Update 1: Slow burn, as USPS halts retirement fund payments. One more step down into the mire.
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Like a fresh bandage applied to a festering, gangrene infected wound, yesterday's Vote of Confidence in Greece bought them nothing more than another day. As with all recent events, the actions taken by TPTB have done nothing to correct the root cause of the problem, but rather postpone the inevitable - and like a limb infected with gangrene, the only course of action is amputation. For another day, of course.
Although the Vote of Confidence passed as we expected, the real obstacle will be the people, whom we see not sitting down so quietly to the new and exponentially harsher austerity measures. As Occupied London said after yesterday's historic vote, "people are more and more enraged." And rightfully so.
Of course, the gov't of Greece could vote with the people and go the Icelandic way - or the Egyptian way, as they decline an IMF World Bankster "loan" because it does not fit the best interest of the people. Bailing out banksters is never compatible with any nations interests.
Little wonder then, with the Greek people losing all faith in their gov't and the monetary system (in preparation of the return to the Drachma), the Greek people are buying record amounts of gold and silver; certainly, a very prudent decision for all citizens of the world, when runaway inflation is one flash crash or bank run away. In the U.S., "quantitative easing" might be winding down for now, but that does not mean stealth money injections won't continue in some form or another after July 15th. As the horrific economic news continues to roll out in gigantic plumes like the radioactive smoke spewing out of reactors 1, 2, 3 and 4 in Japan, we can be certain that no matter how devastating the consequences of continued "quantitative easing" are, they will always choose that option. When you paint yourself in a corner (see article here), you have no other choice but to throw in the towel.
In the U.S., the situation is just as bad if not worse than Greece. Yesterday, we reported that by the year 2014, every household in the Euro Zone will owe $2,100 towards Greece. In Chicago, every household now owes a $63,525 to cover local government debt, according to a new report by the Cook Country Treasury. In some areas across the U.S., that level is even higher. Can you see the debt death spiral? This is occurring globally and escalating rapidly as TPTB desperately try to keep the house of cards together.
Speaking of keeping the house of cards together, the news out of Fukushima is worrisome. We begin with an excellent must watch interview with Dr. Michio Kaku, who exposed the lies on CNN when he said:
In the last two weeks, everything we knew about that accident has been turned upside down. We were told three partial melt downs, don’t worry about it. Now we know it was 100 percent core melt in all three reactors. Radiation minimal that was released. Now we know it was comparable to radiation at Chernobyl.
We knew it was much more severe than they were saying, because radiation was coming out left and right. So in other words, they lied to us. In New York City, you can actually see it in the milk. You can actually see it has iodine, 131, actually spiked a little bit in our milk in New York City, but it is very small.
Just even hearing that, though, even hearing that you can detect it, that there’s a catastrophe, worst industrial catastrophe in history, we can see it in milk in New York, that’s frightening.Perhaps more frightening is the fact that 30 workers are unaccounted for and 56 workers could not undergo radiation tests due to illness. In other words, the upwardly revised "safe" limits of radiation exposure are not so safe after all. As this write up in ex-SKF shows, the cover ups are beyond disgusting - they are immoral and will result in the deaths of tens of thousands of people. Another must read.
It's interesting to note, TEPCO recently sent in some new workers to inspect reactor 2. In the 10 minutes they spent there measuring radiation, they each had received between 2.16 and 5.52 millisieverts of radiation. We're almost 4 months into this catastrophe and they have yet to finish taking readings due to the high levels of radiation we see. Until they can entomb this whole complex, radiation will continue to poison the earth - the oceans, the air, the food chains and especially, you and I.
In the big picture, it makes having the latest iPad, inconsequential.