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Greece Owes $1.2 Billion To Drugmakers As Government Can No Longer Afford Basic Medical Supplies
Greece Owes $1.2 Billion To Drugmakers As Government Can No Longer Afford Basic Medical Supplies Talks between Greece and its creditors went full-retard on Wednesday when the following soundbite from Canada’s FinMin Joe Oliver hit the wires: “No Greek payment to IMF would be default to IMF” That seemed self-evident to us, but in a world governed […]
An Insane Financial World
An Insane Financial World We know that most western governments are deficit spending, borrowing heavily, in debt beyond the point of no return and must increase taxes and appropriations from their citizens. We know that politicians will take the politically expedient path instead of addressing financial problems. We know they will “extend and pretend,” delay, […]
Pray For Graccident—–It Will Trigger The Demise Of The ECB And The World’s Toxic Regime Of Keynesian Central Banking
Pray For Graccident—–It Will Trigger The Demise Of The ECB And The World’s Toxic Regime Of Keynesian Central Banking It is not surprising that in a few short months Yanis Varoufakis has proven himself to be a thoroughgoing Keynesian statist. After all, what would you expect from an economics PhD who co-authored books with Jamie Galbraith? […]
Grexit “Disaster” Looms As Greek Hospitals Run Out Of Sheets, Painkillers
Grexit “Disaster” Looms As Greek Hospitals Run Out Of Sheets, Painkillers The default countdown is about to go under 10 days and it is becoming increasingly apparent that both Greece and its creditors have had enough. Months of tense negotiations have gone nowhere and yielded exactly nothing and it now looks like PM Alexis Tsipras […]
Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’
Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’ The Greek government says that a “moment of truth” is coming on June 5th. Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the […]
Putin Pans Ukraine’s Debt Moratorium As “De Facto Default”, Threatens Court
Putin Pans Ukraine’s Debt Moratorium As “De Facto Default”, Threatens Court In exactly a month, Ukraine will owe Russia a $75 million debt coupon payment. Finance Minister Anton Siluanov told reporters in Moscow today that “if they miss the payment, we will use our right to go to court.” Then it got serious, as Vladimir Putin […]
Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?
Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus? Do you remember what happened when Cyprus decided to defy the EU? In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts. Well, the nation of Greece is now […]
Puerto Rico Faces Default, Government Shutdown On July 1
Puerto Rico Faces Default, Government Shutdown On July 1 Late last month we outlined what is an increasingly desperate fiscal crisis in Puerto Rico. The commonwealth faces a July 1 payment of $630 million on its GO bonds and without furloughing some public sector employees, it’s not clear that the payment can be made, setting up a possible […]
Abolishing Cash – New Age of Economic Totalitarianism
Abolishing Cash – New Age of Economic Totalitarianism Europe is moving full speed ahead to eliminate all cash. Instead of reforming and tackling the economic problems, government always seeks to maintain the same course of thinking that now leads us to the totalitarian approach coming from Brussels. To maintain the euro, they must maintain the […]
The IMF Leaks Greece
The IMF Leaks Greece Whenever secret or confidential information or documents are leaked to the press, the first question should always be who leaked it and why. That’s often more important than the contents of what has been leaked. And since there’s been a lot of hullabaloo about a leaked document the past two days, […]
Shape Of Greek Endgame Emerges: IMF Discussed “Cyprus-Like” Plan After Tsipras Warned Of Looming Default
Shape Of Greek Endgame Emerges: IMF Discussed “Cyprus-Like” Plan After Tsipras Warned Of Looming Default As we said over the weekend, it’s all about Riga again for Greece. EU leaders will meet on Thursday and Friday in Latvia where PM Alexis Tsipras will try to secure a more favorable outcome than did FinMin Yanis Varoufakis who, last […]
The Coming Crash of All Crashes – but in Debt
The Coming Crash of All Crashes – but in Debt Why are governments rushing to eliminate cash? During previous recoveries following the recessionary declines from the peaks in the Economic Confidence Model, the central banks were able to build up their credibility and ammunition so to speak by raising interest rates during the recovery. This time, […]
Greece Will Default On June 5 Without Deal, IMF Leaks
Greece Will Default On June 5 Without Deal, IMF Leaks Another week came and went with no breakthrough in negotiations between Greece and its creditors. The IMF is now fed up and has reportedly refused to be a part of any new bailout program for Greece, after Athens drew down its SDR reserves to makes its latest […]
Are You Ready for the Coming Debt Revolution?
Are You Ready for the Coming Debt Revolution? Gualfin (“End of the Road”), Argentina Dear Diary, There is a specter haunting America… and all the developed nations of the world. It is the specter of a debt revolution. We left off yesterday talking about how the economy of the last 30 years – and especially that […]
