Argentina Is Not Standing Down: "We've Paid our Debts"—Judge Griesa Has Abused His Authority

New York Federal Judge Thomas Griesa, and lawyers for the NML and Aurelius vulture funds went bonkers Friday over Argentina's bold June 26 action, depositing $539 million in the account of its trustee, Bank of New York-Mellon (BONY), held in its Central Bank, designating those funds as payment only to bondholders holding restructured debt. Read more.


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World Debt is Unpayable, The Only Solution is Monetary Collapse

As far as we can discern the US Treasury thus far has spent and borrowed about $100 billion from the federal pension accounts. Unless there is a vote on the cash debt extension prior to August 2nd, government will probably have borrowed some $250 billion to $300 billion. The Treasury is paying virtually no interest on this debt. Three-month Treasury bills are currently yielding zero percent. Our question is how will the funds be generated to fulfill the Treasury’s obligation to the pension fund? What happens if on August 2nd if legislation is not passed? Does this go on forever? We will keep you apprised on new developments. Read More.