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Financial collapse is not a doomsday conspiracy theory; it is mathematical inevitability

Last week, Detroit declared bankruptcy, becoming the largest city in U.S. history to take such drastic action in the face of financial insolvency. A declaration of bankruptcy isn't what most people think it is, though: it's not just a statement of "we're broke!" It's actually a way for the city to clear its slate of all financial obligations and not pay the retirees it owes.

What are the largest financial obligations the city facing? Pensions. $3.5 billion worth of pensions, to be exact.

Yes, Detroit owes former government employees -- teachers, firefighters, cops and more -- a whopping $3.5 billion in current and future payments. Except Detroit doesn't have $3.5 billion to pay the pensions. The city is in a state of economic collapse. Remember, the U.S. government used billions in taxpayer money to help General Motors move its manufacturing offshore to countries like China. As a result of economically-insane actions and criminal mismanagement, a city that used to be the hub of industrial output in America has become a ghost town of abandoned buildings, crumbling infrastructure and financial destitution

Realizing it flat-out doesn't have the money to pay these pension obligations, Detroit had little choice but to declare bankruptcy in an effort to avoid paying the pensions. In effect, this is a confiscation of all pension funds by the government, meaning that retired cops, firefighters, school teachers and so on will never see a dime of the pensions they thought they had earned

In Detroit, the pensioners are fighting back, claiming Michigan's state constitution forbids cities like Detroit from wiping away pension obligations by declaring bankruptcy. It's all headed to the courts now, where even if Detroit's bankruptcy is nullified, the city still doesn't have the money to pay its pension obligations.

So it's a no-win situation regardless of the outcome. Where the money doesn't exist, nobody gets paid regardless of the legal wrangling in the courts

But there's nothing that can be done to save them at this point. The mathematics are already in motion and unstoppable. Nearly all big-city pension obligation projections have been based on the false assumption that endless economic growth would provide a never-ending tax base from which pension obligations could be paid. That assumption, however, was a willful delusion in which city managers and bureaucrats happily engaged.

There is a day of reckoning coming for America, and it's going to be a day of nationwide outrage as pensions all across the country are confiscated or destroyed in a cascading chain of bankruptcies. At the same time, the federal government will no doubt embark on a Cyprus-style private bank account confiscation program that steals private wealth from the American people. Wiring money out of the country will be made illegal, and all forms of wealth -- including retirement accounts -- will be subject to government confiscation.

At that point, only people who have gone to great lengths to protect their assets will have anything left. What holds value in such a scenario? Land, bullets, rifles, hand tools, stored food, silver coins, gold coins, iodine disinfectants and antibiotics, to name a few obvious items. Skills and education also rank high.

Learn more: http://www.naturalnews.com/041298_unfun ... z2ZmxNkzaC

Seven major municipalities have already filed for bankruptcy, the largest being San Bernardino, Calif. The main cause is not hard to find: unfunded pension obligations to employees.

A recent Lincoln Institute paper estimated that the aggregate unfunded liabilities of locally administered pension plans top $574 billion and eat up nearly 20% of municipal budgets. But the worst is yet to come. According to the Lincoln Institute’s Anthony Flint, “If trends continue, over half of every dollar in tax revenue would go to pensions, and by some estimates in some cases would suck up 75% of all tax revenue.”

Taken together, our 50 states owe $1 trillion in unfunded pension obligations.

Full link : http://www.forbes.com/sites/joelkotkin/ ... an-cities/

Extract from the UK The Daily Telegraph - 26 July 2013

"The European Union is planning to “own and operate” spy drones, surveillance satellites and aircraft as part of a new intelligence and security agency under the control of Baroness Ashton.

The controversial proposals are a major move towards creating an independent EU military body with its own equipment and operations, and will be strongly opposed by Britain.

Officials told the Daily Telegraph that the European Commission and Lady Ashton’s European External Action Service want to create military command and communication systems to be used by the EU for internal security and defence purposes. Under the proposals, purchasing plans will be drawn up by autumn."

Full link to article : http://blogs.telegraph.co.uk/bruno-in-b ... air-force/

If you check out the full text of the EU Treaty(ies) it should come as no surprise as it is clearly stated that the EU will have its own military and command structure ( see EU Treaty attached )

The term "to be used by the EU for internal security" is more of concern - will European troops be used against the European people as we hit their "End Game" ?

Full text of EU Treaty(ies)

Well here it is as told by the International Private Banking Cartel the Bank of International Settlements ( BIS ) that now "owns the world" and we are all held to ransom - as you can see they can "take down" the economy whenever they want :

Extract from The UK Financial Times dated 21 July 2013

The continuing pile-up of debt creates a financial vulnerability and a serious worry for investors. In its recent annual report, the Bank for International Settlements, from which I have taken these figures, sets out the concerns all too clearly. It points out that in the two decades preceding the crisis, long-term interest rates in many advanced economies averaged about 6 per cent. Recently they have been hovering around 2 per cent, or less in the case of Japan. So when interest rates and bond yields rise, huge amounts of money will be lost.

The BIS explores what would happen to holders of US Treasuries, excluding the Federal Reserve, if yields were to rise by three percentage points across the maturity spectrum. They would lose more than $1tn, or almost 8 per cent of US GDP. The losses for holders of debt issued by France, Italy, Japan and the UK would range from about 15 to 35 per cent of GDP. Of course, a 3 per cent spike in yields would be unlikely to happen overnight. But bond prices have fallen very abruptly in the past, most notably in 1994 when many banks and investors were badly caught out.

Of course, individual investors can hedge. Yet someone has ultimately to hold the interest rate risk. It cannot be removed from the system. The BIS points out that the potential loss in relation to GDP is at a record high in most advanced economies.

This is sobering for governments, whose borrowing costs would soar.

Full link to article : http://www.ft.com/cms/s/0/2cc4ea5c-eedb ... z2aJRKMNJq

The Bank for International Settlements ( BIS ) is an organization that was founded by the global elite and it operates for the benefit of the global elite - you can check out all the Central Banks that report into the BIS ( The Central Bank of the Central Banks ) :

http://www.bis.org/cbanks.htm

So now we begin to understand their game plan a little better - They ( The International Private Banking Cartel ) that control our politicians decided ( according to them ) to introduce an "ultra loose monetary policy" ........

Extract from The UK Financial Times - 21 July 2013

"The purpose of ultra-loose monetary policy was to buy time for structural adjustment and deleveraging in over-indebted countries, while encouraging the private sector to invest. Yet central bankers cannot force politicians to embark on fiscal and structural reform"

"Public sector debt has been rising all across the developed world. On projections by the OECD, gross debt as a percentage of GDP has risen 20.3 percentage points in the US from 2009 to 2013, to 109 per cent. In the UK the debt is up from 72 per cent to 109 per cent over the same period, while for France the rise is from 91 per cent to 114 per cent; for Germany from 77 per cent to 88 per cent; for Italy from 130 to 144 per cent; and for Japan from 189 per cent to 228 per cent."

So our concerned International Private Banking Cartel gave our International Private Banking Cartel controlled politicians access to lots of cheap credit in order to "help us" to help them ( International Private Banking Cartel ) to bankrupt us all yet again !!

This time the message will be "its clear that local national democracy has failed us all " and the only solution to save us from complete ruin is for the United Nations institutions to take over and assume all the debt

End Game : The International Private Banking Cartel now control the World and we all become "debt slaves"

The Bank for International Settlements ( BIS ) is an organization that was founded by the global elite and it operates for the benefit of the global elite - you can check out all the Central Banks that report into the BIS ( The Central Bank of the Central Banks ) :

http://www.bis.org/cbanks.htm

The International Private Banking Cartel owns The Bank for International Settlements ( BIS ) which is an organization that was founded by them and it operates for the benefit of them . You can check out all the Central Banks that report into the BIS ( The Central Bank of the Central Banks ) :

http://www.bis.org/cbanks.htm

Extract from the 83 rd BIS Annual Report :

"Since 2007, actions by central banks have prevented financial collapse. Further accommodation is borrowing time for others to act. But the time must be used wisely. The focus of action must be on balance sheet repair, fiscal sustainability and, most of all, the economic and financial reforms needed to return economies to the real growth paths authorities and the public both want and expect"

Full link to BIS Annual Report : http://www.bis.org/publ/arpdf/ar2013e.htm

This time the message will be "its clear that local national democracy has failed us all " and the only solution to save us from complete ruin is for the United Nations institutions to take over and assume all the debt

End Game : The International Private Banking Cartel now control the World and we all become "debt slaves"

Timeline : 2018 or before ..................