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Is Greece a Template for U.S. State & Local Government Debt Crises?

Is Greece a Template for U.S. State & Local Government Debt Crises? The template of over-indebtedness as a response to soaring obligations is scale-invariant, and it always ends the same way: default. When you can’t pay your bills, you can either cut expenses, borrow money or if you’re extraordinarily privileged, print money. If you borrow money […]

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European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday

European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday The wait will soon be over.  Greece submitted a final compromise plan to its eurozone creditors on Thursday, European finance ministers will meet on Saturday to discuss the proposal, and an emergency summit of all 28 EU nations on […]

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Russia Taking Full Advantage Of Greek Crisis

Russia Taking Full Advantage Of Greek Crisis With Greece’s debt situation spiraling downwards, the European project is showing some cracks. The July 5 referendum could amount to a vote on whether or not Greece stays in the euro. In the meantime, the turmoil offers an opportunity for Russia to advance its interests. Of course, the […]

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Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System

Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses.  This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico’s  73 billion dollar debt […]

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Greek debt crisis: ‘Something awful’ this way comes

Greek debt crisis: ‘Something awful’ this way comes The next “final” twist in the exhausting Greek drama is upon us, and it’s looking like “something awful” is about to befall the country’s banking system, Citigroup analysts said yesterday. A deal was on the table Friday, but the ECB’s move over the weekend to freeze emergency loans […]

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Central Banks Are Pointing A Weapon Of Financial Mass Destruction—–Right At The Global Bond Markets

Central Banks Are Pointing A Weapon Of Financial Mass Destruction—–Right At The Global Bond Markets For the first time in its country’s history, Portugal sold 6 month T-bills at a negative yield. The 300 million euros ($333 million) worth of bills due in November 2015 sold at an average yield of minus 0.002%. A negative […]

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Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’

Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’ SPIEGEL: You publicly rejoiced over Alexis Tsipras’ election victory in Greece. What do you think the chances are that the European Union and Athens will agree on a path to resolve the crisis? Piketty: The way Europe behaved in the crisis was nothing short of disastrous. Five years ago, […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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