Archive for June, 2015

national-bank-of-greece

By Michael Snyder, on June 28th, 2015

Is this the beginning of the end for the eurozone?  For years, European officials have been trying to “fix Greece”, but nothing has worked.  Now a worst case scenario is rapidly unfolding, and a “Grexit” has become more likely than not.  On Sunday, the European Central Bank announced that it was not going to provide any more emergency support for Greek banks.  But that was the only thing keeping them alive.  In order to prevent total chaos, Greek banks have been shut down for at least a week.  ATMs are still open, but it is being reported that daily withdrawals will be limited to 60 euros.  Of course nobody knows for sure if or when the banks will reopen after this “bank holiday” is over, so needless to say average Greek citizens are pretty freaked out right about now.  In addition, the stock market in Greece is not going to open on Monday either.  This is what a national financial meltdown looks like, and the nightmare that has been unleashed in Greece will soon start spreading to much of the rest of Europe.

This reminds me so much of what happened in Cyprus.  Up until the very last minute, politicians were promising everyone that their money was perfectly safe, and then the hammer was brought down.

The exact same pattern is playing out in Greece.  For example, just check out what one very prominent Greek politician said on television on Saturday

“Citizens should not be scared, there is no blackmail,” Panos Kammenos, head of the government’s coalition ally, told local television. “The banks won’t shut, the ATMs will (have cash). All this is exaggeration,” he said.

One day later, the banks did get shut down and ATMs all over the country started running out of cash.  The following comes from CNBC

Despite a tweet from Greek Finance Minister Yanis Varoufakis that his government “opposed the very concept” of any controls, Greek Prime Minister Alexis Tsipras said later Sunday that he had forced the country’s central bank to recommend a bank holiday and capital controls.

The Athens stock exchange will also be closed as the government tries to manage the financial fallout of the disagreement with the European Union and the International Monetary Fund. Greece’s banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.

So what is the moral of this story?

Never trust politicians – especially when a major financial crisis is looming.

All over Greece, people are taking photos of very long lines at the ATMs that actually do still have some cash.  Here are just a couple of examples…

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Of course those that were smart enough to see this coming took their money out of the banks long ago.  And even as late as last week, people were pulling more than a billion euros out of the banks every single day.  Without direct intervention by the European Central Bank, most Greek banks would have totally collapsed by now

Customers have been withdrawing money in vast quantities ever since Syriza came to power, fearing that if Greece is thrown out of the single currency their euro savings will be converted into drachma – likely to be worth far less.

In the last week, the sums being taken out have risen to well over one billion euros a day, moved either to foreign banks or stashed in notes under mattresses.

It has been a slow and steady run on Greece’s banks which is now speeding up – for the finish line may well be in sight. Until now, the country’s banks have been kept afloat by €88 billion in loans from the European Central Bank.

So now that the banks are shut down, what happens next?

Needless to say, economic activity in Greece is going to come to a grinding halt.  In addition, very few foreigners are going to want to travel to Greece or deal with Greece financially until this crisis is resolved somehow

An extended bank shutdown and tough capital controls will likely wreak further havoc on the Greek economy by scaring away tourists and chilling commercial activity.

And with Greece unable to borrow from financial markets, and apparently unwilling to strike a deal with the only institutions prepared to lend it money, it will find itself sliding rapidly towards exit from the euro.

When the Greek banks finally do reopen, which of them will still be solvent?

Will some of them need “bail-ins”?

Will account holders be forced to take “haircuts” like we saw in Cyprus?

For the moment, what we do know is that the banks will all be shut down until at least July 6th.  Greek Prime Minister Alexis Tsipras has called for a national referendum to be held on July 5th.  The Greek people will get a chance to vote on whether or not the latest creditor proposals should be accepted.  But the funny thing is that Tsipras and the rest of Syriza are already encouraging the Greek people to vote no

Greece’s parliament has voted in favor of Prime Minister Alexis Tsipras’ motion to hold a referendum on the country’s creditor proposals for reforms in exchange for loans, the Associated Press reported. Tsipras and his coalition government have urged people to vote against the deal, throwing into question the country’s financial future.

The vote is to be held next Sunday, July 5. It has raised the question of whether Greece can remain in Europe’s joint currency, the euro.

So why hold a referendum if you just want everyone to vote no?

It is because Tsipras does not want to solely shoulder the blame for what comes next.  A “no vote” would essentially be a vote to leave the euro and go back to the drachma.  The following comes from the Daily Mail

Should Greeks vote against the new bailout, most economists believe Greece will be forced to quit the single currency and return to the drachma. The country could even eventually be forced out of the EU, though Greek politicians have long argued a Grexit would not be the automatic result of default.

However, next week’s referendum is likely to be billed as, in effect,an in-out vote on the euro.

If Greece does default and ends up leaving the euro, the short-term economic consequences for Greece will be catastrophic.

But the rest of Europe will feel a tremendous amount of pain as well.  In fact, we are already getting a sneak peek at coming attractions.  As we approach Monday morning in Europe, Asian stocks are crashing big time, and European futures are absolutely cratering.  It should be very interesting to see how Monday plays out.

In addition, the euro is already way down in early trading.  If Greece does ultimately leave the euro, the value of the euro is going to plunge like a rock.  As I have warned repeatedly, the euro is heading for parity with the U.S. dollar, and at some point it will drop below parity.

And once Greece is out, everyone is going to be speculating who the “next Greece” will be.  Expect bond yields for Italy, Spain, Portugal and France to go skyrocketing.

Just a couple of days ago, I issued a red alert for the second half of 2016.  We are entering a period of time when the global financial system is beginning to unravel.  Most people still have a tremendous amount of faith in the system and assume that those running it are fully capable of keeping it from collapsing.  In fact, many have accused me of being crazy for suggesting that the global financial system is in imminent danger of imploding.

A very wise man once said that “pride goeth before destruction”.  Our arrogance and our blind faith in the fundamentally flawed systems that we have established will contribute greatly to our undoing.

Events are starting to accelerate greatly now, and it is just a matter of time before we see who was right and who was wrong.

Source Link: http://theeconomiccollapseblog.com/archives/and-so-it-begins-greek-banks-get-shut-down-for-a-week-and-a-grexit-is-now-probable

The dominoes are now about to fall…..

“Keep your nose to the ground and your eyes to the sky!”

The 'horned' planet - Nibiru

The ‘horned’ planet – Nibiru

Published on May 26, 2015

Bob Fletcher has been researching the possibilities of Planet X, Nibiru, Nemesis, Wormwood for over 25 years. He recently came forward this April 2015 to lay out his findings with the world. If you are truly concerned about those you love and the future of this planet. Please Share this info. with everybody you know.
It just may be the best thing you ever do for them.

Fletcher Says the first sightings will likely be in the month of December, 2015, or 2016 or 2017. With the serious effects hitting the earth over the following 4-5 months after! The same time frame, it had affected the globe previously. This estimate, is derived from the studies of 2 thousand years and 2 thousand documents. Soon everyone will be watching the sky for the NEW STAR, getting larger, NIBIRU, looking like a big single new star. .closer every day! Any smart dog should be watching from this December 2015, for the next few years.

Science Digest Astronomers had located the potential planet in 1982..Said to be only 4 to 7 Billion miles away. It was about that time President Ronald Reagan was given the scientific “heads up” A few years later the Naval Observatory agreed, (Dr Harrington.) described @ Right. NASA released a statement in 1992 that a unknown body was out there..he had studied it for 15 years, before his sudden death, that left many wondering if it was murder.

In 1992 Dr. Harrington died mysteriously quick before he finished his formal report on NIBIRU..However we have the Video taped report of his meeting with Dr. Sitchin, who he finally agreed with, that the planet X was there and was big, and could be headed back ,that was 1992. 1993 Reagan did his strange alien approaching speech on the floor of the United Nations..and all the Continuity of Government hide outs became a priority for the next 23 years! (a world wide program.)(1992) In revelations ,predictions of the future of humanity in the bible, there are many that are 100% descriptions of the INCOMING of NIBIRU. One is brilliantly discovered and deciphered by Mr Broussard

(Possible Scenario’s)
One scenario, earth will pass through the debris field of meteorites, at least twice. Once after it comes inward around the sun, second time 150 days later after it heads outward again!
From Mr. Broussard’s studies, Biblical reports; At the left is shown the earth in its normal orbit passing through the debris tail of the nibiiru Planet X,as described in the ancient star disk of nebra, (the actual picture of the event 3600 years ago! From Germany, an ancient astronomy discoveries! On the right is China ’s description of the same event, they called the fiery dragon, or the visiting star. With the tail of meteorites .It will take an estimated one full hour to pass through this devastating tail of fire- la dent debris. It has been estimated,The earth shifted or titled on the axis by 26 degrees. Changing the view of the stars around the globe. Events recorded in time, 3600 years ago.

VIDEO:

Source: https://www.youtube.com/channel/UCtwAqRfw901jAo9JbX3KEHQ

“Keep your nose to the ground and your eyes to the sky!”