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Crash Alert: “birthplace of democracy” will be reduced to 3rd world status overnight | #Occupy #OWS

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Crash Alert

Published May 24, 2012 | By John James

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As you might have noticed, the stock market is falling like a stone. As of 9 AM PST, the Dow Jones has dropped 172 points while all the other indices are down sharply. German 2-year debt (bund) has dipped below 0% this morning at auction, signalling an acceleration in the bank run taking place in southern Europe. Depositors in Spain, Greece, Italy, Portugal, etc would rather take a loss on their investment, then risk not their money back at all. The European Central Bank (ECB) does not guarantee deposits, so people are withdrawing their money en masse and getting out of Dodge pronto. What we’re seeing is a real-time panic.

The ostensible trigger for the panic is known, but you won’t read about it in the financial media where the news is dumbed down to the point of incoherence. What’s really going on is that the German central bank (The Bundesbank) has indicated that it’s ready to pull the plug on Greece which means that future bailouts will probably not be forthcoming. That’s bad. It means that Greece will run out of money some time in June; their banking system will implode, and the “birthplace of democracy” will be reduced to 3rd world status overnight.

Thoughtful article, read here.

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As you might have noticed, the stock market is falling like a stone. As of 9 AM PST, the Dow Jones has dropped 172 points while all the other indices are down sharply. German 2-year debt (bund) has dipped below 0% this morning at auction, signalling an acceleration in the bank run taking place in southern Europe. Depositors in Spain, Greece, Italy, Portugal, etc would rather take a loss on their investment, then risk not their money back at all. The European Central Bank (ECB) does not guarantee deposits, so people are withdrawing their money en masse and getting out of Dodge pronto. What we’re seeing is a real-time panic.

The ostensible trigger for the panic is known, but you won’t read about it in the financial media where the news is dumbed down to the point of incoherence. What’s really going on is that the German central bank (The Bundesbank) has indicated that it’s ready to pull the plug on Greece which means that future bailouts will probably not be forthcoming. That’s bad. It means that Greece will run out of money some time in June; their banking system will implode, and the “birthplace of democracy” will be reduced to 3rd world status overnight.

Thoughtful article, read here.
http://www.informationclearinghouse.info/article31409.htm

About Darin Sullivan (1967 Articles)
President of the Fire Brigade Employees’ Union and a professional firefighter with more than 25 years’ experience. Father of two daughters, he lives and works on the NSW South Coast, Australia. He is a strong advocate for firefighters and emergency service workers with an interest in mental health issues and caring for those around him. He is a Director on the NSW Fire Brigades Death and Disability Super Fund and works with charities including ‘The Movember Foundation’. As a leader and activist he has long been active in the campaign for action on climate change. Now a Station Commander in the fire and rescue service in NSW and has decades of experience fighting fires, both rural and urban. He is passionate about highlighting the impact climate change is having on fire preparedness and fire behaviour in Australia, and the risks associated with inaction on climate change. Darin is also a spokesperson for the Australian Climate Media Centre.
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