Planet Ponzi author says Greece a ‘diversion’

Mitch Feierstein warns on rotten FIGS, China and global recession

Planet Ponzi author says Greece a ‘diversion’

While urging the Greek people to say ‘No!’ to a failed policy of austerity, Mitch Feierstein has warned that the Greek crisis is a ‘diversion’ from even more potent threats to the global financial system.

Speaking from New York on Friday, the author of Planet Ponzi explained: “The Greek crisis is a diversion – the bigger picture here are the FIGS — France, Italy and Spain — (with debts more toxic than arsenic), China’s stock market bubble gone bad and the coming global recession.

“France, Italy and Spain are all insolvent and this is already becoming apparent. France has record unemployment, collapsing revenues, zero set asides for pensions, civil unrest & more… Italy high unemployment– between 2000-2015 only 2 countries in the world have had worse growth Zimbabwe & Haiti. But Italy’s can boast having one of the EU’s biggest bond markets.  Spain’s youth unemployment is above 70% in some areas – and bad loans? You bet!”

He added that in China the stock markets have crashed (the Shanghai index is down 26% in 3 weeks), which has grave implications for its domestic growth.


On Greece Feierstein was adamant: “Goldman Sachs falsified Greece’s financial credentials to get them into the Euro and now the troika are trying to painfully trash Greece, making it an international spectacle: a warning lesson as to why you need to be compliant and obedient.”

He added: “Even the IMF now agrees with me that Greek debt is unsustainable.” On Thursday the IMF admitted that Greece needs debt relief and £50bn ($70 billion euros) in new financing from October through to 2018.

The author was also keen to point out the irony of unelected officials trying to unseat a democratically-elected Greek government. “The troika (IMF, ECB and EC) is trying to instigate regime change in Greece. Yet, the Syriza government was democratically-elected by the Greek people. They have a mandate from the majority of the people. That should be meaningful. We don’t want a repeat of what happened in Italy, where the Government was replaced.”

He also complained that the mainstream media is attempting to install fear in the Greek population and ignoring the real issues.

“With Greece It’s pray, delay extend and pretend. Giving ex-Goldman ECB Boss Draghi a green light to expand QE to the point of ‘turning Japanese’. It’s likely the ECB will buy not only Ponzi bonds but also: corporate debt, crappy ABS and eventually stocks. Great for Goldman, not so great for Main St.” He said.

Putting it in context Feierstein concluded: “We have have created bubbles in every single market everywhere. The bond market in every country is ridiculously priced, you can’t value stocks. Stocks are trading at all time highs, not on valuations but on money printing and corporate buybacks, the money has to slosh somewhere. In the past 7 years there has been more debt accrued by all the government in the world than in the history of time.”

Learn more

In the mainstream media there has been much speculation and comment on the machinations of the democratically-elected Greek Syria government.

However, for those with memories, the reputation of some of the chief negotiators for the troika are much more unsavoury. Moreover, these people were never democratically elected and know far less about economics than the Greek Finance Minister Yanis Varoufakis.

Your vote

Here are a few stories that you might like to read at your leisure this weekend. Then ask yourself, would you vote to place the future of Europe in their hands?


Jean-Claude Juncker – President of the European Commission, the executive branch of the European Union.

‘Master of Lies’

Forced to resign over spying scandal

Tax Avoidance Schemes


Chrisine Lagarde – IMF Chief

Charged in France with “Negligence” in France Political corruption case


Mario Draghi – President of the European Central Bank

While at Bank of Italy is alleged to have covered-up the Monte Pashi bank scandal.


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Categories: Editor's Picks, News

About Author

Christopher Menon

Every Investor Editor Chris Menon is a financial journalist who has written regularly for national newspapers, magazines and websites about personal finance, with particular emphasis on investing.

  • casandra

    Greece is an example of the total disregard the EU powers have for an elected government. The EU is messing all countries by fleecing each nation and in so doing bringing them to their knees so they can have total control of the masses who are economic slaves of the few in power of the world.
    We are expandable, but a small piece of a huge machinery to keep the wheels oiled.
    But …let the masses be “busy” working to bring the bread home, watch tv, and eat junk food , watch sports and no time to educate themselves on what is a real need for survival !!!
    Teach them to obey and no ask questions or think for themselves. Let them just accept all the lies by not thinking logically and fairly.Then when the time comes it will be to late to lift up the head and recup our RIGHTS !!! We might just get what we so much deserve.

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  • samarendra dey

    Here is a dilemma that we can show the quantum qualities of ignoring the balance of any formation to stand structurally strong to all weather and elements unfortunately we humans have become devoid of our own balance in the conduct of governing and made rule of derivatives to be curtained by QE, a lie need a thousand to make true but truth is standalone it is here that our real ignorance begin coming to the head: Here is a communication to a friend in debt who is wished to be helped but the asked to is in the same predicament, this may to the Finance ministers be a emotional rant, but to the human real experience!

    Dear ?,

    I feel your worries and the pain that goes with it, I would like it to be more in pleasure and happiness, that I always want for you and sometimes so much with you but this seems to always become distant whenever we need it most! like now, I have the clearance to be free but stuck because I need to find the money to pay the fees, yet it had nothing to do in the first place, it was someone who seems to have vendetta against me unfortunately this is what it is we sacrifice for the pleasure of others who do not care and have governments in their pocket to favor their pleasure and careless of their reason of being to the seat to see such do not happen, that is the power they are given to manage care and protection first then administer balance for equated distribution it is in this anomaly that suffrages take place to precedent commerce, and make the taxpayer imminently both invest and debtor at the same time.

    This is why politics seem to be the best for upgrading bully to become immune as they are the runners for the money sharks a just as drug dealers are to addicts. It is in this chasm that we are befallen to become collaterals in form of a dice to bet on the odds of their gamble that which they call suffrage on us to wake up and join them and/or forever remain in hope that someone with muscle to redeem them from their tragedy, It is sad with a very sour tone that most people either deny this practice by fear of reprisals, or have been compromised by the trick of providence, and show promiscuity by immunity as elected to the seat.

    As mandate to become trustee where they degenerate the taxpayer into collateral role to appease failure of recognition in the trust of vocation, that the seat of power means but contradicts the very last sentence of the oath they take ‘ So help Me God’ even the King or Queen to show the high end of a string at the very same time provisions are made in the verbiage as loopholes (gray line) for the debate from emotional and intellectual understanding and reason of and to contest that transfers the judgement of good and bad and it is this polarity of conscience that make the complex and critical mass of human administration that ensues the majority wins attitude and 9/10th. Possession becomes law.

  • John Brown

    ” In the past 7 years there has been more debt accrued by all the government in the world than in the history of time.” WOW! Rip it up and start again. In other words, take 95% of the wealth off the top 1% and burn it on a bonfire. Then start the banking system anew from scratch the world over along purely utilitarian lines and do away with casino capitalism and ponzi schemes.