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By Phoenix Capital Research

The world will soon be facing a tsunami of defaults on bad debts. This will include municipal or local government defaults, governments “defaulting” on promises they’ve made to the people (Social Security, Medicaid), a default on the social contract between society and politicians such as the one in Cyprus (a default on the notions of private property and Democracy), stealth defaults on debts in the form of inflation and finally, of course, outright sovereign defaults.

The sovereign defaults will come last; all other options will be tried first.

The reason for this is that sovereign bonds (think of US Treasuries, German Bunds or Japanese Government bonds) are the senior most collateral posted by banks for the hundreds of trillions of Dollars worth of derivatives bets they’ve made with each other.

The minute an actual sovereign default occurs in Europe, Asia or the US, then the large global banks will all be vaporized. End of story. As is now clear, the Central banks do not care about ordinary citizens. They only care about propping up the big banks.

This is why Cyprus decided to default on the social contract with its people and steal their funds rather than simply instigating a formal default. And it’s why in general we’re going to see Governments implementing more and more theft in the form of “taxes” (Cyprus called its theft a tax) in the future.

Make no mistake, the words “wealth tax” mean freezing of assets and then taking some of your savings. Anyone with more than $100,000 in a bank account should be prepared for this.

This will be sold to the public as either an attempt to tax those with a lot of money because it’s only fair that they put in more to bailout the nation OR as a form of financial terrorism e.g. “either you take a 7% cut on your deposits and the bank stays afloat or the bank crashes and you lose everything.”

This will be spreading throughout the world, GUARANTEED.

Spain, Canada (which allegedly has the safest banks in the world), New Zealand and now even Germany are implementing confiscation schemes for depositors in the event of a banking crisis.

It can happen in the UK and the US as well. I am not writing that to simply scare people. The FDIC, working with the Bank of England published a paper proposing precisely these methods to deal with Systemically Important Financial Entities (SIFIs). The paper was published in December 2012. Below are some excerpts worth your attention:

This paper focuses on the application of “top-down” resolution strategies that involve a single resolution authority applying its powers to the top of a financial group, that is, at the parent company level. The paper discusses how such a top-down strategy could be implemented for a U.S. or a U.K. financial group in a cross-border context…

…read more

Source: New Legislation Permits Authorities to Freeze Accounts and Use Them For Bail-ins

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By Tyler Durden

While we suspect there will be few, if any, easter eggs adorning Bernie's house this weekend, the following artist's impression accurately explains the micro-aggression of egg-hoarding and the fairness of redistribution that an increasing number of Millennials seem to prefer…

Source: Townhall.com

“I kinda like the old system better…” indeed.

…read more

Source: Easter Weekend At Bernie’s

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By Tyler Durden

While we suspect there will be few, if any, easter eggs adorning Bernie's house this weekend, the following artist's impression accurately explains the micro-aggression of egg-hoarding and the fairness of redistribution that an increasing number of Millennials seem to prefer…

Source: Townhall.com

“I kinda like the old system better…” indeed.

…read more

Source: Easter Weekend At Bernie’s

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By Tyler Durden

While the Western media is busy reporting each and every development (no matter how insignificant) in the ongoing effort to uncover more information about the ISIS cell responsible for the Paris attacks and Tuesday’s bombings at the Brussels airport and metro, the Arab world continues to suffer from daily violence the scope of which is often far greater than what unfolded in Belgium this week.

Just yesterday for instance, a suicide bomber struck a soccer field in Iraq, killing more than two dozen and on Sunday, a blast at a crowded park in Lahore, Pakistan killed more than 50 and injured at least 100. Some reports suggest the majority of the casualties were women and children.

“It is like we’re in a state of war,” senior police officer Haider Ashraf said. “This was a soft target, innocent people, women and children were hit.”

“Local television footage showed distraught parents running with their injured children into a hospital, while many others were brought by ambulance,” WSJ writes, adding that “police said the blast was in an area of the park where children were playing on swings, taken by their parents for an outing on a Sunday evening.” Here’s more from Reuters:

Eyewitnesses said they saw body parts strewn across the parking lot once the dust had settled after the blast.

The park had been particularly busy on Sunday evening due to the Easter holiday weekend.

Salman Rafique, a health adviser for the Punjab provincial government, put the death toll at least 52 people.

“Most of the dead and injured are women and children,” said Mustansar Feroz, police superintendent for the area in which the park is located.

Media footage showed children and women crying and screaming and rescue officials, police and bystanders carrying injured people to ambulances and private cars.

Here are the visuals from the scene:

#LahoreBlast
You need a big heart to watch this video…
Death to Terrorists, they are worst than wild animals
???????????? pic.twitter.com/2u4zH7FyZh

— Rubab Kazmi#TeamIK ? (@SRubabKazmi_512) March 27, 2016

Another attack on Kids & women in Pakistan. Nation under attack by terrorists, Government & mullahs. #LahoreBlast pic.twitter.com/Jaut5Xxeav

— Abdul Sattar Edhi (@EdhiAbdulSattar) March 27, 2016

Paklstan has seen some of the most gruesome and heinous violence witnessed throughout the Mid-East in recent years.

In January, Taliban linked militants killed dozens at a university in Khyber Pakhtunkhwa province and in December of 2014, 144 people were murdered at the Army Public School in Peshawar, where the Taliban walked desk to desk executing children ages 12-16.

…read more

Source: Suicide Bomber Kills At Least 55, Injures 150 In Pakistan Public Park

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By Tyler Durden

“You know I mean look… broadly speaking …. you know… it’s not a great choice… an either/or… but… you know…”

That was the response from State Department spokesman Mark Toner when two reporters asked him whether the US was pleased that the Syrian army, backed by Hezbollah ground forces and Russian airstrikes was set to retake the ancient city of Palmyra from Islamic State.

The lack of enthusiasm for the Russian-backed effort made for an amusing soundbite and might have come as a surprise to the uninitiated. But for those who follow the conflict in Syria it was par for the course in Washington. As recently as last August The Pentagon and CIA were still holding out some hope that rebel forces might manage to oust Assad and that somehow, ISIS and al-Nusra would subsequently be subdued. The worst case scenario would have seen ISIS itself march into Damascus and take control of the country, but that would have been fine too because then the Marines would simply march in and promptly eliminate the group paving the way for Washington and Riyadh to step in and install a puppet government.

Then the entire calculus changed when Russia entered the fray on September 30. From October on, Washington struggled with how to respond to gains made by Hezbollah and Russia. On the one hand, Moscow was hitting ISIS and al-Nusra hard from the air and the US couldn’t very well condemn that without admitting that “the terrorists” serve a purpose in Syria. On the other hand, relentless bombing runs by Russian warplanes paved the way for Hezbollah and other Iran-backed militias to lay waste to the “moderate” rebels that stood between Assad and Aleppo and that, the US said, was “no fair.” Once Aleppo proper (i.e. the city itself) was surrounded, the rebels basically surrendered (that’s not what they’ll say, nor is it the line you’ll get from Washington and Riyadh, but it’s no coincidence that the ceasefire was agreed at the exact same time that the city was surrounded).

And so, with that bit of messy business out of the way, and with the rebels having agreed to lay down their weapons in exchange for Russia’s promise that the air force wouldn’t seek to wipe them out entirely, Russia, Iran, and Hezbollah did exactly what we said they would do: turned their sights east towards Palmyra, Deir el-Zour, and Raqqa. Here’s what we said in October:

“Hezbollah and Iranian troops are advancing on Aleppo and Moscow is backing the offensive from the sky which means that the hodgepodge of anti-regime forces that control Syria’s largest city will almost (and we say “almost” because there are no sure things in war) certainly be routed, which would effectively serve to restore the Assad regime in Syria.

After that, the Russian bear and Qasem Soleimani will turn their …read more

Source: ISIS Suffers Major Blow As Assad, Russia, Hezbollah Drive Terrorists From Ancient Syrian City

    

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