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“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt
“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt It was back in June 2011 when we first hinted that the time of Odious Debt is rapidly approaching. As a reminder, this is what Odious Debt is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that […]
Is Greece planning to print energy?
Is Greece planning to print energy? Over the past couple of months the story keeping many people on the edge of their seats has been the ongoing dilemma of Greece’s detested debt burden, its Great Depression-worthy 25% contraction of its economy, and its voluntary or even forced withdrawal from the eurozone – the fabled “Grexit.” For […]
China Targets Dollar, Washington Has Conniptions
China Targets Dollar, Washington Has Conniptions Now even Israel – joined at the hip to the US though the relationship has run into rough waters – has applied to become a founding member of the China-led Asian Infrastructure Investment Bank. Despite US gyrations to keep them from it, over 40 countries, including bosom buddies Australia, […]
Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans
Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, […]
Eurasian Pivot? Moscow Expects “Progress” From Tsipras Visit
Eurasian Pivot? Moscow Expects “Progress” From Tsipras Visit As Athens prepares to try and convince eurozone creditors that its latest set of proposed reforms represents a credible attempt to address Greece’s fiscal crisis, and as Greek depositors face the very real possibility that they will soon be Cyprus’d, a leverage-less Alexis Tsipras faces a rather unpalatable […]
Who Benefits Most From Cheap Oil?
Who Benefits Most From Cheap Oil? We are living in a world obsessed with oil and its price movements. Some time back, when all the trade pundits were predicting a stable 100$ benchmark, the prices fell… and how! The current fall in the oil price has been particularly harsh and excruciating for some of the […]
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 […]
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, […]
