Has the economic nightmare that America is now entering been completely and totally foreseeable to anyone who was willing to look at the facts objectively? Has the generation now running the United States recklessly destroyed the financial future of us all? Will future generations look back and curse those who lived at this time for saddling them with so much debt? When it comes to the financial condition of this country, most people want to make it into a Republican/Democrat thing, but the truth is that both parties have done a miserable job of managing the nation's finances. It would have been very helpful if at least one of the political parties had been the least bit interested in getting America's financial house in order, but that was not the case. Instead, both Republicans and Democrats worked together to pile up the biggest mountain of debt in the history of the world. They worked together to build a "global economy" that shipped a huge percentage of our manufacturing overseas. They worked together to build a system that highly favors the biggest corporations and the international banking elite. Now American stands on the precipice of a devastating economic collapse, and many of our politicians seem actually shocked about what is happening.
But they shouldn't be. All of this has been building for a long, long time. All of this was avoidable. The fact that the economic problems of the United States have been so clearly foreseeable and yet nothing was done to stop them has a lot of people very, very upset. Among those who are extremely upset are some of our readers.....
How long has this been obvious? Certainly was obvious to me even in the 80’s. The demographics just weren’t there to support my generation. But I knew implicitly that we would be the ones stuck with the bill – with the scumbags in DC turning around, right about now, to tell us with feigned shock – “Gee, there’s no money for you guys! How did that happen?”
I could lay all the blame on these criminals, and most of it DOES lay with them. However, I have also directly and constantly experienced wilful obtuseness and ignorance on the part of Americans, with their fingers in their ears and their tongues flapping about with “LaLaLaLaLa” – every time anyone tries to point out the blatantly obvious regarding the financial End Game.
Americans are about to get what they have denied as impossible because it was not pleasant. Now there’s some real good thinkin’. Hope they get a clue in a hurry. Americans may be decent people – but that don’t count for much when it’s coupled with voluntary pig-ignorance.
So many people missing the point…
There are no GOOD jobs out there. People work for money not for jelly beans. Young people are “lazy” because they don’t want to flip burgers for minimum wage or less? Are you Kidding? What percentage of people over 35 are willing to do this? The kid that made my BigMac today looked to be all of 14 so I’m guessing not too many. It’s about the money people! The generation that came before us is the one responsible for rampant inflation, the trade deficit, and the general dismantling of a once great nation and the so called family unit. YOU have left us with NOTHING! YOU have sold our birth right to the highest bidder. YOU have made us the future slaves of Chinese overlords. YOU are the people unwilling to hire the young at a wage they can actually live on.
If you are over 50 and you are reading this have the decency to feel shame for what you’ve done to your children and grandchildren. We are certainly ashamed of YOU!
Wake up – it’s not bloody marxists – it’s your own financial, industrial and political leaders that have caused this mess and you all sat back and revelled in it. For years, America has lived high on the benefits of globalisation (heaps of cheap imports) while not realising that there is a price to pay. That price is the wholesale export of your manufacturing to Asia and Mexico – along with the jobs. These have largely been replaced by low wage service jobs. The only alternative in order to maintain your standard of living has been to resort to debt – hence the credit crunch. The credit crunch is only a symptom.
As a non American – I can only wonder at how you spend more than the rest of the world combined on defence while your economy and financial stability collapses around you.
It is clear that it is a combination of many things that have brought us to this point in US. Illegal immigration, huge government intrusion, over-regulation, health care costs, frivolous litigation, etc., I can understand why companies move overseas. Ridiculous taxation, regulation, intrusion, health care mandates, loss of freedom, etc. Just some of the things contributing to US economic trouble.
Get govt. out of the way and private sector would fix most of the problem and most Americans would benefit from the fix. Those left out of the prosperity of America, usually want to be left out. There are exceptions, and injustice it out there. But it isn’t Govt. that should deal with the social ills of our world. Where is the Church?
From the edge, a brief explanation…
Anyway that’s the problem. USA debt has the same problem. At 100% debt to GDP, the Fed manufactures money out of debt. The problem is supply. When the world’s greatest economy starts to crater it takes the collective action of every nation in the world to prop us up. So far, Japan, China, and Great Britain have done so. If their economies continue to deteriorate, they won’t be able to. Japan and China are in a death dance with us. To save their existing treasury investments they must continue to invest in us or lose what is on deposit. The USA has an ungodly pipeline debt of 60 trillion coming due and payable in the form of Social Security and Medicare payments. California it seems, is a petri dish, a sneak preview of our coming collapse.
That’s why expressing debt to GDP is really a pretty antiquated way of seeing the problem, although that has been a universally accepted practice. Can we survive at 125% or 150% debt to GDP? Sure. As long as the Fed isn’t audited.
If that audit ever occurs, and TRUST ME IT NEVER WILL, the world will suffer a complete and total collapse. What we don’t know, it seems, isn’t hurting us yet.
One thing that is not allowed is for people to wipe the slate clean and begin again. The republican congress enacted DRACONIAN bankruptcy legislation so that if you declare bankruptcy, your creditors can still come after you indefinitely for collect! Check it out! My husband and I are physically disabled and my husband has a fatal illness. My parents had left a small inheritance for our medical expenses. It is now confiscated before I have even ‘inherited’ it! They want us to have a good life? Bolderdash! Or they wouldn’t allow medical bills that bankrupt the average working person./ Try finding a could where the husband works 2 jobs and the wife three, who live frugally, and still can not pay off medical bills. If I get sick again, I think I will just welcome death.
I’m back in school myself working on an associates degree because my “hard-working” and “genius” parents knew exactly what career I was going into. Then, when that didn’t pan out and I wouldn’t continue taking their marching orders, they threw me out on the street to fend for myself. I did that successfully for three years and put up with all their bitching and abuse about not working “hard enough” or “expecting other people to take care of me.”
Fortunately, I discovered that I have a great aunt and uncle who have been letting me live with them and go back to school. I’ve got a decent part time job at the school, but I am barely making enough money to pay rent to them. My advice is don’t give up and don’t be afraid to ask for help from family and friends. I would probably be living in a card board box if not for my aunt and uncle helping me.
For all those people saying why can’t you get 3 or 4 jobs to support yourself, I hate to break it to you, but employers are not going to hire someone who is working at another place and plan their schedule around them. They are only going to hire employees that are available 24/7 and not have to pay them above minimum wage.
This is the major crisis of our times right now. Instead of blaming and bickering, let’s do what we can to help everyone out.
http://theeconomiccollapseblog.com/arch ... lf-a-brain
Be Your Own Messiah
When did TSHTF last time?
When Gold took a dive.
Like Silver back in the day.
When folks turned in their family Tea Sevice @ 15$ an ounce.
It took a major dive. Well gold did the same, that brought us the Big D.
What part of Gold for Dollars don't you understand?
Just like the housing market, it's the next bubble.
That's how they make their Billions, that is, when their war profits take a dive.
Greek banks seek more aid as savers withdraw €10bn deposits
By Kerin Hope in Athens
Published: April 8 2010 03:00
Greece's four biggest banks are seeking help from the government after savers took €10bn (£8.8bn) of deposits out of the nation's financial system.
The flight of money from domestic deposits reflects growing anxiety among wealthy Greeks about keeping their assets in the country as its debt crisis has escalated.
In the first two months of the year, local savers transferred out of Greece deposits equal to about 4.5 per cent of the total in the banking system, the central bank said.
George Papaconstantinou, finance minister, said yesterday that the banks had now asked for access to the remaining funds of a €28bn government support plan.
Greece's four biggest lenders - National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank - have requested access to about €14bn in loan guarantees and €3bn of special bonds that could be used as collateral to borrow from the European Central Bank.
The banks' request came as interest rate yields on 10-year government bonds rose to a fresh record.
Share prices of Greek banks on the Athens stock exchange fell by more than 4 per cent yesterday, following a 3 per cent decline on Tuesday. The decline was triggered by news that the banks had resorted to applying for the remainder of the state package, analysts said.
Many savers chose to move funds to their banks' subsidiaries outside Greece - including Cyprus and Luxembourg - rather than switch to foreign institutions, said one Athens-based private banker. Others transferred funds to local subsidiaries of foreign banks.
The transfers reflected "anxiety among wealthy Greeks about keeping assets here given the increasing uncertainty", said the banker. "We expect the funds to return swiftly once the crisis is resolved."
Another banker said sizeable deposit sums had been withdrawn to buy high-yielding Greek government debt and companies had used cash held on deposit to pay for imports. But several dismissed rumours of savers withdrawing cash in large-denomination notes to put in safe deposit boxes.
ECB funding for Greek banks rose from €40bn to €65bn in the first quarter, according to IOBE, an economic think-tank.
Be Your Own Messiah
•The warning by the Bank of International Settlement (BIS) must be taken seriously. The BIS is the privately owned central bank for all central banks. I believe the BIS is owned by the Rothschilds. The Rothschilds are the richest clan in the world. Some say they own half the world. Of course, they are very smart people and work in the shadows, eschewing limelight for real power.
•This sovereign debt crisis is still building. The Greek economy is a mere 3% of the Eurozone. So, even if Greece collapses, the impact is somewhat limited. However, it should be seen as the domino that sets off more dominoes when it collapses. Think PIIGS (Portugal, Ireland, Italy, Greece and Spain) and the not so United Kingdom. Even economic dynamo, Germany, has debt to GDP ratio above 85%. France’s is about 80%. These are horrendous figures. Will the Euro survive? Your guess is as good as mine. My advice is: put your money in physical gold and silver.
Sovereign debt crisis at ‘boiling point’, warns Bank for International Settlements
The Bank for International Settlements does not mince words. Sovereign debt is already starting to cross the danger threshold in the United States, Japan, Britain, and most of Western Europe, threatening to set off a bond crisis at the heart of the global economy.
“The aftermath of the financial crisis is poised to bring a simmering fiscal problem in industrial economies to the boiling point”, said the Swiss-based bank for central bankers — the oldest and most venerable of the world’s financial watchdogs. Drastic austerity measures will be needed to head off a compound interest spiral, if it is not already too late for some.
The risk is an “abrupt rise in government bond yields” as investors choke on a surfeit of public debt. “Bond traders are notoriously short-sighted, assuming they can get out before the storm hits: their time horizons are days or weeks, not years or decade. We take a longer and less benign view of current developments,” said the study, entitled “The Future of Public Debt”, by the bank’s chief economist Stephen Cecchetti.
“The question is when markets will start putting pressure on governments, not if. When will investors start demanding a much higher compensation for holding increasingly large amounts of public debt? In some countries, unstable debt dynamics — in which higher debt levels lead to higher interest rates, which then lead to even higher debt levels — are already clearly on the horizon.”
Official debt figures in the West are “very misleading” since they fail to take in account the contingent liabilities and pension debts that have mushroomed over recent years. “Rapidly ageing populations present a number of countries with the prospect of enormous future costs that are not wholly recognised in current budget projections. The size of these future obligations is anybody’s guess,” said the report. The BIS lamented the lack of any systematic data on the scale of unfunded IOUs that care-free politicians have handed out like confetti.
As Greek Bond Rates Soar, Bankruptcy Looms
As interest rates on Greek debt rise again, the question facing Europe is no longer whether Athens has the political will to cut spending and raise taxes to curb its gaping budget deficit, but whether Greece will run out of money before it gets the chance to do so. With the rate on 10-year Greek bonds reaching as high as 7.5 percent on Thursday, up from 6.5 just three days ago, the cost of insuring against a Greek default hit a record high.
The message from the market could not be clearer: artfully worded communiqués from Brussels will no longer suffice. To avoid bankruptcy, analysts said, Greece needs a bailout from Europe, and fast. “This is no longer about liquidity; it’s a solvency issue,” said Stephen Jen, a former economist at the International Monetary Fund…
Gold Hits New Euro Record as Bank Run Hits Greece
Gold Prices ticked back from a 12-week high for Dollar investors early Thursday, recording the best London Gold Fix since Jan.12th as the US currency rose against the Euro and global stock markets fell. Shares in Athens lost almost 4% as news broke that Greece’s 4 biggest banks have asked for €17 billion in emergency credit to weather a run on deposits.
Private savers moved €10bn – some 4.5% of total bank deposits – out of the country in Jan. and Feb. according to the Greek central bank.
“[There's] anxiety among wealthy Greeks about keeping assets here, given the increasing uncertainty,” said one private banker to the FT this morning. Euro investors wanting to Buy Gold today saw the wholesale price set at the London Fix hit a fifth record high on the run.
http://socioecohistory.wordpress.com/20 ... ts-greece/
Be Your Own Messiah
[SIZE="3"]Tens of thousands protest tax hikes
The Ottawa CitizenApril 12, 2010 Tens of thousands of people described by organizers as members of Quebec's "silent majority" demonstrated peacefully Sunday in front of the provincial legislature against tax hikes in the recent provincial budget. Organizers put the number of participants at 45,000 to 50,000. They assembled on the Plains of Abraham and marched to the national assembly, brandishing brooms, mops and picket signs, and called for the government to clean up its own spending before imposing new taxes. The budget proposes, over two years, a 15-per-cent sales tax, after harmonization of the Quebec sales tax with the federal goods and services tax.
another protest yesterday in quebec city!
a similar tax starts in Ontario in july - electricity will go up 8%
World Socialist Website
Mon, 12 Apr 2010 20:37 EDT
The economic crisis precipitated by the crash of Lehman Brothers in 2008 is entering a new stage, as European states hastily organise their first-ever bailout of a member of the European Union. The frantic efforts at the weekend to cobble together a European rescue package for Greece in collaboration with the International Monetary Fund came after intense pressure from rating agencies and intensified speculation by traders betting that the Greek government would default on its debt obligations.
The European emergency plan for Greece represents a substantial reversal of the deal agreed at the EU summit just two weeks ago. At their meeting in Brussels at the end of March, European heads of state agreed to a proposal pushed by the German government aimed at avoiding a bailout of the Greek economy. At the summit, the German delegation, led by Chancellor Angela Merkel, offered a guarantee to the Greek government on condition that it pay punitive rates of interest for the repayment of its debt, while making clear that any assistance would be given only as a "last resort."
The position imposed by Germany was tantamount to declaring that Europe would not offer Greece terms any more favourable than those currently available on the international financial markets.
The object of the harsh conditions demanded by Germany was to maximise pressure on the Greek government to continue its program of severe spending cuts and austerity measures, aimed at convincing the banks to offer Athens credit at a more favourable rate. Germany also wanted to send a clear signal to other highly indebted European countries - Spain, Ireland, Portugal, Italy - that there would be no easy money from Brussels.
These calculations have been blown apart in the space of two weeks by the intensification of the crisis, which has forced European finance ministers to come up with an emergency package designed to appease the international banks and hedge funds. Faced with the collapse of the Greek economy and the potential breakup of the European currency, the German government has reluctantly signalled its acquiescence to the European plan.
Last week, Greek financial officials travelled to Washington to urge US banks to buy Greek bonds. The social democratic government of Prime Minister George Papandreou appealed for help as an "emerging market," stressing that it could rely on the country's trade unions to suppress working class resistance and help impose the austerity measures.
It got a cold shoulder from Wall Street. Papandreou then held a series of meetings with European officials aimed at developing a safety net for the Greek economy.
Following an explosive rise in interest rates on Greek government bonds, peaking at well over 7 percent on April 8, the Greek stock exchange suffered a panic selloff, with Greek bank stocks falling precipitously. One Greek newspaper spoke of the Athens market's "Black Thursday," while the Independent newspaper declared that the Greek financial crisis had gone "nuclear."
Thursday's selloff extended to most European stock markets. Fearing a full-scale financial panic and a concerted attack on the euro currency, European Central Bank President Jean-Claude Trichet declared that the EU would not allow Greece to default.
The stock market decline was accompanied by an emerging run on Greek banks by worried depositors. This was on top of a growing movement of funds out of Greece by the country's wealthiest layers.
At the same time, the Fitch rating agency cut Greece's long-term foreign and local currency ratings to BBB- from BBB+. It also slashed its credit rating for five banks, including the National Bank of Greece. According to one commentator, the downgrading of Greece on international money markets now puts it on a par with Iraq.
France and Italy issued a call for an emergency package to head off a Greek default. After talks with Italian Prime Minister Silvio Berlusconi on Friday, French President Nicolas Sarkozy announced that the EU was ready to implement an aid plan for Greece.
In a manner reminiscent of the flurry of meetings that occurred on the eve of the Lehman collapse in September of 2008, government heads, finance ministers and bankers worked frantically to come up with something that could be announced prior to the opening of global markets Monday morning.
The main details of the plan as reported to date involve a loan of €30 billion by the EU at interest rates of around 5 percent. Such a rate is below the 7 percent currently being demanded by banks for long-term Greek bonds, but much more than the rate paid by Europe's biggest economy, Germany (3 percent).
Pointing out that the future of the euro was at stake, billionaire investor George Soros told Bloomberg Radio on April 9 that the Greeks "have to be given some help from Europe or the IMF at concessional rates.... It is a make or break time for the euro and it's a question whether the political will to hold Europe together is there or not."
The decision to bail out Greece has far-reaching economic and political implications. First, it sets a precedent for other European economies in a similar situation to appeal for financial assistance from Europe's stronger economies.
The fact is, however, that all European nations, including the biggest economies, Germany and France, are saddled with huge state debts and are seeking to impose their own harsh austerity programs in order to recoup the huge sums spent bailing out their respective banking systems. The banks, which received trillions in public funds, are now dictating the terms by which the European working class is to pay for the crisis.
The emergency plan for Greece will bring no relief to the working population. A similar EU-IMF plan has already been imposed on the small EU member state of Latvia. The Latvian government has imposed the harshest austerity program in Europe, consisting of cuts amounting to ten percent of the country's gross domestic product. The state has slashed the wages of public servants by up to 45 percent, raised taxes, cut pensions and child allowances, and now has the highest level of unemployment in Europe at over 20 percent.
The ruling elite throughout Europe are united in their determination to ensure that the entire burden of the crisis is shifted onto the backs of the working class, but as the economic crisis increasingly spirals out of control, national state interests and rivalries are increasingly coming to the fore. Commenting on the growing divisions between Germany and its European neighbours, Financial Times columnist Martin Wolf commented recently: "Is there a satisfactory way out of the dilemma? Not as far as I can see. That is really frightening."
Two things, in particular, have become clear from the developments in Europe of the past two weeks. First, the talk of a global recovery from the crisis that erupted in 2007-2008 is without serious foundation. The world economy remains poised on the knife-edge of a new financial panic and even deeper recession.
Nothing has been resolved. Instead, the insolvency of major banks has been offloaded onto national governments, producing an unprecedented sovereign debt crisis that can easily spread from so-called peripheral countries such as Greece to major powers, including France, Britain and the US.
Second, there is no prospect for a coherent internationally agreed strategy to manage the crisis in a non-disruptive and peaceful manner. Instead, the fundamental contradiction between world economy and the nation-state system - a contradiction intrinsic to capitalism - is asserting itself with increasing virulence. Germany's aggressive stance and the growing divisions within Europe are among the most acute expressions of this global development.
These developments underline the urgency for the progressive unification of Europe through the united, revolutionary mobilization of the working class, based on a socialist program for the nationalisation of the banks and major industries under the democratic control of the working class.
http://www.sott.net/articles/show/20662 ... mic-crisis
Be Your Own Messiah
drunk retards usa!
Submitted by Tyler Durden on 04/12/2010 22:14 -0500
And all the pundits thought that the IMF would be on the hook for just €10 billion... The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion. The current lending participant group of 26 entities will be increased by 13 new members all of whom will contribute token amount of capital to the NAB. The one country most on the hook in the new and revised NAB - the United States of America, will provide over $105 billion in total commitments, or 20% of the total facility. The US is currently on the hook for just $10 billion, meaning its participation in global bail outs just increased by $95 billion. And the bulk of these bailouts will certainly be located across the Atlantic. What is most troublesome is the massive expansion of the NAR. If the IMF believes that over half a trillion in short-term funding is needed imminently, is all hell about to break loose.
Never one to present a realistic picture Dominique (or is that Mrs, Pisani?) Strauss-Khan said: "The expansion and enlargement of the NAB borrowing arrangements provides a very strong multilateral foundation for the Fund’s efforts in crisis prevention and resolution, as an essential back-stop to the Fund’s quota resources. This will help ensure that the Fund has access to adequate resources to help members that are vulnerable to financial crises."
If memory serves us right, the Fund's current resources give it acces to about a third of a trillion, so as of today the IMF has recourse funding to just under a trillion. Something big must be coming.
Some more details on the NAB from the just released PR:
The NAB is a standing set of credit arrangements under which participants commit resources to IMF lending when these are needed to supplement quota resources. The expanded NAB will become operational when it receives formal acceptances from the required proportion of current and potential participants, which will require legislative backing in some cases.1
“The expansion of the NAB will make an important contribution to global financial stability, but it is not a substitute for a general increase in the Fund’s quota resources. The Fund is, and shall remain, a quota-based institution. It is important now that member countries rapidly take the necessary steps to make the increased resources available,” Mr. Strauss-Kahn underscored.
The NAB is a credit arrangement between the IMF and a group of members and institutions to provide supplementary resources to the IMF when these are needed to forestall or cope with an impairment of the international monetary system. The NAB is supplementary to quota resources, which are made up of the quota subscriptions each country pays upon joining the Fund, broadly based on its relative size in the world economy. IMF members’ quotas currently total SDR 217.4 billion (about US$330 billion). Like quota allocations, the NAB is reviewed on a regular basis.
The recent unprecedented shock confronting the global economy has led to a sharp increase in the demand for IMF financing. To ensure that the IMF continues to have sufficient resources to meet demand, leaders of the G-20 agreed in April 2009 that immediate financing from members of US$250 billion would subsequently be folded into an expanded and more flexible NAB, increased by up to $500 billion. This call was endorsed by the IMFC.
The G-20 leaders reaffirmed their commitment on September 25, 2009 to a tripling of the resources available to the IMF, from a pre-crisis level of about US$250 billion. At its meeting in October 2009, the IMFC welcomed the expected agreement to expand and enhance the NAB. Pending the entering into force of the expanded NAB, member countries have pledged more than $300 billion in immediate bilateral financing should the Fund require additional resources for lending.
We have a few questions:
1) Just where will central banks suddenly find access to over three hundred billion in SDRs (which is what this facility is based on)? Also, we are curious just how this SDR expansion will impact dollar levels. As the dollar is the primary component in the SDR basket (17%), banks will have to sell more dollars than other currencies on a pro rata basis to increase their SDR holdings. What will happen to the DXY when $85 billion new dollars flood the market via assorted CBs but mostly the FRBNY?
2) Who came up with the expansion factor? Why is Japan's allocation increasing by 18.7x, that of the US by 10.4x, while that of the Bundesbank only by 7.2x? We thought the IMF is more of a eurocentric bailout facility? Why does it fall upon the US taxpayers to disproprtionately bailout Greece?
3) What is the joke with having Greece join the group of new participants? The IMF sure has a sick sense of humor.
4) Curious how this comes the day before Greece is supposed to auction off some ultra-short term debt. If this facility is enacted, watch for socereign credit curves to hit 60 degrees, with near-term risk disappearing, once again courtesy of Joe Sixpack. We hope you pay your taxes by the April 15 deadline.
5) Funny money will galore. At this point nobody will allow anyone or anything to fail.
http://www.zerohedge.com/article/imf-pr ... ution-glob
Be Your Own Messiah
I'm thinking of a new bank, the peoples world bank.
We will start with some thousand trillions of dollars, give that money to all the central banks, so they can close, problem solved.
With debt to GDP well above 200%, by some account, I doubt the debt will be paid back. The solution is to inflate away the debts ie debase the currency via Quantitative Easing. Fiat currencies will be under assault worldwide by the Gold Wrecking Ball. Think about it: real currency: gold that is used for over 5000 years or pieces of paper, confidence job manufactured by irresponsible governments? The choice is obvious: gold will win hands down against all fiat currencies!
Japan is in a somewhat strange predicament. Their bonds are held by their own Japanese corporations and citizens. So, to pay back creditors (Japanese citizens and corporations), the government will have to raise the money from citizens and corporations. It may be an over simplification, but imagine coughing out the money to pay yourself back! What????!!!! What kind of con-job is this?
Japan economy at risk of ‘bankruptcy’
Analysts have warned that Japan may go bankrupt next year with a public debt figure larger than that of any other industrialized nation.
Dai-ichi Life Research Institute cautions about surging public dept of Japan, estimating that it will hit 950 trillion yen next year. That is 200 percent of the country’s GDP.
Experts say that Japan cannot avoid bankruptcy unless it issues more government bonds. Japan has the world’s second-largest economy by nominal GDP and the third largest in purchasing power parity. Deflation, high public debt and weak domestic demand have had a drastic impact on Tokyo’s finances. The Japanese economy shrank 5.2 percent last year.
‘Japan cannot avoid bankruptcy unless it issues more government bonds’ ! What kind of idiotic reasoning is this? There are too many economic nit wits in high places who are not smart enough not to believe in their own propaganda
http://socioecohistory.wordpress.com/20 ... ankruptcy/
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