Wake Up Call - No Recovery, No Retrenchment, No Realism - 06/06/14

The Wake Up Call show

Summary: The European Central Bank yesterday announced that they were even taking a key deposit rate NEGATIVE. In doing so, they basically acknowledged that everything else they have been trying over the last several years isn't working. They want you to go out and spend all your money in order to prop up the economy. They want you to borrow money so that you can spend even more. These policies make for very dangerous banking systems as they stuff their books full of idiotic, destructive loans. Global central banks are fully addicted to the opiate of debt. The Fed now has a balance sheet well into the $4 trillion range. That’s twice the size of California’s annual GDP. There’s no sign of pulling back or “austerity”. U.S. debt is now at $17.5 trillion and growing as the country spends more than it takes in. People do realize that this principal is never going to be paid back. The country’s now paying over $415 billion a year simply on maintaining its debt. More of my views on the economic melt-down (otherwise known as ‘The Recovery’). The collapse of the iron ore market shows the extent of the economic set-back in China. Comparing the extent of food insecurity in the United States with that of other countries. The war machine cranks on, courtesy of Barack Obama.