Global Debt Time Bomb explodes soon

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Re: Global Debt Time Bomb explodes soon

Post by MPMalloy » Fri Oct 18, 2019 7:45 pm



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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Sun Oct 27, 2019 5:56 pm

Will the first bank runs of the next global financial crisis start in Lebanon?

https://www.asiatimes.com/2019/10/artic ... ollar-run/

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Re: Global Debt Time Bomb explodes soon

Post by raptor » Sun Oct 27, 2019 10:42 pm

A bank run in Lebanon is not going to shake markets. They are running to the bank for U$D instead of Lebanese Pounds.

This is a currency crisis but only for the Lebanese Pound.

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Re: Global Debt Time Bomb explodes soon

Post by Stercutus » Mon Oct 28, 2019 6:30 am

But to see Lebanese protesting Hezbollah, running from Iranian ties and embracing a US tech company is rather ironic.
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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Mon Oct 28, 2019 10:28 am

Lebanon is offering a teachable moment on what happens when corrupt elites run a country's economy into the ground with their corruption and plunder, causing the populace to lose faith in the banking and financial system. Authorities have said they won't reopen Lebanon's closed banks until the situation calms down, but there are no indications that is going to happen anytime soon, meaning account holders can only withdraw limited sums from their ATMs.

Watch and learn, people. Watch and learn. With social unrest spreading around the globe, interlocked banking systems will not be immune to related contagion.

https://www.reuters.com/article/us-leba ... SKBN1X60R2

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Mon Oct 28, 2019 10:30 am

Stercutus said: But to see Lebanese protesting Hezbollah, running from Iranian ties and embracing a US tech company is rather ironic.
Ironically, hard economic times and popular disgust with Lebanon's ruling elites cuts across sectarian lines and is causing the populace to unify despite Lebanon's history of civil war and sectarian violence.

https://www.csmonitor.com/World/Middle- ... ward-unity

In Lebanon’s northern port of Tripoli, predominantly Sunni crowds tore down posters of Sunni Prime Minister Saad Hariri. In the largely Shiite towns in the south, protesters ripped down banners of Hezbollah leader Hassan Nasrallah.

In Beirut, Shiites, Christians, Sunnis, and Druze are protesting side by side.

As the protests bringing Lebanon to a standstill enter their ninth day, something is emerging even more powerful than the anger over economic malaise and political corruption that ignited them: national unity.

In the diverse but tiny country, where scars from its 15-year civil war and sectarian lines have defined both its political and economic life since 1991, young people are rallying around a common cause: ousting their postwar political leaders, all of them.

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Re: Global Debt Time Bomb explodes soon

Post by raptor » Mon Oct 28, 2019 12:03 pm

absinthe beginner wrote:
Mon Oct 28, 2019 10:30 am

Ironically, hard economic times and popular disgust with Lebanon's ruling elites cuts across sectarian lines and is causing the populace to unify despite Lebanon's history of civil war and sectarian violence.

https://www.csmonitor.com/World/Middle- ... ward-unity
That is truly the interesting point of the article.
"All means all" is the common chant. They key rally point of unification is a dis-satisfaction with the status quo of entitlement.

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Mon Oct 28, 2019 12:38 pm

Raptor said: "All means all" is the common chant. They key rally point of unification is a dis-satisfaction with the status quo of entitlement.
Nothing must be as terrifying to the corrupt elites as to see that despite all their attempts to divide and rule, the screwed-over populace is starting to see past their differences (and attempts to manipulate them) and figure out who the real enemy is.

Food for thought.

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Re: Global Debt Time Bomb explodes soon

Post by raptor » Mon Oct 28, 2019 1:08 pm

Agreed.

Nothing unites like the realization of collectively being bent over a table and ... well ... "being taken advantage of".
At the top of the list was a 50% pay-cut for current and former ministers. Ministers in Lebanon receive salaries for life, which are among the highest in the world compared to the minimum wage, while their children receive monthly legacy benefits even after they die.

These elites – a handful of families, most of them former militia commanders or descendants of militia leaders from the country’s 1975-early 1990s civil war – have collectively run the country under a sectarian quota system for more than two decades.

One of the chief rallying cries of the current protest movement is, “All of them means all of them” – with constituencies across the country rebelling not only against rival political movements but also their own anointed leaders.

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Mon Oct 28, 2019 1:32 pm

Lebanon Bans Removal Of Large Dollar Sums From Country Amid Bank Run "Panic"

https://www.zerohedge.com/economics/leb ... -run-panic

Eleven days into banks across Lebanon being shuttered due to mass anti-government corruption protests which have gripped the nation, in numbers estimated at one million people taking to the streets simultaneously (a stunning quarter of the population), authorities have just put a temporary ban on removing any large sum of physical dollar currency from out of the country.

The order was issued Sunday by Public Prosecutor Ghassan Oueidat who imposed the ban on all air and land borders, in effect "until the central bank determines a new mechanism for regulating such transfers." Previously a customs permit was required to take large cash amounts out of the country, but there's now concern that a potential run on the banks could crash the economy the moment they finally do open.

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Re: Global Debt Time Bomb explodes soon

Post by Stercutus » Mon Oct 28, 2019 1:49 pm

Diving further in to the financial situation in Lebanon I can't figure how they put "tax" on a free service? What percent does that work out to?
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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Mon Oct 28, 2019 2:05 pm

The Lebanese Uprising Won’t Prevail While Sectarian Elites Remain in Control

https://www.counterpunch.org/2019/10/28 ... n-control/

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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Mon Oct 28, 2019 2:07 pm

Stercutus said: Diving further in to the financial situation in Lebanon I can't figure how they put "tax" on a free service? What percent does that work out to?
It was the proverbial last straw that broke the camel's back, like the four cent metro fare increase in Chile that triggered first student unrest, then a million people in the streets demanding that their corrupt and venal ruling class step down.

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Re: Global Debt Time Bomb explodes soon

Post by raptor » Mon Oct 28, 2019 2:27 pm

Stercutus wrote:
Mon Oct 28, 2019 1:49 pm
Diving further in to the financial situation in Lebanon I can't figure how they put "tax" on a free service? What percent does that work out to?
That was my initial thought also.

But I assume the tax would be a fee rather like a drivers license or any other kind of license on down loading the software or perhaps traffic based...

or simply more likely an arbitrary amount randomly generated.

We have water usage billed in NOLA that uses this same random method.
https://www.wwltv.com/article/news/loca ... -571111541

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Re: Global Debt Time Bomb explodes soon

Post by Stercutus » Mon Oct 28, 2019 3:24 pm

The "tax" seems just naked extortion to me.
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Re: Global Debt Time Bomb explodes soon

Post by raptor » Mon Oct 28, 2019 6:58 pm

Stercutus wrote:
Mon Oct 28, 2019 3:24 pm
The "tax" seems just naked extortion to me.
I believe 2 of those words are synonyms.

The definition of a fair tax is one that someone else pays.

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Re: Global Debt Time Bomb explodes soon

Post by boskone » Mon Oct 28, 2019 10:07 pm

raptor wrote:
Mon Oct 28, 2019 2:27 pm
Stercutus wrote:
Mon Oct 28, 2019 1:49 pm
Diving further in to the financial situation in Lebanon I can't figure how they put "tax" on a free service? What percent does that work out to?
That was my initial thought also.

But I assume the tax would be a fee rather like a drivers license or any other kind of license on down loading the software or perhaps traffic based...

or simply more likely an arbitrary amount randomly generated.

We have water usage billed in NOLA that uses this same random method.
https://www.wwltv.com/article/news/loca ... -571111541
I think they were planning to charge a flat fee per month of several dollars to anyone who used WhatsApp; I don't know offhand if that was based on actual traffic or just having the app installed.

As I understand it, the gov't over there had already levied so many taxes/fees/whatever on regular phone service people were turning to alternate comms, because they just straight up couldn't afford regular phone service.

I think a similar idea's been floated in the US to require some sort of email fee as a means to keep the USPS afloat/reduce spam by making it actually cost something/whatever, but to the best of my knowledge has never reached any functional level of support because it's dumb.

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Re: Global Debt Time Bomb explodes soon

Post by Stercutus » Tue Oct 29, 2019 12:00 am

I think a similar idea's been floated in the US to require some sort of email fee as a means to keep the USPS afloat/reduce spam by making it actually cost something/whatever, but to the best of my knowledge has never reached any functional level of support because it's dumb.
That will be my last day getting mail. 98% of the shit the USPS brings me I don't want anyway. The rest of it I can get some other way.
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Re: Global Debt Time Bomb explodes soon

Post by absinthe beginner » Tue Oct 29, 2019 8:04 am

Tempers are starting to fray in Lebanon as protests drag on and banks remain closed.

https://news.yahoo.com/bloody-fistfight ... 43761.html

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Re: Global Debt Time Bomb explodes soon

Post by raptor » Tue Oct 29, 2019 4:33 pm

Stercutus wrote:
Tue Oct 29, 2019 12:00 am
I think a similar idea's been floated in the US to require some sort of email fee as a means to keep the USPS afloat/reduce spam by making it actually cost something/whatever, but to the best of my knowledge has never reached any functional level of support because it's dumb.
That will be my last day getting mail. 98% of the shit the USPS brings me I don't want anyway. The rest of it I can get some other way.
There will be an annual "discontinuation of mail fee" kinda like the tax on giving up US citizenship.

https://www.irs.gov/individuals/interna ... iation-tax

BTW 99.9% of my mail does not make it inside...Except during election times like now.

I keep the election flyers and try to get as many yards signs as I can.
The heavy paper stock flyers make great bonfire kindling if you shred it properly and the yard signs make great target holders for the rinky dink range I have at the farm. :rofl:

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Re: Global Debt Time Bomb explodes soon

Post by flybynight » Tue Oct 29, 2019 5:10 pm

and the yard signs make great target holders
Political statement? ( as I envision mag dumping on the yard sign of whichever politician is ones current dislike )
As of now I bet you got me wrong

John Titor was right

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Re: Global Debt Time Bomb explodes soon

Post by boskone » Tue Oct 29, 2019 9:32 pm

Stercutus wrote:
Tue Oct 29, 2019 12:00 am
I think a similar idea's been floated in the US to require some sort of email fee as a means to keep the USPS afloat/reduce spam by making it actually cost something/whatever, but to the best of my knowledge has never reached any functional level of support because it's dumb.
That will be my last day getting mail. 98% of the shit the USPS brings me I don't want anyway. The rest of it I can get some other way.
I actually kinda wish you could just cancel mail service, sometimes. Or at least restrict it to some relatively-expensive level of mail, so only things like certified mail would get through.

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Re: Global Debt Time Bomb explodes soon

Post by boskone » Tue Oct 29, 2019 9:35 pm

flybynight wrote:
Tue Oct 29, 2019 5:10 pm
and the yard signs make great target holders
Political statement? ( as I envision mag dumping on the yard sign of whichever politician is ones current dislike )

Back in the '90s, dad had Perot for President sign in the front yard for a couple months or so. It served as a target holder for about a decade.

There's gotta be something symbolic in that. :D

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