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  • The kettle is warming on any approaching collapse in world finances and the economy.

  • Despite bold pledges to end Austerity by the Syriza party of Greece, rumors of witholding

  • debt payment ended when 460 million Euros went to the IMF Thursday April 9th.

  • In total Greece has 16 billion Euros due this year to creditors; that's 8% of their GDP.

  • An equivalent amount would be if the US had to pay $1.3 trillion this year;

  • literally impossible without just printing new money, something Greece cannot do while

  • it's part of the Eurozone. More than $6 billion is due to the European Central Bank (ECB)

  • from June to August. Greece's economy is still facing greater than 25% unemployment with

  • little signs of recovery.

  • On the war front a preliminary deal with Iran on their nuclear program has been reached

  • that would see Iran making drastic cuts to its program in return for economic sanctions

  • being lifted. We will see if this plays out; of course Israel is not the happiest. Speaking

  • of, both Israel & Iran are set to join China's Asian Infrastructure Investment Bank.

  • In End of the Petrodollar news, China is closer to joining the major league of reserve currencies

  • with a deal possible later this year to include the yuan in the International Monetary Fund's

  • SDR global currency. Germany supports the addition; we will give more details later

  • this year as the plans unfold.

  • China has it's own potential problems though; the Shanghai Composite has doubled in one

  • year giving hints of a bubble. The Hong Kong Hang Seng market rose 10% in just two days.

  • In U.S. focused news, the Atlanta Fed reports GDP growth revised to 0% for the first quarter

  • of 2015, down from a 2.3% estimate given february 13th.

  • The US Dollar index has already recovered back to 1% down from the recent high.

  • For the stock market, the S&P 500 is roughly flat in 2015 remaining at 2,090 points where

  • it ended last December. In contrast, gold and silver are showing a slight turnaround

  • as well as the oil price; our estimates say oil will not have any massives moves this

  • year however; absent any OPEC major cut which is not likely.

  • In the last year the US Bureau of Labor Statistics has added 2.1 million Americans to thenot

  • in the labor forcecategory. The total is now 93.2 million Americans. At a 320 million

  • person population, this would put a straightforward unemployment number well above 30%. There

  • are 24 million more Americans not in the labor force compared to just 15 years ago.

  • To our North, Canada is expected to pass a balanced budget law to return to fiscal restraint

  • they saw before the 2008 crisis.

  • Tune in next week for your next summary of economic crisis news.

The kettle is warming on any approaching collapse in world finances and the economy.

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