“Sovereigns may save themselves at the expense of citizens. Poland has withdrawn $37 billion in government holdings from national pension funds to pay down sovereign debt. Its markets dropped 4.8% the day the news hit. Given relative GDP size, a similar take here would be north of $1 trillion and laws have been prepared to bail-in major banks. Many cities already are bankrupt and pension funds are at risk as pensioneers and bond holders battle over the remains. Those who buy the official narrative are riding in a ticker-tape parade on which Central Banks are showering confetti. When the dreamers awake, they will be looking at a demonic jack-o-lantern.”
http://seekingalpha.com/article/1679952-rebalance-to-buffer-crises
Related posts:
Bill Bonner: All Hell Breaks Loose!
Jacob Hornberger: The Deep State Went After JFK on Russia Too
The Trillion Dollar Coin Is a Great Idea!
War Drums: Trump’s National Security Advisor Threatens Iran
Preparing for the upcoming federal confrontation on legalized marijuana
Bitcoin: Objections and Replies
Paul Craig Roberts: Spinning Bad Financial News Into Good
Bill Bonner: US Market Crash Alert!
Sheldon Richman: No 'Compensation' to Israel for Iran Deal
Government Agencies Failed, so We Must Give Them Even More Authority
3 Reasons Not to Go to War with Syria
Ron Paul: Congress Exploits Our Fears to Take Our Liberty
Glenn Greenwald: Newtown kids v Yemenis and Pakistanis: what explains the disparate reactions?
Targeted Killings in the Drone War—Illegal and Unconstitutional
Jeffrey Tucker: The Triumph of Scrooge McDuck