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Tag Archives: euro
Why Greeks Still Want to Keep the Euro, in One Chart
Why Greeks Still Want to Keep the Euro, in One Chart As of midnight European time, Greece has become the first developed country in history to fall into arrears on payments to the IMF. It’s not that much money, by today’s standards: €1.6 billion. But for Greece, which is totally out of money, it’s an […]
The Global Template for Collapse: The Enchanting Charms of Cheap, Easy Credit
The Global Template for Collapse: The Enchanting Charms of Cheap, Easy Credit Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy. According to polls, the majority of Greek citizens want the benefits of membership in the euro/EU and the end of EU-imposed austerity. The idea that these are mutually exclusive […]
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 […]
The Only Good Deal For Greece Is NO Deal
The Only Good Deal For Greece Is NO Deal The only thing that would really go towards beginning to solve the problems with Greece is for Athens to NOT sign a deal. The short version of why that is so: it would leave the EU intact for longer. And the ECB. Neither have any viable […]
The Euro Was Doomed From The Start—–And Still Is
The Euro Was Doomed From The Start—–And Still Is Next week will be a momentous one for Europe, with a string of crucial meetings including the summit at which the PM will table his renegotiation demands. We may be focused on our renegotiation but it is Greece which will dominate. For some time it has looked […]
“Calm Reigns” Everywhere As Greece Inches Closer To Default, China Crashes
“Calm Reigns” Everywhere As Greece Inches Closer To Default, China Crashes In what is perhaps the most glaring instance of central bank intervention yet,Reuters today captured the market mood as follows: “Calm ruled Europe’s stock and currency markets on Friday as Greece inched closer to a default later this month….the euro was down just 0.3 percent […]
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 […]
ECB Press Release this Wednesday Could End Extortion Racket over Greece – à la Cyprus 2013
ECB Press Release this Wednesday Could End Extortion Racket over Greece – à la Cyprus 2013 It was Greece’s “last chance,” again. But Sunday, it too fell apart, as they always do. European Commission President Jean-Claude Juncker broke off his attempts to mediate between Greece and its creditors. The differences were too large, a spokesperson […]
Euro-sclerosis
Euro-sclerosis There appears to be little or nothing in the monetarists’ handbook to enable them to assess the risk of a loss of confidence in the purchasing power of a paper currency. Furthermore, since today’s macroeconomists have chosen to deny Say’s Law1, otherwise known as the laws of the markets, they have little hope of […]
What New Games Can Central Banks Play?
What New Games Can Central Banks Play? Does the Dollar Hold Enough Attraction to Break Out and Hold at Higher Levels? Now is the time to begin looking at the US dollar’s re-ascendance in a different light as we approach 1:1 against the euro. Shorter term we have to expect some possible panics around flat […]
Why The Dollar Is Rising As The Global Monetary Bubble Craters
Why The Dollar Is Rising As The Global Monetary Bubble Craters Contra Corner is not about investment advice, but its unstinting critique of the current malignant monetary regime does not merely imply that the Wall Street casino is a dangerous place for your money. No, it screams get out of harms’ way. Now! Yet I am […]
Failed Discipline, Failed Reforms and Grexit: Why the Euro Failed
Failed Discipline, Failed Reforms and Grexit: Why the Euro Failed There is no substitute for the discipline of a market that cannot be manipulated by political elites. It’s not that difficult to understand why the euro is doomed to fail. Given its structure, there is no other possible outcome but failure. Greece’s exit (Grexit) will simply […]
Financial Markets: Pinocchio’s Enchanted Island
Financial Markets: Pinocchio’s Enchanted Island The control of the commercials and the COMEX manipulators have is very depressing for the gold market investor. As soon as gold and the miners are about to get on another bullish leg, that the moving averages are positively aligned and re-crossing the 200-day MA, that the traders are standing […]
Defiance and Charm: A Measured First Week for New Greek Leader
Defiance and Charm: A Measured First Week for New Greek Leader Minister of Administrative Reform Georgios Katrougalos sits cheerfully in his new office and rejoices about his little revolution. He has just announced that soon the first 3,500 public-sector employees can return to work, including the famous cleaning ladies who led the protest against job cuts. […]
Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro?
Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro? The era of living off borrowed money is over in Greece, and the Greek people now have a choice. Almost four years ago I wrote Greece, Please Do The Right Thing: Default Now(June 1, 2011). Default remains the only real way forward […]
