Global debt markets are BREAKING – pension collapse in England, govt. debt FAIL in Japan, while some bonds see 75% losses so far in 2022

HOW AMERICA ENDS: Putin announces new BRICS global reserve currency project to REPLACE the petrodollar

EU preparing for ‘state of emergency’ after Greek talks collapse

A Greek national flag flutters next to statues of ancient Goddess Athena (L) and God Apollo atop the Athens Academy June 10, 2015. Reuters/Alkis Konstantinidis

Greece does not have the money to make June IMF repayment: interior minister

A Greek national flag flutters next to a statue of ancient Greek goddess Athena, in Athens May 21, 2015. REUTERS/Alkis Konstantinidis

Exclusive: Greece scrapes bottom of barrel in hunt for cash to stay afloat

Greek national flags are on display at a shop in central Athens April 17, 2015. REUTERS/Alkis Konstantinidis

Oil drama drives shares lower in Asia and Europe

Passersby walk past in front of an electronic board displaying Japan’s Nikkei average (top C) and various countries’ stock price index outside a brokerage in Tokyo January 6, 2015. Credit: Reuters/Issei Kato

Russia entering ‘full-fledged economic crisis’, says ex-minister Kudrin

Russia’s former Finance Minister Alexei Kudrin attends the Reuters Russia Investment Summit in Moscow September 22, 2014. REUTERS/Sergei Karpukhin

Iran receives $500 million in frozen assets

Iran’s Deputy Foreign Minister Abbas Araqchi (C) is surrounded by journalists following a press conference on November 10, 2013 in Geneva. (photo credit:AFP/File Fabrice Coffrini)

Poland confiscates half of citizens’ pensions

Attempt to delay European nation’s looming debt crisis

(WND) NEW YORK – Quietly, as the looming possibility of a U.S. military attack on Syria dominated news internationally, the government of Poland announced a decision to confiscate half of the nation’s pension funds in an attempt to delay an impending government debt crisis.

While details remain hazy, Reuters reported Sept. 4 that Polish Prime Minister Donald Tusk announced a government decision to transfer to ZUS, the government pension system, all bond investments in privately owned pension funds within the state-guaranteed system.

 For now, private pensions in Poland will be allowed to keep equity investments that in the Polish state-guaranteed pension system tend to be approximately half of all private pension investments.

Federal government twice as bankrupt as Detroit

Exclusive: Porter Stansberry on how and when the U.S. will end up worse than Motor City

SOURCE

Detroit declared bankruptcy a few days ago.

I’ve written for years about how Detroit should serve as a stark warning to Americans who believe in liberal social policies, like highly progressive taxes and expensive social safety nets.

These socialist programs don’t cure income inequality. They merely destroy wealth by reducing incentives for building businesses and encouraging dependency. That’s why societies with lots of government spending typically have few civil institutions and a small middle class.

Here’s the message our politicians on both sides of the aisle seem to miss: Fifty years ago, Detroit was one of the largest and wealthiest cities in the world. Nearly 2 million people lived there, and it enjoyed the highest per-capita income in the United States.

Then, in 1960, everything changed.