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It's just a matter of time now. Sure, Germany will make overtures and promises to bail Greece out but it won't happen. The German people are against it and why set a precedent that will lead to their own collapse? The EU is coming apart; our turn is coming up shortly.
"Greece’s credit rating was cut three steps to junk by Standard and Poor’s, the first time a euro member has lost its investment grade since the currency’s 1999 debut. The euro weakened and stock markets throughout the region plunged.
Greece was lowered to BB+ from BBB+ by S&P, which also warned that bondholders could recover as little as 30 percent of their initial investment if the country restructures its debt. The move, which puts Greek debt on a par with bonds issued by Azerbaijan and Egypt, came minutes after the rating company reduced Portugal by two steps to A- from A+."
Bloomberg
"When ratings agencies downgrade the country's credit rating - it means they think it is now a riskier place to invest. If it reaches junk status, a country loses its investment grade status. Some financial institutions have rules prohibiting them from investing in "junk" bonds.
Greece's 2-year government bond yield surged to almost 15% on Tuesday, making it highly expensive for the country to borrow from the debt market.
Greek 5-year yields hit 10.6%, higher than many emerging market economies, including Ecuador at 10.5% and Ukraine at 7.1%.
The 2-year Portuguese bond yield jumped to 5.23% from 4.16%."
BBC
"Greece was pushed to the brink of a financial abyss and started dragging another eurozone country - Portugal - down with it Tuesday, fueling fears of a continent-wide debt meltdown.
Stocks around the world tanked when ratings agency Standard & Poor's downgraded Greek bonds to junk status and downgraded Portugese bonds two notches, showing investors that Greece's financial contagion is spreading.
Major European exchanges fell more than 2.5 percent, and on Wall Street, the Dow Jones industrial average finished down more than 200 points. The euro slid more than 1 percent to nearly an eight-month low.
"We have the makings of a market crisis here," said Neil Mackinnon, global macro strategist at VTB Capital."
Washington Post
The states here in America need to pay attention to what happens to Greece. When they refuse to cut spending and go bankrupt, then turn to Uncle Sam for help, they can kiss their sovereignty goodbye. Europe is a preview of our future. We are all about to become slaves to the state; just another brick in the wall.
"The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.
While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty."
The Telegraph
I love history, especially the ugly bits that no one seems to write about. So, in honor of Black History Month, I thought that I'd post the excerpt below from Black Genocide.
My guess is that nothing about the Progressive Eugenics Movement and its intention to eliminate the black people will be taught in the government schools, much less the involvement of such luminaries as W.E.B. DuBois. Nor will they mention that this extermination carries on today through the offices of Planned Parenthood which continues to focus on black neighborhoods when choosing sites for abortion clinics.
According to Day Gardner of the National Black Pro Life Union:
Margaret Sanger went on to become the founder of Planned Parenthood an organization that makes most of its blood money by killing children—especially black children.
Abortion providers are still being located for the most part in black neighborhoods and are still delivering the same old message–that black, poor children, living in urban areas–are not worthy of life. America would be a better place without black people.
The KKK brutally killed about 3500 black people since it began in 1865—Margaret Sanger’s Planned Parenthood is responsible for the more than 17 million black deaths since 1973.
Every day more than 5000 babies are slaughtered by the blades of the abortion butchers—decapitated, ripped apart…killed.
How can America say we are better than the regimes of the Holocaust, Darfur, Sudan or China if we allow the butchering of America’s innocent children to continue?
This is Black History Month. Let’s remember why the killing began and then vow in Jesus’ name to end it…picture that!
You can't say it much more clearly than that.
So go over to Black Genocide and read the full article excerpted below. We need to understand who we are and how we got here and why we deserve what is coming. All of us; white, black, yellow and all of the rest. We're in this together, all part of an epic and all encompassing battle against evil. It will take all of us, working not just as a country but as a people, as individual members of the one body, Jesus Christ. We must recognize our common humanity and cast off the prejudicial divisions created by Satan himself. We must and we will overcome, but only through the power of Christ.
Pray for unity. Pray for understanding and pray for repentance for the sins we have committed, both as individuals and as members of the body. Only through the cleansing of sin will we be able to wear the armor of righteousness required for the coming battle.
"The Harlem clinic and ensuing birth control debate opened dialogue among black about how best to improve their disadvantageous position. Some viewed birth control as a viable solution: High reproduction, the believed, meant prolonged poverty and degradation. Desperate for change, others began to accept the "rationale" of birth control. A few embraced eugenics. The June 1932 edition of The Birth Control Review, called "The Negro Number," featured a series of articles written by blacks on the "virtues" of birth control.
The editorial posed this question: "Shall they go in for quantity or quality in children? Shall they bring children into the world to enrich the undertakers, the physicians and furnish work for social workers and jailers, or shall they produce children who are going to be an asset to the group and American society?" The answer: "Most [blacks], especially women, would choose quality … if they only knew how."
DuBois, in his article "Black Folk and Birth Control, " noted the "inevitable clash of ideals between those Negroes who were striving to improve their economic position and those whose religious faith made the limitation of children a sin." He criticized the "mass of ignorant Negroes" who bred "carelessly and disastrously so that the increase among [them] … is from that part of the population least intelligent and fit, and least able to rear their children properly."
DuBois called for a "more liberal attitude" among black churches. He said they were open to "intelligent propaganda of any sort, and the American Birth Control League and other agencies ought to get their speakers before church congregations and their arguments in the Negro newspapers [emphasis added]."
Charles S. Johnson, Fisk University’s first black president, wrote "eugenic discrimination" was necessary for blacks. He said the high maternal and infant mortality rates, along with diseases like tuberculosis, typhoid, malaria and venereal infection, made it difficult for large families to adequately sustain themselves.
Further, "the status of Negroes as marginal workers, their confinement to the lowest paid branches of industry, the necessity for the labors of mothers, as well as children, to balance meager budgets, are factors [that] emphasize the need for lessening the burden not only for themselves, but of society, which must provide the supplementary support in the form of relief." Johnson later served on the National Advisory Council to the BCFA, becoming integral to the Negro Project.
Writer Walter A. Terpenning described bringing a black child into a hostile world as "pathetic." In his article "God’s Chillun," he wrote:
The birth of a colored child, even to parents who can give it adequate support, is pathetic in view of the unchristian and undemocratic treatment likely to be accorded it at the hands of a predominantly white community, and the denial of choice in propagation to this unfortunate class is nothing less than barbarous [emphasis added].
Terpenning considered birth control for black as "the more humane provision" and "more eugenic" than among whites. He felt birth control information should have first been disseminated among blacks rather than the white upper crust. He failed to look at the problematic attitudes and behavior of society and how they suppressed blacks. He offered no solutions to the injustice and vile racism that blacks endured."
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