'Greece has been laboring under austerity imposed by the EU, IMF and the ECB and as a result their deficit for the first half of the year rose to $21.4 billion from $17.3 billion. Needless to say, tax revenues have fallen off a cliff and as a result the Troika has mandated further cuts in order to offset revenue loss. This is a never ending story, because when all is said and done the economy will be all but dismantled, that is what economy existed in the first place. As a result unemployment worsens and that provides more demonstrators in the streets.
Those lower tax receipts mean more government layoffs. As a result of these and other problems Greek projections came up about 25% short of projections. These nebulous announcements by key players certainly did not justify major rallies in stock markets. Economic numbers in Greece are dreadful and in the UK, US and Europe they are only marginally better. It is obvious the world is slowing down.
Very disturbing is that the Fed, other central banks; governments and financial communities have no idea as to how to end the ongoing financial and economic crisis. All they can come up with is to throw money at the problem, which has not worked and extending the timeline has solved nothing. As a result the world is headed into a further fall into depressionary inflation. Virtually everyone in the financial sector in the US, UK and Europe are clamoring for more issuance of money and credit, now known as quantatiative easing.’
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