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Tag Archives: international monetary fund
US Hegemony, Dollar Dominance Are Officially Dead As China Scores Overwhelming Victory In Bank Battle
US Hegemony, Dollar Dominance Are Officially Dead As China Scores Overwhelming Victory In Bank Battle It’s official: everyone has caught onto the fact that the Asian Infrastructure Investment Bank story is extremely important. We’ve covered this exhaustively over the past month, but to summarize, the China-led development bank essentially marks an epochal shift away from traditionally […]
There’s Brussels And Then There’s Real People
There’s Brussels And Then There’s Real People Once again, a look at Greece and the Troika, because it amuses me, it angers me, and also because it warms my cockles, in an entirely metaphorical sort of way. The Troika members love to make it appear (and everyone swallows it whole) as if in their ‘negotiations’ […]
US “Isolated” As Key Ally Japan Considers Joining China-Led Bank
US “Isolated” As Key Ally Japan Considers Joining China-Led Bank Well, that escalated quickly. Just a week ago it appeared Washington had managed (for the time being at least) to convince the US’ closest allies to refrain from joining the Asian Infrastructure Investment Bank, a sinocentric institution aimed at promoting development across Asia that is […]
German DAX Surges Over 12,000 On Greek Optimism, But The Money Has Run Out
German DAX Surges Over 12,000 On Greek Optimism, But The Money Has Run Out Moments ago, the German DAX roared gingerly back over 12,000 dragging US equity futures alongside it, with the catalyst cited as the somewhat optimistic tone following the three hours of talks held late last night to try to break an impasse […]
The Global Economy’s “Impeccable Logic”
The Global Economy’s “Impeccable Logic” Ever since the Occupy movement coined the terms “the 1%” and “the 99%” to point out disparities of wealth and power, the gap between rich and poor has received a lot of attention. In his highly-regarded 2014 book,Capital in the Twenty-first Century, for example, Thomas Piketty’s central thesis is that […]
It’s What Jesus Would Do, Right?
It’s What Jesus Would Do, Right? On the day that Mario Draghi opened the ECB’s overly opulent new €1.3 billion palatial building(s) in Frankfurt, which led to fierce and fiery protests with hundreds arrested, amongst others from the Blockupy movement, and the IMF for some reason found it necessary to tell the eurozone that Greece […]
Cracks In Washington’s Empire
Cracks In Washington’s Empire Washington’s EU vassals might be finding their backbone. Britain, Germany, France, and Italy are reported to have defied Washington’s orders and applied to join the Chinese-led Asian Investment Bank. Australia, Japan, South Korea, Switzerland and Luxembourg might also join. Washington uses its development banks such as the Asian Development Bank, the […]
Europe Has A Modest Proposal For Greece: “Don’t Pay Wages For One Or Two Months”
Europe Has A Modest Proposal For Greece: “Don’t Pay Wages For One Or Two Months” The Greek liquidity, pardon “cash flow” problems are so bad, not only Zero Hedge, but also Bloomberg has launched a daily maturity tracker of how much money Greece has to pay either to the IMF or to prefund T-Bill rollovers. This […]
The ECB’s Noose Around Greece: How Central Banks Harness Governments
The ECB’s Noose Around Greece: How Central Banks Harness Governments Remember when the infamous Goldman Sachs delivered a thinly-veiled threat to the Greek Parliament in December, warning them to elect a pro-austerity prime minister or risk having central bank liquidity cut off to their banks? (See January 6th post here.) It seems the European Central Bank (headed by Mario […]
Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’
Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’ SPIEGEL: You publicly rejoiced over Alexis Tsipras’ election victory in Greece. What do you think the chances are that the European Union and Athens will agree on a path to resolve the crisis? Piketty: The way Europe behaved in the crisis was nothing short of disastrous. Five years ago, […]
Is the IMF About to Make Greece an Offer It Can’t Refuse?
Is the IMF About to Make Greece an Offer It Can’t Refuse? “The bailout programs that were proposed for Greece and approved for Greece were much too one-sided. They relied too much on sacrifices on the part of Greece and not enough sacrifices on the part of Greece’s creditors.” These words belong to a Brazilian economist called Paulo Nogueira Batista Jr. who […]
Greece Proposes To Become A Tax-Collecting Police State: Will “Wire” Tourists And Unleash Them As “Tax Inspectors”
Greece Proposes To Become A Tax-Collecting Police State: Will “Wire” Tourists And Unleash Them As “Tax Inspectors” There were three notable items in the follow up, 11-page letter sent by Yanis Varoufakis earlier today to the Eurogroup, and its president “Jeroen.” But first, by way of background, here is what happened as recapped by Reuters. Earlier […]
As Greek Default Fears Return, Government Considers “Borrowing” Pensions To Repay IMF
As Greek Default Fears Return, Government Considers “Borrowing” Pensions To Repay IMF Greek short-term default risk jumped over 300bps today putting the odds of a restructuring at 50-50 within the next year as the warnings we issued last week with regard Greece’s imminent default on its IMF loan loom. Seeking to reassure its lenders (and avoid yet more […]
Which New World Order Are We Talking About?
Which New World Order Are We Talking About? Those of us who are libertarians have a tendency to speak frequently of “the New World Order.” When doing so, we tend to be a bit unclear as to what the New World Order is. Is it a cabal of the heads of the world’s governments, or […]
Greece Warns It May Default On IMF Loan Next Week
Greece Warns It May Default On IMF Loan Next Week Now that the Greek tragicomedy of the new government “threatening” to leave the Eurozone if it doesn’t get its way, has been postponed for a few weeks, if not months, we can go back to the biggest story involving Greece, one we first covered in October […]
