Fearful Greek savers pull money from banks and put it in cars

As was reported a month ago HERE.

 

Two weeks after Greece’s leftwing Syriza party won power at the election in January, Panayotis Fotiades pulled his deposits from an Athens bank.

“I felt certain there’d be a confrontation before long with the troika [of bailout monitors],” said the 55-year-old .

Like other owners of small and medium-sized companies in Greece, Mr Fotiades feared a radical government would resort to capital controls if relations with the country’s creditors deteriorated sharply.

The real sign that Greece’s financial turmoil is getting worse

Here is a slightly surprising sign that Greece is in the classic throes of a bank run: car sales jumped by 47pc in April. It was the 20th consecutive month that car registrations of new and used vehicles has risen.

People living in a country gripped by financial turmoil often worry about the security of their money. If it’s in a bank, it can be caught up in capital controls and lost through insolvency. Better, then, to spend it. And the purchase of choice is often a car.

Bad News For World Economy That No One Wants To Hear

Reading the general run of financial headlines might lead one to believe that price declines in those commodities which are highly sensitive to economic conditions such as iron ore, copper, oil, natural gas, coal, and lumber are good on their face.

Obviously, the declines aren’t good for those who sell these commodities. But, those of us who buy these commodities in the form of cars, houses, utility bills and other products and services ought to be helping the world economy as we buy more stuff with the freed up income.

Mystery at the sun’s south pole: Nasa reveals huge ‘coronal hole’ on the solar surface where winds reach 500 miles per SECOND

This could have an unprecedented effect on electronics on Earth, which could in turn cause further devastating effects on human life.

For those that follow Bible prophecy, look no further than Revelation 8:2.

 

 

• Coronal holes are regions of the corona where the magnetic field reaches out into space
• Particles moving along those magnetic fields can leave the sun rather than being trapped near the surface
• Polar coronal hole can remain visible for five years or longer, although constantly changes shape

There were no fireworks on the sun to welcome in the New Year – and in fact, scientists say the end of the year was relatively quiet on the solar surface.

However, the sun has started 2015 with a mysterious event – a huge hole has appeared.

Known as a coronal hole, the phenomenon occurred near the south pole – and is seen as a dark area covered all of its base in these stunning images.

Chinese billionaire to scoop up failing car battery maker that got $240M from feds

A struggling Massachusetts-based company that makes batteries for electric cars and got $240 million in stimulus money is being saved from bankruptcy by a Chinese billionaire who could move operations overseas.

A123 Systems received a $241.1-million grant from the Obama administration three years ago and more than $125 million in State of Michigan tax credits in the hopes that the company would create jobs, while leading the country away from conventional gas-guzzling vehicles and toward clean energy. 

Detroit Isn’t Back, It’s Broken

The Tigers and Lions may be serious playoff contenders and Eminem may still be making hit records, but the city of Detroit is still on the brink of disaster. The Detroit Free Press reports:

On the same day Detroit officials delivered to the state a new proposal aimed at saving the city from fiscal collapse, Detroit’s financial review team declared that a severe financial emergency exists in the city.

The report may lead Republican governor Rick Snyder to appoint an emergency commission to once again bail out the desperate city. Detroit officials and residents are fuming at the prospect of the austerity measures needed to save the city from bankruptcy.

Residents cried racism and warned of mass unrest if the state intervenes. Of the 100 public comments, only one person delivered a reality check to the audience. His job title may have saved him from the hostile crowd.

“Detroit is nothing but pollution, crime, garbage and murder,” said Michael McMahon, a resident and cage fighter, eliciting boos and insults from the audience. “I believe in cuts, layoffs and firings. If they can’t get the job done downtown … I say fire them, send someone else from Lansing and clean up this mess.”

Full article: Detroit Isn’t Back, It’s Broken (Washington Free Beacon)