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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 […]
Italy – Non-Performing Loans Hit a New Record High
Italy – Non-Performing Loans Hit a New Record High While all Eyes are on Greece, Italy’s Banks are Drowning in Bad Debt The real danger to the euro area probably doesn’t emanate from Greece, but from two of its heavyweights, namely France and Italy. A small note in the European press reminds us that all is not […]
When Money Dies
When Money Dies “When Money Dies” is the title of a 1975 book by Adam Fergusson, in which he describes the downfall of the Reichsmark in Weimar Germany. A fascinating look at that period of history, one can glean quite a few useful pieces of advice on how to survive a currency crisis. But “when […]
It Starts: Greeks Rebel Against Bailout, Risk Collapse
It Starts: Greeks Rebel Against Bailout, Risk Collapse Greece’s union of civil servants, Adedly, called for a 24-hour strike on Wednesday, and for a series of demonstrations, the first one tonight at Syntagma Square, just below the Parliament, and another one on Wednesday evening, when Parliament is expected to vote on the new, even tougher, […]
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 […]
Why Greece Is The Precursor To The Next Global Debt Crisis
Why Greece Is The Precursor To The Next Global Debt Crisis The Eurozone fantasy will be one of the early casualties The one undeniable truth about the debt drama in Greece is that each of the conventional narratives—financial, political and historical—has some claim of legitimacy. For example, spendthrift Greeks shunned fiscal discipline: here’s an account […]
A Lesson From the Greek Crisis: Safe Deposit Boxes Are Not Safe
A Lesson From the Greek Crisis: Safe Deposit Boxes Are Not Safe Last week the Greek government imposed capital controls to prevent cash from escaping from the Greek banking system, which is on the brink of collapse. These repressive financial measures, which were invented by “Hitler’s banker” Hjalmar Schacht in the 1930s, include the closing of banks, limiting cash withdrawals from […]
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 […]
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 […]
With Yanis Gone, Now Troika Heads Must Roll
With Yanis Gone, Now Troika Heads Must Roll Now that Yanis Varoufakis has resigned, in the kind of unique fashion and timing that shows us who the real men are, it’s time to clear the other side of the table as well. The new finance minister, Euclid Tsakalotos, should not have to face the same […]
Greek Citizens Vote “No” on a Bailout Offer that no Longer Exists
Greek Citizens Vote “No” on a Bailout Offer that no Longer Exists An exercise in futility has just ended in Greece, with its population voting down an offer that has expired almost a week ago already. Given the futility of the referendum, its outcome was actually irrelevant from a formal perspective – once the verdict […]
The Biggest Issue Now Is “The Math”
The Biggest Issue Now Is “The Math” Some quick pre-market observations from Bloomberg’s Richard Breslow Just Don’t Nip Out for a Haircut The Greek citizenry voted and the handicappers got it very wrong. The result of the vote was called much earlier than anyone expected. It wasn’t close. Much was made last week of the […]
As the Eurozone Teeters, the IMF Does Something Weird
As the Eurozone Teeters, the IMF Does Something Weird Wolf here: the IMF’s job is to bail out holders of sovereign bonds issued in a currency the issuer doesn’t control and can’t devalue (Mexico issuing bonds in dollars, Greece issuing bonds in euros). These bondholders are mostly banks. In a debt crisis, the IMF bails out these banks by […]
Greece, China, and Russia – a Plan B for Greece
Greece, China, and Russia – a Plan B for Greece If the Greeks were to vote ‘No’ what would happen next? Well no one can say. But here is a quick thought on what I hope the Greek government might have been exploring if they are excluded from the euro. It’s just food for thought […]
This Is Why The Euro Is Finished
This Is Why The Euro Is Finished The IMF Debt Sustainability Analysis report on Greece that came out this week has caused a big stir. We now know that the Fund’s analysts confirm what Syriza has been saying ever since they came to power 5 months ago: Greece needs debt relief, lots of it, and […]
