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Tag Archives: eurozone
Greece, Democracy and Magical Thinking
Greece, Democracy and Magical Thinking Regardless of what the Greek people choose, at least the choice will be theirs, along with the consequences. What is representative democracy but organized bribery on a mass scale?Politicians seeking control of the spigots of state wealth and power promise endless swag to voters. Those who promise the most swag and do […]
And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable
And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable Is this the beginning of the end for the eurozone? For years, European officials have been trying to “fix Greece”, but nothing has worked. Now a worst case scenario is rapidly unfolding, and a “Grexit” has […]
Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike
Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike As reported earlier and as tipped here on Monday, markets will have to call off the party for now because the focus of the Greek debt deal negotiations has now shifted back to Brussels after all eyes had turned briefly to Athens on Tuesday […]
“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal
“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal (via Corriere) Although estimates vary, Kathimerini, citing Greek banking officials, puts Friday’s deposit outflow at €1.7 billion. If true, that would mark a serious step up from the estimated €1.2 billion that left the banking system on Thursday and serves […]
Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks”
Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks” As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday’s Eurogroup meeting in Luxembourg. Varoufakiswarned his counterparts that Europe was very close to “accepting” a Greek “accident”, something the FinMin said EU officials have a “moral duty” […]
LEAKED (Denied then Confirmed): ECB Not Sure If Greek Banks Can Open Monday
LEAKED (Denied then Confirmed): ECB Not Sure If Greek Banks Can Open Monday There seems to be a growing willingness in the Eurozone to get this over with, to let Greece default and go from there – with all the options that this might entail. But even if a last-minute bailout agreement materializes, one thing […]
An Affirming Flame
An Affirming Flame According to an assortment of recent news stories, this Thursday, June 18, is the make-or-break date by which a compromise has to be reached between Greece and the EU if a Greek default, with the ensuing risk of a potential Greek exit from the Eurozone, is to be avoided. If that’s more […]
The Logic of Interventionism, or How to Wake up in a Prison
The Logic of Interventionism, or How to Wake up in a Prison Archaic Financial Freedom The mainstream press is still full of articles about the alleged evils of cash, which we regard as a typical “trial balloon” launched by the powers-that-be. The way this works is that they get a repressive measure they indent to […]
Germany, France Call for Fiscal and Political Union. Public Ignorance Vital for Success of EU Power Grab
Germany, France Call for Fiscal and Political Union. Public Ignorance Vital for Success of EU Power Grab Since Europe’s sovereign debt problems exploded onto the scene in 2010 the European Union has masterfully exploited the crisis to strengthen its grip over the old continent. It has stripped once-proud, independent nations of the last vestiges of […]
Greece: Out Of Cash, Out Of Time, Out Of Options
Greece: Out Of Cash, Out Of Time, Out Of Options On Friday Greece is due to pay at least a quarter of the €1.5bn due to the IMF in June. … The creditors say they will only disburse the money if the Greek government enacts various key economic reforms and does not roll back reforms the […]
Euro-sclerosis
Euro-sclerosis There appears to be little or nothing in the monetarists’ handbook to enable them to assess the risk of a loss of confidence in the purchasing power of a paper currency. Furthermore, since today’s macroeconomists have chosen to deny Say’s Law1, otherwise known as the laws of the markets, they have little hope of […]
Greece – Stumbling Toward Default
Greece – Stumbling Toward Default Good Cop Under Fire On June 5, Greece has to pay €240 million to the IMF. A week later another €270 million are coming due. All in all, Greece has to pay back €1.5 billion in IMF loans over the month of June. All indications are that the Greek government […]
Mario Draghi’s Slippery Downward Slope
Mario Draghi’s Slippery Downward Slope Mario Draghi made another huge faux pas Thursday, but it looks like the entire world press has become immune to them, because it happens all the time, because they don’t realize what it means, and because they have a message if not a mission to sell. But still, none of […]
Why Not Tell Greece How To Run A Democracy?
Why Not Tell Greece How To Run A Democracy? I know I’ve talked about this before, but it just keeps coming and it keeps being crzay.Bloomberg ‘reports’ that the ‘German Finance Ministry’, let me get this right, “is supporting the idea of a vote by Greek citizens to either accept the economic reforms being sought by […]
“Stop Being So Negative”: Putting It All Together
“Stop Being So Negative”: Putting It All Together Putting it all together Considering: 1) governments are unable to eliminate deficits 2) global government debt is increasing exponentially 3) 0% interest rates are allowing governments to borrow more to pay off old loans and fund deficits 4) Global growth is declining despite money printing and bailouts […]
