E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

Read More

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

Read More

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

Read More

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

Read More

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

Read More

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

Read More

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

Read More

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

Read More

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

Read More

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

Read More

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

Read More

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

Read More

Content By: The Coming Depression Editorial Staff (dates cited below)
Copyright: include link to this article on top of reproduction if you use it.
Bookmark and Share
(No Ratings Yet)

greece bankrupt poster man in background

The key driver for state bankruptcy and currency collapse is the amount a country owes or is liable to foreigners

The only reason that people who work for a living support a government is that they expect their government who collect a percentage of their incomes through payroll deductions expect their government to provide them with basic social services. These benefits are not the largess of government or a tax on the rich, they are services that working people have paid for. If our government has lost our money by investing it in private corporations then we expect our government to recover the losses through cuts and increased taxes on those who benefited; not the workers. The Greek people are simply demanding that their government be just and fair. Who wants to return to feudalism?

global debt crisis country bankruptcy risk

People will say it is basically about borrowed money. Borrowed from whom? Banks. Why do banks have all this money? Do you think it comes from service charges? From interest rates on car loans? What about taxes? How much do you think banks pay in taxes?
We have a government who is taxing the people to death for a sum that is not enough to do all the things they are supposed to do, and borrowing from people who have all the money, but don’t get taxed.
This is a sinister variant of feudalism. The rewards of labour go in one direction: only Up. The Russian revolution, the French Revolution, the Chinese revolution, the American revolution were all results of the people saying “That’s it. No more.” The scenarios they faced are now being propagated on a global scale. It may take a few years; it may take a few decades, but the system in place right now is not sustainable, because it depends on the co-operation of a population who are being victimized by the system. And eventually, victims fight back.

When it comes to public debt, many attempt to distort the picture by bringing up different factors but in reality there are only 2 groups responsible: The bankers who lend and those who borrow (different levels of government)s. The third group, which consist the overwhelming majority of people on this planet are the victims who asked to repay the legalized financial fraud.

Global Sovereign Debt Crisis, Country Bankruptcy Relative Risk of Default

Mar 30, 2010 – 12:47 AM | Market Oracle

All countries are on the path towards bankruptcy, to measure where a country stands along this path it is critical to look beyond official statistics that focus primarily on public sector net debt and the annual budget deficit in terms of % of GDP.

The key item missing from most commentary on this subject matter is debt and liabilities that are denominated in foreign currencies as that can mask a stealth trend towards potentially imminent bankruptcy that can suddenly blow up in the face of a countries citizens who had been previously mislead by official statistics into thinking that the debt situation was under control, much as Icelanders experienced during 2008 where one day they enjoyed one of the highest standards of living amongst westerners to next day wake up to be bankrupt and poorer in terms of purchasing power than many third world countries. The key driver for state bankruptcy and currency collapse is the amount a country owes or is liable to foreigners, as debt denominated in foreign currencies cannot be inflated away as governments can do with domestic debt so it is one of the primary driving forces for a country going bankrupt as it is unable to meet the increasing interest payments due in foreign currency as its own currency falls. Read the rest from Market Oracle

This entry was posted on Thursday, April 1st, 2010 at 5:54 pm and is filed under Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


  1. April 3, 2010 @ 12:38 pm

    […] This post was mentioned on Twitter by Jack Augh. Jack Augh said: All countries on path to bankruptcy http://goo.gl/fb/vSaYK […]

  2. May 3, 2010 @ 5:06 am

    It is Mathematically impossible to supply enough oil and electricity for the Cities in 50 years time for 10 Billion People. So you can imagine a nation has to choose between Non-Bankruptcy and hyperinflation or No Oil and No Electricity. Which do we choose ? For how long does the Government propose to fool the people ? We are not in the 11th hour for global warming – We are in the 11th hour to provide safe and cheap energy to a global civilization that has got dependent on it. YouTube – The Most IMPORTANT Video You’ll Ever See (part 1/8): http://bit.ly/9eTyCL – Dr. Albert A. Bartlett’s

    Posted by David Jeremiah

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

Under the 'fair use' rule of copyright law, an author may make limited use of another author's work without asking permission. Fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. "