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Black Spain and North Africa…Berbers/Moors Check it… January 3, 2013

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“Sovereign Debt” December 10, 2011

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This is nothing new with the debt crisis“It began in Athens. It has spread to Lisbon and Madrid and will be getting larger as all is part of the “One World Order”  But it would be a grave mistake to assume that the sovereign debt crisis that is unfolding will remain confined to the weaker eurozone economies.”

America, I’ve  maintained, would suffer a sovereign debt crisis as well, and this would happen sooner than expected.

“The International Monetary Fund recently published estimates of the fiscal adjustments developed economies would need to make to restore fiscal stability over the decade ahead. Worst were Japan and the UK (a fiscal tightening of 13 per cent of GDP). Then came Ireland, Spain and Greece (9 per cent). And in sixth place? Step forward America, which would need to tighten fiscal policy by 8.8 per cent of GDP to satisfy the IMF.”

The catch is that the U.S. does not need to satisfy the IMF . . . .

 “Sovereign Debt” Is an Oxymoron

America cannot actually suffer from a sovereign debt crisis.  Why?  Because it has no sovereign debt.  As Wikipedia  explains:

“A sovereign bond is a bond issued by a national government.  The term usually refers to bonds issued in foreign currencies, while bonds issued by national governments in the country’s own currency are referred to as government bonds.  The total amount owed to the holders of the sovereign bonds is called sovereign debt.”

Damon Vrabel, of the Council on Renewal in Seattle, concludes:

“[T]he sovereign debt crisis . . . is a fabrication of the Ivy League, Wall Street, and erudite periodicals like the Financial Times of London. . . . It seems ridiculous to point this out, but sovereign debt implies sovereignty.  Right?  Well, if countries are sovereign, then how could they be required to be in debt to private banking institutions?  How could they be so easily attacked by the likes of George Soros, JP Morgan Chase, and Goldman Sachs? Why would they be subjugated to the whims of auctions and traders?  A true sovereign is in debt to nobody . . . .”

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