World Engaged in Same Lie as Greece-Karl Denninger

4_jpgBy Greg Hunter’s USAWatchdog.com  

Financial commentator and trader Karl Denninger says what is going on in the Greek debt crisis is really a global problem.  Denninger explains, “All of these countries have engaged in the same lie.  They have all engaged in the same fundamental fraud, which is you can spend more than you take in on a permanent basis.  It is the same fraud that is going on here in the United States.  We just haven’t gotten hammered with it –yet, but we will.  This is a fraud.  The people who did this need to go to prison.  There is no way to undo that Gordian knot, other than to say we can’t pay it.  We never could pay it.  You were lied to, and by the way, the people who participated in the lending were active participants in a crime.”

It is now reported that the so-called Greek bailout really benefited big banks who allegedly received more than 90% of the bailout money.  So, who was the bailout for?  Denninger contends, “That’s the whole point.  There was no real bailout. The people who got bailed out were the Goldmans of the world that participated in an active scam. . . . The former Greek government is equally culpable.  Here’s the bottom line, those people got fired.  That’s what an election is, right?  If you want to start issuing indictments and start locking people up, I think that is a great idea.  You know what?  You start with Angela Merkel (Chancellor of Germany), thank you very little, and then you indict Draghi (President of the European Central Bank) and lock him up too.  You also take all the bank CEOs who participated in this, and you put them all in prison.  You take the bonds and you tear them up.  The pain that will be spread all across Europe is going to be considerable.  However, if don’t start punishing people who are doing these sorts of things, then what’s the deterrent?”

Denninger says the US is headed for the same fate as Greece.  Denninger says, “Not only have they not cut anything, but they have been expanding the spending of government, the debt taken on, at twice the rate of economic output.  This is going to explode in our face.  If we as Americans do not put a stop to this, we are going to face what Greece is facing now.”

Denninger also predicts that the next financial calamity is on the way and guaranteed to be much bigger than the 2008 meltdown.  Denninger explains, “In 2000, for us to bring the economy back into balance, we needed to have a 10% contraction in GDP top to bottom.  In 2007, I ran the same calculations, and the number was closer to 20%.  It is now approaching 40%. . . . This sounds impossible.  It is not, and furthermore, it is survivable if you break the medical monopolies.  They go from 19% of GDP to 3 ½%, five times overrepresented right now.  That’s $1 trillion.”

Another way individuals can survive what is coming is to get out of debt and leverage.  Denninger says, “If you are leveraged in the market, and you are early, then usually you are catastrophically wrong.  You are out of money before you are proved right.  That is the nature of leverage.  That’s just how it works.  So, if you are going to place a bet where you can’t get the timing correct because it is a psychology thing, then you stay away from anything that has leverage in it.  Anytime you have leverage in your life, no matter what it is, when the timing is wrong, you get reamed.”

Join Greg Hunter as he goes One-on-One with Karl Denninger of Market-Ticker.org.

(There is much more in the video interview.)

After the Interview:

In 2011, Denninger published a book titled “Leverage: How Cheap Money Will Destroy the World.”   Denninger predicted much of what is going on right now.  Some say it is so accurate you would think the book was published last week.  To order a copy please click here.  There is also much free information and analysis on Market-Ticker.org.

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Comments
  1. Ignatius J. Reilly

    Is the US behind the Chinese stock market crash? The market movement just seems odd with no noticable bounce. Of course its a bubble, but bubbles don’t usually crash in a straight line. There is typically a bounce they call a bull trap. I mean there doesn’t have to be a bull trap, but never have I seen a market move basically in a straight line. Of course unless its the US stock market…

    • Wilfong

      No, the U.S. isnt behind this. Foreign investment in the Chinese stock market is something like 1.4%. Actually, I teach Finance in China and I noticed there was a problem when lots of my students told me they were interning for investment companies and others were investing their parents money in the market. It’s nothing more than a bubble created through margin trading. When ypu can borrow money, to invest in stocks and you multiply that by the amount of Chinese people who like to gamble – go to Macau – this is what happens.

      • Greg Hunter

        Thank you Wilfong for the street reporting from China.
        Greg

        • A. Hall

          Greg and all: IMPORTANT!!

          Greg I sent this to you 2 days ago- just released by my friend Pastor Lindsey Williams- he told the world he would let us know. see below:
          Al

          WARNING! Emergency Bulletin from Chaplin Lindsey Williams!
          View this email in your browser
          WARNING!

          The New World Order Will Be Implemented September 25th!

          The New World Currency Will Be Introduced October 20th!

          We Are At the Brink of Total Worldwide Financial Change!

          TAKE ACTION NOW!

          Pastor Lindsey Williams has asked me to compile an emergency bulletin for those on his email list. The information is so important he has said: “This is probably the most important bulletin we have ever sent – This is the fulfilment of everything the Elite have ever wanted to do – It will affect every human being, worldwide – They will implement this over a period of time – The dates have now been officially set for the start of implementation.”

          The New World Order Will Be Implemented In September!

          The Roman Catholic Pope just announced when he speaks at the United Nations on the 25th September 2015 that he will issue an ENCYCLICAL – The definition of an encyclical is – A letter from the Pope sent to all Roman Catholic Bishops throughout the world. Every Roman Catholic is EXPECTED to obey. There are 1.2 billion Roman Catholics around the world.

          According to Pastor Williams this means that when the Pope announces the New World Order in front of the annual gathering of world leaders on September 25th, 2015 at the United Nations just before the signing and implementation of the ‘Post-2015 Development Agenda’ that the Pope will order every Roman Catholic around the world to obey unconditionally – total obedience – including the acceptance of the Mark of the Beast when it is announced.

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          On October 20th, 2015 the IMF is expected to announce a reserve currency alternative to the U.S. dollar, which will send hundreds of billions of dollars moving around the world, literally overnight.

          The author of the most prominent financial newsletter says, “what is about to happen will threaten your way of life whether you own an investment related to it or not. It will change everything about your normal way of life: Where you vacation, where you send your kids or grandkids to school.

          We Are At the Brink of Total Worldwide Financial Collapse!

          Pastor Williams has shared with me some articles that truly tell you how frightening the global situation is. He said to me “This is getting more hysterical (Dangerous) by the day. If only people knew and believed how close to disaster we are. When this blows up – There has never been anything like it in the history of mankind.” Pastor Williams tried to tell you repeatedly for nearly 40 years!

          Euro-Zone Financial Armageddon: The combined Greek, Italian, Portugal and Spain euro debt represents $120 trillion of derivative debt aka I.O.U.s between banks and the ECB has no cash or liquidity in the system only derivative debt that compounds every day.
          The BIS Nightmare That Will Send The World Into Panic: The derivative position of US banks for Q1 2015 has just been published and the reading is more frightening than ever. The top 5 US banks have total a derivative exposure of $247 trillion. This is 3.5 times world GDP. Total derivatives for all banks in the world are just over $600 trillion. But these figures are less than half of the real exposure. A few years ago the BIS in Basel changed the basis of valuation of derivatives to “Value to Maturity.” This basically halved the value of outstanding derivatives overnight. Based on the old and proper valuation, the total outstanding today would probably be at least $1.5 quadrillion. And remember, when a counterparty fails, notional value is the real value that will be lost. It is absolutely guaranteed that this $1.5 quadrillion will implode in the next few years and drag the whole financial system with it. But before that process has finished, central banks worldwide will print a few quadrillion dollars, euros and yen in their desperate attempt. Pastor Williams Wall Street Insider friend said the following about this article “Thanks—good update. You’ve warned about this for years. This is why a “little” event like Greece, or another, could unravel the system.”
          Citigroup Just Cornered The “Precious Metals” Derivatives Market: Citigroup’s Precious Metals (mostly silver now that gold is lumped in with FX), exposure over the past 4 years. Of note: the 1260% increase in Precious Metals derivative holdings in the past quarter, from just $3.9 billion to $53 billion! Soaring from just 17.4% to over 70%, there is just one word for what Citigroup has done to what the Precious Metals (excluding gold) – Cornering! Pastor Williams said “We live in a strange world of rapidly developing events. They are preparing for something big.”
          News is coming in constantly from around the world as this newsletter was being prepared, check out these headlines: China is banning major pension fund shareholders from selling for six months. 54% of the entire Chinese stock market is frozen. Trading on the NYSE was suspended for a technical glitch with all open orders cancelled. Microsoft fires 7,800 employees. The Australian Dollar has hit a new low. Every day there is more news about the implosion of the global economy. You have to Take Action Now!

          The bomb shells about the New World Order and the New Global Currency should give you the motivation to take action and prepare. Pastor Williams has been unveiling the truth behind the Elite plan for humanity and this planet for over 38 years. All of his DVDs will help you understand what is happening. You must prepare for September through December now, before it is too late.
          Things You Must Do
          Before September 15th, 2015
          TRAILER
          Things You Must Do Before September 15th, 2015
          To Prepare For September Through December

          Events Scheduled For September Through December.
          Things The Elite Told Me To Do.
          Know What You Are Preparing For.
          Alternate Location.
          Move Or Suffer.
          How To Stay Warm Without Electricity
          The Date The New World Order Will Be Implemented.

          – Chaplain Lindsey Williams
          – Author of The Energy Non-Crisis

      • diane s.

        Wilfong…you are absolutely right.
        Good call

      • Ignatius J. Reilly

        I doubt their actions would be overt. Use of black ops money with chinese fronts in order to inflate then rapidly deflate the bubble causing severe distortions. Who would know more about manipulation, spoofing, algo trading, etc then America. Bubbles are bubbles and the Chinese had a bubble. But bubbles generally collapse a certain way. The psychology of a bubble. Of course this is all speculation and nothing will ever be revealed. But in asymmetric warfare, why would you not attack your foe’s markets. Especially if that other is challenging your position as the global financial leader.

        Soros did not break the bank of england. But he certainly sped up that process.

      • Sayonara

        Wilfong:
        Only a person who has direct educated experience with this situation could make such an articulate observation about the Chinese stock market crash. Our coming market crash will be the result of Central Bankers acting like they are in Macau.

      • Silence is Golden

        Wilfong,
        What in your summation was the “Snowflake” moment for the Hang Seng to commence its crash given the International Ownership is only “1.4%”.
        Investors are a breed that follow the “Herd” mentality. There is (was) a strong market only because of momentum. Given that the investors are driven by this ….what caused the momentum to swing into negative territory and beget losses and margin calls? I would be interested to see what you have to say on that matter.

    • woody188

      Wilfong is partially right. Millionaires are created and destroyed daily on the markets in China thanks to it’s wide swings. But the Party’s is to blame. The Party will claim human weaknesses are the cause because they obviously are infallible. Truth is their investment in production and housing shot way past demand and their “easy money” policy akin to the West’s is biting them in the patoot. Too many Yuan chasing too few stocks.

    • paul

      I have an idea on how the Chinese can stop their stock market crash … just have the Chinese Government order all media sources “not to report stock market losses or any related protests” … just like we do here in America where the US government orders the media not to publish negative comments on the stock market … the Chinese simply have to publish fictitious economic numbers, CPI numbers, employment numbers, etc. and everything will be alright just like here in America!

      • paul

        And if fixing the numbers fails … they can always blame everything on “terrorists” … start a nice big war … where the “needs of war” will help to dive commodity prices higher and support their stock market with war driven economic growth!

  2. WKSwanson

    Greg,
    Mr. Denninger really nails it…what’s going on in Greece is coming here, too. You can’t get away with deficit spending long term on a personal level and we can’t get away with it on a national or world level. Really glad you had had him on.

    • Winston Churchill

      My thought exactly after the concerted attack on the ruble and Russian
      economy.Either way it will be perceived as an attack because the Chicoms will
      need a scapegoat, even if its just a bubble collapsing.
      WWIII may tin earnest.

  3. Catherine

    Great Interview! Unique perspective.

  4. David Morris

    The problem is synthetic food, lack of spirituality. We can solve this if we eat essentially a low carbohydrate Hi Saturated fat diet get Dr Gary Fettke on to explain how 80% of diseases would disappear if we change the way we eat. Keep up the good work !

  5. mark

    Hi Greg,
    Awesome interview with Karl! Thank you for having him back on. Very helpful. Karl has a real ” no nonsense” practical way of explaining things in an easily – understandable and even entertaining manner which is refreshing and encouraging. The grace and peace of our Lord Jesus Christ be richly with your spirit Greg!

  6. paul

    What will help make Donald Trump a viable Presidential Candidate? … If he appoints Carl Denninger to be part of his budget team to stop all the pandering to the medical Cabal! … the only problem I still see with Trump is his pandering to the military Cabal … where serious cuts are also needed … instead he talks of more war!

    The better solution is to just make Carl Denninger President! … How can it be done and made a reality? … Lets see $100 dollars from each of us working people (50,000,000) is five (5) billion dollars … more then enough to defeat both Hillary and Jeb! … and if the bankers give more money to their choices we can give more money to our choice! … but more money may not even be necessary … because Carl has better solutions for fixing our country then Hillary, Jeb or Trump!

  7. Patrick

    Always enjoy listening to Karl D. No B-S, 2+2 = 4, Deal with it!
    Greg.
    See what Jim Rickards has been up to lately. Haven’t seen him anywhere for a few weeks, and his international-observations would be interesting to hear as well.

    • Grafique

      Yes, Jim Rickards!

    • Kelly B

      I keep up with Jim Rickards columns on the Daily Reckoning. He posts something on there every week or two. But I’ve seen no video interviews lately.

  8. Aussie Al

    Greg Fantastic he nailed it right on! I have send this interview via email link to all family / everyone I know, because if you cant understand the problem after listening to Karl then you deserve everything that comes your way. Well done Greg, will keep watching.

  9. paul

    This is interesting … there has been so much “short selling” of silver contracts by the banks to drive the silver price lower so as to discourage people from buying … that the US Mint has had to “suspend sales” of Silver Eagles because peoples demand for them has doubled as the price falls … the question the bankers should be asking themselves is … perhaps by artificially manipulating the silver futures contract prices lower we are in fact producing even more demand for real physical silver?

    The public is confounding the bankers theory of economics 101 … the bankers believe that selling should beget selling … that a glut of anything will decrease demand … that if silver contracts were made as plentiful “as sand on the beach” demand for the real stuff would disappear … what the bankers don’t realize is that that “sand” is in reality “diamonds on the beach” and people are scooping it up by the bucket full!

    The bankers better take off their rose colored glasses … they are doing so much selling of “phony silver contracts” that the Mint can’t keep up with real physical silver demand!

    • Silence is Golden

      Paul,
      Look through this supply demand equation.
      Without a market there is no oportunity to acquire.
      CB’s and their brethren banks are about “detroying markets”.
      Price destruction below economic cost to produce, destroys producers.

      • paul

        True … and lack of supply will work to confound the bankers in their goals … as lack of supply will begin to raise the price of any existing metal out there … which the bankers don’t want to see as it … because it puts a spotlight on their fiat money printing shenanigans!

  10. Anne Elliott

    Carl hits it on the head, and sticks with the true numbers (like John Williams), but possibly another 7 years before this thing falls out of bed and we turn into Greece (officially)…?? (There’s that “7” number again…). Say it isn’t so!!! And yet it would be great for those just waking up to get more ready for the greatest Depression coming… Maybe it’ll be more slow burn and “extend and pretend” for a while – who knows?

  11. Matt Jaymes

    Perfection in video form. Eliminate the medical monopolies and trim the hell out of the defense budget and we’d have a prosperous, healthy nation!

    • Grafique

      Bad idea to trim Defense, which Hussein Obama is allowing to wither on the vine.
      Instead don’t trim, but SLASH entitlement programs, which are far larger than Defense.

      • sk

        I’m with Hussein Obama. Choose life.

  12. donho

    If you want to bankrupt the health care industry then we must start listening to Dr John Sarno. Dr Sarno has cured thousands of everything from allergies to digestive issues to chronic pain syndromes. Why do you not question the health care industry like you question the bankers?

  13. Doug C.

    Gregg.
    Mr. Denninger is a great person to enlighten all the people out there that still think there is nothing to worry about. I am going to send a link to this video to freinds and family members that think I have lost it when I talk about a crash coming. Mr. Denninger spells it out in easy to understand terms. Math is Math, no mater what language it is talked about in.

  14. john duffy

    The Darkest Day: Three Things America Lost on June 26th
    The United States of America was founded upon biblical principles of life, liberty and the pursuit of happiness. On June 26th, 2015 the Supreme Court of the United States annulled this part of the Declaration of Independence for those who practice Christianity. This was the darkest day in American history; Christians lost their moral standing, parental authority and are now legally lumped in with racists.
    Jesus Christ forecast 2000 years ago that in the last days it would be like the days of Lot and Noah where right would become wrong and wrong, right. SCOTUS has established a new morality where Christians are against the law and are now considered immoral, just like racists.
    If you want proof all you have to do is look at Canada. Ten years after same sex marriage became the law Christians are now marginalized, their children are now taught that there are six genders, not just male and female, and virtually no candidates for Premier or Prime Minister will side with Christians. Right is now wrong and wrong is now right.

    • Grafique

      The end of the age is upon us. Christians have some difficult times ahead.
      Revelation 6

  15. NC Gal

    Wow! What a GREAT, straight-from -the-hip shot of truth! He is totally correct with his assessment of the roots of the problems. The bail-outs were to keep the banks going in 2008, and are still being used to keep the banks afloat. As so many speakers here have pointed out, almost none of the money from all of the QE everywhere has done anything but keep the banks afloat and virtually nothing for the “real economy.” Identifying the medical industry as one potential solution was great!

    The only problem I see with his “solutions” are that they will never happen, because 1) no one is going to be jailed for these crimes (they serve those who put them there and who benefit from them being there); 2) taking the bonds and tearing them up destroys the corresponding entries on the balance sheets of those holding those bonds, effectively destroying the entire system; and 3) the “we” who made the problem bigger are still the ones running the show and “they” are not going to change course. “They” are going to continue to make things worse and now have the tools in hand to take control of everything down the road, eliminating everyone and everything that opposes “them” along the way. Anyone who tries to stop them WILL be eliminated, and identifying that opposition now has become much easier through the application of AI technology to doing just that.

    The roll-out of this next phase of increasing controls and taking whatever is left begins on July 15, with the roll-out of the live testing phase of JADE2 and GeoINT. (listen to the interview at https://www.youtube.com/watch?v=oqGEz9IqOrE, beginning at minute 16). These tools were also part of the strategies discussed at this year’s Bilderberger meeting (see https://www.youtube.com/watch?v=eDRqRyNcpww).

    The pain will increase exponentially as this unfolds and will literally KILL up to 90% of the global population. Agenda 21 is moving forward to its next phase of implementation, beginning on September 25 with the UN general assembly plenary session on sustainability.

    The existence of an official program named America2050 tells us that the official reorganization of what remains of the human population and the places they will be allowed to live is going to take place over the next 35 years. That’s math, too. Everything that happens between now and then is PLANNED and DESIGNED to result in that 90% reduction in population.

    I don’t expect to live in that world, nor would I want to. However, as I have said before, I work with a model of multiple futures emerging from this one shared reality and based on my current information, I expect them to begin diverging from one another in the last four months of this year. I also believe that each person’s future has been divinely determined and ordained, so while all of this theater is going on, I intend to remain on the sidelines and watch it unfold until my time to depart has arrived.

    • Bob Lamb

      I live in northern Utah (hostile territory). A military helicopter flew over my house yesterday at very low altitude! Probable only a few hundred feet up.

      • george

        wasn’t ebola supposed to do that?
        or was it climate change, or is it rogue astroids. no ..wait, it’s head hunting Isis..isn’t it..?… good grief, how’s a man supposed to keep track .. life was so much simpler before the internet..

  16. eddiemd

    “monkey spank”

    A punishment administered to boys in British Secondary schools (now uncommon since corporal punishment outlawed in 1988) whereby the miscreant is called to the front of the class. There he is placed supine across the teachers knee, his trousers and knickers are pulled down below the calves and his buttocks are slapped as hard as possible with the open hand between 6-8 times. The recipient is then rolled over and receives a violent punch to the bell-end or scrotum with the clenched fist.
    Usually carried out to re-inforce principles/basics when teaching quadratic algerbra.

    That was funny.

    If China continues to unravel, then they cannot keep up the scam. They can plaster over Greece for a few more months until the riots start.

    • Greg Hunter

      Thank you Eddie MD.
      Greg

    • sk

      Ugh! By the way, eddiemd, precisely WHERE would you cut the expenses within current American medicine? Curious. WHO wants too much for his/her services/products?

      • eddiemd

        I would revert back to the 60’s and 70’s method of payment handling whereby the patient files their own insurance paperwork. I would require cash pay up front for primary care and doctor’s office visits. The patient would then file the paperwork with the insurance company or the government. This would give the consumer a taste of the corruption involved with insurance and the government. Things would change very quickly because the population would be outraged at the cost and hassle of billing and collecting. It would also make people think twice about going to the doctor for trivial complaints. Additionally the patient would see the actual paperwork involved and see if the physician is actually doing their job.

        I would require catastrophic insurance only to cover ER visits and hospitalization. Cash pay for incidentals such as radiography and physician consults with the patient again filing for reimbursement with the insurance companies.

        Insurance companies should be cut out of health care as much as possible. They are one of the parasites on the system which also includes the pharmaceutical companies and the government. There is no need for insurance involvement when it comes to ambulatory and primary care medicine. It should be cash pay up front with the patient filing for their own reimbursement. Medication should be cash pay. By cutting out insurance payments when buying medications and primary services it will eventually drive the prices down. There will be disparities and pain at the beginning but the market and demand will correct the prices.

        The system broke down 40 years ago. It cannot be repaired at this time. It has been completely taken over by the government under the ACA and electronic medical records. The IRS is now in charge of your healthcare. Good luck with that.

        • dbcooper

          Thank you EMD, I would recommend all to read Dr. Ron Paul’s book ‘The Revolution , A Manifesto’ where he takes the half dozen or so germane issues of today and breaks them down… the result? ‘Here’s the problem, Here’s the fix,… It’s going to hurt!! We don’t like to hear the ‘It’s going to hurt part… Do we? DB

    • Silence is Golden

      “few more months before ……”
      Lucky if they dont have civil unrest within a fortnight.
      Some large Greek banks will cease to exist in the next week or two….
      Then the skata will hit the fan.

  17. David

    Great interview. They just keep getting better. Thanks, David

  18. HTC

    Elul 29 baby. Greg, I read a report recently that said a Jewish ultra orthodox leader was calling for all Jews to return to Israel because he believes the messiah will be arriving by the end of the sabbatical year, which happens to be elul 29.(They rejected Jesus so their messiah will be the antichrist or man of lawlessness, at least until God removes their blindness) also the temple insitute apparently will be releasing some big news on July 12th. Could it be the release of plans to begin the 3rd temple construction?? Like all your guests have pointed out the 2nd half of 2015 sounds like it’s gonna be quite a ride.

    • sk

      No. Actually, Odin will arise from beneath his holy mountain, throw a thunderbolt at all nonOdinites, and let us all finally breathe free. Then he will institute Odinite banking – no private usury allowed, all interest returns to the Odinite state government for distribution. Sometimes I really think it is mentally healthier to worship the rising sun (warm, life-giving, reliable) and thunderstorms (wet, life-giving, mostly reliable) than some bloody, violent myth of old. He will also discontinue the throat-slitting of small animals. LOL

      • Grafique

        I never have understood how a person could deny the existence of THE God, when literally hundreds of prophecies from HIS book have been fulfilled to every jot and tittle.
        Still not too late. Please consider it.

        • sk

          Who gets to decide who THE real god is, Grafique? Your holy book? The first part only? The second part only? The omitted Gnostic gospels? The Muslim holy book? The Bhagavad Gita? The writings of Confucius? The American Indian ‘Great Spirit”?

          • Greg Hunter

            SK,
            You are free to believe in any god you like. For me there is only God the Father and his Son. One day we will all find out who is correct. I am betting on Christ.
            Greg

      • Charles H.

        Apart from sarcasm, sk – you may have a point. Nature itself is a statement of divine arrangement.

        “The heavens declare the glory of God; and the firmament sheweth his handiwork. Day unto day uttereth speech, and night unto night sheweth knowledge. There is no speech or language where their voice is not heard.”
        Psalms 19:1-3.

        Often starting at the right place – allows a good start to arriving to a right, and good conclusion. The sun being part of the firmament
        is part of Nature.
        And it is unfortunate that the Jews will re-institute the Old Testament Sacrificial System: because the Once-For-All perfect sacrifice has already been made.

      • susan

        I do not appreciate you sardonic comment

        • sk

          You don’t have to. No problem.

      • eddiemd

        “Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.”
        Galatians 6:7

        “23 For as I passed by and beheld your devotions, I found an altar with this inscription: ‘To the Unknown God’. Whom therefore ye worship in ignorance, Him I declare unto you.
        24 God who made the world and all things therein, seeing that He is Lord of Heaven and earth, dwelleth not in temples made with hands.
        25 Neither is He worshiped with men’s hands, as though He needed anything, seeing He giveth to all life, and breath, and all things.”
        Acts 17:23-25

  19. Chip

    KD absolutely NAILED IT! Great guest, great interview Greg. Can you make this guy a regular? One of the smartest guys out there… Chip

  20. Southern Girl

    Greg,
    Thanks for the interview. I always appreciate some one who calls it like it is. His site is great reading. He is right about how we are all being defrauded and those people should be in jail. He also is right about no one knowing the timing, but I think it is already here. I feel it in my gut…we have not hit the wall that WE can see, but we are wearing the wrong set of glasses. We will look back and say, yes it started here.

    Some one on this site said to make sure you have plenty of cash in smaller denominations. Thanks who ever that was. I have made several trips to the bank to make sure I have them.

    Monday Greg M. said it was a case of resources. He also said it was going to be catastrophic for people…some may die. He did not explain… Is it just going to be because we can’t find food or water?

  21. dbcooper

    Greg, not finished with the interview yet but GOOD so far. Some years ago I confronted Cathy McMorris/Rogers during a campaign get together and asked her if she had voted for the Warner Defense Act… ” Oh I had to vote for that!!” And at the end I stood and said” I thank you for being here today and if elected I am asking you to do two things… first is to work to rescind the Federal Reserve Act and the second is to work to prohibit Executive Order Privilege.

    Obviously Mrs. Mcmorris/Rogers was reelected and she worked to do nothing that I asked… at this point in her district she is considered to be a shill. Damned Shame.

    Yours in Faith and Liberty, FN, DB

  22. diane s.

    Wow….like Karl’s analysis.
    Thanks Greg

  23. George T. (formerley George}

    Greece will be forced out of Euro. People say that the Euro cant afford to take the loose so have to lend them MORE, are the same people you see in Vegas betting the rent money trying to get “even.” The money loaned Greece is a sunk cost. it is gone. But I do see a partial recovery by the invalidation of all Greek Euros which is easy to do. If I am owed money by a country that gives me the proverbial finger, I would do what I can to recover what I am owed and to prevent further looses, not loan them money they can never repay on top of 300 billion they can not pay now. Only a bureaucrat that has nothing in the game would think loaning more money would be the answer to a country drowning in debt and unable to repay a mountain of debt.
    My predication: Greece gone from Euro, Greece unrest as socialist paradise and land of the tax cheat, crashes and burns, and Greek Euros cancelled . Fear not

    • Silence is Golden

      Default of upto 50% of o/s Greek debt and Greece stays.
      EU /UK/ US know how important Greece is to the survival of theEU.
      The EU Banks have received their handout just like the US banks did with Lehman.
      Its now the EU Public’s problem because the Greek debt held by the EU Banks now resides in the ECB. The IMF will not be happy.
      The “tell” on this scenario is what happened with the Finance Minister ( resignation). He knew in advance what was coming down the pipeline and he didn’t agree with it.

    • G.W.B.'s net scuttlebutt

      George T., are you trying to say Greece will be allowed to burn as an example to the rest of the P.I.G.S., motivating them to do some belt tightening or be the next Greece. It could backfire and send the whole world in a tailspin of fear that they could be watching their own future along with all the belt tightening pain?

  24. Jerry

    Greg,
    Here comes the IMF’s set up for their “I told you so” moment in September.
    http://money.cnn.com/2015/07/07/investing/imf-warns-us-financial-risks/

    This is like an old girl friend telling you ” you’re jokes are starting to get stale and your clothes really suck”. You know that setup for the inevitable truth bomb “maybe we should date around”? In this case China is the new suitor, and the date is set for September. FYI the BRIC bank opened for business yesterday. You know that can the United States government has been kicking down the down the road? It just turned into a bomb with the advent of AIIB.

    Greg, its time to wakeup. The BRIC nations and China have offered the world an alternative to the financial death spiral that the Bretton Woods system ( featured by the dollar) is in, and they’re taking it. There is only so many Bonds the Feds can buy back, and only so many hidey holes (like Belgium) they can hide them in. Every magician has limit of how many rabbits can be pulled out of a hat, and the Western Banks have reached it.

    • susan

      what is with the China crash going on? Jerry, we need your comment on this.

      • Jerry

        Susan,
        it’s a temporary setback caused by the financial war going on between the eastern power brokers and the western central banks. The cyber attack on Wall Street was proof of that. The western banks pulled the plug, before the NYSE was taken down. Its not over. Just beginning. Just remember China holds the gold, while we have confetti.

    • WD

      Jerry,

      I have a good acquaintance that works for Superior Energy. Mind you were are not the best of friends but we have a very friendly relationship.

      He travels a lot to Vietnam and the far east for oil production services.

      He is telling me that he is hearing word that there have been skirmishes between Russian and American troops on the Ukrainian border.

      Jerry I want to emphasize I CAN’T VERIFY THIS!! and neither can he but he is very worried….and he say his source is credible.

  25. Wild Bill

    Greg
    I am indebted to you for all the wonderful interviews.
    Invaluable – Great Work Greg

  26. brian

    The risk of having other nations seeking to do something on the order of what Greece is doing is significant, and the consequences of this are catastrophic to the EU, as Mr. Denninger has pointed out.

    I think it likely that making a dramatic and horrific example out of Greece is of the utmost importance to those interested in maintaining some kind of centralized financial authority over Europe. I fully expect that a serious and covert effort will be made to agitate, stir up and greatly increase the number of political and economic refugees already streaming into Greece and cultivate their suffering and frustration into something that can be readily whipped up into a human maelstrom of chaos, death and misery the likes of which would send a clear and ominous warning to any other debt ridden nation seeking egress in the fashion of Greece.

  27. frederick

    On Zero hedge they always shout BTFD but Im not sure they are screaming that right now Trading has just been halted on the NYSE Cheers Greg and god bless you for what you do for “We the people”

  28. Cyrodine

    As always Greg, your guest and interviews are fantastic and most informative. Keep up the excellent work.

  29. Janet G.

    The one and only man who addresses Greece’s problem correctly is Dr. Paul Craig Roberts.

  30. Jerry

    Nope! Nothing to see here. Move along sheep. Bah….Bah…Bah….
    http://www.zerohedge.com/news/2015-07-08/dont-worry-about-nyse-if-cbip-fails-its-time-panic
    Just in case you didn’t get it, this is a cyber attack tune up for the real thing. The banking pirate’s who boarded the U.S.S. Economy a while back, needed a way to cover their tracks on the way out. I can’t think of a better way to hide theft than to erase it digitally. Can you? Thank the lord for HFT. As for the rest of U.S. WE”RE SCREWED!

    • Jerry

      Coincidence? The same day China’s market gets slammed, Wall Street pulls the plug.
      http://www.theguardian.com/business/2015/jul/08/china-stock-markets-continue-nosedive-as-regulator-warns-of-panic
      Folks its either A,B, or C.
      A. It was a beta test for a future cyber attack.(the second flash crash in six months)
      B. The banks pulled the plug to avoid taking the hit after watching Shanghai markets crash. (another fine example of market control)
      C. Somebody accidentally spilled their coffee on a computer.
      Whatever the reason, the real cause will likely rear its head again. You can count on it. As for me, I personally do not believe in coincidences. Especially ones that involve having a bankers hand up the puppet shoot of Wall Street. But if you disagree, go ahead and get in line with the rest of the sheep that are about to get sheered.

      • paul

        I would like to see the fraudulent magicians on Wall Street use their electronic glitches … EMP … main frame failures … margin calls … hypothecations … or cyber attacks … make my physical silver coin in the palm of my hand disappear!

        • paul

          More and more people are getting wise to the fact of owning physical silver outright (see attachment below) … the fraudulent silver manipulators at the CRIMEX are probably getting ready to declare a “force majore” … and therefore will not have to give people “actual silver” for their contracts but simply “paper dollars” … so the criminals are now driving the “paper dollar price” of silver downward so they don’t even have to even give away that much worthless paper!
          http://srsroccoreport.com/has-the-global-run-on-silver-begun-shortages-on-the-horizon/has-the-global-run-on-silver-begun-shortages-on-the-horizon/

          • Jerry

            Good point Paul. A pirate will still anything including silver. They have no intention of making delivery. Take the money and run, more likely.

      • Charles H.

        Jerry,

        I’ll go with – B. Nothing keeps the US propped-up but propaganda and confidence. A 1% early loss, and the plug comes out; stampede averted; go on back to making money. It’s a coup to false confidence. And, blindly, the herd will follow unquestioningly.
        Why shouldn’t Market Manipulation include Market Control? What, then, could come even after this?

        • Jerry

          Charles.
          You are so correct. Banking thieves have no honor. They’re like cats eating their young.

          • Silence is Golden

            Charles & Jerry,
            The essence of every Banker.
            What religion do they subscribe to.
            None of what they do has any degree of integrity, trust, honesty, caring, morality or sympathy.
            They are born and bred EVIL.
            They only live to USURP from the masses.
            From cradle to grave…each of us are a living, breathing debt capsule.

  31. don

    Greg, it’s convenient to blames the politicians, but they are shadowy reflections of the populace…politicians are just giving the 51% (the mob) what they want. The fact that in the long term it going to blow up is immaterial…people care about today. And there is nothing anyone can do to change that group think psychology.

    • paul

      We the people should form our own Cabal … to save America … every working family should contribute $200 dollars to the “People’s Cabal for a Better America Fund” … with 50 million working families contributing $200 dollars each … gives us a $10 Billion dollar fund with which we can “influence” our representatives in Washington to do the right thing for the people … we will not hand out bribes … we will simply threaten to use our vast resources to support a “different representative” if the current one does not act in the best interests of the American People!

      • Silence is Golden

        You would need to register that Org.
        The Red Tape will kill it in an instant.

  32. Gertsie B.

    How can people get lasting relief from governmental corruption and oppression?

    Will putting other men in office solve the problem?

    Is it not true that where there are free elections the men in power are usually voted out of office in a relatively few years? Why? A majority are not satisfied with their performance.

    Ps. 146:3, 4: “Do not put your trust in nobles, nor in the son of earthling man, to whom no salvation belongs. His spirit goes out, he goes back to his ground; in that day his thoughts do perish.” (So, any programs for betterment that rulers institute soon pass into the hands of others and are frequently abandoned.)

    No matter who the ruler is, he will still be part of this world that lies in Satan’s power.—1 John 5:19.

    Is violent revolution the answer?

    Even if corrupt rulers are ousted and unjust laws are discarded, the new government will be made up of imperfect humans and will still be part of the political system that the Bible clearly says is under the control of Satan.

    Matt. 26:52: “Return your sword to its place, for all those who take the sword will perish by the sword.” (Jesus said this to one of his apostles at a time when governmental authority was being used unjustly against the Son of God himself. For what more worthy cause could a person have fought, if that were the right thing to do?)

    Prov. 24:21, 22: “My son, fear Jehovah and the king. With those who are for a change, do not intermeddle. For their disaster will arise so suddenly, that who is aware of the extinction of those who are for a change?”

    So, what then is the answer, to the problems of corruption and oppression?

    Dan. 2:44: “The God of heaven will set up a kingdom [a government] that will never be brought to ruin. And the kingdom itself will not be passed on to any other people. [no more elections] It will crush and put an end to all these kingdoms, and it itself will stand to times indefinite.”

    Ps. 72:12-14: “He [ Jesus Christ, king of God’s kingdom] will deliver the poor one crying for help, also the afflicted one and whoever has no helper. He will feel sorry for the lowly one and the poor one, and the souls of the poor ones he will save. From oppression and from violence he will redeem their soul, and their blood will be precious in his eyes.” (His concern for such people when he was on earth—his healing them, feeding multitudes, even laying down his life for them—shows that he will truly be the kind of ruler foretold in the prophecy.)

    https://www.youtube.com/watch?v=hGjZpo2z0nk

  33. WD

    Greg,

    I really like the way he applies pure mathematics to this formula. No real guess work. But this is the formula and the math never lies.

    He shows that there is apoint of no return and that all it takes is one person to wake up.

    Thanks

  34. Southern Girl

    Greg,
    Thought some of you might just need a pick me up. . . fabulous and inspiring.
    http://www.andiesisle.com/creation/magnificent.html

  35. Wiley

    It’s absolutely true that deficit spending must and will stop at some point, but it’s also true that it cannot stop under the current debt-based fiat monetary system. Mike Maloney does an excellent job of explaining why deficit spending can’t stop in this video: https://www.youtube.com/watch?v=iFDe5kUUyT0

    When the deficit spending stops, so does the current monetary system, and those who benefit from this fraudulent system (governments, bankers, the medical/pharmeceutical industry) won’t voluntarily end it until they’ve stolen the last bit of wealth they think they can, and/or when they’ve finally run out of crooked schemes and manipulations to keep their gravy train on the tracks. I think the train is about to derail despite their best efforts to keep it running.

    In the meantime, we can “put a foot down” by refusing to support the banksters. Avoid using credit cards or electronic payment systems whenever possible, pay off loans and don’t take out any new ones, keep a minimum of funds in the bank, pay cash for purchases to the maximum extent possible and support those businesses that give discounts for paying cash, and look for opportunities to barter goods and services. A sure way to kill a parasite is to starve it. Adopt the same attitude toward the government and the medical industry which are just as parasitical as the bankers.

  36. eddiemd

    A little song for the end times.

    https://www.youtube.com/watch?v=BHUFiG1YBwc

    • Berkshire enterprises's

      Lest We Forget EDDIEMD

      “They shall not grow old, as we that are left grow old.

      Age shall not weary them nor the years condemn,

      at going down of the sun and in the morning,

      we shall remember them”

      https://www.youtube.com/watch?v=B69CquvLHgY

    • . Berkshire enterprises's

      Lest We Forget EDDIEMD

      “They shall not grow old, as we that are left grow old.

      Age shall not weary them nor the years condemn,

      at going down of the sun and in the morning,

      we shall remember them”

  37. Gertsie B.

    Should we seriously consider what the Bible says about the future of government?

    Human rulers are not providing what mankind urgently needs or even aliens from other worlds, will they be the cavalry to the rescue, if so they no-doubt would have made themselves at least known by now.

    Please consider these things, what people everywhere need, that human governments are not providing or aliens but what God has promised: (1) Life in a world free from the threat of war.—Isa. 2:4; Ps. 46:9, 10. (2) Ample food for everyone.—Ps. 72:16. (3) Comfortable housing for everyone.—Isa. 65:21. (4) Satisfying employment for all who need it, so they can provide for themselves and their families.—Isa. 65:22. (5) Life that is not marred by sickness and disease.—Rev. 21:3, 4. (6) Justice; freedom from religious, racial, economic, and national prejudice.—Isa. 9:7; 11:3-5. (7) Enjoyment of security, without danger to one’s person or property from criminals.—Mic. 4:4; Prov. 2:22. (8) A world in which qualities most highly prized include love, kindness, concern for one’s fellowman, and truthfulness.—Ps. 85:10, 11; Gal. 5:22, 23.

    For thousands of years, political rulers have been promising their people better conditions. With what results? Although the people in many nations have more material possessions, they are not happier, and the problems confronting them are more complex than ever.

    Bible prophecies have proved completely reliable

    A century in advance God’s Word foretold Babylon’s position of world dominance, also how its power would finally be broken, and the fact that, once desolated, its capital would never again be inhabited. (Isa. 13:17-22) Nearly two centuries in advance, even before Cyrus was born, the Bible foretold him by name as well as his role in international affairs. (Isa. 44:28; 45:1, 2) Before Medo-Persia became a world power, its ascendancy, its dual nature, and how it would end were all foretold. Over two centuries in advance the course of the Grecian world empire under its first king was foretold, also the subsequent division of the empire into four parts.—Dan. 8:1-8, 20-22.

    The Bible foretold in detail the world conditions of our day, and it puts us on notice that all human governments will come to their end at the hands of God and that God’s Kingdom in the hands of his Son, Jesus Christ, will rule over all mankind.—Dan. 2:44; 7:13, 14.

    Is it not the course of wisdom to heed a source of information that has proved to be so consistently reliable?

    Government by God is the only real solution to the problems of mankind

    The problems that need to be resolved require power, abilities, and qualities that no humans possess. God can free mankind from the influence of the Devil and his demons, and He has promised to do so, but no human can. God has made provision to do what medical science could never accomplish—remove sin, thus ending sickness and death and making it possible for people to be the kind of persons that they really want to be. The Creator has the needed knowledge (of the earth and of all life processes) to solve the problems of food production and to prevent dangerous pollution, but human efforts often create more problems. God’s Word is already transforming lives so that those who respond to its leading become kind, loving persons with high morals, a society of persons who refuse to take up arms against their fellowman and who live in genuine peace and brotherhood although they are from all nations, races, and language groups.

    When will God’s Kingdom clear out the present world system? Stay tuned, you have a front row seat!

  38. eddielaidler

    This is a phenomenal interview. Solid, sound and sure to pixx off any progressives who think that money grows on trees for healthcare. Eminently sharable.

  39. Evan J

    The Greek people did not receive the loans for which they are holding the bag. 90% of the loans were used to save banks who lent money they knew could not be repaid. Here’s a brilliant speech by Nigel Farage in the European Parliament supporting the Greeks for having the courage to stand up to the banksters and the elite bullying their way to a NWO. Notice the ‘No’ signs at the desks of MEPs supporting the Greek populace. I for one think we owe Mr. Tsipras a thank you for making democracy the priority and for putting this issue to a democratic vote of the people. Makes sense that the country in which democracy was born would be the first to flip the bird to the banksters and central planners, not without suffering or pain, with more to come.

    https://www.facebook.com/UKIP/videos/976145499074007/

  40. G.W.B.'s net scuttlebutt

    Chad_the_short_…

    Chad_the_short_seller’s picture

    Here’s my conspiracy theory. The US. is behind China’s crash just like they are behind Russia’s crash, so China retaliates with a cyber attack.

    I woke up

    I woke up’s picture

    Said the same thing to my brother this morning

    China Warns Russia That “State Of War” Now Exists With United States

    Posted by EU Times on Jul 4th, 2015 // 8 Comments

    The Ministry of Foreign Affairs (MoFA) is reporting today the Federation has been informed by the State Council of the Peoples Republic of China (PRC) that a de facto “State of War” now officially exists between that Asian nation and the United States of America

    http://www.eutimes.net/2015/07/china-warns-russia-that-state-of-war-now-exists-with-united-states/
    Tall Tom’s picture

    At this point it will not be that difficult to paint the United States as the villain in their[china’s] economic hardship. World War III is a lot closer than you may think

    Remember this quote from Hermann Goering?

    “Naturally the common people don’t want war: Neither in Russia, nor in England, nor for that matter in Germany. That is understood. But, after all, IT IS THE LEADERS of the country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist dictatorship. Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is TELL THEM THEY ARE BEING ATTACKED, and denounce the peacemakers for lack of patriotism and exposing the country to danger. IT WORKS THE SAME IN ANY COUNTRY.” –Goering at the Nuremberg Trials

    It is the sad truth, isn’t it?

    Think how funny it would be if China used the US as a scapegoat in their current crash, as in “we are now suspending the market activity due to unwanted foreign influences / manipulation.” Done.

    Would be a lot of very pissed off Chinese (at U.S.) and it would automatically relieve the Chinese Gov. of certain er….. issues with the fallout of a true economic crash. Nothing stopping them from doing this (cause Beijing can literally do anything they want anyway).

    As it is their current landing has gone from ‘soft’ to ‘hard, painful and very messy.’

  41. Sayonara

    Greg:
    In all seriousness, you pick the best people to interview in light of timing and circumstances. The Denninger interview was outstanding. He lays his observations very concisely. I can’t thank you enough for the critical information that you and your guests have provided. It has enabled me to position myself and my family to hopefully weather out what will be a certainly will be a Category 5 financial implosion. The seas are starting to get rough and the winds are certainly picking up.

    • Greg Hunter

      Thank you Sayonara for the kind words and the “Category 5 financial implosion” description which may be underrepresenting what is to come. Maybe there should be a “Cat 6”?
      Greg

  42. Don

    Dear Greg, though I believe Mr. Denninger is right about, those who perpetrated this fraud both in Europe and America should go to jail, we know that will never happen. The ones that have control of the fiat currency printing presses also control political policy and thus pass laws to protect themselves while they bleed the nations of the real wealth. The fiat system was created for that reason. The west fiat system is a perpetual debt machine. That’s what it was created to be. As you know, in 1912 the fed was created in the middle of the night, and a year or two after that, federal tax became law to pay the 6 percent interest on the nations debt. How convenient for the private banking cartel, now every person would be taxed from all the GDP of the nation produced by the labors of the people and paid to the cartel that was allowed by law to print unlimited amounts of money, that cost them nothing. When a country wants to spend more than it can produce for war, government, and the like, history proves they use money debasement, which is taxation through inflation, to accomplish the task. The only way these things can be corrected is go back to real money. It stops out of control spending, it holds inflation at bay, and gives true value to domestic product, it allows the public to save with reasonable returns, without inflation eating it away. When the money itself has a set value all markets are stable and free market sets prices, with supply and demand. We simply have to dethrone the money printing cartel, and take the presses away. This whole system is unconstitutional, only congress has the right to coin money. They are holding the nations hostage. The leaders of the Euro union are mostly old goldman sachs people and the IMF, ad BIS are just as bad. They are at the helm of the NWO, along with the Vatican. The big five banks, in coordination with the fed. and the secretive groups like CFR, have created a shadow government both here and Europe, and this is there money system, used to bring in the NWO. Good job on interview, may the Lord bless

    • Greg Hunter

      Don,
      Thank you man and I will not give up exposing the truth. “Fear Not.”
      Greg

  43. vincent_g

    China market is down 40% from it’s recent high.
    This is not something small.
    You don’t ignore the second biggest economy and worry about one of the smallest economies in the word.
    Greece is in trouble but if they leave the Euro or not will make little difference in the big picture short term.

    On the other hand China which is a major story will have a direct effect on us and it will be soon.

    Not long ago we seen that China was shipping far less than normal.
    The Chinese market is now catching up with reality.

    The reality of our Market is highly questionable and pulling the plug for 4 hours will not hide the fact it will have to follow the same path.

    They may have prevented the automatic computer selling due to the so called glitch but you can’t pull the plug on people.

  44. dee garmon

    Indeed, they all have to go to jail before anything else is done.

  45. Richard

    Why is it that people like Denninger in talking about our unsustainable debt problem never even mention the billions and billions of dollars spent on the military-industrial security complex. The vast majority of which is completely wasted and unnecessary. No, it’s always Medicare/Medicaid (and usually Social Security). Ironically Greece also spends an inordinate amount of its GDP on the military, but this is never mentioned in discussions of its problems.

  46. don

    I’m not seeing how this can go another 7 years. World debt skyrocketed from 140+ trillion in 2007 to 200+ trillion today…in 7 years it will blow past 250+ trillion. If a 140+ trillion wrecked the financial world, can it really hold together until it hits 250?

  47. Tim B.

    Thanks for having KD on again. His interviews ALWAYS get a 2nd listen with me. I think a good idea for a program would be more about the health insurance industry anti-trust law exemptions and/or lack of such enforcement. This huge misallocation of resources and its negative consequences do not seem to be a big issue among politicians or the media.

    • Charles H.

      Tim B,

      “Settled Politics”

  48. Steven R

    Chance that the medical monopoly is ended? ZERO – 0%
    Chance that our government stops deficit spending? ZERO – 0 %
    Chance that no matter who is elected the country will continue on its current path?- 100%
    Chance it will all blow up in our face? – 100%
    Nothing any of us can do about the things Denninger is advocating our elected officials are bought and paid for so prepare the best you can for a collapse of our economy and dollar…

  49. Andrew de Berry (Rev)

    Great post southern girl. Thanks, A

  50. Ross Herman

    Unfourtunately the “law” now is only directed aginst the enimies of the state, like you and me (regular Joes) and none of the true vilans are never punished. Our country is doomed if people like, Eric Holder, Hillary Clinton, Lois Learner, are never held accountable and imprisoned and/or hung. Personally I would love to see a criminal zoo where I could pay a token to see Obama in a small transparent cage. We would then have our country back!

  51. Jerry

    Greg,
    This is my DAH post of the week.
    http://www.wsj.com/articles/imf-sees-2015-global-economic-growth-at-weakest-rate-since-financial-crisis-1436446905

    My question was, what was your first clue? And these people control the worlds economic system? YIKES!

  52. Faith

    I agree with everything said by this guest. Goldman Sachs and Deutsche Bank were able to con the previous Greek finance minister who is no longer in office. The sad reality is that the bad debts of these businesses are being pawned off on the citizens of Greece.

    The US is also being propped up in a number of ways and when the US markets implode or are no longer able to be propped up it will make 2007-8 pale in comparison.

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