Global Debt Time Bomb explodes soon

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Re: Global Debt Time Bomb explodes soon

Post by TacAir » Sun Dec 29, 2019 11:38 am

" which could lead to a rush into cash."

And the TAX man does not like folks dealing in cash - too hard to get their cut of the vig.

Right now the local banks pay about 1/2 of 1% "interest' on saving deposits. If it drops any farther, it will be cheaper to go cash and hide in a mattress.... As it is now, the bank is just a somewhat safer holding tank for your $.
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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sun Dec 29, 2019 11:52 am

Repo Market: Will Year End Doomsday Trigger DOLLAR COLLAPSE?!? (Doom porn de jour)

https://www.youtube.com/watch?v=hXyMn8s0lEE

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sun Dec 29, 2019 6:04 pm

Jim Rickards Warns That Tsunami Of Debt Could Upend The Economy

https://www.zerohedge.com/markets/jim-r ... nd-economy

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Re: Global Debt Time Bomb explodes soon

Post by MPMalloy » Mon Dec 30, 2019 11:06 pm

Most of this knowledge is lost, but not all.


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Re: Global Debt Time Bomb explodes soon

Post by Zed Hunter » Tue Dec 31, 2019 11:29 am

My mother's family were considered well off. Her father worked for Sunray DX oil at the Tulsa refinery. But she had stories of the dust boll and farmers losing their farms, soup kitchens, etc. Debt was considered socially unacceptable. Only the truly desperate borrowed, and it usually turned out for the worst.

Mastercard and Visa etc started our society down the road of personal short term debt. I'm 65 and am just now making inroads towards paying off my credit card debt. Maby before I die.

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sat Jan 04, 2020 6:15 pm

Lebanon needs a $20-$25bn bailout, says former economy minister

https://www.aljazeera.com/ajimpact/leba ... 42245.html

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Re: Global Debt Time Bomb explodes soon

Post by MPMalloy » Sat Jan 04, 2020 6:29 pm

absinthe beginner wrote:
Sat Jan 04, 2020 6:15 pm
Lebanon needs a $20-$25bn bailout, says former economy minister

https://www.aljazeera.com/ajimpact/leba ... 42245.html
Go see that guy in the alley behind the pool hall. I hear he can also get used radio parts. :P

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sat Jan 11, 2020 11:41 am

World’s super-rich are hoarding physical gold in secret bunkers

https://www.rt.com/business/476400-worl ... ding-gold/

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Re: Global Debt Time Bomb explodes soon

Post by TacAir » Sat Jan 11, 2020 1:45 pm

The Russian Times is an interesting outlet. For "news" not related to Russia or Russian interests, they are surprisingly honest - by comparison to other media outlets.

Texas recently passed a new law for a gold depository.

Texas lawmakers signed off on building the country's first state-backed gold depository in 2015 after the project was reworked to ensure a private firm would absorb all the costs. Gov. Greg Abbott said at the time that the project would allow Texas to “repatriate” gold from New York.

The FedGov tax folks are unhappy with this.....
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Re: Global Debt Time Bomb explodes soon

Post by TacAir » Sat Jan 11, 2020 1:54 pm

Speaking for gold - some history


https://www.usmint.gov/news/inside-the- ... me-of-1873The “Crime of 1873” | U.S. Mint

A short piece on the demonetization of silver, movement tot he gold standard and gives a clue on why returning to the gold standard is just not possible today owing to the current (non) value of FRN.

Non-political history worth the few minutes to read. This happen more than a couple of lifetimes ago, but we (US) is still living with the fallout.

see also
Sherman Silver Purchase Act
Bland-Allison Act of 1878
and
Specie Payment Resumption Act of 1875:
After the War of Northern Aggression (CWI) , the debtor elements, desiring inflation, wanted the greenbacks to remain in circulation and for new notes to be issued. Conservative forces, abhorring inflation, opposed these schemes and wanted all paper currency to be backed by gold.

Under the Funding Act of 1866, greenbacks in circulation were gradually reduced to $356 million on February 4, 1868, when further retirement was ended. The amount was temporarily raised to $382 million by 1872, but Grant vetoed the Inflation Bill, intended to increase the circulation of greenbacks permanently to $400 million.

On January 14, 1875, a Republican lame-duck Congress passed Senator George Edmunds' Specie Resumption Act, which provided:

That the U.S. Treasury be prepared to resume the redemption of legal tender notes in specie (gold) as of January 1, 1879
That gradual steps be taken to reduce the number of greenbacks in circulation
That all "paper coins" (notes with denominations less than one dollar) be removed from circulation and be replaced with silver coins.

Despite opposition from the Greenback Party, specie payments were resumed on the appointed date. The dire predictions of citizens storming the banks to demand gold for the greenbacks never occurred. As 1879 approached, the government prudently increased its specie reserves and the public became convinced that their paper notes were "as good as gold."

So-called "Bank runs" would become common later in time.....
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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Thu Jan 16, 2020 9:30 am

Lebanon’s bond-swap dreams shattered as rating firms warn of default

https://english.alarabiya.net/en/busine ... fault.html

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sun Jan 19, 2020 1:55 pm

Syria’s Assad ups penalty for payments in foreign bills

https://english.alarabiya.net/en/busine ... ills-.html

Syria’s President Bashar al-Assad on Saturday increased the punishment for transacting in foreign currencies to seven years hard labour, the presidency said, after the Syrian pound plummeted on the black market.

A new decree “upped the penalty for anybody who deals in anything other than the Syrian pound for payments, or any kind of commercial transaction”, it said.

The punishment was increased from up to three years detention to seven years hard labour, as well as a fine, the presidency said in a statement.

Alongside the use of foreign currencies, the punishment would also be applied to transactions paid in precious metals, it said.

The Syrian pound has sunk to 1,200 to the dollar on the black market in recent weeks, despite an official exchange rate fixed at 434 to the greenback.

Before Syria’s civil war broke out in 2011, the rate stood at 48 pounds to the dollar.

Syrians are alarmed by record hikes in key staples such as sugar and rice, while blackouts in government-held areas have increased over fuel shortages.

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Re: Global Debt Time Bomb explodes soon

Post by raptor » Sun Jan 19, 2020 4:45 pm

The cynic in me says that thiseas done so that the PTB could raise the bribe amount required to look the orher way for this activity.

Just another form of inflation.

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Tue Jan 21, 2020 6:20 am

Global markets are in the red as Chinese virus spreads.

https://www.marketwatch.com/story/bank- ... op_stories

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sun Jan 26, 2020 12:29 pm

Weekly Commentary: Coronavirus and the End of Boom and Bust

http://creditbubblebulletin.blogspot.co ... d-end.html

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Re: Global Debt Time Bomb explodes soon

Post by Asymetryczna » Sun Jan 26, 2020 1:17 pm

Thread begun February 2010. Aha, yes. Buy Hal Lindsey's Books!
It's not what you look at that matters, it's what you see.
Henry David Thoreau

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Re: Global Debt Time Bomb explodes soon

Post by boskone » Sun Jan 26, 2020 3:15 pm

Really gotta buckle down and get this place sold.

Nice (efficient) house, good price (and I could probably keep it up at barely above minimum wage), but if the bottom falls out it's just a boat anchor to economic mobility.

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Wed Feb 12, 2020 10:05 pm

Lebanese customers feel currency squeeze as dollar crisis worsens

https://english.alarabiya.net/en/webtv/ ... rsens.html

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Wed Feb 12, 2020 10:06 pm

U.S. Household Debt Exceeds $14 Trillion for the First Time

https://finance.yahoo.com/news/u-househ ... 03784.html

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Wed Feb 12, 2020 11:00 pm

Financial Expert: The End Game Is Unfolding Before Our Eyes

By Spiro Skouras

On the heels of President Donald Trump’s annual State of the Union speech — where the president declared the US employment numbers, the stock market and the economy in general are doing better then ever! — a financial expert has come forward to provide his current State of the Union summary, and it is quite different that what we witnessed on Capitol Hill.

In this interview, Spiro is joined by financial expert Gregory Mannarino to discuss the true state of the economy and the current monetary/financial system, as we see the central banks manipulating the markets at all costs to prolong the next global financial collapse.

https://www.activistpost.com/2020/02/fi ... fqT4R6ugaQ

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Thu Feb 13, 2020 4:41 am

David Rosenberg: This turbocharged debt cycle will end miserably — it’s just a matter of when

https://business.financialpost.com/inve ... er-of-when

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Wed Feb 19, 2020 8:56 am

Lebanon’s central bank is investigating transfers of money out the country

https://english.alarabiya.net/en/busine ... untry.html

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Wed Feb 19, 2020 8:57 am

Tragicomedy

https://northmantrader.com/2020/02/18/tragicomedy/

We’re all frogs getting our perception of reality boiled in the pot of price perversion central banks have unleashed on the world.

A tragicomedy of epic proportions continues to unfold in front of our own eyes. On Friday global markets again closed at record highs and this week everybody is already crying again for more stimulus and central bankers across the world are too eager to oblige.

Having jammed markets already to a record 158% market cap to GDP by Friday on non stop interventions since the December 2018 lows, all in the name of preventing the next recession, central bankers self admittedly have precious little new ammunition left should a global recession unfold.


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