Socio-Economics History Blog

Socio-Economics & History Commentary

Rare Snowfall in Athens Sends Vibes of Excitement Through Social Media (PHOTOS, VIDEO). Global Warming is a HOAX!

https://www.rt.com/news/372135-greece-athens-rare-snow/

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http://www.express.co.uk/news/world/745567/Snow-Sahara-Desert-first-time-37-years-Algeria

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http://www.express.co.uk/news/weather/742699/Snow-UK-weather-forecast-coldest-winter

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http://www.mcall.com/news/weather/mc-weather-lehigh-valley-snow-in-spring-20160408-story.html

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http://www.nbcnews.com/news/weather/april-snow-dusting-ohio-northeast-winter-clings-n553391

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http://www.independent.co.uk/environment/snowfalls-are-now-just-a-thing-of-the-past-724017.html

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December 30, 2016 Posted by | Social Trends | , , , , , , | Leave a comment

German Ultimatum to Greece: Reform Or Leave Eurozone

Greece_Collapse

  • German Ultimatum to Greece: Reform Or Leave Eurozone  
    by https://www.rt.com/  
    German Finance Minister Wolfgang Schaeuble told Greece to carry out unpopular reforms if it wants to stay in the Eurozone, ruling out debt relief for Athens. The warning may signal yet another emergency in the continent already beset by multiple crises.

    As Eurozone finance ministers prepare to meet in Brussels on Monday to discuss short-term debt relief for Greece, Schaeuble delivered an ultimatum to Athens: the country, which already has a staggering €330 billion ($349 billion) debt burden, must reform or face an exit from the EU.

    “Athens must finally implement the needed reforms,”
    Schaeuble told Bild am Sonntag on Sunday. “If Greece wants to stay in the euro, there is no way around it – in fact completely regardless of the debt level.” 


    To secure new loans from European financial institutions, Greece has to ‘liberalize’ the labor market, particularly by allowing companies to fire employees more easily and with less legal obstacles. Among other unpopular measures is Brussels’ proposal to curb certain rights of Greek labor unions.

    Schaeuble added that Athens must not rely on any assistance from international creditors at the moment, saying, “It will not help Greece.”

    The German government has promised not to request their parliament for more money for Greece unless the International Monetary Fund (IMF) resumes lending to Athens.

    The IMF in turn says that new loans are not an option unless it is reassured that Greece’s debt burden is sustainable. The Greek government, currently led by left-wing party Syriza, has long argued that the country’s overwhelming debt load is the main obstacle to sustainable growth.

    Governor of the Bank of Greece Yannis Stournaras said new measures were needed to ease Athens’ debt burden. “We’ve made clear that there is no chance we’ll accept what the IMF demands on [austerity] measures and labor reforms,” Tzanakopoulos said, as quoted by Reuters.

    read more.

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December 6, 2016 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment

Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct

Eurozone_Collapse

  • Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct
    by https://mishtalk.com/  
    Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany’s finance minister, and the ECB. Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export surplus.

    Reuters reports Germany’s Schaeuble blames ECB for German Export Surplus.

    Why the Eurozone Will Destruct
    Germany will pay one way or another for the massive imbalances between the creditor and debtor Eurozone countries. Eventually Spain, Greece, or Italy will realize it is impossible for them to pay back what is owed.


    Once that realization sets in, some country will default on their euro-denominated liabilities. Beppe Grillo’s Five Star Movement in Italy is on board with that idea already. There are only three possible paths at this point.

    Three Alternative Paths
    1. Germany and the creditor nations forgive enough debt for Europe to grow

    2. Permanently high unemployment and slow growth in Spain, Greece, Italy, with stagnation elsewhere in Europe
    3. Breakup of the eurozone

    Germany will not allow #1. It is unreasonable to expect #2 to last forever. The only door left open is door #3.

    The best move would be for Germany to leave the eurozone. Germany is in the best shape to suffer the consequences. Unfortunately, the most likely outcome is still a destructive breakup of the eurozone, starting in Italy or Greece.

    read more.

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September 12, 2016 Posted by | Economics, GeoPolitics | , , , , , , , , | Comments Off on Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct

EU Crisis Looms as Greece, Spain And Portugal Pose TRIPLE THREAT for Crumbling Eurozone

http://www.express.co.uk/finance/city/708974/EU-crisis-looms-as-Greece-Spain-and-Portugal-pose-TRIPLE-THREAT-for-crumbling-eurozone

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September 10, 2016 Posted by | Economics, GeoPolitics | , , , , , , , , , | Comments Off on EU Crisis Looms as Greece, Spain And Portugal Pose TRIPLE THREAT for Crumbling Eurozone

EUROZONE IN CRISIS: Shock New Claims Greece RIGGED Debt Figures Ahead of Huge Bailout

Greek-economy-collapse-European_Union_restoration_cartoon

  • EUROZONE IN CRISIS: Shock New Claims Greece RIGGED Debt Figures Ahead of Huge Bailout
    by LANA CLEMENTS, http://www.express.co.uk/  
    GREECE’s bailout programme is under threat amid accusations its former statistics chief rigged the country’s official economic data during its debt crisis.

    Athens is now under pressure from the European Union to deny claims from politicians Andreas Georgiou helped foreign creditors by manipulating public economy figures. Brussels said the row could affect Greece’s rescue programme, which saved the country from bankruptcy last summer. In response the Greek government said it was “surprised” euro officials were urging the state to wade into the official investigation.

    The new comes after the Supreme Court reopened an investigation into Mr Georgiou who was head of ELSTAT for five years until 2015, following reports he exaggerated debts.

    Marianne Thyssen, who oversees the European Commission’s data agency Eurostat, said she would not interfere with national courts. Yet added that the Greek government must “actively and publicly challenge the false impression that data were manipulated during 2010-2015 period and to protect ELSTAT and its staff from such unfounded claims”.

    Failure to do so would damage the already fragile credibility of the Greek state with international creditors, according to Ms Thyssen. The social affairs commissioner said: “It is necessary to get the record straight and avoid misinterpretation because this could be very dangerous.”

    Before 2010 angry eurozone partners said Greece concealed the depth of its public deficit.

    read more.

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August 26, 2016 Posted by | Economics, GeoPolitics | , , , , , , , , , , , | Comments Off on EUROZONE IN CRISIS: Shock New Claims Greece RIGGED Debt Figures Ahead of Huge Bailout

Top Economist Predicts Eurozone ‘Failure’ Unless Greece AND Germany Quit

http://www.express.co.uk/news/world/702101/Joseph-Stiglitz-predicts-euro-doom-Greece-Germany

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http://www.express.co.uk/news/world/702032/EURO-HAS-FAILED-Mistrust-and-money-wars-sparks-claims-Juncker-s-EU-is-finished

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http://www.express.co.uk/news/politics/701470/Brexit-Merkel-Hollande-Renzi-EU-collapse-Ventotene-Altiero-Spinelli-European-superstate

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August 22, 2016 Posted by | Economics, GeoPolitics | , , , , , , , , , , , | Comments Off on Top Economist Predicts Eurozone ‘Failure’ Unless Greece AND Germany Quit

Greece Demands €270bn in WW2 Reparations from Germany

  • This is a good move by the Greek government.
  • Published on Aug 18, 2016
    Greece is demanding billions of euros in reparation payments from Germany for atrocities committed by the Nazis during the Second World War. Athens is threatening to take legal action to make the Germans pay.

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August 19, 2016 Posted by | GeoPolitics | , , , , , , | Comments Off on Greece Demands €270bn in WW2 Reparations from Germany

Germany’s Secret Night Refugee Flights: Is Merkel Lying Again?

http://www.express.co.uk/news/world/694786/Merkelmussweg-protest-Berlin-Angela-Merkel-refugee-policy-immigration-Germany

Merkel MUST go! Germans plan ‘huge’ demonstration over leader’s open door asylum policy. Click on image for article.

  • According to Jim Willie: America is shipping in Muslim refugees secretly by the plane load into USA.
  • Germany’s Secret Night Refugee Flights: Is Merkel Lying Again?
    by , http://www.thenewamerican.com/  
    Is German Chancellor Angela Merkel’s government surreptitiously flying massive numbers of Muslim “refugees” into German airports and military airbases on secret night flights? That is the charge in a sensational story by German writer Markus Mahler last week in the German publication Kopp Verlag. Spokesmen for the German government are denying the stories, stating that they are completely false. However, Chancellor Merkel’s credibility on this issue is almost nonexistent, as she has been caught repeatedly in lies, coverups, and deception on migration and refugee matters.

    “Officially,” writes Mahler, “the refugee crisis in Germany is slowing down: less and less of them are walking on the Balkan route; one sees hardly any special trains or buses. No wonder: Apparently they travel by plane. Neither seen nor known about, one charter flight after another is landing at German airports.”

    “They board the chartered planes in Turkey and in Greece,” Mahler reports. “They land in Germany late at night. They are then distributed by the Federal Office for Migration and Refugees (BAMF) by buses to the reception centers. It was reported by several Kopp Online tipsters, who observed the buzz at German airports. So far, German media aren’t reporting it.”

    read more.
http://www.dailymail.co.uk/news/article-3684302/1-200-German-women-sexually-assaulted-New-Year-s-Eve-Cologne-elsewhere.html

Why did the German Govt allowed in all these criminal thugs, rapefugees, undesirables … without any screening? It is a deliberate plan to destabilize Europe. Click on image for article.

http://nypost.com/2016/01/10/germans-slam-rapefugees-in-wake-of-mass-sexual-attack/

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Cologne-Rapefugees_not_welcome

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August 18, 2016 Posted by | GeoPolitics, Social Trends | , , , , , , , , , , , | Comments Off on Germany’s Secret Night Refugee Flights: Is Merkel Lying Again?

Ellen Brown: Cascade of Financial Derivative Defaults Would Bring Everything Down

  • Published on Aug 16, 2016
    Countries are up to their necks in debt that cannot not be paid. The derivatives propping the debt up are hundreds of trillions of dollars. Public banking expert Ellen Brown contends, “The concern is this $500 trillion of derivatives just on sovereign debt. There is $100 trillion in sovereign debt globally, which is a huge bill, and then you have all these derivatives betting against it with credit default swaps that would pay off in the event of a default. So, they can’t let any of these governments go bankrupt. They can’t write down the debt, and they can’t write off the debt as they should. These are impossible debts in Europe, particularly like in Greece. They are impossible debts to pay, but the central banks, for example in the EU, will not let any of these countries go bankrupt because the fear is it would trigger a cascade of defaults among the derivatives players, which would bring everything down.”

WarrenBuffet-Financial_Derivatives_r_WMD_n_time_bombs_for_the_economic_system1

Paul Wilmott, who holds a doctorate in applied mathematics from Oxford University, has warned that the so-called notional value of the worldwide derivatives market is over $1.4 quadrillion (Quadrillion = 1000 Trillion).

Paul Wilmott, who holds a doctorate in applied mathematics from Oxford University, has warned that the so-called notional value of the worldwide derivatives market is over $1.4 quadrillion (Quadrillion = 1000 Trillion).

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August 17, 2016 Posted by | Economics | , , , , , , , , , , , , , , | Comments Off on Ellen Brown: Cascade of Financial Derivative Defaults Would Bring Everything Down

GREEK NIGHTMARE: Athens’ Crippled Economy Could DESTROY The Eurozone And SPARK GREXIT

Greece_Collapse

  • GREEK NIGHTMARE: Athens’ Crippled Economy Could DESTROY The Eurozone And SPARK GREXIT
    by LANA CLEMENTS, http://www.express.co.uk/ 
    GREECE’S troubled economy remains crippled with its citizens paying the price – one year on from the financial meltdown which pushed the eurozone to the brink.

    Austerity measures slapped on the country by Brussels in return for a third bailout have meant stringent tax rises and harsh spending cuts. Yet there is little sign that a recovery is in sight and many feel another disaster is looming. Unemployment is close to 24 per cent. And the economy is expected to shrink by another 2.3 per cent this year, despite a surprise 0.3 per cent of growth reported in the second quarter of 2016.

    It follows a biting six-year recession that lasted until 2014. Crippled by a whopping €320billion (£278bn) of debt, Athens has little room for manoeuvre. Now it’s thought Greece is just another crisis waiting to happen in what is likely to be a rerun of last summer’s debacle. Aristides Hatzis, associate professor of law and economics at Athens University, said: “If we continue down this road, a fourth, even a fifth, bailout should be expected. “I don’t see any progress. The economy is stagnant, the private sector devastated, the public administration underfunded and ineffective. And there is always the spectre of Grexit at the end of the tunnel.”

    A backlash against the European Union is now on the rise in line with other states in the bloc and amid Britain’s vote to leave. Just half of Greeks believe remaining in the euro is good for the country, according to the Guardian.

    read more.

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greek-debt-cartoon-Budget_cuts_knife_Exit_Eurozone_gun_committing_suicide

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August 16, 2016 Posted by | Economics, GeoPolitics | , , , , , , , | Comments Off on GREEK NIGHTMARE: Athens’ Crippled Economy Could DESTROY The Eurozone And SPARK GREXIT

The Planned Fracturing of The EU This Jubilee Year Continues: Greece, Italy, Spain Consider Exiting

EUrope_collapse1

  • The Planned Fracturing of The EU This Jubilee Year Continues: Greece, Italy, Spain Consider Exiting
    by When we started The Dollar Vigilante in 2010 we stated that the worldwide central banking fiat money system would collapse within the decade.

    It was just math.  Government debt continues to mount and the only way to pay interest on the debt is to print more money.  The US government, alone, has doubled its debt in the last eight years, from under $9 trillion to now well over $19 trillion. Almost every Western government has done similarly and central banks continue to print money to make the dead system seem like it is still alive.

    Early in 2015 we caught on to an occult (hidden) timeline by which major financial events occur called the Shemitah, and the year after called the Jubilee (or Super Shemitah). On the end day of the once-every-seven-year Shemitah, in 2015, we wrote, “Eurozone Collapses, Borders Erected Across Europe On Shemitah End Day“. 

    A few accused us of making a mountain out of a mole hill.  They said, to paraphrase, “This is just a temporary issue related to the refugees, it’ll be fixed soon and the EU will be back to normal.” We, on the other hand, stated that we expected the EU to be in tatters by the end of the Jubilee Year (October 2, 2016).

    And look at what has happened.
    The so-called “refugee crisis” has been the most talked about thing in Europe for the last year.  Massive chaos and terror attacks (although many were false flags) carried out, and countless figures in politics have said the EU is over. Philippe Legrain, a former economic adviser to the president of the European Commission, admits what is common knowledge in an article for Project Syndicate.

    Leaving the EU once seemed outlandish: no country had ever done it, and only extremists even proposed it. Brexit now makes leaving seem feasible and, to some, reasonable. Already, Geert Wilders, whose far-right Freedom Party is leading in the polls ahead of the Netherlands’ general election next March, is demanding a referendum on EU membership. So, too, is the Danish People’s Party, which is the biggest party in the Danish parliament, but remains out of government.

    read more.
http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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August 15, 2016 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , , , , | Comments Off on The Planned Fracturing of The EU This Jubilee Year Continues: Greece, Italy, Spain Consider Exiting

The Looming Financial Crisis Nobody Is Talking About But Should Be

Global_financial_crisis

  • The Looming Financial Crisis Nobody Is Talking About But Should Be
    by Shaun Bradley, http://theantimedia.org/  
    (ANTIMEDIAThe world has been captivated by a continuous stream of disturbing and shocking headlines. Seemingly every other day, differentterrorist attacks, police assassinations or political stunts ignite the public into an emotional frenzy. But as fear shuts down critical thinking, banks that control Europe’s financial system are entering a death spiral. Despite what establishment media narratives push, the most dangerous threat to our way of life isn’t a religious ideology or political divide.

    The real risk is a contagion that is undermining the core of the financial system, and the interconnectedness of the globalized economy we live in makes containing the problem nearly impossible. Concerns that used to be isolated to the failing state of Greece have now engulfed the rest of the PIIGS nations. If these dominos continue to fall in Europe, the momentum could carry the destruction to every corner of the globe.

    Italian banks are the latest on the chopping block in the wake of Brexit. For years, they have been acknowledged as a weak link in the economic chain, but they now face stress tests that could expose the scope of their internal problems. The oldest bank in the world, Monte Dei Paschi, is at the center of the controversy, with an expected shortfall of over 3 billion euros.

    Other big names, like UniCredit, are in equally bad shape. Wells Fargo recently found that nearly 15% of all loans held by Italian banks could be at risk of default, a staggering figure to attempt to unwind. Further, England’s departure from the E.U. has sparked questions over the future of the euro — and Italy could be the catalyst for an all out breakdown of confidence. If panic begins to grip the Italian people, things could escalate quickly, potentially triggering bank runs

    read more.
http://www.express.co.uk/news/world/684213/Italy-I-financial-crisis-Euro-EU-European-Union-Brexit

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August 3, 2016 Posted by | Economics | , , , , , , , , | Comments Off on The Looming Financial Crisis Nobody Is Talking About But Should Be

Is The New US Currency Hiding In Plain Sight, Will The Old Currency Be Unredeemable?

  • Published on Aug 1, 2016
    Greece looking to change their constitution and have additional referendums. US manufacturing has bounce but all indicators are pointing to a slowdown. Construction spending slows and crashes. US entitlements is the sixth biggest economy on earth. Social security unofficially went bankrupt in 2010. European banking system is in big trouble, the banks are insolvent. Saudi banks get a bailout. US is already moving to a new currency, the old currency might not be redeemable.

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August 2, 2016 Posted by | Economics, Social Trends | , , , , , , , , , , , , , , , , , | Comments Off on Is The New US Currency Hiding In Plain Sight, Will The Old Currency Be Unredeemable?

IMF Admits Disastrous Love Affair With The Euro And Apologises for The Immolation of Greece

imf-and-world-bank-keeps-africa-poor

  • The International Mafia Federation feigning sorrow over its deliberate actions to destroy Greece. The snakes pretending to be remorseful for their deliberate incompetence in economics. Something they are supposed to be the experts in.
  • IMF Admits Disastrous Love Affair with the Euro And Apologises for The Immolation of Greece
    by The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory. 

    This is the lacerating verdict of the IMF’s top watchdog on the fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions. 

    It describes a “culture of complacency”, prone to “superficial and mechanistic” analysis, and traces a shocking breakdown in the governance of the IMF, leaving it unclear who is ultimately in charge of this extremely powerful organisation. 

    The report by the IMF’s Independent Evaluation Office (IEO) goes above the head of the managing director, Christine Lagarde. It answers solely to the board of executive directors, and those from Asia and Latin America are clearly incensed at the way European Union insiders used the fund to rescue their own rich currency union and banking system.

    The three main bailouts for Greece, Portugal and Ireland were unprecedented in scale and character. The trio were each allowed to borrow over 2,000pc of their allocated quota – more than three times the normal limit – and accounted for 80pc of all lending by the fund between 2011 and 2014.

    read more.

The_IMF_was_here_collapse_n_poverty

Gerald Celente: International Mafia Federation!

Gerald Celente: International Mafia Federation!

Greece-Troika-Keep_Calm_n_Go_to_Hell-IMF-ECB-EU

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August 1, 2016 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , | Comments Off on IMF Admits Disastrous Love Affair With The Euro And Apologises for The Immolation of Greece

IMF Studies Sovereign Debt Restructurings, Admits Its Policy Was Responsible For Greek Depression

Gerald Celente: International Mafia Federation!

Gerald Celente: International Mafia Federation!

  • IMF Studies Sovereign Debt Restructurings, Admits Its Policy Was Responsible For Greek Depression
    by Tyler Durden, http://www.zerohedge.com
    It appears causing an economic depression and significantly deteriorating life expectancy in Greece is not enough for the IMF. In a paper published this month, the IMF seeks to study the relationship between GDP and sovereign debt restructuring using data from 1970-2010. Its main conclusion may be shocking: “the central finding of this paper is that sovereign debt restructurings with external private creditors can affect per capita GDP growth performance in the years after debt restructuring.“ And these are the people in charge of advising nations on managing their economy…

    The paper continues with the following insight “we find that there are bad and good (or “not so bad”) debt restructurings for growthGrowth generally declines following a debt restructuring operation; however, restructurings that allow countries to exit a default spell (i.e., final restructurings) lead to significant improvements in growth performance in the aftermath of the debt operation, with the effect being persistent over time.

    read more.

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July 30, 2016 Posted by | Economics | , , , , , , , , , | Comments Off on IMF Studies Sovereign Debt Restructurings, Admits Its Policy Was Responsible For Greek Depression