The Economy Is In A Death Spiral, Prepare For The Big Event – Episode 711

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Economy In A Death Spiral
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Greek banks will now stay closed until Friday. Greece asks for a bailout from the central bankers. Greece is preparing an alternative currency, some business are using the drachma to price their goods. Victoria Nuland visited Athens in March, is there a coup planned in Greece. Microsoft lays off 7800 employees. NYSE shuts down for 3 hours plus on a computer glitch. The economy is in a death spiral and the big event will hit the U.S. to bring the economy down and it will start WWIII. BRICS will bypass the dollar and trade in their own currency. FBI wants access to everyone’s encryption even if it violates your rights. Ukraine is ready to default by the end of July. Libya’s peoples government rejects the UN peace plan. BRICS may rebuild Syria’s infrastructure.

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Current News – 07.08.2015


Third Bank Holiday Keeps Greek Banks Closed Until Friday

  • After the Greek government had promised that banks would open on Tuesday, July 7, a second bank holiday extension was officially announced on Wednesday. Banks will now remain closed until Friday.


Greece Caves, Formally Requests ESM Bailout

  • Greece officially submitted a request for a three-year loan facility from the European Stability Mechanism also promising to implement tax reform, and pension measures at the beginning of next week, which had been the biggest sticking point in negotiations for the past 5 months. And to think Syriza’s main election promise was no more bailouts and the Greek people resoundly said not to just this over the weekend.


Greek creditors have Grexit scenario ‘prepared in detail’

  •  Greece’s creditors say they have prepared a detailed scenario for a so-called ‘Grexit’, should the country leave the euro single currency.
  • “The Commission is ready for everything. We have prepared a Grexit scenario in detail… a humanitarian scenario and the scenario for keeping Greece in the eurozone,” the European 


Greece Preparing “Alternative Currency”, Kathimerini Says

  • On Tuesday, Latvia’s central bank chief   called the introduction of a new currency in Greece the “most realistic scenario.”
  •  Greece will be forced to return to the drachma or will at least be compelled to issue some manner of scrip in the face of an acute cash shortage and a worsening credit crunch which together threaten to leave government employees in the lurch and cut off the flow of imported goods. 
  • Sure enough Latvia’s central bank chief says the Greek government is indeed preparing for the launch of an “alternative currency.”


It Has Begun: Greek Businesses Now Listing Prices In Drachma

  • “According to reports, the … parallel currency design process has begun.
  • Greek businesses do not appear to be waiting for the official word from Athens to fall back on euro alternatives.
  • The image below was sent in by a tourist who went to a cafe in Greece where the menu prices are now back in Drachma:

Planned US Coup in Greece?

  • Washington’s geopolitical strategy when bullying fails is either assassinating independent leaders, color revolutions, military coups or naked aggression.
  • Wherever neocon Assistant Secretary of State for European and Eurasian Affairs Victoria Nuland shows up (Hillary Clinton’s handpicked choice for the job), trouble usually follows.
  •  she’s “in charge of warmaking in Europe.” Her notorious involvement in Ukraine’s February 2014 coup is well documented.
  • According to Helmer, she gave Tsipras two ultimatums in Athens last March – surrender to Troika demands and remain allied with US-dominated NATO’s anti Russian agenda.”
  • Does Finance Minister Varoufakis’ resignation signal a coup detat.


Hallmark will close its distribution center in Enfield – up to 570 Layoffs

Microsoft Fires 7,800: Second Biggest Mass Layoff In Its History


Department Of Labor Announces Raise For Overtime Threshold

  • The DOL recently proposed raising the overtime threshold from $23,600 to $50,400 making this only the second time they’ve addressed the issue since 1975
  • The Obama administration estimates the new proposal will put up to $1.3 billion “in the pockets of workers” and will create more jobs, as well as provide people with more disposable income. Other advocates of the proposal state it will greatly benefit at least 11 million workers. Critics, however, claim the adjustment won’t have nearly the effects the administration is counting on.
  • So what are they trying to do, it seems they are trying to get people to spend, if its cheaper to higher additional workers instead of paying overtime, the government wants this to help the unemployment numbers. This will not help the full time good paying jobs, this will help give people another part time job.   .


The New American Dream: No Jobs For The Young, No Retirement For The Old

  • A number of striking features pop out of this chart:
  • 1. Employment in the 16-19 age cohort has been dropping for 35 years, and fell off a cliff in 2008.
  • 2. Employment in the 20-24 and 25-54 age cohorts topped out in 2001 and has yet to recover the pre-recession levels of 2008.
  • 3. The only age cohort with employment growth since 2000 is the 55 and older group


All Trading Halted On NYSE, White House Monitoring Outage, Passes 1 Hour Mark

  • (1 of 3) The issue we are experiencing is an internal technical issue and is not the result of a cyber breach.
    — NYSE (@NYSE) July 8, 2015
    * * *
  • The New York Times, citing floor trades, said new software to blame…


Anonymous ‘predicted’ NYSE trading incident in 7 July tweetDid Anonymous predict NYSE trading incident?

  • Anonymous sent a curious tweet yesterday at 11:45 p.m. ET in which it wondered aloud if there’d be a disruption today on Wall Street. “Wonder if tomorrow is going to be bad for Wall Street…. we can only hope.”

And Now The Wall Street Journal Is Down

  • Things are starting to get interesting. First UAL, then ZH, then the NYSE, and now the WSJ



Nationwide Computer “Glitch” Grounds All United Airlines Flights



A cyber attack on the US east coast could cost economy $1 trillion

  • A cyber attack which shuts down parts of the United States’ power grid could cost as much as $1 trillion to the U.S. economy, according to a report published on Wednesday
  • The report from the University of Cambridge Centre for Risk Studies and the Lloyd’s of London insurance market outlines a scenario of an electricity blackout that leaves 93 million people in New York City and Washington DC without power.The scenario, developed by Cambridge, is technologically possible and is assessed to be within the once-in-200-year probability for which insurers should be prepared, the report said


FOMC Minutes Suggest September Rate Hike Despite Global Turmoil

BRICS to switch to national currency settlement soon – VTB head

  • BRICS countries will definitely start using their local currencies for mutual settlements quite soon,
  • “We definitely see a growing interest from the countries to make settlements in local currencies,”



FBI chief pushes for encryption ‘back door’ despite tech experts’ opposition

logo3Encryption/Ciphers have been around for thousands of years, this nothing new. What the government really wants is for each one of us to give up our rights.  Remember what Benjamin Franklin said “Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety”
  • Encryption is a threat to public safety, the FBI director argued before testifying at a Senate hearing. Crypto experts and the tech industry oppose demands by US officials for “back door” keys to encrypted software as both harmful and impractical.
  • , FBI Director James Comey argued that “to protect the public, the government sometimes needs to be able to see an individual’s stuff,” though only “under appropriate circumstances and with appropriate oversight.”


  • Director Comey won’t present the other side of the argument—the risks associated with ensuring government access to encrypted communications.
  • By weakening security systems by forcing companies to hold an encryption key will undermine rather than enhance our security.
  • First, ensuring government access to encrypted communications means that devices, apps and services have a built-in vulnerability for anyone to exploit. This is true whether the company holds the key or gives it to the government. The existence of an encryption key in the hands of someone other than the end user greatly increases the risk that those communications can be compromised.
  •  Other nations use that access to target their political opposition, human rights activists, and journalists, all in the name of their own internal security.


Are You Ready For The e-PATRIOT Act?

  • On June 4, the Office of Personnel Management (OPM) revealed that hackers had penetrated its networks, possibly for many months. The data thieves stole personal information of up to 18 million current and former federal government applicants and employees.
  • And Obama wants Congress to pass a bill to strengthen federal cybersecurity legislation. In April, the House passed its version of the bill and sent it to the Senate. Only a few days after the OPM hack, Senate leaders tacked on the Cybersecurity Information Sharing Act (CISA) to a defense bill to avoid debate on the measure.It didn’t work – the Senate failed to advance the legislation.
  • It’s no wonder they didn’t want a debate. it creates a back-door channel for government agencies to retrieve, analyze, and store enormous volumes of personal data. And since information sharing would be voluntary, the government would be able to obtain all of this information without a warrant. Think of it as an “e-PATRIOT Act.”



Is Ukraine The Next In Line For Default?

  • Around the end of July, approximately $15.3 billion dollars of bonds will be due to be paid to a wide variety of creditors – government, IMF, and private holders. On July 26, however, Ukraine will be unable to pay the money it owes to those creditors. Indeed, another curious aspect to the looming Ukrainian default is the apparent haggling and scrambling on the part of the IMF to ensure that the country continues to implement austerity, pay its private creditors (except Russia), and pay the IMF while staying afloat, at least on paper .  Why is the Ukraine not a big deal, Ukraine is a necessary component to the Western strategy of aggression against Russia


Russia to Launch Space Based Missile Warning System

Russia: Iran to join SCO after sanction lifted

  • Iran will join the Eurasian economic, political and military bloc, the Shanghai Cooperation Organization (SCO), after sanctions are lifted on the country 


Libya’s Tripoli assembly rejects UN peace plan, urges talks

  • The parliament based in the Libyan capital Tripoli has rejected a UN proposal to settle the nation’s political crisis but has expressed the desire for more talks towards an accord with its rival assembly in eastern Libya.
  • “This draft accord is not the satisfactory state (necessary) for us to initial it,”


Syria ratifies $1B credit line from Iran: state agency

  • Syrian President Bashar Assad has signed a law ratifying a $1 billion credit line from top regional ally Iran  


BRICS Bank May Provide Reconstruction Aid to Syria

  • The New Development Bank (NDB), a multilateral development bank started by the BRICS member states, will consider providing reconstruction aid to Syria and other war-torn countries across the world, Kundapur Vaman Kamath, the newly appointed chief of the NDB, told Sputnik News.


Syrian Army Launches Operation to Liberate ISIL-Occupied Palmyra

  • Syrian armed forces are moving toward Palmyra, which is currently under ISIL control, with the goal of liberating the historic city, a military source said Wednesday.


Putin insists that no one has the right to ask Assad to resign

  • Vladimir Putin has insisted that Bashar al-Assad is the “legally-elected” president of Syria and no one is entitled to ask him to resign.


‘ISIS hackers’ take down Syria war monitor site

  • Hackers claiming to be affiliated with ISIS took down the website of the Syrian Observatory for Human Rights monitor Wednesday and threatened its director.
  • The group calling itself the Cyber Army of the Khilafah (Caliphate) replaced the front page of the war monitor’s site with a photoshopped image of the Observatory’s director and text threatening him.


False Flags

U.S. Senate Wants to Censor “Terrorist Activity” on Social Media Sites

  • The Senate Intelligence Committee has approved a new measure which would force social media sites such as Facebook, Twitter, and YouTube to report content that is believed to be connected to “terrorist activity”.
  • The bill would require any online company that “obtains actual knowledge of any terrorist activity . . . shall provide to the appropriate authorities the facts or circumstances of the alleged terrorist activity.”
  • senior counsel for the Center for Democracy and Technology, believed the measure would erode privacy in the name of fighting terrorism.


US senate committee wants Twitter, Facebook to report ‘terrorist’ posts

  • America has inched another step towards privatising some of its snooping to Internet companies.