This morning’s key headlines from GenerationalDynamics.com.

• Formula-One Grand Prix officials threatened in Bahrain
• Pressure grows for a new round of United Nations diplomacy for Syria
• Greece extends deadline for holdouts from bond swap
• Spain moving rapidly to become ‘the next Greece’

Formula-One Grand Prix officials threatened in Bahrain

The bloody massacre of innocent civilians in Bahrain that began in February of last year is comparable to the  bloody massacre of civilians in Syria. Bahrain had been scheduled to host the Formula One Grand Prix automobile race in October, but the event was postponed because of the violence. Now it’s scheduled for next week, beginning April 22, and there are calls for it to be canceled or postponed again. Some teams are questioning the ethics and morality of holding the event in Bahrain, while protesters in Bahrain are threatening protests and possible violence directed at Formula One officials. Telegraph

Pressure grows for a new round of United Nations diplomacy for Syria

Former U.N. secretary-general Kofi Annan pretended to be shocked on Tuesday that his peace plan, which called for a cessation of violence on Tuesday, had failed. In fact, Syrian troops actually launched fresh attacks on rebellious areas, but Annan said there was still time to salvage a truce. Since Annan is not stupid, he must be lying. Turkey’s Prime Minister Recep Tayyip Erdogan is on a long diplomatic trip, including stops in Russia, China, Iran and Saudi Arabia, to gain support for a new U.N. Security Council resolution. The new resolution will say something like “we condemn Bashar al-Assad for the violence,” but even that will probably be vetoed by Russia and China. Either way, nothing’s going to happen until Turkey loses its patience and takes some military action. Zaman (Istanbul)

Greece extends deadline for holdouts from bond swap

You’ll recall, Dear Reader, that European officials were going to solve the problem of keeping Greece out of bankruptcy by implementing a bond swap deal, where holders of Greek bonds would “voluntarily” swap them for brand new bonds, losing 74% of their original investment. However, you may also recall that there were private investor “holdouts,” who refused to take part in the bond swap deal, hoping to avoid losing that 74%. And you may also recall that furious European officials were threatening these holdouts with disaster if they didn’t give in. Well, more than a month has passed, and many private investors are still holding out. Greece has twice extended the deadline for these investors to agree to the bond swap. The deadline is now April 20. Reuters

Spain moving rapidly to become ‘the next Greece’

On Monday, Spain’s Prime Minister Mariano Rajoy said:

“Without a doubt, a good part of Spain’s future is at stake. The problem is that the markets can lend or decide not to lend.”

On Tuesday, investors demanded yields (interest rates) of 5.98%, just shy of the psychological 6% figure. If yields continue to rise, as they did for Greece, Portugal and Ireland, then Spain will need a bailout, just like those countries. I keep hearing financial pundits say ridiculous things like:

• “This isn’t as bad as Greece.” (Actually, Spain’s a larger country, so it’s worse.)
• “This won’t affect the United States.” (Actually, with the ECB’s and the Fed’s various money-printing programs apparently no longer working, this will affect everyone.)
• “The Europeans will find a solution.” (Actually, there IS no solution. There was no solution for Greece either, and all they’ve done is postpone Greece’s problem for a few more months.)

This is a generational crisis era, and all the debts that have built up since the end of World War II are now coming due, and there’s no way to pay them. Bloomberg