We are the many and they are the few, We are the believers and they are the fallen, we are the just and they are the lost, we can forgive and they can only hate, history is on our side and they will be forgotten.
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All Eyes on Greece
Armstrong Economics Blog/European Union
Re-Posted Feb 15, 2017 by Martin Armstrong
Prime Minister Alexis Tsipras has completely failed the Greek people. He was elected to exit the EU but instead he has wiped out his country trying to stay in the Eurozone. Pensions have been attacked 11 times since the crisis began in 2010. The very day Greece asked the IMF for help was precisely on the day of our target – Pi from the 2007.15 high. Today, Greece is even worse than the United States during the Great Depression from a social and economic situation.
Greece is such a beautiful country and its people are among the most pleasant in Europe. Yet all because Merkel promised Greece would be made to repay, that promise has torn Europe apart at the core. Her polls crashed as everyone began turning against her citing that Greece forgave the debts that Germany owed it after World War II to help Germany get back on its feet. Merkel REFUSED to listen because that was her promise that Greece would repay. To boost her international image of being a loan shark, she turned within a few weeks and opened the gates to Europe for the refugees to change her personal image. Merkel transform the debt crisis into a refugee crisis and now we have both.
Forcing the Greek people to pay to keep the Euro together, which benefited Germany at the expense of Greece, has run its course. Greece will have no choice but to default all because Merkel has continued to put her personal polls ahead of Europe.
The IMF has finally acknowledged that the previous credit programs have not led to the recovery of the Greek economy. In a new report, the IMF had shown above all that the depression in Greece today has even exceeded the Great US Depression of the 1930s. Greece has been pushed beyond all endurance and what the EU and Troika have done to Greece violates human rights. Time Magazine reported: “Psychiatrists say that the economic crisis has triggered a 25% to 30% increase in the number of patients seeking their help. … Before the crisis started, Greece was proud to be at the bottom of the list in Europe for the number of suicides, with a rate of 2.8 per 100,000 inhabitants. But that might be changing. Experts believe that in 2009 the rate of Greek suicides increased by 18% increase compared with 2007, with that figure expected to have climbed even higher in 2010.”
Not even a single austerity measure has led to the stabilization of the Greek budget and the deflation that has been unleashed is a human tragedy all because Merkel DOES NOT UNDERSTAND THE GERMAN HYPERINFLATION. Consequently, Merkel has subjected Europe to devastating DEFLATION and the economic depression that inflicts upon the people of Europe. What Merkel has inflicted upon Greece will be the undoing of the Eurozone.
The IMF warns about Greece that “the tax burden is unevenly distributed … Therefore, the current structure of public finances is fundamentally inefficient and unfair, and ultimately socially unsustainable. The lower incomes and the unemployed have no access to adequate and targeted social services and other essential public services that they need, and are common in other countries in the euro area. “
It is becoming abundantly clear to all observers that Greece needs urgently a debt cut if the population should ever benefit from any EU dream. However, the euro ministers reject a debt cut before the Bundestagswahl 2017 once again concerned for Merkel’s reelection bid. In other words, they fear that any debt forgiveness will mean Merkel loses her election but without debt forgiveness the euro will crack.
The Greek people do not expect any improvement and have lost faith in government regardless of the political party. The IMF has pointed out that in only six years, Greece has had nine different finance ministers. The cradle of democracy seems to have been completely destroyed in Greece and this is not looking good moving forward. This is one of the cornerstones of revolution that the EU has imposed upon the Greek people who suffer for their politicians playing games with Goldman Sachs to get into the Euro at all costs. Those costs have devastated the Greek peopl
The Ship is Sinking
Armstrong Economics Blog/Sovereign Debt Crisis
Re-Posted Feb 15, 2017 by Martin Armstrong
QUESTION: What should readers of your blog like myself invest in before this whole government bubble bursts? It seems to me that when it does burst, equities and bonds will crash at the same time.
Thanks and I look forward to hearing back.
RL
ANSWER: Do not put equities in the same boat with bonds. The ship is sinking, but that is concerned with debt – not equity. Keep in mind that the collapse of a financial system has historically unfolded to different degrees. If we are talking about a Dark Age, then you are into the Mad Max situation. Then the only thing that has value is food – not even gold. That was the fall of Rome. People effectively sold themselves as serfs to work the land, retain 20% of the crop in return for protection behind the castle walls. Medieval coinage really appears only in silver and are rarely found more than 20 to 30 miles from where the coins were struck. This illustrated the isolation of city states. Money was not really necessary for there was really no major trade interacting within Europe – hence the Dark Age.
In order for tangible assets like stocks, gold, art, antiquities, etc. to survive, the fundamental infrastructure must survive. That means there must be ample food for gold to have any value whatsoever. So you must stop short of the Mad Max event for anything tangible to have a safe haven value.
The typical scenario painted by the doomsday crowd involves the German hyperinflation. However, that did not wipe out the structure of surrounding countries. This mean all tangible assets retained value because they could still be sold elsewhere. The German government replaced the hyperinflation currency in 1925 with a new currency backed by land. So art, gold, property, and equities survived. Even after the Berlin Wall fell, old claims of ownership in the East resurfaced.
Therefore, if we are only talking about a reset of the world financial system, then tangible assets retain value that becomes translated into the new currency. Hence, equities will survive, government debt and currency will not. Only going all the way to a Mad Max event would everything lose value except food. Not even gold survives for trade comes to an end.
Keep in mind that I do this to hopefully explain that there are degrees to which a system collapses. If everyone understands that we CAN SURVIVE this with society mostly intact ONLY IF WE UNDERSTAND what and how things unfold, then we have options once the crash and burn comes. We can stop short of a Mad Max event by understanding history, which is our road map to the future.
The civil unrest we have beginning today post-Trump is intended to overthrow Trump and Obama has remained in Washington, which NO PRESIDENT has ever done. We have Soros licking his lips on the prospect to altering the USA with his vision of Marxism. We have the same trend emerging in France, Britain, and Netherlands and of course Italy, Spain and Greece.
So we have some actors intent upon creating change that would subjugate all of us because they think Marx was correct after all. Their desire is to live vicariously off of other people’s money and they do not accept that anyone should have things they do not. We have students protesting because they think everything should just be free. Hence, this is a battle shaping up for the future; the final conflict over Marxism, which began with the fall of Communism in 1989. This final battle began 26 years from 1989.95.
Welcome to our world. This is a fight for our future. This not about doom and gloom. I oppose Soros and everything he is trying to accomplish. There is a light at the end of this stairway. We need to understand the rules of this game and position ourselves to win. Adam Smith was correct. The invisible hand is the nature of how things function. It has been humankind that thinks it can change and manage society when it does not even understand how it functions under the laws of the universe – the grand divine design, Soros, Marx, Lenin, or Mao were never capable of replacing the invisible hand with their own schemes. You might as well try to genetically alter humans and give us wings to fly and end global warming by eliminating cars and jets
Centinel2012 