Austerity

Tsipras Rejects EU Ultimatum, Demands Bridge Deal: “Greeks Can’t Take More Disappointment”

Zerohedge Speaking defiant tone on Sunday evening, Greece's new Prime Minister Alexis Tsipras showed no signs of backing away from the commitments and pledges he and his party made to the Greek people (and that so many staunch status-quo huggers believe he will back down from). Raging that Greece "won't…
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Austerity

Eurogroup Gives Greece 10 Day Ultimatum: Apply For Bailout Or Grexit

Zero Hedge Update: And now this: "Moody's places Greece's Caa1 government bond rating on review for downgrade" The key driver for the review for downgrade is the high level of uncertainty over the outcome of the negotiations between Greece and its official creditors over the terms of Greece's support programmer.…
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Central Banks

ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral – Full Statement

Zero Hedge Just what the market had hoped would not *ECB SAYS IT LIFTS WAIVER ON GREEK GOVERNMENT DEBT AS COLLATERAL *ECB SAYS IT CAN'T ASSUME SUCCESSFUL CONCLUSION OF GREECE REVIEW What this means simply is that since Greek banks are now unable to pledge Greek bonds as collateral and…
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The Federal Reserve Is At The Heart Of The Debt Enslavement System That Dominates Our Lives

The Economic Collapse by Michael Snyder From the dawn of history, elites have always attempted to enslave ; Yes, there have certainly been times when those in power have slaughtered vast numbers of people, but normally those in power find it much more beneficial to profit from the labor of…
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Are You Better Off This Thanksgiving Than You Were Last Thanksgiving?

The Economic Collapse by Michael Snyder Are you in better shape financially than you were last Thanksgiving?  If so, you should consider yourself to be very fortunate because most Americans are ; As you chow down on turkey, stuffing and cranberry sauce this Thursday, please remember that there are millions…
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21 Facts That Prove That Dependence On The Government Is Out Of Control In America

The American Dream by Michael Snyder If you could stay home and watch television, play video games and hang out with your friends all day at government expense, would you do it?  Of course most Americans that collect money from the government each month are not abusing the ; Many…
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24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy

The Economic Collapse by Michael Snyder Do you want to know why Millennials seem so angry?  We promised them that if they worked hard, stayed out of trouble and got good grades that they would be able to achieve the "American Dream".  We told them not to worry about accumulating…
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Currency

New York Times Admits Wages Haven’t Grown in 15 Years, Worst Since Great Depression

Liberty Blitzkrieg By Michael Krieger, The following article from the New York Times is actually pretty awful. However, the admission that wages have failed to grow in 15 years is important. Particularly in light of the fact that we are five years into the second so-called “recovery” since the turn of the…
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Debt Slavery

“Clueless”, Reaccomodating Fed Spurs Epidemic Of Record Low Yields Around The Globe

Zero Hedge “If it wasn’t obvious that Fed normalization was going to be difficult, it should be now. Risk assets don’t appear to be ready for significant removal of accommodation". So much for "the recovery" (in the US or elsewhere) and a mythical world in which a seamless handover from…
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Debt Slavery

Another Conspiracy Theory Becomes Fact: The Fed’s “Stealth Bailout” Of Foreign Banks Goes Mainstream

Zero Hedge Back in June 2011, Zero Hedge first posted: "Exclusive: The Fed's $600 Billion Stealth Bailout Of Foreign Banks Continues At The Expense Of The Domestic Economy, Or Explaining Where All The QE2 Money Went" which we followed up on various occasions, most notably with "How The Fed's Latest…
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Debt Slavery

U.S. National Debt Surges $1 Trillion In Just 12 Months … Meanwhile FOMC “Tweaks” Wording

The financial position continues to deteriorate badly and in the last 12 months has increased by over $1 trillion dollars. Nick Laird of Sharelynx has just reproduced his fascinating and timely chart showing the US debt limit, the actual US debt and the gold price all in one chart. From…
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Preparing To Asset-strip Local Governments? The Fed’s Bizarre New Rules

Ellen Brown, Blacklisted News In an inscrutable move that has alarmed state treasurers, the Federal Reserve, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, just changed the liquidity requirements for the nation’s largest banks. Municipal bonds, long considered safe liquid investments, have…
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Debt Slavery

How The Fed “Mysteriously” Eliminated $7 Trillion In US Debt

Zero Hedge Anyone looking at the Federal Reserve's own data set, that provided with the generous "free" funding of the US taxpayer by way of the St. Louis Fed's FRED database, will notice something quite welcome, if magical: total US debt held by the public - that which is not…
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Central Banks

A Historic First: Bank Of Japan Monetizes Debt At Negative Rates

Zero Hedge First, Europe infamously shifted to a NIRP and now Japan has begun NIRP monetization. As WSJ reports, Tuesday marked another milestone in the topsy-turvy world of monetary easing in Japan: The Bank of Japan bought short-term Japanese government debt at a negative yield for the first time. In…
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Debt Slavery

Foreign Ownership of U.S. Government Debt Passes $6 Trillion

CNS News For the first time in the nation’s history, foreign interests now own more than $6 trillion in government debt, according to the most recent Treasury Department report on major foreign holders of the debt, which includes the numbers through the end of June. As of the end of June, foreign…
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Debt Slavery

30 Facts That Prove The American Middle-Class Is Being Destroyed

Michael Snyder The Economic Collapse blog The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically ; Once upon a time, the United States had the largest and most prosperous middle class in the history…
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Debt Slavery

Portugal’s Insolvent Banco Espirito Santo To Be Bailed Out, Existing Equity To Be Wiped Out

Zero Hedge When a week ago, the third and final Banco Espirito Santo HoldCo went ... we knew it was only a matter of time. Sure enough, following Friday's record collapse in the stock price of Portugal's mega bank after even Goldman decided it had enough and pulled the plug…
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Debt Slavery

Argentina Defaults

Zero Hedge It's all over but the crying: having explained Argentina's position ( not giving to so-called vulture funds), Economy Minister Kicilloff explains: *KICILLOF SAYS HEDGE FUNDS NOT WILLING TO GIVE DELAY ON RULING *KICILLOF SAYS HARD TO BELIEVE ARGENTINA IN DEFAULT IF HAS FUNDS *KICILLOF SAYS ARGENTINA CAN'T COMPLY…
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Central Banks

Three Charts Of The Week: Money Printing Is Not Bringing Prosperity To Main Street

Zero Hedge Furious money printing by the world’s major central banks is not generating real growth and prosperity—–but professional economists never seem to get the word. As shown below, the 2014 outlook for global real growth has been marked down sharply since early ;Back then, of course, Abenomics and massive…
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A Third Of America’s 18-34 Years Olds Live With Their Parents

Business Insider India Increasing numbers of young Americans are heading to college, where they're racking up debt to pay for rapidly increasing tuition costs. Those graduating are being confronted by a challenging jobs market, which eventually leads many to just drop out of the labor force altogether. This in turn…
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Debt Slavery

How the Troika, the WSJ and the NYT Keep the Public Befuddled About Austerity and Deflation

If the troika (the European Commission, ECB, and IMF) taught sex education students would believe that storks brought children, that sex had nothing to do with pregnancy, that confident women never got pregnant, and that women should be forced to lose weight when they became ; The Wall Street Journal and the New York Times would…
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Currency

NIRP Has Arrived: Europe Officially Enters The “Monetary Twilight Zone”

Zero Hedge Goodbye ZIRP, hello NIRP. Today's decision by the ECB to officially lower the deposit facility rate to negative (as in you pay the bank to hold your deposits) is shocking, but not surprising: we previewed just this outcome precisely two years ago in "Europe's "Monetary Twilight Zone" Neutron…
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Central Banks

European Central Bank cuts deposit rate below zero in historic move

The European Central Bank lowered its deposit rate to as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery. The European Central Bank (ECB) cut its main refinancing rate to percent from…
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Debt Slavery

America’s Insatiable Demand For More Expensive Cars, Larger Homes And Bigger Debts

The Economic Collapse Blog by Michael Snyder One of the things that this era of American history will be known for is conspicuous ; Even though many of us won't admit it, the truth is that almost all of us want a nice vehicle and a large ; They say…
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Central Banks

Slowing Euro Inflation Puts Pressure on Central Bank

Bloomberg Euro-area inflation slowed more than economists forecast in May, cranking up pressure on the European Central Bank to deploy measures as soon as this week to kindle prices and drive growth. The rate fell to percent from percent in April, the European Union’s statistics office in Luxembourg said today.…
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Debt Slavery

Fire Sale: Greece sells 110 of its best beaches in the name of “development”

Keep Talking Greece One hundred and ten of Greece’s best beaches are on sale by Greece’s privatization agency,  the Hellenic Republic Asset Development Fund (TAIPED) in the name of supposed “development” and “utilization of public assets”. In fact a sale off of Greece best beaches for cash so that the…
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Debt Slavery

Chilean Activist Burns $500 Million Student Loan Docs In Protest Against Debt Serfdom

Liberty Blitzkrieg by Michael Krieger This story struck a particular chord with me considering my mother left Chile for the United States back in the early 70′s after Salvador Allende was elected President. She was able to instinctively see the writing on the wall, and got out ahead of the…
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"Elites"

How The International Monetary Conference Helped Fuel The 1980s Debt Crisis

Occupy BY ANDREW GAVIN MARSHALL Last week, in Part 1 of the Global Power Project's investigations into the machinery behind the International Monetary Conference, I examined the history and evolution of the IMC from its founding by the American Bankers Association in 1954 to the global financial and monetary disruptions of the late 1970s.…
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Debt Slavery

How China’s Commodity-Financing Bubble Becomes Globally Contagious

Zero Hedge "Marubeni is deluded in thinking that payments will come once the cargoes have sailed," is the message from an increasing number of liquidity-strapped Chinese firms, "If they take these cargoes, some could go bankrupt. That's why they choose not to honor the contracts."As we explained in great detail…
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Prelude to Economic Disaster: Billionaire Liquidates All Real Estate Ahead of Crash

SHTFplan by Mac Slavo If you were to contact a real estate agent in any major market today they’d likely advise you the market is so “hot” that if you intend on purchasing property you’d better be prepared to act fast. They’ll adamantly point out, contrary to reality, that the…
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Debt Slavery

WTF Moment Of The Week: No One Bought Japanese Bonds For 36 Hours This Week

By John Rubino Dollar Collapse blog Here’s something you don’t see very often: For a day and a half this week, the Japanese government’s benchmark 10-year bonds attracted not a single successful private sector bid. At today’s artificially-depressed yields, no one wants this paper — except of course the Bank…
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Chinese Yuan (And Copper) Tumbles As Money Supply Growth Plunges To 13-Year Lows

Zero Hedge Today's 'bounce' in US equity markets is not translating into Asian equity market strength as China, India, Indonesia, and Thai stocks are fading. Copper is crumbling and just stopped out Dennis Gartman's long. In China, the PBOC withdrew 172bn Yuan (highest since Feb 2013) and pushed the currency…
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Debt Slavery

98% Of All Consumer Credit In Past Year Was Student And Car Loans

Zero Hedge Same shit, different month. If last month total consumer credit increased by $ billion, of which $ billion went into student and car loans meaning consumers continued deleveraging on their credit card statements (some expectation for a recovery there), then February was even worse. The headline number was…
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Union Sundown: The Decline of the American Economy And The Rise of the Bureaucratic Nightmare

Activist Post by Brandon Turbeville Thirty years ago, Bob Dylan wrote a song called “Union Sundown” that now seems as if it was nothing less than prophecy set to music. The song, which attracted a great deal of hatred from establishment critics at the time, spoke out against the neo-liberal/free…
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Debt Slavery

Second Chinese Bond Company Defaults, First High Yield Bond Issuer

Zero Hedge In the middle of 2012, to much yield chasing fanfare, China launched a private-placement market for high-yield bonds focusing on China's small and medium companies, that in a liquidity glutted world promptly found a bevy of willing buyers, mostly using other people's money. Less than two years later,…
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Debt Slavery

Bring Out Your “Toxic Sludge” – European Loan Creation Remains At Record Low Levels

Zero Hedge Yesterday we reported that in an attempt to unclog Europe's broken credit and monetary piping, European regulators are preparing to get their hands dirty by easing rules on, and unleashing, an asset class once labelled toxic sludge, , all the worst of the worst debt that was the…
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Debt Slavery

Stick A Fork In The “Housing Recovery” (Spoiler Alert: Blame Record Student Debt)

Zero Hedge The chart below from Bank of America - showing the progression of first-time US homebuyers in recent months - should scare everyone who still believes that there is some sort of "housing recovery" in the US. What this chart tells us is that an increasingly greater amount of…
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Central Banks

What’s The Primary Cause of Wealth Inequality? Financialization

Financialization results when leverage and information asymmetry replace innovation and productive investment as the source of wealth creation. Emmanuel Saez and Thomas Piketty are leading lights in the exploration of rising wealth ;Both are academic economists who have devoted considerable time and effort to assembling data that deepens our understanding…
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Debt Slavery

Citigroup, RBS, Banco Santander, HSBC & Zions Fail Federal Reserve Stress Test

| WTF News | It's really about like this at most of the banks and the Fed. Bloomberg Citigroup Inc.’s capital plan was among five that failed Federal Reserve stress tests, while Bank of America Corp. won approval for its first dividend increase since the financial crisis. Lenders announced more…
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Austerity

IMF Announces Staff Level Agreement with Ukraine on US$14-18 Billion Stand-By Arrangement

The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF. The financial support from the broader international community that the program will unlock amounts to US$27 billion over the next…
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Currency

The US Is Now Spending 26% Of Available Tax Revenue To Pay Interest

Simon Black Sovereign Man blog By the 19th century, the Ottoman Empire had become a has-been power whose glory days as the world’s superpower were well behind them. They had been supplanted the French, the British, and the Russian empires in all matters of economic, military, and diplomatic strength. Much…
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