“Never in the field of human finance
has so much been taken from so many, by so few."
Telling the truth has become a revolutionary act, so let us salute those who disclose the necessary facts.
The head of the International Monetary Fund, Christine Largarde, said Friday the world economy is entering a “dangerous new phase.” Lagarde
is referring to a debt bubble, the likes of which the planet has never
seen before, and the possibility that it could all unravel at any
moment. Uncertainty over the debt crisis in Europe is what caused the
Dow to crash more than 300 points at the end of last week. What is Lagarde going to do about the debt problem? A CNBC story reported,“She
warned that both advanced and emerging economies faced key economic
challenges, and that governments must ‘act now’ to stop further
contagion. ‘Policymakers should stand ready, as needed, to take more
action to support the recovery, including through unconventional
measures,’ Lagarde said.” (Click here to read the complete CNBC story.) Lagarde is surely talking about revving up the global printing presses for more bailouts.
A few months ago, when Zero Hedge first broke the news that the Drachmais trading at several major banks on a "when issued" basis at the
client's request, it was promptly dismissed. Alas, it may be time to
dismiss the dismissal, after Spiegel reports that as one of the
scenarios considered for a Greek default, Germany anticipates the
reintroduction of the drachma by the pathological liars at the Greek
parliament. Yes: the currency that Greece was so happy to jettison 10
years ago when after the assistance of Goldman to hide its bloated
debt, to much pomp and circumstance it entered the soon to be defunct
Eurozone, is coming baaaaack. (Click here for the full story)