So What's A Little Armageddon Amongst Friends?

I quipped in an earlier article “Apocalyptic Bible thumping Armageddon lovers must be in a tizzy with the latest news…” speaking of the Northern Europe ash cloud crisis and the financial ruin of places like Saint Etienne, France and Jefferson County, Alabama due to their unbelievably greedy, ignorant involvement in derivatives contracts with taxpayers money. Suddenly everyone’s a day trader!!

Well, the financial corruption, meltdown and other related crises are apparently rearing up in a global fury as since then, the situation has in fact, gotten much worse. Let’s take a look:

ITEM
Cities like Saint-Etienne, France and Jefferson County, Alabama are financially devastated by their own stupidity and greed using derivatives contracts to hedge and speculate with public money. This news is nothing less than a harbinger of things to come with places California, Greece and many others at the state and municipal state also right at the default meltdown point. This is not conjecture. It is simple reality.

April 15 (Bloomberg) — The worst global financial crisis in 70 years arrived in Saint-Etienne this month, as embedded financial obligations began to blow up. A bill came due for 1.18 million euros ($1.61 million) owed to Deutsche Bank AG under a contract that initially saved the French city money. The 800-year-old town refused to pay, dodging for now one of 10 derivatives so speculative no bank will buy them back, said Cedric Grail, the municipal finance director. They would cost about 100 million euros to cancel today, he said. …the crisis is hitting Saint-Etienne in central France, Pforzheim in western Germany and Apulia, an Italian regional government on the Adriatic.

ITEM
In Northern Europe, (NOW OVER 50,000 over several day’s delay)…”flights will be canceled today as the region is covered in volcanic ash, costing the airlines more than a handful of lost revenues.” Can the stock markets be so callous and oblivious as to continue their rally?…anything’s possible with all the old rules of economics apparently out the window. Most recently on the newswire “The easing could begin to unravel the gridlock that many rate as the worst peacetime air travel disruption, a nearly week-long halt in flights that stranded tens of thousands and cost airlines hundreds of millions of dollars.Full Must Read Story at Bloomberg

Item.

Foreclosure Filings and Bank Seizures Hit New Record In U.S. (Bloomberg) Foreclosure filings in the U.S. rose 16 percent in the first quarter from a year earlier and bank seizures hit a record as lenders stepped up action against delinquent homeowners, according to RealtyTrac Inc. …RealtyTrac is forecasting more than 1 million bank seizures this year and at least 4 million foreclosure filings, both potential records. Foreclosures won’t level off until next year, Sharga said.

Item – SEC files suit against Goldman Sachs, clearly implying that the entire banking system could collapse, as the other major banking firms have all been engaged in similar actions. Wall Street has become the banker’s “private club” of manipulation and corruption, then bailed out with taxpayer money with the approval of the United States government leaders.

?So What’s A Little Armageddon Amongst Friends?

How can it be that an entire continent is shrouded in a volcanic ash cloud causing 50,000 + flight delays and the stock market rallies higher and higher?

How can it be that U.S. foreclosures and bank seizures are at a new record and the stock market rallies and rallies higher?

How can it be that the SEC files a suit against the ringleader bank of the Wall Street and global financial corruption, implicating the entire banking system, and the stock market rallies higher and higher?

How can we see cities and municipalities like Saint Etienne and Jefferson County, who are only the tip of the bankrupt municipalities and states, who essentially gambled away the public coffers and are now broke and still, the stock market rallies higher and higher?

How can it possibly be that ALL of these things are happening at the same time and the stock market keeps rallying higher and higher?

We are living in dangerous times. Times when taking care of a country and its people is no longer the priority and role of the government, times when in the face of multiple global crises and disaster the U.S. stock market rallies and rallies. In the next ten years, the shape of the world’s societies is going to continue unprecedented transformation at the hands of the global elite directly deteriorating daily quality of life for the masses. This is already evident and there are few precious signs to be found indicating it will do anything except continue to worsen for many more years. While it is true, for example that the U.S. Fed has injected trillions of dollars of new money into the world financial system, the majority of that money remains in the hands of the few. Think of that. Think of all it implies for the world we live and the future.

Mario Cavolo at www.mariocavolo.com

Read the original story at Mario Cavolo