Imagine you live in a prosperous country, with a lovely climate, beautiful beaches, blue seas. But there's something funny about this country. It doesn't have a functioning banking system.
You can put money into your bank, but you can't get it out again. At least you can, through ATMs, but only in very small amounts.
If you have money on deposit, you can't take the money out and close the account. And if it's a time deposit, when it reaches the end of its life, you can't have the money to spend. You have to roll it over into a new deposit.
You can't cash a cheque in a high street bank. You can't pay bills in a high street bank, either. And no high street bank is lending any money, so if you want a loan, forget it. In fact high street banks are not much use.
Your employer pays you in cash, because there are no electronic payments. Which is just as well, really, because you need cash. There are no automated payments such as direct debits, so you pay all your household bills in cash. Credit and debit cards are no longer accepted anywhere, so you buy all your shopping and petrol for your car with cash. You can't make phone or internet purchases.
If you have more than one account, you can't transfer money between your accounts. If only one of your accounts has ATM access, once that account is empty, you are stuck with no money.
The US deficit is huge and growing. The economy is so terrible there is a lost generation of young people, many of whom are jobless and sleeping on the streets and yet there is still the political will to increase the military budget. I wonder how big the deficit would be if they had to pay Greek levels of interest rates on their borrowing instead of printing money....
by Susanne Posel October 30, 2012 (TSR) - Last week, gold fell below $1,700 an ounce. This prompted caution in the metals markets as the Federal Reserve Bank continues its purchases of the mortgage-backed securities.
So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan.
Water and sanitation are chronic problems in Yemen, where, on average, each Yemeni only has access to about 140cu.m. of water per year for all uses. (The Middle East average is about 1000cu.m. per person per year.) ...
Spain feels debt heat, Greece way off bailout termsReutersPrime Minister Antonis Samaras said Greece's economy could contract by more than 7 percent this year, pushing debt-cutting targets further out of reach, but he pledged to stay the course.
The Greek economic crisis is employed as a metaphor scaling the levels of local experience and international anxiety. I have worked in Trikala, Thessaly, central Greece, since 2003 as an economic and historical ...
"My name is Petraeus. David Petraeus. Move over, Bond, with your Skyfall; this is the real deal, a certified political/national security blockbuster to end them all.
This is how Hollywood would market it; "He had the nation's highest security clearance. But above all he was an embedded lady killer."
Now for the casting. Daniel Craig could easily play The General, although The General would rather teleguide a Hellfire than an
Aston Martin, and wear a "fruit salad" (as in myriad decorations) instead of a killer Tom Ford suit. Demi Moore - sultry as ever - could play "Paula". Assorted Iraqis and Afghans would play "collateral damage". (...)"
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss how central banks around the world are buying gold and Germany starts to wonder if their gold bar are safe in the Federal Reserve.
By Vestnik KavkazaKonstantin Sivkov, first vice-president of the Academy of Geopolitical Problems, Captain, member of the Communist Party, has recently stated his position on the Middle East developme (Why is the West fighting for Syria?
The siege of Bani Walid, Libya’s ongoing political instability, and the alleged torture of Gaddafi loyalists has left the country a far cry from the vision that western powers had when they supported last year's NATO bombing.
There is one simple difference between all the European victims of financial crisis and the lucky countries that are given a free pass by investors, despite their even bigger deficits and worse banking crises.