“Take a moment to consider this number: $16,084,425,792,391
At the last count, this is the level of the U.S. national debt. And if that number scares you… it should.
The fiscal and debt situation of the United States today is nothing less than Greece on steroids – with an added dose of political hallucinogens inducing insane denial.
It’s the same insanity that sent international markets up this week on the news that a paltry 30% of Greek voters supported a political party that advocates the country paying its bills and living within its means.
But let’s put this news in its horrific perspective:
In spite of the fact the Greek election results have allayed fears of the country’s imminent exit from the euro zone, swathes of political analysts still believe the move is a mere momentary respite, and that the European Union dream could yet turn to nightmare.
With Spain, Italy and probably France, on the brink of disaster, Greece must now be kept on life support because of the very real threat of economic contagion and perhaps even the demise of the euro and the European Union itself.”
Via Alt Market
“At the UN Earth Summit Rio+20, negotiators for the globalist leaders have agreed to a document that lays out their plan for putting the nations of the world on a “ more sustainable path .”
The purpose of this year’s conference is to outline global governance under the cover of environmentalism and protecting the planet.
The strengthening of the UN Environmental Program through “secure, adequate and increased financial resources” was one of the biggest issues brought to the forefront at the conference. The UN is kicking into high gear, planning on creating a clear path toward global governance. Their strength will become evident in the international mandates they plan to impose onto the governments of the world.
China, India, Indonesia and South Africa will be represented by their presidents and prime ministers.
President Obama, UK Prime Minister David Cameron and German Chancellor Angela Merkel will send representatives in their stead.”
Via Activist Post
“Our world is becoming increasingly unstable, and millions of Americans are feverishly preparing for what they consider to be “the end of the world as we know it”. In fact, it is estimated that there are now approximately 3 million “preppers” in the United States. But for people that have never done much prepping before, getting started can be both confusing and intimidating. In fact, I get more questions about prepping than anything else. People are constantly asking me how they can prepare for the difficult times that are coming. Well, in this article I have compiled 120 powerful pieces of advice for preppers. No two situations are exactly the same, and almost every prepper approaches preparation differently, but there are some basic principles that apply to almost everyone. And without a doubt, a lot of people that are not preparing now are going to regret it in the years ahead. The global financial system is falling apart, the United States and Europe are absolutely drowning in debt, earthquakes and volcanic eruptions are becoming more frequent, signs of social decay are everywhere and war could erupt in the Middle East at any time. Actually, it is absolutely amazing that there are so many people out there that still believe that “prepping” is not necessary.”
“A video of a bunch of verbally abusive middle school bullies making a 68 year old bus monitor cry has gone viral all over the Internet. This video is a perfect example of the social decay that is destroying this nation. We are raising a generation of young people that do not have respect for anyone or anything. In the video, 68 year old Karen Klein is repeatedly called poor, fat, ugly and a whole bunch of other things that I cannot repeat in this space. The bullies refer to “her sweat” and “her flab” over and over throughout the ten minute video. They call her a troll and an elephant and make numerous sexual comments about her. This video is beyond horrifying, but the truth is that this is the kind of thing that happens in classrooms and in school buses all over America every single day.”
“It has been said that there are two ways to conquer and enslave a nation. One way is by using the sword, and the other is by using debt. Fortunately, America is not in danger of being conquered by the sword right now, but America is being conquered by debt. The borrower is the servant of the lender, and today we owe China more than a trillion dollars. By running a gigantic trade deficit with us, China has been able to become incredibly wealthy. We have begged them to lend us back some of the money that we have sent them and this has made them even wealthier. Now China is gobbling up U.S. real estate and U.S. assets at an astounding pace. In fact, some cities are in danger of becoming completely dominated by Chinese ownership. One of those cities is Toledo, Ohio. In many “rust belt” areas, real estate can be had for a song, and the Chinese are taking full advantage of this. America was once the wealthiest nation on earth, but now we are drowning in debt and we are being sold off in chunks to the highest bidder. Is this the legacy that we are going to leave for future generations?”
“Note the misguided optimism about six months from now. It’s not going to happen.
1. Europe is a disaster.
2. US manufacturing is cooling rapidly
3. China is cooling rapidly: China Manufacturing PMI 7-Month Low, Sharpest Decline in New Export Orders Since March 2009
4. US Monetary policy is at best useless, but more likely net harmful, especially to those on fixed income.
5. First year presidential politics are frequently recessionary
6. US still needs fiscal tightening
7. Unemployment insurance has expired for millions: 200,000 Lose Unemployment Benefits This Week, Nearly Half From California
8. Self-Employment desperation: 100% of U.S. Jobs Added Since 2010 Have Been Self-Employment, Contractor, or Other Jobs Without Unemployment Insurance Benefits
9. Last two jobs reports have been dismal: Another Payroll Disaster: Jobs +69,000, Employment Rate +.1 to 8.2%, April Jobs Revised Lower to +77,000; Long-term Unemployment +310,000
10. The 4-week moving average of weekly unemployment claims is at the highest rate of the year, at 386,250.
11. New home sales cannot gain significant traction: New Home Sales Hype vs. Reality
12. Tax Armageddon”
“And so the gaming continues: Initial Claims miss expectations of a 383K print, coming at 387K, a number which next week will be revised to 390K. This is the 7th miss in a row, and 23rd miss of the past 26 weeks. It is also the highest 4 week average since December. But the mainstream media has its soundbite: “initial claims decline by 2,000″ because, lo and behold, last week’s 386K print was revised to 389K. We have discussed this topic to death: little to add here. The ceremonial scripting by the BLS continues full bore. The only real data point in today’s release: those collecting extended claims continue to hit the 99-week cliff, as 42K more drop off Komrade Samov’s free lunch dole. Finally, judging by the somewhat muted positive market response to this latest piece of horrible economic news, the data was bad but not bad enough: we need a 400K+ print for the ES to get back to 1,400 it appears.”
Via Zero Hedge
“Hours before Spain is expected to present the bank “assessment” from Roland Berger and Oliver Wyman on its comprehensive bank insolvency status, the country sold €2.22 billion of two-, three- and five-year government bonds, in a sale which saw solid demand but yields that are simply laughable and are completely unsustainable, culminating with a record yield on 5 year paper. Per Reuters, the Treasury sold 700 million euros worth of a 2-year bond, 918 million euros worth of a 3-year bond and 602 million euros of a 5-year bond, beating a target to issue up to 2 billion euros of the debt. Demand was high, with bid-to-cover ratios rising on all three maturities from the last time each of the bonds was sold in a primary auction. The Treasury sold the April 2014 bond at an average yield of 4.706%, more than double that paid at the last primary auction of the paper in March of 2.069%. The bond due in July 2015 had a yield of 5.457% compared to 4.876% in May, while the longer dated July 2017 bond sold for 6.072%, compared to 4.960% last month. This was a record high yield. In a nutshell: big demand for paper that will leave Spain pennyless. Not very surprising, and as Elisabeth Afseth from Investec summarized, “They got it away, it’s about the most positive thing you can say about it.” “
Via Zero Hedge