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Greece Will Be In Default Within 15 Months, S&P Warns

Remember Greece: the country that in 2010 launched Europe’s sovereign solvency crisis and the ECB’s own helpless attempts at intervention, which later was “saved”, only to default shortly thereafter (but without triggering CDS as that would end the Eurozone’s amusing monetary experiment and collapse the Deutsche Bank $100 trillion house of derivative cards), which later…

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too-big-to-fail

Billions In Hidden Subsidies Going To Too-Big-To-Fail Banks

As the first round of submissions to the Federal Government’s Financial Systems Inquiry closed this week there was a timely reminder that the fundamental cause of the global financial crisis is still deeply embedded in the banking system. The world’s wealthiest and most powerful banks still operate behind the shield of being “too-big-to-fail” (TBTF), an…

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Crimea To Abandon Currency, Switch To Russian Ruble On April 1st

Crimean Deputy Prime Minister Rustam Temirgaliev has told RIANovosti that the region will abandon Ukraine’s Hyrvnia: *CRIMEA TO SWITCH TO RUSSIAN RUBLE APRIL 1: RIA NOVOSTI This is not a total surprise as Reuters reported the Crimean Deputy PM stating “we are ready to introduce a ruble zone,” a week ago. For the last few years the…

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IMF Ukraine

Central Banker Appointed as Prime Minister of Ukraine

A reshuffled Ukrainian Parliament installed following a coup last week has voted to appoint Arseniy Yatsenyuk as the new prime minister of the country. Yats, as Victoria Nuland, the Assistant Secretary of State for European and Eurasian Affairs at the U.S. State Department, called him, is a natural choice. He is a millionaire former banker who…

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IMF Ukraine

New Ukrainian Government Requests $35 Billion In Aid Over Next 2 Years

The Russians had dangled their multi-billion euro carrot – then swiftly removed it pending further details of who is really running the show (demanding a crackdown on the extremists who are trying to establish power). The Europeans have promised an even bigger carrot – predicated on, we presume, total abdication of sovereignty. But now the…

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IMF paper warns of ‘savings tax’ and mass write-offs as West’s debt hits 200-year high

Much of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund. The IMF working paper said debt burdens in developed nations have become extreme by any historical measure and…

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