Socio-Economics History Blog

Socio-Economics & History Commentary

Jim Willie: The End of the Petrodollar, Greece Meltdown, Chinese Yuan …

Click on image to download MP3 interview.

Click on image to download MP3 interview.

  • Jim Willie: The End of the Petrodollar, Greece Meltdown, Chinese Yuan …
    by Turd Ferguson,  
    Continuing a TFMR tradition, Jim Willie joins us for a 90-minute discussion that ranges from dollar demise to Greece to China. If you can find the time, I highly encourage you to give this a thorough listen over the holiday weekend.

    This may very well be the best conversation that Jim and I have recorded in our four years doing this. As mentioned above, Jim addresses:

    * the inevitability of the demise of the US dollar as global reserve currency
    * the situation in Greece and the effects of the pending referendum
    * the end of the petrodollar
    * the growth of Chinese currency swap facilities worldwide
    * internationalization of the RMB and the Chinese bond market
    * the AIIB and the BRICS Development Bank

    As you might imagine, we cover these topics and quite a few more over the course of this call. Again, please take the time to listen to the entire recording and then, by all means, forward the link to anyone you know who continues to suffer from a bad case of normalcy bias and/or cognitive dissonance.


July 4, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Peter Schiff: The Chickens Are Coming Home To Roost

  • Published on Jul 3, 2015
    On today’s show, financial analyst and author Peter Schiff discusses the Greek collapse, Puerto Rico’s faltering economy and how America’s monetary policies may one day put us on the same path.


July 4, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , | Leave a comment

Will Mankind Be Conquered by A Guild of Terror?


July 4, 2015 Posted by | EndTimes, GeoPolitics, Social Trends | , , , , , , , , | Leave a comment

Israeli Soldiers Kill Palestinian Teen in Occupied West Bank

  • Published on Jul 3, 2015
    Israeli soldiers have shot dead a Palestinian teenager in the occupied West Bank. Palestinian sources say 17-year-old Mohammad Kosba was killed by two bullets south of Ramallah. They say Israeli forces opened fire on the teenager after he threw stones at an Israeli military vehicle close to the Qalandia checkpoint. Israel has scores of checkpoints in the West bank which have made life difficult for the Palestinians living in the territory.

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

Israeli Army T-Shirts Mock Gaza Killings! Targeting pregnant woman and children!

Click on image for article.

Genocide of Palestinian children by Zionist ‘666’ Israel, the Satanic counterfeit!


July 4, 2015 Posted by | GeoPolitics, Social Trends | , , , , , , , , , , | Leave a comment

EU Creditors’ Position Crumbles: IMF Admits Greece Needs Debt Relief


  • EU Creditors’ Position Crumbles: IMF Admits Greece Needs Debt Relief
    One day after German legislators leaked an IMF report admitting that the “last offer” to Greece would not have made euro debt payable, even if Greece had accepted it, the IMF, itself, has had to publish that report.

    Its additional admission—that Greece needs relief on at least 50 billion euros of its debt—is being publicized worldwide and in Greece, and could strongly affect the outcome of the Sunday referendum in Greece on that “last offer.” It acknowledges, at least in part, the truth of the Greek government’s position, and the incompetence of the European “institutions”—acting for Wall Street and London banks—in refusing to agree to the write-down of any debt.

    The IMF report appeared in full on the same day that a major Associated Press story from London was published in the major U.S. press, shaming Germany’s leadership for rejecting the Greek proposal of an international debt conference. Germany had half its debt written off by such a conference in 1953, when Greece was one of its creditors, and the “German economic miracle” followed.

    Even before the AP story appeared, the London Guardian had reported:

    “The International Monetary Fund has electrified the referendum debate in Greece after it conceded that the crisis-ridden country needs 50bn (£35bn or $55bn) of extra funds over the next three years and large-scale debt relief to create a breathing space and stabilise the economy.

    “With three days to go before a knife-edge referendum, the IMF revealed a deep split with Europe as it warned that Greece’s debts were unsustainable.

    “Fund officials said they would not be prepared to put a proposal for a third Greek bailout package to the Washington-based organisation’s board unless it included both a commitment to economic reform and debt relief [including] a 20-year grace period before making any debt repayments.”

    Yet the European creditors—and the IMF—had just given Greece a last offer which refused any debt relief, and German Chancellor Merkel had called it “very generous”!

    read more.


July 4, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , | Leave a comment

Fearing Spillover, ECB Moves To Shield Neighboring Banks From Greek Meltdown

Eurozone collapse is coming.

Eurozone collapse is coming.

  • Fearing Spillover, ECB Moves To Shield Neighboring Banks From Greek Meltdown
    by Tyler Durden, 
    On Monday, in “Beggar Thy Neighbor? Greece’s Battered Banks Beget Balkan Jitters,” we took an in depth look at the potential for the Greek banking crisis to infect Bulgaria, Romania, and Serbia, where Greek banks control a substantial percentage of total banking assets. 

    We noted that yields on the country’s bonds had spiked in the wake of capital controls in Greece and the ensuing ATM run, a reflection of souring investor sentiment despite assurances from local banking officials that there was no risk of similar measures being implemented outside of Greece.  

    “Any action by the Greek government and the central bank to impose measures in the Greek financial system have no legal force in Bulgaria and can in no way affect the smooth functioning and stability of the Bulgarian banking system,” Bulgaria’s central bank said, in a statement. 

    Still, as Morgan Stanley pointed out nearly two months ago, “the risk is that depositors who have their money in Greek subsidiaries in Bulgaria, Romania and Serbia could suffer a confidence crisis and seek to withdraw their deposits. Although well capitalised and liquid, Greek subsidiaries in the SEE region may see difficulties providing enough cash if withdrawals are intense and become problematic. In case of a liquidity shortage, Greek subsidiaries in Bulgaria, Romania and Serbia would probably create the need for local authorities to step in. Local central banks and governments would most probably provide additional liquidity, but if panic behaviour develops it would mean that certain banks would either have to find a buyer or be nationalised. In this case, the national deposit guarantee schemes will have to repay guaranteed deposits and, in case of insufficient funds, the government will have to provide them.”

    Now, with Greece’s future in the EMU hanging in the balance, Bloomberg says the ECB has stepped up its efforts to shield Bulgaria from any fallout. Here’s more:

    read more.


July 4, 2015 Posted by | Economics | , , , , , , , , , , | Leave a comment

Brazil Investigates 15 Global Banks for Currency Market Rigging


  • Brazil Investigates 15 Global Banks for Currency Market Rigging
    by Leonardo Goy in Brasilia, and Luciana Bruno, Cesar Bianconi and Alberto Alerigi Jr in São Paulo; Editing by W Simon and Diane Craft, Reuters, via  
    SAO PAULO: Fifteen of the world’s largest banks are under investigation for rigging the Brazilian currency, antitrust watchdog Cade said on Thursday, the first such probe in one of the busiest foreign exchange markets globally.

    In a document, Cade said the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least. Foreign exchange trading in Brazil is estimated at about US$3 trillion a year, excluding swaps and derivative transactions.

    The banks named in the Cade probe are Bank of America Merrill Lynch , Bank of Tokyo-Mitsubishi UFJ , Barclays Plc , Citigroup Inc , Credit Suisse Group AG , Deutsche Bank AG , HSBC Holdings Plc , JPMorgan Chase & Co , Morgan Stanley & Co , Nomura Holdings Inc , Royal Bank of Canada , Royal Bank of Scotland Group , Standard Bank Group Ltd , Standard Chartered Plc and UBS AG.

    The Brazilian investigation comes weeks after six of the world’s largest financial institutions agreed to pay US$5.8 billion to the U.S. government to settle charges of currency rigging. The U.S. probe took more than five years and five of those banks, which are being probed by Cade, pleaded guilty.

    Globally, currency trading is estimated at around US$4.7 trillion a day and has been targeted in recent government probes in Europe, the United States and Japan. Those probes allege that banks prioritized the execution of their own currency trades at the expense of client orders, taking advantage of the fact that those deals often take place away from exchanges.

    The Cade probe highlights the growing importance of international cooperation in efforts to root out different forms of market rigging, and sets a milestone for a country long characterized for having too lax law enforcement standards for white-collar crime.

    “The probe will probably follow similar patterns to those that took place in larger financial hubs, with banks seeking a settlement with Cade instead of fighting the accusations in courts,” said Luís André de Moura Azevedo, a capital markets law professor with Fundação Getulio Vargas in São Paulo.

    Barclays, Citigroup, UBS, Standard Bank, Royal Bank of Canada, Standard Chartered, and Royal Bank of Scotland declined to comment. JPMorgan, Barclays, Credit Suisse, Deutsche Bank Tokyo-Mitsubishi and HSBC did not have an immediate comment. Efforts to reach the other banks were not successful.

    In the current probe, Cade said traders who described themselves as “The Cartel” or “The Mafia” used online chat rooms to fix their positions ahead of market trades. Another 30 individuals that might have participated in the scheme are also under investigation, the watchdog said.

    read more.



July 4, 2015 Posted by | Economics | , , , , , | Leave a comment

CONFIRMED: Gay Marriage Just a Pretext to Legalize Pedophilia & Bestiality! Secret DOJ Memo BUSTED!

Click on image for article.

Click on image for article.


July 4, 2015 Posted by | EndTimes, Social Trends | , , , , , | 1 Comment

NOAA’s Own Data Shows That Global Climate Has Cooled Over 10 Years

Click on image for article.


Click on image for article.

Click on image for article.

Click on image for article.

Click on image for article.

July 4, 2015 Posted by | GeoPolitics, Science & Technology, Social Trends | , , , , , , , | Leave a comment

William Engdahl: What Stinks about Varoufakis and the Whole Greek Mess?

Photograph: Petros Giannakouris/AP

Photograph: Petros Giannakouris/AP

Greek Finance Minister Yanis Varoufakis.

Greek Finance Minister Yanis Varoufakis.

  • The plan of the Illuminati is: global economic, financial and currency meltdown; and the Satanic WW3. This is to lay the foundation for the coming of the Anti-Christ. This coming total collapse is engineered, pre-planned, staged … by the Satanic cabal.
  • The Illuminist philosophy is always to control all sides in a major conflict/war. Is Varoufakis controlled opposition? You decide.


  • What Stinks about Varoufakis and the Whole Greek Mess?
    by F. William Engdahl,  
    Something stinks very bad about Greek Finance Minister Yanis Varoufakis and the entire Greek mess that has been playing out since the election victory of the nominally pro-Greek Syriza Party in January. I am coming to the reluctant conclusion that far from being the champion of the hapless Greek people, Varoufakis is part of a far larger and very dirty game.

    The brilliant psychologist Eric Berne, author of the seminal book
    Games People Play, would likely call the game of Varoufakis and the Troika, “Rapo,” as in the rape of the Greek people and, ultimately of all the EU, Germany included. How do I come to this surprising conclusion?

    When the left-right coalition was elected by a Greek population desperate for change from the several years of austerity, pension cuts, health and education cuts demanded by the IMF in order to insure that Greek creditors be repaid their pound of flesh in terms of state debt, I was among many who held out hope that finally a government that stood for the interests of her people was in office in Athens.

    What we have witnessed since is what can only be called a clown show, one in which the laugh is on the Greek people and EU citizens as a whole. The ones laughing, as often is so, are the mega banks and Troika–ECB, IMF and EU. Behind the Troika, almost invisible, are the Greek oligarchs who have robbed the state coffers of hundreds of billions over the years, tucking it away in numbered Swiss and Lichtenstein secret bank accounts, avoiding paying a single penny tax to support their nation. And it is looking more and more as though the “leftist” economist, Varoufakis’s role is that of a Trojan Horse for the destruction of the entire Eurozone by the bankers and those Greek oligarchs. Next after Greece Italy looks poised to become victim, and that will put the entire Euro in a crisis that is today unimaginable.

    read more.



July 4, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , | Leave a comment

UK Knew Iraq Was Using Chemical Weapons on Iran During Iran-Iraq War (1980-1988)

  • UK Knew Iraq Was Using Chemical Weapons on Iran During Iran-Iraq War (1980-1988)
    When Iraq attacked Iran in September 1980, it triggered an eight year devastating war. Led by Saddam Hussein, the Iraqi-imposed war came less than two years after the Islamic revolution in Iran.

    Iraq was being heavily supported by the US, the UK and other regional and international powers. The country was given loans, military equipment and satellite imagery. Iraq also used horrifying chemical weapons, such as mustard gas, against Iranian as well as Iraqi Kurds.

    Now, previously unpublished UK secret government files reveal that Britain knew that Iraq was making chemical weapons, but did nothing to stop this from happening. The reason implicates the British government, as the file reveals they didn’t act because a British firm was supplying Iraq with the parts to make the chemical weapons.

    In the secret file from 1983, entitled “Chemical Weapon Manufacture in Iraq”,diplomats warn against any action against Iraq, saying “Caution may be in order, since our own trade in CS gas has not escaped criticism. (The Russians claim that our use of CW in Northern Ireland contravened the Geneva Protocol.)”

    “Another relevant factor is that a British company, Weir Pumps, has apparently supplied pumps to the Samarra factory under the impression that they were for use in making pesticides,” it continues.

    In the aftermath of the Iran-Iraq war, it emerged that British intelligence services knew that parts, equipment and raw materials from the country were being used to make Iraqi chemical weapons.

    Some 190,000 Iranians were killed in the Iraqi-imposed war and many more were affected by the chemical weapons like mustard gas that were used by Saddam’s regime. Many of those Iranians who were attacked by chemical weapons and are alive today continue to suffer the lingering after effects.

Click on image for article.

Click on image for article.

Click on image for article.

America supplied North Korea the nuclear technology. Click on image for article.

Click on image to goto article.

Donald Rumsfeld -Reagan's Envoy- provided Iraq with chemical & biological weapons in the 1980s. Seen here with Saddam Hussein.

Donald Rumsfeld -Reagan’s Envoy- provided Iraq with chemical & biological weapons in the 1980s. Seen here shaking hands with Saddam Hussein.


July 4, 2015 Posted by | GeoPolitics, History | , , , , , , , , , , | Leave a comment

The Case for Greece When It Forgave Germany’s Debt. Is Greece the Same as Germany Post-WWII?

There is no bailout of Greece. It is a LIE by the MSM. It is a bailout of TBTF European and American banks by the troika!

  • The Case for Greece When It Forgave Germany’s Debt. Is Greece the Same as Germany Post-WWII?
    by PAN PYLAS and DAVID MCHUGH, Associated Press, via  
    Germany resists debt relief for Greece, but benefited from such a plan after WWII.

    LONDON (AP) — Forgiving debt, if done right, can get an economy back on its feet. Though Germany is resisting Greece’s pleas for some relief, it should know better than most what it can achieve. After the hell of World War II, the Federal Republic of Germany — more commonly known as West Germany — got massive help from its former foes.

    Among its creditors then? Greece. The 1953 agreement, in which Greece and about 20 other countries effectively wrote off a large chunk of Germany’s loans and restructured the rest, is a landmark case that shows how effective debt relief can be. It helped spark what became known as the German economic miracle.

    So it’s perhaps ironic that Germany is now among the countries resisting Greece’s requests to have part of its debts written off. Greek Finance Minister Yanis Varoufakis claims debt relief is the key issue that held up a deal with creditors last week and says he’d rather cut off his arm than sign a deal that does not tackle the country’s borrowings.

    In a closely-watched report on Thursday, the International Monetary Fund backed the call to make Greece’s debt manageable. Despite years of budget cuts, Greece’s debt burden is higher than when its bailout began in 2010 — over 300 billion euros ($332 billion), or 180 percent of annual GDP — because the economy has shrunk by a quarter.

    Here’s a look at the case when Greece helped Germany and the lessons it might hold for today.

    The 1953 deal, hammered out over months, was generous to West Germany. It cut the amount it owed, extended the repayment schedule and granted low interest rates. And crucially, it linked West Germany’s debt repayment schedule to its ability to pay — tying repayments to the trade surplus it was running and expected to run. That created an incentive for trading partners to buy German goods.

    read more.


July 4, 2015 Posted by | Economics, GeoPolitics, History | , , , , , , , | Leave a comment

How Greece Has Fallen Victim To “Economic Hit Men”

  • How Greece Has Fallen Victim To “Economic Hit Men”
    by Tyler Durden,  
    “Greece is being ‘hit’, there’s no doubt about it,” exclaims John Perkins, author of Confessions of an Economic Hit Man, noting that “[Indebted countries] become servants to what I call the corporatocracy … today we have a global empire, and it’s not an American empire. It’s not a national empire… It’s a corporate empire, and the big corporations rule.” 


    John Perkins, author of Confessions of an Economic Hit Man, discusses how Greece and other eurozone countries have become the new victims of “economic hit men.”

    John Perkins is no stranger to making confessions. His well-known book, Confessions of an Economic Hit Man, revealed how international organizations such as the International Monetary Fund (IMF) and the World Bank, while publicly professing to “save” suffering countries and economies, instead pull a bait-and-switch on their governments: promising startling growth, gleaming new infrastructure projects and a future of economic prosperity – all of which would occur if those countries borrow huge loans from those organizations. Far from achieving runaway economic growth and success, however, these countries instead fall victim to a crippling and unsustainable debt burden.

    That’s where the “economic hit men” come in: seemingly ordinary men, with ordinary backgrounds, who travel to these countries and impose the harsh austerity policies prescribed by the IMF and World Bank as “solutions” to the economic hardship they are now experiencing. Men like Perkins were trained to squeeze every last drop of wealth and resources from these sputtering economies, and continue to do so to this day. In this interview, which aired on Dialogos Radio, Perkins talks about how Greece and the eurozone have become the new victims of such “economic hit men.”

    Michael Nevradakis: In your book, you write about how you were, for many years, a so-called “economic hit man.” Who are these economic hit men, and what do they do?

    John Perkins:
    Essentially, my job was to identify countries that had resources that our corporations want, and that could be things like oil – or it could be markets – it could be transportation systems. There’re so many different things. Once we identified these countries, we arranged huge loans to them, but the money would never actually go to the countries; instead it would go to our own corporations to build infrastructure projects in those countries, things like power plants and highways that benefitted a few wealthy people as well as our own corporations, but not the majority of people who couldn’t afford to buy into these things, and yet they were left holding a huge debt, very much like what Greece has today, a phenomenal debt.

    read more.


July 4, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , | Leave a comment

LaRouche: The Trans-Atlantic Financial System Is Bankrupt, Not Greece

Click on image for article.

  • Emphasis mine:
  • LaRouche: The Trans-Atlantic Financial System Is Bankrupt, Not Greece
    With much of the world in a dither over hourly developments around Greece, Lyndon LaRouche today cut through to the heart of the matter:

    “Let’s get real. The Greeks will never pay their illegitimate debt. They have no reason to pay, and they can’t afford to pay. And it is the entire trans-Atlantic financial system which is bankrupt, not Greece.”

    LaRouche stated that this includes the United States, which is entirely bankrupt. Wall Street is totally bankrupt; it represents no wealth, it has no real funds, and deserves zero support. The collapse of the Euro system is underway, and is having chain-reaction effects across the trans-Atlantic region—only some part of South America may make it.

    The United States dollar is now in jeopardy, LaRouche warned. We have to recognize that the increase in worthless financial assets, including all of Wall Street’s debts, cannot be covered. If that is tried, a chain-reaction collapse is assured. The argument is to pretend that there is no such systemic problem, that it is all a matter of Greece refusing to pay.

    The issue is, how are we going to keep the United States alive with the entire trans-Atlantic system crumbling right now? It is certainly not going to be on the basis of the Republican party, and de facto Republican President Barack Obama, who has to be removed from office immediately, if the U.S. is to survive the financial crash as well as the British Empire’s intent to launch thermonuclear warfare against Russia and China.

    We need a Glass-Steagall deal for the United States right now, LaRouche said, in order to save what’s left of our crumbling physical economy. The Wall Street banks, and the entire British Empire, are filled with filth, financial and otherwise, and have to be held accountable for their crimes.

    read more.


July 4, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , | Leave a comment

Rep. McCaul: July Fourth a Near ‘Perfect Storm’ for Terror

  • Published on Jul 1, 2015
    Rep. McCaul: July Fourth a near ‘perfect storm’ for terror. House Homeland Security Committee chair explains why FBI is on high alert
Painting by Anthony Freda

Painting by Anthony Freda


Click on image for article.


July 4, 2015 Posted by | GeoPolitics | , , , , , , , , , , | Leave a comment


Get every new post delivered to your Inbox.

Join 998 other followers