ECONOMY IMPLODES. WORLD WIDE DEPRESSION NEARS

Anyone who read my column on Sunday knew what was about to happen. I have reported for months now that the Euro was doomed and derivatives are a ticking time bomb. With the upcoming resignation of Italy's and Greece's Prime Ministers and a rapidly devolving situation in Europe, markets tanked today as news broke that Italy was insolvent and looking worse by the minute. With Italian bond yields over seven percent and rising, Italy will try to cut their way to prosperity which has never worked ever. Odd that we are doing the same thing here with the Teatards "stop the spending " issues that are in actuality making things worse. If you don't understand economics, and let's face it, most people don't, stop pretending you are an expert on the subject. I've studied this for more than twenty years and even I don't get all the issues yet.

Italy and Greece are screwed. They are going to try harsh austerity measures that will inflame public opinion against them and present the option for civil war. Only by eliminating the banks form the equations, can anything be solved. These measures worked wonders in Argentina and Iceland, yet instead, the powers that be have decided that ruining people's livelihoods for the sake of the elites is the way to go. We are attempting similar measures here by changing the way SS is calculated to give the needy even less money. These new calculations will also affect food stamps with one third of the country no on, Medicare and Medicade. But the rich won't have to pay anymore as their taxes will almost certainly go down while the rest of us suffer.

Riots are soon to happen and it is only by the Occupy Wall St crowd that these austerity changes aren't being more rapidly implemented here in the US. Banks lost almost 5 billion dollars last month and are begging customers not leave, which of course is falling on deaf ears. I was told today that armored trucks are everywhere, indicating that many banks may be stocking themselves up with extra cash to offset the daily loses from departing customers. As many are taking out huge sums of money (proving that just because you're rich doesn't automatically make you a monster), banks are reaching historic shortfalls. With the crisis in Europe looming, bank stocks fell hard today. Tomorrow should be another down day, unless someone was a genius idea to save us all. So far all I hear is crickets.