The giant credit fueled boom of the last 20 years has deformed the global economy in ways that are both visible and less visible. As to the former, it only needs be pointed out that an economy based on actual savings from real production and income and a modicum of financial market discipline would not build 65 million empty apartment units based on the theory that their price will rise forever as long as they remain unoccupied!
That’s the Red Ponzi at work in China and its replicated all across the land in similar wasteful investments in unused or under-used shopping malls, factories, coal mines, airports, highways, bridges and much, much more.
But the point here is that China is not some kind of one-off aberration. In fact, the less visible aspects of the credit ponzi exist throughout the global economy and they are becoming more visible by the day as the Great Deflation gathers force.
Turkey: One step away from a Civil War ~ link ~
And yet this week, Erdogan - with a straight face - accused the Assad government of "mercilessly killing" civilians. But what's going on in Turkey is precisely the same thing that began to unfold in Syria in 2011. That is, certain elements in the country were subjected to a government crackdown when they agitated for change. In both cases, the government (Assad in Syria and Erdogan in Turkey) accused the other side of being "terrorists" and in both cases, civilian casulaties began to pile up.
Somehow though, Assad is a "butcher" and Erdogan is a democratically elected leader who is merely fighting to eradicate terrorist elements.
Needless to say, this is completely despicable at this point, especially considering the fact that the PKK's Syrian affiliate (the YPG) are fighting the real "terrorists" (ISIS) across the border. A border which Turkey has made highly porous on purpose in order to allow for the easy flow of Sunni extremists (not to mention Islamic State oil) into and out of Syria.
UK has spent 503 Billion Pounds (about $800 Billion in US dollars) on EU since 1973: Eurosceptics call for money to be spent on the National Health Service and schools ~ link ~
Britain's contributions to the European Union are expected to reach half a trillion pounds today.
Bill Clinton made $8 million from speeches to companies with matters pending before Hillary's State Department ~ link ~ If that is not corruption, what is?!! Stirling
19 Ingredients in McDonald's french fries ~ link ~ link ~ link ~ link ~ link ~
Arctic heatwave hits North Pole ~ link ~