Expect Stunning Global Expansion Of Government Theft !
- Expect Stunning Global Expansion Of Government Theft!
by www.kingworldnews.com
In the aftermath of the disaster in Cyprus and escalating fears from investors around the world that their savings will be confiscated, today King World News spoke with Michael Pento to ask him what people should expect going forward. Pento spoke candidly about the frightening situation the West faces in the future.
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Eric King: “Obviously (after Cyprus) people are worried that governments are going to go in and start to steal money right out of their bank accounts.”
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Pento: “This is the truth. Governments follow something called, ‘The Rule of Law.’ But it is also true, Eric, that the rule of law is mutable. By that I mean the rule of law changes with the whims of politicians. In normal times what the government will do is they will steal the purchasing power of your currency surreptitiously. In other words they will just print money and steal the purchasing power of your money without your permission.
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What’s happened now in Cyprus is they have actually taken a more honest step, a more overt means of taking away your money. They are taxing your deposits in the bank. Now, when you have an insolvent bank, and you have an insolvent nation, the only thing you can do is to go into the private sector and take their money.
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Normally that is done via money printing, but now the governments are getting aggressively in the business of stealing your money directly….
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Cyprus Banks To Reopen Next Tuesday At Earliest As Capital Controls Become Reality!
- Cyprus Banks To Reopen Next Tuesday At Earliest As Capital Controls Become Reality!
by Tyler Durden, www.zerohedge.com
We can only hope that nobody will be shocked that the greatly overhyped Friday Cyprus bank reopen has been postponed.
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CYPRUS BANKS EXPECTED TO REMAIN CLOSED THROUGH END OF WEEK:CYBC
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And since March 25, Monday, is another Cyprus bank holiday, “Greek Independence Day” (from whom? Certainly not the Troika), it means Cypriot banks will now remain closed at least until next Tuesday and likely far longer. In the meantime, since TV cameras can’t show lines of people at their freindly neighborhood bank, which will have been closed for over a week, the propaganda machine will blast full bore how because the market is pushed higher by the Fed, any fears of bank runs can be forgotten. Actually instead of “can”, replace with “must.”
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But since banks have to reopen at some time, at which point the inevitable bank runs will become reality, the already discussed Plan B is now taking shape:
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CYPRUS CABINET TO DISCUSS DECREE ON CAPITAL CONTROLS: CYBC
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It remains to be seen if a country can’t have a bank run in the New Centrally-Planned and Despotic Normal, if there is simply a law saying it is now illegal to pull or transfer more than €100 of cash per day.
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Europe Clings to Scorched-Earth Ideology as Depression Deepens!
- Europe clings to scorched-earth ideology as depression deepens!
by Ambrose Evans-Pritchard, http://www.telegraph.co.uk/
Like the generals of the First World War, Europe’s leaders seem determined to send wave after wave of their youth into the barbed wire of tight money, bank deleveraging, and fiscal austerity a l’outrance.
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The strategy of triple-barrelled contraction across a string of inter-linked countries has been the greatest policy debacle since the early 1930s. The outcome over the last three years has been worse than forecast at every stage, and in every key respect.
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The eurozone has crashed back into double-dip recession. It will contract a further 0.3pc next year, according to a chastened European Central Bank. The ECB omitted mention of its own role in this fiasco by allowing all key measures of the money supply to stall in mid-2012, with the time-honoured consequences six months to a year later.
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The North has been engulfed at last by the contractionary holocaust it imposed on the South. French car sales crashed 19pc last month, even before its fiscal shock therapy — 2pc of GDP next year. The Bundesbank admitted on Friday tore up its forecast on Friday. Germany itself is in recession.
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The youth jobless rate has reached 58pc in Greece, 55.8pc in Spain, 39.1pc in Portugal, 36.5pc in Italy, 30.1pc in Slovakia, and 25.5pc in France, with all the known damage this does to the life-trajectory of the victims and the productive dynamism of these economies.
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EU policy elites blame “labour rigidities”. The United Nation’s economic arm UNCTAD counters that the EU demand for “wage compression” is itself perpetuating the crisis.
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New Turn in the Euro Zone Financial Crisis!
Eurozone collapse is coming!
- New Turn in the Euro Zone Financial Crisis!
by Nick Beams, http://www.globalresearch.ca/
The eurozone financial crisis is set to deepen following this week’s release of debt projections for the Greek economy. Budget estimates show that instead of peaking at 167 percent of gross domestic product, as predicted last March when the so-called bailout package was put in place, the debt ratio will hit 189 percent this year, rising to 192 percent in 2014—well above the worst case scenarios of just eight months ago.
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With the Greek government expected to effectively run out of money by November 16, the eurozone crisis is certain to be a major issue at the G-20 finance ministers’ meeting beginning in Mexico City on Sunday. The German government’s refusal to make available any more money means that threat of a Greek default and a full-blown financial breakdown is back on the agenda.
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On the eve of the meeting, German Finance Minister Wolfgang Schäuble insisted that Greece and other highly-indebted members of the eurozone had to continue with austerity programs. In a bid to deflect criticism from other major powers, he said the G-20 should not focus exclusively on the eurozone but should direct attention to the “fiscal cliff” in the US—the massive spending cuts to be initiated after the presidential election—and the mounting debt problems in Japan. “The United States and Japan bear as great a responsibility for (ensuring stability) as we Europeans,” he stated.
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The latest figures establish that the austerity program of the “troika”—the European Union, the European Central Bank and the International Monetary Fund—has created an economic catastrophe, the like of which has not been seen since the Great Depression of the 1930s.
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Greek gross domestic product has fallen by a cumulative 21.5 percent since its peak in 2007 and is expected to decline by a further 4.5 percent next year. Such is the extent of the economic contraction that total government revenue from all sources will not even cover the interest rate payments on international loans. If any further “aid” is forthcoming or loan terms are extended, it will be designed to ensure the continued flow of funds to international lenders, but will not alleviate the economic situation in Greece.
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The Greek catastrophe is only the sharpest expression of a crisis that is spreading through the eurozone. Last week, Bank of Italy governor Ignazio Visco warned that his country faced a “vicious circle” of weak growth and lack of confidence. He was speaking after new figures showed that unemployment had reached its highest level in 13 years. The unemployment rate for young people is now 35 percent as factories shut down, firms go bankrupt and government spending is cut back as a result of the unelected Monti government’s austerity program.
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The Italian economy moved into recession in the second half of last year. The economy is expected to contract 2.4 percent this year, with a further decline of 0.2 percent in 2013—a figure that could increase if present trends continue.
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Spain and Portugal, both under austerity programs, are already well down the Greek road. The Spanish banking crisis is further away from a resolution following Germany’s insistence that money from European bailout funds cannot be used to cover past debts but only to facilitate new loans. This means that last June’s commitment by eurozone ministers to end the situation where national governments are responsible for the debts incurred by their banks is a dead letter.
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Societal and economics observer and commentator with an endtimes, future history perspective. Follow me at Twitter: socioecohistory
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