Socio-Economics History Blog

Socio-Economics & History Commentary

Flashback 1990: Holocaust Expert Rejects Charge That Nazis Made Soap From Jews!

September 22, 2011 Posted by | History | , , | 28 Comments

The Historical Truth About Auschwitz!

Auschwitz deaths reduced to 1 Million!

Above left: This was the plaque on display at the Auschwitz camp until 1989: note the "4 million" victims. Above right: This is the plaque currently on display at Auschwitz (2002) - note the suddenly reduced number of victims to 1.5 million - a casual reduction in the number of deaths by 2.5 million.

Do you really believe in all the Illuminist propaganda?

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September 22, 2011 Posted by | History | , , , | 29 Comments

Lord Monckton: Al Gore’s Climate Fraud Map!

September 22, 2011 Posted by | Social Trends | , , | Comments Off

Peter Schiff: The Feds Irresponsible Monetary And Fiscal Policy is Undermining Employment in America!

September 22, 2011 Posted by | Economics | , , , , , , , , , , | Comments Off

Kurt Haskell: Gov. Entrapment in Underwear Bomber Case!

September 22, 2011 Posted by | GeoPolitics, Social Trends | , , , , | Comments Off

America Falls!!

September 22, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , | Comments Off

IMF Warns Time is Running Out To Solve Financial Crisis!

  • The IMF, World Bank, FedRes, BIS, ECB… are all Illuminist banks. Illuminist banksters engineered this current crisis and as always pretend to be saviors by warning us! Their philosophy is to own/control all sides in a conflict to ensure success! The Illuminists are lining up the dominoes and are about to pull the plug on the global economy, financial and monetary system. They want to create the chaos/collapse to set the stage to usher in their Luciferian New World Order, Global Supra-National Central Bank and One World currency!
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    Satanic doctrine teaches that, ultimately, the New World Order can be established in society only after a time of planned, great world turbulence and chaotic disorder. It is this very concept- “order out of chaos”- which is at the foundation of all Masonic doctrine. Significantly, Masonic initiates elevated to the 33 degree are given a “jewel” to wear proudly. This jewel is decorated with the sign of three, interlocked triangles, representing both the unholy trinity and the number 666. The jewel is also inscribed with the Latin inscription “Ordo Ab Chao,” interpreted as “Order Out of Chaos.”
    Circle Of Intrigue, Page 94, Texe Marrs
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    Here is the 33rd Degree Masonic Symbol
    The higher-level initiates are well aware that in the working of The Plan (for a New World Order), death and bloodshed- unparalleled chaos are prescribed. John Randolph Price, president of the Planetary Commission and organizer each year of a massive and worldwide “Instant of Cooperation” event, has proclaimed that the “Divine Plan” requires chaos to cleanse and purge the world before a bright, new era can emerge.
    Circle Of Intrigue, Page 100, Texe Marrs 
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  • Rash of bank downgrades as IMF demands rapid action over debt
    by Larry Elliott in Washington and , guardian.co.uk 
    • Bank of America, Citigroup and Wells Fargo downgraded in US
    • S&P cuts ratings on Italy’s Intesa Sanpaolo and Mediobanca
    • IMF warns time is running out to solve financial crisis
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    Banks on both sides of the Atlantic have been downgraded by ratings agencies just hours after the International Monetary Fund warned time was running out to tackle weaknesses in the global financial system.
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    The Washington-based IMF, which said that the exposure of European banks to debt in the weakest parts of the eurozone had ballooned to €300bn since last year, used its half-yearly global financial stability report (GFSR) to warn that there had been a substantial increase in risks to stability over the past few months.
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    It said the sharp rise in market turmoil over the summer had been caused by investors losing patience with the inadequacy of reforms since the start of the crisis more than four years ago.
    …..
    José Viñals, the IMF’s financial counsellor, told journalists in Washington DC that risks were increasing in the financial system. “Since our previous report, financial stability risks have increased substantially – reversing some of the progress that had been made over the previous three years. So we are back in the danger zone,” Viñals said as he cited a trio of shocks to the financial system: unequivocal signs of a broader global economic slowdown, turbulence in the euro area and the credit downgrade in the US.
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    “This has thrown us into a crisis of confidence, which is being driven by three main factors: weak growth, weak balance sheets and weak politics,” he said.
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    The Fund sought to quantify the financial strain put on Europe‘s banks by the sovereign debt crisis since 2010. “During this period, banks have had to withstand an increase in credit risk coming from high-spread euro area sovereigns that we estimate amounts to about €200bn [£175bn]. If we include exposures to other banks in high-spread euro area countries, the total estimated spillover increases to €300bn,” Viñals said.
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    He added it was still possible to find a way through to sustained recovery. “But for this, we need to act now; we need to act boldly; and we need to act in a globally co-ordinated manner. There is a way; now we need the political will.”
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    Financial reform needed now
    The IMF said that the crisis had moved into a new, more political phase and that, in the euro area, important steps had been taken to address current problems – but political differences within economies undergoing austerity programmes and among countries providing support had impeded achievement of a lasting solution. “Meanwhile, the US is faced with growing doubts over the ability of the political process to achieve a necessary consensus regarding medium-term fiscal adjustment, which is critically important for global stability,” the IMF added.
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    The Fund’s report said an extended period of low interest rates could carry longer-term threats to the financial system, although cheap borrowing costs were still needed today given the state of the global economy: “Low rates are diverting credit creation into more opaque channels, such as the shadow banking system. These conditions increase the potential for a sharper and more powerful turn in the credit cycle, risking greater deterioration in asset quality in the event of new shocks.”
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    The IMF said the financial reform agenda needed to be completed as soon as possible and implemented internationally in a consistent manner. This includes the finalisation of the Basel 3 agreement governing capital requirements of banks, the treatment of systemically important financial institutions, and addressing the challenges posed by the shadow banking system. “For the first time since the October 2008 GFSR, risks to global financial stability have increased, signalling a partial reversal in progress made over the past three years,” it said.
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    “Recent market turmoil suggests that investors are losing patience with the lack of momentum on financial repair and reform. Policymakers need to accelerate actions to address long-standing financial weaknesses to ensure stability.”
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    …. for the full article click here!

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September 22, 2011 Posted by | Economics | , , , , , , , , , , | Comments Off

21 Signs That Something Big Is About To Happen In The Financial World !

  • All the signs are pointing to a global economic, financial and monetary collapse. I can’t tell you when but it can happen any day now! The conditions we are in, far eclipse that of the Great Depression. It is easily 10x worse!
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    Nervous Breakdown? 21 Signs That Something Big Is About To Happen In The Financial World
    by http://theeconomiccollapseblog.com/ 
    Will global financial markets reach a breaking point during the month of October?  Right now there are all kinds of signs that the financial world is about to experience a nervous breakdown.  Massive amounts of investor money is being pulled out of the stock market and mammoth bets are being made against the S&P 500 in October.  The European debt crisis continues to grow even worse and weird financial moves are being made all over the globe.  Does all of this unusual activity indicate that something big is about to happen?  Let’s hope not.  But historically, the biggest stock market crashes have tended to happen in the fall.  So are we on the verge of a “Black October”?
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    The following are 21 signs that something big is about to happen in the financial world and that global financial markets are on the verge of a nervous breakdown….
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    #1 We are seeing an amazing number of bets against the S&P 500 right now.  According to CNN, the number of bets against the S&P 500 rose to the highest level in a year last month.  But that was nothing compared to what we are seeing for October.  The number of bets against the S&P 500 for the month of October is absolutely astounding.  Somebody is going to make a monstrous amount of money if there is a stock market crash next month.
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    #2 Investors are pulling a huge amount of money out of stocks right now.  Do they know something that we don’t?  The following is from a report in the Financial Post….
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    Investors have pulled more money from U.S. equity funds since the end of April than in the five months after the collapse of Lehman Brothers Holdings Inc., adding to the $2.1 trillion rout in American stocks.
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    About $75 billion was withdrawn from funds that focus on shares during the past four months, according to data compiled by Bloomberg from the Investment Company Institute, a Washington-based trade group, and EPFR Global, a research firm in Cambridge, Massachusetts. Outflows totaled $72.8 billion from October 2008 through February 2009, following Lehman’s bankruptcy, the data show.
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    #3 Siemens has pulled more than half a billion euros out of two major French banks and has moved that money to the European Central Bank.  Do they know something or are they just getting nervous?

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    #4 On Monday, Standard & Poor’s cut Italy’s credit rating from A+ to A.
    #5 The European Central Bank is purchasing even more Italian and Spanish bonds in an attempt to cool down the burgeoning financial crisis in Europe.
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    #6 The Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Swiss National Bank have announced that they are going to make available an “unlimited” amount of money to European commercial banks in October, November and December.
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    #7 So far this year, the largest bank in Italy has lost over half of its value and the second largest bank in Italy is down 44 percent.
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    #8 Angela Merkel’s coalition is getting embarrassed in local elections in Germany.  A recent poll found that an astounding 82 percent of all Germans believe that her government is doing a bad job of handling the crisis in Greece.  Right now, public opinion in Germany is very negative toward the bailouts, and that is really bad news for Greece.
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    #9 Greece is experiencing a full-blown economic collapse at this point.  Just consider the following statistics from a recent editorial in the Guardian….
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    Consider first the scale of the crisis. After contracting in 2009 and 2010, GDP fell by a further 7.3% in the second quarter of 2011. Unemployment is approaching 900,000 and is projected to exceed 1.2 million, in a population of 11 million. These are figures reminiscent of the Great Depression of the 1930s.
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    #10 In 2009, Greece had a debt to GDP ratio of about 115%.  Today, Greece has a debt to GDP ratio of about 160%.  All of the austerity that has been imposed upon them has done nothing to solve their long-term problems.

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    …. for the full article click here!

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September 22, 2011 Posted by | Economics | , , , , , , , , , , | Comments Off

S&P downgrades 7 Italian banks! Moody’s Downgrade BofA, Wells Fargo And CitiGroup!

  • The financial quakes are coming fast and furious. Practically all major western banks are insolvent. S&P and Moody’s can no longer pull wool over investors eyes for a long time. They have lost credibility with the sub-prime mortgage debacle. These banks should really be rated as junk!
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    S&P downgrades 7 Italian banks
    ROME (AP) — Standard & Poor’s said Wednesday that it had downgraded seven Italian banks because of sovereign debt risk, a day after the agency downgraded Italy’s credit rating.
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    The cut targeted leading banks Mediobanca SpA and Intesa Sanpaolo SpA, as well as Findomestic Banca SpA, Banca IMI SpA, Banca Nazionale del Lavoro SpA, Banca Infrastrutture Innovazione e Sviluppo SpA and Cassa di Risparmio in Bologna SpA.
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    The agency said it was assigning negative outlooks to the long-term ratings on these seven banks. It was also revising its outlooks from stable to negative on eight other Italian banks, including Unicredit.
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    “The negative outlooks on the long-term ratings on the 15 banks reflect the possibility that we could lower their ratings, all other things being equal, should we further lower our ratings on the Republic of Italy,” S&P said in a statement.
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    This week, S&P downgraded Italian sovereign bonds to A from A+ — reinforcing fears that Italy, with the second-highest debt burden in the eurozone after Greece, is getting drawn into Europe’s debt crisis.
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    BofA, Wells Fargo Downgraded by Moody’s
    By Hugh Son, Dakin Campbell and Donal Griffin, http://www.bloomberg.com/
    Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) had long-term credit ratings downgraded by Moody’s Investors Service, which said U.S. support has become less likely if lenders get into financial trouble.
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    Citigroup Inc. (C)’s short-term rating also was cut by Moody’s, which said today “there is an increased possibility that the government might allow a large financial institution to fail, taking the view that contagion could be limited.” Citigroup’s stand-alone credit has improved, Moody’s said in a statement, leading the service to confirm the bank’s long-term rating.
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    The downgrade questions whether the largest banks will always be “too big to fail,” a status conferred in 2008 when they received government rescues to keep the financial system from collapsing. Lawmakers have since overhauled regulations to head off a repeat of the bailouts and ordered regulators to set up a system for seizing and dismantling banks that founder.
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    Bank of America, the biggest U.S. lender by assets, had its ratings cut two levels to Baa1 from A2 for long-term senior debt, and to Prime-2 from Prime-1 for short-term debt, Moody’s said. The outlook for long-term senior ratings at the Charlotte, North Carolina-based company remains negative, indicating another cut may be ahead.

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September 22, 2011 Posted by | Economics | , , , , | Comments Off

America’s Debt Woe is Worse Than Greece’s! Total Indebtedness At US$211 Trillion!

If we're going down, we're going down in flames, baby! No half ass failure but total, abject spectacular collapse!! Woohoo??!!

  • All the talk about US federal debt at 100% of GDP is masking the true state of affairs. Politician snakes will not talk about the GSE liabilities (Fannie, Freddie..etc.) of US$5-6T, Social Security, Medicare … unfunded liabilities. America will never repay all its debts, except via massive creation of money out of thin air! The USD is toast! The world is heading towards a global economic, financial and monetary meltdown. We are getting pretty close to the ‘main event’!
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    America’s debt woe is worse than Greece’s
    By Laurence J. Kotlikoff, Special to CNN
    Boston, Massachussetts (CNN) — Our government is utterly broke. There are signs everywhere one looks. Social Security can no longer afford to send us our annual benefit statements. The House can no longer afford its congressional pages. The Pentagon can no longer afford the pension and health care benefits of retired service members. NASA is no longer planning a manned mission to Mars.
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    We’re broke for a reason. We’ve spent six decades accumulating a huge official debt (U.S. Treasury bills and bonds) and vastly larger unofficial debts to pay for Social Security, Medicare, and Medicaid benefits to today’s and tomorrow’s 100 million-plus retirees.
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    The government’s total indebtedness — its fiscal gap — now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations — including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt — and all projected future taxes.
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    The data underlying this figure come straight from the horse’s mouth — the Congressional Budget Office. The CBO’s June 22 Alternative Fiscal Scenario presents nothing less than a Greek tragedy. It’s actually worse than the Greek tragedy now playing in Athens. Our fiscal gap is 14 times our GDP. Greece’s fiscal gap is 12 times its GDP, according to Professor Bernd Raffelhüschen of the University of Freiburg. 
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    In other words, the U.S. is in worse long-term fiscal shape than Greece. The financial sharks are circling Greece because Greece is small and defenseless, but they’ll soon be swimming our way.
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    To grasp the magnitude of our nation’s insolvency, consider what tax hikes or spending cuts are needed to eliminate our fiscal gap. The answer is an immediate and permanent 64% increase in all federal revenues or an immediate and permanent 40% cut in all federal noninterest spending.
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    Such adjustments go miles beyond anything Congress and the president are considering. No wonder. They are focused on limiting growth in the official debt, while ignoring what’s happening to the unofficial debt. To understand the thickness of their blinders, note that the fiscal gap, after inflation, grew by $6 trillion last year, whereas the official debt grew by only $1 trillion. Hence, our leaders are looking at one-sixth of the problem.
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    The August budget ceiling crisis deal calls for $2.5 trillion in budgetary savings over the next ten years. President Obama is unveiling plans Monday to cut the debt by $3 trillion. Both of these are peanuts compared to what’s needed to start eliminating the fiscal gap.
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    … for the full article click here!

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September 22, 2011 Posted by | Economics | , , , , , | Comments Off

David Galland: Is The US Monetary System on The Verge of Collapse?

  • The US monetary system is undoubtedly on the verge of collapse. As the USD is the world reserve currency and the primary currency of international trade, when the US monetary system goes down, the world monetary system will tumble too. The world is overburdened by an insurmountable mountain of debt. The reality is: for the industrialized world, these debts will never be repaid. The only option is a hard default or inflating the debts away via massive money printing! This is an excellent piece highlighting the deep shit we are all in! Got physical gold yet?
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    Is the US Monetary System on the Verge of Collapse?
    by David Galland, Casey Research 
    Tune into CNBC or click onto any of the dozens of mainstream financial news sites, and you’ll find an endless array of opinions on the latest wiggle in equity, bond and commodities markets. … Lost in all the noise, however, is any recognition that the US monetary system – and by extension, that of much of the developed world – may very well be on the verge of collapse. Falling back on metaphor, while the world’s many financial experts and economists sit around arguing about the direction of the ship of state, most are missing the point that the ship has already hit an iceberg and is taking on water fast.
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    Yet if you were to raise your hand to ask 99% of the financial intelligentsia whether we might be on the verge of a failure of the dollar-based world monetary system, the response would be thinly veiled derision. Because, as we all know, such a thing is unimaginable! Think again.
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    Monetary Madness
    Honestly describing the current monetary system of the United States in just a few words, you could do far worse than stating that it is “money from nothing, cash ex nihilo.”

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    That’s because for the last 40 years – since Nixon canceled the dollar’s gold convertibility in 1971 – the global monetary system has been based on nothing more tangible than politicians’ promises not to print too much.
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    Unconstrained, the politicians used the gift of being able to create money out of nothing to launch a parade of politically popular programs, each employing fresh brigades of bureaucrats, with no regard to affordability. Such programs invariably surged during political campaigns and on downward slopes in the business cycle when politicians hearing the cries of the constituency to “do something” tossed any concern about balancing budgets out the window of expediency. After all, the power to print up the funds for debt service whenever needed makes moot any concern over deficit spending.
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    Former VP Cheney, who fashions himself a fiscal conservative, let the mask drop when, in 2002, he stated that “Reagan proved deficits don’t matter.” Those words were echoed just a few weeks ago, when both former Fed Chairman Alan Greenspan and Obama economic advisor Larry Summers, in separate interviews, said almost the same, paraphrased as, “There is no chance of the US defaulting on its bonds, not when our government can borrow dollars and print new dollars to meet any future obligations.”
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    Of course, Greenspan and Summers were referring to an overt default – of just not paying – and not to a covert default engineered by inflation. Unfortunately, like virtually all of the power elite, both miss the point that the mountain of debt that has been heaped up since 1971 is fast reaching the point of collapsing like a too-big tailings pile and taking the monetary system down with it.
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    Importantly, the debt shown in this chart (top of post) whistles past the government’s unfunded liabilities, in particular for the Social Security and Medicare systems. Adding those would more than triple the US government’s acknowledged obligations – to over $60 trillion.
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    Given the role the US dollar plays as the world’s de facto reserve currency – with all major commodities priced in dollars, and dollars forming the bulk of reserves held by foreign central banks – the dismal shape of the US monetary system spells trouble for the global monetary system.
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    Making matters worse, following the lead of the United States, governments around the world long ago adopted similar fiat monetary systems. You can see the deficit contagion in this next chart. It is worth noting that the dire condition of the United States now leaves it in the same muddy wallow as Europe’s desperate PIIGS.
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    … for the full article click here!

These official figures are conservative! The real figures are alot higher!

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September 22, 2011 Posted by | Economics | , , , , , , , , , | Comments Off

Stocks Plunge After FedRes Decision!

September 22, 2011 Posted by | Economics | , , , , , | Comments Off

Soros: We Could See 2-3 Countries Default And Leave The Eurozone!

September 22, 2011 Posted by | Economics | , , , , , , , | 1 Comment

FedRes’ Operation Twist in the Wind? FedRes Grasping At Straws!

September 22, 2011 Posted by | Economics | , , , , , , , | 1 Comment

Markets Flunk The FedRes!

September 22, 2011 Posted by | Economics | , , , , , | Comments Off

   

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