Greece Default, Euro Crisis, the 11th Catastrophe of 2011?

Scene from movie “Zorba the Greek”.

UPDATE: November 9, 2011:

This article below was posted eight days ago on 2 November. As I read it again today, I see little reason to refresh the page because much of what I predicted back then is happening and further forecasts continue to happen in the developing story of the euro crisis, being that the financial farce of the Greek default crisis spreads uncertainty that Italy, as I predicted below last week, will be next.  Currently, governments in both countries are playing musical chairs, but their problems remain.

What is also significant today is the fulfillment of Wall Street catching the euro union default cold with a significant market plunge of -389.24 points. Italy, the third biggest market in the Euro zone after Germany and France and the country with the third largest debt in the world is next. It would seem the Euro financial crisis is set to become the 11th catastrophe for the year 2011 happening in its 11th month. This may lead to the breakup of the Euro monetary union in 2012.

I am saving my oracle’s detailed prediction about this for a chapter about next year’s global economic fate, which I intend to publish in early December for Predictions for 2012. I am very busy with finishing that book right now, so it is with some dubious relief that the accuracy of my 2 November posting of this article (below) requires I pull myself away only for an hour to add this update today.

Before I get back to 2012, I must mention the other big news item: all the recent saber rattling over Iran because of the recent IAEA report that at least vindicates what my oracle said is Iran’s real effort, to at least gain enough knowledge through weapons experiments to someday build nuclear weapons. The capability to make such is still four years down future history’s road (see Nostradamus Iran predictions).

Israel bristles and threatens. Netanyahu, who once promised to strike Iran if made prime minister again,  ordered a successful test firing of a Jericho ballistic missile capable of striking Iran with conventional or nuclear warheads. He resumed drills of the Israeli  Air Force. Jet engines thunder over the eastern Mediterranean as they are once again put through bombing drills in a frequency not seen since 2006-2007. Many of you are asking, Is war imminent?

My answer is still no. The war is four years away, according to the astrology of Nostradamus’ prophecies about it. I am concerned though with astrological aspects in the summer of 2012 that might bring that window of war far closer than my oracle believes. You will read my augured findings when I publish my annual e-book  almanac, hopefully in early December, in a chapter entitled “Hot Crises in a Cold Depression”. Read more about how you can reserve your special donator’s edition copy of the book by clicking on Predictions for 2012.

Now back to the  article published on 2 November:


Iran I must get back to my marathon, writing and designing Predictions for 2012

November 1st was once the real Halloween (All Souls Day). It begins the month with a far scarier story of economic tricks in Europe running out of euro treats. Something I have been warning would be one of the next of 12 catastrophes of the year 2011.

There have been many upheavals this year but beyond that events that break some historic record or send history into uncharted territories not seen in living memory of people and in some cases even the memory of nations has taken place every month in 2012. The catastrophes have been natural, political, climate changed or economic disasters. For instance:

January: Queensland Australia inundated by monster floods, 200,000 people displaced.

February: Arab revolutions spread across the Middle East.

March: The fifth largest earthquake in recorded history; a 9.0 earthquake followed by a giant tsunami, rocks, then drowns then irradiates Japan in the island nation’s worst disaster since the devastation of the Second World War. The waves cause reactors at Fukushima to meltdown. Fukushima becomes the worst nuclear disaster since Chernobyl in 1986.

April: Catastrophic super-cell tornadoes kill hundreds across Alabama and the southern US States leaving behind death tolls and damage not seen since the 1920s.

May: the Mississippi River suffers worst flooding in 70 years. Two hundred thousand acres of prime farmland crops destroyed, Memphis flooded as well as the states of Missouri, Tennessee, Alabama, Arkansas and large parts of Louisiana in the path of the damns on Mississippi levies opened to save New Orleans.

June: The Missouri River floods to record levels. Waters surmount sandbags at a nuclear reactor at Fort Calhoun, Nebraska and for a few hours America, nearly has its own Fukushima disaster. Mainstream new avoids the story.

July: Triple-digit, 100-plus degree Fahrenheit drought in Texas destroys its corn, wheat and peanut crops to an estimated $5 billion loss. North America’s summer-long heat waves by July have clocked 1,400 triple-digit record-breaking temperature reports across the US Midwest and Southwest. Some cities in Texas endure triple-digit temperatures for over 40 days straight

August: US leadership suffers a historic loss of credibility when a debate about the US debt ceiling being raised nearly saw the US government default on its debt on August 1. The consequences: the worst stock market drop since the Great Recession began in 2008 and the US losing its premium credit rating for the first time in its history.

September: A month of Historic floods! They inundate the Atlantic seaboard states and New England falling from the remains of Hurricane Irene. The following week a second wave of floods visit the same region from remnants of Tropical Storm Lee. Over in Asia Typhoon Roke sends storm surges and mudslides over the regions of Japan devastated by the March quake and tsunami. The floods across the US Atlantic states made the Irene-Lee event one of the ten costliest property damage disasters in US history.

October: Monsoon fury drenches Eastern India (as I predicted would happen in Predictions for 2011). Three quarters of Thailand were inundated in the nation’s worst natural disaster in its history.

Some of my American readers might argue that the rare and unseasonal Halloween Nor’easter blizzard sending millions of households in 15 Atlantic and New England States in the dark should be 2011’s disaster number 10 for October. Three climate changing punches to the US northeast: Irene, Lee now this! Moreover, 1.5 million homes across 15 states were still out of power when November came. Now even the right-wing climate change debunking, billionaire Koch brothers’ financed investigation into the world’s weirding weather has concluded that climate change is real and leading civilization to an uncertain sustainable future.

And now November’s big disaster… What will it be?

Perhaps it will be something I wrote about over a year before when preparing Predictions for 2011:

The contagion of a European bank crisis in 2011 could easily spread around the world infecting the interconnected US and Chinese banks. If Europe goes deeper into recession, it affects Chinese imports and US business. Wrestling with a zombie EU Bank crisis, European leaders will test the waters of austerity programs finding they make for a more shaky European banking system.

Predictions for 2011
A Cold Depression, like a Cold War

Since writing the above, I have watched the global casino economies of Europe change the house rules of their gambling addictions to postpone an inevitable reality. Beware of Greeks bearing euros. Greece will default on its debt.

I have watched the markets fly into the stratosphere when the gaming pumped up the market with Trojan horse hopes only to plummet when the bubble of hope burst an Achilles’ tendon against mathematical realities. (Now there’s a mixed metaphor!).

Don’t get me wrong. I love Greece and its people but the Greek economic philosophy of live high and pay later (if at all) reminds me too much of the impossible schemes and scams of my favorite mythological man from Hellas, Zorba the Greek, all falling down into a great catastrophe worthy of celebrating afterwards with a dance on the beach. The Greek economy is a problem that cannot be salvaged. The people of Hellas will have to go, like Orpheus, bravely, playing music from a harp and dancing if possible, down into and eventually out of the darkness of Pluto’s economic underworld paying more than a few golden coins to the German bankers playing the boatman Charon for water taxi trip across the river Styx to debtor’s Hades.

Metaphorically speaking, Greece once had three pillars to hold up its Parthenon temple to the Goddess-bitch of excessive spending beyond her means. The first financial pillar – or pillory – sustaining the Modern Greek state was its heavily aided status as a bulwark for European nations against the spread of the Ottoman Empire. Then, after the Ottoman Empire collapsed at the end of the First World War, the Greeks once again became a bulwark after the Second World War, against the spread of communism. It eventually received billions throughout the long, and cold, war in US aid to shore up its economy and keep the commies out. Ship building was Greece’s second “pillar” sustaining it through the rest of the 20th century as was the third: tourism.

On comes the 21st century. The cold war had ended. Communism collapsed and with it, Greece stopped getting cold war aid. What about being a bulwark against Turkey once again? Tensions continued with Turkey, true, but the latter was a NATO ally and being wooed by the European Union. There goes the first pillar.

Greece by the time of the new century had lost its second pillar too, container ship manufacturing. That happens now in the shipyards of Asia and China.

That leaves one last pillar holding the completely rotten economic temple in the air, tourism and that pillar is not enough to keep the Greek economy from collapse.

So here are the hard facts that all Euro bankers and leaders must face eventually. Greece will eventually leave the monetary union. The immediate impact will be a financial haircut for other euro nations that invested in Greek banks to the tune of staunching the bleeding of the euro bank system with 400 billion euros. Once Greece has departed for Hades, the wealthier euro toting nations like Germany, Holland and France will have to find, or print another infusion of 2 trillion Euros to prevent Italy and Spain following Greece into Dante’s Inferno.

Greek Prime Minister George Papandreou has been so politically damaged by weeks of rioting in Athens and his midnight votes on EU union austerity cuts and taxes on his people that such draconian measures might lead to Greeks demanding a return to the drachma. He tossed the future of his government into the air this week by requesting an up or down referendum vote by the Greek people whether they want to stay in the euro union or return to the drachma. If the referendum happens at all it may not take place until January, leaving months of financial uncertainty for Europe and the global economy. The Greek people in general view the referendum with cynicism feeling damned if they do stay with the euro because that would lock in the austerity debt reduction programs, or damned if they don’t stay with the euro, for that brings default and economic collapse. Before any referendum can go forward, the Papandreou government may be soon out of a job because they face a no-confidence vote this Friday

Rumor has it in Athens that the no confidence vote will be a Greek tragedy in the making, dooming the Papandreou government. Greeks will then gather to the ballot boxes on a temporary break from national strikes and rioting to vote in a new government with unknown consequences. The 17 nations using the euro currency wait for the no-confidence vote coming Friday. Papendreou’s defeat would threaten Greek default if voters reject his government. In the meantime, the euro’s value falls. Chinese manufacturing slows and as European bankers sneeze, Wall Street catches the cold depression with a nearly 300 point drop in the Dow Jones Tuesday, which together with Monday’s plunge totals one of the worst two-day drops since August 2011 when America lost its top credit status.

The disastrous black Monday and Tuesday market drops on Halloween and All Soul’s Day are perhaps a reaction in the markets to the first US investment bank casualty of euro uncertainty, MF Global, which filed for bankruptcy early this week after disclosing a euro debt of $6.4 billion. It is the seventh largest bankruptcy by assets in US history. Thus shares in Deutcshe Bank and JPMorgan, its chief creditors, took a dive at the news because MF Global owes them 2.2 billion. It smells like the beginning of a US banking crisis the likes of which happened in 2008, though this time caused by a financial crisis outside of America. MF Global may be the new Lehman Brothers causing a Lehman-like Lemming charge of bankster hamsters over the insolvency cliff if (when) Greece defaults.

A year ago, I wrote about the American economy’s susceptibility to a euro banking crisis as the key to a return to double-dip recession. I have described our current economic era as a Cold Depression. The global economy since the Great Recession began in 2008 is like a cold war in a standoff mode, perhaps for decades to come. Just one wrong move in the markets or in banking circles or in nations like Greece, or Italy defaulting on their debts can make along and cold depression go suddenly “hot” like the Great Depression of the 1930s. In my essay published on 21 December 2010, I pinpointed the Cold Depression’s economic hot spots that are comparable to regional hot spots one saw in the US-Soviet standoff of decade’s duration:

The new “Middle East” of a Cold Depression is the EU and the United States. The world will focus on them, obsess on their gridlocked stances on economic issues, etc. and worry that these monetary and industrial flash points can heat the whole Cold Depression hot for everyone else if the rest of the world doesn’t get more involved in helping them settle their disputes.

Cold Depressions will have “money wars”. The Fed tampering with US dollar devaluation and frictions about the Chinese Renminbi being too undervalued, are factors for economic crisis moving beyond the window I predicted opening in October 2010, deep into the times of 2011 to 2012.

Predictions for 2011
A Cold Depression, like a Cold War

2012 is coming. The Maya may have marked it as history’s real turn of the millennium. The rest of the prophetic time clocks may have been wrong by a dozen years. It certainly seems that way with euro banks foundering to riverbanks flooding, super-cell tornados rampaging. Typhoons hitting countries like the Philippines with a one-two punch in invasions of storm less than four days apart.

What is happening? Have the Mayan prophecies been vindicated or will we make 2012 one of the most significant years in human memory because of our actions leading to apocalyptic as well as revelatory reactions?

Right now my oracle has me feverishly working on a forecast for next year that will appear in my next new e-book Predictions for 2012.

John Hogue
(02 November 2011)

PS—I will end today’s article inviting you all to meditate on one of my favorite sayings of Zorba the Greek related by the narrator character of Nikos Kazantzakis’ classic novel:

“The aim of man and matter is to create joy, according to Zorba – others would say ‘to create spirit,’ but that comes to the same thing on another plane. But why? With what object? And when the body dissolves, does anything at all remain of what we have called the soul? Or does nothing remain, and does our unquenchable desire for immortality spring, not from the fact that we are immortal, but from the fact that during the short span of our life we are in the service of something immortal?”







Read my Predictions for 2012:

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  1. Posted 6 October 2012 at 10:30 pm | Permalink

    It’s very simple to find out any matter on web as compared to books, as I found this article at this web page.

  2. Sandra
    Posted 17 November 2011 at 2:08 am | Permalink

    John, I know this is off topic, but I remember you stating that, according to your oracle, Occupy Wall Street will be taking to the internet shortly after Halloween. Well, on the Occupy Wall Street website, it has been announced that it just launched a community website: Also, I saw a You Tube video showing what appears to be a UFO hovering over the Occupy Wall Street demonstration in New York above a group of people sitting in meditation. I am wondering if there are benevolent and highly evolved extraterrestrials observing humanity who are especially concerned about this movement.

    I imagine they are. I would imagine they’d be especially interested in those protesters who bring meditation into the protest because if there are higher evolved beings out there they would have passed through this difficult passage of childhood civilizations growing up. They would understand that what we call revolution is nothing but a socio-political redecoration, or better, the placing of a new brand of lipstick on the pig of the same problem — human robotic and conditioned behavior that makes them change the surface of their historic appearance at the cost of not looking in at the cause of their tragic history. When meditation is the core of a popular movement, then you will see the real revolution that has not yet happened on this planet. You will see “evolution revolution.” When humans begin to see their problems consciously rather than from conditioned reaction, then you will see humanity grow and change to a level that advance civilizations will feel it is right (and safe) to come out of their flying saucers to meet and greet us.

  3. Kurtis
    Posted 16 November 2011 at 12:15 pm | Permalink

    USA sending troops to protect australia. Obama says he doesnt fear China i have a feeling hes poking the red dragon in the wrong spot and baiting it to see how much its sleeping.

    I have been predicting for years that strategic military thinking requires the US make a larger footprint in the Western Pacific, the South Pacific and the Indian Ocean. Although I can be a harsh critic of the president, I see these modest steps in bringing Australia into a larger strategic picture as prudent and farsighted.

  4. Sandra
    Posted 16 November 2011 at 2:35 am | Permalink

    I am wondering if the defaults of Greece and Italy combined with a further U.S. credit rating devalution will turn the Cold Depression hot?

    After today’s posting on the gathering rattle of sabers for war with Iran, next week’s blog will look at the prophetic consequences of something more immediately dire than Greece and Italy eventually defaulting. Our credit rating will go down when the special congressional committee charged with finding a bi-partisan solution to cut spending and raise revenues show the world that America can’t govern itself any better than the Italians and Greeks. That, more than the looming Euro crisis will lower our credit rating again. And when that is lowered it will have an impact on making the Euro crisis worse.

  5. morris
    Posted 12 November 2011 at 11:18 pm | Permalink

    will your 2012 prediction book come out in paper copy.

    Not at this time, Morris.

  6. rbateman
    Posted 10 November 2011 at 9:16 am | Permalink

    The really big disaster will augment the economic confusion. Just like it has always done in centuries and eras past. The climate turns against the Globalists and Peasants alike, plunging off a warm cliff into an icy abyss. For too long the big nations have known the warmth of the Sun that made Egypt worship it, the sun that smiled upon Rome, and a long list of others.
    Remember the story of the grasshopper and the ant.
    Man has behaved like the grasshopper, taking no stock of where the clock of the ages is.

  7. Sandra
    Posted 8 November 2011 at 2:00 am | Permalink

    I say let Greece default. Let the economy collapse. The current world economy is based on nothing more than greed and suffering with the rich few controlling just about all the resources. Let the thing die! Yeah, people are going to suffer for a while. I will be one. But suffering can be a good thing. Discomfort can be a great motivator for change. When people get uncomfortable and upset, they get off their behinds and start demanding change by the MILLIONS! Perhaps by the BILLIONS! That is a force the 1% cannot stop. But it will only happen when people get uncomfortable as history has shown over and over again. And that typically only happens when they lose their money and possessions. That’s unfortunate, but true. Right now, things aren’t really that bad. They really aren’t bad enough to get most people off their behinds. Unfortunate, but true. If you need the change for the better, the Universe will first give you a gentle nudge. If you refuse to do so, it will give you a less gentle nudge. Continue to do nothing, it will eventually slap you in the head. Continue to do nothing still, it will eventually pull the rug out from you, bash you in the head, and leave you with no choice but to either respond or suffer severely and die.

    • Rick W.
      Posted 11 November 2011 at 9:58 am | Permalink

      I hope you are right, Sandra. The problem is, though, we all depend on money to move our groceries from foreign lands to our homes. We depend on money to supply oil from foreign lands to our cars. We depend on money to pay the rent or mortgage.

      The crisis in Greece/Europe has the potential to destroy the way that money is exchanged and utilized. You can bet that the bankers will not be the ones left without the use of money. They will get their food and fuel. But, you and I could be left without a source of food, fuel or a place to sleep. Our survival could be jeopardized. It will not be a matter of surviving a tough stretch. It will be a matter of even surviving at all.

      • Sandra
        Posted 16 November 2011 at 2:38 am | Permalink

        The bankers will enjoy temporary comfort. But eventually, their survival will be jeopardized as well. They will not be able to escape the consequences of an economic collapse or their own actions.

        The aristocracies of the present corporate sheen can go down like those of France and Russia, if they do not see the holistic imperative requiring you invest in your markets (your customers) and make sure they also become rich and vibrant. Impoverish and anger your customers by your greed, your hoarding and your expectation that they will pay for your foolish business mistakes, is a recipe for exactly what we are beginning to see on the streets of Tunisia Syria, Egypt, Libya, Bahrain, Yemen, rural China, Greece, Italy, Spain, Zucotti Park, Oakland, LA, the Brooklyn Bridge, Union Park, Seattle and elsewhere across America. While this is peaceful the rich would do well to heed the call to economic reforms and shared sacrifice. If they do not, then by the next decade or perhaps even sooner, these demonstrations of grievance around the world will necessarily become more violent. The Russian Revolution didn’t start will violence. Nor did the American Revolution. They both began with mass protests, the establishment eventually ignored their demands and fired guns at them. For instance the Winter Palace demonstration and the Boston Massacre both saw Russian Czarist soldiers and British redcoats fire and kill unarmed civilians, Penn State style. That precipitated violent rebellion in both cases. There is still time for the Bloombergs to have “bloomsday” revelation, but time in running out on peaceful revolutions.

        • Sandra
          Posted 19 November 2011 at 4:32 am | Permalink

          Thank you, John, for replying to my posts. I don’t know if time is running out. I had a beautiful vision on November 16th while I was working. Before that vision, I was stuck in my anger and fear. I was unhappy with what I had just read about the police brutally cracking down on peaceful protesters and dismantling their camp in New York in the middle of the night. In my state of fear, I started having dark visions of violence against the police and authorities. I started convincing myself that maybe violence is what is needed against the police and the elites who control them. Yes, I’m human and not perfect. I started descending into that dark fear place within me and it wasn’t pleasant. I finally realized that all I was doing was making myself suffer. That fear place may not be real. So I stopped, breathed, and made my mind quiet. Then I got the realization that perhaps the police crackdowns might be one of the best things that ever happened to this movement. The crackdowns are actually bringing media attention and sympathy to this movement and its cause. They are actually strengthening its resolve. Then I got a vision of millions of people surrounding Washington DC, holding hands in unity, and chanting all at once, in a peaceful and meditative state, “Power To The People”. The chant began echoing all over the planet. It wasn’t a loud and angry sound. It was a beautiful hum very much like what you hear from Buddhist monks during their deep throated chants. A deep, soft, beautiful hum. It was making me cry with joy. I had a strong sense that the human race was awakening! All of a sudden, I saw the insides of the Washington DC and Wall Street buildings. The oppressive politicians and the rich and powerful they served were all covering their ears. They could not stand the beautiful, soft, but powerful and pervasive hum. They were trying to escape from it. The hum was echoing everything, including the structure of the buildings themselves. The echo vibrated the structure so much that the buildings started to collapse. However, the elite refused the leave the buildings. They would rather cower down and cover their ears then run out of them. Eventually, the buildings collapsed on top of them. Especially prominent was the statue of a bull inside Wall Street exploding from the echo of the hum. I then had the powerful realization that what the elites really fear is the one true thing that will put an end to their reign once and for all: higher consciousness. That night, I posted a message on the Occupy Wall Street website telling everyone to simply be peaceful but persistant: that they have not failed because of the police crackdowns. The crackdowns are actually a sign that they are succeeding: that many Occupy Wall Street camps were removed at once in a coordinated effort to try to break the movement’s resolve in the hope that it will wither away and die. I stated that the authorities cannot continue to crackdown on the movement forever. They cities don’t have the money and resources to do so, especially in this economy. They don’t have the resources to continue paying the police overtime to break up camps and jail people. I stated that violence is not the answer and not needed. All violence will do is cause suffering and harm the movement by turning the majority of citizens against it. All that is needed is for the movement to continue to do what it was designed to do: keep up the nonviolent civil disobedience. That’s what Ghandi’s movment did. That’s what Martin Luther King’s movement did. Well the next day, over thirty thousand protesters started marching towards Wall Street. The police on motorcycles were overwhelmed. Protesters were holding signs stating that although they can be evicted from their camp, an idea who’s time has come can never be evicted. A protester held a sign stating that for every one who is jailed, two more will rise in his or her place. So I am wondering if this movement is evolving into a peaceful civil disobedience movment of higher consciousness along the lines of Martin Luther King’s movement. If this worldwide movement continues to grow and rids itself of the violent offenders, will it eventually be a massive force to be reckoned with in the future that could reshape our political and economic systems and transform the world for the better?

  8. Allan Collison
    Posted 2 November 2011 at 11:41 am | Permalink

    John , Very Good , Got Whole World Awareness Coverd . Being Blocked on reseach on Japan Radition 5,000 Protest OWS . Gulf of Mexico Oil Sea life Dead ( Blocked on oil in Loop Current around Fla.) The Gun Walking is the President WATERGATE , 1 – Lie takes 10 more to Cover up .( Blocked other than NRA ) Also you are correct on Iran Prediction . Peace ! Be Safe .

    Thank you, Allan. I do not think the Gun Walking test of the FBI to see how many guns get into Mexican cartel hands will take Obama down. It would expose the NRA in the process. That won’t happen.

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