Tag Archives: Middle Class Dismissed

Greek Banks Reopen but Cash Limits Remain and Taxes Soar

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“The cash-strapped nation got a short-term loan from European creditors to pay more than 6 billion euros ($6.5 billion) owed to the International Monetary Fund and the European Central Bank.  But for most Greeks, already buffeted by six years of recession, Monday was all about rising prices as tax hikes demanded by creditors took effect. There are few parts of the Greek economy left untouched by the steep increase in the sales tax from 13 to 23 percent. strict controls on cash flows, including a ban on check-cashing and payments abroad as well as limits on cash withdrawals, remained in effect.  New rules permit the withdrawal of up to 420 euros a week.”

http://abcnews.go.com/International/wireStory/greeks-find-banks-open-restrictions-place-32559279?singlePage=true

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IRS Agents Rob Convenience Store

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“In June 2014, the government seized Ken Quran’s entire bank account—more than $150,000. This was money that Ken worked for years to earn, and that he was counting on for his retirement. Ken had no prior warning before the government seized the account. The government told him they were taking the money because he withdrew cash from the bank in amounts under $10,000.”

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Greek Perspective at Freedom Fest 2015

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“Did you know about 70% of Greeks own their own home? Hear more on how this financially distraught country is made up of some of the best savers in the world. Alex of the NYC Bitcoin Center at Freedom Fest 2015.”

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Central Bank Lies & Consequences

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“We now have two examples in three years of a major central bank simply walking away from its supposedly most fundamental obligation. The lies upon which fractional reserve banking exists are beginning to catch up to it. Citizens everywhere in the Eurozone now have good reason to wonder if their banks will be next. After Cyprus and Greece, why should anyone believe anything the ECB says?  If the ECB is willing to shut banks in a crisis, what assurance do we have that the Bank of England, Federal Reserve or the Bank of Japan won’t do the same? Answer: None. Today’s highly leveraged banks can fail very fast, stretching the capacity of even the strongest central banks.”

http://www.thedailybell.com/news-analysis/36381/Central-Bank-Lies–Consequences/

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Living with Venezuela’s high inflation

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“As the world watches the Greek debt crisis unfold, the economy of a country in another corner of the planet is also struggling, and some experts are even trying to draw similarities.  Venezuela has the world’s highest inflation, leaving many facing shortages and soaring prices.  While the government of president Nicolas Maduro says this is the result of an ‘economic war by capitalists and the United States against the country’s socialist revolution’, critics say the high inflation rate is simply showing the government’s economic incompetence.  The BBC’s Daniel Pardo explains how inflation affects what Venezuelans buy every day, like the popular snack called Arepa.”

http://www.bbc.com/news/world-latin-america-33427761

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The real sign that Greece’s financial turmoil is getting worse

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“Here is a slightly surprising sign that Greece is in the classic throes of a bank run: car sales jumped by 47pc in April. It was the 20th consecutive month that car registrations of new and used vehicles has risen.  People living in a country gripped by financial turmoil often worry about the security of their money. If it’s in a bank, it can be caught up in capital controls or lost through insolvency. Better, then, to spend it. And the purchase of choice is often a car.  This makes motor vehicle sales a decent proxy for financial turmoil (under some circumstances).  Ordinary Greeks are taking their money of the financial system and spending it on ‘hard’ assets.”

http://www.telegraph.co.uk/finance/economics/11599513/The-real-sign-that-Greeces-financial-turmoil-is-getting-worse.html

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China’s brokers pledge to buy stocks to prop shaky markets

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“China’s top securities brokerages said on Saturday that they would collectively buy at least 120 billion yuan ($19.3 billion) of shares in a bid to stabilize the country’s stock markets after a slump of nearly 30% since mid-June.  The pledge follows near-daily official policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, that have so far failed to arrest the sell-off, which some market watchers fear could turn into a full-blown crash.  While brokerages were likely to focus on stronger, blue-chip companies, Hao said there would be little interest in saving small and wildly overvalued ‘growth’ firms. Such companies are favored by ordinary investors.”

http://fortune.com/2015/07/04/china-to-buy-stocks-to-prop-shaky-market/

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China to create $19B fund to support plunging stock market

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“For months, state-owned media had encouraged ordinary Chinese to load up on shares. Many Chinese individual investors borrowed heavily to buy stocks — taking out so-called margin loans. And the rising stock prices encouraged companies to raise money by issuing shares and to use the proceeds to pay down debt.  In the first half of the year, the Shanghai stock market led the world in initial public offerings: 78 companies issued shares in Shanghai, raising $16.6 billion, according to a study by the accounting firm EY. Hong Kong was No. 2 with 31 deals that raised $16 billion. Shenzhen was No. 5 with 112 deals that raised $7 billion.”

https://www.washingtonpost.com/world/asia_pacific/china-to-create-19b-fund-to-support-plunging-stock-market/2015/07/04/da2fbd04-22c6-11e5-a135-935065bc30d0_story.html

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China’s retail investors give up hope as stock market exodus intensifies

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“The precipitous plunge in Chinese stocks, and Beijing’s struggle to halt the fall, has sent waves of panic through the country’s 90 million-plus retail investors, who say their life-savings are ‘falling into an abyss.’  At a Citic Securities brokerage in Beijing on Wednesday, the trading hall was packed was packed with retail investors, many of them pensioners, lamenting the loss of the money in the stock market. One investor was watching the big screen between his fingers as if at a horror flick.  The mood was fearful, panicked and sometimes hostile, as investors waited to see whether the latest moves by Chinese authorities to prop up the stock market would do any good.”

http://www.cnbc.com/id/102816517

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Economic exodus means two-thirds of Puerto Ricans may soon live in US

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“Unable to pay its $73bn debt, Puerto Rico has begun rationing water,closing schools and watching its healthcare system collapse and 45% of its people living in poverty. Emigration to the mainland has accelerated in recent years, activists say, and data shows that from 2003 to 2013 there was a population swing of more than 1.5 million people. As a US territory, the semi-autonomous island does not have the same authorities that allow others to file for Chapter 9 bankruptcy, as Detroit did to cope with its own disastrous finances. Today, 60% of Puerto Ricans live in the States and 40% on the island according to a 2014 Pew report, with most moving to Florida.”

http://www.theguardian.com/world/2015/jul/02/puerto-rico-economy-exodus-us-mainland

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