As Alfred Adask pointed out in our weekly conversation on "Financial Survival" this week, the non-stop round-the-clock coverage of the Greek crisis in the news media the past few weeks has effectively obscured some other pressing issues from gaining much attention. One of those issues is the possible meltdown of the framework agreement on the Iranian nuclear program that was reached in April and announced with much fanfare, ballyhoo and fear porn.
Wait, Iran has a nuclear program?
Well hopefully you knew about this already, but in case you didn't: yes, the Iranians have a nuclear program. Any guesses where it came from? That's right, the United States! Back in 1957 the US signed an atomic cooperation agreement with Iran as part of their "Atoms for Peace" program, which was an international psychological operation program to destroy the taboo against the use of nuclear weapons by familiarizing the world with nuclear technology. Ten years later Tehran opened its nuclear research center featuring a 5 Megawatt nuclear research reactor supplied by (you guessed it) Uncle Sam.
From those early (American-suppli...
...if there is no debt deal by the end of this month, the Greek debt crisis is going to totally spin out of control and financial chaos will begin to erupt all over Europe. But instead of trying to be reasonable, EU president Donald Tusk has delivered an ultimatum to Greece. But instead of trying to be reasonable, EU president Donald Tusk “has delivered an ultimatum to Greece”
The Fed came in and gave AIG an emergency loan it (literally) couldn't refuse, took it over and began running the company completely illegally and in violation of the constitution.
It's a strange time right now. On the one hand there is such a sense of calm in the mainstream financial world. And on the other there is a seething, writhing pot of tension boiling away behind the scenes.
But what is the SDR? And why is it important? Why does China want it to act as a super-sovereign reserve currency? And what does that even mean?
...it's difficult to think of a major area of the economy that has not been supplemented by volunteer networks, community organizations, complementary currencies and other resourceful answers to the question of how the people can take care of themselves in the absence of a solvent government.
It's a point that's been made many, many times before, but it's no less valid: there are many of us. There are very few of "them." The power to transform this world still rests primarily in our hands...
Could this be, as the Daily Mail and its ilk are all too keen to suggest, simply a case of overworked young investment bankers choosing the easy way out? It’s a possibility. But could it be something much more sinister?
The world situation is grim at the moment; no one can deny that. But there are plenty of hopeful developments that show the future is not written in stone and there are things that we can do to turn things around.
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The creator of the International Forecaster, Bob Chapman.