Meanwhile, in Europe…THEY ARE ALL IN BANKRUPCY !

[EDITOR’S NOTE: IMF has just given its forecasts for the year 2014. The economic situation of the Industrialized countries can be summed up in four words: They are in BANKRUPCY.

1- Japan : public debt of 242,3 % of GDP
2- Greece : public debt of 174 % of GDP
3- Italy : public debt of 133,1 % of GDP
4- Portugal : public debt of 125,3 % of GDP
5- Ireland : public debt of 121 % of GDP
6- United States : 107,3 % of GDP
7- Spain : 99,1 % of GDP
8- United Kingdom : 95,3 % of GDP
9- France : 94,8 % of GDP
IMF doesn’t mention Belgium. In March 2013, the public debt of Belgium was
of 104,5 % of GDP.
IMF Source:
http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf]

By Sprout Money via Zerohedge

For years, since the onset of the euro crisis, we have heard that the crisis is over. Every year, politicians keep on telling us that the worst is over, but that next year will be so much better. Do you really think so? Here are some hard facts & figures instead of wishful thinking of lying politicians showing that the euro crisis is not over. On the contrary, things are getting worse.

Italy

La Dolce Vita, the good life, is no longer achievable for millions of Italians. Italy is the third largest Eurozone country and is in dire straits. Public debt has ballooned to well over 130 percent! Is this money ever going to be repaid? Who is going to do that? The country has one of the fastest aging populations in the world. Italian women, when having any children at all, prefer to have just one child. In order for a society to maintain a healthy demographic balance, they should have at least two. Nonetheless, unemployment, from a European perspective, is relatively low at 12 percent. But wait, youth unemployment is virtually at 40 percent. So there are no jobs in Italy, public debt is out of control and its aging population lays a heavy burden on both income taxes and Social Security payments.

Spain

Spain is one of the Eurozone’s largest countries. It is not in a recession, but in a downright depression. Do you need some figures? Unemployment stands at 26.3 percent?. That means more than one out of every four workers is idling and receiving benefits from government and waiting for better days. Even worse, youth unemployment is a staggering 57 percent. Indeed, more than one out of every two youngsters is out of work or is not expected to find one soon. Do you need more proof? Spanish government is spending billions on Social Security, money it simply does not have. Public debt has gone from a fairly modest 30 percent in 2007 to well over 90 percent this year and will soon move to 100 percent and beyond.

Portugal

Portugal is one of the smaller Eurozone countries in the Mediterranean Sea with an economy that is in shambles. The country had to be bailed out by the rest of the Eurozone to the tune of €78 billion. Public debt is around 128 percent, hardly lower than Italy’s. Unemployment hovers around 16.5 percent, which is unsustainable in the medium term. Youth unemployment stands at a depressing h 42 percent.

Although it seems that Portugal has lived up to its promises as part of the bail-out programme, the country will need a second bail-out coming 2014. Of course, it will be paid by other Eurozone members having a healthier economy.

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Europe in Shambles

Politicians babble about the worst of the crisis being behind us, or even ‘fixed.’ That is just cheap talk. The hard facts & figures prove them wrong. Europe is on the verge of a genuine collapse. On the one hand, this is because the Euro simply does not work, but makes things worse instead. On the other hand, Eurozone member states are simply unable to devaluate their currencies as they are part of the single currency bloc. As long as this flawed monetary currency, or rather political currency, is kept afloat, less well-off countries within the Eurozone will continue to suffer.

The ECB, the European equivalent of the Fed, will do ‘whatever it takes’ to keep the single currency alive. For now, markets have accepted this, but in the near term they will call their bluff. When, not if, that happens, the euro will be gone and with it billions worth of paper assets, wreaking havoc on an already damaged economy.

Does the graph below suggest the crisis has been solved?

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Courtesy: Zerohedge… of course

Europe has run OUT OF MONEY

The Eurozone has close to 20 million unemployed. These are millions of people requiring need food, housing and medical care. This is simply unaffordable in the medium term. Youth unemployment is a ticking time bomb. It will not take long before young people will take to the streets, demanding jobs and a comfortable future.

Has the crisis been solved? Will the Eurozone recover any time soon? We would not bet on it. Europe is an ageing, moribund continent and the sh*t will hit the fan sooner rather than later. Europe has simply run out of money due to its overgenerous entitlements. What will it take for people to start noticing?

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NEW WORRIES OVER CONFISCATING BANK ACCOUNTS

Focus turns to FDIC-protected deposits

By Dr Jerome CORSI, WND

Greece announced it intends to take drastic measures to obtain the social security contributions owed by commercial enterprises in the country, without having to slash pensions and benefits.

The announcement by the Labor and Social Insurance Ministry has raised the question for Americans: Are your bank deposits in a Federal Deposit Insurance Corporation-protected financial institution safe from confiscation ?

Though little noticed at the time it was issued, a 15-page paper jointly issued Dec. 10, 2012, by the FDIC in the United States and by the Bank of England, titled “Resolving Globally Active, Systematically Important, Financial Institutions,” makes clear bank deposits can be confiscated by a bank defined as a “globally active, systematically important, financial institution,” or G-SIFI. The deposits can be seized if the depositors receive equity in the form of bank stock in one or more of the newly reformed operating entities after a bank failing economically is resolved or restructured.

That means the type of assets confiscations witnessed today in the Eurozone can happen in the United States. Bank deposits, even in a FDIC-protected bank, are subject to confiscation provided the crisis involves a G-SIFI and the depositor is given bank stock of one form or another once the financial institution under consideration has been restructured.

In Greece, the labor ministry is planning to force corporations operating in the country to pay up to a total of 14 billion euros of pension contributions due or face having their assets held in banks confiscated by the government. The amount is equal to 8 percent of Greece’s Gross Domestic Product, or GDP.

Greece’s fiscal gap expected at the end of 2013 from social security is expected to equal at best 1.06 billion euros, with next year’s government budget requiring a 1.8 billion euro reduction in state subsidies to social security funds.

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The Banker’s New Greek Strategy: Starve them into Compliance

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By Soren Dreier, Zen-Haven

The news from Athens continues to bleak over the past few weeks. A 90 year old mother and her 60 year old son jumped to their deaths off on apartment building (See Ekarthimeini article here).

A 62 year old pensioner hung himself off of a tree on the outskirts of Nikaia (See Athens News article here). Migrants are being attacked and are desperate to leave the country. Pharmacists are now refusing the government benefits card and demanding cash only for life saving drugs because they fear not being paid in Euros by the Greek bureaucracy, as payments are already many months behind in reimbursements.

Sadly, soup lines are the longest since the end of World War II as the middle class has fallen into dire straits of poverty, forcing dumpster diving by parents and children around the nation.

Even with all of this hardship, the banksters of Brussels and Berlin have noted the anger and frustration of the Greek electorate and fear a victory by the anti-austerity forces but attempting to force the gyro (they’re out of turnips) to bleed is a field of expertise that the financial industry is unfortunately well known for.

The bankers have elected to engage in a new strategy and it will create a humanitarian crisis unseen on the Continent since the siege of Sarajevo and the misery of the Soviet occupation: Starve the Greeks into voting for compliance with austerity.

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Many Of You Will Not Believe Some Of The Things Americans Are Doing Just To Survive

The Economic Collapse via Infowars.com

You might not want to read this article if you have a weak stomach. Most Americans have absolutely no idea what is going on in the dark corners of America, and when people find out the truth it can come as quite a shock. Many of you will not believe some of the things Americans are doing just to survive. Some families are living in sewers and drain tunnels, some families are living in tents, some families are living in their cars, some families will make ketchup soup for dinner tonight and some families are even eating rats. Some homeless shelters in America are so overloaded that they are actually sending people out to live in the woods. As you read this, there are close to 50 million Americans that are living below the poverty line, and that number rises a little bit more every single day.

America was once known as the greatest nation on earth, but now there is decay and economic despair almost everywhere you look. Yes, money certainly cannot buy happiness, but the lack of it sure can bring a lot of pain. As the economy continues to decline, the suffering that we see all around us is going to get a lot worse, and that is a very frightening thing to think about.

The following is a half hour documentary produced by the BBC entitled “Poor America”. Trust me, this is a must watch. Your heart will break as you hear some American children talk about what they have to do for food….

Wasn’t that video absolutely mind blowing?

Those of us that still live comfortably are often completely unaware of what life is like out on the streets of America at this point.

There are millions upon millions of Americans that have lost all hope and that are living on the very edge of life and death.
And more join the ranks of the hopeless with each passing day. This upcoming weekend approximately 80,000 people in the state of Michigan will lose their unemployment benefits.

So what are those people going to do after that?

They have already been unable to find work month after month. Their savings are most certainly gone. Now the only money they had coming in is going to be eliminated.

Yes, I have written many times about how the U.S. government is absolutely drowning in debt and cannot afford to be giving out so much money. My point here is to show the other side of the equation. There are millions upon millions of Americans that are barely hanging on and there are no jobs for them. The suffering that those families are going through is very real.

Millions of other families are trying to get by on the incomes they pull in from part-time jobs. According to Gallup, the percentage of Americans that are working part-time jobs but that would like full-time jobs is now higher than it has been at any other time in the last two years. The number of the “working poor” just continues to increase, but most Americans don’t have much sympathy for them because they “have jobs”.

Well, when you are making 8 bucks an hour it can be incredibly tough to make it from month to month.

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