TNC In Chaos: 80% of Tripoli under Green Banner.

From NSBC, October 1, 2011 

by Dr. Christof Lehmann

The Sieges on Sirte and Bani Walid are breaking up, so does the the Transitional National Counsel. Jalil is calling for establishing a new government while the majority of TNC members desert it. Abdelhakim Belhadj describes the situation as chaotic. Is he making a move for power.     by Dr. Christof Lehmann
In spite of it´s absolute air superiority, NATO is loosing the battle on the ground. Today the citizens of Bani Walid woke up to a surprise. Instead of the usual bombs, NATO planes dropped thousands of fliers telling the people to leave the city or to be considered military targets. Is NATO preparing for an onslaught with bobs in a desperate attempt to turn around the lost battle on the ground.
Tonight nsnbc received confirmed reports that the siege on Bani Walid and Sirte is broken. Though there are heavy clashes around both cities, the resistance inside the cities has now established contact with the military, Tribal and Volunteer Forces that came to their relief.
Tonight heavy fighting erupted in and around the Green Square in Tripoli. A NATO ammunition depot in Tripoli harbor was seized by Libyan Forces. There was heavy fighting at both Tripoli´s military airport as well as Mitiga Airport. Tribal militia from Zintan secured several banks in Tripoli and began refunding money that had been seized by the TNC.  The Zintan militia also stormed several prison facilities and liberated numerous PoW´s that had been captured during the last months of fighting. The result of tonights fighting; The Green Flag is flying over 80% of Tripoli.
The proverb of “the rats abandoning the sinking vessel“, the majority of TNC members have quit their membership and positions. Abdelhakim Belhadj explained this morning, that Jalil is making desperate attempts to call for unity and is offering to “establish a new government“. The general response to Jalil´s call is quarrels, were TNC members blame each other for working for either this or the other NATO country. Belhadj called Jalil´s call for unity “rediculous in the face of the fact that almost 90 % of it´s members had abandoned the TNC“.
Is Abdelhakim Belhadj realizing that the battle is lost, will he make a move in an attempt to grasp power as many have expected for a long time. In the face of the military situation in Tripoli there is not much time left to make a decision. Regardless if it will be a Belhadj, a Jalil, a Jibril, or any other of the foreign nations agents who will make a grasp for power, it will most likely be a short lived affair. By no means does the latest development mean that the war in Libya is over, but the balance of power has undoubtedly changed tonight in Tripoli. The residents of Tripoli and other liberated cities and areas will do everything in their power to keep the TNC mercenary armies and the foreign agents who are infighting for power at bay. A look at the latest reports from Human Rights Watch amply explain why that is so.
Has Russia given a message to NATO that they are closely monitoring the situation in Libya while discussing Syria at the U.N..Russia has so far refused to accept three modified draft resolutions on Syria at the United Nations. Russian relations to NATO have recently be stressed to the extreme. The situation in Syria being one stressor, the situation in Kosovo another, and the outrage over NATO´s toppling and assassination attempt on Muammar Ghadafi a third, among many other. Russia´s permanent representative to the UN, Vitaly Churkin said on Friday, that the Western countries haven´t shown readiness to reach an understanding with Moscow over some points of the draft resolution. Most likely NATO will have to interpret Russia´s signal on Friday containing an implicit message that NATO´s bombing of Libyan civilians must stop. Is that the reason why NATO chose to drop paper rather than bombs on Bani Walid and Sirte.
What is utterly unexplainable in the international developments on Libya is Iran´s unequivocal support of Belhadj, Jalil, Jibil and NATO´s aggression in Libya, while protesting the ongoing insurgency into Syria. In a video broadcast on YT Channel Morris 108, yesterday,Richard Bos asked some pressing questions to Press TV and commented on the Iranian approach to Libya. Bos correctly states, that if Iran hopes to appease NATO by turning a blind eye to Libya, it may have diplomatic advantages, and that all precedence provides ample evidence for the fact that appeasing NATO does not stop ongoing subversions.
Dr. Christof Lehmann
01.102011

Richard Boss Questions to Press TV and Iran

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Related:Libya: “the jewel in the crown”

Bombed-out Sirte is a humanitarian disaster zone

MAATHAI VERSUS THE IMF AND WORLD BANK

from aangirfan 

Professor Wangari Maathai (Nobel laureate and environment‎alist) was born in the central highlands of Kenya in 1940.

Back in the 1940s, her small village had clean water, rich soils, rich forests and plenty of food.

"It was heaven. We wanted for nothing," she said.

"Now the forests have come down, the land has been turned to commercial farming, the tea plantations keep everyone poor, and the economic system does not allow people to appreciate the beauty of where they live."


Maathai was educated by Catholic nuns. (environment‎)
Maathai said: "After my education by the nuns, I emerged as a person who believed that society is inherently good and that people generally act for the best."

Maathai won a scholarship to study in the US, as part of the 'Kennedy airlift' in which 300 Kenyans - including Barack Obama’s father - were chosen to study at American universities in 1960.

After further study in Germany, she returned to a newly independent Kenya in 1966.

Her early work as a vet took her to some of Kenya's poorest areas.

She saw first-hand the damage that was being done to the environment.

In 1977, she set up the Green Belt movement.

She became critical of politicians in Kenya, the World Bank, the IMF, Britain and other former colonial powers.

Before the 1990s, the Mau forest (above) was a protected area. "But then senior officials in President Daniel arap Moi's government grabbed large plots of the highly fertile land for themselves." Website for this image
What began as a few women planting trees became a network of 600 community groups.

They looked after 6,000 tree nurseries, which were often supervised by disabled and mentally ill people in the villages.

By 2004, more than 30 million trees had been planted, and the movement had branches in 30 countries.

In Kenya, the Green Belt movement has become an agricultural advice service, a community regeneration project and a job-creation plan.

In the early 1990s, Maathai set up Mazingira, the Kenyan Green Party.

Maathai became a junior environment minister between January 2003 and November 2005.

She died in September 2011. (Nobel laureate and environment‎alist)

This economic collapse is a 'crisis of bigness'

Leopold Kohr warned 50 years ago that the gigantist global system would grow until it imploded. We should have listened


By Paul Kingsnorth
guardian.co.uk, Sunday 25 September 2011



Living through a collapse is a curious experience. Perhaps the most curious part is that nobody wants to admit it's a collapse. The results of half a century of debt-fuelled "growth" are becoming impossible to convincingly deny, but even as economies and certainties crumble, our appointed leaders bravely hold the line. No one wants to be the first to say the dam is cracked beyond repair.
To listen to a political leader at this moment in history is like sitting through a sermon by a priest who has lost his faith but is desperately trying not to admit it, even to himself. Watch Nick Clegg, David Cameron or Ed Miliband mouthing tough-guy platitudes to the party faithful. Listen to Angela Merkel, Nicolas Sarkozy or George Papandreou pretending that all will be well in the eurozone. Study the expressions on the faces of Barack Obama or Ben Bernanke talking about "growth" as if it were a heathen god to be appeased by tipping another cauldron's worth of fictional money into the mouth of a volcano.
In times like these, people look elsewhere for answers. A time of crisis is also a time of opening-up, when thinking that was consigned to the fringes moves to centre stage. When things fall apart, the appetite for new ways of seeing is palpable, and there are always plenty of people willing to feed it by coming forward with their pet big ideas.
But here's a thought: what if big ideas are part of the problem? What if, in fact, the problem is bigness itself?
The crisis currently playing out on the world stage is a crisis of growth. Not, as we are regularly told, a crisis caused by too little growth, but by too much of it. Banks grew so big that their collapse would have brought down the entire global economy. To prevent this, they were bailed out with huge tranches of public money, which in turn is precipitating social crises on the streets of western nations. The European Union has grown so big, and so unaccountable, that it threatens to collapse in on itself. Corporations have grown so big that they are overwhelming democracies and building a global plutocracy to serve their own interests. The human economy as a whole has grown so big that it has been able to change the atmospheric composition of the planet and precipitate a mass extinction event.
One man who would not have been surprised by this crisis of bigness, had he lived to see it, was Leopold Kohr. Kohr has a good claim to be the most important political thinker that you have never heard of. Unlike Marx, he did not found a global movement or inspire revolutions. Unlike Hayek, he did not rewrite the economic rules of the modern world. Kohr was a modest, self-deprecating man, but this was not the reason his ideas have been ignored by movers and shakers in the half century since they were produced. They have been ignored because they do not flatter the egos of the power-hungry, be they revolutionaries or plutocrats. In fact, Kohr's message is a direct challenge to them. "Wherever something is wrong," he insisted, "something is too big."
Kohr was born in 1909 in the small Austrian town of Oberndorf. This smalltown childhood, together with his critical study of economics and political theory at the LSE, his experience of anarchist city states during the Spanish civil war, which he covered as a war reporter, and the fact that he was forced to flee Austria after the Nazi invasion (Kohr was Jewish), contributed to his growing suspicion of power and its abuses.
Settling in the US, Kohr began to write the book that would define his thinking. Published in 1957, The Breakdown of Nations laid out what at the time was a radical case: that small states, small nations and small economies are more peaceful, more prosperous and more creative than great powers or superstates. It was a claim that was as unfashionable as it was possible to make. This was the dawn of the space age – a time of high confidence in the progressive, gigantist, technology-fuelled destiny of humankind. Feted political thinkers were talking in all seriousness of creating a world government as the next step towards uniting humanity. Kohr was seriously at odds with the prevailing mood. He later commented, dryly, that his critics "dismissed my ideas by referring to me as a poet".
Kohr's claim was that society's problems were not caused by particular forms of social or economic organisation, but by their size. Socialism, anarchism, capitalism, democracy, monarchy – all could work well on what he called "the human scale": a scale at which people could play a part in the systems that governed their lives. But once scaled up to the level of modern states, all systems became oppressors. Changing the system, or the ideology that it claimed inspiration from, would not prevent that oppression – as any number of revolutions have shown – because "the problem is not the thing that is big, but bigness itself".
Drawing from history, Kohr demonstrated that when people have too much power, under any system or none, they abuse it. The task, therefore, was to limit the amount of power that any individual, organisation or government could get its hands on. The solution to the world's problems was not more unity but more division. The world should be broken up into small states, roughly equivalent in size and power, which would be able to limit the growth and thus domination of any one unit. Small states and small economies were more flexible, more able to weather economic storms, less capable of waging serious wars, and more accountable to their people. Not only that, but they were more creative. On a whistlestop tour of medieval and early modern Europe, The Breakdown of Nations does a brilliant job of persuading the reader that many of the glories of western culture, from cathedrals to great art to scientific innovations, were the product of small states.
To understand the sparky, prophetic power of Kohr's vision, you need to read The Breakdown of Nations. Some if it will create shivers of recognition. Bigness, predicted Kohr, could only lead to more bigness, for "whatever outgrows certain limits begins to suffer from the irrepressible problem of unmanageable proportions". Beyond those limits it was forced to accumulate more power in order to manage the power it already had. Growth would become cancerous and unstoppable, until there was only one possible endpoint: collapse.
We have now reached the point that Kohr warned about over half a century ago: the point where "instead of growth serving life, life must now serve growth, perverting the very purpose of existence". Kohr's "crisis of bigness" is upon us and, true to form, we are scrabbling to tackle it with more of the same: closer fiscal unions, tighter global governance, geoengineering schemes, more economic growth. Big, it seems, is as beautiful as ever to those who have the unenviable task of keeping the growth machine going.
This shouldn't surprise us. It didn't surprise Kohr, who, unlike some of his utopian critics, never confused a desire for radical change with the likelihood of it actually happening. Instead, his downbeat but refreshingly honest conclusion was that, like a dying star, the gigantist global system would in the end fall in on itself, and the whole cycle of growth would begin all over again. But before it did so, "between the intellectual ice ages of great-power domination", the world would become "little and free once more".

Libya: David Cameron's 2 Billion Pound Nightmare

From Opinion-maker:
By Timothy Bancroft-Hinchey

Does this child have any future? Who is responsible?

What do you get when a wannabe imperialist invents a war to get out of trouble at home, straying into deep waters that he neither controls nor understands, getting embroiled in an internecine tribal conflict that spins out of control? The answer to this question is the place where the UK’s David Cameron finds himself now: a 2-bn. pound nightmare





Not so many months ago, we had David Cameron and William Hague declaring that the Libya Question was “not about removing Gaddafi” and that all it would take would be an immediate ceasefire from the Libyan Armed Forces. Not so many months ago we had David Cameron and William Hague declaring that the war would cost in the region of 200 million pounds, that there would be no NATO boots on the ground and that NATO would not arm the “rebels”.

What they did not tell us was that the French and Americans had been planning this imperialist little adventure for years–
What they did not tell us was that the rebel flags had been ordered well in advance from a British company–
What they did not tell us was that the entire operation was indeed to remove Colonel Gaddafi, not because he posed any threat to his “rebels” (after all, what do you do when tens of thousands of marauding thugs armed with machine guns take to the streets, decapitating Negroes, chanting racist slogans, promising to ethnically cleanse Libya of Negroes, torching government buildings, raping and killing women and children and destroying public and private property?)
They knew that the decision “to go in” had been taken long before the rebels strafed their own position to blame Colonel Gaddafi. They knew that their own media had been spreading lies about the Libyan Air Force bombing civilians – the one bombing civilians is NATO.
We saw the British reaction in draconian measures – when a few hundred bored schoolkids ran amok in August. One wonders whether Cameron would simply have given up and walked away from Number Ten Downing Street if they had been armed, or if someone had done to his youth what he did to Libya’s.
What they did not tell us was that this entire charade is about removing Colonel Gaddafi from power because his humanitarian and developmental projects in Africa and his plan to launch a gold-based currency, the Gold Dinar, would be too costly for selfish western interests.
What Cameron and Hague did not tell you is that their forces are to spend seven times more of the British tax-payers’ money than they originally admitted – nearly two billion, or two thousand million or 2,000,000,000 pounds… on what?
I will tell you.
* They have strafed the Libyan water supply (war crime) to “break the back of the population”
* They have targeted the electricity grid (war crime)
* They have targeted private homes (war crime)
* They have taken out civilian structures with military equipment (war crime)
* They have murdered children (war crime, and they did not even apologise)
* They have targeted civilians (war crime).
* They then held a conference in Paris to divide up Libya’s assets.
What they have also not told you is that the Libyan Armed Forces are largely intact.
What they have not told you is that parts of Tripoli still fly the Green Flag (symbol of the Jamahiriya, the democratic government which Muammar al-Qathafi advises). What they do not tell you is that there are still green Marches in Benghazi.
What they do not tell you is that Mahmoud Jibril dare not enter Tripoli.
They do not tell you where Jalil (the number 2) came from.
They do not tell you the background of the TNC.
 They do not tell you the tribes have voted for Gaddafi.
They do not tell you that the crack desert fighters.the Tuareg, who decide who crosses the desert and who does not, have sided with Muammar Gaddafi against the TNC.
 They do not tell you that the Loyalists in Libya include the hearts and minds of the Libyan population whether or not they are taking up arms against the terrorists.
The NATO special forces and this scourge have frightened many into cowering in their homes – but this does not spell support, even tacitly.
They do not tell you they indeed have NATO boots on the ground, breaching UNSC resolutions. They have indeed armed the “rebels” (another breach of UNSC resolutions), and they have indeed employed mercenaries – hundreds of thousands of them (a huge breach of UNSC resolutions).
They have not told you that NATO and its terrorists have suffered defeat after defeat in recent weeks, are unable to enter Bani Walid, are unable to enter Sirte and the only tactic that remains open is by carpet-bombing any areas of resistance, including homes, hospitals and schools to bomb the terrorists in.
Is that noble? It is a war crime.
It is an act of terrorism and David Cameron and William Hague, along with their French friend Sarkozy and that American in the White House, are using YOUR hard-earned money to perpetrate this outrage, which is sure to cost the UK thousands of jobs as retaliatory measures kick in across Africa.
Sorry Mr. Templeton, we do not have any money for your mother’s cancer treatment, I am afraid she will have to die; sorry Mr. Johnson, there is no more funding for your son’s leukaemia treatment, we do have palliative care, do you know what that is? And as for your now hospital wing, new school, new clinic, a raspberry in your faces as Cameron and Hague stick the middle finger to their own people.
How long does David Cameron think the British population will accept it all with their heads bowed, like a sickening herd of sheep?
The British People will tell you…
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Related:
Mass killing and humanitarian disaster in NATO siege of Sirte


Tallying the Death Toll of NATO’s Vicious War on Libyan Civilians

WARNING: Corporate-Fascist Military Coup Brewing in US?

From BREAKING ALL THE RULES News 

The US intelligence community, in conjunction with Wall Street corporate-financier interests, have spent an inordinate amount of time positioning themselves for a possible military coup and martial law take over of the United States. This is being done under the guise of the fraudulent "War on Terror" but in preparation for a very real and inevitable economic collapse. In particular, one personality above all others is being groomed by intelligence operatives and policy wonks, while built-up by the corporate media [1][2] in the eyes of the public to intercede in America's accelerating political, economic, and even global tactical decline. This man is General David Petraeus who served as former head of US Central Command which included combat operations in Iraq and former commander of US forces in Afghanistan before being sworn in as the current director of the Central Intelligence Agency (CIA) in September 6, 2011.

In fact, almost all military strategy comes not from a large mahogany desk with maps strewn across it with a calculating general hovering above, but rather from institutions like AEI and other corporate-funded think-tanks including the Brookings Institution or the RAND Corporation. Frederick Kagan, along with other "resident scholars" at AEI, have also developed the current strategies being employed in Afghanistan and soon in Pakistan [6]. One might say that Petraeus, and many other lack-luster officers in the United States military are nothing more than empty vessels with administrative and operational capabilities merely carrying corporate-funded, crafted, and serving policies onto the battlefield, while equally empty vessels for politicians sell the policies and their tremendous costs back at home to the American people.

AEI's board of trustees represents a wide variety of corporate-financier interests including those of the notorious Carlyle Group, State Farm, American Express, and Kohlberg Kravis Roberts & Co (also of the CFR). Dick Cheney also acts as a trustee. Joining policy wonk Frederick Kagan as members of AEI’s “research staff” are warmongers Newt Gingrich, John Bolton, Richard Perle, John Yoo, and Paul Wolfowitz. AEI's work is done entirely with the concept of "American exceptionalism" in mind, or in other words, American global hegemony. The AEI's own annual report is rife with talk of US strategic preeminence and its assertion over the sovereignty of foreign nations in the form of sanctions, military operations, invasions, and occupations. The AEI, in tandem with the Heritage Foundation, Foreign Policy Initiative, and many others, all with interconnecting memberships and corporate-financier sponsors, are literally the "Project for a New American Century (PNAC)" in motion.

It should be clear that the establishment is attempting to supply us with a wide variety of political and non-political poseurs and solutions from which we are to choose, before they continue on in earnest with their agenda. Expending energy fighting over these false choices is beyond futile. Instead, the path to restoring the American Republic starts with each and every one of us. The system is only as corrupt as the amount we continue paying into it. We must recognize the corporations lurking behind this system, seen by many as benign or even beneficial to modern America, and realize that they indisputably dominate both America domestically and all that falls under American influence abroad. Boycott these corporations into destitution and replace them with local, decentralized, practical alternatives based on real markets, real competition, real progress, and technological innovation.

Prophets Of Doom: 12 Shocking Quotes From Insiders About The Horrific Economic Crisis That Is Almost Here

From theeconomiccollapseblog.com, SEPTEMBER 30, 2011

We are getting so close to a financial collapse in Europe that you can almost hear the debt bubbles popping.  All across the western world, governments and major banks are rapidly becoming insolvent.  So far, the powers that be are keeping all of the balls in the air by throwing around lots of bailout money.  But now the political will for more bailouts is drying up and the number of troubled entities seems to grow by the day.  Right now the western world is facing a debt crisis that is absolutely unprecedented in world history.  Europe has had a tremendously difficult time just trying to keep Greece afloat, and several much larger European countries are now on the verge of a major financial crisis.  In addition, there is a growing number of very large financial institutions all over the western world that are also rapidly approaching a day of reckoning.  The global financial system is a sea or red ink, and when we get to the point where there are hundreds of ships going under how is it going to be possible to bail all of them out?  The quotes that you are about to read show that quite a few top financial and political insiders know that things cannot hold together much longer and that a horrific economic crisis is coming.  We built the global financial system on a foundation of debt, leverage and risk and now this house of cards that we have created is about to come tumbling down.

A lot of people in politics and in the financial world know what is about to happen.  Once in a while they will even be quite candid about it with the media.

As I have written about previously, Europe is on the verge of a financial collapse.  If things go really badly, things could totally fall apart in a few weeks.  But more likely it will be a few more months until the juggling act ends.

Right now, the banking system in Europe is coming apart at the seams.  Because the global financial system is so interconnected today, when major European banks start to fail it is going to have a cascading effect across the United States and Asia as well.

The financial crisis of 2008 plunged us into the deepest recession since the Great Depression.

The next financial crisis could potentially hit the world even harder.

The following are 12 shocking quotes from insiders that are warning about the horrific economic crisis that is almost here....

#1 George Soros: "Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation."

#2 PIMCO CEO Mohammed El-Erian: "These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy."

#3 Attila Szalay-Berzeviczy, global head of securities services at UniCredit SpA (Italy's largest bank): "The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits."

#4 Stefan Homburg, the head of Germany's Institute for Public Finance: "The euro is nearing its ugly end. A collapse of monetary union now appears unavoidable."

#5 EU Parliament Member Nigel Farage: "I think the worst in the financial system is yet to come, a possible cataclysm and if that happens the gold price could go (higher) to a number that we simply cannot, at this moment, even imagine."

#6 Carl Weinberg, the chief economist at High Frequency Economics: "At this point, our base case is that Greece will default within weeks."

#7 Goldman Sachs strategist Alan Brazil: "Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world’s base currency?"

#8 International Labour Organization director general Juan Somavia recently stated that total unemployment could "increase by some 20m to a total of 40m in G20 countries" by the end of 2012.

#9 Deutsche Bank CEO Josef Ackerman: "It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels."

#10 Alastair Newton, a strategist for Nomura Securities in London: "We believe that we are just about to enter a critical period for the eurozone and that the threat of some sort of break-up between now and year-end is greater than it has been at any time since the start of the crisis"

#11 Ann Barnhardt, head of Barnhardt Capital Management, Inc.: "It's over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken."

#12 Lakshman Achuthan of ECRI: "When I call a recession...that means that process is starting to feed on itself, which means that you can yell and scream and you can write a big check, but it's not going to stop."

*****

In my opinion, the epicenter of the "next wave" of the financial collapse is going to be in Europe.  But that does not mean that the United States is going to be okay.  The reality is that the United States never recovered from the last recession and there are already a lot of signs that we are getting ready to enter another major recession.  A major financial collapse in Europe would just accelerate our plunge into a new economic crisis.

If you want to read something that will really freak you out, you should check out what Dr. Philippa Malmgren is saying.  Dr. Philippa Malmgren is the President and founder of Principalis Asset Management.  She is also a former member of the Bush economic team. You can find her bio right here.

Malmgren is claiming that Germany is seriously considering bringing back the Deutschmark.  In fact, she claims that Germany is very busy printing new currency up.  In a list of things that we could see happen over the next few months, she included the following....

"The Germans announce they are re-introducing the Deutschmark. They have already ordered the new currency and asked that the printers hurry up."

This is quite a claim for someone to be making.  You would think that someone that used to work in the White House would not make such a claim unless it was based on something solid.

If Germany did decide to leave the euro, you would see an implosion of the euro that would be truly historic.

But as I have written about previously, it should not surprise anyone that theend of the euro is being talked about because the euro simply does not work.

The only way that the euro would have had a chance of working is if all of the governments using the euro would have kept debt levels very low.

Unfortunately, the financial systems of the western world are designed to push governments into high levels of debt.

The truth is that the euro was doomed from the very beginning.

Now we are approaching a day of reckoning.  We have been living in the greatest debt bubble in the history of the world, but the bubble is ending.  There are several ways that the powers that be could handle this, but all of them will lead to greater financial instability.

In the end, we will see that the debt-fueled prosperity that the western world has been enjoying for decades was just an illusion.

Debt is a very cruel master.  It will almost always bring more pain and suffering than you anticipated.

It is easy to get into debt, but it can be very difficult to get out of debt.

There is no way that the western world can unwind this debt spiral easily.

The only way that another massive economic crisis can be put off for even a little while would be for the powers that be to "kick the can down the road" a little farther by creating even more debt.

But in the end, you can never solve a debt problem with more debt.

The next several years are going to be an incredibly clear illustration of why debt is bad.

When the dominoes start to fall, we are going to witness a financial avalanche which is going to destroy the finances of millions of people.

You might want to try to get out of the way while you still can.

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Related:
Germany Will Leave the Euro, Says Leading Commentator

Germany ‘won’t give more to EU bail-out fund’

German Finance Minister Wolfgang Schaeuble ruled out Germany contributing any more money to the beefed-up EU bail-out fund than the 211 billion euros approved by parliament, in an interview published Saturday

Spending Debt, which is Other People’s Money: Further Recession and Financial Turmoil in America and the EU


The bottom line from the chair of the International Standards Board is that the European banks are fudging their books. This is not the Blogs making this assertion. It’s coming from the highest authority that exists.