Submitted by Tyler Durden: Back in May 2011, together with forecasting Japan's most epic case of quantitative easing ever unleashed, we presented the
absurd, if inevitable, thought experiment of a country that would soon
cross into the twilight zone of total sovereign debt numbers that no
longer even fit on a simple pocket calculator. The country of course is
Japan, and the debt number is one quadrillion. As of last night, the absurd has become real as Japan has officially announced its total government debt rose by 1.7% to ¥1,008,600,000,000,000.00.
This represents about $10.5 trillion, is an amount larger than the economies of Germany, France and the U.K. combined,
and is about 230% of Japan's GDP although at this point who cares:
Japan will never repay its debt and the best it can hope for is to
inflate it away, which ties in with the first forecast of ever greater
"easing" by the BOJ until fiat after fiat loses all meaning in a world
that is so hopelessly in debt that destroying the very concept of modern
money will ultimately be the only recourse.
Submitted by Tyler Durden: Everyone is welcome at the church fete in the
small Greek village of Archanes in Iraklio. Everyone, that is, apart
from the so-called 'Financial Crimes Squad'. The team
of tax-inspectors entered the village in the light of day to conduct
raids on businesses for tax code violations... the people were not
happy. As ekathermini notes, the villagers heckled and threatened them with force if they did not leave the village.
This is not the first time the government's enforcers have run afoul of
the people; last year, inspectors were held captive by disgruntled
locals... We are sure this is just a storm in a teacup and that the
recovery is ticking along nicely in Greece - how else does one explain
their surging bond and stock prices?
Via Ekathermini.com,
A team of inspectors from the Financial Crimes Squad (SDOE),
was on Tuesday heckled by locals at a village in Crete and coerced to
leave, before a one-month closure order was issued against the owner of a taverna where the team was intimated, local media reported.
The SDOE team turned up at the village of Archanes in Iraklio as locals were celebrating their patron saint with a church fete.
According to reports, local residents took offense that the tax inspectors chose that day to conduct raids on businesses for tax code violations.
Submitted by Tyler Durden: Earlier we reported that in an act of embarrassing political ineptitude not to mention detente reminiscent of
the Cold War's worst days, the US president did his best Freudian transference attempt today by blaming Putin for his ever escalating
headaches caused by one 30 year old NSA whistleblower, and cancelling
bilateral talks with the Russian president. And can anyone blame him:
with the US increasingly slighted by both superascedent eastern powers,
Russia and China, the US finds itself in a position in which it has
never been - where foreign nations get to simply say "no." Here is what
else Russia is saying in the aftermath of Obama's childish response.
Morris: They are saying the West is proxy fighting for the resources - but this
is just a meme. In fact Zionist backing requires the normal caveats:
Alcohol, Homosexuality and multiculturalism, that will be the price a
Kurdistan has to accept. In the meantime Kurds are going to the
frontlines. Source
Greg Hunter: Dr. Jim Willie, predicts, "In the United States, we are going to have
shortages across the board, and that includes gold and silver. Just
think food and gasoline. That's when the riots are going to start. You
are going to see out of control chaos and the government stepping in to
restore order. . . . Shortages and price inflation are going to drive
people out of their minds." Join Greg Hunter for an in-depth One-on-One
interview with Dr. Jim Willie
