Lord Noel - The End Is Nigh

What ho! Pepys...

The financial crisis in Greece is reaching an explosive tipping point, with the youth unemployment rate now exceeding a startling 50 percent and the government itself announcing it will be forced to stop paying salaries and pensions by June:

"We will be in wild bankruptcy, out-of-control bankruptcy," said Theodoros Pangalos, the deputy prime minister of Greece. "The state will not be able to pay salaries and pensions. We have got until June before we run out of money." (http://www.telegraph.co.uk/finance/financialcrisis/9262068/Greece-wil...)


Back in the USA, the state of California is accelerating toward much the same outcome. Suffocated by the terminal financial burden of leftist social programs, welfare handouts, runaway social services and health care costs for its millions of undocumented residents, California is also headed for its own financial implosion.

"We are now facing a $16 billion hole, not the $9 billion we thought in January," said Gov. Jerry Brown in a recent New York Times article. "This means we will have to go much further and make cuts far greater than I asked for at the beginning of the year." (http://www.nytimes.com/2012/05/13/us/huge-new-shortfall-predicted-in-...) His proposed solution is to impose an "income tax surcharge" on so-called "wealthy Californians," which sooner or later will come to mean just about anyone working for a living. This foolish taxation policy will, of course, only have the unintended effect of causing wealthy business owners to flee California and take all the decent-paying jobs with them. This, in turn, will leave California saddled with a rising population of unemployed workers and a shrinking population of wealthy business innovators who account for 90 percent of the real job creation in California. But this is merely an illusion.

Such is the devastation caused by the current system which prides itself on being based on continual growth. Like an out of control cancer it has nothing to do with Politics, left or right, who are both controlled by big companies and will continue with the status quo while they can still take as much money for themselves, thereby killing the golden goose that has provided them with the free ride they've yearned for, for so long.

Greece will fall first, of course, but California's financial collapse won't be far behind.

And everyone else will follow.

And the one's who will benefit in the end are the Big Banks who will want something valuable to settle the debts that they have allowed world Governments to build up for so many years.

What will you give?

Tallyho!

Best Wishes - Lord Noel