Dozens of Nations Deep in Debt: “Bankruptcy Of The Planet Accelerates”

This article was written by Michael Snyder and published at his Economic Collapse blog. Editor’s Comment: This debt is becoming contagion. With over $200 trillion in debt across the world, and countless countries, cities and states coming due on obligations they cannot pay, someone somewhere is paying up, while bankers call bets, and government after government prepares to default, and further subject themselves to control by bankers, unless someone takes a stand (think Iceland). Meanwhile the people suffer, things grind to a halt in Greece and elsewhere, and things threaten to spread globally and create more pain, suffering and worry. The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at […] Read More

“Massive Headache”: Rising Dollar Threating Trade and $74 Trillion Derivative Tsunami

This article was graciously contributed by Michael Snyder via his Economic Collapse blog. Editor’s Note: Many have warned that a silent but ongoing global currency war is underway. Call it a reevaluation or shift if you like. The Euro is falling fast, in large part due to Greece’s woes, and is headed towards parity with the dollar and beyond. The stronger dollar means pain for the American export market – some 40% of U.S. business – and creates a difficult, and perhaps impossible, climate for foreign governments to repay debts and other obligations, which become more expensive under a stronger dollar, in which many are denominated. Market pains and suffering could spread pretty rapidly if things got out of control and sequenced towards destruction. Does this create a window for China’s intent to offer the next global currency? That remains to be seen, but China’s intentions are clear enough […] Read More

The Country That Refuses to Bow Down to Western Bankers

The powers that be are getting nervous as other countries consider following Greece’s lead. Mario Seccareccia, a professor of economics at the University of Ottawa, has been outspoken in his warnings that austerity policies have the potential to smash economies and spread human misery. In his work supported by the Institute for New Economic Thinking and elsewhere, he has challenged deficit hawks and emphasized the need for strong government investment in things like jobs, education, healthcare, and infrastructure if economies are to prosper. In the following interview, he talks about why what happened to Greece was entirely predictable, why the Greeks were right to reject austerity in the recent election, and what challenges the country faces in forging a sustainable path forward with the left-wing Syriza party at the helm. Lynn Parramore: You have long been warning of problems in the Eurozone.  What do the Greek elections mean to […] Read More

The Fading Of An Old World Order

The western powers of the world, America and Europe in particular, have taken advantage of their dominant role on the world stage to pursue their selfish ambitions. Their financial and military might for the past 100 years has kept them in complete control over world affairs. Their influence over international institutions like the UN, World Bank and IMF has made sure that they received cooperation from the rest of the world and their financial interest and commercial beneficiaries have reaped the rewards of this power. But now that looks like it’s all coming to an end as both America and Europe edge closer towards economic insolvency due to overspending, debt, and inflation while at the same time, the global community continues to learn about the corruption and deceit from the west. With China and Russia leading the way, countries around the globe are making moves and positioning themselves for a […] Read More