Wednesday, July 1, 2015

Europe's Controlled Demolition, Greece Misses IMF Payment, Plunges Into Uncertainty, 75 Trillion Dollar Shadow Banking System In Danger





Europe's Controlled Demolition | Zero Hedge



I have plenty to say on the topic of this essay. But the most important thing I think is that I know the EU is blowing up itself by trying to exert far too much influence on the very member nations that made its existence possible. Brussels is a blind city. To see it blowing itself to smithereens makes me very happy.

The flipside is that it will take a lot of pain, and probably even the very wars the EU was originally founded to prevent, to figuratively burn it to the ground. But that, if you’ll allow me, is for another day:
Loads of good words published today on EC President Jean-Claude Juncker and the Greeks, and the crop gets creamier, there’s fake Nobles winners and all joining in, but this is not a new issue, guys, and the lot of you are quite late to the game.
Moreover, y’all Krugmans and Stiglitzes fully missed something that happened while Juncker was ‘speaking’ yesterdayJean-Claude changed the entire game in one brilliant move. 

What changed is that after Juncker’s speech, the discussion is no longer about data or numbers or facts anymore (but who understands that?), because he never mentioned them.
It’s instead now about fear and fight and flight and various other base instincts, you name them. And that’s not a coincidence. The reason he, and the EU as a whole, resort to this ‘message’ (and no, these guys’ spin teams are not stupid) is to a substantial extent that it’s simply all they have left.
Whatever they had to present in the way of numbers, data etc. has already been rejected by the Greek government 100 times. Since their data have since the start been diametrically opposed to what Syriza stands for and was elected on, which they knew, that should be no surprise, and indeed never was for the Troika.

I’ve written this story a hundred different times before already: the EU is an organization led by people with, let’s define this subtly and carefully, sociopathic traits (Antisocial Personality Disorder), simply because the EU structure self-selects for such people. As do all other supra-national organizations, and quite a few national ones too, but let’s stick with Brussels for now.

Many of you will say that you can’t say that kind of thing, you can’t call Juncker a sociopath. But the fact is, I can. Who can not say it are Tsipras and Varoufakis, not in public. But I wouldn’t even want to guess at the number of times they’ve done so in private. And it’s high time we lift the veil on this. We are being governed by sociopaths, and that’s by no means just a European thing.

And besides, in general it’s not something that we should refrain from talking about. The reason we do is, I bet you, is because we don’t know how to recognize the traits and characteristics. But in fact, that’s not hard. Just plucked this off the interwebs in 2 seconds flat:
Profile of the Sociopath
• Glibness and Superficial Charm.
• Manipulative and Conning.
• Never recognize rights of others, see their self-serving behaviors as permissible. …
• Grandiose Sense of Self. …
• Pathological Lying. …
• Lack of Remorse, Shame or Guilt. …
• Shallow Emotions. …
• Incapacity for Love, Compassion
• Need for Stimulation.

The main one for me is the lack on empathy, compassion. That got 1000s killed in Ukraine, and in the Mediterranean, and now in Greece. All deathly dramas Brussels could have prevented, and chose not to. In Brussels and Berlin, it’s more important that countries toe the line than that their citizens actually survive.

Europe has moved, at a very rapid clip, from a union of 28 different sovereign states, each with their own governments and political views and directions, to one where a top heavy bureaucratic structure, hand-puppeted on by a mere handful member states and systemic banks, dictate what each member state, both its politicians and its citizens, may do or not do. Or think. Electing a left wing government, for instance, equals asking for trouble.

There is no democracy left in Europe, people have no direct say anymore, there’s just a two-pronged dictatorship: there’s Merkel and Hollande, who in the Greek crisis have proven themselves to be mere tools to vested interests, and I’m being extremely kind now, and there’s Juncker and Tusk and Dieselflower, who are really just inconsequential sociopathic wankers that could at any moment be replaced by other hammers and screwdrivers.

Bullying sovereign nations gets old, fast. What you guys are at the moment doing to Greece, you won’t be able to repeat against Italy or Spain. They’ll have you for breakfast.
The EU, which is made up of 28 democratic and sovereign nations, is being run like some absolute kingdom, ostensibly led by a 24/7 drunk. How long do you think that can last?






Greece officially missed a payment to the International Monetary Fund (IMF) and saw its bailout expire on Tuesday (30 June), capping a fortnight of tumultuous politics.
The developments leave Athens without international support for the first time since 2010 and facing a referendum that some EU politicians say will determine its future in the eurozone.
Greece is now in "arrears" on an €1.5 billion bill, the IMF said at midnight Brussels time - a status which sees the EU and Nato member join the ranks of Cuba and Zimbabwe.
Tuesday also saw the country's EU-IMF bailout run out despite last minute manouverings by the Greek government to get better terms from creditors.
Euro finance ministers are due to talk at 5.30pm Brussels time on Wednesday about the Greek PM’s, Alexis Tsipras’, last-minute call for a third rescue package.
His appeal is designed to help Greece make international repayments due in the coming two years and to restructure its overall debt pile. 
But the third bailout call was immediately rejected by creditors on Tuesday as coming too late.
“We won’t negotiate about anything new at all until a referendum, as planned, takes place,” said the German chancellor Angela Merkel. “This evening the programme expires.”
Merkel also plans to address the Bundestag at 1pm local time on Wednesday.
But despite her tough words, the events are a major political blow to the eurozone, whose foundation is based on the irrevocability of the single currency. They’re also a blow for the EU as a whole, which has been trying to find a solution to the Greece crisis for five years.
The left-wing Greek government and its creditors had been going back and forth since February on what reforms the country needs to carry out to get a €7.2 billion aid pay-out.
As the months slipped by and various deadlines came and went, the bad feeling between the two sides grew, reaching a climax at the end of last week when Tsipras unexpectedly called the referendum, saying his nation is being humiliated.
Eurozone finance ministers then rejected his call for a bailout extension until after the 5 July plebiscite. They also hit back at Tsipras in a display of blunt language rarely seen at leader level.
The situation leaves Greek people facing a vote on Sunday on the terms of a bailout which has already expired. 
France, Germany, and the European Commission have said that a No vote would amount to rejection of the euro - which could lead the country to exiting the single currency, despite uncertainty on the legal basis for such a move.
A Yes vote will not bring immediate relief either, however. 
Any new package would take time to negotiate and then be ratified by other eurozone parliaments. There is also the question of whether a new government would need to be elected, with Tsipras having indicated that he would step down in the event of a Yes.
The latest poll for EFSYN put the No camp ahead on 46 percent and the Yes on 37 percent with 17 percent undecided.







Keep an eye on the shadow banking system – it is about to be shaken to the core.  According to the Financial Stability Board, the size of the global shadow banking system has reached an astounding 75 trillion dollars.  It has approximately tripled in size since 2002.  In the U.S. alone, the size of the shadow banking system is approximately 24 trillion dollars.  At this point, shadow banking assets in the United States are even greater than those of conventional banks.  These shadow banks are largely unregulated, but governments around the world have been extremely hesitant to crack down on them because these nonbank lenders have helped fuel economic growth.  But in the end, we will all likely pay a very great price for allowing these exceedingly reckless financial institutions to run wild.


If you are not familiar with the “shadow banking system," the following is a pretty good definition from investing answers.com


The shadow banking system (or shadow financial system) is a network of financial institutions comprised of non-depository banks — e.g., investment banks, structured investment vehicles (SIVs), conduits, hedge funds, non-bank financial institutions and money market funds.
How it works/Example:
Shadow banking institutions generally serve as intermediaries between investors and borrowers, providing credit and capital for investors, institutional investors, and corporations, and profiting from fees and/or from the arbitrage in interest rates.
Because shadow banking institutions don’t receive traditional deposits like a depository bank, they have escaped most regulatory limits and laws imposed on the traditional banking system. Members are able to operate without being subject to regulatory oversight for unregulated activities. An example of an unregulated activity is a credit default swap (CDS).


These institutions are extremely dangerous because they are highly leveraged and they are behaving very recklessly.  They played a major role during the financial crisis of 2008, and even the New York Fed admits that shadow banking has “increased the fragility of the entire financial system”…

Over the past decade, shadow banking has become a truly worldwide phenomenon, and thus it is a major threat to the entire global financial system.  In China, shadow banking has been growing by leaps and bounds, but this has the authorities deeply concerned.  In fact, according to Bloomberg one top Chinese regulator has referred to shadow banking as a “Ponzi scheme”…

Their growth had caused the man who is now China’s top securities regulator to label the off-balance-sheet products a “Ponzi scheme,” because banks have to sell more each month to pay off those that are maturing.


And what happens to all Ponzi schemes eventually?
In the end, they always collapse.
And when this 75 trillion dollar Ponzi scheme collapses, the global devastation that it will cause will be absolutely unprecedented.
As far as shadow banking is concerned, everything is just fine as long as markets just keep going up and up and up.
But once they start falling, the whole system can start falling apart very rapidly.  Here is more from Bill Gross on what might cause a “run on the shadow banks” in the near future…
If stocks and bonds start crashing, which is precisely what I have projected will happen during the last half of 2015, the shadow banking system is going to come under an extreme amount of stress.  If the coming global financial crisis is even half as bad as I believe it is going to be, there is no way that the shadow banking system is going to hold up.




This July 4th, it would be useful to take a look at what we have lost, in terms of freedoms, and what we still stand to lose. Like some other institutions in America, the July 4th celebration of freedom has become something of an obligatory exercise of patriotic fervor. And given the developments of the last few years, it may now be relatively empty of meaning.

For the first time in US history, we  have a President who has created—and invoked — the executive privilege ofordering the murders of US citizens without due process. While this has only been exercised a few times (to our knowledge), most notably with the 2011 assassination by drone strike of US born Muslim cleric Anwar al -Awlaki and subsequently of his son, Abdulrahman al-Awlaki, the precedent now exists. This is not a privilege generally granted to a President in a free society. In fact, it is an action that is more redolent of a dictator, a Hitler or a Pol Pot whose purges of not only “enemies of the state,” but also of whomever pissed off the dictator, became part of our collective awareness that we, as Americans, were very fortunate not to live under these sorts of rulers.
The media seems to have forgotten the lessons of history, as far as tracking the slide into tyranny. Certainly, we are not seeing any general forum of public discussion as to how to respond to this level of legalized attack.
The potential repercussions of this prerogative seized by President Obama await realization. In the meantime, certain other blips on the political radar point to possible future outcomes. One of these potential outcomes is the possibility of the deployment of drones against US citizens within the borders of the US.
In a widely circulated letter, written by former US Attorney General Eric Holder in response to an inquiry by US Senator Rand Paul, Holder admitted that such drone deployment could be lawful. Wrote Holder:
“It is possible, I suppose, to imagine an extraordinary circumstance in which it would be necessary and appropriate under the Constitution and applicable laws of the United States for the President to authorize the military to use lethal force within the territory of the United States.
There is more evidence that  “life, liberty and pursuit of happiness” have gone out the window. When The Guardian broke the story this past February that the Chicago police were using a “black site” to detain people in Illinois without processing them legally and without allowing the detainees the right to contact anyone on the outside world, those on the “human rights watch” felt a collective shiver. Subsequent revelations that a mini-“black site” was extant in Los Angeles County simply confirmed the perception that the erosion of rights has become a landslide.

Let’s get real, here. The US government has stockpiles of both chemical and biological weapons, and as far as “paper rights” go, the government has great latitude to use these against US citizens. The Chemical Weapons Convention, which the US is a party to, allows the discretion of the party nations to allow domestic law enforcement agencies to use these weapons against their own citizens.
According to the Biological Weapons Convention, the use of biological weapons is not so permitted. However, when the United States Congress passed the USA PATRIOT Act in 2001, that permission was indeed self-dealt. In the now infamous Section 817, the Expansion of the Biological Weapons Statute, the US government gave itself immunity from violating its own biological weapons laws.
In addition, there has been a landslide of reports that directed energy weapons,which are classified as non-lethal, are being tested on US citizens, without consent.
It might be time to reassess the fourth of July celebrations. Rather than munching on hot dogs and downing a few Budweisers and cooing at the gorgeous pyrotechnics, it might be time instead to hold a wake. And after we have buried Lady Liberty, maybe we can get down to the serious work of figuring out what to do now.





The Turkish and Jordanian armies were reported on June 30 to be getting ready to cross into Syria for the first time since war engulfed that country in 2011, and set up security buffer zones. Both are impelled to fight ISIS, oppose the Assad regime and anxious to stem the flow of refugees, but there are also differences in their objectives and it is not clear if they are coordinated.

Turkey has prepared 18,000 troops to carve out a buffer zone in northern Syria and use its air force to impose a no-fly zone against Syrian flights. Middle East sources report that the Jordanian army is also on the ready to cross into southern Syria. Jordan and Israel are reported to be planning joint air cover and the creation of a parallel no-fly zone in the south.

These preparations prompted Russian President Vladimir Putin to pledge his support for the Assad regime .On Monday, June 29, Putin summoned Syrian Foreign Minister Walid al-Moallem to his Kremlin office from a meeting with Russian Foreign Minister Sergey Lavrov to tell him that Russia’s "policy to support Syria, the Syrian leadership and the Syrian people remains unchanged."

Putin has repeatedly warned Western governments against military intervention in the Syrian war or any attempt to oust Bashar Assad, warning that if foreign troops go into Syria, Moscow will respond in kind.

The Russians have not spelled out what action is contemplated, but they have options: they maintain naval and marine forces in the Mediterranean and Black Sea regions able to reach Syria at short notice. South Russian air force bases are also close enough to interfere with no-fly zones being setup over Syria.

Possible outside military intervention in Syria was the dominant topic in the phone call the Russian president put through to President Barack Obama on June 26. The communiqu├ęs in Moscow and Washington both referred to the “dangerous situation” in Syria. The two presidents also discussed the prospects of the nuclear accord shaping up with Iran, and the two issues may have been linked. The White House later stated that President Obama had stressed the need for the world powers to hold to a united stand in the negotiations with Iran.

Sources in Ankara claim that President Recep Tayyip Erdogan has already given Turkish units their orders to go into Syria, although this is not confirmed. Others use the term “Western intervention” - suggesting that US and NATO are involved in the Turkish initiative. This may refer to US Air Force squadrons based in southern Turkey possibly providing air cover.

Western and Middle East sources report that the Jordanian plan entails a joint operation with Syrian rebel forces to carve out a security zone in southern Syria running from Jabal Druze and Suwayda in the east running west through the town of Deraa and up to the intersection of the Jordanian-Syrian-Israeli borders.

Fierce fighting has been raging in this part of Syria in recent days as the rebels battle Syrian-Hizballah forces in an attempt to push them out and capture southern Syria. So far they have not made it.

The never-ending refugee problem from Syria is a major headache for the two governments. Turkey hosts some two million refugees and Jordan more than a million and a half. Stemming this flow is not the least of the goals of their buffer zone plans.


Also see:







Dozens Killed As ISIS-Linked Group Claims Massive Sinai Assault, Fighting Still Underway




Dozens said killed as IS-linked group claims massive Sinai assault | The Times of Israel


Islamic militants staged simultaneous attacks, including a suicide car bombing, on army checkpoints in northern Sinai, killing at least 30 soldiers Wednesday morning, Egyptian security and military officials said.


The officials said Wednesday’s attack took place just south of the town of Sheikh Zuweid and targeted several military checkpoints.

At least 40 other soldiers were wounded, said the officials.
The Islamic State-linked Ansar Bayt al-Maqdis terror group reportedly took responsibility for the attacks, as heavy fighting still raged in Sheikh Zuweid, where militants were besieging the town’s main police station, according to reports.

Egypt’s military spokesman, Brig. Gen. Mohammed Samir, said fighting was still underway in the area between the armed forces and the militants.
Samir’s statement put the number of soldiers killed so far at 10, but the conflicting numbers could not immediately be reconciled in the immediate aftermath of the attack.
 A reporter for Sky News Arabia put the Egyptian army death toll as high as 60.

Samir’s statement, posted on his official Facebook page, said some 70 militants attacked five checkpoints in northern Sinai and that Egyptian troops killed 22 of them and destroyed three all-terrain vehicles fitted with antiaircraft guns.


The officials said the attackers on Wednesday used mortars, rocket propelled grenades as well as assault rifles. Two of the checkpoints, which were apparently located in close proximity, were completely destroyed.
The attacks come just two days after the assassination in Cairo of the country’s top prosecutor Hisham Barakat. President Abdel-Fattah el-Sissi vowed on Tuesday to step up a two-year crackdown on militants.






Israel closed the Niztana and Kerem Shalom border crossings Wednesday following militant attacks in Egypt's North Sinai that killed at least 50 in one of the biggest coordinated assaults yet in the insurgency-hit province.

Islamic State's Egypt affiliate, Sinai Province, claimed responsibility for the attacks against security forces in North Sinai, according to a statement on Twitter. The group said it had attacked more than 15 security sites, and had carried out three suicide attacks.

The IDF was closely monitoring the border area with Egypt and Gaza in light of the events.

It was second high-profile action in Egypt this week. On Monday, the prosecutor-general was killed in a car bombing in Cairo, raising questions about the government's ability to contain the insurgency.

The army said five checkpoints were attacked by about 70 militants and that soldiers had destroyed three land-cruisers fitted with anti-aircraft guns.

Security sources said militants were surrounding a police station in the town of Sheikh Zuweid and had planted bombs around it to prevent forces from leaving.

Doctor Osama el-Sayed of El-Arish General Hospital in the provincial capital said 30 bodies had been brought in, "some of whom were wearing army fatigues".

The insurgency based in the Sinai is seeking to topple the Cairo government and has managed to defy one of the toughest security crackdowns in Egypt's history.

It has intensified since 2013, when then-army chief Abdel Fattah al-Sisi removed President Mohamed Morsi, an Islamist, after mass protests against his rule. Hundreds of policemen and soldiers have been killed in attacks since then.

The most active militant group in the region is Sinai Province, which has pledged allegiance to Islamic State.

In a recent tactic, Sinai Province has fired rockets at the direction of an airport used by multinational peacekeeping forces.
The army has taken several measures to crush the insurgency. Aside from bombardments in the region, they have destroyed tunnels into the Palestinian-ruled Gaza Strip and created a security buffer zone in northern Sinai.

The army was also digging a trench along the border with Gaza in an effort to prevent smuggling.

President Sisi said he would bring in tougher legal measures in coming days after the killing of the prosecutor, Hisham Barakat, the most senior Egyptian official to die in such an attack in years.


Sisi's government does not distinguish between the now-outlawed Brotherhood and other militants. 











The Islamic State terror group has threatened to “uproot the state of the Jews” and pursue “Hamas dictators” in Gaza.

In a new video published Tuesday, IS accused the Islamist Hamas of being soft in enforcing religious law in the Palestinian enclave it controls.

“We will uproot the state of the Jews [Israel] and you [Hamas] and Fatah [in the West Bank], and all of the secularists are nothing and you will be overrun by our creeping multitudes,” a masked Islamic State member said in the recorded message addressed to the “tyrants of Hamas.”
The rule of Sharia [Islamic law] will be implemented in Gaza, in spite of you. We swear that what is happening in the Levant today, and in particular the Yarmouk camp [in Syria], will happen in Gaza,” he said, in reference to the besieged Palestinian refugee camp near Damascus.
“There is cooperation between them in the realm of weapons smuggling and terrorist attacks. The Egyptians know this, and the Saudis,” Katz said.
“At the same time, within Gaza, ISIS (Islamic State) has been flouting Hamas. But they have common cause against the Jews, in Israel or abroad,’ he was quoted by Reuters as saying.

The Islamic State was also planning attacks across the world to mark the month of Ramadan and the anniversary of the so-called “caliphate,” according to a report by the Institute of the Study of War, cited in the UK’s Daily Mail.

The report claimed that IS would move to consolidate its power in territories it already control in Iraq and Syria and move on taking additional regions. In Egypt and Yemen, IS was likely to take advantage of unrest to recruit “amongst the local population while launching large explosive attacks on security forces.”

“ISIS’s affiliates may attempt to administer governance or claim territorial control within the Sinai and Afghanistan, both as a means of proclaiming caliphate expansion and as a way to prepare for future military operations.” the report said.










Israel’s domestic security service said Wednesday it had revealed and arrested members of a 40-person Hamas cell in the Nablus region of the West Bank, foiling an attack still in the planning stage and breaking apart a community-wide infrastructure.

The arrests, conducted over the past months, were made public amid a rise in terror attacks against Israelis in the West Bank and corresponding calls from settlers to increase the Israeli army’s preventative actions in the region.


Over the past 10 days there have been four shootings and two stabbings, claiming the lives of Israelis Danny Gonen and Malachi Rosenfeld and wounding several more.

The Shin Bet said the Nablus cells were run from Qatar, by Hussam Badran, a Hamas spokesperson and a native of Nablus.
Budran, operating under Saleh al-Arouri, the Turkey-based head of Hamas operations in the West Bank, sent messages to the operatives in Nablus via “email channels,” the Shin Bet said, apparently referring to non-direct messages, and laundered the money into gold jewelry transported into the West Bank from Jordan.







Since last summer’s Operation Protective Edge, Hamas has made great efforts to rebuild its military capacities in preparation for the next round of violence with Israel, according to the head of Israel’s internal secret service.

At a briefing before the Knesset’s Foreign Affairs and Defense Committee, Shin Bet chief Yoram Cohen said Hamas has been working to reestablish its offensive tunnels, develop and produce new rockets, and increase training for its naval and ground forces. Hamas has also been trying to acquire funding from Iran, he added, in light of the economic hardships brought on by the 50-day conflict.

At this time, he said, Hamas has little interest in launching a war against Israel and, while it could wage a significant military campaign, it would be limited in its efficacy
Hamas was also finding itself in strategic distress in Gaza and its status as the sovereign power in the Palestinian enclave has been eroded, Cohen asserted.
Earlier this week, Hamas said it built a “new tunnel” that crosses into Israeli territory. The attack tunnel is said to be 3.5 kilometers long and will be used in the “next round” of violence with Israel, Hamas told an Iranian TV channel.

Regarding the recent uptick in violent attacks, Cohen noted that there has been a steady rise in what he termed folk terror and “lone wolf” attacks. Since 2012 there has been a 50 percent rise each year, from 683 attacks in 2012 to 1,834 in 2014, he revealed.

Over the past year, 130 organized terror plots were foiled, he said, with an additional 60 plots over the course of the first half of 2015.
More recently, the IDF was on particularly high alert due to Ramadan, which usually ushers in a spike in violent incidents.
On Monday night, a man was killed after a car he was traveling in with three friends was shot up by a Palestinian gunman in the West Bank.
Earlier that day, a female IDF soldier was stabbed at a checkpoint between Jerusalem and the West Bank city of Bethlehem. Her female attacker was detained and questioned at the site of the attack.
On Friday a Palestinian assailant was shot and killed by IDF soldiers after he opened fire on Israeli troops at a checkpoint in the West Bank. No soldiers were injured in the attack.
Last Sunday a Palestinian man stabbed and seriously injured an Israeli Border Police officer outside Jerusalem’s Damascus Gate. The assailant was shot and captured.





Tuesday, June 30, 2015

The Collapse Is 'Picking Up Steam', Unconstitutional TPA Signed, NYPD On High Alert For July 4






The Collapse Is Picking Up Steam 



The Greek finance minister has just confirmed it will default TODAY.
Greece will NOT pay its IMF payment.
The Bank of International Settlements (BIS), the central bank of central banks, has just warned that the world is defenseless against the next financial crisis…
The NYT has just reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor has concluded that the commonwealth cannot pay its roughly $72 billion in debts, “The debt is not payable.” “There is no other option.” – an admission that will probably have wide-reaching financial repercussions…

The Chinese market is in an all out crash – The Shanghai Composite was down nearly 20% in just four days as the Chinese Plunge Protection Team finally arrived and ‘threw the kitchen sink’ at the stock market, deciding to go ‘all in’ stocks. This led to an unprecedented 11% swing from the lows – this was the single biggest intraday swing since 1997 and the largest point swing since 1992! China’s markets are imploding…

It seems the collapse is picking up steam…

Most ‘critical thinkers’ know that an increasing debt burden cannot go on forever. Debts DO have to be paid. The modern world has been in a spending spree for decades and it has become so bad that it’s now ‘normal’ for people to accept saddling up with debt to their eyeballs – to the very extent and reaches of their ability to barely pay each month. It has become an entirely accepted way of life – and one of entirely false illusions of real growth and wealth.

Our governments pale in comparison. The debts that have accumulated across nearly all developed nations are extraordinarily and ridiculously monstrous, and entirely not payable. We have been fooling ourselves that we can go on living this way for eternity. Kicking the can down the road. All debt payments come due.

There are many nations in addition to Greece (and now the commonwealth of Puerto Rico) which are teetering and may be in the same boat as Greece soon enough… Contagion may be setting in. Most all nations are technically ‘broke’ right now. The question is how long can this rigged game go on? When will the dominoes start to fall? The first big one might be starting to tip as we speak…

When it all begins to unwind, this thing might pop like a tightly wound spring. It could happen very fast. Do you think the world’s central banks can keep it all together? I have serious doubts as the music stops and everyone is trying to grab that last chair…
I believe that most people have no idea as to the risk we’re facing today and the potentially terrible ramifications which will result when it crashes down to reality. When their so called ‘money’ becomes worth less or even worthless, there will be social chaos in the streets and a worst-case chain reaction could result in the deaths of untold millions as systems of distribution and supply chains break down all over.

And if (when) this finally happens, where do you think it will lead? WAR. Nations will fight nations for supplies and resources. We would likely be looking at World War 3.

You see, it is all very predictable. We (critical thinkers) KNOW that this balloon is going to pop (the debt balloon). And we know that the time is certainly close. While we don’t know exactly when, we do know how people at large will react (in shock and horror and disbelief). We do know that things could get ‘bad’ (putting it mildly). This is why we prepare.







On Monday, Barack Obama signed the unconstitutional Trade Promotion Authority legislation. After failing to fully get through the House on a first attemptRepublicans snuck it back in the very next week under cover of the Charleston shooting and later helped to pass it in the Senate with a vote of 60-38. However, neither House Speaker John Boehner (R-OH) nor Senate Majority Leader Mitch McConnell (R-KY would attend the signing of the legislation.

Two weeks ago, Boehner and House Whip Steve Scalise (R-LA) booted GOP Reps. Cynthia Lummis (WY), Steve Pearce (NM), and Trent Franks (AZ) from the whip team as retribution for their not going along with the establishment. Rep. Mark Meadows (NC) was also stripped of his chairmanship of the House Oversight Government Operations subcommittee.

Next up is the secretive Trans-Pacific Partnership Treaty. However, as William F. Jasper points out, now that Obama has gotten what he wanted from the Republicans, he's dropping the pretense about what he will do with that authority and now his handlers at the Council on Foreign Relations are looking to bring China into TPP.

Now that Congress has passed Trade Promotion Authority/Fast Track, the Council on Foreign Relations is taking the lead in calling for China to be included in the Trans-Pacific Partnership (TPP). This represents a key reversal of the deliberately deceptive public message put out by the Obama administration and the TPP lobby over the past couple of years, to wit, that a TPP is absolutely essential to averting Communist China's economic hegemony, in the Pacific and globally.

"The proposed Trans-Pacific Partnership, or TPP, would be the largest trade deal in American history, involving the U.S., Japan and 10 other countries that combined make up 40% of the world economy," the Times story continued. "China isn't among them. In recent weeks, one Obama official after another has hammered away at the same line of argument: It's crucial that Congress supports the TPP — including passing a related trade-promotion bill that would strengthen the president's negotiating hand — because the alternative is that China, not the U.S., will write the rules of global trade."


But, with TPA/Fast Track approved, the ObamaTrade lobby is dropping some of the pretense. As The New American has pointed out many times over the past few years (see herehere, and here), the architects of the TPP — especially the world government activists of the Council on Foreign Relations (CFR) and the Peterson Institute for International Economics (PIIE) — have long been on record in favor of the TPP as merely a "stepping stone" to a much larger Free Trade Area of the Asia Pacific (FTAAP) that would include China as a member. The anti-Beijing rhetoric is purely a ruse to lure support from conservatives concerned over China's stepped-up militancy, as well as domestic manufacturers and labor unions worried about loss of more manufacturing business and jobs to the Beijing behemoth.








The NYPD and some 18,000 law enforcement agencies around the nation have been ordered by Homeland Security officials to be especially “vigilant and prepared” for the possibility of an attack during the Macy’s Fourth of July Fireworks show celebrations. ISIS has asked supporters to murder the enemy this month during Ramadan.
“The two main fears I would have would be the random attack — as we saw with hatchets or knives against individuals – probably police officers or uniformed personnel; military people who might be on leave. And the other is the IED – the improvised explosive device,” King said.
The NYPD, sources told CBS2, is especially concerned about a planned attack with multiple actors, which could include either one large explosion or a series of smaller explosions.
Police Commissioner Bill Bratton said the department has been working “on a very elaborate plan as we normally have for crowd control, but heightened in some respects by the concerns for acts of potential terrorism – as reflected by the number of the arrests that have been made in this locale in the last couple of weeks.
“What we’re always worried about (is) it’s not so much what we know but what we don’t know,” he told reporters, including WCBS 880’s Jim Smith.
Chief of Counterterrorism James Waters added that the NYPD remains vigilant all the time — and will be particularly vigilant for the upcoming celebration.
“We see ourselves as the target. We understand that, we accept that, and we’re going to protect against it,” Waters said. “So there is going to be very robust deployment of both patrol resources; plainclothes resources; technology.”

There will be “things that you see, and things that, of course, you will not be able to see.”
The three terror attacks Friday in Kuwait, France and Tunisia last week and the demand by ISIS for attacks against the enemy during Ramadan, which ends July 17, has the NYPD putting in place a broad plan of action, sources said.
“I would say that this is the most serious level of threat that I’ve seen since September 11th, (2001),” King said.










We need to pay attention to what’s going on in Greece. This is what a real economic collapse looks like. It isn’t a Mad Max scenario or a scene from some other post-apocalyptic movie.
It’s quiet desperation, long lines, and a sick feeling in the pit of your stomach as you wonder how you’ll feed your kids and keep a roof over their heads. It’s the discovery that you thought you had been doing the right thing financially, but you were deceived. It’s the realization that everything you worked for your whole life is gone.
The lesson in one sentence: if you don’t have your money in your hand, you’d better have tangible assets like a pantry full of food and the supplies needed for complete self-reliance.
First of all, this article isn’t about the poor financial decisions of the Greek government, whether social aid programs should exist, or if a bailout should have occurred in the first place. It’s about the real-life ramifications of an economic collapse on ordinary citizens who depend on fiat currency, consumer goods, and the availability of their wages when they need them.

A decree published by Greek Prime Minister Alex Tsipras cited “the extremely urgent and unforeseen need to protect the Greek financial system and the Greek economy due to the lack of liquidity caused by the Eurogroup’s decision on June 27 to refuse the extension of the loan agreement with Greece.” The following restrictions will be in place:

  • All banks are closed until July 6
  • ATM withdrawals are limited to 60 Euros per day (the equivalent of about $60 USD)
  • People using bank cards from other countries will not be limited to 60 Euros per day (so this won’t affect tourists aside from the long lines.)
  • The Athens stock exchange is closed today.
  • Pensions and wages will be unaffected – which means they’ll still be electronically deposited into the accounts that no one can access.
  • Debit and credit card payments will continue to work.
  • Online transactions within the country will continue to work
  • Foreign transactions will be prohibited without Ministry of Finance approval
  • Urgent expenditures ““necessary to safeguard a public or social interest” must be approved by a banking commission
  • Interest surcharges for this week are prohibited
  • Banks that break these rules will be charged a fine of 10% of the value of the transaction







The head of a messianic Jewish ministry predicts that the United States and other countries could push Israel to take action against Iran's nuclear ambitions.


Jan Markell of Olive Tree Ministries predicts she will wake up one morning to headlines proclaiming Israel "has taken out most or all of those nuclear reactors."
Israel views a nuclear-armed Iran as its greatest potential threat, but the United States  is moving ahead with an agreement that Israel opposes. 

Negotiations were ongoing Monday in Vienna, with a June 30 deadline approaching for the countries to announce a deal to limit Iran's plans to build a nuclear weapon. 
aeli Prime Minister Benjamin Netanyahu has dubbed the negotiations a "bad deal," saying it would leave Iran with the ability to rapidly obtain nuclear weapons. I

n fact, Iran’s Supreme Leader, Ayatollah Ali Khamenei, is pushing the United States to lift sanctions immediately and announced Iran will not allow international inspectors access to nuclear plants and military bases, The Fiscal Times reported

The Weekly Standard noted Monday that a U.S. official said inspectors shouldn't be expected to gain access to Iran's military sites, since the U.S. doesn't allow access to its military bases either.
"Think about that," the conservative magazine observed. "The American official argues that Iran—a rogue regime that sponsors terror and that has lied about its nuclear program, and that is under sanctions precisely because it has proved time and again it can't be trusted—should be held to the same standards as the U.S."

"I guarantee you America won't be by her side under this current administration," Markell predicts of Israel. "And she may want to wait until 2016 to see if a Republican will get in to then be her ally."