The Automatic Earth

Debt Rattle June 20 2015

Jun 202015

June 20, 2015 Posted by Raúl Ilargi Meijer at 10:32 am Finance Tagged with: debt, derivatives, eurozone, Greece, Juncker, NATO, pensions, Ron Paul, Russia, Shale, Varoufakis 8 Responses »

DPC Elks Temple (Eureka Club), Rochester, NY 1908 • Greek Debt Crisis Is The Iraq War Of Finance (AEP) • A Pressing Question For Ireland Before Monday’s Meeting On Greece (Varoufakis) • Varoufakis Says Greek Proposal Not Discussed At Eurogroup (Reuters) • The Truth About Greece Is In The Collateral Backstopping Derivatives (Phoenix) • Greece Says ECB Won’t Let Its Banks Collapse (Reuters) • Greek Pensions Have Been Cut Sharply, But Creditors Want More (WSJ) • SYRIZA MP Files Complaint

Update: Automatic Earth for Athens Fund

Jun 192015

June 19, 2015 Posted by Raúl Ilargi Meijer at 8:07 pm Finance Tagged with: Athens, clinic, donate, foodbank, fund, Greece, health care, help, life expectancy 10 Responses »

Marion Post Wolcott Main Street. Sheridan, Wyoming 1941 Just about exactly three days ago, I wrote an article telling you that I will be going to Athens next week: The Automatic Earth Moves To Athens. I also announced in that article that I was setting up an Automatic Earth fund, the proceeds of which I will donate to needy Greek foodbanks and clinics. The reactions to that fund drive have been amazing in more ways than one. But first, here’s

Debt Rattle June 19 2015

Jun 192015

June 19, 2015 Posted by Raúl Ilargi Meijer at 10:31 am Finance Tagged with: debt, default, EU, Greece, Grexit, IMF, pipeline, pope, Russia, Troika, Tsipras 2 Responses »

G.G. Bain New York, suffragettes on way to Boston 1913 • Are Surpluses Normal? (Steve Keen) • Greece Is Literally Dying To Leave The Euro (Daily Mail) • Eurozone Ministers Insist On ‘New Proposals’ For Greece Summit (AFP) • Greece’s Proposals to End the Crisis: My Eurogroup Intervention (Varoufakis) • ECB Meeting To Decide On €3.5 Billion Greek Emergency Funding (Guardian) • Greece Faces Banking Crisis After Eurozone Meeting Breaks Down (Guardian) • Why Greece Might Now Have The Upper

Inciting Bank Runs as a Negotiating Tactic

Jun 192015

June 19, 2015 Posted by Raúl Ilargi Meijer at 7:42 am Finance Tagged with: bank run, crisis, Greece, liquidity, solvency, Troika, trust 5 Responses »

Inciting Bank Runs as a Negotiating Tactic

G.G. Bain Three-ton electric sign blown into Broadway, New York. 1912 The troika of Greek creditors has gone into full-frontal morals-be-damned attack mode, handpicking arms from a weapons arsenal we haven’t seen used before, and that we never should have seen in an environment that insists – and prides – on presenting itself as a union, both in name and in spirit. Now that they are being used, there no longer is such a union other than in name, in

Debt Rattle June 18 2015

Jun 182015

June 18, 2015 Posted by Raúl Ilargi Meijer at 10:08 am Finance Tagged with: eurozone, Greece, illiquid, IMF, insolvent, pension cuts, refugees, Tsipras 8 Responses »

Wynand Stanley Cadillac touring car at Yosemite in snow 1919 • Greece Is Solvent But Illiquid. What Should The ECB Do? (Paul De Grauwe) • Greek Central Bank Is Playing With Political Fire (AEP) • Tsipras Says ‘Blind Insistence’ On Pension Cuts Would Worsen Crisis (Reuters)

Greek Parliamentary Debt Committee Declares All Debt Illegal

Jun 172015

June 17, 2015 Posted by Raúl Ilargi Meijer at 2:57 pm Finance Tagged with: debt, Greece, illegal, odious, parliament 8 Responses »

Greek Parliamentary Debt Committee Declares All Debt Illegal

Jack Delano Street scene on a rainy day in Norwich, Connecticut 1940 For a while now, I’ve had a German saying floating around my files, that I didn’t really know what to do with. I know now. The saying is: In der Not ist der Mittelweg der Tod. Which loosely translates as: In emergencies, the middle ground is lethal. It seems like the Greek parliament thinks along just those lines. A preliminary report issued today declares all debt illegal. You

Debt Rattle June 17 2015

Jun 172015

June 17, 2015 Posted by Raúl Ilargi Meijer at 11:09 am Finance Tagged with: aquifer, China, deficit, euro, Greece, Grexit, IMF, pensions, restructuring, Russia, Trojan Horse 1 Response »

Theodor Horydczak Sheaffer fountain pen factory, Fort Madison, Iowa 1935 • The Euro: Portrait Of A Devastating Failure (MarketWatch) • IMF “Defense” Of Its Actions vs Greeks Is An Unintended Confession (Bill Black) • Sovereign Debt Restructuring Needs International Supervision (Joseph Stiglitz) • Many Low-Income Americans Can’t Even Afford To Rent (MarketWatch) • What Is the Real US Unemployment Rate? (CH Smith) • US 2040 Deficit To Nearly Double As Percent Of Economy-CBO (Reuters) • Greek PM Tears Into Lenders

Is Telling Lies A Democratic Right?

Jun 162015

June 16, 2015 Posted by Raúl Ilargi Meijer at 10:32 pm Finance Tagged with: Bloomberg, democracy, distortion, Germany, Greece, lies, subjective 6 Responses »

Jack Delano Conductor picks up message from operator on the Atchison, Topeka & Santa Fe 1943 While I’m on the Greece topic again today, I can’t help but pointing out some of the changes in tone I’ve noticed in the press recently, shifting towards outright oftentimes vicious if not ridiculous antagonism vs Greece. Remember, there is an agenda, there are pre-cooked narratives galore, and these people are not your friends. I won’t be able to cover all the things I