Submitted by Tyler Durden: Back in May 2011, together with forecasting Japan's most epic case of quantitative easing ever unleashed, we presented the absurd, if inevitable, thought experiment of a country that would soon cross into the twilight zone of total sovereign debt numbers that no longer even fit on a simple pocket calculator. The country of course is Japan, and the debt number is one quadrillion. As of last night, the absurd has become real as Japan has officially announced its total government debt rose by 1.7% to ¥1,008,600,000,000,000.00.This represents about $10.5 trillion, is an amount larger than the economies of Germany, France and the U.K. combined, and is about 230% of Japan's GDP although at this point who cares: Japan will never repay its debt and the best it can hope for is to inflate it away, which ties in with the first forecast of ever greater "easing" by the BOJ until fiat after fiat loses all meaning in a world that is so hopelessly in debt that destroying the very concept of modern money will ultimately be the only recourse.
8 Aug 2013
The Artist Taxi Driver
Submitted by Tyler Durden: Everyone is welcome at the church fete in the small Greek village of Archanes in Iraklio. Everyone, that is, apart from the so-called 'Financial Crimes Squad'. The team of tax-inspectors entered the village in the light of day to conduct raids on businesses for tax code violations... the people were not happy. As ekathermini notes, the villagers heckled and threatened them with force if they did not leave the village. This is not the first time the government's enforcers have run afoul of the people; last year, inspectors were held captive by disgruntled locals... We are sure this is just a storm in a teacup and that the recovery is ticking along nicely in Greece - how else does one explain their surging bond and stock prices?
A team of inspectors from the Financial Crimes Squad (SDOE), was on Tuesday heckled by locals at a village in Crete and coerced to leave, before a one-month closure order was issued against the owner of a taverna where the team was intimated, local media reported.
The SDOE team turned up at the village of Archanes in Iraklio as locals were celebrating their patron saint with a church fete.
According to reports, local residents took offense that the tax inspectors chose that day to conduct raids on businesses for tax code violations.
Russia Responds To Obama Snub: "We Are Disappointed... But The Snowden Situation Wasn't Created By Us"
Submitted by Tyler Durden: Earlier we reported that in an act of embarrassing political ineptitude not to mention detente reminiscent of the Cold War's worst days, the US president did his best Freudian transference attempt today by blaming Putin for his ever escalating headaches caused by one 30 year old NSA whistleblower, and cancelling bilateral talks with the Russian president. And can anyone blame him: with the US increasingly slighted by both superascedent eastern powers, Russia and China, the US finds itself in a position in which it has never been - where foreign nations get to simply say "no." Here is what else Russia is saying in the aftermath of Obama's childish response.