Debt Rattle June 5 2015

 

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  • #21453

    Russell Lee Tracy, California. Gasoline filling station 1942 • In Greek Debt Puzzle, the Game Theorists Have It (NY Times) • Greece Misses IMF Payment
    [See the full post at: Debt Rattle June 5 2015]

    #21463
    Dr. Diablo
    Participant

    On Greece: “the International Monetary Fund, which was not represented at the meeting, had imposed new conditions that had not been tackled in earlier negotiations”

    That is to say, “We already decided that you’re going to default, now quit screwing around and do as we say.”

    Or as Varafakis says, “…if Delaware brought down the United States economy. That would be the fault of the U.S., not Delaware.”

    So it’s not whether you win or lose, but where you place the blame. Even if you have to hold them down and shove the blame down their throat.

    https://www.ft.com/intl/cms/s/0/e01061d4-0ad8-11e5-9df4-00144feabdc0.html?siteedition=intl#axzz3cAHImOGS
    via https://globaleconomicanalysis.blogspot.com/#X40xEGWz2VY3wuoL.99

    #21464
    Dim Athens
    Participant

    worth reading

    “CONCLUSION: The EU/IMF have played their hand badly. By calling a bluff that wasn’t a bluff they have played themselves into a situation in which they have no win scenario and no exit strategy. They will lose. The only question now is whether they lose badly or not and whether they take Greece down with them”.

    https://sturdyblog.wordpress.com/2015/06/04/why-the-battle-between-athens-and-brussels-matters-to-all-of-you/

    #21466

    Dim,

    Duly noted. Hadn’t seen any of Alex’s pieces for a while (Guardian?!), but perhaps that’s just me.

    #21467
    Raleigh
    Participant

    “Housing Bubble Was Built by JP Morgan, Barclays”. All banks played along (like a well-tuned orchestra), but they did not write the music.

    The music was written by Clinton, Summers and Rubin through deregulation, through Bush and his “everybody deserves a house in America” speech, through Greenspan and Bernanke holding rates down way too low for too long.

    The orchestra played the music exactly as it was written. The maestro was, in effect, happy with what he heard, otherwise he would have stopped the music long before.

    The government (every single politician) knows what’s going on, although they pretend not to. They are all bought and paid for by special interests (the banks, corporations, hedge funds, etc.)

    The piper knew what he was playing and where it would take us, and we blindly followed him. He acted surprised when the final destination was reached (the crisis), but all along the way he winked at the people who paid him to do it, and they winked back.

    All of this has been engineered and manufactured. Governments are in collusion with banks/corporations, and the world’s central banks are in collusion with each other (U.S., Europe, Japan, China).

    The bit players (the ratings agencies, Fannie and Freddie, FASB, SEC) all played along. Why not? That is what the sheet music told them to do.

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