L. A. Marzulli
There will be no more IMF lending after the failure to repay the debt. And for the first time since 2010, Greece is now without a eurozone and European Central Bank package keeping it afloat. The country goes to the polls on Sunday in a referendum called by Tsipras at short notice to vote on whether to accept creditor bailout terms, even though these are no longer on the table.
But on every business day of June–as on every business day for the last 15 straight weeks–the Treasury reported that the federal debt subject to the legal limit set by Congress closed the day at $18,112,975,000,000.
I was watching the news at the airport yesterday as my plane, from my undisclosed location, was delayed for four hours. The lead story was the capture of the escaped convict who looked like a hunted animal. I was disgusted as the law enforcement guys were posing for the camera like they had just bagged a 7 point buck. The man was incarcerated for a heinous crime, I get that, but the picture was disgusting.
Distraction? You bet. Greece has defaulted on its loan, banks are shut down, ATM’s aren’t coughing up funny money, and basic goods are vanishing.
Is the Greek default the beginning of a global financial meltdown? It may be and guess what folks can you imagine the chaos, anarchy and lawlessness if it happens here in the USA?
Perhaps the Jade Helm Military exercise is training for the coming chaos. The link to the story above tells us that our national debt has been frozen for 15 weeks at 18 TRILLION! Most Americans don’t give this a second thought, and go about their daily lives like all is well but let’s try put this in perspective.
If Mr. Phelps has a business and never makes a profit but keeps going to the bank every year to borrow more money would he get a loan after let’s say 7 years of losses? Would any banker in their right mind—there’s an oxymoron for you—loan Mr. Phelps the money? Yet, our bloated-wasteful-out-of-control-US-government, does just that. It continues to borrow money it can never repay to keep going.
Last week the “inmates” passed Obamatrade, of course they didn’t need to read what was in the bill as they experienced a transcendental download, while in a dream state, that informed them of the Bills contents! A Vulcan mind meld if you will!
Our currency is worthless and like Greece, at some point our chickens will come home to roost, as the late Dr. J. Vernon, McGee was found of saying.
In closing todays post. Several years ago the people who lived on the island of Cyprus awakened one morning to discover their savings accounts had been raided by their own government! Think it can’t happen here? Think again. So what do we do. Investing in silver or gold is one option, but basic necessities like coffee, sugar, bottled water and soup can become valuable if and when we experience financial collapse. We are living in a house of cards with 18 TRILLION dollars in debt. Watch what Ron Paul has to say about it….