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Is the Troika About to Lose Control of South-Western Europe?
Is the Troika About to Lose Control of South-Western Europe? The Price of “Austerity” Passos Coelho, who was until Tuesday Prime Minister of Portugal, knew “what to do.” After signing along the dotted line for a €78 billion bailout he embraced the Troika’s austerity agenda with abandon. Public spending was slashed, taxes were hiked, wages […]
Merkel Must Call Highest Level UN Emergency Summit Over Refugees
Merkel Must Call Highest Level UN Emergency Summit Over Refugees German Chancellor Angela Merkel needs to do something, urgently, that should have been done months- if not more- ago. There has to be a UN emergency summit on the European refugee crisis, it has to involve leaders at the very highest levels, and it has […]
Cheating, No Problem: Automakers Win Again in Europe
Cheating, No Problem: Automakers Win Again in Europe They run the show. Brussels, Europe: A more wretched hive of corporate lobbyists, law firms, and money-grubbing apparatchiks you will struggle to find. The latest example of lobbying influence is one of the most egregious yet, since it will affect the quality (or lack thereof) of the […]
EU Moloch in a Fresh Bid to Inflate
EU Moloch in a Fresh Bid to Inflate Brussels Alters Capital Requirements to “Spur Lending” Saints preserve us, the central planners in Brussels are giving birth to new inflationist ideas. Apparently the 2008 crisis wasn’t enough of a wake-up call. It should be clear by now even to the densest observers that a fractionally reserved […]
Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”
Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite […]
Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market
Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market It has been one month since Greek capital controls were imposed, and as we explained earlier, Greece is nowhere closer to having its deposit limits lifted. In fact, with several more months of capital controls at least, the Greek banks are likely to suffer […]
“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome
“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome A week ago, we said the following about the situation faced by Greek PM Alexis Tsipras when he and his new finance minister arrived in Brussels for the final round of bailout negotiations earlier this month: …the entire world looked on in horror […]
The Curse Of The Euro: Money Corrupted, Democracy Busted
The Curse Of The Euro: Money Corrupted, Democracy Busted The preposterous Gong Show in Brussels over the weekend was the financial “Ben Tre” moment for the Euro and ECB. That is, it was the moment when the Germans—–imitating the American military on that ghastly morning in February 1968——set fire to the Eurozone in order to save it. Some day history will […]
The Curse Of The Euro: Money Corrupted, Democracy Busted
The Curse Of The Euro: Money Corrupted, Democracy Busted The preposterous Gong Show in Brussels over the weekend was the financial “Ben Tre” moment for the Euro and ECB. That is, it was the moment when the Germans—–imitating the American military on that ghastly morning in February 1968——set fire to the Eurozone in order to save it. Some day history will […]
The End of Freedom of Speech in Spain
The End of Freedom of Speech in Spain Spain has shown that it is fully on board with the Brussels authoritarian direction of ending democracy. Those in power have simply convinced themselves that the people do not understand what is good for them so they must impose their will upon the people but raw force. […]
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the […]
The Greek “Choice”: Hand Over Sovereignty Or Take Five Year Euro “Time Out”
The Greek “Choice”: Hand Over Sovereignty Or Take Five Year Euro “Time Out” For those who missed today’s festivities in Brussels, here is the 30,000 foot summary: Europe has given Greece a “choice”: hand over sovereignty to Germany Europe or undergo a 5 year Grexit “time out”, which is a polite euphemism for get the hell out. As […]
Greek Businesses Accept Lira, Lev As Grexit Looms
Greek Businesses Accept Lira, Lev As Grexit Looms With the Greek drama headed into its final act and Alexis Tsipras stuck between an obstinate Germany and a recalcitrant Left Platform, many wonder if the introduction of an alternative currency in Greece is now a foregone conclusion. Even if Athens and Brussels manage to strike a […]
There is Only One Way Out For Greece
There is Only One Way Out For Greece Brussels has been dead wrong. The stupid idea that the euro will bring stability and peace, as it was sold from the outset, has migrated to European domination as if this were “Game of Thrones”. Those in power have misread history, almost at every possible level. The […]
