincidence that one day after the Fed ended QE3, the Bank of Japan announced a massive “surprise” increase in purchases of bonds and stocks. It wasn’t a surprise to Janet Yellen, as this was the plan to keep stock markets rising, record Wall Street bonuses being paid, and further enrichment of the .1% global elite. The Japanese stock market has surged 18% since the October 31 announcement, with the U.S. market up 10%. Now it is time for Draghi to pick up the baton and create another trillion or two to support the lifestyles of the rich and famous. Central bankers know who they really work for, and it’s not you.

With global worldwide debt now exceeding $230 trillion we have far surpassed the point of no return. There is no mathematical possibility this debt will ever be repaid. And this doesn’t even include the hundreds of trillions of unfunded liability promises made by corrupt politicians around the world. The level of total global debt to global GDP, at nosebleed levels of 210% in 2008, has escalated past 240% as central bankers push the world towards a final and total catastrophe. With U.S. credit market debt of $58 trillion and GDP of $17.6 trillion, the U.S. is a basket case at 330%. The UK, Sweden and Canada are on par with the U.S.

But Japan takes the cake with total debt to GDP exceeding 500% and headed higher by the second. Their 25 year Keynesian experiment by mad central bankers and politicians enters its final phase of currency failure. Negative real interest rates, trillions wasted on worthless stimulus programs, and currency debasement have failed miserably, so Abe’s solution has been to double down and accelerate failed solutions. Only an Austrian economist can appreciate the foolishness of such a reckless act.

“Credit expansion is the governments’ foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous. – Ludwig von Mises

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THINGS ARE GOING SWIMMINGLY IN EUROPE

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Posted on 7th November 2014 by Administrator in Economy |Politics |Social Issues

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Violent clashes broke out in Belgium as more than 100,000 protesters marched in Brussels against the government’s austerity measures. Police deployed water cannon and tear gas as the protesters started upturning cars. READ MORE: http://on.rt.com/y8dttx

CHILLY WINTER AHEAD FOR EUROPE

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Posted on 17th October 2014 by Administrator in Economy |Politics |Social Issues

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Putin will be in the driver’s seat come Winter. The EU will rue the day they agreed to the U.S. economic sanctions against Russia. When they are freezing their asses off and their economies are a shambles in January, the sanctions will be lifted. Book it Dano.

Europeans can count on Russia to supply all the gas they need to stay warm this winter, according to Vladimir Putin. But the President warned that any action by Ukraine to disrupt the transit of fuel, will be felt across the EU. Read More: http://on.rt.com/sax0ov

IF YOU TELL THE TRUTH, YOU DON’T HAVE TO REMEMBER YOUR LIES

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Posted on 9th October 2014 by Administrator in Economy |Politics |Social Issues

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So let me get this straight. The transmissions between the air traffic controllers and the pilots of MH-17 mysteriously disappeared. The black box recordings are now classified and will never be revealed to the public. The wreckage shows multiple gun shot holes. The Dutch Foreign Minister revealed today that a passenger had their oxygen mask on. Do you put an oxygen mask on when you are shot down by a ground based missile or when fighter jets are firing at your plane? Putin and the Russians had nothing to do with the shooting down of MH-17. The Ukrainian government are murderers. Obama and his EU buddies are accomplices to murder. These sociopaths will do anything to retain their power, wealth and control over the people. 

MH-17 Report False Flag Exposed After Revelation Passenger Was Wearing Oxygen Mask

Tyler Durden's picture

When exactly a month ago the supposedly objective, impartial Netherlands released its official, 34-page preliminary report of the MH-17 crash over Ukraine, presumably based on black box data, air traffic control records, and other “authentic, verified” information, there were precisely zero mentions of “oxygen“, “mask” or “oxygen mask.”

Which is odd, because in what should become the biggest Freudian slip scandal in false-flag history, certainly since the Gulf of Tonkin, yesterday Dutch Foreign Minister Frans Timmermans accidentally revealed for the very first time ever, that one of the Australian passengers aboard the doomed airplane appears to have donned an oxygen mask before the fatal crash, suggesting some on board might have been aware of their impending deaths, a Dutch official disclosed.” Clearly a crucial aspect of the crash, as it points at the severity of the alleged explosion, yet one which was not noted until yesterday and which completely skipped the purvey of the official crash report for reasons unknown.

Needless to say, this makes a complete mockery of the story that the plane had exploded upon impact with the “Russian” missile, and is why there was supposedly no trace of any impact on the flight’s black box recorder. Whether or not it also means that the alternative theory that a Ukraine jet had purposefully downed the Malaysian aircraft to serve as a pretext to implicate Russia, is unclear. But it also means that yet another conspiracy theory becomes fact: namely that whoever were the western powers who doctored and manipulated the “official” crash report of MH-17 to implicate Putin, not only lied but fabricated evidence.

Immediately upon realization just how serious the implications of this slip are, the damage control started, but it was too late. From the LA Times:

Dutch Foreign Minister Frans Timmermans apologized on Thursday for making the revelation on a television talk show the previous night, before the families of the 298 victims of the disaster had been notified of the disturbing discovery.

 

Timmermans gave an emotional speech at the United Nations four days after the crash in which he imagined the terrified passengers exchanging glances “one final time, in an unarticulated goodbye.”

 

When talk show host Jeroen Pauw interviewed Timmermans on Wednesday night, he provoked the minister with accusations that he had dramatized the victims’ last moments as a preliminary investigation report suggests that the Boeing 777’s destruction was so swift that those on board were unlikely to have known anything was amiss.

 

“They did not see the rocket coming, but you know someone was found with an oxygen mask on his mouth?” Timmermans replied, according to the NL Times translation of his comments.  “He thus had the time to do that. We cannot rule it out.”

Well, actually we did not know because the official report that your country released Mr. Timmermans, and which we posted a month ago said that “high-energy objects from outside the aircraft” struck the airplane as it flew at an altitude of 33,000 feet, suggesting it had been struck by a missile.

Nothing on the flight data or cockpit voice recorders indicated the crew or passengers took any action in response to the fatal impact.

Which means the entire report is a fabrication.

So what did happen?

The mask found around the neck of the unnamed passenger, one of 88 Australian citizens and residents on board, was tested for fingerprints, saliva and DNA but produced no forensic evidence, De Bruin said. “So it is not known how or when that mask got around the neck of the victim,” he said.

 

The discovery of the mask and the implications it raised about the passengers’ final moments were conveyed to the Australian’s family before Timmermans’ interview on Wednesday night, the prosecutor’s office said. But information was sent out to other family members of the MH-17 victims only on Thursday morning.

Timmermans issued a statement Thursday saying he regretted making the comment. We are confident that everyone else in the false-flag waving Western camp very much regretted Timmermans’ comment as well.

COMING TO A COUNTRY NEAR YOU

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Posted on 15th September 2014 by Administrator in Economy |Politics |Social Issues

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Under your mattress guarded by a loaded gun is a better investment than keeping your money in criminal Wall Street bank.

Bank Of America Has A Message For Its European Depositors: “We May Charge You”

Tyler Durden's picture

Because Mario Draghi wasn’t joking about that whole NIRP thing. And yes, negative deposit rates mean just that.

As the letter says, don’t worry: Bank of America has an extensive team of “liquidity and investment management solutions” experts who will gladly advise you to rotate your money out of deposits and into financial stocks, preferably that of BAC itself.