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The Biggest Winner From The Greek Tragedy
The Biggest Winner From The Greek Tragedy Long after Greece has left the Eurozone and Germany is using the Deutsche Mark as its currency, the people of the two nations, antagonized to a level unseen since World War II, will be accusing each other of benefiting more from the brief but tumultuous period of the […]
Welcome to Blackswansville
Welcome to Blackswansville While the folks clogging the US tattoo parlors may not have noticed, things are beginning to look a little World War one-ish out there. Except the current blossoming world conflict is being fought not with massed troops and tanks but with interest rates and repayment schedules. Germany now dawdles in reply to […]
Did The IMF Just Open Pandora’s Box?
Did The IMF Just Open Pandora’s Box? By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by […]
With Sweden’s QE Officially Broken, The Riksbank Doubles Down: Lowers Rates Even More Negative; Boosts QE
With Sweden’s QE Officially Broken, The Riksbank Doubles Down: Lowers Rates Even More Negative; Boosts QE It was precisely one week ago when we described how, for the first time in history, QE had officially failed to achieve its stated objective of pushing yields lower (ignoring that the real purpose is to push stock prices higher). In […]
The Greek People Should Vote No
The Greek People Should Vote No Greece has defaulted on its 1.3 billion euro payment to the International Monetary Fund and the euro zone is still intact, but nobody has any clear idea about what will happen after next Sunday’s referendum. Prime Minister Tsipras and Finance Minister Yanis Varoufakis, a game theory expert, have […]
Greece’s PM Tsipras says country prepared to accept most bailout demands
Greece’s PM Tsipras says country prepared to accept most bailout demands Greece became first country to miss IMF payment since Zimbabwe in 2001 Greece’s government has made new concessions in talks with its creditors, though some European officials said they were still not good enough and that a deal was nevertheless impossible before a Greek […]
Troika Documents Say Greece Needs Huge Debt Relief
Troika Documents Say Greece Needs Huge Debt Relief Just when you think things can’t get any crazier, they always do. The Guardian reports on unpublished Troika documents that show Greece is only too right in asking for debt relief. That for the Syriza government to sign what the Troika wants to force them to sign […]
The Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War”
The Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War” Earlier today, John O’Connell, CEO of Davis Rea, spoke to Canada’s BNN from what may be Greece’s top tourist attraction, the island of Santorini, to give a sense of the “mood on the ground.” Not surprisingly, his feedback was that, at […]
Top German Politician Blasts Nuland & Carter: “F##k US Imperialism”
Top German Politician Blasts Nuland & Carter: “F##k US Imperialism” With intra-Europe relations hitting a new all-time low; and, having already been busted spying on Merkel, Obama got caught with his hand in Hollande’s cookie jar this week, the following exultation from one of Germany’s top politicians will hardly help Washington-Brussells relations. As Russia Insider notes, Oskar […]
There’s Something Wrong With The World Today and It’s 1995
There’s Something Wrong With The World Today and It’s 1995 There weren’t any surprises in the “final” GDP update for Q1. Going back to -0.2%, the same interpretations still apply, especially and including the inventory contribution. Economists and policymakers want to talk particularly about how Q1 is prone to “residual seasonality” but that is missing […]
History in Free Verse
History in Free Verse History might not rhyme, exactly, but it’s not bad for free verse. Greece is this century’s Serbia — a tiny, picturesque backwater nation blundering haplessly into the center stage of geopolitics. And the European Union is, whaddaya know, Germany in drag, on financial steroids. Nobody knows what will happen next in […]
The Next Great European Financial Crisis Has Begun
The Next Great European Financial Crisis Has Begun The Greek financial system is in the process of totally imploding, and the rest of Europe will soon follow. Neither the Greeks nor the Germans are willing to give in, and that means that there is very little chance that a debt deal is going to happen […]
End of the Line! China and Germany Look Ready to Pop
End of the Line! China and Germany Look Ready to Pop The U.S. stock market has finally hit a speed bump after more than six years of a Fed- and QE-driven rally. The S&P 500 is up 232% since March of 2009 despite this unprecedented stimulus in the feeblest economic recovery in history. But since […]
Germany, France Call for Fiscal and Political Union. Public Ignorance Vital for Success of EU Power Grab
Germany, France Call for Fiscal and Political Union. Public Ignorance Vital for Success of EU Power Grab Since Europe’s sovereign debt problems exploded onto the scene in 2010 the European Union has masterfully exploited the crisis to strengthen its grip over the old continent. It has stripped once-proud, independent nations of the last vestiges of […]
