Forget the PIIGS, the EU as a Whole is Insolvent

Impending Systemic Collapse has an ominous ring to it.  Zero Hedge has the bad news..  Excerpts:

Europe is heading into a full-scale disaster.
You see, the debt problems in Europe are not simply related to Greece. They are SYSTEMIC. The below chart shows the official Debt to GDP ratios for the major players in Europe.


As you can see, even the more “solvent” countries like Germany and France are sporting Debt to GDP ratios of 75% and 84% respectively.



These numbers, while bad, don’t account for unfunded liabilities. And Europe is nothing if not steeped in unfunded liabilities.


Let’s consider Germany. According to Axel Weber, the head of Germany’s Central Bank, Germany is in fact sitting on a REAL Debt to GDP ratio of over 200%. This is Germany… with unfunded liabilities equal to over TWO times its current GDP.
To put the insanity of this into perspective, Weber’s claim is akin to Ben Bernanke going on national TV and saying that the US actually owes more than $30 trillion and that the debt ceiling is in fact a joke.
What’s truly frightening about this is that Weber is most likely being conservative here. Jagadeesh Gokhale of the Cato Institute published a paper for EuroStat in 2009 claiming Germany’s unfunded liabilities are in fact closer to 418%.

And of course, Germany has yet to recapitalize its banks.


Indeed, by the German Institute for Economic Research’s OWN admission, German banks need 147 billion Euros’ worth of new capital.

To put this number into perspective TOTAL EQUITY at the top three banks in Germany is less than 100 billion Euros.

And this is GERMANY we’re talking about: the supposed rock-solid balance sheet of Europe. How bad do you think the other, less fiscally conservative EU members are?
Think BAD. As in systemic collapse bad.

Tickticktick..

Yeah, I Bet They Were More Than Speechless..

Holy shit.



The person who invited this dude to the BBC no longer works there.  At one point, the announcer references the dropped jaws around the newsroom..  Rastani tells waay too many secrets here, and will experience some form of blowback.  Will it be from those in the financial sector for talking too much, or will it be all the poor people watching him sneer and gloat at his future enrichment from their  money? 

Another big secret revealed:  TRADERS DON'T CARE WHAT HAPPENS.  They will make money at your devastating expense, and it will all happen very soon.  And it's a matter of fact within the industry.  And they can't wait to steal your life savings. They salivate for Doom.  Remember that when you watch them talking, feigning concern about the "dire situation".. 

Hang on; Financial Television is about to get even more interesting.  And by "interesting," I mean "full-tilt batshit."

The beginning of the Fourth night of the Ninth Wave

Written back on July 13th, Calleman's analysis predicted the Fifth Day of the Mayan Ninth Wave would produce a global economic collapse.  I'm not saying anything more will happen from now until August 17th, when the Fifth Night begins, but don't be surprised if this does indeed happen, as momentum around the world continues to build.  First, excerpts from Calleman's article:

A couple of months ago I expressed my expectation that the Fifth day, beginning on July 31, 2011, will bring a global economic collapse, which would be the start of this end time scenario. What is going on now in this regard is that the European banks is still trying to find a solution for the Greek debt crisis by the end of July and a few days later, August 2, the decision will be made in the US whether to raise the lending ceiling or not. Meanwhile, increasing focus is placed on Italy, whose national debt in relationship to its GDP is almost as high (120%) as that of Greece (140%), but whose economy is seven times larger with correspondingly much larger potential consequences of a default on debt payments. A very delicate situation is thus already arising at the beginning of the fifth day and it remains to be seen if more money can be printed to avert a collapse.

Because it could be so painful a global financial collapse would seem to many to be a destructive event and hence not likely to occur in a period of light, a day. The economic system of the world is however probably the greatest obstacle to the development of unity consciousness that exists on our planet. I think it can even be said that a collapse of the world’s financial structure is a pre-requisite for us to be able to craft relationships of oneness between ourselves. For this reason it is not unlikely that such a collapse would occur in a day and then especially in the fifth day, which is the particular day that in the waves brings the breakthrough energy to the new frame of consciousness. Unity consciousness is thus likely to be perceived as a threat to many persons in economically dominant positions and this is part of the reason that so powerful media interests have sought to delude people about the Mayan calendar and postpone its true end date, October 28, 2011.

Around the world..

Asia markets plunge amid recession fears

From Thursday:  World stock markets in turmoil

European hijinx..  European Central Bank paralysis sparks global chaos

Crisis Exposes Rift Between ECB and Euro-Zone Governments

Stocks: Worst week since financial crisis

It's Friday night now, USA/CST.  We'll check back Sunday night when the Asian markets re-open.  Have a great weekend, and ride the Ninth Wave, babies..

Greece As 6 Million Dollar Man..

"She's breaking up! She's breaking up!"(heh..) The question remains: Can we rebuild him?? Suddeutsche Zeitung: EU prepares for Greece to declare bankruptcy Short, and not sweet excerpts:

According to EU sources in the European capitals it is already running the preparation on Greece to declare bankruptcy, German newspaper Suddeutsche Zeitung announced.
..
Meanwhile, the Ministry of Finance denied preparing an emergency plan for Greece.

Not that Greece isn't going bankrupt, mind you, it's just that France doesn't have an emergency plan in place. Already gone (and probably not ever coming back) is Greece's refugee/asylum system, at least from the German perspective.. Excerpts:

Berlin announced this week that it is halting deportations to Greece for a year, despite European Union rules stating that the first country a refugee arrives in is responsible for processing any asylum request.

Germany's Interior Ministry announced on Wednesday that the new measure is aimed at reducing the burden on Greek authorities, who are struggling to deal with the volume of refugees reaching the country's shores and borders.
And:
Humanitarian organizations, including the United Nations Refugee Agency (UNHCR), have voiced concern about the conditions that asylum seekers and illegal immigrants are forced to endure in Greece, with overcrowded detention facilities and a dysfunctional and overstretched system of assessing asylum claims.

Kind of like their banking system! Speaking of which, the Finance Minister says that Greece won't try debt re-structuring(read; anything new) as it might worsen the country's financial situation. Instead, they'll continue to follow the EU/IMF approved directives for their bailout. Although they wouldn't mind to(unofficially) stretch those payments out a little..

Hell, it's worked really well so far!

Forget South Korea: The Greeks Know How To Throw A Riot..

Raw Footage from Russia Today via Godlike.  Intense.  Yesterday was their General Strike, and it erupted into a pretty major riot.  Not full scale, as the police didn't shoot to kill, but with more riots possible, full scale fighting will happen.  See for yourself:

You can, if you'd rather, read about it here. 

Amazing video.  Greece is just the first, and this was just the beginning.  The Global Financial Crisis is already ugly, and now it's turning violent.

Having Trouble Understanding The Machinations and Implications Of The EU Financial Crisis?

Gonzalo Lira can help. Why is the EU Crisis important? Globalist financial/banking policy has tangled not only neighboring European countries economies together in a way impossible to decouple without serious turbulence, but the majority of the world's collective economy is also locked in a larger magnification of what currently ails the EU. And, as goes Europe, so goes the Global Financial System. Lira writes simply, directly, distilling complex financial situations into an easy to understand narrative of real-time economic events, and why there are no easy or immediate answers to this rapidly blooming global catastrophe..

Lira also thinks the European situation is deteriorating rapidly, even more than he recently predicted. I know, I know.. The economic crisis is no where near as fun as Bristol Palin or even the Royal Engagement, but hopefully a few of you will take the 15 minutes or so required to read both articles. You should, then, have a much better handle on the implications this has for America's immediate financial future.

Short answer: Huge, and Terrible.

This Is The Tipping Point, Or A Contributor Thereof..

Yuan Bets Reined In After ‘Masterful Job’ at G-20: China Credit

Abhisit calls on Asia to use yuan in trade Huh. Thailand's thinking of dropping the Dollar.

Ireland Goes Bust, Irish Bank Run

Obama didn't have any fun at the G20 at all..

Just because you can't hear them doesn't mean massive financial bombs aren't exploding all over the place.