[VIDEO] Migrants Fleeing Hungary Start a Long March Toward Germany

Almost 1,200 migrants - some crammed onto overcrowded inflatable dinghies - have been picked up by Greek authorities in the eastern Aegean Sea in the past two days. 

Packed boats were being towed on to the shores of Kos yesterday, with refugees dropping to their knees to pray after completing the perilous journey. 

One woman even stopped to take a selfie on her mobile phone after the boat in which she had travelled was apprehended by coastguards on its way from Turkey.  

Boats containing dozens of migrants have also been taken to the Greek islands of Lesbos, Chios and Farmakonisi in recent days.

After Italy, financially crippled Greece is the main destination for refugees, mostly from war-ravaged Syria plus economic migrants seeking a better life in the EU. About 30,000 have already arrived this year. 

On the holiday island of Kos, some of the new arrivals - mainly Syrians and Afghans - are staying in a deserted hotel. 

Kos, which is only 25 miles long and five miles wide, is of particular concern to the authorities, with many people-trafficking boats able to land without detection.

Despite being under Greek control, most of the Aegean islands are closer to Turkey, with Kos just two miles from Bodrum. Journeys from the port take as little as 20 minutes, with migrants paying smugglers up to 800 euros (£565) each for a place on a boat.  

While some traffickers carry out several journeys a day, other migrants land on inflatable dinghies that are discarded on the island’s pristine beaches. A police station built to hold only 36 people has become a refugee camp after more than 200 migrants with nowhere else to sleep were packed in. Dozens settled in the building’s courtyard, living in filthy and cramped conditions. 

The influx will fuel fears that Greece could unleash a wave of economic migrants to travel to Britain and the rest of Europe.

Greek politicians have threatened to hand travel papers to vast numbers of people, including 10,000 migrants held in detention centres, in the row over EU austerity measures. The country’s proximity to Turkey, regarded as a key buffer in the fight against Islamic State encroaching into Europe, has prompted concern that jihadis could use the route.

It is also feared that some of the people trafficking gangs are linked to IS, with smuggling fees used to fund the group’s terrorism

Via: Daily Mail

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TANCREDO: INDEPENDENCE DAY, TIME TO THINK RADICAL THOUGHTS

Independence Day is traditionally a time for celebration, relaxation and gratitude for the liberties declared to be universal rights on July 4, 1776. Maybe it’s time to also remember — and celebrate — that while our liberties and our independence may have been declared in 1776, they were secured for posterity by the blood of patriots, not the pens and inkblots of judges and politicians.

As a poet of the ’60s once said, the times they are a-changing. Indeed.

It is not a happy thought, but when in the course of human events, dependence not independence becomes the defining feature of our national character, maybe our Independence Day celebrations and speeches should take note of this “transformative” turning point—and make plans accordingly.

Shall we celebrate that we are not yet as corrupt as Greece? That we have not yet repudiated our national debts? Or should we put down the bottle and admit how fast we are approaching that day of reckoning?

Can anyone remember a week that has seen so many disappointments, betrayals and storm warnings as the one we have lived through since the Supreme Court’s shameless abandonment of the Constitution on June 26? We got more than revitalized Obamacare on that day, we got a cold shower: it is now impossible to ignore the naked truth that our elites are laughing at the idea of “limited government.”

True, there have been other decisions of the nation’s top court that have disappointed, even shocked conservatives. But has there ever been a ruling that said in giant letters written across the marquee in Times Square, “the Constitution be damned, separation of powers be damned, we will help Congress write laws we like and reject laws we don’t like.”

On Independence Day 2015, conservatives and patriots need to understand what has happened. By edict signed by our new lawgiver– the Chief Justice of the United States, John Roberts, an appointee of Republican President George W. Bush– the Founders’ principal legacy, the idea of a written Constitution, is now officially dead. The letter of the law is meaningless – and thus no longer a restraint on government — when replaced by the good intentions of our elite rulers.

Thomas Jefferson’s proposition that rights precede government and to protect these rights, governments are instituted among men—that proposition is now discarded in the dustbin of history. The Bill of Rights? Freedom of religion and free speech will mean what enlightened judges want them to mean.

The Republican Party’s white flag of surrender, deployed so often and so readily on Supreme Court nominees and Cabinet appointments, has become the Constitution’s white burial shroud.

Our Founders were not naïve simpletons. They understood that human freedom is a fragile thing, that “eternal vigilance is the price of liberty.” The Founders understood, with Benjamin Franklin, that “you have a Republic, madam, if you can keep it.” Have we?

Via: Breitbart

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Greek banks down to €500m in cash reserves as economy crashes

Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down, precipitating the near disintegration of the ruling coalition.

Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds (ELA) to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall.

Officials say the central bank will release the funds as soon as Friday, but this is a stop-gap measure at best. "We are on a war footing in this country," said Yanis Varoufakis, the Greek finance minister.

• Greece needs another €50bn and massive debt relief, admits IMF

The daily allowance of cash from many ATM machines has already dropped from €60 to €50, purportedly because €20 notes are running out. Large numbers are empty. The financial contagion is spreading fast as petrol stations and small businesses stop accepting credit cards.

Constantine Michalos, head of the Hellenic Chambers of Commerce, said lenders are simply running out of money. "We are reliably informed that the cash reserves of the banks are down to €500m. Anybody who thinks they are going to open again on Tuesday is day-dreaming. The cash would not last an hour," he said.

"We are in an extremely dangerous situation. Greek companies have been excluded from the electronic transfers of Europe's Target2 system. The entire Greek business community is unable to import anything, and without raw materials they can't produce anything," he said.

Via: Telegraph

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Global Financial Crisis: Greece, China, Puerto Rico Teetering On The Brink .... Could It Happen To The US?

This morning’s key headlines from GenerationalDynamics.com

• China makes desperate move to prevent stock market crash
• Puerto Rico’s governor says the island’s debts are ‘not payable’
• Greece’s Tsipras appeals for calm after banks are forced to close
• How complex systems fail

China makes desperate move to prevent stock market crash

People’s Bank of China

As we’ve been reporting, China’s stock markets have been in free fall since June 12, falling almost 20 percent in a couple of weeks.

Desperate Chinese officials are scrambling to stop the implosion and restore the bubble, and so the People’s Bank of China (PBOC) made a major move, cutting interest rates sharply, to a record low. This makes more money available to banks, which officials hope will flow into the stock markets and prop up stock prices.

According to a Nomura analyst quoted by ZeroHedge:

“The policy easing should be viewed as a measure to contain the risk of a hard landing or systemic crisis rather than one to achieve faster growth. In this case, the stronger-than-expected monetary easing may help stem the decline in the equity market following a 10.6 percent drop over the past two trading days. The positive wealth effect of the equity market on consumption or aggregate demand is limited in China, but an equity market collapse would hurt millions of mid-class households and pose great danger to the economy and social stability.”

In other words, the purpose of the policy measure is to prop up the stock market, but it will have little effect on growth, which is the “normal” purpose of interest rate easing. Whether it will even succeed in propping up the stock market and preventing “an equity market collapse” remains to be seen in the next few days.

As of this writing on Sunday evening ET (Monday morning in Shanghai), stocks are up two percent, though it’s been bouncing in and out of negative territory. (Bloomberg andZeroHedge and Reuters)

Via: Breitbart

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Greece will close banks Monday as panic spreads

ATHENS — In an ominous sign Sunday that Greece is speeding toward a banking collapse, Prime Minister Alexis Tsipras announced that Greek banks will be closed Monday amid last-ditch discussions about his nation’s economic future.

The decision was a sign that Greece’s half-decade battle to stay in the shared euro currency may swiftly be coming to an end. ATMs in Athens were running out of money, and tensions were running high Sunday as Greeks stood in line for hours to scrape together petty cash for basic supplies. Lines mounted at gas stations as worried residents topped off their tanks for what could be a period of time in a cashless nation.

“The decision not to prolong financial aid to Greece is offensive, and it’s a disgrace for Europe in general,” Tsipras said in a brief Sunday evening address broadcast across Greek television networks.

There were signs that Greece’s creditors — the International Monetary Fund and euro-zone governments — were leaving the door open to negotiations. But it remained deeply unclear ahead of a Tuesday repayment deadline how Greece would be able manage its finances without going into default.

Tsipras said that he had asked E.U. leaders to extend their assistance to Greece past the Tuesday deadline, calling the threat to cut it off “blackmail.” But he gave no concrete indications that he had made any concessions that would cause them to change their minds.

Via: Washington Post

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Washington fears losing Greece to Moscow

©Reuters

Throughout the prolonged showdown between Greece and its creditors, the Obama administration has largely sat on the sidelines, issuing the occasional warning about the potential economic impact of a default.

But with Greece now on the verge of bankruptcy, the US is also beginning to worry about the political fallout from a deeper crisis and the potential for Russia to gain increased influence over a Nato member.

As Washington tries to maintain a united western front in support of sanctions on Russia over Ukraine, a Greek default could provide Moscow an opportunity to sow new divisions among America’s European allies.

“You can easily see how geopolitically this would be a gift to Russia,” says Sebastian Mallaby at the Council on Foreign Relations. “You do not want Europe to have to deal with a Greece that is a member of Nato but which all of a sudden hates the west and is cosying up to Russia.”

Greece was regarded as a frontline state against the advance of Soviet-backed communism during the cold war. Its EU accession in 1981 is one factor that cemented its identity as a western democracy, something that was deepened 20 years later with the adoption of the euro.

For some months, the administration of President Barack Obama has been quietly urging Germany and other EU members to try to find a way to resolve the stand-off with Greece. While economic considerations have been at the forefront, diplomats say the EU’s position on Ukraine has also been part of the conversation.

The visit by Greek prime minister Alexis Tsipras to St Petersburg late last week served as a reminder of the current Greek government’s political ties to President Vladimir Putin’s Russia and showed its willingness to look towards Moscow at moments when the dispute with international creditors is at its most intense.

Via: Financial Times

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Here’s what to look out for in the week of June 22:

Messy Endgame Looms for Greece

Talks between Greece and its bailout creditors enter the final stretch this week, with an emergency eurozone summit to be held in Brussels on Monday. Greek Prime Minister Alexis Tsipras has expressed optimism a deal will be reached, but the country’s emergency lenders have held a tough stance. The bailout runs out on June 30, the same day Greece is due to make a €1.54 billion ($1.75 billion) repayment to the IMF. A default could result in Greece leaving the eurozone.

Supreme Court Decision Expected on Obama Care

The Supreme Court will rule on the case determining the future of the Affordable Care Act by the end of June, which means an opinion could be handed down this week. King vs. Burwell questions the validity of insurance subsidies for around six million people in more than 30 states that use the federal exchange HealthCare.gov.  The disagreement is over whether language in the law allows the Obama administration to offer insurance subsidies nationwide. Republicans hope a ruling against the government would allow them to rewrite thehealth care law.

Fast-Track Trade Bill in the Senate

Legislation allowing the Obama administration to push trade agreements more easily through Congress has a good chance of coming up for a vote in the Senate, after passing the House this past Thursday. Senate  Majority Leader Mitch McConnell (R., Ky.) wants to pass the bill this week. The White House has been lobbying hard for its passage, though the bill was previously blocked by Democrats who want assurances a measure to help workers hurt by international trade also becomes law.

Charleston Tries to Make Sense of Church Killings

The killing of nine people at a historic black church in Charleston, S.C., this past Wednesday will continue to reverberate in the news.Funerals and memorials for the dead are likely to be held. A white man, 21-year-old Dylann Roof, has been charged with their murders, and the Justice Department is considering prosecuting him under federal hate-crime laws.

Economists Expect Solid U.S. Home Sales Data

Two reports on May home sales in the U.S. are on tap this week. The National Association of Realtors reports on sales of existing homes on Monday, and the Commerce Department releases numbers on new-home sales on Tuesday. Economists surveyed by The Wall Street Journal expect increases in each housing segment. One catalyst for buying this spring: The recent rise in mortgage rates might have pushed hesitant buyers to sign on the dotted line before rates increase further.

Frenchman on Death Row in Indonesia Awaits Verdict

A verdict is expected Monday in the appeal of Frenchman Serge Atlaoui, who is on death row for drug offences in Indonesia. Mr. Atlaoui was slated to face the firing squad in April, when eight people—including seven foreigners—were shot dead for their roles in drug crimes. But his execution was delayed because a decision was still pending in his legal appeal. France has been vocal in its opposition to the planned execution. “Until the last minute, we must do everything so that the execution does not go ahead,” French President François Hollande said in April.

Nokia May Sell Mapping Unit

Nokia this week could announce a buyer for its mapping services unit, Here, which it values at around $2.2 billion. The front runners for the unit are German car makers BMW, Audi and Daimler, which are banding together to prevent a technology giant such as Google, Apple or Facebook from gaining control of a key part of the technology needed to run self-driving cars and in-car digital services. But ride-sharing company Uber could upset the German firms’ plans, and Nokia has said it may call off the auction if it isn’t satisfied with the price.

Via: Wall Street Journal

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Greece can't pay IMF without bailout deal, says negotiator

Greece’s top negotiator has confirmed the country does not have the cash to make the €1.6bn payment due to the International Monetary Fund at the end of the month without a new deal.

And any deal looks as far away as ever, given the opposing positions held by the country and its creditors.

In an interview with Reuters, Euclid Tsakalotos said there was no money to pay the IMF at the moment and echoed prime minister Alexis Tsipras by saying the government was willing to make concessions but pension cuts could not be on the agenda:

“At the moment we haven’t got the money,” he said, adding that Athens was already “squeezing every last bit of drop of liquidity” to service debt so far.

“There is no financing, we haven’t got access to the markets, we haven’t got money that hasn’t been paid since the summer of 2014 so obviously we won’t be able to have the money to pay that [the €1.6bn to the IMF].”

Keeping up Athens’ rhetoric against what it calls unreasonable demands by lenders, he attacked European and IMF lenders for failing to give ground and seeking the bulk of concessions from Athens.

“(Negotiations are) a give and take process, not a convergence on the other side’s initial position,” Tsakalotos said. “They’ve moved a bit on fiscal targets but in most areas, you would be hard pressed to put an A4 paper between what they said in February and what they now say in June. So that seems a bit odd.”

In particular, he ruled out any further cuts to pensions, a stance repeatedly stressed by Prime Minister Alexis Tsipras, whose radical leftist party stormed to power this year on a pledge to end austerity and raise living standards in Greece.

“Pension reform is not a red line for us,” said Tsakalotos. “It seems to us utterly reasonable that pension cuts should not be on the agenda; pension reform should be on the agenda.”

 Euclid Tsakalotos. Photograph: Simela Pantzartzi/EPA

He added that any concessions had to be “economically viable”:

Athens could accept a deal only if it was sustainable and addressed debt, financing and investment issues, said Tsakalotos.

“If you have that, then the Greek government will sign the deal,” Tsakalotos said. “If it doesn’t have that kind of deal there is no point in signing onto something that you know is going to fail.”

The comments by Tsakalotos - who took a prominent role in the talks with European and IMF lenders in April after finance minister Yanis Varoufakis was sidelined - come amid growing fears that cash-strapped Greece is on track to a default at the end of the month that paves the way for a euro exit.

Via: The Guardian

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Questions Rarely Asked—and Never Answered

It Can't Happen Here?

What does it take to warn Americans about unchecked pension growth, socialized medicine, vast increases in entitlements, higher taxes, and steady expansion of government? In other words, what is it about Detroit, Italy, or Greece that we do not understand?

In the last five years, the Obama administration has raised taxes on the top income rates, implemented Obamacare, added millions to the disability and food stamp roles, grown the size of the federal work force, run up the national debt, and vastly expanded the money supply, along with insuring near zero interest rates. Are there any historical examples where these redistributive efforts have brought long-term tranquility and prosperity?

To put it another way, does anyone ask basic questions about human nature anymore? If one gives more incentives to obtain government support while unemployed, why would not fewer people be working? If the food stamp, unemployment, and disability rolls are markedly up, and if it is almost impossible to verify that recipients are also not working for unreported cash wages (we hear mostly of government efforts to add more to these programs, rather than to audit those already on them), why would one seek a “regular” job that would lose such subsidies and make all one’s income reportable? (We know two basic truths about the IRS in the age of Obama: first, it goes after political opponents in partisan fashion, and second, it gives away billions of dollars in federal income tax rebate credits to those who did not deserve them.)

If you allow illegal immigrants to enjoy full government subsidies, driver’s licenses, in-state tuition discounts, sanctuary cities, participation on juries, and all without fear of deportation, then why (a) would people not flock here illegally from Mexico, and (b) why after arriving would they go through the hassle of seeking citizenship when residency provides almost all the same benefits?

Via: PJ Media

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