To download this show in Mp3 format: click here. Summary: Economist and best-selling author Harry S. Dent Jr., returns with comments on the latest Grexit drama, noting a default is imminent. A bankruptcy will benefit the nation as forced fiscal responsibility curtails government profligacy. The only country to effectively ameliorate the debt problem is Iceland, which defaulted on foreign debt shielding... 

The International Monetary Fund has confirmed that it didn’t receive the €1.6 billion payment from Athens that was due by the end of June 30, Brussels time, making Greece the first developed country to default on its international obligations. IMF spokesman Gerry Rice said in a statement that Greece had asked for a repayment extension earlier Tuesday and that the fund’s board will consider... 

The very same people that caused the last economic crisis have created a 278 TRILLION dollar derivatives time bomb that could go off at any moment. When this absolutely colossal bubble does implode, we are going to be faced with the worst economic crash in the history of the United States. During the last financial crisis, our politicians promised us that they would make sure that “too big to fail”... 

International rating agency Moody’s has downgraded the long-term issuer rating of Ukraine to the second lowest Ca grade from Caa3, leaving the outlook negative and a high possibility of the country’s imminent default. “Although negotiations over the specific details of the restructuring are only now getting underway, Moody’s believes that the likelihood of a distressed exchange, and... 

The dollar shows a steady growth with regard to other until recently stable world currencies. But is the dollar that strong? After all, the U.S. has a state debt of 18 trillion dollars and can declare a technical default at any moment. Recent rise of the Swiss franc showed that the dollar is far from being a safe haven for investors. Global capital flows are extremely unstable It is important to understand... 

The government of Argentina is ready to use an anti-terrorism law to seek criminal charges against a US-based international printing company, which unexpectedly closed its plant on the outskirts of Buenos Aires. Workers of RR Donnelley in the Argentinian capital came to work on Monday to be informed of the plant’s closure due to an “insurmountable crisis,” according to AP. The company’s... 

Nick Griffin, leader of the British National Party (BNP) Leader of the UK’s far-right political party, the British National Party (BNP), has been declared bankrupt. Appearing at Welshpool County Court in Wales on Thursday, Nick Griffin was declared insolvent. This came after Griffin was found to have been left with debts following a dispute with Gilbert Davies & Partners legal firm that represented... 

A federal judge ruled Tuesday that Detroit, Michigan is indeed eligible for bankruptcy protection, giving the go-ahead to the once booming Motor City to move forward with plans to restructure more than $18 billion in debt. Amid reading excerpts from a lengthy decision of more than 140 pages, United States Bankruptcy Judge Steven Rhodes announced during Tuesday morning’s historic hearing that he... 

Microsoft is buying Nokia’s smartphone business and a portfolio of patents and services in an attempt to improve its position in the mobile market and compete with Apple and Google at a time when more people pursue their lives on mobile devices. The $7.2 billion deal announced late on Monday marks a major step in Microsoft’s push to transform itself from a software maker focused on operating... 

German finance minister, Wolfgang Schäuble, has unexpectedly said that Greece will need more financial help, admitting for the first time that $328 billion pledged so far won’t be enough to save Greece from bankruptcy. Schäuble’s surprise admission of this deeply unpopular prospect comes at a sensitive time for his party. Germany will hold a general election on September 22. “There... 

New York City Mayor Bloomberg As New York City wrestles with rising pension and health care costs, Mayor Michael Bloomberg has warned that the city runs a real risk of bankruptcy like Detroit. Detroit’s bankruptcy and the problems facing its pension funds have concerned many states and cities across America with Mayor Bloomberg becoming the latest official to warn that his city may go the way of... 

Protestors in Detroit last month objected to plans to cut pension benefits of city workers and retirees. The federal judge overseeing Detroit’s bankruptcy case says he will hold a hearing Wednesday to take up a request by the city’s emergency manager to put on hold state lawsuits challenging the bankruptcy filing. The new development comes as the legal wrangling over the bankruptcy of the city... 

Cypriot President Nicos Anastasiades Cypriot President Nicos Anastasiades says no one, not even members of his own family, will be immune to investigations of alleged financial wrongdoing in the run-up to an international bailout deal. Anastasiades made the remarks on Monday evening in reaction to reports accusing his relatives of transferring millions of euros out of the island state to London. A... 

Traders at work at the Frankfurt Stock Exchange European stock markets have plunged after Cyprus struck a 10-billion-euro ($13 billion) bailout deal to save the country from bankruptcy. The stocks fell on Monday afternoon after Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of eurozone finance ministers, said that the Cyprus model, which includes a heavy tax on bank deposits, could... 

The central bank in Cyprus has imposed an ATM withdrawal limit of 100 euros per day for the island’s two biggest banks, in order to prevent a run on lenders. A spokesman for the country’s second largest lender, Cyprus Popular Bank, told Reuters that the new measure began at 1pm local time (11am GMT) and would remain in place until the bank reopens, or until confirmation of continued emergency...