European banks near ‘terrifying’ crisis: Raoul Pal (VIDEO)

Sure, “European banks.” All banks.

People in America are just plugging along seemingly oblivious to the storm which continues to gather strength overseas and in some cases is already buffeting the United States. It is foolhardy. We have just gotten used to the new post-2008 lower standards of living in this country and we want to think that the global depression which started in 2007-2008 is all over. It’s not.

Will the world go to hell in a hand basket tomorrow?

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After Poland Compares EU To Nazis, Brussels Launches “Unprecedented” Review Of Polish Media Laws

Big surprise that the NPR coverage of this story this morning emphasized the European Union’s supposed commitment to “the rule of law.” The backward Poles we were to understand were the ones in the wrong, and now Brussels (really Berlin) had to deal with the Warsaw yokels.

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UKIP ‘furious’ after details of ‘assassination attempt’ against Farage leaked

I had the pleasure of meeting Mr. Farage this past summer in Washington. I found him to be as passionate, straight forward, self effacing, and as generally good natured as his “official” persona. Not always a given with politicians. He called for the UK’s exit from the European Union. He emphasized the importance for the United States that Britain reassert its sovereignty and the need for the UK to look to the US not across the Channel. He warned of a federal Europe dominated by Germany.

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Nigel Farage, leader of UK Independence Party, addresses the new German domination of the EU, while Hollande and Merkel have to sit and listen (Video)

Farage giving us an update this past summer on the fight against the EU.

I don’t agree with everything Mr. Farage has to say, but I do agree with a good bit. I had the opportunity to listen to him speak in Washington recently and I was impressed. He is as entertaining in person as he is on the floor of the European Parliament. His voice is a critical one as Europe appears to be spinning headlong into an autocratic abyss.

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Guess what? It isn’t just VW with emissions issues, And ‘regulators’ are also to blame, and likely not in the way you think

 

It seems the emissions scandal which started with Volkswagen now extends to many other car manufacturers, though it does not appear that these manufacturers had “defeat devices” like the VWs.

Some believe that this just shows why it is that there must be an even larger regulatory regime. That throwing more money at the issue, and by hiring more regulators, etc. will solve the problem. It won’t. The problem here is that car makers and regulators were essentially both in on the deal.

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Unrelenting immigration is easy for those rich enough (often through crony capitalism) to mitigate the impact

Peggy Noonan writes in the Wall Street Journal of a fundamental disconnect between what she refers to as “elites” (I despise this term, many, if not most people in power I have met are not what I would call “elite.”) and their indifference to the pressures which come from massive immigration. She makes an important point. A giant increase in immigration flows isn’t going to really impact the circle Angela Merkle runs in, except that perhaps the people in this circle will be able to pay their gardeners even less.

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New attempt to conquer Europe: France’s Hollande Proposes Creation of Euro-Zone Government

The last time Europe “unification” was attempted.

Napoleon tried to do it. Hitler tried to do it. Both failed. Europe in the post medieval era has never been fully conquered. Europe has remained multiple states. Given that it is a continent defined by mountain ranges, peninsulas, and islands this makes sense. It is a landmass of cul-de-sacs. It is not a vast plain which is easily overrun. But now the eurocrats (many unelected) are trying to take over Europe via administrative means.

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“Prime Minister Alexis Tsipras will return to face a mutiny within his coalition after he surrendered to European demands”

This hashtag has been trending.

Tough decisions in Greece. Huge pressures.

I was watching Bloomberg last night just before midnight and they were reporting that the hashtag #thisisacoup was the highest trending hashtag on Twitter for a while yesterday. So what does that tell you?

The Germans (and others) wanted to crush Greece. And it looks like Deutschland may have succeeded.

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Nigel Farage Destroys EU Group-Think: “There’s A New Berlin Wall… And It’s Called The Euro” (Video)

Farage addresses Greek Prime Minister Alexis Tsipras personally on the floor of the European Parliament and encourages the leader, and it appears that Tsipras is a leader, to exit the Eurozone “with (his) head held high.”

Indeed there are many “friends of Greece” around the world. More friends than Goldman Sachs, that’s for sure. Though Goldman’s friends tend to be more powerful.

Greece, pull an Iceland.

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Greece’s Problems Explained in Six Charts (and one movie clip)

See, now that we know what the problems are, getting the whole Greek economic crisis thing under control should be pretty easy.

Ha!

Mohamed El-Erian says the Greek “no” vote is like this scene from the classic movie Network.

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Germany and France huddle to figure out what to do in wake of Greek “NO” vote.

Armageddon? Probably not. End of the euro? Probably not. End of the United States of Europe? Probably not. A moment of reality for world markets which have existed for too long in a fairy land? Very possible.

If nothing else this vote is refreshing. (Easy for us to use such terms.)

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Gold, Greece and the end of the era of the central banker as (g)od

“You can run on for a long time…Sooner or later God’ll cut you down…” – Johnny Cash

Greece got “subprimed” into the EU. It didn’t have the credit rating to be part of the euro experiment but Goldman Sachs found a way to make Greek numbers palatable to Brussels (Brussels wanted Greece anyway) in 2000. Now reality has come and Europe’s southern economic headland is disintegrating.

As the author of the attached article correctly notes the most recent Greek crisis represents a transition in the economic narrative.

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