Stocks tumbled again on fears of the rapidly approaching fiscal cliff in the United States and a failure by eurozone finance ministers and the IMF to decide how Greece will resolve its sovereign debt and pay off the banksters at Société Générale, Deutsche Bank, Eurobank, and other loan sharking institutions.
“This morning the reasons du jour started out with Europe and the kerfuffle over Greece and then you have the fiscal cliff,” Michael Holland, chairman of New York-based Holland & Co., told Bloomberg News.
Amid the lackluster performance of the stock market, the Obama administration has invited top establishment politicos in Congress to the White House later this week to hammer out a plan to avoid the so-called fiscal cliff. Business honchos from some of the world’s largest transnational corporations will be in attendance, including those from American Express, Ford Motor and Honeywell International.
“We’re not out of the woods yet,” said Guillaume Duchesne, an equity strategist at BGL BNP Paribas SA in Luxembourg. He added that a resolution of the financial crisis threatening to extend the recession for the foreseeable future depends on the leadership of Obama.
According to Rep. John Fleming, we won’t be getting out of the woods anytime soon, especially with Obama at the helm. “It looks like we’re going to have to go through the same or similar pain [as Greece] to get real reforms,” the Louisiana Republican told the Daily Caller on Sunday.
He said that if the current economic trend is not reversed, “what’s going to happen is there’s going to be a day of reckoning that gets into a serious situation where we have to make tough choices.”
Greece’s fiscal pain erupted into violent riots last week after the country’s three-party coalition government voted to adopt the €18.5bn budget cuts by 2016. Protesters lobbed Molotov cocktails and rocks at police who responded with stun grenades, tear gas and the first use of water cannon in Greece in years, according to The Telegraph.
“Americans may think this sort of thing can’t happen here, but the globalists plan to take them down too,” we wrote on November 7 as riots commenced in Greece. “The economic meltdown is a slow burn that will eventually lead to violence, but Americans will not be just throwing Moltov cocktails like the Greeks.”
November 13, 2012