A stunning Ministry of Finance (MoF) report released today on the global impact of the recently implemented Affordable Care Act (ACA) [otherwise known as Obamacare] in the United States is warning that this new law is now in a “death spiral” which could, by February 2014, collapse the entire world’s economic system as the US Federal Reserve would not be able to bail out its European Union (EU)... 

A grim report just issued by the Finance Ministry that is circulating in the Kremlin today says the United States Clearing House Interbank Payments System (CHIPS) has ground to a virtual halt signaling that a major global economic collapse is currently underway and could very well likely enter into the dreaded “freefall zone.” Virtually unknown to all but the global financial elite, CHIPS is the... 

Many experts believe that the sold out EU leaders’ failure to address the Block’s deepening financial recession may possibly end in collapse of an EU dream. In the meantime, professionals believe that the EU leaders’ failure to deal with the core issue, which, they say, is the endless rise of unrepeatable debt, is considered the same as, digging the hole still deeper, which may,... 

Remember the 15-story hotel built in six days? Well, this 12-story apartment building fell down in three seconds. In fact, this apartment block was not built with pre-fab techniques and it’s certainly not Level 9 Earthquake-resistant. It’s just your typical brick and cement building. They first build the block, and then started to excavate an underground parking on the front. They placed... 

The EU banking system is in big trouble. Many of the Union’s largest banks are sitting on hundreds of billions of dodgy sovereign bonds and non performing real estate loans. But writing down their losses will deplete their capital and force them to restructure their debt. So the banks are concealing their losses through accounting sleight-of-hand and by borrowing money from the European... 

Harvard professor and author Niall Ferguson speaks about the financial crisis during an opening session of the Aspen Ideas Festival on Monday afternoon. Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level. “I think... 

Portuguese Finance Minister Fernando Teixeira speaks during a parliamentary debate on the govenment’s controversial stability and growth program. As Greece barreled closer to the edge of a debt default this week, fears that the crisis would infect other countries rattled the world’s financial markets. “It’s not a question of the danger of contagion,” Angel Gurria, the... 

To recap, the European Union is comprised of 27 sovereign nations in a common trading bloc, the purpose of which is to compete as a collective more effectively with the world’s economic powerhouses of the US, Japan and now China. It was born of the old “Common Market”. Of those 27 nations, 16 have chosen to also band together under a common currency – the euro. Responsibility... 

America must work on starting a new economy and not restarting the old one or it will resemble the former Soviet Union, says author and blogger Dmitry Orlov.  Read More »