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A Week of Crisis for Greece and Global Markets
A Week of Crisis for Greece and Global Markets After years of false starts it appears that the ‘Grexit’ is finally in motion. Yet when the dust finally settles, this week will be remembered for its market volatility – not as the time when Greece kicked itself out of the euro zone. Cooler Heads […]
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 […]
Good On You, Alexis Tsipras (Part 1)
Good On You, Alexis Tsipras (Part 1) Late Friday night a solid blow was struck for sound money, free markets and limited government by a most unlikely force. Namely, the hard core statist and crypto-Marxist prime minister of Greece, Alexis Tsipras. He has now set in motion a cascade of disruption that will shake the corrupt status quo to […]
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 […]
Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open
Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open While things have normalized since the open thanks entirely to the SNB’s aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS’ report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what […]
The Test Of Central Bank Omnipotence May Be Upon Us.
The Test Of Central Bank Omnipotence May Be Upon Us. Suddenly what was discounted as a potential “isolated event” has come full circle to show just how contagious it may very well be. e.g., Greece. Over the last few months the financial media has not only turned deaf ears to the drama, (out of boredom) they […]
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday Update 2: Greece’s Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed. Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and […]
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 Greek Butterfly Effect
The Greek Butterfly Effect Many times nothing happens for a long time. Then all of a sudden everything happens at once. Like a dam break. It builds slowly and then it bursts. Example: Who would have ever thought the Confederate flag would be taken down across the South during the same week that a rainbow flag is symbolically hoisted […]
Greece Invokes Nuclear Option: Tsipras Calls For Referendum
Greece Invokes Nuclear Option: Tsipras Calls For Referendum Update: Greek PM Alexis Tsipras has announced a referendum in a televised speech to the nation after another day of fractious negotiations with creditors closed without a deal. The dramatic move comes after Athens rejected a proposal from the troika aimed at delivering some €16 billion in aid […]
Troika Offers Greece Third Bailout Program, Prepares Emergency Plan If No Deal
Troika Offers Greece Third Bailout Program, Prepares Emergency Plan If No Deal On the heels of Thursday’s failed Eurogroup meeting and heading into what is again being presented as an all or nothing, “Lehman weekend” for Greece and its creditors, reports suggest the troika has offered Greece a third bailout program: GREEK CREDITORS OFFER EU15.5B […]
EU’s Tusk To Greece’s Tsipras: “Game Over”
EU’s Tusk To Greece’s Tsipras: “Game Over” Brinksmanship is building: *GREEK OFFICIAL SAYS TUSK TOLD TSIPRAS AT EU SUMMIT “GAME OVER” *GREEK GOVT OFFICIAL COMMENTS IN TEXT MESSAGE *TSIPRAS TOLD TUSK AT EU SUMMIT “THIS ISN’T A GAME”: OFFICIAL *TSIPRAS SAID AT SUMMIT CREDITORS’ PROPOSALS EXTREME: OFFICIAL *GREECE-AID DEAL IS MATTER OF POLITICAL WILL: GREEK […]
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 […]
Greece illustrates 150 years of socialist failure in Europe
Greece illustrates 150 years of socialist failure in Europe Greece cannot pay its debts…ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? […]
The U.S. And EU Will Collapse Regardless Of Economic ‘Contagion’
The U.S. And EU Will Collapse Regardless Of Economic ‘Contagion’ In order to understand what is really going on around the globe in terms of the collapsing economy, we must set aside false mainstream versions of reality. When it comes to the EU and its current fiscal turmoil, it is very important to, in some […]
