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What Happens When Economists Talk Politics
What Happens When Economists Talk Politics As the “Varoufakis Files” provide everyone interested in the Greek tragi-comedy with an additional million pages of intriguing fodder -we all really needed that added layer of murky conspiracy, re: the Watergate tapes-, a different question has been playing in my head. Again. That is: Why are economists discussing […]
The Number One Lesson From Athens
The Number One Lesson From Athens There’s arguably nothing that’s been more hurtful -in more ways than one- to Greece and its Syriza government over the past six months, than the lack of support from the rest of Europe. And it’s not just the complete lack of support from other governments -that might have been […]
The Death of Democracy in a Byzantine Labyrinth
The Death of Democracy in a Byzantine Labyrinth The project of European Union, and its single currency experiment, were politically an attempt to unite fractious nations in order to put an end to a history of horribly destructive conflict. Economically, the goals were to scale up governance in Europe, to transition from the national to […]
Was Greece Set Up To Fail?
Was Greece Set Up To Fail? I started writing this on my last night in Athens for now, Wednesday, and had no time to finish it then: On the eve of my temp absence from this great city, a few things. I could simply extend my stay, which might be slightly cheaper, but A) flights […]
The Troika And The Five Families
The Troika And The Five Families Personally, like most of you, I always thought Germany, besides all its other talents, good or bad, was a nation of solid calculus and accounting. Gründlichkeit. And that they knew a thing or two about psychology. But I stand corrected. The Germans just made their biggest mistake in a […]
Tsipras Invites Schäuble To Fall Into His Own Sword
Tsipras Invites Schäuble To Fall Into His Own Sword Too many voices the past few days are all pointing the same way, and I’ve always thought that is never good. A guessing-based consensus, jumping to conclusions and all that. Look, it’s fine if you don’t have all the answers, no matter how nervous it makes […]
Someone Pull The Plug or This Will End in War
Someone Pull The Plug or This Will End in War I was going to write up on the uselessness of Angela Merkel, given that she said on this week that “giving in to Greece could ‘blow apart’ the euro”, and it’s the 180º other way around; it’s the consistent refusal to allow any leniency towards […]
Volatility and Sleep-Walking Markets
Volatility and Sleep-Walking Markets A recent Business Insider chart of the day feature was particularly interesting. Called The stock market is asleep, it observed that the US market has been in a period of very low volatility: Market technician Ryan Detrick noted that it’s been 8 weeks since we’ve seen a weekly move of at least […]
I Fear The Greeks, Even When They Bring Gifts
I Fear The Greeks, Even When They Bring Gifts Just another normal morning at the Automatic Earth. Shaking off the local drink – when in Rome.. – and perusing a thousand views and pieces, many on the inevitable topic of ‘Da Referendum’. And I got to say, I can’t even tell whether it’s just me, […]
The People Must Be Overthrown
The People Must Be Overthrown Perhaps I should apologize for writing about Greece all the time. Thing is, not only have I just arrived in Athens last night (and been duly showered in ouzo), but Greece is the proverbial early harbinger of everything that’s wrong with the world (not to worry, I know that’s a […]
The Only Good Deal For Greece Is NO Deal
The Only Good Deal For Greece Is NO Deal The only thing that would really go towards beginning to solve the problems with Greece is for Athens to NOT sign a deal. The short version of why that is so: it would leave the EU intact for longer. And the ECB. Neither have any viable […]
Inciting Bank Runs as a Negotiating Tactic
Inciting Bank Runs as a Negotiating Tactic The troika of Greek creditors has gone into full-frontal morals-be-damned attack mode, handpicking arms from a weapons arsenal we haven’t seen used before, and that we never should have seen in an environment that insists – and prides – on presenting itself as a union, both in name […]
Greek Parliamentary Debt Committee Declares All Debt Illegal
Greek Parliamentary Debt Committee Declares All Debt Illegal For a while now, I’ve had a German saying floating around my files, that I didn’t really know what to do with. I know now. The saying is: In der Not ist der Mittelweg der Tod. Which loosely translates as: In emergencies, the middle ground is lethal. […]
Is Telling Lies A Democratic Right?
Is Telling Lies A Democratic Right? While I’m on the Greece topic again today, I can’t help but pointing out some of the changes in tone I’ve noticed in the press recently, shifting towards outright oftentimes vicious if not ridiculous antagonism vs Greece. Remember, there is an agenda, there are pre-cooked narratives galore, and these […]
QE Breeds Instability
QE Breeds Instability Central bankers have promised ad nauseum to keep rates low for long periods of time. And they have delivered. Their claim is that this helps the economy recover, but that is just a silly idea. What it does do is help create the illusion of a recovering economy. But that is mostly […]
