Unknown Soldier group, Federal Army 1865 I have plenty to say on the topic of this essay. But the most important thing I think is that I know the EU is blowing up itself by trying to exert far too much influence on the very member nations that made its existence possible. Brussels is a blind city. To see it blowing itself to smithereens makes me very happy. The flipside is that it will take a lot of pain, and
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G. G. Bain The new Queensboro (59th Street) Bridge over the East River, NYC 1909 • Who Will Dare Say Out Loud ‘Emperor Has No Clothes’? (Irish Times) • A New Mode of Warfare (Michael Hudson) • Greece Threatens Top Court Action To Block Grexit (AEP) • Alexis Tsipras Must Be Stopped: The Underlying Message Of Europe’s Leaders (G.) • Where Is My European Union? (Alex Andreou) • Milton Friedman Predicted Euro Would Be A Disaster (Vox) • The Awesome
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Alfred Eisenstaedt Actress Marilyn Monroe at home 1953 • The World Is Defenceless Against The Next Financial Crisis, Warns BIS (Telegraph) • BIS Warns Low Interest Rates Could Spell ‘Entrenched Instability’ (AFP) • The Staggering Cost Of Central Bank Dependence (Wyplosz) • Greece Introduces Capital Controls, Keep Banks Shut As Crisis Deepens (Reuters) • EU Offers Greek Voters 10-Point Plan on June 26 Bailout Offer (Bloomberg) • Athens Is Being Blackmailed (Philippe Legrain) • A Disaster For Athens And A
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G. G. Bain At Casino, Belmar, Sunday, NJ 1910 It is with immense pleasure that I can introduce the return to The Automatic Earth of my friend and co-founder Nicole Foss. If only because I myself can now retire to a beach chair…. (not). With the violent swings that have started and been amplified in Asia overnight, as well as in European and US futures, Nicole’s piece on volatility is quite pertinent. Nicole Foss: A recent Business Insider chart of
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Harris&Ewing Goat team, Washington, DC 1917 • A Perfect Storm Of Crises Blows Apart European Unity (Guardian) • The Losses For The EU Lenders Are Truly Eye-Watering (Muscatelli) • The Greek Butterfly Effect: Forcing The Issue of Math (Northman Trader) • Intervention in 27th June 2015 Eurogroup Meeting (Yanis Varoufakis) • Forget Greece, Portugal Is The Eurozone’s Next Crisis (MarketWatch) • Goldman’s Stunner: A Greek Default Is Precisely What The ECB Wants (Zero Hedge) • Tsipras Asking Grandma to Figure
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Harris&Ewing Red Cross Motor Corps, Washington, DC 1917 Just another normal morning at the Automatic Earth. Shaking off the local drink – when in Rome.. – and perusing a thousand views and pieces, many on the inevitable topic of ‘Da Referendum’. And I got to say, I can’t even tell whether it’s just me, but there is this huge divide between what a simple vote can and should be, and how it is perceived and presented. And no, it’s not
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Lewis Wickes Hine Workshop of Sanitary Ice Cream Cone Co., OK City 1917 • A Gay-Rights Decision for the Ages (Bloomberg) • An End to the Blackmail (Alexis Tsipras) • Tsipras Calls Referendum on Greek Debt Deal for July 5 (Bloomberg) • An Alternative Version Of How The Greek Crisis Could Have Played Out (Whelan) • “With The Euro, We’ll Forever Have A Noose Around Our Necks” (WSJ) • Creditors To Ringfence Greek Economy If Tsipras Refuses To Give In
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Harris&Ewing Woodward & Lothrop dept. store trucks, Washington DC 1912 While many voices will be seeking to define the precise terms of the referendum announced last night by Alexis Tsipras for July 5, I think perhaps the general gist is more important. It’ll be a vote between being governed by Tsipras, and Greeks in general, on the one hand, and being governed by Germany, the ECB and IMF on the other. “Who do you want to decide your future?” And
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NPC Dr. H.W. Evans, Imperial Wizard 1925 • Yield-Starved Investors Drive Asset Prices To Dangerous Levels: OECD (Reuters) • What’s Gone Wrong For Germany Inc.? (Bloomberg) • Europe: Writing Off Democracy As Merely Decorative (Habermas) • The Beatings Will Continue Until Morale Improves (Irish Independent) • Bureaucrazies Versus Democracy (Steve Keen) • The Courage Of Achilles, The Cunning Of Odysseus (Jacques Sapir) • Cash-Starved Greek State Posts Surplus (Kathimerini) • IMF Would Be Other Casualty of Greek Default (El-Erian) •
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NPC O Street Market, Washington DC 1925 Perhaps I should apologize for writing about Greece all the time. Thing is, not only have I just arrived in Athens last night (and been duly showered in ouzo), but Greece is the proverbial early harbinger of everything that’s wrong with the world (not to worry, I know that’s a hyperbole), and of everything that could be done about it. That places a responsibility on the shoulders of Syriza leader Alexis Tsipras and
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