Epstein Secrets

e process of demobilizing the public certainly began with the military. It was initially a response to the disruptive and rebellious draftees of the Vietnam-era. In 1973, at the stroke of a presidential pen, the citizen's army was declared no more, the raising of new recruits was turned over to advertis

only being kept out of the abyss by a debt restructure in 2012. And under that restructure it now owes money mainly to other European governments, the European Central Bank (ECB) and the IMF. These official creditors have slashed interest rates and stretched out maturities, but not enough. With a debt stock of 175% of G

ce. No President since Dwight D. Eisenhower had served two full terms. John F. Kennedy was assassinated. Lyndon Johnson, overwhelmed by the war in Vietnam, had declined to run for reelection in 1968. Richard Nixon resigned less than seventeen months into his second term. Gerald Ford (who was never el

at affordable rates. Meanwhile, their banks are hemorrhaging deposits. Up until now, broke banks could prop up broke governments by borrowing from the European Central Bank and using the cash to buy their governments' bonds. But that game is over. For there is nothing the ECB can do to stop panicky Spaniards swapping

ns and its military buildup. Yet the last time the People's Liberation Army invaded a country was in 1979, during its relatively brief dust-up with Vietnam. By comparison, when was the last time U.S. forces went even a single year without engaging putative adversaries in some distant quarter of the wo

t have to happen; the euro (or at least most of it) could still be saved. But this will require that European leaders, especially in Germany and at the European Central Bank, start acting very differently from the way they've acted these past few years. They need to stop moralizing and deal with reality; they need to s

tion of US Treasury and German Bund yields are important for EM fixed income spreads, especially for USD- and EUR-denominated bonds. Key date: Dec 6, European Central Bank meeting Capital flows The European debt crisis may lead to further periods of outflows and weaker prices, which could offer attractive entry levels

e softs are likely to remain well supplied, which should keep prices under pressure. Improved export activity of coffee and strong stock selling from Vietnam in 4Q12 should weigh on coffee prices in the short-term. For sugar, higher production from Brazil and other producers should continue to burden price