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The First 12 Hours of a US Dollar Collapse
Analysis confirms that the danger of Iranian nuclear weapons far exceeds the danger of eliminating those weapons before they come into existence.
Mr. Eisenstadt and Mr. Knights expect a short phase of high-intensity Iranian response, to be followed by a “protracted low-intensity conflict that could last for months or even years” – much as already exists between Iran and Israel, (Source: Washington Times).
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Europe’s financial crisis lurched into a perilous new phase as dire predictions emerged of a collapse in Greece’s economy, with a run on its banks bringing an inevitable end to its membership of the euro.
The statistics agency data showed unemployment rose from 20.7 percent in the previous quarter and 15.9 percent in the same period in 2011. Greece is now fast approaching the jobless plight seen in Spain, where unemployment hit 24.4 percent in the first quarter.
Young Greeks in the 15-24 age group the jobless rate was 52.7 percent, the data showed, up from 39.6 percent in the same period a year ago.
As the Greek jobless rate hit 22.6 percent in the first three months of the year – double the euro zone average.
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NERVOUS Greeks are withdrawing up to 800 million euros ($1.01 billion) a day and stocking up on canned food as they fear the country will be forced to leave the eurozone after this Sunday’s election.
Greek citizens fear the ramifications of a return to the country’s previous currency, the drachma, if the radical left-wing party and strong election contender SYRIZA wins this weekend.
Bankers said daily withdrawals from the major banks were hitting €500-€800 million ($631.8 million-$1.01 billion), Reuters reported.
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(Reuters) – Another showdown between Republicans in Congress and President Barack Obama over debt could be in the making, and some investors are already taking steps to prepare for it.
2. The aging baby-boomers will put extraordinary pressure on the nation’s economy as they begin to collect on the social programs to which they are entitled. The combination of increasing medical costs, the extension of life expectancies and the sheer number of beneficiaries makes this situation unsustainable.
3. The trade imbalance with the rest of the world. Essentially we are consuming more than we produce and the consequence is that we must spend about 1% of all the wealth America has ever accumulated to foreigners, every year. Symptoms of this problem include a falling dollar, higher oil prices, and a long-term decline in national living standards.
4. Accounting principles and metrics our government uses to explain our financial condition are deficient and do not provide objective and comprehensive understanding of our fiscal challenges.
5. The lack of solutions to solve these problems indicates the largest problem—a lack of political will to solve them. This leadership vacuum is the biggest challenge we face and it occurs because no constituency for sustainability exists.
Source: Institute for Truth in Accounting (IFTA), an organization dedicated to promoting honest, accurate, and transparent accounting at all levels of government.
Draft David Walker for President
The Institute for Truth in Accounting is an unaffiliated, nonprofit organization created by Sheila Weinberg, a former Certified Public Accountant, in 2002. Its goal is to ensure that public and private organizations provide truthful financial information useful to a wide variety of users. The Institute is dedicated to the development of standards and awareness that timely, informative and reliable information is the basis for knowledgeable economic and political decisions.
The Institute is particularly interested in governmental accounting, at all levels. As the world’s largest fiscal organization, the U.S. government must be the leader in providing complete and understandable financial information. State and local governments’ accounting standards no longer adequately report the scope and scale of obligations assumed by these jurisdictions.
SOURCES: Data from the Peter G. Peterson Foundation’s Long-Term Model of the Federal Budget, Baseline Assumptions; the Congressional Budget Office, Long Term Budget Outlook: June 2009; and the Office of Management and Budget, The Budget of the United States Government, Fiscal Year 2013: February 2012. Compiled by PGPF.
“Greece’s banks have lost 72 billion euros in deposits since the start of 2010, or about 30 percent, according to data compiled by Thomson Reuters. Five of Greece’s top banks saw 37 billion euros taken out last year, including 12 billion from EFG Eurobank (EFGr.AT) and 8-9 billion apiece at National Bank of Greece (NBGr.AT), Piraeus (BOPr.AT) and Alpha Bank (ACBr.AT).”
from a liquidity crisis but it is also facing an insolvency crisis..