Greece: Banks closed - Aggregate economic slowdown hits European currency iceberg and Chinese equities bubble

Seems like an intense week for economic crises is brewing: Greek banks will be closed till July 6 and also China's stock market is tumbling, Japan down today as well. Who knows how much bad sovereign debt lies in random Japanese or Chinese banks? Credit default swaps or other derivatives? The Chinese "equities bubble" happens to really be cracking the same week as Greece's deal runs out and the biggest IMF payment default ever is about to hit the books.

The massive debt complex only escalated by the post 2007 bailout. It's like the financial equivalent of 'entangling alliances' in WWI. The global aggregate demand slowdown continues. Puerto Rico is also struggling with systemic debt. None of this stuff got solved, central bank intervention, bond purchases and printing only can paper over some holes in the situation. More so than usual, *brace yourselves*

.. http://bloomberg.com http://zerohedge.com - probably reasonable places to start monitoring developments - the zerohedge sidebar of recommended sites has some very informative ones as well. I ain't got the time to get into all this stuff…

Over at WTFRLY.com there is a big roundup article getting put together as we speak.

If anyone is interested in an alternative economic tool, drupal.org/project/ices Integral Community Exchange System provides both timebanking and mutual aid / need want listings. (GPL free software license, tweak as you like)

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