"The world economy will collapse in the next three or four years! And that's not meant to be a provocative statement." Jim Rickards, senior managing director at Tangent Capital and author of
Currency Wars: The Making of the Next Global Crisis, joins Phillip Yin
on CCTV America. They discuss the Euro Zone economic crisis.5 Apr 2013
Global Economy To Collapse In Three Or Four Years! Jim Rickards on the EU Economic Crisis
"The world economy will collapse in the next three or four years! And that's not meant to be a provocative statement." Jim Rickards, senior managing director at Tangent Capital and author of
Currency Wars: The Making of the Next Global Crisis, joins Phillip Yin
on CCTV America. They discuss the Euro Zone economic crisis.Crisis in the Korean Peninsula + 255 Day World Record Hunger Strike in Apartheid Gulag Israel
George Galloway: On March 11, Seoul and Washington launched a week-long annual joint
military maneuver near the Korean Peninsula despite warnings from
Pyongyang. The maneuver involved 10,000 South Korean soldiers and about
3,000 US troops. Pyongyang said henceforth "the North-South relations
will be entering a state of war and all issues raised between the North
and the South will be handled accordingly."The Worthless European Human Rights Convention
The loopholes in the EU Human Rights protocols offer no protection at all against global looting
The Slog: The letter (left) from Cyprus Bank’s George Georgiou to Laika Bank CEO Takis Phedias appears to be genuine. It’s dated February 11th 2013, and suggests very strongly that Laiki Bank was mulling a depositor haircut long before the final mid-March announcement by Djisellbloem’s eurogroup.It also shows clearly that the Central Banker Georgiou expressed his opinion that any confiscation of customer ‘property’ by an EU bank would contravene Article 1 of Protocol 1 of the EHRC.
The idea then seems to have been dropped by Laiki…who almost certainly evoked the Cyprus Bank letter in order to put off the suggestions of the eurogroup that there should be a depositor haircut. But the Merkeschäuble disagreed with Georgiou’s ruling. Technically, they were right. Here is the Article concerned – my emphases:
‘Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.The preceding provisions shall not, however, in any way impair the right of a State to enforce such laws as it deems necessary to control the use of property in accordance with the general interest or to secure the payment of taxes or other contributions or penalties.’
China Syndrome in Japan
It is the latest in a series of catastrophes to hit the nuclear site following the multiple meltdowns caused by the tsunami of 2011.
Tokyo Electric Power confirmed that the pool attached to the plant’s Number 3 reactor was no longer operational.
Technicians are now working to get the cooling system back online. TEPCO stated the pool was at a stable 15.1C, indicating the reactor poses no immediate danger.
If the temperature of spent nuclear fuel is allowed to increase unchecked it can potentially reach the point where a nuclear reaction begins, leading to a meltdown.
Two weeks ago a massive power outage at the facility caused cooling systems to go offline. The origin of the power cut was identified as a 25cm-long “rat-like animal” that was found dead on the switchboard,
'West must focus on Israeli nukes not Iran's peaceful program'
Iran and the P5+1 group of world powers have started a fresh round of two-day comprehensive talks in the Kazakh city of Almaty with the main focus being on Iran's nuclear energy program.
Rethinking money - Cyprus - The Wake-up Call
Chechnyan Skyscraper Defies 9/11 physics - Must Have Missed The Memo!
We're Living Through a Rare Economic Transformation - Those who understand its 'post-capitalist' rules will prosper
Charles hugh Smith: In 1993, management guru Peter Drucker published a short book entitled Post-Capitalist Society.
Despite the fact that the Internet was still in its pre-browser
infancy, Drucker identified that developed-world economies were entering
a new knowledge-based era– as opposed to the preceding
industrial-based era, which represented just as big a leap from the
agrarian-based one it had superseded.Drucker used the term post-capitalist not to suggest the emergence of a new “ism” beyond the free market, but to describe a new economic order that was no longer defined by the adversarial classes of labor and the owners of capital. Now that knowledge has trumped financial capital and labor alike, the new classes are knowledge workers and service workers.
As for the role of capital, Drucker wryly points out that by Marx’s definition of socialist paradise – that the workers owned the means of production (in the 19th century, that meant mines, factories and tools) – America is a workers’ paradise, because a significant percentage of stocks and bonds were owned by pension funds indirectly owned by the workers.
In the two decades since 1993, privately owned and managed 401K retirement funds have added to the pool of worker-owned financial capital.
Drucker’s main point is that the role of finance and capital is not
the same in a knowledge economy as it was in a capital-intensive
industrial economy that needed massive sums of bank credit to expand
production.How much bank financing did Apple, Oracle, Microsoft, or Google require to expand? Investment banks reaped huge profits in taking these fast-growing knowledge companies public, but these tech companies’ need for financial capital was met with relatively modest venture-capital investments raised from pools of individuals.
In Cyprus, Shock Turns To Anger
Submitted by Tyler Durden: For a few days, the rest of the world looked
on awaiting the riots and social unrest in Cyprus that we have become
accustomed to from their fellow unter-sufferers Greece and Spain; but it never came. However, as Reuters reports,
the public shock (and numbness) over the tough terms of the so-called
bailout is now turning to anger as million of Euros remain locked inside
the country's banks. The people are "disappointed and angry," that the politicians are out of touch, and, "the big guys, who had the information, managed to take their money abroad."
No one has answers for them, "I wrote to the central bank and they came
back saying that it was not their competence, so whose competence is
it?" as frustration boils over, "absolutely nothing adds up." But
perhaps the saddest truth is that the Cypriots are resigned to years of
hardship, "I am going to find myself on the street with no future, only
debts. But we will fight to the end. We have nothing left to lose." It seems when a people has nothing to lose that anything is possible..."Japan Will Implode Under Weight Of Their Debt" Says Kyle Bass
Submitted by Tyler Durden: As the fast-money flabber-mouths stare
admiringly at the rise in nominal prices of Japanese (and the rest of
the world ex-China) stock prices amid soaring sales of wheelbarrows
following Kuroda's 'shock-and-awe' last night, it is Kyle Bass who
brings these surrealists back to earth with some cold-hard-facting. Out
of the gate Bass explains the massive significance of what the Japanese
are embarking on, "they are essentially doubling the monetary base by the end of 2014."
It is a "Giant Experiment," he warns, but when you are backed into a
corner and your debts are north of 20 times your government tax revenue,
"you're already insolvent." Simply put, Bass says they have to do
something and they have to something big because they are "about to
implode under the weight of their debt." For a sense of the
scale of the BoJ's 'experimentation', Bass sums it up perfectly (and
concerningly), "the BoJ is monetizing at a rate around 75% of the Fed on
an economy that is one-third the size of the US!" What they are trying to do is devalue the currency to attempt to become more competitive while holding their rates market flat - the economic zealots running the world's central banks believe they can live in that Nirvana - and Bass believes that is not the case, as they will lose control of rates, since leaving the zone of insolvency is impossible now. His advice, "if you're Japanese, spend! or take it out of your country. If you're not, borrow in JPY and invest in productive assets."