Economy

Iran Stops Oil Sales To British, French Companies: ‘Surely, When It Comes To Shooting Itself In The Foot, Europe Truly Has No Equal’

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See also:

– EU Foreign Ministers Agree On Iranian Oil Embargo – Europe Is Shooting Itself In The Foot

From the article:

“Surely, when it comes to shooting itself in the foot, Europe truly has no equal.”

– Iran Stops Oil Sales To British, French Companies (ZeroHedge, Feb. 19, 2012):

The geopolitical game theory escalates once again, as Iran, which four days ago halted exports to peripheral European countries took it up a notch, and has as of this morning halted sales to British and French companies. Reuters reports: “Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state’s lifeblood, oil. “Exporting crude to British and French companies has been stopped … we will sell our oil to new customers,” spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website.” Here is the actual statement from MOP.ir. As a reminder, on January 27 we said how Iran was about to “Turn Embargo Tables: To Pass Law Halting All Crude Exports To Europe.” And so it has – now, the relentless media campaign about China isolating Iran in response to American demands has to be respun: recall that in early February Reuters told us that “China will halve its crude oil imports from Iran in March compared to average monthly purchases a year ago, as a dispute over payments and prices stretches into a third month, oil industry sources involved in the deals said on Monday.” Apparently that may not have been the case, as there is no way Iran would have escalated as far as it has unless it had replacement buyers of one third of its crude. Incidentally, this is just as we predicted in “A Very Different Take On The “Iran Barters Gold For Food” Story.” The end result of this senseless gambit by the west: Europe has less oil, the Saudi fable that it has endless excess suplies is about the be seriously tested, China has just expanded a key crude supply route, and Russia is grinning through it all as Brent prices are about to spike. Iran didn’t invent chess for nothing.

This is what we cautioned in early February:

Read moreIran Stops Oil Sales To British, French Companies: ‘Surely, When It Comes To Shooting Itself In The Foot, Europe Truly Has No Equal’

Germany, Greece Quietly Prepare For ‘Plan D’

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See also:

– GREEK 1 YEAR BONDS HIT 639 PERCENT As Market Slowly Figures Out ECB Fake Out Is Euro And Greece Negative

Message to the people of Greece: Got physical gold and silver?

– Germany, Greece Quietly Prepare For ‘Plan D’ (ZeroHedge, Feb. 18, 2012):

For several weeks now we have been warning that while the conventional wisdom is that Europe will never let Greece slide into default, Germany has been quietly preparing for just that. This culminated on Friday when the schism between Merkel, who is of the persuasion that Greece should remain in the Eurozone, and her Finmin, Wolfgang “Dr. Strangle Schauble” Schauble, who isn’t, made Goldman Sachs itself observe that there is: “Growing dissent between Chancellor Merkel and finance minister Schäuble regarding Greece.” We now learn, courtesy of the Telegraph‘s Bruno Waterfield, that Germany is far deeper in Greece insolvency preparations than conventional wisdom thought possible (if not Zero Hedge, where we have been actively warning for over two weeks that Germany is perfectly eager and ready to roll the dice on a Greek default). Yet it is not only Germany that is getting ready for the inevitable. So is Greece.

Read moreGermany, Greece Quietly Prepare For ‘Plan D’

International Currencies Increasingly Rejected In The Face Of Inflation

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– International Currencies Increasingly Rejected in the Face of Inflation (Activist Post, Feb. 16, 2012)

Related info:

– 1400 Barter Clubs In Argentina – Barter Clubs Boom, Have Become A Parallel Economy (Video)

– Argentina’s Economic Collapse (Documentary) (!!!)

Catherine Austin Fitts at the IRTA 08 Barter Convention:

– Former Assistant Secretary of Housing: The U.S. is the Global Leader in Illegal Money Laundering (Video)

America Is Collapsing NOW: POOR AMERICA – P a n o r a m a (B B C) – (Video, Feb. 13, 2012)

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While America is starving …

– Obama Proposes $800 Million In Aid For ‘Arab Spring’ – Foreign Aid: $11.8 Billion For Iraq, $4.6 Billion For Afghanistan, $3.1 Billion For Israel, $2.4 Billion For Pakistan And $1.3 Billion For Egypt

… and is eating rats (at 12:56 into the video).


YouTube Added: 13.02.2012

Description:

POOR AMERICA

With one and a half million (1.5 million) American children now homeless, reporter Hilary Andersson meets the school pupils who go hungry in the richest country on Earth. From those living in the storm drains under Las Vegas to the tent cities now springing up around the United States, P a n o r a m a finds out how the poor are surviving in America and asks whatever happened to the supposed ‘government’ and the Real People in charge – those who you ‘don’t see’ pulling on the strings; and their vision and welfare for the country.

Read moreAmerica Is Collapsing NOW: POOR AMERICA – P a n o r a m a (B B C) – (Video, Feb. 13, 2012)

America Is Collapsing: 88 Million Out Of Work And Not Looking For A Job

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– 88 million out of work and not looking for a job (San Francisco Chronicle, Feb. 9, 2012):

Number of the day

88 million

That’s how many working-age Americans don’t have a job and aren’t trying to find one.

Read moreAmerica Is Collapsing: 88 Million Out Of Work And Not Looking For A Job

Horrible News For Goldbugs – Billionaire John Paulson Is Bullish On Gold Again; Next – Nouriel Roubini?

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🙂 ROFL! 🙂

– Horrible News For Goldbugs – Paulson Is Bullish On Gold Again; Next – Roubini? (ZeroHedge, Feb. 17, 2012):

We wish we had good news, but we are not going to lie: This is the worst possible news for any gold bull out there.

From Bloomberg:

Gold traders are getting more bullish after billionaire hedge-fund manager John Paulson told investors it’s time to buy the metal as protection against inflation caused by government spending.

“By the time inflation becomes evident, gold will probably have moved, which implies that now is the time to build a position in gold,” New-York based Paulson said in a letter to investors obtained by Bloomberg. Armel Leslie, a spokesman for Paulson, declined to comment.

The 56-year-old manager’s SPDR Gold Trust holdings fell 15 percent in the fourth quarter as his $23 billion hedge fund company had its worst-ever year. His Advantage Plus Fund lost 51 percent in 2011, and the firm said in a third-quarter letter that financial services companies were the “primary drag.” Paulson became a billionaire in 2007 by betting against the U.S. subprime mortgage market. Gold rose 10 percent last year in New York trading, an 11th consecutive annual gain.

And so the Paulson overhang is back. Couldn’t Paulson just go ahead and buy Bank of America or some other worthless biohazard again?All that remains is for Roubini to say he prefers gold over spam (and always has, he was merely “misunderstood“) and the crash will be imminent.

Or perhaps we will learn following the next $1000 up move in gold that Gartman will have been long gold in Vietnamese Dong.

Well, at least cheap entry points will be available.

Gold: 1980 vs Today (Video)

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– Gold: 1980 vs Today (ZeroHedge, Feb. 17, 2012):

When gold was undergoing its latest (and certainly not greatest) near-parabolic move last year, there were those pundits consistently calling for comparisons to 1980, and the subsequent gold crash. Yet even a simplistic analysis indicates that while in the 1980s gold was a hedge to runaway inflation, in the current deflationary regime, it is a hedge to central planner stupidity that will result as a response to runaway deflation. In other words, it is a hedge to what happens when the trillions in central bank reserves (at last check approaching 30% of world GDP). There is much more, and we have explained the nuances extensively previously, but for those who are only now contemplating the topic of gold for the first time, the following brief summary from futuremoneytrends.com captures the salient points. Far more importantly, it also focuses on a topic that so far has not seen much media focus: the quiet and pervasive expansion in bilateral currency agreements which are nothing short of a precursor to dropping the dollar entirely once enough backup linkages are in place: a situation which will likely crescendo soon courtesy of upcoming developments in Iran, discussed here previously.


YouTube Added: 17.02.2012

$6 TRILLION Fake U.S. Treasury Bonds Seized In Switzerland

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– Italy Police Seize $6 Trillion of Fake U.S. Treasury Bonds in Switzerland (Bloomberg, Feb. 17, 2012):

Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt.

The bonds were found hidden in makeshift compartments of three safety deposit boxes in Zurich, the prosecutors from the southern city of Potenza said in an e-mailed statement. The Italian authorities arrested eight people in connection with the probe, dubbed “Operation Vulcanica,” the prosecutors said.

The U.S. embassy in Rome has examined the securities dated 1934, which had a nominal value of $1 billion apiece, they said in the statement. “Thanks to Italian authorities for the seizure of fictitious bonds for $6 trillion,” the embassy said in a message on Twitter.

Read more$6 TRILLION Fake U.S. Treasury Bonds Seized In Switzerland

Afghanistan: Heroin Production Rose Between 2001 And 2011 From Just 185 Tons To A Staggering 5,800 Tons/Year

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There is no ‘heroin war’ in Afghanistan.

– War On Drugs Revealed As Total Hoax: US Military Admits To Guarding, Assisting Lucrative Opium Trade In Afghanistan:

But after 9/11, the US military-industrial complex quickly invaded Afghanistan and began facilitating the reinstatement of the country’s poppy industry. According to the United Nations Drug Control Program (UNDCP), opium cultivation increased by 657 percent in 2002 after the US military invaded the country under the direction of then-President George W. Bush

– Afghan drug war debacle: Blair said smashing opium trade was a major reason to invade but 10 years on heroin production is up from 185 tons a year to 5,800 (Daily Mail, Feb. 17, 2012):

The West is losing the heroin war in Afghanistan – ten years after Tony Blair pledged that wiping out the drug was one of the main reasons for invading the country.

Despite spending £18billion and a conflict which has so far cost the lives of almost 400 British troops, production of the class-A drug by Afghan farmers rose between 2001 and 2011 from just 185 tons to a staggering 5,800 tons.

It increased by 61 per cent last year alone.

Such has been the failure to combat the problem that more than 90 per cent of the heroin sold on Britain’s streets is still made using opium from Afghanistan.

The United Nations yesterday warned that the situation was out of control.

Read moreAfghanistan: Heroin Production Rose Between 2001 And 2011 From Just 185 Tons To A Staggering 5,800 Tons/Year

Sprott’s Chief Investment Strategist John Embry: ‘The Current Financial System Will Be Totally Destroyed’

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Related info:

– Eric Sprott Fights PM Manipulation Fire With Fire: Calls Silver Producers To Retain Silver Produced As ‘Cash’

– Eric Sprott To Buy $1.5 BILLION In PHYSICAL Silver

– John Embry, Chief Investment Strategist Of The $10 billion Strong Sprott Asset Management: Why Central Banks Smashed Gold & Silver

– Sprott’s John Embry:“The Current Financial System Will Be Totally Destroyed“ (ZeroHedge, Feb. 17, 2012):

Sprott strategist John Embry has never been a fan of the existing financial system. Today, he makes that once again quite clear in this interview with Egon von Grayerz’ Matterhorn Asset Management in which he says: “I think that the current financial system, as we know it, will be totally destroyed, probably sooner rather than later. The next system will require gold backing to have any legitimacy. This has happened many times in history.” Needless to say, he proceeds to explain why a monetary system based on gold, one in which one, gasp, lives according to one’s means, is better. Logically, he also explains why the status quo, whose insolvent welfare world has nearly a third of a quadrillion in the form of unfunded future liabilities, will never let this happen. Much more inside.

From Matterhorn Asset Management

“The Current Financial System Will Be Totally Destroyed“

John Embry, the chief investment strategist at Sprott Asset Management, talks in this exclusive interview about the motives and the means of certain interests to prevent a free gold market; tells the reason why the gold price will remain high; shows the opportunities in silver; and explains: “Gold is about the furthest thing from a bubble that I can think of.“

Read moreSprott’s Chief Investment Strategist John Embry: ‘The Current Financial System Will Be Totally Destroyed’

GREEK 1 YEAR BONDS HIT 639 PERCENT As Market Slowly Figures Out ECB Fake Out Is Euro And Greece Negative

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Message to the people of Greece: Got physical gold and silver?

– Market Slowly Figures Out ECB Fake Out Is Euro And Greece Negative As Greek 1 Year Bonds Hit 639% (ZeroHedge, Feb. 17, 2012):

Yesterday, when the rumor (because it has not been confirmed by the ECB, and most certainly not by the Bundesbank) that the ECB would distribute its “gains” (i.e., personally fund the difference between cost basis and par on Greek bonds – incidentally, a development which BUBA president Jens Weidmann has said would only happen over his dead body) we urged readers “to ignore the constant barrage of meaningless noise and flashing red headlines” as apparently nobody who trades the EURUSD has any clue what subordination means or has ever participated in any debt for equity transaction. Specifically, with regard to the idiotic EURUSD reaction we said: “Today [yesterday] is a great case in point of a tangential detour which does nothing to change the reality that Germany no longer wants Greece in the Eurozone (remember, oh, yesterday), and that the ECB is merely playing possum with PSI creditors who will block the deal with even greater vigor than before (anyone recall the FT story about the PSI deal being on the verge of collapse not due to the ECB but due to private creditors?) as the ECB’s even bigger subordination will simply make the amount of hold outs even greater.” We concluded by assuming that “algos will take the required 12-48 hours to figure out what just happened today.” Well, the algos are still lost in idiot vacuum tube world, but at least the banks are starting to comprehend what the ‘deal’ really means and that the Nash Equilibrium is even worse than before. From Bloomberg: “A plan being considered by the European Central Bank to shield its Greek bond holdings from a restructuring may hurt the euro because it implies senior status for the ECB over other investors, UBS AG said. “There are at least two euro-negative dimensions, which will likely lead to euro weakness” as a result of the plan, Chris Walker, a foreign-exchange strategist at UBS in London, wrote in a research report today.” Once again, we urge all FX traders to read our primer on subordination, and why and how it will define trading this year, as reactions such as the one yesterday confirm that the market is not only broken but also very stupid. Which is just as those in charge like it.

Read moreGREEK 1 YEAR BONDS HIT 639 PERCENT As Market Slowly Figures Out ECB Fake Out Is Euro And Greece Negative

Feds Succeed In Destroying Entire Business Of Amish Raw Milk Farmer

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“Well, the feds have succeeded in running an Amish raw dairy farmer completely out of business. That’s the whole point, of course: To destroy America’s economy, destroy real food, punish individual innovation and turn the entire nation into a mass of government dependants who have no jobs, no private property, no farms, no food and no future. ”
– Mike Adams, Natural News

See also:

– Judge Stops Amish Farmer’s Sale of Raw Milk After A TWO-YEAR UNDERCOVER INVESTIGATION

Just look at the ‘terrible health effects’ of RAW MILK:

– Calf Fed On Raw Milk Versus Calf Fed On Pasteurized Milk (Must-See Pics)

– Feds succeed in destroying entire business of Amish raw milk farmer (Natural News, Feb. 17, 2012):

It is with much sadness that we report the two-year war waged by the U.S. Food and Drug Administration (FDA) against Pennsylvania Amish farmer Dan Allgyer has been a success. The Washington Times and others are now reporting that, following a ruling last month by Judge Lawrence F. Stengel that Allgyer could no longer ship raw milk across state lines, he is officially shutting down his entire Rainbow Acres Farm.

Provoking Allgyer to shut down his farm appears to have been the goal of the FDA all along, which back on February 4, 2010, conducted a gestapo-style raid on Allgyer’s Kinzers, Penn., property to search for evidence that he was shipping raw milk across state lines. After illegally trespassing on the man’s property, the agents proceeded to harass Allgyer about his supposed involvement in interstate commerce (http://foodfreedom.wordpress.com).

Read moreFeds Succeed In Destroying Entire Business Of Amish Raw Milk Farmer

Moody’s May Downgrade 17 Global And 114 European Financial Institutions (Reuters)

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– Moody’s may downgrade UBS and Morgan Stanley (Reuters):

Moody’s warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of the euro zone government debt crisis is spreading throughout the global financial system.

It was reviewing the long-term ratings and standalone credit assessments of a range of banks, Moody’s added. Markets were unaffected by the Moody’s announcement.

“Capital markets firms are confronting evolving challenges, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions,” the ratings agency said in a statement.

It said among 17 banks and securities firms with global capital markets operations, it might cut the long-term credit rating of UBS, Credit Suisse and Morgan Stanley by as much as three notches following the review. It said the guidance was indicative.

Among the banks that might be downgraded by two notches are Barclays, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC Holdings, and Goldman Sachs.

Bank of America and Nomura were included in those that might be downgraded by one notch.

 

Moody’s Downgrades Generali, Cuts Megainsurer Allianz Outlook To Negative … A&G’s AIG Moment Is Approaching

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– A&G’s AIG Moment Approaching: Moody’s Downgrades Generali, Cuts Megainsurer Allianz Outlook To Negative (ZeroHedge, Feb. 15, 2012):

Don’t worry though, those who don’t understand jack shit will tell you it is all contained. But please ask them why – and ask them why Lehman wasn’t when everyone said it too was.

TrimTabs CEO Charles Biderman Baffled By Obama’s Budget ‘Fantasy’ Plan (Video)

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– Biderman Beyond Baffled by B.O.’s Budget (ZeroHedge, Feb. 15, 2012):

In his best Lewis Black impression, TrimTabs CEO Charles Biderman succinctly destroys the ‘growth’ myth behind Obama’s budget plan as nothing but a handout and money-printing exercise in futility and drain-circling. Based on the $3.8tn budget plan, the TrimTabs truth-seeker notes that current government tax revenues are about $2.4tn, and growing at no more than $100bn each year, making the math surprisingly simple – we spend around $300bn per month and receive only $200bn with the missing $100bn to pay for the US government’s largesse (income shortfall) coming from – ‘printing money’. The spin is, of course, that revenues will somehow magically start to grow faster than spending and shrink the budget deficit. With take home pay at $6.3tn for everyone who pays taxes, up $300-400bn from the 2009 low, but still well below the $7.1tn rate from early 2008; Biderman’s consternation at the self-hypnosis that a $200bn tax increase in an economy where take-home pay has been growing by only $100bn per year will somehow create anything other than slow-growth at best (or more likely contraction) is palpable. This slow- or no-growth will mean less tax revenue and more spending on safety-nets and thus the Sausalito-savant factually points out that most people do not realize that government spending is simply giving people money whether they do anything useful with it or not and still the governments of the US, Japan, and Europe want us to believe that our economies will grow faster if we keep taking more money from the workers and give that money to the government.


YouTube Added: 15.02.2012

Elite Puppet Financier George Soros On Barack Obama Versus Mitt Romney (Video)

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Elite puppet financier George Soros:

YouTube Added:13.02.2012

See also:

– George Soros Predicts Class War In US: ‘There Will Be Riots On Streets Of America’ – ‘The Worst-Case Scenario Is A Collapse Of The Financial System’

As Greece Crashes And Burns, Troika Arrives In Portugal With ‘Soothing Words Of Support’

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Full article here:

– As Greece Crashes And Burns, Troika Arrives In Portugal With “Soothing Words Of Support” (ZeroHedge, Feb. 15, 2012):

What is better than a one-front European war on insolvency? Why two-fronts of course. But not before many “soothing” words are uttered (no really). From Reuters: “Portugal’s international lenders arrived in Lisbon on Wednesday to review the country’s bailout, with soothing words of support likely to dominate as Europe gropes for success stories to counteract its interminable Greek headache. As the euro zone’s second weakest link, Portugal’s ability to ride out its debt crisis will be key to Europe’s claim that Greece is a unique case. Despite a groundswell of concerns that Portugal – like Greece – may eventually have to restructure its aid programme, the third inspection of Lisbon’s economic performance in the context of its ongoing 78-billion-euro rescue should make that contention clear. “The review will be all about peace and harmony,” said Filipe Garcia, head of Informacao de Mercados Financeiros consultants. “The important thing for Europe is to isolate Portugal from Greece, to put it out of Greece’s way in case of a default or even an exit from the euro.” That makes sense – after all even Venizelos just told Greece that the country is not Italy. And if that fails, the Don of bailouts, Dr Strangeschauble will just give the country will blessing to use a few billion in cash. Oh but wait. It can’t. Because as as we pointed out in late January, and as the market has so conveniently chosen to forget, Portugal, unlike Greece, has simple, clean and efficient negative pledge language in its non-local law bonds. Which means “no can do” to any additional bailouts under its current capitalization. Which may very well mean that Portugal is stuck with its existing balance sheet unless the country succeeds in doing an exchange offer which takes out all UK- and other strong-protection bonds. All of them. And as Greece has shown, that is just not going to happen.

Greek President (And Nazi Resistance Fighter) Lashes Out At “German Boot” For Pushing Country To The Brink

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Got gold and silver?

– Greek President (And Nazi Resistance Fighter) Lashes Out At “German Boot” For Pushing Country To The Brink (ZeroHedge, Feb. 15, 2012):

The following extract from a Bloomberg article suggests that the German mission of getting Greece to file for bankruptcy on its own, thus removing the perception that Europe has given up on the first (of many) terminal patient, own has almost succeeded. “Greek President Karolos Papoulias slammed Germany’s finance minister for recent comments about his country as stalled bailout talks stoked tensions between Greece and the northern European countries funding its rescue. “I don’t accept insults to my country by Mr. Schaeuble,” Papoulias, who fought in the resistance against the Nazis during World War II, said in a speech today. “I don’t accept it as a Greek. Who is Mr. Schaeuble to ridicule Greece? Who are the Dutch? Who are the Finns? We always had the pride to defend not just our own freedom, not just our own country, but the freedom of all of Europe.”

Read moreGreek President (And Nazi Resistance Fighter) Lashes Out At “German Boot” For Pushing Country To The Brink

‘All Final Salary Pension Schemes Will Close Under New EU Rules’

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– ‘All final salary pension schemes will close under new EU rules’ (Telegraph, Feb. 14, 2012):

Many businesses could also be pushed into insolvency by European pension proposals, risking significant job losses, three industry bodies have warned.

In a letter to José Manuel Barroso, president of the European Commission, ahead of EU directives due this week, the National Association of Pension Funds (NAPF), the Confederation of British Industry (CBI) and the Trades Union Congress (TUC) warned that the new rules would have a disastrous impact.

“By demanding dramatic increases in funding from employers, the commission’s plans would – at best – force all remaining defined benefit schemes to close and – at worst – push many businesses into insolvency, leading to significant job losses,” they wrote.

Shame On Europe For Betraying And Raping Greece For Its Bankster Masters

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– Shame on Europe for betraying Greece (Guardian, Feb. 14, 2012):

The behaviour of the EU states towards Greece is inexplicable in the terms in which the EU defines itself. It is, first and foremost, a failure of solidarity.

The “austerity package”, as the newspapers like to call it, seeks to impose on Greece terms that no people can accept. Even now the schools are running out of books. There were 40% cuts in the public health budget in 2010 – I can’t find the present figure. Greece’s EU “partners” are demanding a 32% cut in the minimum wage for those under 25, a 22% cut for the over 25s. Already unemployment for 15-24-year-olds is 48% – it will have risen considerably since then. Overall unemployment has increased to over 20%. The sacking of public sector workers will add to it. The recession predicted to follow the imposition of the package will cause unbearable levels of unemployment at every level.

In addition the “package” demands cuts to pensions and public service pay, wholesale privatisation of state assets – a fire-sale, since the global market is close to rock bottom – and cuts to public services including health, social welfare and education. The whole to be supervised by people other than the Greeks. An entire disciplinary and punishment system.

When we casually use a term like “bailout”, it is important to remember that it is not people who are being bailed out, or at least not the Greek people. The bailout will not save a single Greek life. The opposite is the case. What is being “bailed out” is the global financial system, including the banks, hedge funds and pension funds of the other EU member states, and it is the Greek people who are being ordered to pay – in money, time, physical pain, hopelessness and missed educational opportunities. The relatively neutral, even stoic, term “austerity”, is a gross insult to the Greek people. This is not austerity; at best it is callousness.

Read moreShame On Europe For Betraying And Raping Greece For Its Bankster Masters

Greece Spiralling Into Catastrophic Depression

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– Greece spiralling into catastrophic depression (Independent, Feb. 15, 2012):

Greece is expecting to agree the terms of European leaders for a rescue package this evening as the country seeks to avoid a default on its international debts. But Greeks fear that the cuts, imposed on them in return for a €130bn bailout, is sending the country spiralling into a catastrophic depression.

Read moreGreece Spiralling Into Catastrophic Depression

‘Greece Won’t See A Cent Of The GREAT BAILOUT’ (Telegraph) … It’s All For The Banksters!

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– Greece won’t see a cent of the great bail-out (Telegraph, Feb.13, 2012):

Over the weekend, the Greek parliament voted to accept Europe’s latest demands for spending cuts and tax rises and other reforms and retrenchments. The aim was to make it marginally less implausible that Greece will pay back the hundreds of billions of euros that its neighbours are lending it. The alternative, we were told, was that it would become “ground zero” for a new financial meltdown, with its exit from the euro leading to social chaos within the country and economic chaos outside.

Read more‘Greece Won’t See A Cent Of The GREAT BAILOUT’ (Telegraph) … It’s All For The Banksters!