U.S. Sovereignty ceded to U.N.; Brazil Bubble Deflates, China Debt Surges, Real Estate Falls;

May 17, 2012



“Power tends to make people feel overconfident in their ability to make good decisions.” ~ CNN

Timeline of 1992-1993 European Monetary System Crisis ~ reszatonline – yes, we have seen this movie before


Obama Has Signed 3 New Executive Orders, cedes partial US sovereignty to United Nations ~ Pakalert  


Italy is moving into the eye of the storm ~ UK Telgraph   

Italy has the most exposure to a Greek default with 3.9%, and Spain second largest exposure to Greece as a ratio to GDP with 3.8%, ~ Daiwa 

Brazil Builders Plunge as PDG Profit Tumble Deepens Slump ~ Bloomberg 

  • Rio De Jeneiro prices are up 169% since Jan. 2008, according to Fipe Zap prices
  • “They started buying land and creating lots of projects, but family income just hasn’t risen as much as housing prices. Even with credit, houses and apartments don’t seem affordable anymore.”

Turkey Tax Draft Seen Raising Home Prices 17%, Vatan Reports ~ Bloomberg 


China’s capital outflow problem is the real ticking time-bomb for markets. ~ FT Alphaville  on FDI reversals ~ historysquared 

China’s external debt soars to 27-yr high at $695 billion ~ bsindia   

  • External debt was up 27%, reaching 72% of total debt
  • China is borrowing overseas to hedge against a devaluation
  • Corporations are borrowing overseas amid tighter credit conditions at home

China Real Estate Unravels ~ prchovanec  

  • Year over year sales down 17.5%

China Tomato prices in 2012 are up 70%, vegetable prices are on average up 30%. ~ Financial Sense  

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