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The Delusional Leaders of the Eurozone
The Delusional Leaders of the Eurozone I was looking forward to chilling with family and friends in Sydney this New Years Day, but Phil Dobbieruined it for me with this tweet: I had forgotten that this was the 20th anniversary of the start of the Euro. But the Eurocrats in Brussels hadn’t. Some hours before […]
How a Fragile Euro May Not Survive the Next Crisis
How a Fragile Euro May Not Survive the Next Crisis A big US monetary inflation bang brought the euro into existence. Here’s a prediction: It’s death will occur in response to a different type of US monetary bang — the sudden emergence of a “deflationary interlude.” And this could come sooner than many expect. The […]
A Week of Crisis for Greece and Global Markets
A Week of Crisis for Greece and Global Markets After years of false starts it appears that the ‘Grexit’ is finally in motion. Yet when the dust finally settles, this week will be remembered for its market volatility – not as the time when Greece kicked itself out of the euro zone. Cooler Heads […]
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 […]
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 […]
Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans
Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans EU officials turned up the heat on Athens Thursday after the IMF withdrew its team and sent its lead negotiators back to Washington. In what can only be described as a half-hearted effort, Greek PM Alexis Tsipras submitted two three-page proposals earlier this week […]
IMF has betrayed its mission in Greece, captive to EMU creditors
IMF has betrayed its mission in Greece, captive to EMU creditors The IMF’s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe’s banks and the euro when the crisis erupted, dooming Greece to disaster. The International Monetary Fund is in very serious trouble. Events have reached a point in […]
No Longer Quiet on the Eastern Front (Part 3)
No Longer Quiet on the Eastern Front (Part 3) Writing a short series of articles about geopolitics carries some risks – namely, that current events can unfold faster than I can hit the ‘send’ button on my next edition. It appears that I am releasing this missive in the nick of time, as the coming […]
Is Greece About to Play its Geopolitical Trump Card and Ignite a Chain Reaction Across Europe?
Is Greece About to Play its Geopolitical Trump Card and Ignite a Chain Reaction Across Europe? If the EMU powers persist mechanically with their stale demands – even reverting to terms that the previous pro-EMU government in Athens rejected in December – they risk setting off a political chain-reaction that can only eviscerate the EU […]
The Euro’s Exponential Decay
The Euro’s Exponential Decay I don’t know about you, but I’m having a ball reading up on the preparations for the Wednesday/Thursday talks between Greece and .. well, everybody else. German FinMin Schäuble proudly declares that it’s do what I tell you or you’re finished, Greek FinMin Varoufakis says prepare for a clash. Greek advisors […]
Behind The Global – Game Of – Thrones
Behind The Global – Game Of – Thrones Greek PM Alexis Tsipras yesterday laid out Syriza’s stance, and from what I saw he didn’t pull even one punch. Despite all the suggestions from the financial press throughout the past week that Tsipras and Varoufakis reneged on campaign promises to seek debt write-downs, they didn’t, and […]
UK Begins Preparations For Grexit
UK Begins Preparations For Grexit As recently as two years ago, even the merest hint that any entity was preparing for what then was unthinkable, namely the Greek exit from the Eurozone, was enough to get one burned at the stake. After all, recall what happened when none other than the head of the ECB lied on the record to […]
Greece: Greenspan predicts exit from euro inevitable
Greece: Greenspan predicts exit from euro inevitable The former head of the US central bank, Alan Greenspan, has predicted that Greece will have to leave the eurozone. He told the BBC he could not see who would be willing to put up more loans to bolster Greece’s struggling economy. Greece wants to re-negotiate its bailout, […]
Historically speaking, Germany a bigger deadbeat than Greece
Historically speaking, Germany a bigger deadbeat than Greece Germany’s debt defaults after the two world wars dwarfs anything Greece has done, economists say In its attempt to bust the austerity shackles that lenders have imposed, Greece’s new leftist government is finding a particularly unsympathetic ear in Germany, the European Union’s paymaster, which says it is […]
