{"id":6682,"date":"2015-03-21T08:43:37","date_gmt":"2015-03-21T13:43:37","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6682"},"modified":"2015-03-21T08:43:37","modified_gmt":"2015-03-21T13:43:37","slug":"cmon-angela-let-them-greexit","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6682","title":{"rendered":"C\u2019mon Angela, Let Them Greexit"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/cmon-angela-let-them-greexit\/\" target=\"_blank\">C\u2019mon Angela, Let Them Greexit<\/a><\/h3>\n<p>With each passing day it becomes more obvious that Europe is heading for an epochal financial conflagration. So buy-the-dip if you must, but don\u2019t believe for a minute that\u00a0the US has decoupled.\u00a0 When the euro and EU eventually implode it will rattle the bones of every gambler and algo left in the casinos anywhere on the planet.<\/p>\n<p>Yes, the school yard name calling and\u00a0roughhousing\u00a0now going on in Europe makes it appear that behind the sturm und\u00a0drang there is some negotiations happening. But the truth is there is nothing to negotiate. Greece is so completely and terminally bankrupt that there is no solution other than default and greexit.<\/p>\n<p>To insist that\u00a0Greece\u00a0service the entirely of its staggering $350 billion of debt, as does Germany and the troika apparatchiks, is to advocate the\u00a0extinguishment of\u00a0democracy in Greece and its reduction to a colonial mandate of Brussels; and in the process, to eliminate\u00a0any semblance of economic life among the debt serfs who would\u00a0inhabit it.<\/p>\n<p>Its just math.\u00a0Sooner or later interest rates must normalize. For\u00a0a country with Greece\u2019s profligate fiscal history, there is no possibility that the interest\u00a0carry cost on a public debt load equal to 175% of GDP could be any less than 6-7% in the absence of EU guarantees.That means that the Greek state\u2019s annual interest bill would approach 10% of GDP before paying down a single dime of principal.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>C\u2019mon Angela, Let Them Greexit With each passing day it becomes more obvious that Europe is heading for an epochal financial conflagration. So buy-the-dip if you must, but don\u2019t believe for a minute that\u00a0the US has decoupled.\u00a0 When the euro and EU eventually implode it will rattle the bones of every gambler and algo left [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1890,95,2120,195,279,284,353,1167,2598],"class_list":["post-6682","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-angela-merkel","tag-brussels","tag-david-stockman","tag-debt","tag-eu","tag-european-union","tag-gdp","tag-greece","tag-grexit"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6682"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6682\/revisions"}],"predecessor-version":[{"id":6683,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6682\/revisions\/6683"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}