Full story here from Jim Willie (The Golden Jackass).
Natural forces are at work in Europe, powerful forces, in fact forces that are not evident. It is amazing how little the financial analysts notice the forces at all. Since the year 2007, a hidden force began to put pressure on the European Union financial underpinning. Like [...]
Full story here from Mike Whitney. Like a frozen block of butter, it’s going to take time to melt fully, but trust me, it’s going to melt.
Global markets have plunged for more than a month, wiping out more than $5.3 trillion in total market value. Ostensibly, the catalyst was Greece’s large deficits, but that’s only [...]
Full story here from ZeroHedge. And he says that the bailout is all about rescuing banks and rich Greeks. Well, duh! Welcome to Planet Kleptocracy.
Finally someone speaks the truth. In an interview with Spiegel Magazine, former Bundesbank chief Karl Otto Pohl, says it how it is: “Without a “haircut,” a partial debt waiver, [Greece] cannot [...]
Full story here from Mike Whitney.
Volatility is back and stocks have started zigzagging wildly again. This time the catalyst is Greece, but tomorrow it could be something else. The problem is there’s too much leverage in the system, and that’s generating uncertainty about the true condition of the economy. For a long time, leverage wasn’t an [...]
When the walls come a-tubling down…first Greece, now Ireland. And I’m long on Spain, then France, and God help ‘em when the Germans finally come unglued. Musical tribute to the zeitgeist here, here and here. Oh, and though it may fluctuate wildly, the Euro will stay up about as well as grandma’s underpants. Honestly, a trillion dollars [...]
Full story here from Michael Hudson.
The wealthy won’t pay their taxes, so labor must do so.
Riddle: How are the Greek rioters like America’s Tea Party movement?
Answer: Both reject government being taken over by the financial oligarchy to shift the tax burden onto labor.
Full story here from ZeroHedge. Big props to ZeroHedge this week. They have the best coverage of the multiple meltdowns in play. And go watch Fight Club.
David Rosenberg is out with some very fitting analogies of the current sovereign crisis. If he is proven prescient, which we have no doubt he will, the Greek near-default [...]
Full story here from ZeroHedge. Remember when this was $4bn for Greece (about a month ago)? Trying to transfuse the corpse big time. The financial Maginot Line has been constructed. That worked out well–oh wait…
From The Daily Capitalist
“The message has gotten through: the euro zone will defend its money,” French Finance Minister Christine Lagarde told reporters [...]
Full story here.
PARIS: France and Germany, while publicly urging Greece to make harsh public spending cuts, bullied its government to confirm billions of euros in arms deals, a leading Euro-MP alleged Friday.
Franco-German lawmaker Daniel Cohn-Bendit said that Paris and Berlin are seeking to force Prime Minister George Papandreou to spend Greece’s scarce cash on submarines, [...]
Full story here from ZeroHedge. It’s like picture day–at the local morgue.
BNP, Commerzbank, HSBC, SocGen, Natixis, BNP, CA, AXA, ING and Rabobank all identified as banks with massive Greek repo exposure. The next question: will writedowns on these now illiquid and, as the Greek bond market is effectively shut down for a second day running, [...]