by Patrick Wood
Greece is still the center focus of Europe. The unelected Prime Minister (a Trilateral Commission member) is driving Greece to become a vassal state for the EU… micromanaged in every way. Protecting the existing debtors is paramount, while consuming whatever resources are left in the beleaguered state.
Some are thinking that Germany is trying to force Greece out of the EU. Perhaps. Either way, Greece is in a death spiral that cannot be overcome without default and complete restructuring. Its citizens are on the edge of forcing anarchy and kicking the government out completely.
The austerity being forced on Greece is destroying its economy. That is, the very policies intended to straighten Greece out, are resulting in its demise instead. This is a manifestation of a deflationary spiral.
Every proposed bailout package created by the EU has been based on assumptions of growth. Without growth, every bailout is failed before it starts and only additional bailouts allow the can to be kicked down the road.
So why doesn’t the world pick on Italy, Ireland and especially the U.S.? The chart above shows that the U.S. is well ahead of Greece in terms of debt per capita. Our political system is just as corrupt and inept.
While the U.S. still enjoys an AA credit rating, Greece just got downgraded from C to CCC.
Since 1978 I have written that the conclusion of Trilateral policy would bring a return to the dark ages — a feudalistic system where a few owners would preside over a pauper class with brutal efficiency. Greece is your first look at the future of the world, and it’s being managed by an appointed Trilateral.
Robert Zoellick, president of the World Bank, is another Trilateral member. I have thoroughly documented the Commission’s dominance over the World Bank in the past. Zoellick just announced a new initiative that he is calling “SOS” – “SAVE OUR SEAS”. After cursory reading, it seems to me to be a back door to the Law of the Sea treaty (that was also sponsored by several Trilaterals, but has failed to be ratified by the U.S.) to a) reduce national sovereignty over coastal waters and b) put the oceans under global technocratic control for the good of humanity. The big excuse this time is to save the fish from over-harvesting and depletion, but that is a total ruse.
Since December, the rise in the S&P 500 has traced out a definitive ascending wedge” pattern that is always seen as a termination pattern in upward A-B-C corrections. The same pattern can be seen in the DJ Industrial index.
The DJ Transports, however, have already turned down without making a new high to match other indexes. This is a bearish non-confirmation according to Dow Theory.
Meanwhile, market internals are deteriorating every day.
The dollar has puts it immediate bullish potential on hold while a deeper a-b-c correction works itself out before changing trend again. This pattern could be terminated at any time, so the only opportunity is to look for points of entry on long trades.
Both gold and silver are finishing up their counter-trend rallies.
Stocks and metals should turn down together, while the dollar should advance.
Professional market traders that I listen to are have been liquidating positions and going short on stocks. This explains the low volume in that the pros are not willing to jump into the market with any big cash.