GUEST POST: IS JAPAN GETTING READY TO BAIL-IN ITS ENTIRE BANKING SYSTEM?…”Dammit, wake the hell up”
JUNE 21, 2013
If one thinks Cyprus is too small to matter there is the matter of another small island, called Japan, and that does matter and that’s a $5 trillion economy and 110,000,000 population that is screwing itself into the ground with Abenomics, another Keynesian clusterf*** of cosmic proportions that will kill the Japanese GDP and its people.
Dammit, wake the hell up. If you want to see a city in this country that is close to being Cyprussed, look at Detroit.
700,00 population, close to Cyprus size- $20 billion in due bills–close to the bail-in (thus far) in Cyprus.
What is the difference??? This is an American city.
Last Friday Kevyn Orr, Emergency Financial manager for this totally and completely bankrupt city that said to the world at large—GUESS WHAT–no one is getting paid!
I read the article 3 times and my words below paraphrase what he said in a 2 hour meeting with creditors:
$40 million due Friday NO PAYMENTS-PERIOD
$2,1 billion in unsecured creditors –NO PAYMENTS UNTIL FURTHER NOTICE
Retirees 90% haircut on your pensions—EAT SH** AND DIE OLD PEOPLE
Retirees, 90% haircut on health care funding—FORGET ABOUT EATING SH**, JUST DIE OLD PEOPLE.
$5.3 billion in secured bonds-EAT SH** AND DIE BOND HOLDERS, BOND INSURERS AND BOND BANKS
Sorry about the profanity but this continuing cluelessness due to Confirmation and Normalcy Bias is going to get people killed in this country.
We are already seeing deaths in Turkey due to their riots and certainly suicides and deaths in Spain due to their ongoing financial clusterfu**.
Is there some sort of competition here about how bad things can get financially in Cyprus, Greece, Spain, Italy and Detroit?
They all have the same sickness—a death signal where 50-60% of the youth are unemployed and 25-30% of all age groups unemployed.
Does that sound like a small beer; that the recent events in Cyprus do not matter?