DEBTOR NATION

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Wolf Richter On The Keiser Report
"Debtonomics and the NSA"

Wolf Richter on the Keiser Report
"Where Is The Fear"

Wolf Richter on Max Keiser's "On The Edge" 
"The Pauperization of America"

Wolf Richter on the Keiser Report
"Where the Money Goes to Die"

Clarke and Dawe: European Debt Crisis
Two favorite Australian Comedians

Clarke and Dawe: Quantitative Easing
Big industrial-strength printers, all facing the window

The Fastest Drive Ever Through San Francisco
Don't try to do this yourself
 

humanERROR - by "Frying Dutchman"
Powerful, lyrical appeal to the Japanese. Slams nuke industry, MSM, bureaucrats, and politicians.

Spain: Naked Firefighters Protest Salary Cuts

 

With unemployment at 24.4%, their government on the brink of financial doom, and their banks collapsing, Spaniards are resorting to desperate measures. Thursday was another day of protests and violence in the streets. This time, firefighters were on the forefront. They and other demonstrators marched through Madrid, and when they tried to reach Parliament, police charged them with batons and fired at them with rubber bullets; some of the demonstrators threw bottles. But while these firefighters chose to fight the police to make their desperation known, others protested tongue in cheek, and with a good laugh, making their point with perfect visual clarity ... and with a lot of bare skin.

It was a successful publicity stunt for the firefighters in Mieres, a town in northern Spain. Prime Minister Mariano Rajoy’s new €65 billion deficit reduction plan included a 7% salary cut for civil servants, thus firefighters, after salaries had already been cut by 5% in 2010. Aggravatingly, this package was announced just as the final touches were put on the €100 billion that would be handed to Spanish banks to bail them out.

Of the 16 firefighters at the fire station Mieres, only 8 could join the demonstration. The other 8 had to work. So they decided to do their own protest, on the job, inside their fire station, in front of the media. And with some laughter, they lined up naked under a banner that read, “So many reductions we’re naked.”

Warning: naked butts! But they use their hands or helmets to cover up their equipment. And they are wearing boots.

But Who The Heck Is Going To Do All The Bailing Out?

Spain’s banks are getting bailed out with €100 billion. It won’t be enough, but it’ll buy time—a Eurozone mantra. Three of Spain’s seventeen heavily indebted regions asked for a bailout from the central government, and more are coming, but the central government can’t bail out anything because it’s broke. It needs a bailout for itself and for its regions. A bailout far larger than any of the prior bailouts. And then there's Italy.   Click to read more ...

 

 

Smashing The Can Instead Of Kicking It Down The Road

“The euro is irreversible,” said ECB President Mario Draghi as a whiff of panic began sweeping over the Eurozone. Everybody was supposed to enjoy their long vacation, and nothing important was supposed to happen. But, like a group of disruptive homeless guys, the ECB, the International Monetary Fund, and politicians have apparently gotten tired of kicking the Greek bailout can down the road, and they stomped on it instead.  Click to read more ...

 

 

German Justices Already Buckled Under Political Pressure 

Jean-Claude Juncker was desperate. The Prime Minister of Luxemburg and President of the Eurogroup is the ultimate Eurozone infighter. “We all know what to do, but we don’t know how to get re-elected afterwards,” he’d once said—now referred to as “Juncker’s curse.” But he, the longest-serving head of state in the EU, knows how to get reelected. So when he is desperate, even the German Constitutional Court listens.  Click to read more ...

 

 

Greece Flails About, Troika Inspectors Paint “Awful Picture,” Merkel Draws A Line, German Industry & Voters Back Her: It's Almost Over For Greece

The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasn’t learned yet the art of extortion that is required to accomplish anything at all during bailout negotiations. And so, at the meeting of Eurozone finance ministers earlier this week, he accomplished absolutely nothing. He wasn’t even able, unlike his predecessors, to get himself into the media with some wild threat about a “disorderly default” or destroying the entire Eurozone.  Click to read more ...

Will the Euro Survive This Year? 

The European Stability Mechanism and the fiscal union pact are the two ploys that were supposed to fix the Eurozone debt crisis and save the euro. They were put together in all haste after hectic summits with dog and pony shows designed to soothe edgy markets. Negotiations involved mud-wrestling and extortion. It’s been one heck of a ride. But now they're in the hands of the German Constitutional Court - and there are no good options.  Click to read more ...

 

 

The German Constitutional Court Rules Against Euro Hysteria 

Chancellor Angela Merkel did the right thing. She left Germany. And Germany is in turmoil. The bailout policies she and her government had pushed through and that parliament had passed just after the EU summit ran into discord, accusations, and threats. Everybody was applying pressure. And the Federal Constitutional Court will now have to decide—and it already made its first decision.  Click to read more ...

 

 

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