Posted on 03/29/2015 6:19:27 PM PDT by 9thLife
Greek ministers are spending this weekend, almost five grinding years since Athens was first bailed out, wrangling over the details of the spending cuts and economic reforms they have drawn up to appease their creditors.
As the recriminations fly between Europe’s capitals, campaigners are warning that the global community has failed to learn the lessons of the Greek debt crisis – or even of Argentina’s default in 2001, the consequences of which are still being contested furiously in courts on both sides of the Atlantic.
As Janet Yellen’s Federal Reserve prepares to raise interest rates, boosting the value of the dollar, while the plunging price of crude puts intense pressure on the finances of oil-exporting countries, there are growing fears of a new debt crisis in the making.
Ann Pettifor of Prime Economics, who foreshadowed the credit crunch in her 2003 book The Coming First World Debt Crisis, says: “We’re going to have another financial crisis. Brazil’s already in great trouble with the strength of the dollar; I dread to think what’s happening in South Africa; then there’s Malaysia. We’re back to where we were, and that for me is really frightening.”
(Excerpt) Read more at theguardian.com ...
If you don't "appease your creditors," they won't loan you any more money to keep buying votes with.
Just include China in any discussion of worldwide manufacturing.
Since they run a MASSIVE trade surplus with America now.
And they’re by some calculation now, the single largest manufacturer on the entire planet.
Growing quickly too, by the way.
As noted elsewhere:(circa 2009):
The latest press release from the global currency promotion home office comes from none other than the UN, as reported in Bloomberg: The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.
Still growing? Even with those crazy empty cities?
So, S0r0$ is against the UN?
If Obama can crash it ,he’ll do his best to crash it before he has to leave
It’s as if, as Pettifor warns, “absolutely nothing has changed since the crisis”.
Nothing has changed. TPTB addressed a debt crisis with more debt.
Look for it on the 29th of Elul (aka as 13SEP2015). Possibly a couple of days earlier.
People are scrimping and watching pennies in this penultimate step to progressive utopia.
I’m skeptical about the Fed raising interest rates any time soon. But the dollar (and the SFranc) will probably go up as safe havens, because of the problems with the euro and the yen.
To further simplify the solution eliminate Step one.
Think you missed a step:
1) Have a sound currency (like we’re supposed to have per the Constitution)
Makes the rest moot....though i agree w/ just terminating the Socialists
That’s right.
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