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Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary
Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary As we reported yesterday, following the latest European leaders summit, Greece was given until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency […]
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 […]
The Media Is Wrong About The Fed
The Media Is Wrong About The Fed Earlier this year, most of the financial stories were about how the Fed will start to raise interest rates in June. Much of this speculation was due to the lower unemployment rate, and the expectation that the U.S. economy would be in full recovery. This past Wednesday, the Fed […]
How Venture Capitalists Came to Rule the World
How Venture Capitalists Came to Rule the World Jobless Growth and the Lottery Economy Before the gale-force hurricane of Reaganomics swept through the United States in the 1980s, America very briefly entertained the adoption of a deliberate industrial policy. As in South Korea and certain European nations, the U.S. government would pick economic winners and […]
What Does California Gov. Jerry Brown Know about the Next Crash and Recession that We Don’t?
What Does California Gov. Jerry Brown Know about the Next Crash and Recession that We Don’t? California was America’s Greece in 2009. It had excellent wine and olive oil. But tax revenues were collapsing. The deficit ballooned. Its credit rating was cut to the lowest of any state in the US. It couldn’t borrow at […]
Local Production Means Jobs and Prosperity
Local Production Means Jobs and Prosperity With over 93 million unemployed working age adults in America and the economy beginning to go negative again, if you are fortunate enough to have a job it may not last much longer. It is easy to keep a positive attitude about the economy when you get a paycheck every […]
If Your BS Detector Isn’t Shrieking, It’s Broken
If Your BS Detector Isn’t Shrieking, It’s Broken Wishing it was true doesn’t make it true–it makes you a chump who fell for the con. Once upon a time in America, no adult could survive without possessing a finely tuned BS detector. Herman Melville masterfully captured America’s fascination with cons and con artists in his 1857 […]
“Bernanke & Greenspan Have Destroyed America” Schiff & Maloney Warn “People Don’t Realize What Is Coming”
“Bernanke & Greenspan Have Destroyed America” Schiff & Maloney Warn “People Don’t Realize What Is Coming” Ali and Frazier, Laurel and Hardy, Mayweather and Pacquiao, Liesman and Santelli, and now Schiff and Maloney. Peter and Mike join clash of the titan-like to discuss their investment strategies and expose the charts the government doesn’t want you to seeas […]
The Gardens of Plenty
The Gardens of Plenty Editor’s Note: In France, Gardens of Plenty help provide not just vegetables but training and job skills. Yardfarms can be developed not just in backyards but in community spaces around towns and cities, helping to train others to not just make a living but to make their communities more sustainable, more food […]
Rise of the ‘precariat,’ the global scourge of precarious jobs
Rise of the ‘precariat,’ the global scourge of precarious jobs Barely one in four of the global workforce has a stable job, UN reports With relatively little notice, the world passed a modern milestone recently, one that makes any yearning for more stable times seem very farfetched — the global jobless total passed 200 million. To […]
Global Youth Unemployment Hits 35 Million As Recent Grads Lean On Parents
Global Youth Unemployment Hits 35 Million As Recent Grads Lean On Parents We’ve documented the pitiable plight of America’s recent college graduates on a number of occasions over the last several months. The Class of 2015 is officially the most heavily-indebted graduating class in the history of US higher education, as each student will leave college with […]
An Insane Financial World
An Insane Financial World We know that most western governments are deficit spending, borrowing heavily, in debt beyond the point of no return and must increase taxes and appropriations from their citizens. We know that politicians will take the politically expedient path instead of addressing financial problems. We know they will “extend and pretend,” delay, […]
Are You Ready for the Coming Debt Revolution?
Are You Ready for the Coming Debt Revolution? Gualfin (“End of the Road”), Argentina Dear Diary, There is a specter haunting America… and all the developed nations of the world. It is the specter of a debt revolution. We left off yesterday talking about how the economy of the last 30 years – and especially that […]
A Generational Storm Is Coming
A Generational Storm Is Coming Dear Diary, Yesterday, we began our high-minded graduation speech to the Class of 2015. We explained how the young graduates were not only the most heavily indebted in history, but also the least likely to be able to pay their debts. Median wages have been going down since these graduates were about […]
A Tale Of Two Graphs——Why Bubble Finance Will Fail
A Tale Of Two Graphs——Why Bubble Finance Will Fail On Friday the BLS reported, among other things, that full-time employment in April had dropped by 252,000 from the prior month and that the weekly earnings of production workers had risen by the grand sum of 67 cents (0.1%) before inflation and taxes. But why should still another confirmation that […]
