Today’s Items:

First…
Parallel Greek Currency
http://www.zerohedge.com

Greece might resort to IOUs and/or capital controls to avoid a disorderly default and keep the banks afloat for now. As things get worse, the European Central Bank has analyzed a scenario in which the Greek civil servants are paid in IOUs. The final result will be the return of the Drachma.

Next…
Global Liquidity Squeeze
http://theeconomiccollapseblog.com

A few days ago, the IMF warned regulators to prepare for a global “liquidity shock.” In China, the credit boom has been one of the primary engines for “global growth” in recent years; however, conditions are changing. In Europe, the Greek debt crisis is finally coming to a breaking point and over here in the U.S., Americans are increasingly having difficulty meeting their financial obligations. In short, the global liquidity squeeze has begun.

Next…
Japan Overtakes China
http://cnsnews.com

Japan has overtaken China as the biggest foreign…