- Greece Default Coming, MSM Economic Propaganda, NSA Continues to Spy Legally
by Greg Hunter’s USAWatchdog.com (6.5.15)
The Greek debt crisis looks like it will be coming to an end. I don’t know if it is this month, but it is definitely this year. Everybody is worried about a Greece default, but a default has really already happened. If you have to loan a country money to pay its debts, isn’t that a default. The bankers have piled the debt on Greece, and it can never be paid. Greece says it cannot make its 300 million euro payment to the IMF (International Monetary Fund) and wants to bundle the debt and put off the payment until the end of the month. I think the Greeks are going to get that last 7 billion euro loan package, and it will officially default this fall. They say a Greek default is priced into the markets, but the folks I talk to say when the default is officially realized, it will cause big financial problems. Maybe this is why, a few weeks ago, Bank of America said the markets were in the “Twilight Zone,” and it was time to hold “higher levels of cash and gold.” My friend Gregory Mannarino of TradersChoice.net says the bond market is signaling big trouble coming. That is why the 10-year Treasury rate has shot up above 2.3% in the last few months. Mannarino told me that the stock market has topped, and the bond market is the place to continue to watch. When the bond market gets out of control, the economy will tank, and the Fed will not be able to stop it. Mannarino will be on next week.
The economic propaganda seems to continue at an unrelenting pace. Just last week, there was a .7% contraction in the first quarter GDP, and this week, the main stream media (MSM) was back at it with this headline that says “Economy picking up steam.” The day before, the same newspaper ran a headline that said “Stingy Spenders Hold back Growth.” Which is it? Are we growing or contracting? I think the economy is clearly contracting, and the MSM continues to lie to try to make things look better than reality. Oh, and by the way, if you think the recent car sales numbers are a sign of good health—think again. The latest vehicle sales numbers, which are the highest in 10 years, were only possible through record amounts of credit and record amounts of months of payments. Some car loans last as long as 84 months. The average is 67 months. By the way, folks are going to have a lot less money to spend on car payments because health care providers across America have announced rate increases of as much as 40% are coming because of Obama Care. It was supposed to be cheaper—that is one of the many lies by Democrats to get this economy killing train wreck passed.