Debt Rattle July 10 2015

 

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  • #22294

    Wynand Stanley Ice-packed Buick motor stunt, San Francisco 1922 • Stock Slide Ruins China’s Illusion of Control (Bloomberg) • Greece Seeks €53.5 Billi
    [See the full post at: Debt Rattle July 10 2015]

    #22299
    Dr. Diablo
    Participant

    “The goddess that gave its name to our continent is at the heart of our mythology.”

    That’s a fascinating meme to draw upon in, what may be out of context, but seems a non-sequitor in that article. So “they” call upon the Goddess? Who is doing the calling? Who feels that the story of Europa is their guiding star? Who was Europa anyway? Isn’t she the one raped by Zeus, at least in the arcane meaning of “kidnapped and stolen”? So they’re calling on Europe to be raped and plundered, never to be seen again?

    The other angle of Europa is her quite likely association or equivalence to Ashtare, Ashteroth, Ishtar, the female god of sex and war from Babylon also related to the moon. So…what, again? “In these perilous times we call on the forces of sex and war”?

    Okay, my head hurts now. Let’s not try to make too much of it.

    #22303
    E. Swanson
    Participant

    The news from Greece is rather confused this morning. Consider this from AEP:

    Greek deal in sight as Germany bows to huge global pressure for debt relief

    “Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit. ”

    vs:

    Greek Plan Accepts Austerity to Get Debt Relief

    “As details of the new offer emerged, it appeared that Prime Minister Alexis Tsipras was capitulating to demands on harsh austerity terms that he urged his countrymen to reject in the referendum last Sunday, like tax increases and various measures to cut the costs of pensions.”

    So, which side “won” the standoff?

    #22304
    Ken Barrows
    Participant

    E Swanson,
    The Germans. I’ll change my mind if Greece gets significant debt relief. If it does, TAE will let us know.

    #22307
    jal
    Participant

    I’m sure that there will be some “elite” that will take a haircut.
    Can the sheeps escape the battle fields?

    #22308
    Greenpa
    Participant

    Nothing cracks me up more these days than when some pundit, or editorial board, uses the word “must” in their title. LOL!!!

    You keep using that word. I do not think it means what you think it means. 🙂

    #22310
    Professorlocknload
    Participant

    Greece is the center of the universe these days. It has become the default diversion of all these chicken little blogs that have been calling for some sort of deflationary catastrophe resulting in the demise of western civilization these last seven plus years.

    I’m sure the Fed appreciates all the ink (electrons?) being spilled over some irrevelant little province on the periphery of a larger geopolitical entity that is itself unsustainable in the long run. This makes it much easier for the political Fed to grease the skids for it’s favored candidates in the upcoming U.S. elections. Not to leave Goldman and company out of the equation, mind you.

    So, until Greece actually hard defaults, and the lights are found to remain on in NYC and Podunk, ID, the billions of kilowatt hours of media power consumption devoted to any distraction available will likely continue. For sure, in an election cycle, incumbent domestic political parties understand that any local news regarding social or economic “discordance” needs to be purged from media dialogue. I mean, even Gramma Janet says all is just peachy keen here at home.

    So, until common sense again prevails, has anyone heard what’s going on in Greece?

    #22313
    Professorlocknload
    Participant

    When all the grandstanding ends, there will be a debt jubilee. It just won’t be in a form most expect, originating from political committees meeting in smoke filled rooms. Packs of wolves and a couple sheep deciding what’s for dinner.

    It will end with the destruction of indebted currencies. Jim Rickards is likely right,,,just early.

    That will be when the .gov guns come out.

    Need to keep in mind, though, that it took Rome around 600 years to go full tilt. Then again, the USSR managed it in a couple three generations.

    And the Funny Buck has been on life support now since ’71, so, maybe there is some kinda “Moores Law” of economics that adds an accelerated exponential feature these days.

    #22315
    Professorlocknload
    Participant

    “If there is a deal, the U.S. Is behind it.”

    https://globaleconomicanalysis.blogspot.com/2015/07/obamas-time-machine-can-he-really-turn.html

    As I said earlier, NSA gets it’s “Man” installed in Greece. Europe is likely just a proxy battle ground between the U.S. and Russia/China. Need to beat back the “Hun”, no? Besides, a Greek bailout is only equal to a few months of QE for the Fed. Hell, the U.S. Taxpayer has plenty of money. Just look at the big spenders they elect to government office.

    Really, it’s all just denominated in electronic balance sheet entries. And electrons are cheap.

    #22317
    Nassim
    Participant

    Priests always like to describe money in a very critical way – “dung of the devil”

    At the same time, they want as much as possible of it as possible to come their way.

    The Catholic church has been in conflict with the Orthodox church since long before the fall of Constantinople, In fact, that is what the Fourth Crusade was all about:

    https://en.wikipedia.org/wiki/Fourth_Crusade

    Currently, there is a massive Orthodox revival in Russia – a country they were hoping to convert to Catholicism. Their plans went out of the window. You can understand the war against Serbia in that light. Of course, they also got the blame for starting WW1.

    My point is that anything coming out of the Vatican ought to be seen in the light of this hidden agenda.

    “The Vatican against the Orthodox Church”

    https://www.reformation.org/vatican_against_the_orthodox_chu.html

    These people think in terms of centuries – very different from ordinary politicians.

    #22319
    Nassim
    Participant

    “Your moment has come, Mr Tsipras, take back control of your country – UKIP leader Nigel Farage”

    Tsipras is in the audience and Farage got cheering and clapping. Quite amazing!

    #22323
    Raleigh
    Participant

    Nassim – Farage is an incredible speaker. He not only makes good common sense, but the words just flow off his tongue – no “umms or aahs”. He’s also got a great sense of humor, and the place wouldn’t be the same without him. Hopefully he makes some of the other idiots think. I’m sure Tsipras enjoyed his support.

    #22324
    Raleigh
    Participant

    Good Matt Taibbi piece re Eric Holder:

    “Eric Holder has gone back to work for his old firm, the white-collar defense heavyweight Covington & Burling. The former attorney general decided against going for a judgeship, saying he’s not ready for the ivory tower yet. “I want to be a player. […]

    “The firm’s emphasis on pro bono work and being engaged in the civic life of this country is consistent with my worldview that lawyers need to be socially active,” he said.

    Right. He’s going back to Covington & Burling because of the firm’s emphasis on pro bono work.”

    And that’s what he’s been doing since he entered the revolving door (playing – playing the game of getting crooks – I mean his former clients – off with fines and wrist slaps). Who would have thunk it? Two blacks (Obama and Holder), riding in on “hope and change”, turn out to be as corrupt as the white crooks.

    Eric Holder, Wall Street Double Agent, Comes in From the Cold

    And another great read by Matt Taibbi (from November, 2014) deals with a Canadian securities lawyer who was working for J.P. Morgan Chase during the time of the subprime garbage mortgages. She tried everything to get them to stop, spelled out that they were committing fraud, but she was shut up, then laid off. Very interesting read!

    “One of the ongoing myths about the financial crisis is that the government is outmatched by the legal talent representing the banks. But Fleischmann was impressed by the lead attorney in her case, a litigator named Richard Elias. “He sounded like he had been a securities lawyer for 10 years,” she says. “This actually looked like his idea of fun – like he couldn’t wait to run with this case.”

    She gave Elias and his team detailed information about everything she’d seen: the edict against e-mails, the sabotaging of the diligence process, the bullying, the written warnings that were ignored, all of it. She assumed that it wouldn’t be long before the bank was hauled into court. ]…]

    “Responsibility remains so diffuse, and top executives so insulated,” Holder said, “that any misconduct could again be considered more a symptom of the institution’s culture than a result of the willful actions of any single individual.”

    In other words, people don’t commit crimes, corporate culture commits crimes! It’s probably fortunate that Holder is quitting before he has time to apply the same logic to Mafia or terrorism cases.”

    https://www.rollingstone.com/politics/news/the-9-billion-witness-20141106

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