The majority of the $10 billion from Saudi Arabia’s sovereign-wealth fund, Public Investment Fund, will be spent on Russia’s agricultural projects, as well as on medicine, logistics, and the country’s retail and real estate sectors, RDIF chief Kirill Dmitriev told The Wall Street Journal.

Facing a political standoff with the West, Moscow has been turning eastward, saying it would seek Asian investors to reduce reliance on Europe and the US. In early May, Russia signed economic deals with China via the RDIF worth up to $25 billion, with Chinese banks investing in Russian companies.

But what about the rest of the country? From coast to coast, we are witnessing a dramatic increase in violent crime, and the economy is not even crashing yet. So what is going to happen when the next great economic crisis hits us, unemployment skyrockets, and people really start hurting?

Milwaukee, which had one of its lowest annual homicide totals in city history last year, has recorded 84 murders so far this year, more than double the 41 it tallied at the same point last year. Baltimore, New Orleans and St Louis have also seen the number of murders jump 33% or more in 2015. Meanwhile, Chicago, the nation’s third-largest city, has seen the homicide toll climb by 19% and the number of shooting incidents increase in the city by 21% during the first half of the year.

In all the cities, the increased violence is disproportionately impacting poor and predominantly African-American and Latino neighborhoods. In parts of Milwaukee, the sound of gunfire has become so expected that about 80% of gunfire detected by ShotSpotter sensors aren’t even called into police by residents, Flynn said.

The homicide total for Baltimore for the year has risen to at least 154, according to police news releases. That’s an increase of more than 40 percent compared with the same time last year. Shootings have increased more than 80 percent. For the first time in more than a decade, overall crime is up in Los Angeles through the first six months of the year, rising by more than 12%, according to figures released Wednesday.

I believe that we have reached a turning point. I believe that we have entered a period of time when violent crime in the United States is going to start skyrocketing – especially once the next major economic downturn arrives. Meanwhile, budget cuts are forcing police forces to cut back all over the nation. For example, the number of patrol officers in the city of Detroit has been reduced by 37 percent in the last three years alone…

Most Greeks never imagined that they would be plunged into a multi-year economic depression that would ultimately lead to “bank holidays”, long lines at ATM machines, and people diving into dumpsters in a frantic search for something to sell. And this is just the beginning of the chaos in Greece – things are going to get much, much worse for them. Hopefully, this will serve as a wake up call for millions upon millions of clueless Americans out there, because we are on the exact same path that Greece has gone down.

The sad truth is that no amount of “American exceptionalism” is going to prevent us from suffering the consequences of decades of very foolish decisions. We are steamrolling toward our own version of economic collapse, and when that time arrives you don’t want to be caught totally unprepared for it. In some cities in the United States, it only takes an inch or two of snow during the winter to set off panic hoarding at local supermarkets and hardware stores.

So what is going to happen during a real crisis? But that could never happen in America, right? After all, aren’t we “the greatest nation in the world”? Sadly, what we experienced in 2008 was just a preview. We have piled up the greatest mountain of debt in the history of the planet, our financial system has been transformed into a gigantic casino, and our leaders have been making some of the dumbest decisions imaginable for decades. In the end, all of our foolishness is going to catch up with us in a big way.

“The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors,” said Donald Tusk, the European Council president. This is the first time Europe's institutions have acknowledged clearly that Greece’s public debt – 180 percent of GDP – can never be repaid and that no lasting solution can be found until the boil is lanced.

Any such deal would give Greek premier Alexis Tspiras a prize to take back to the Greek people after they voted by 61 percent to 39 percent to reject austerity demands in a landslide referendum last weekend. While he would still have to deliver on tough reforms and breach key red lines, a debt restructuring of sufficient scale would probably be enough to clinch a deal, and allow him to return to Athens as a conquering hero. The Greek parliament is due to vote to ratify the measures on Friday.

Germany’s subtle shift in position comes as the United States, France, and Italy joined in a united call for debt relief, buttressed by a crescendo of emphatic statements by Christine Lagarde, the head of the International Monetary Fund. "Greece is clearly in a situation of acute crisis, which needs to be addressed seriously and promptly. We remain fully engaged in order to find a solution to restore stability, growth and debt sustainability," said Ms Lagarde.

But elsewhere, stock valuations must be propped up no matter what happens in Greece.

In Europe, where few of the policymakers that have to deal with Greece appear to have gotten much sleep, the ECB will step in and do its magic, according to a note by Geopolitical Research of Canada’s National Bank Financial: “In the short term, the European Central Bank will attempt to manage the fallout from the Greek vote and potential Grexit by significantly increasing its purchase of government bonds and other debt from the remaining Euro zone countries in order avoid a dramatic rise in yields.”

Everyone is expecting this, and the expectation alone will limit the selloff. The promise of more QE will lure investors back into the market. But over the longer term – say, over three days – Europe faces one heck of a mess, according to the folks at NBF’s Geopolitical Research: “Europe is already surrounded by a geopolitical ring of fire. Large parts of North Africa and the Middle East are in chaos, Ukraine is beset by civil war and economic collapse, and relations with Russia remain tense. The collapse of Greece would mean that Europe would have to worry about yet another quasi-failed state on its periphery.”

Chilling.

Then there’s China. It has its own problems: a wondrous stock-market bubble that has become a national priority but has been crashing for three weeks; and an economy that has entered a hard landing and is now at risk of getting hammered by the very stocks that had propped it up over the past 12 months. The Chinese government doesn’t need Greece to feel panic. After having lured even street vendors and farmers into highly leveraged stock market positions that have now collapsed, is the Chinese government worried about popular upheaval?

While Germany has been a leader in imposing sanctions against Russia for its annexation of Crimea and involvement in the eastern Ukraine conflict, Berlin has been concerned about the knock-on effect of sanctions on its $105 billion bilateral trade with Russia, which has steadily decreased as sanctions and the falling price of oil take a toll on the Russian economy.

"We in Germany would like the political foundation for the sanctions to go as soon as possible and the sanctions themselves become a thing of the past. But it is clear that for the sanctions to be lifted, the Minsk Accords need to be implemented," Bernhard Kaster, head of the Russia-Germany parliamentary group, told journalists in Novosibirsk, Russia.

The German publication Der Spiegel was leaked a copy of the draft, and concluded: “Berlin is serious about taking the lead as the euro zone struggles with a suddenly weak currency.” Germany wanted a Europe where the European Commission had the power to suspend the voting rights of nations for violating the eurozone’s debt and spending laws, including plans for managing the bankruptcy of a member nation. “Europe,” said Angela Merkel, “needs a new culture of stability.” But that culture would be enforced through the destabilizing power of financial market crises.

The German bet was that the EU could outrun financial markets, using the crisis as an opportunity to advance fiscal and political integration and impose their demands upon the rest of Europe, while simultaneously preventing markets from creating a crisis so severe that it threatened the euro or the economies of the more powerful nations. Without the pressure of financial markets, the EU could not force its member nations to restructure their economies and societies. Chancellor Merkel would frequently describe the European debt crisis to her colleagues as a “poker game” between financial markets and politicians. The first to flinch would lose.

Brussels has now convened a full emergency summit of all 28 European leaders on Sunday to thrash out a deal to keep Greece in the single currency. "I have no doubt that this is the most critical moment in the history of the European Union," said Mr Tusk. He dismissed any notion that letting Greece leave the euro would not have irreparable geopolitical consequences for the continent. "If someone has any illusion that it will not be so, they are naive."

The hard Left government is also fast running out of time and patience among its last remaining allies. Mr Tsipras could not “put a gun to our head or a knife at our throats", said Belgium's Prime Minister Charles Michel. Italian Prime Minister Matteo Renzi said it was for the government to ultimately decide “whether they want to stay in euro or not”. “In order to stay in euro, rules need to be followed,” said Mr Renzi, who has been considered as one of the Greeks' few backers. “We have very little time,” said Jeroen Dijssebloem, head of the bloc’s finance ministers.

Germany’s political strategy was to allow the debt crisis to spread, creating the pressure required to force eurozone nations to accept German demands of restructuring their economies in return for financial aid from the EU. The German magazine Der Spiegel described Frau Merkel’s overall European strategy: “the aim was to solve the debt crisis in a step-by-step fashion.”

It may still remain between citizens of both countries, but not between their governments. Perhaps it has always been an illusion, perhaps the United States pulled away over the course of time. But what binds these two nations today cannot be considered friendship. Openness and fairness are part of the essence of friendship, which is about mutual respect and trust. A quarter century after the United States helped the German people restore their national unity, little remains of this friendship.

As new documents from WikiLeaks and reporting by SPIEGEL show, the NSA has been systematically spying on much of the German government. America's spies not only listened in on Chancellor Angela Merkel's private conversations about sensitive political issues. The NSA also bugged ministries, ministerial offices and other government agencies. Not even journalism is sacred to the Americans - at least not in Germany. American spies monitored at least one SPIEGEL colleague in Berlin - spies who represent a country that considers itself a guarantor of freedom of the press, one of the cornerstones of a liberal democracy.

Today we know: The friendly smile worn by Angela Merkel's hosts in Washington all these years has been insincere at best.

The chancellor must show Washington a clear sign of resistance. Germany must free itself from this pact with the NSA. In the future, it must write the rules for its cooperation with intelligence agencies itself - which may mean that certain information will no longer be shared. It would not be the end of cooperation between the two countries, particularly not on the issues of trade and foreign policy. Germany and America will have shared interests in certain matters. But currently, there's little room in the relationship for more than that.

With many of the Chancellor’s colleagues and electors urging her to hold firm, despite the fact that Greece’s banking system is teetering on the edge of collapse, Merkel might be tempted to play it safe, allowing the arguments of the continent’s finance ministries, central bankers, and tabloid newspapers to prevail. It is likely (although by no means certain) that Wolfgang Schäuble, Merkel’s hardline finance minister, is right when he suggests that a Greek exit from the eurozone, even a disorderly one, would not have a major economic impact on the rest of Europe. Why not wash her hands of the entire thing?

The answer, as Merkel herself has acknowledged in the past, is that a failure to resolve the crisis through mutual agreement wouldn’t merely be a rebuke to the Greeks and a failure of the eurozone: it would violate the ethos of commonality and solidarity on which the EU was built. To any European of Merkel’s generation, that would be a monumental failure.

After the Berlin Wall came down, the European Union, as it came to be known in 1993, provided a beacon and, eventually, a home for many former members of the Warsaw Pact, including the Czech Republic, Bulgaria, Estonia, Hungary, Poland, Romania, and Slovakia. Today, the EU has twenty-eight member states, nineteen of which are also members of the eurozone. Not since the days of the Holy Roman Empire has Europe seen such a multinational, multiethnic assemblage. And this one is a collection of democracies.

As a result, the systems, consisting of six launchers and two radars, reportedly carried out “unexplained” orders, the publication claimed, providing no further information on the kind of commands. Last month, Germany announced that it planned to replace Patriot missiles with MEADS (Medium Extended Air Defense System), a new air defense system developed by the USA, Italy and Germany. The cost of the move is estimated at more than €4 billion.

“Who actually has their finger on the trigger? This is a basic problem for partners of the US. If they buy US software, if they buy US military hardware, do they really have control of it?” Annie Machon, a former MI5 agent and whistleblower, wondered. “Now, any country that is serious about its national security, its national interests should surely be building its own weaponry. And it should be making sure it’s developing its own population knowledge base, its skills base – to be able to do that, too.”

A video released last week by ISIS in Libya and published by the Arabic-language Asharq al-Awsat shows the two perpetrators of a deadly attack on the Corinthia Hotel in January threatening that ISIS's newly-established presence in the country would be used as a springboard to invade Europe.

A top Libyan general was warning that ISIS could use Libya as a jumping-off point for a European invasion. General Khalifa Haftar, head of the Libyan army, warned that Islamic State (ISIS) terrorists running rampant in the north African state are set to infiltrate Europe and expand their reign of terror into the West.

During a meeting in Bonn, Germany, the World Heritage Committee criticized Israel for allegedly engaging in “illegal excavations” in the Old City; causing damage to structures on the Temple Mount; impeding restoration work on the Temple Mount; and damaging the “visual integrity” of the Old City with the construction of Jerusalem light rail.

The committee also cited a number of Israeli projects in and around the Old City and the Western Wall Plaza, which it called the “Buraq Plaza.” Israeli Foreign Ministry director-general Dore Gold said the UNESCO resolution ignores any Jewish connection to Jerusalem, and also fails to acknowledge Christianity’s ties to the city.

“In fact, the Jewish attachment to Jerusalem has survived from ancient to modern times,” Gold said. “The Jewish people restored their majority in Jerusalem in the mid-19th century. Their ancient synagogues were destroyed and desecrated by a coalition of invading armies in 1948, who ethnically cleansed the Old City of any Jewish presence.” Gold said Israel was all but standing alone “against the tide of intolerance” sweeping the Middle East.

“As the historical heritage sites of this area are being systematically destroyed by jihadist forces, such as the Islamic State in Syria and Iraq, UNESCO’s adoption of utterly false allegations about Israeli archaeological practices is misplaced and hypocritical, at best,” he said. “The resolution is full of distortions and is totally disconnected from reality on the ground.”

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In the letter, the Temple organisations and groups said: “Due to the closure of Temple Mount [the Israeli name for Al-Aqsa Mosque], the Muslims’ prevention of Jewish entry, and their inability to protect the holy site, the citizens of Israel propose that Temple Mount be opened only to Jews during the Jewish holiday and closed to the Muslims who riot at the Jewish entrance”.

The letter came as a response to the Israeli police’s closure of al-Mughrabi Gate to settlers for the final ten nights of Ramadan, as a large number of Muslim worshipers flood the mosque compound. The police said that they closed the gate to avoid altercations arising as a result of settler incursions. Temple activists said in their letter to Netanyahu that “Your response to our demand will show that you have fulfilled your pre-election promise in front of everyone to build mechanisms allowing for Jews to pray at the Temple”.

So, instead of piling into sovereign debt of developed nations, traders are pulling their money out of those places as the Greek economy teeters on the brink of collapse, Puerto Rico talks about delaying some debt payments and China’s stock market suffers its biggest selloff since 1992.

Investors yanked $2.9 billion from European government bond funds last week, more than ever before, and pulled $699 million from short-term investment-grade US bond funds, Bank of America Corp and Wells Fargo & Co data show. While these assets have traditionally been havens during rocky periods, they look less appealing now after more than six years of unprecedented monetary stimulus that pushed yields to record lows.

Why is that a problem? Well, the European Central Bank’s bond-purchasing program this year sent yields so low (negative, in fact) that investors revolted, selling German debt in the face of some signs of economic growth and causing unprecedented volatility. In the US, the economy has improved enough that the Federal Reserve is planning to raise interest rates this year from virtually zero, where they’ve been since 2008.

So for now, markets have been relatively sanguine Monday as the ECB expanded the assets it would purchase as part of its stimulus, China’s government pledged further measures to support the region’s stock market and Puerto Rico stayed out of default for another day. After all, where will investors run? The government debt that used to be their safety net looks more and more treacherous.