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The Weak Suffer What They Must: Yanis and the End of Europe
The Weak Suffer What They Must: Yanis and the End of Europe From southern Europe to the far north, matters are shifting, sometimes slowly, sometimes faster. There are moments when it seems all that goes on is the negotiations over the Greek dire financial situation and its bailout conditions, but even there nothing stands still. […]
Keep Pushing Until Something Really BIG Breaks?
Keep Pushing Until Something Really BIG Breaks? The minutes of the FOMC’s March meeting make clear just how hard it is for the Fed to even think about the possibility of unwinding what they’ve wrought. After six-plus years of interest-rate repression, absurdity has become the established norm. Now they can’t even figure out how to get out of it […]
NATO is Building Up for War
NATO is Building Up for War The German city of Frankfurt is continental Europe’s largest financial center and host to the country’s Stock Exchange, countless other financial institutions, and the headquarters of the European Central Bank (ECB) which is responsible for administering the monetary policy of the 18-nation Eurozone. The place is awash with money, […]
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, […]
Greece Prepares To Leave
Greece Prepares To Leave Speculation and expert comments are thrown around once more – or still – like candy on Halloween. Let me therefore retrace what I’ve said before. Because I think it’s really awfully simple, once you got the underlying factors in place. But first, if one thing has become obvious after Syriza was […]
Black Swan 2: This Is “The Next Critical Chapter In The Austrian Banking System Story”
Black Swan 2: This Is “The Next Critical Chapter In The Austrian Banking System Story” When it comes to the sweeping of (trillions of) toxic assets until such time as the ECB starts purchasing not only government bonds but equities, bank loans and really anything else that in a normal world would have some “mark […]
Rich Man’s Bank Hit by Bank Run, Collapse, “Bail-In”
Rich Man’s Bank Hit by Bank Run, Collapse, “Bail-In” In Europe nary a day seems to go by without some mention or rumor of a bank run or bank closure. Ground Zero of the current troubles is Greece, whose broken financial system is now wholly dependent on regular infusions of euros from the ECB. The […]
Dumping American Junk in Europe, Draghi Asked for it
Dumping American Junk in Europe, Draghi Asked for it This is just the beginning, a new trend that may well turn into the next craze. ECB President Mario Draghi, in his infinite wisdom, asked for it: he’d driven the ECB deposit rate deeper into the negative, to -0.2%, and has promised to buy €60 billion […]
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’ […]
The Unraveling Is Gathering Speed
The Unraveling Is Gathering Speed Debt saturation and debt fatigue = diminishing returns on central bank tricks. Does anyone else have the feeling that things are not just unraveling, but that the unraveling is gathering speed? Though quantifying this perception is more interpretative than statistical, I think we can look at the ongoing debt crisis […]
After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates
After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates Following yesterday’s news that the ECB is now running simulationson what a Grexit would mean for Greek bond prices (spoiler alert: “fundamentals” suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the […]
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 […]
Lenin Was Right …
Lenin Was Right … Bear Markets Do Happen Today… the second of the speech about the end of the world we recently gave at Doug Casey’s La Estancia de Cafayate. (You can catch up on the first part here.) As Yogi Berra would say, America is going to come to a fork in the road… and […]
Are Greek Capital Controls Now Inevitable?
Are Greek Capital Controls Now Inevitable? While the trading algos are blissfully honing their headline-scanning skills (it should take no longer than a few nanoseconds to find whether “patient” and “international” are in the FOMC statement) ahead of tomorrow’s Fed announcement and avoiding any macro developments from around the globe, the biggest international news hit […]
Violent Clashes Break Out Next To New ECB Headquarters In Frankfurt As Thousands Protest Austerity: Live Webcast
Violent Clashes Break Out Next To New ECB Headquarters In Frankfurt As Thousands Protest Austerity It’s not just Greece which is protesting the utter lack of reforms enabled by the ECB known as “austerity” – as of today so is Germany itself with the so-called #Blockupy movement. According tolocal media reports, the start of anti-austerity […]
