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Tsipras Warns IMF, Schauble To “Stop Playing With Fire” Over Greek Debt
Tsipras Warns IMF, Schauble To “Stop Playing With Fire” Over Greek Debt One day after Greek 2Y bond yields tumbled following press reports that for the first time in the latest Greek mini-crisis, the IMF and Eurozone creditors finally agreed on a “common stance” regarding what the Greek fiscal surplus and debt profile would look like, despite […]
Greece Unleashes ‘Soft’ Cash Ban
Greece Unleashes ‘Soft’ Cash Ban The spread of global cash bans continues with Greece unveiling their so-called ‘soft’ approach by which taxpayers will only be granted tax-allowances or deductions when payments are made via credit or debit cards. As KeepTalkingGreeece reports, the new guidelines refer to employees, pensioners, farmers, and also the unemployed. Accepted expenditure will be: purchases for […]
When Assets (Such as Real Estate) Become Liabilities
When Assets (Such as Real Estate) Become Liabilities December 27, 2016 It will be the middle class that accepted the notion that “real estate is the foundation of family wealth” that will be stripmined by higher taxes on immobile assets such as real estate. Correspondent Joel M. submitted an article that struck me as a […]
Economic Ideas: Plato, Aristotle, and the Ancient Greeks, Part 1
ECONOMIC IDEAS: PLATO, ARISTOTLE, AND THE ANCIENT GREEKS, PART 1 The ancient Greeks left a wealth of knowledge through their surviving writings on a wide variety of themes, including science, logic, philosophy, literature, and the arts. In addition, the city-state of Athens is considered the birthplace of intellectual freedom and democracy – lasting legacies that […]
Murder, Lifeboats, an Iceberg and an Orchestra
Murder, Lifeboats, an Iceberg and an Orchestra DPC White Star liner S.S. Olympic, sister ship of Titanic, NY 1911The reason the Brexit debate has gotten so out of hand is nobody understands what it’s about. The Brexit campaigns have started anew in the UK, and from what I’ve seen here from left field barely a thing has […]
Brexit: Wrong Discussion, Wrong People, Wrong Arguments
Brexit: Wrong Discussion, Wrong People, Wrong Arguments G.G. Bain Immigrants arriving at Ellis Island, New York 1907There’ve been a bunch of issues and topics on my -temporarily non-writing- mind, and politics, though as I’ve often said it’s not my preferred focus, keeps on slipping in. That’s not because I’ve gotten more interested in ‘the game’, but because […]
German Study Proves It – 95% of Greek “Bailout” Money Went to the Banks
German Study Proves It – 95% of Greek “Bailout” Money Went to the Banks I simply cannot stress enough how important Greece is to freedom, liberty and civilization across the globe. Greece is not a one-off, or merely a small nation in big trouble that holds little relevance for the rest of us. Greece is everything. […]
Jim Grant Asks When The World Will Realize “That Central Bankers Have Lost Their Marbles”
Jim Grant Asks When The World Will Realize “That Central Bankers Have Lost Their Marbles” April 15 comes and goes but the federal debt stays and grows. The secrets of its life force are the topics at hand— that and some guesswork about how the upsurge in financial leverage, private and public alike, may bear on […]
How A Collapse In South America Could Trigger Martial Law In The U.S.
How A Collapse In South America Could Trigger Martial Law In The U.S. If an economic system collapses in the woods and no one is paying attention, are there any consequences outside the woods? Well, yes, of course. As with most situations financial and global, however, consequences are not usually taken very seriously until they have […]
Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules
Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules Just over a year ago, a black swan landed in the middle of Europe, when in what was then dubbed a “Spectacular Development” In Austria, the “bad bank” of failed Hypo Alpe Adria – the Heta Asset Resolution AG […]
Dutch Referendum May Have Unleashed European “Continental Crisis”
Dutch Referendum May Have Unleashed European “Continental Crisis” In early January, European Commission President Jean-Claude Juncker warned that a Dutch advisory referendum, which took place today, on the bloc’s association agreement with Ukraine could lead to a “continental crisis” if voters reject the treaty. In an interview in January for Dutch daily NRC Handelsblad, Juncker said […]
Governor Of Puerto Rico Set To Impose Capital Controls
Governor Of Puerto Rico Set To Impose Capital Controls Yesterday, in the latest plot twist surrounding the inevitable Puerto Rico default, we observed that after the commonwealth island’s Senate passed a surprising bill to impose a debt moratorium on any future debt repayment, its bonds – predictably – tumbled. We also noted that the legislation addressed the […]
Yanis Varoufakis Issues a Major Warning to the Greek People
Yanis Varoufakis Issues a Major Warning to the Greek People Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the program – this was accepted by the previous [Greek] government and we can’t possibly allow an […]
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose capital controls on . As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at […]
IMF’s Christine Lagarde: “When The World Goes Downhill, We Thrive”
IMF’s Christine Lagarde: “When The World Goes Downhill, We Thrive” When we wrote earlier that based on a leaked Wikileaks transcript, which the Greek government interpreted “as revealing an IMF effort to blackmail Athens with a possible credit event to force it to give in on pension cuts which it has rejected“, the article promptly went viral. […]
