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Throw Your Grandma Under The Bus
Throw Your Grandma Under The Bus Before we get news in a few hours on the new proposals Greece is required to hand to its slavemasters today, Monday Feb 23, it seems relevant to point out one more time that what is happening to Greece is the result of political, not economic, decisions and points […]
Debtors’ Prison: Global Debt Has Grown $57 TRILLION Since 2007 With 100 Percent Of Sovereign Debt Monetized
Debtors’ Prison: Global Debt Has Grown $57 TRILLION Since 2007 With 100 Percent Of Sovereign Debt Monetized Now that the Greece default crisis is on temporary hold (they will be back again), it is time to turn our focus to the GLOBAL debt market. Since the subprime mortgage crisis and Lehman failure, global debt has grown by […]
What will Germany pay for not compromising with Greece?
What will Germany pay for not compromising with Greece? You could argue that the very public nature of the disagreement between Germany and Greece, over the terms of the latest attempt by Greece to avoid financial collapse, is good for the reputation of the eurozone. In that at least colossal sums of taxpayer’s money aren’t […]
Meet the bureaucrat who had the courage to tell the truth (and probably won’t have a job tomorrow)
Meet the bureaucrat who had the courage to tell the truth (and probably won’t have a job tomorrow) It’s not very often that you hear a senior government official refer to their economic situation using the word ‘crisis’. Yet with uncharacteristic bluntness of any government official anywhere, at least one senior Chinese government official is […]
The Catastrophic Costs of Extend-and-Pretend Are About to Crush Europe
The Catastrophic Costs of Extend-and-Pretend Are About to Crush Europe Like a star which has expanded and now cannot maintain its grand state, Europe’s extend-and-pretend economy is now poised to experience a supernova implosion. The costs of ill-conceived policies are always paid by someone–usually those with the least political power. In ill-conceived wars, the costs are […]
Greece and Euroland’s Crumbling McMansion of Debt
Greece and Euroland’s Crumbling McMansion of Debt All the gimmicks lenders press on borrowers to maintain the artifice that the loan is being serviced are financial frauds. Sometimes the best way to summarize a complex situation is with an analogy. The Greek debt crisis, for example, is very much like the subprime mortgage crisis of 2007-08. […]
Athens vs. Brussels: Greece Inches Closer to Renewal of Debt Crisis
Athens vs. Brussels: Greece Inches Closer to Renewal of Debt Crisis After new Greek Finance Minister Giannis Varoufakis had been repeatedly rebuffed on his introductory tour of European capitals, he opted for flattery and solicitation during his visit to Berlin last week. German Finance Minister Wolfgang Schäuble, Varoufakis said, had been an object of his admiration […]
Europe, US Risk Off After Greece Rejects European Ultimatum, Ukraine Peace Talks Falter
Europe, US Risk Off After Greece Rejects European Ultimatum, Ukraine Peace Talks Falter In the absence of any notable developments overnight, the market remains focused on the rapidly moving situation in Greece, which as detailed over the weekend, responded to Europe’s Friday ultimatum very vocally and belligerently, crushing any speculation that Syriza would back down or compromise, […]
Crunch Time as Greece’s Terrible Deadlines Loom
Crunch Time as Greece’s Terrible Deadlines Loom Since the election of Syriza, the pressure on Greece has been cranked up to almost unbearable levels. The first shot across the bow came from the European Central Bank’s Master of Ceremonies, Mario Draghi, who warned that if Greece didn’t start behaving itself (i.e. stop all this silly […]
War and Default in Europe Pose Merkel’s Biggest Challenge
War and Default in Europe Pose Merkel’s Biggest Challenge (Bloomberg) — After almost a decade as German chancellor, Angela Merkel faces a moment of truth as a resurgent Russia and fed-up Greeks challenge her blueprint for Europe’s future. As bloodshed in eastern Ukraine escalates and the new Greek government rejects austerity championed by Merkel, her […]
Historically speaking, Germany a bigger deadbeat than Greece
Historically speaking, Germany a bigger deadbeat than Greece Germany’s debt defaults after the two world wars dwarfs anything Greece has done, economists say In its attempt to bust the austerity shackles that lenders have imposed, Greece’s new leftist government is finding a particularly unsympathetic ear in Germany, the European Union’s paymaster, which says it is […]
Greece Gambles On “Catastrophic Armageddon” For Europe, Warns It “Only Has Weeks Of Cash Left”
Greece Gambles On “Catastrophic Armageddon” For Europe, Warns It “Only Has Weeks Of Cash Left” One of the bigger problems facing the new, upstart Greek government, which has set before itself the lofty goal of overturning 6 years of oppressive European policies and countless generations of Greek cronyism, corruption and tax-evasion is not so much […]
Why the Beautiful New Greek Government Is Screwed
Why the Beautiful New Greek Government Is Screwed Greek Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis, often in a good-cop-bad-cop manner, have been cruising through the media, lobbing a mix of admirable rhetoric, verbal hand grenades, and down-to-earth explanations. And they have become white-hot media darlings. So Varoufakis was in Germany to meet […]
Debt In The Time Of Wall Street
Debt In The Time Of Wall Street With all the media focus aimed at Greece, we might be inclined to overlook – deliberately or not – that it is merely one case study, and a very small one at that, of what ails the entire world. The whole globe, and just about all of its […]
Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro?
Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro? The era of living off borrowed money is over in Greece, and the Greek people now have a choice. Almost four years ago I wrote Greece, Please Do The Right Thing: Default Now(June 1, 2011). Default remains the only real way forward […]
