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Puerto Rico files for historic $70 billion bankruptcy

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The Commonwealth of Puerto Rico is seeking the largest municipal bankruptcy filing in US history, after failed negotiations with creditors over its $70 billion debt crisis. That’s more than four times the debt Detroit collapsed under. On Wednesday, the Financial Oversight and Management Board for Puerto Rico announced they had moved to place the US territory into federal bankruptcy court, making... 

After 14 Years Gawker.com will Shut Down Next Week

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Gawker’s outgoing CEO Nick Denton announced on Thursday after fourteen years Gawker.com will shut down next week. Gawker reported: After nearly fourteen years of operation, Gawker.com will be shutting down next week. The decision to close Gawker comes days after Univision successfully bid $135 million for Gawker Media’s six other websites, and four months after the Silicon Valley billionaire Peter... 

Bernie Sanders Refuses to Comment On Failure of Socialism in Venezuela

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Bernie Sanders was recently interviewed on Univision and the host asked him to comment on the collapse of the economy in the socialist paradise of Venezuela. Naturally, Bernie didn’t care to discuss it. NewsBusters reported: Bernie Hits Bump on Univision: Speechless on Socialism’s Failures The Democrats’ socialist candidate for President of the United States, Bernie Sanders, was seriously tripped... 

Trump “Shock Announcement” Warned Will Destroy Hillary Clinton Forever

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An intriguing report circulating in the Kremlin today prepared by the Foreign Intelligence Service (SVR) for the Security Council (SC) regarding the United States presidential election is stating that Republican Party candidate Donald Trump is preparing to unleash a “shock announcement” of historic proportions against his Democratic opponent Hillary Clinton that should it be successful would destroy... 

Socialist Bernie Sanders Wife Bankrupts Burlington College With "Crushing Debt"

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Feel The Bern! One of the reasons communist Bernie Sanders is doing well with Millennials is because he’s promising free college for everyone. In an ultimate twist of irony, his wife Jane Sanders was president of Burlington College in Vermont and racked up such large debts for the small school that she led it to ruin. Burlington College announced today it will close after it was unable to recover... 

Israel to Receive "Largest Aid Ever" Despite US Debt Reaching Biblical Proportions

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The White House said it is prepared to commit to the “largest single pledge of military assistance to any country in US history” in its defense assistance talks with Israel. A White House official made the statement to the Jewish Telegraphic Agency in response to a letter by 83 US senators to President Barack Obama urging him to substantially increase defense assistance to Israel. “We have been... 

Trump Puts The Idea of a US Government Debt Default On The Table

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On Thursday, Donald Trump told CNBC that his solution to dealing with the $19 trillion-plus national debt involves a form of default such as repurchasing existing bonds at a discount. The media jumped all over him calling his idea “insane” and warning that it would tank the economy or set off an “unprecedented financial crisis.” They are right that it would set off an unprecedented financial... 

Ukraine Officially Declares Default

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Ukrainian Prime Minister Arseny Yatsenyuk declared a moratorium on the payment of three-billion-dollar debt to Russia. The Cabinet of Ministers of Ukraine supported his decision. In addition, the official Kiev is not going to pay the debt of $507 million to Russian banks (the debt was amassed by two Ukrainian companies that collaborated with Russian banks). “From today, all payments shall be... 

McDonald's on Last Leg as 'All Day Breakfast' Gimmick Implodes

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An ill-thought scheme intended to retain the last of McDonald’s’ customers has blown up in franchise owners’ faces, showing how little can be done to save the fast food giant from imminent collapse. After seven straight quarters of declining sales, McDonald’s decided to implement an all day breakfast menu earlier this month in hopes to revive their bottom line. The president of the company’s... 

The Only Country To Effectively Ameliorate The Debt Problem Is Iceland

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To download this show in Mp3 format: click here. Summary: Economist and best-selling author Harry S. Dent Jr., returns with comments on the latest Grexit drama, noting a default is imminent. A bankruptcy will benefit the nation as forced fiscal responsibility curtails government profligacy. The only country to effectively ameliorate the debt problem is Iceland, which defaulted on foreign debt shielding... 

​Greece becomes first developed nation to default on international obligations

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The International Monetary Fund has confirmed that it didn’t receive the €1.6 billion payment from Athens that was due by the end of June 30, Brussels time, making Greece the first developed country to default on its international obligations. IMF spokesman Gerry Rice said in a statement that Greece had asked for a repayment extension earlier Tuesday and that the fund’s board will consider... 

6 U.S. Banks Have 278 TRILLION Dollars Of Exposure To Derivatives

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The very same people that caused the last economic crisis have created a 278 TRILLION dollar derivatives time bomb that could go off at any moment. When this absolutely colossal bubble does implode, we are going to be faced with the worst economic crash in the history of the United States. During the last financial crisis, our politicians promised us that they would make sure that “too big to fail”... 

​Moody’s downgrades Ukraine heralding imminent default

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International rating agency Moody’s has downgraded the long-term issuer rating of Ukraine to the second lowest Ca grade from Caa3, leaving the outlook negative and a high possibility of the country’s imminent default. “Although negotiations over the specific details of the restructuring are only now getting underway, Moody’s believes that the likelihood of a distressed exchange, and... 

Why is Dollar strong despite US's 18 trillion debt?

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The dollar shows a steady growth with regard to other until recently stable world currencies. But is the dollar that strong? After all, the U.S. has a state debt of 18 trillion dollars and can declare a technical default at any moment. Recent rise of the Swiss franc showed that the dollar is far from being a safe haven for investors. Global capital flows are extremely unstable It is important to understand... 

US company may face terrorism charges in Argentina

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The government of Argentina is ready to use an anti-terrorism law to seek criminal charges against a US-based international printing company, which unexpectedly closed its plant on the outskirts of Buenos Aires. Workers of RR Donnelley in the Argentinian capital came to work on Monday to be informed of the plant’s closure due to an “insurmountable crisis,” according to AP. The company’s... 
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