Socio-Economics History Blog

Socio-Economics & History Commentary

Greece End Game & China Dumps Half Trillion in Treasuries

  • Published on Jul 22, 2015
    The Greek drama that has been staged over the past several years has been done with the end goal of setting up a European government. French President Francois Hollande called on Sunday for the creation of a euro zone government and for citizens to renew their faith in the European project, which has been weakened by the Greek crisis. Reviving an idea originally put forward by former European Commission chief Jacques Delors, Hollande proposed “a government of the euro zone (with) a specific budget as well as a parliament to ensure its democratic control”. http://uk.reuters.com/article/2015/07… 


    Meanwhile China is busy dumping treasuries by the hundreds of billions. http://www.zerohedge.com/news/2015-07… 

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July 23, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , | Leave a comment

It’s Starting To Feel Like 2008 All Over Again, The Year Of The Collapse

  • Published on Jul 21, 2015
    Check Out The X22 Report Spotlight YouTube Channel – https://www.youtube.com/channel/UC1rn… 

    Get economic collapse news throughout the day visit http://x22report.com 

    Report date: 7.21.2015
    Greek people dealing with a 23% tax, businesses and people suffering. Greek bankers want people to return the money and trust the bankers. Greek GDP lowered again. Tspiras wanted Putin to help and asked for 10 billion to back the Drachma. 1 in 5 US children live in poverty. Corporate earnings missed expectations and revenue is falling.FED instructs banks to hold extra capital. Germany pushes cashless society. Netherlands will release MH17 report on Aug 10. Ukraine right sector pushing another Maidan revolution to remove Poroshenko. Syria PM says US airstrikes are not helping the fight against the IS.

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July 22, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Chinese Yuan: Global Currency in Sight

RMB_world_currency_billboard China

  • Global Currency in Sight
    by Zhou Xiaoyan, BeiJing Review, http://www.bjreview.com.cn/  
    China is promoting greater use of the yuan in global trade, investment and as a reserve currency  

    China’s currency, the yuan, ascended to a higher global status in 2014, with the value of cross-border payments by the currency accounting for 23.6 percent of total cross-border payments, according to a report on the globalization of the yuan released by the People’s Bank of China, the country’s central bank, on June 11.

    Data from the Society for Worldwide Interbank Financial Telecommunication shows that the yuan became the second most used currency in trade finance—letters of credit and collections, the fifth most popular payment currency and the sixth most used foreign exchange currency in the world in December 2014.

    In an effort to make the yuan an international currency in a real sense, China is pressing ahead with financial reforms so that the yuan can become part of the basket of currencies determining the value of Special Drawing Right (SDR), an international reserve asset created by the International Monetary Fund (IMF) in 1969.

    Allocated to IMF members on the basis of their contribution to the fund, SDR represents a claim to foreign currencies for which it may be exchanged in times of need. Currently, the SDR basket consists of four currencies—the U.S. dollar, euro, British pound and Japanese yen. The composition of the SDR basket is due for a once-in-five-year review this year. China has been seeking inclusion of the yuan so that the currency will be recognized as an international one.

    In a display of support, IMF president Christine Lagarde said in March that the yuan’s inclusion in the SDR basket is “not a matter of if, but when.”

    A team dispatched by the IMF visited China on May 15-16 to hold technical discussions with the country’s monetary authorities, as part of the preliminary evaluation on whether to include the currency this year.

    China will cooperate with the IMF on the assessment of the yuan’s readiness to be included in the SDR basket of currencies, said Wang Yungui, director of the policy and regulations department at the State Administration of Foreign Exchange, during a news conference on June 17.

    “We will actively push for SDR entry and assist the IMF on the evaluation,” he said. “SDR entry is a major step in yuan internationalization and of great significance in easing financial risks.”

    If the yuan is included in the SDR basket, its status as a global reserve currency will be significantly enhanced. In addition, inclusion into the SDR basket will to a great extent catalyze reforms in China’s financial markets, especially in foreign exchange administration and yuan convertibility under the capital account.

    read more.

Chinese_Yuan_settlement_in_cross_border_trade

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July 22, 2015 Posted by | Economics, GeoPolitics | , , | Leave a comment

U.S. And Western Central Banks Have Now Declared War Against China, Russia & The Rest Of The BRICS

Obama-Putin-Economic_Warfare

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July 22, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , | Leave a comment

Greek Prime Minister Asked Putin For $10 Billion To “Print Drachmas”, Greek Media Reports

Greece_Collapse

  • Greek Prime Minister Asked Putin For $10 Billion To “Print Drachmas”, Greek Media Reports
    by Tyler Durden, http://www.zerohedge.com  
    Back in January, when we reported what the very first official act of open European defiance by the then-brand new Greek prime minister Tsipras was (as a reminder it was his visit of a local rifle range where Nazis executed 200 Greeks on May 1, 1944) we noted that this was the start of a clear Greek pivot away from Europe and toward Russia.
    ….
    But most importantly, even back then we explicitly said that in order for Greece to preserve its leverage (something it found out the hard way it did not have 6 months later), it would need a Plan B, one that involves an alternative source of funds, i.e., Russia and/or China, which could be the source of the much needed interim cash Greece needs as it prints its own currency and prepares for life outside the European prison.
    …. 
    As it turns out, none of this was a joke, and, if Greek newspaper “To Vima” is to be trusted, a “Plan B” involving an emergency $10 billion loan from Vladimir Putin which would be used to fund a new Greek currency, is precisely what Greece had been contemplating!

    According to Greek Reporter, Greek Prime Minister Alexis Tsipras has asked Russian President Vladimir Putin for 10 billion dollars in order to print drachmas.

    In other words, if true, then Greece did just as we said it should: approach Russia and the BRICs with a request for funding to be able to exit Europe’s gravitational pull…  
    …. 
    But the biggest stunner: it was Putin who declined the offer on the night of the referendum.

    The July 5 referendum was a test for Tsipras to see what the Greek people were thinking about Europe and the Eurozone.However, on the night of the referendum, word came from Russia that Putin did not want to support Greece’s return to the drachma. That was confirmed the days that followed. After that, Tsipras had no choice left but to “surrender” to German Chancellor Angela Merkel and sign the third bailout package.

    read more.

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July 22, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , | Leave a comment

China & Russia Align Strategies Against US: Global Times

The_End_of_the_Dollar_Russia_China_attacks

  • China & Russia align strategies against US: Global Times
    by http://www.wantchinatimes.com/  
    China and Russia are aligning their strategies to team up against the United States, according to a commentary by the Global Times, a tabloid under the auspices of the Communist Party mouthpiece People’s Daily.

    Following more than two decades of development, bilateral relations between China and Russia have reached a new phase, the July 18 commentary said, adding that China now considers Russia an irreplaceable partner for all its key strategies.
    ….
    A key to China’s strategies is the Beijing-led Asian Infrastructure Investment Bank, a pivotal platform for broadening cooperation and increasing the scale of development. Also important is the BRICS’ New Development Bank and its reserve currency pool of US$100 billion, which will contribute to the fight against the liquidity crunch and global deflation by helping emerging markets better deal with the risks.

    Global Times warns, however, that the China-Russia relationship will not always be smooth sailing, and that the strength of the alliance will ultimately depend on Moscow’s attitude towards Beijing’s various ventures.

    The commentary notes that there are four ways in which Xi and his Russian counterpart Vladimir Putin are joining hands to combat the United States.

    The first is economic cooperation through mutually beneficial deals such as the recent 30-year, US$400 billion natural gas agreement signed in Beijing in May. It was a deal in the interests of both sides, as Russia needed an export partner for its energy resources, while China needed a supplier for its significant energy needs. China even forwarded part of the funds to Russia in advance to help Moscow better cope with the economic sanctions from the West after its annexation of the Ukranian territory of Crimea last year.

    The second strategy is to jointly develop the Silk Road Economic Belt. Coupled with the Trans-Asian Railway, it is China and Russia’s hope of forming a China-Eurasia economic zone to the exclusion of the US, as both Beijing and Moscow know that an inability to exert its influence is what Washington fears the most.

    Thirdly, China and Russia are aiming for the New Development Bank to put pressure on US dollar by competing with the US-controlled World Bank and International Monetary Fund. Given that the five BRICS nations account for half of the world’s GDP, it is possible that they could soon threaten the status of the US dollar as the dominant global reserve currency.

    Lastly, China and Russia are also looking to penetrate the US “backyard” of Latin American markets. Xi and Putin both attended the BRICS summit in Brazil last July, after which Xi embarked on a tour of Argentina, Venezuela and Cuba. According to the Global Times, it was Xi’s way of telling Washington that if it meddles with Chinese business in Asia, China will interfere in US affairs in South America.

    read more.

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July 21, 2015 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

Last Night’s Gold Slam So Furious It Halted The Market Not Once But Twice, And The Funniest “Explanation” Yet

Gold_Smashed_trading_halted_twice-19_20July2015

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July 21, 2015 Posted by | Economics | , , , , , , , | Leave a comment

“V” the Guerrilla Economist: The DAY OF RECKONING Approaches!

  • Published on Jul 20, 2015
    SGT Report welcomes V, the guerrilla economist from Rogue Money.net to the show to discuss the end of the western banking and precious metals price suppression paradigm. 


    On Sunday night the banking cartel struck again by flooding the world market with paper gold, slicing $50 off the price within fractions of a second. But this is a paradigm that will soon come to an end according to V. “These morons could drive down the price of gold in the paper markets down to the pennies. It doesn’t matter, because what’s happening is a paradigm shift that cannot be stooped… The West is an Emperor with no clothes.” 

    V goes on to quantify it by explaining the massive onslaught of infrastructural and physical precious metals entities coming on line in Asia in the very near term. “You have the Eurasian trade zones, Global South, SCO, the BRICS, AIIB… these are paradigm altering SYSTEMS that are coming online, and it’s all happening this fall.” 

    We also discuss the overt tyranny of the US government, from unconstitutional treaties to mandatory vaccinations – it all adds up to the end of America unless we the people stop it.

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July 21, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , | Leave a comment

Governments Worldwide Will Crash the First Week of October … According to 2 Financial Forecasters

Newspaper-With-Financial-Collapse

  • Governments Worldwide Will Crash the First Week of October … According to 2 Financial Forecasters
    by WashingtonsBlog  
    Update: Please see correction at the end.
    Two well-known financial forecasters claim that virtually all governments worldwide will be hit with a gigantic economic crisis in the first week of October 2015.


    Martin Armstrong is a controversial market analyst who correctly predicted the 1987 crash, the top of the Japanese market, and many other market events … more or less to the day.   Many market timers think that Armstrong is one of the very best.

    (On the other hand, he was jailed for 11 years on allegations of contempt, fraud and an alleged Ponzi scheme. Armstrong’s supporters say the government jailed him on trumped-up charges as a way to try to pressure him into handing over his forecasting program).

    Armstrong has predicted for years that governments worldwide would melt down in a crisis of insolvency and lack of trust starting this October.  Specifically, Armstrong predicts that a major cycle will turn on October 1, 2015, shifting investors’ trust from the public sector and governments to the private sector.

    Unlike other bears who predict that the stock market is about to collapse, Armstrong predicts that huge sums of capital will flow from bonds and the Euro into American stocks.  So he predicts a huge bull market in U.S. stocks.

    Edelson is another long-time student of cycle theory.  Edelson – a big fan Armstrong – has also studied decades of data from the Foundation for the Study of Cycles.

    Edelson is predicting the biggest financial crisis in world history – including a collapse of government solvency – starting on October 7, 2015 – the same week as Armstrong’s prediction – when the European Union breaks up.

    Edelson also thinks that huge sums of investment will flow from the Eurozone to America, driving up U.S. stocks (unlike Armstrong, Edelson thinks U.S. bonds will also benefit). He thinks that Japan will be the next domino to fall … and that Japan’s default will also drive investments into the U.S. as a safe haven.

    In other words, both Armstrong and Edelson think that – as the best looking horse in the glue factory – the U.S. stock market will skyrocket as others fall apart.

    But to be clear, both believe that the domino collapse will eventually hit the U.S., and America will end up defaulting on its debts – and falling into financial crisis – as well.

    read more.

1929_Stock_Market_Collapse_Black_Friday

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July 20, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , | Leave a comment

A Greek Revolution Is Imminent?

  • Published on Jul 18, 2015
    With great reluctance, the German Parliament has voted in favor of beginning negotiations on the 86 billion euro Greek Bailout deal. 49% of Germans did not want to enter talks over the burden of relieving Greece of its 320 Billion Euro Debt. The credit control limits on the restriction to withdraw only 60 Euros per day will only be eased gradually. While a rise in the Value Added Tax will rise from 13% to 23% in the next few days. Raising prices on everything, in a country struggling with a broken infrastructure. Economist John Perkins suggested Greece turn to China’s banks rather than kneel to the Sovereign sucking IMF and EU monstrosity.


    The Greek people are furious. Right Wing Golden Dawn Party Member Ilias Kasidarias tore up the bailout deal,reflecting the rising anger amongst the people of Greece, who voted by 61 percent to reject austerity. Their wishes were ignored.

    The terms imposed by the Euro leaders in the all night tug of war negotiations resulted in Greece surrendering much of its sovereignty to outside supervision. Legislation must be passed to cut pensions, a chokehold on collective bargaining agreements and a continuation of spending constraints. Basically, a hell on Earth for the lifestyles of the average Greek citizen. Prime Minister Tspiras is now facing nothing short of a revolution. How do you sell the death of democracy to the birthplace of democracy?

    With cotton in their ears to the lowly voices all around them, the globalists are hastily playing their cards as the Eurozone, the demon child conceived in the backrooms of the 1955 Bilderberg meetings, spirals out of control.

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July 20, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , | Leave a comment

Global Destabilization Is The Key To Bring In Planetary Govt. Is the President Creating Conditions for Nuclear War?

July 20, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

LaRouchePAC Friday Webcast: Collapse of the Trans-Atlantic Financial System, World War 3, Depopulation …

  • LaRouchePAC Friday Webcast: Collapse of the Trans-Atlantic Financial System, World War 3, Depopulation …
    by https://larouchepac.com/  
    The British Queen, through the agency of Schaeuble and Merkel, forced a killed austerity program down the throats of the Greek people. The problem is, the United States is actually more bankrupt than Greece! What is Obama’s next move now that killer austerity is on the table? 

    TRANSCRIPT
    MEGAN BEETS:  Good evening, tonight is Friday, July 17, 2015.  My name is Megan Beets, and I’d like to welcome all of you to our regular Friday evening broadcast here on larouchepac.com. I’m joined tonight in the studio by Jeffrey Steinberg of Executive Intelligence Review, and Jason Ross of the LaRouche PAC scientific research team, the Basement.


    Now, there have been a number of extremely dramatic developments over the course of the past week, which have landed upon our heads and which are moving the world forward at an unbelievably rapid pace; bringing civilization to a point of confrontation and showdown between the completely bankrupt and dead trans-Atlantic system — which is typified by the British Empire, the British Queen, and their intention for war and depopulation — versus those of us in the trans-Atlantic system and elsewhere who are not evil, and who have a very different vision for the progress of mankind.  Which is represented both by the better tradition of the American republic, the offspring of the Renaissance, and the efforts associated with the  Renaissance and Nicholas of Cusa to build a more human civilization; but also seen today in the efforts of the BRICS nations and their allies — particularly Russia, China, and India.

    … Clinton … is; nothing but a stooge for Obama, who’s in turn, a stooge and a tool for the British Empire.  

    … 
    Now, that same day, Monday, we had the announcement from Brussels of the so-called “deal” which was struck between Greece and the EU.  Which is, and is intended to be, nothing but a murder policy.  Now in response to this that evening, Lyndon LaRouche had the following to say: “This is a genocide which is being steered from Britain; and it is the death knell of the European Union.  The EU will disintegrate; and it is the British Empire which has done this.  They operated through the German Finance Minister Schäuble, who represents the extreme right-wing influence on German Chancellor Merkel.  But Germany cannot get by with this; therefore, Germany too, now will go into a crisis. And more than that, there’s a British-driven breakdown crisis of the European Union, also represents a serious and immediate danger of war with Russia, and one of fascism.”

    read more.

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July 20, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Germany, Not Greece, Should Exit the Euro

Eurozone_Collapse

  • Germany, Not Greece, Should Exit the Euro
    by , http://www.bloombergview.com/  
    The latest round of wrangling between Greece and its European creditors has demonstrated yet again that countries with such disparate economies should never have entered a currency union. It would be better for all involved, though, if Germany rather than Greece were the first to exit.

    After months of grueling negotiations, recriminations and reversals, it’s hard to see any winners. The deal Greece reached with its creditors — if it lasts — pursues the same economic strategy that has failed repeatedly to heal the country. Greeks will get more of the brutal belt-tightening that they voted against. The creditors will probably see even less of their money than they would with a package of reduced austerity and immediate debt relief.
    ….
    Now that the idea of exit is in the air, though, it’s worth thinking beyond the current political reality and considering who should go. Were Greece to leave, possibly followed by Portugal and Italy in the subsequent years, the countries’ new currencies would fall sharply in value. This would leave them unable to pay debts in euros, triggering cascading defaults. Although the currency depreciation would eventually make them more competitive, the economic pain would be prolonged and would inevitably extend beyond their borders.

    If, however, Germany left the euro area — as influential peopleincluding Citadel founder Kenneth Griffin, University of Chicago economist Anil Kashyap and the investor George Soros have suggested — there really would be no losers.

    A German return to the deutsche mark would cause the value of the euro to fall immediately, giving countries in Europe’s periphery a much-needed boost in competitiveness. Italy and Portugal have about the same gross domestic product today as when the euro was introduced, and the Greek economy, having briefly soared, is now in danger of falling below its starting point. A weaker euro would give them a chance to jump-start growth. If, as would be likely, the Netherlands, Belgium, Austria and Finland followed Germany’s lead, perhaps to form a new currency bloc, the euro would depreciate even further.

    The disruption from a German exit would be minor. Because a deutsche mark would buy more goods and services in Europe (and in the rest of the world) than does a euro today, the Germans would become richer in one stroke. Germany’s assets abroad would be worth less in terms of the pricier deutsche marks, but German debts would be easier to repay.

    read more.

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July 20, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , | Leave a comment

All Hail Our Banking Overlords!

Bank robbery of the Cypriot people!

Bank robbery of the people!

  • All Hail Our Banking Overlords!
    by Chris Martenson, http://www.peakprosperity.com/  
    We work for them, plain & simple  
    You really have to be paying attention to see what’s truly going on these days. The keepers of the system, that is the banking elites, now openly control everything — though you’d never know that by listening to the media. Consider this:

    Eurozone backs €7bn bridging loan
    Jul 16, 2105

    Eurozone ministers have agreed to give Greece a €7bn (£5bn) bridging loan from an EU-wide fund to keep its finances afloat until a bailout is approved.

    The loan is expected to be confirmed on Friday by all EU member states.

    In another development, the European Central Bank (ECB) agreed to increase emergency funding to Greece for the first time since it was frozen in June.

    The decisions were made after Greek MPs passed tough reforms as part of a eurozone bailout deal.

    How generous of the finance ministers of all those EU member states to agree to a “bridge loan” that will help Greece “keep its finances afloat”. This should provide the people of Greece with a bit of breathing room, right? Maybe access to their bank accounts (finally!), perhaps?

    No, not at all. Here’s what the entirety of the “”loan”” will go towards instead:

    The bridging loan means Greece will be able to repay debts to the ECB and IMF on Monday.

    Ummmm…that “money” will not ever go anywhere near Greece.

    This is all merely electronic window-dressing for entirely esoteric bookkeeping purposes. Servers will blink at one location in Europe as digital 1s and 0s are transmitted to another. The electronic balances at the ECB and the IMF will change, but not much else.

    The people of Greece will see none of it. Nor will they see their bank accounts unfrozen.

    This act of banker “largess” is, of course, of, by, and entirely for the bankers. It has nothing to do with Greece or its people, about whom the banker class cannot care less.   

    But, they hide this disdain under and increasingly thin and condescending veneer of graciousness. Take, for example, the recently-announced ‘generosity’ of the powers that be — that is, the banking powers that be — which will permit the long suffering depositors to…*cough*…deposit more money into the banks:

    read more.

Carroll_Quigley_Tragedy_n_Hope2

The Satanic capstone on your dollar bill ie. the Anti-Christ, the bringer of false peace, the white horseman of Revelation 6. The Luciferian New World Order will be complete with the arrival of the Satanic capstone, the Man of Sin who will conquer the world with 'peace' in a world wrecked by global wars. Revelation 6!

The Satanic capstone on your dollar bill ie. the Anti-Christ, the bringer of false peace, the white horseman of Revelation 6. The Luciferian New World Order will be complete with the arrival of the Satanic capstone, the Man of Sin who will conquer the world with ‘peace’ in a world wrecked by global wars. Revelation 6!

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July 20, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , | Leave a comment

“The Streets Of Athens Will Fill With Tanks”: Kathimerini Reveals Grexit “Black Book” Shocker

Photo: AFP

Photo: AFP

  • “The Streets Of Athens Will Fill With Tanks”: Kathimerini Reveals Grexit “Black Book” Shocker
    by Tyler Durden, http://www.zerohedge.com 
    … Now, in what is perhaps the most shocking revelation yet about what EU officials really thought may happen in the event Greece crashed out of the EMU and unceremoniously reintroduced the drachma, Kathimerini is out with a description of what the Greek daily calls the “Grexit Black Book,” which purportedly contained the suggestion that civil war would breakout in Greece in the event the country was forced out of the currency bloc.

    Here’s more (Google translated): 
    On the 13th floor of the building Verlaymont in Brussels, a few meters from the office of the European Commission President, Jean-Claude Juncker, stored in a special security room and in a safe Greece’s exit plan from the Eurozone. There, in a multi-page volume, written in less than a month from 15-member team of the European Commission, answered questions on how to tackle such an outflow, including, as shocking as it may sound, even the possibility of the country out of the Treaty Schengen, and not only being driven outside the euro, but also outside the EU.

    According to European official, in that the European Commission Summit already had a bound volume, a multi-page document, which described the Greek prime minister, before the start of the session, by the same Mr. Juncker with all the details of a Grexit , giving him to understand the legal and political context of such a decision. In multipage document in accordance with European official who has the ability to know its contents, there are detailed answers to 200 questions that would arise in case Grexit.

    read more.

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July 20, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , | Leave a comment

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