Current Economic Collapse News Brief:Japanese Debt Excessed One Quadrillion Yen, Spain’s Banking System Is Doomed To Collapse, U.S. Taxpayers Renouncing Citizenship At Record High

In this news brief we will discuss the latest news on the economic collapse. We look to see if things are really that different. The central bank will not stop at just confiscating your wealth they will want your life. They want to enslave the people.

S&P to ‘1,500 or below’: Strategist

On CNBC’s “Fast Money,” O’Rourke added that flows of capital into U.S. stocks were overwhelmingly into exchange-traded funds.

“I think that’s blind buying because it’s just an asset allocation,” he said. “It’s not people buying stocks because they think they’re cheap or they’re good values. It’s people just wanting to have exposure in the markets. And we’re at all-time highs. It’s a big risk, and now you’re having a big rise in interest rates.”

http://www.cnbc.com/id/100952689

Number of Americans Renouncing Citizenship Surges

Expert Says 2013 on Pace to See Highest Number of U.S. Expatriations Ever

The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets increase the cost of complying and the risk of a taxpayer misstep.

A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

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Lags in reporting renunciations might mean that many who appeared on the current list made the move months earlier. Taxpayers who renounced can be subject to an exit tax, and people who renounced last year may have avoided higher taxes on capital gains and income that went into effect in 2013.

The U.S. is rare in that all income earned by citizens and permanent residents, even those living abroad, can be subject to U.S. tax, according to Bryan Skarlatos, a New York lawyer. The U.S. also confers citizenship on people who are born on American soil.

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http://online.wsj.com/article/SB10001424127887323977304579002780562003814.html

Spain’s Banking System Is Doomed To Collapse

The question on my mind today is “When will the Spanish banking system collapse?” Spain’s exposure to Portuguese sovereign debt and unrealized losses on real estate loans are two reasons a collapse in inevitable.
The Spanish banking system passed a so-called “stress test” in 2012, but sovereign government bonds are are not included in the evaluation.

We saw how well that worked with Greece (over and over again), and with Cyprus as well. It was Cypriot exposure to Greek bonds that collapsed the Cypriot banking system.

http://www.businessinsider.com/spanish-banking-system-collapse-2013-8

Read more at http://investmentwatchblog.com