Archive for March, 2013
I admit to being surprised by Cyprus. Oh, not the banking crisis or the sovereign debt crisis or the fact that its banks were eight times larger than the country itself or even the fact that the banks were bloated with Greek debt that had been written down. I wrote about all that a long time ago. What surprised me was that all the above was apparently a surprise to European leaders.
While there is much to not like about what European leaders have done since the onset of their crisis some five years ago, they have demonstrated a prodigious ability to kick, poke, and massage the can down the road, to defuse crisis after crisis, and to indefinitely postpone the inevitable. They have demonstrated a remarkable ability to spend taxpayers’ and others’ money in order to keep Europe and the euro more or less in one piece. At every step they have been keenly intent on maintaining trust in the system. That they have been successful in keeping a majority of citizens in favor of the Eurozone and the euro, even in countries forced to endure serious austerity, must be recognized.
However, the shock in Cyprus reveals an absolute lack of preparedness in dealing with a problem that had festered for several years. By now it should be no surprise to anyone that sovereign nations can default, that banks can go bankrupt under the weight of defaulted sovereign debt, and that banks can be too large for some countries to bail out. That a clear and consistent response to Cyprus should have been worked out in the halls of Brussels and the ECB seems so, well, reasonable. Clearly, the large depositors in Cypriot banks, the majority of whom were Russian (according to Financial Times reports) thought the Eurozone had a plan. In fact, the apparent assumption, bordering on religious faith, that Eurozone leaders would not allow depositors in Cypriot banks to lose one euro, is almost touching. This snafu is going to have repercussions that spread far beyond this tiny island nation. Let’s look at a few of the implications…….
full article at source: http://www.marketoracle.co.uk/Article39676.html
About time the world woke up !
Thu Mar 28, 2013 3:40AM GMT
By Prof. Rodney Shakespeare
The importance of the BRICS summit cannot be overestimated partly because it represents new countries beginning to take power and partly because it heralds a new world coming into being.”
Yes, BRIIICS, with three “I”s. That’s because to the countries of Brazil, Russia, India, China and South Africa (which have just held a summit in Durban, South Africa) will soon be added Iran and Indonesia.
Iran is a stalwart moral and political leader. It stands up against Zionism. It has huge natural resources. It is making extraordinary technological progress. It will soon be a BRIIICS member.
And so will Indonesia, which has the world’s fourth largest population, a fast developing economy (around 7% per year) and, again, huge natural resources.
Already, the present BRICS have 40% of the world’s population, 30% of its land…
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Fall of the Fourth Reich – Empire of Debt
The debt bubble will burst and was
predictable decades ago. Derivatives, housing bubbles, exponential debt increase
are all heading one way. A total collapse in fiat money. Total collapse in money
will bring chaos. Chaos will trigger conflict, land grab wars, martial law. The
last steps to total control and humanity mostly killed off with the rest