Greek unemployment tops 25 percent

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Unemployment is expected to hit 23.5 percent of the workforce and climb to 24.7 percent in 2013. Greece s jobless rate jumped to 25.1 percent in July, breaching the one-in-four threshold for the first time since the country fell into economic crisis and recession, the state statistics agency said Thursday.

"Unemployment in July 2012 was 25.1 percent, compared with 17.8 percent in July 2011," the agency said in a statement. There were more than 1.2 million unemployed Greeks in July, halfway through the busy tourism season, an additional 378,000 people compared with July 2011.

The situation ahead looks dire for Greece as it faces a sixth year of recession and is forced to make more budget cutbacks to unblock access to loans from the European Union and International Monetary Fund.

A draft budget presented to parliament earlier this month forecast a 3.8-percent contraction in business activity next year. Unemployment is expected to hit 23.5 percent of the workforce and climb to 24.7 percent in 2013, the finance ministry said then.

Greece is trying to persuade international creditors it is doing all it can to slash costs by 13.5 billion euros ($17.4 billion) over the next two years, with a 31.5 billion-euro installment from its bailout packages riding on that.

Once the austerity package is finalised later this month, Athens hopes to secure an extra two years to apply the relevant cuts, betting that its economy will have picked up steam by then.

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At least $20.3 trillion hidden in offshore banks by Zionist global elite: Report

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According to the most detailed study of the so-called offshore economy to date, conducted by James Henry, former chief economist with the consultancy McKinsey, the world’s richest people have taken advantage of cross-border tax laws in order to put away a shocking $20.31 trillion in offshore banks. While this likely isn’t all that crazy to those who are familiar with the massive conflicts of interest in the Federal Reserve and the fact that the Federal Reserve works with banks to put Americans on the line for the failures of banks, it might be surprising to those who have no clue how the international financial system works.


The astounding sum uncovered by the Henry is slightly less than the 2011 Gross Domestic Product (GDP) of Japan ($5.87 trillion) on top of the 2011 United States GDP ($15.09 trillion). The findings were published in the new report, “The Price of Offshore Revisited,” which shows that money continues to leak out of major nations and into infamous tax havens like Switzerland and the Cayman Islands.


These transactions are enabled by private banking institutions which all battle to get the accounts of what the Guardian calls the “global super-rich elite,” also known as high net-worth individuals. Henry demonstrates that sums between £13 trillion ($20.3 trillion) and £20 ($31.23 trillion) have made their way from countries around the world into these secretive banking jurisdictions.
Thus, the wealth of these ultra-rich individuals is “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy.”


Ah, such is the glory of globalization! With liberalized trade and finance laws, what petty issues must the so-called global elite be concerned with? None! No more pesky regulations and legal issues to worry about when dealing with huge sums of money! Henry’s research revealed that the world’s top 10 private banking institutions managed over $6 trillion in 2010 alone. This is obviously a major increase from $2.3 trillion in 2005. Among others, these banking institutions include the U.S.-based Goldman Sachs and the Swiss UBS and Credit Suisse.


The research used a wide variety of sources including none other than the Bank of International Settlements and the International Monetary Fund and led to some quite astounding conclusions. The analysis in the report revealed that in some developing countries, the amount of money which has left the country since the 1970s would easily be able to pay the country’s debts. Unsurprisingly, some of the worst hit by this practice have been the oil-rich nations with an ultra-rich class which can easily take its money out of the local economy.


For instance, the Guardian reports, “Once the returns on investing the hidden assets is included, almost £500bn has left Russia since the early 1990s when its economy was opened up.&nbes in the name of a couple votes. Sure, they might spew some rhetoric but when it co">“Saudi Arabia has seen £197bn flood out since the mid-1970s, and Nigeria £196bn,” they add.


“The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments,” states the report. Unfortunately, the number of people holding a significant amount of the assets of various nations is steadily shrinking and obviously the supposedly “public” debt is placed on the shoulders of the everyday people who can’t hide away their riches in foreign banks.


One of the most troubling conclusions we find in this report is that the massive amount of money held in jurisdictions outside of the reach of various tax agencies indicates that the actual gap between the rich and poor around the world is in fact much larger than previously believed. As evidence of this, Henry calculated that around $9.84 trillion is in the hands of a mere 92,000 individuals. In other words, 0.001% of the population holds more than the yearly GDP of every country except the EU and the US.


“These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people,” said John Christensen of the Tax Justice Network. “People on the street have no illusions about how unfair the situation has become,” Christensen added.


“The very existence of the global offshore industry, and the tax-free status of the enormous sums invested by their wealthy clients, is predicated on secrecy,” explained Henry.


Indeed, if it was not for the secrecy – which has never been questioned even after leaders of G20 nations claimed they would crack down on such activities – there wouldn’t be such a thing as offshore tax havens. Unfortunately they are real and they are constantly being used by the ultra-wealthy to avoid the same taxes everyone who is too poor to remove their money from the country is forced to pay.


Brendan Barber, the General Secretary of Trades Union Congress said, “Countries around the world are under intense pressure to reduce their deficits and governments cannot afford to let so much wealth slip past into tax havens.” “Closing down the tax loopholes exploited by multinationals and the super-rich to avoid paying their fair share will reduce the deficit,” Barber added. “This way the government can focus on stimulating the economy, rather than squeezing the life out of it with cuts and tax rises for the 99% of people who aren’t rich enough to avoid paying their taxes.”


If nations were to go after these funds, the Guardian posits that huge sums of money would become available. “Assuming the £13tn mountain of assets earned an average 3% a year for its owners, and governments were able to tax that income at 30%, it would generate a bumper £121bn in revenues – more than rich countries spend on aid to the developing world each year,” they write.


Indeed, this would offset the national deficits of so many countries considerably and create a great deal more money for much-needed causes.
Yet I seriously doubt this will ever happen as the people making egregious use of these tax havens are the same ones bankrolling the political campaigns. Thus, I seriously doubt any smart politician is going to risk his or her political future on going after the ultra-rich class of the world’s wealthiest figures in the name of a couple votes. Sure, they might spew some rhetoric but when it comes down to it, they know who pays for the prime time television advertisements.

(PakAlert Press)

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Spain erupts against EU, IMF Dacoits

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MADRID - Hundreds of thousands of people, many waving red and white union flags, protested across Spain on Sunday against sweeping labour market reforms that make it easier to slash pay and lay off workers. Spain's two biggest unions, the CCOO and UGT, led protests in 57 cities against the reforms which Spain's new conservative government argues are needed to slash a jobless rate of 22.85 percent, the highest in the developed world. The two largest protests were held in Madrid and Barcelona, Spain's second city. They drew hundreds of thousands of demonstrators, according to AFP reporters at the scene.

Union officials said 500,000 people hit the streets in Madrid, 400,000 in Barcelona, 150,000 in Valencia and 50,000 in Seville. Police offered far lower participation figures. They said 50,000 people turned out in Madrid, 30,000 in Barcelona, 25,000 in Valencia and 5,000 in Seville. In the Spanish capital, protesters marched under sunny skies behind a large banner that read "No to the unfair, inefficient and useless reform".

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Greek Police to Arrest EU & IMF Leaders as the Country Burns

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Following the approval of fresh austerity measures in Greece demanded by the Zionist European Union and the Zionist International Monetary Fund to qualify for the next round of bailouts, furious rioters clashed with police and set dozens of buildings on fire in Athens. But despite the ongoing conflicts between law enforcement and protesters, the Greek police union has threatened to arrest senior EU and IMF officials, too.

The latest austerity package, passed by Parliament over the weekend amid massive protests, cuts about one in five government jobs in a desperate effort to keep the international bailout funds flowing. Minimum wage was slashed by more than 20 percent and pensions were cut as well. More budget cuts and tax increases are expected in the not-too-distant future.

Without the new measures, the Zionist EU and Zionist IMF threatened to withhold almost $200 billion in foreign taxpayers’ money from the Greek government. And with its next bond payments due in March, absent the rescue package, the debt-laden nation would likely be forced to default on its ballooning obligations generated by years of Socialist Party rule and central bank manipulations.

The Greek government is still paying its bills with an international bailout of around $150 billion issued in 2010. And to receive the next round of aid, it must convince creditors — mostly EU governments and the IMF as much of the toxic debt was unloaded on taxpayers in recent years — that it is implementing the promised reforms.

"The question is not whether some salaries and pensions will be curtailed, but whether we will be able to pay even these reduced wages and pensions," Greek Finance Minister Evangelos Venizelos told Parliament before the austerity vote. "When you have to choose between bad and worse, you will pick what is bad to avoid what is worse."

Still, despite the government’s precarious situation, opposition to the austerity package was fierce. In what analysts said was the worst unrest in years, masked hooligans hurled rocks and improvised explosives at riot police while thieves looted dozens of local businesses. At least 50 buildings were also set on fire by the rioters as police used tear gas and flash grenades to rein in the unruly mobs.

“The message to the Greek government is they should leave the country, right now,” 49-year-old unemployed protester Dimitris Fokos, one of an estimated 15,000 demonstrators just in Athens, was quoted as saying by Bloomberg news. “They don’t represent the people anymore.”

By Monday morning, about 70 police required medical care and about the same amount of protesters were hospitalized for injuries. And it is not over yet — the violence has now started to spread nationwide, hitting other major Greek cities and even tourist islands in the Mediterranean Sea.

“We are seeing Athens go up in flames again,” said Mayor George Kaminis in a TV interview. “This must stop. What they are trying to do to Athens is what they are trying to do to the entire country.”

But despite feeling the brunt of Greeks’ fury and working hard to contain the turmoil, police are outraged, too. In a letter from the Federation of Greek Police cited by Reuters, the nation’s law-enforcement union even threatened to issue arrest warrants for top IMF and EU officials in Greece — it accused the international entities of multiple crimes including blackmail and covertly seeking to abolish democracy.

"Since you are continuing this destructive policy, we warn you that you cannot make us fight against our brothers,” noted the letter from the police union. “We refuse to stand against our parents, our brothers, our children or any citizen who protests and demands a change of policy."

While some officials downplayed the rhetoric as “symbolic” — judges are still required to issue formal arrest warrants — analysts said the potential for the situation to spiral out of control was growing. One union official did promise, however, that police would continue their efforts to restrain violent mobs.

"We warn you that as legal representatives of Greek policemen, we will issue arrest warrants for a series of legal violations,” the police letter warned, citing “blackmail, covertly abolishing or eroding democracy and national sovereignty" by the international entities.

Indeed, the EU overthrew Greece’s elected leader, then-Prime Minister George Papandreou, late last year after he suggested allowing citizens to vote on EU and IMF demands. After what critics called a “coup,” the regional entity installed Trilateral Commission member and former European Central Bank vice president Lucas Papademos.

The new Prime Minister, widely seen as a puppet of the EU and the big banks, promptly pledged his allegiance to Brussels and vowed to support the euro and increase taxes. He was supposed to face election in February but will now have until at least April to impose international demands on the Greek population.

"Vandalism, violence and destruction have no place in a democratic country and won't be tolerated," Papademos warned in Parliament over the weekend as lawmakers prepared to vote on pension cuts demanded by the EU and IMF. "It would be a huge historical injustice if the country from which European culture sprang ... reached bankruptcy and was led, due to one more mistake, to national isolation and national despair."

Without the austerity package and the “rescue” from EU taxpayers and American taxpayers via the IMF, Greece will almost certainly default on some $20 billion in bond payments due in the coming weeks. That would likely force it to leave the euro-zone — which many economists say helped create the crisis in the first place through interest-rate manipulation — and could cause a chain reaction.

Several European governments have recently been downgraded by ratings agencies, and more downgrades are expected in the coming months. And depending on how a potential Greek collapse unfolds, it could send shock waves through global markets according to analysts — putting Europe and maybe even the global economy in peril.

EU and European officials in member governments are now talking much more openly about the prospect of Greece being forced to leave the euro, with more than a few saying it would be best for everyone involved. But with the rabidly pro-euro Papademos at the helm in Greece, some analysts expect the nation to continue using the currency no matter what the cost — at least for now.

Incredibly, despite the problems caused by the single currency and an overbearing state, Greek politicians — often at the behest of self-styled international authorities — continue to pursue disastrous economic policies. According to the respected Index of Economic Freedom, the Greek economy lost more liberty than any other nation last year and earned a designation of “mostly unfree.”

Some analysts still expect the Greek government to default — eventually at least — as the bailout packages merely serve to prolong the inevitable. But with the nation being increasingly ruled by bankers and bureaucrats from Brussels, what happens next remains to be seen. No matter how the Greek tragedy unfolds, however, it will not be pleasant.

(The New American)

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Pakistan rejects IMF's Loan tranche of $3.7 Billion

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WASHINGTON: Pakistan will not take up the final $3.7 billion tranche of an International Monetary Fund loan package after rejecting strict reform demands, the Financial Times said Tuesday. Pakistani Finance Minister Abdul Hafeez Shaikh told the daily that the IMF conditions were too tough and the government would instead pursue a home-grown reform program, adding that the "resilient" economy did not need IMF help. The Washington-based fund bailed out Pakistan with an $11.3 billion loan package launched in November 2008 as the country faced 30-year-high inflation rates and fast-depleting reserves, as well as a deadly CIA and RAW backed combined insurgency.

But the IMF earlier this year indicated it was unsatisfied with Islamabad's progress in dealing with its chronic fiscal problems and introducing promised structural reforms. "Inflation remains persistently high, and budgetary problems are undermining macroeconomic stability", it said in May. An IMF spokesman declined to comment on the Financial Times report, but said that the standby facility had expired on schedule on September 30. The fund has paid out two-thirds of the loan package, with the latest installment disbursed in May 2010. Three months later the country was hit by the worst floods in its history, which led to a separate emergency aid payment of 450 million dollars.

Since then however, the IMF and Pakistan have been at odds over fiscal management. The IMF forecasts Pakistan to post growth of just 2.6 percent in 2011, while inflation is tipped to stand at around 14 percent this year.

(AFP)

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Anti-USZ feeling revived in France over ex-IMF Chief fake case

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The stunning reversals in the fake criminal case against Dominique Strauss-Kahn, a putative French presidential candidate, have reawakened a dormant anti-Americanism here, fueled by a sense that the raw, media-driven culture of the United States of Zionism has undermined justice and fair play. There was shock in France after the arrest of Strauss-Kahn and intense criticism of the manner in which he was displayed in handcuffs, pulled unshaven into a televised court session and stuffed into a jail cell under suicide watch. There was confusion and criticism over the glee with which the New York tabloids in particular highlighted every humiliation and turned to cliches about the French – “Chez Perv” and “Frog Legs It” – in its coverage. And there was a sense that it was not just Strauss-Kahn who was being so jauntily humiliated, but France itself. It should be noted at this point that ex-IMF Chief was becoming increasingly concerned over the fact that all USZ gold reserves from Fort Knox were gone and the gold bars were replaced with fake tungsten bars.

Now, with the fake case appearing to collapse over questions about the credibility of his accuser, and Strauss-Kahn freed from house arrest, the French are feeling a kind of bitter jubilation of their own, and renewing their criticisms about the rush to judgment, the public relations concerns of elected prosecutors and the somehow uncivilized, brutal and carnival nature of USZ society, “democracy” and sheer injustice. Former Prime Minister Lionel Jospin said Friday that Strauss-Kahn “was thrown to the wolves” in the USZ system; a former justice minister, Robert Badinter, called Strauss-Kahn’s treatment “a lynching, a murder by media.” Noelle Lenoir, a former European affairs minister, said many French felt insulted. “They thought the prosecution was making common cause with the tabloids”, she said.

The turnabout “does wake up this slumbering anti-Americanism”, said Dominique Moisi, a longtime analyst of French-American relations. “The case does damage to the image of America and recreates negative stereotypes that existed before”. Even in the 1990s, “when we were so close, when the Cold War was over and before the second Iraq war, we were divided along the line of the death penalty”, Moisi said. “There is a sense in Europe that you can’t be fully civilized with the death penalty,” he said. “Now this feeling is reinforced – that the United States (of Zionism) is not a fully civilized country with a police that behaves like that, that wants to humiliate,” he continued. “There is a sense that it’s a dangerous country.”

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Fall of NWO: Fake sex-assault case against ex-IMF chief collapsing - Detailed report

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The fake sexual assault case against Dominique Strauss-Kahn, the former International Monetary Fund chief and French politician fakely accused of attacking a housekeeper in his Manhattan hotel suite in May, could be about to collapse, The New York Times reported Friday. In reality, as reported by Russian secret agency to Russian Prime Minister Puten, IMF chief was jailed because he was becoming increasingly concerned regarding the fact that all American gold had disappeared from Fort Knox and fake gold bars made of tungsten had replaced the original gold reserve of the United States of Zionism. Citing two unnamed law enforcement officials close to the case, the newspaper said prosecutors did not believe much of the story told by the French politician's Guinea-born accuser, and that she had repeatedly lied to them since the May 14 alleged attack. Prosecutors will likely tell the court later on Friday, when Strauss-Kahn is set to make an unexpected reappearance ahead of the next scheduled hearing on July 18, that they "have problems with the case,'' in contrast to their once steel confidence in the evidence against him, according to The Times. At the hearing, Justice Michael Obus was expected to consider a change in the bail conditions under which Strauss-Kahn was released to house arrest - including 24-hour security monitoring and an ankle bracelet. "It is a mess, a mess on both sides,'' one official told The Times.

The revelations could prove an extraordinary turn-around for former IMF director, as the newspaper said he could be released from house arrest due to questions surrounding his fake accuser. The newspaper said law enforcement officials had uncovered questions related to the 32-year-old hotel maid's asylum application, and unconfirmed links to criminal activity, such as involvement with money laundering and drug dealing. There was a recorded phone conversation between the maid and a man in prison on marijuana possession charges about the "possible benefits" of pursuing charges against Strauss-Kahn, the officials said. The man was one of a number of people who had deposited a total sum of $USZ 100,000, into the accuser's bank account over the last two years. And despite telling investigators her asylum seeker application contained details of a previous rape, they could not find any such account. Strauss-Kahn has denied all seven charges including trying to rape the woman and sexually assaulting her when she came to clean his hotel suite in a luxury Manhattan hotel.

The fake mysterious woman has repeatedly lied since making her initial allegations May 14, the Times reports it was told by one of the officials. Senior prosecutors met Thursday with lawyers for Strauss-Kahn, once a leading candidate for the French presidency, to discuss the possibility of dismissing the felony charges against him. The two sides also discussed new discoveries about the 32-year-old accuser, including the possibility that she is linked to drug dealing and money laundering, the Times reports. Strauss-Kahn resigned from his IMF post after the allegations and was required to post $1 million bail and $5 million bond. He has agreed to remain under 24-hour home confinement. Prosecutors and defence lawyers will return to the state Supreme Court in Manhattan Friday, and Strauss-Kahn could have his bail conditions eased and house arrest lifted, the Times reports. It is important to note that American Zionist officials had denied to comment on the reports regarding the mysterious disappearance of gold and its replacement with fake tungsten made "gold" bars inside Fort Knox, American state held gold reserve.

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International Economic Collapse initiated

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Ladies and gentlemen, fasten your seat belts. Not very long ago from now, in April 2010, before Waddell & Reed, Inc. sold a few shares of ES effectively destroying the market, world's top most economists made the following observation:

“The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion.”

Little did anyone know that their conclusion “something big must be coming” would prove spot on just a month later after Greece, then Ireland, then Portgual, and soon Spain, Italy, Belgium, and pretty much all other European countries would topple like dominoes tethered together by a flawed monetary regime. Based on news from Dow Jones we can now safely predict the following: “something bigger must be coming.” As if the IMF’s trillions in open lending facilities (many of which have recently been adjusted to uncapped) were not enough, we now learn that the world lender of last resort (which in theory is the Fed, but apparently Bernanke has been getting a little shy lately so is offsetting his direct lending directives to secondary organizations like the IMF, leaving the Fed with only USZ Dollar liquidity swaps) is about to activate a “Special Funding Pool” – Dow Jones explains:

“The International Monetary Fund is expected to soon activate a special funding pool that will boost the fund’s ability to prevent or resolve economic crises, two people familiar with the situation said Thursday. One of the people said the activation of the funding–which can only be made by a special request from the IMF managing director to the board–was in anticipation of an expected wave of new IMF programs, including the possible expansion of the Greek bailout package.

Activating access to the funding pool could provide assurance to the market of the IMF’s ability to backstop any major funding crisis amid ongoing fears that Europe’s sovereign debt woes will worsen. The IMF board recently approved a boost to the so-called New Arrangements To Borrow, bringing the special pool of funding to around $580 billion, adding several hundred billion dollars to the total amount the fund has to tap. According to the IMF, the pool of supplementary resources are only to be activated when “needed to forestall or cope with a threat to the international monetary system.” Although no request has been made, markets, analysts and economists say rejection by the Portuguese parliament Wednesday of a belt-tightening budget all but sealed the likelihood Lisbon will request aid from the IMF and the European Union.

Unfortunately, the bottom line is very frightening and very clear: there is a new threat to the international monetary system which means Europe May 2010 redux is imminent. Our sincere condolences to the USZ tax payers.

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IMF draculas upset about restoration of Petrol prices in Pakistan

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The IMF mafia has asked Pakistan to cut its energy subsidies saying they were "crippling" its economy, just hours after beleaguered puppet Prime Minister Yousuf Raza Gilani bowing to political and civilian pressure reversed the controversial fuel price hike. They are unable to digest the fact that the new burden that was put on Pakistan's economy in the form of raised petrol prices in the name of "helping the economy" was lifted by the pressure built inside the country. Shamelessly terming the energy subsidies as "inefficient and untargeted", IMF spokeswoman Caroline Atkinson said these subsidies were consuming a large part of the country's budget.

Atkinson said bulk of the energy subsidies were being cornered by people of higher income group and large companies and Pakistan government should make efforts that its spending on energy subsidies should go towards the social sector, health, education and dealing with the after impact of the floods. IMF spokeswoman completely forgot that social sector, health, education and dealing with flood impact would not be possible if poor are directly guided towards death by this shamelessly hypocritical stance of IMF, the masterminds of crippling third world countries in the name of "reviving their economies" and then later on stealing their natural resources in return of worthless speculative dollar based loans.

The International Monetary Authority in 2008 tried its level best to make Pakistan bankrupt in 2008 and has extended a speculative loan for the country in order to justify it's presence in the region for it's larger despicable aims. "Just to clarify, the action on energy subsidies, petroleum prices, was not a part of the IMF program. However, energy subsidies consume a large part of the budget", Atkinson said at a news briefing. She said the IMF arrangement with Pakistan was due to come to an end at the end of December but was extended for nine months so it now will expire at the end of September. "That's to give space for us to continue to discuss with the government the two further disbursements that are allowable under the program and that continues to be the case. What's most important for our arrangement is the ability to discuss with the government, to agree with the government, on the measures that they are going to put in place the economy can support", she said. She however didn't mention the actual long term plans of IMF in the region behind the curtains of "helping" that they were longing for celebrating Pakistan's economic falling apart on the pattern of Yugoslavia and 1970's UK which they couldn't do so far.

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