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The Greek Fraud Reads Like a Crime Novel

The Greek Fraud Reads Like a Crime Novel  Tamara de Lempicka The refugees 1937Note: I feel kind of sorry this has become such a long essay. But I still left out so much. You know by now I care a lot about Greece, and it’s high time for another look, and another update, and another […]

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Surplus or Stimulus

Surplus or Stimulus René Magritte Le Cri du Coeur 1960 Austerity is over, proclaimed the IMF this week. And no doubt attributed that to the ‘successful’ period of ‘five years of belt tightening’ a.k.a. ‘gradual fiscal consolidation’ it has, along with its econo-religious ilk, imposed on many of the world’s people. Only, it’s not true […]

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Negative-Interest-Rate absurdity is another “rabbit out of the hat.”

Negative-Interest-Rate absurdity is another “rabbit out of the hat.” For the second time this year, Spain’s caretaker government just managed to sell 50-year bonds in a €3 billion ($3.4 billion) deal. Despite maturing in the year 2066, when many of us won’t even be alive and the duty to pay back the debt (assuming it […]

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Gold – No Time Left for Conspiracy Theories

Gold – No Time Left for Conspiracy Theories To some, this is a religious battle. To others, it is just a time to rip off a lot of people by selling fantasies and sophistry. I have stated this many times, so here it goes again: Gold rises when people lose confidence in government. It has nothing to do […]

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2016 – the BIG SHIFT

2016 – the BIG SHIFT As we close 2015 and begin a new year, the markets generally closed flat to neutral with a warning that as we approach the political year from hell being 2017, this is by no means going to be a walk through the park. We are more likely than not going […]

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Spain has Fallen – not like Greece – but Fallen all the Same

Spain has Fallen – not like Greece – but Fallen all the Same The Spanish elections – 20 December – were a deceit and a farce. Nobody seems to notice. At least not those concerned, the ignorant electorate, those who will suffer again possibly under a new neoliberal Rajoy leadership. People forget and are vulnerable […]

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Spain Says “No”

Spain Says “No” For the third time in a year, the tight-fisted, austerity policies of the European Union (EU) took a beating, as Spanish voters crushed their rightwing government and overturned four decades of two-party reign. Following in the footsteps of Greek and Portuguese voters earlier this year, Spaniards soundly rejected the economic formula of […]

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“Social Explosion” Begins In Greece As Massive Street Protests Bring Economy To A Fresh Halt

“Social Explosion” Begins In Greece As Massive Street Protests Bring Economy To A Fresh Halt One thing that became abundantly clear after Alexis Tsipras sold out the Greek referendum “no” back in the summer after a weekend of “mental waterboarding” in Brussels was that the public’s perception of the once “revolutionary” leader would never be […]

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Is the Troika About to Lose Control of South-Western Europe?

Is the Troika About to Lose Control of South-Western Europe? The Price of “Austerity” Passos Coelho, who was until Tuesday Prime Minister of Portugal, knew “what to do.” After signing along the dotted line for a €78 billion bailout he embraced the Troika’s austerity agenda with abandon. Public spending was slashed, taxes were hiked, wages […]

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Whitewashing the IMF’s Destructive Role in Greece

Whitewashing the IMF’s Destructive Role in Greece This autumn may see anti-austerity coalitions gain power in Portugal, Spain and Italy, while Marine le Pen’s National Front in France presses for outright withdrawal from the eurozone. These countries face a common problem: how to resist the economic devastation that the European Central Bank (ECB), European Council […]

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Meanwhile In Greece, Pension Funds Tap Emergency Loans

Meanwhile In Greece, Pension Funds Tap Emergency Loans This has not been a great year to be a pensioner in Greece. Over the course of the country’s fraught bailout talks, Greece’s pension system was frequently in the troika’s crosshairs. As for PM Alexis Tsipras, pension cuts were generally considered to be a so-called “red line” […]

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Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”

Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite […]

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Deflation, Debt and Gravity

Deflation, Debt and Gravity Far too many people have already used lines like “We Are All Greeks Now” for the words to hold on to much if any meaning by now. But it’s still a very accurate description of what awaits us all. Just not for the same reasons most who used it, did. No, […]

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Varoufakis: “In 1967 There Were The Tanks And In 2015 There Were The Banks”

Varoufakis: “In 1967 There Were The Tanks And In 2015 There Were The Banks” It was back on January 31 of this year, long before the “game theoretical” approach of Greek negotiations with the Eurogroup and ECB in particular and the Troika, and now Quadriga in general was revealed, that we first forecast with absolute accuracy […]

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The IMF Experts Flunk, Again

The IMF Experts Flunk, Again My Globe Asia column in May was titled “Greece: Down and Probably Out.” Well, it’s out. Yes, Greece descended from drama to farce rapidly. If all goes according to plan, the left-wing Greek government will come to an agreement with the so-called troika — the European Commission (EC), the European Central Bank […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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