Unknown Magazine and cannonballs at Battery Rodgers, Alexandria 1863 I hardly ever go out in the morning, the first 7-8 hours of every single day are taken up by reading and writing. But today I did, to feel the mood in the city. Not sure I got it, though. Everything’s quiet. It may not help that I’m staying smack in the middle of the Acropolis tourist area (still haven’t figured out why 90% of them are American). Not sure if
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NPC Wilkins-Rogers Milling Co., Washington, DC 1926 • Germany vs Greece: “Marx Is Claiming It Was Offside” (WaPo) • In Bad Faith (Ashoka Mody) • EU Warns Of Armageddon If Greek Voters Reject Terms (AEP) • Why I’d Vote ‘No’ On Greece’s Referendum (Brett Arends) • How a Greek Default Could Hammer Bonds (Carl B. Weinberg) • Quartet Of Crises Threatens Europe’s Core (Reuters) • Europe Can’t Afford To Let Athens Go Under, Says Varoufakis (Reuters) • Mirage of Economic
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NPC George W. Cochran & Co., 709 14th Street NW, Washington DC 1920 • Stop Lying To The Greeks — Life Without The Euro Is Great (MarketWatch) • This Euro Is Destroying The European Dream (Guardian) • Whatever Happens To Greece, The Euro Is Unsustainable (Kohler) • NSA Leak: Both Merkel And Schauble Saw Greek Debt As Unsustainable in 2011 (ZH) • Varoufakis Prepares For Economic Siege As Companies Issue Private Currencies (AEP) • Yanis Varoufakis, Are You Staying Put?
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Walker Evans Waterfront in New Orleans. French market sidewalk scene 1935 The IMF Debt Sustainability Analysis report on Greece that came out this week has caused a big stir. We now know that the Fund’s analysts confirm what Syriza has been saying ever since they came to power 5 months ago: Greece needs debt relief, lots of it, and fast. We also know that Europe tried to silence the report. But what’s most interesting is that this has been going
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Harris&Ewing Buying Army surplus food sold at fish market 1919 • Greek Banks Down To €500 Million In Cash Reserves As Economy Crashes (AEP) • Cash Crunch Hits Everyday Life in Greece (WSJ) • Troika Maneuvering to Rig Greek Referendum (Martin Armstrong) • Greece’s Highest Court To Rule On Legality Of Referendum (Guardian) • When Greece Forgave Germany’s Debt (AP) • Greece Shows ECB’s Stress Tests Were Nonsense (FT) • Only the No Can Save the Euro (James K. Galbraith)
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Dorothea Lange Miserable poverty. Elm Grove, Oklahoma County, OK 1936 So now they do it. Now the IMF comes out with a report that says Greece needs hefty debt restructuring. Mind you, their numbers are still way off the mark, in the end it’s going to be easily double what they claim. Not even a Yanis Varoufakis haircut will do the trick. But at least they now have preliminary numbers out. The reason why they have is inevitably linked to
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William Henry Jackson New Orleans, “Canal Street from the Clay monument” 1890 • Varoufakis Says He Won’t Be Finance Minister After a ‘Yes’ Vote • Why We Recommend A NO In The Referendum – In 6 Short Bullet Points (Varoufakis) • Juncker, Draghi and Lagarde Should Hang Their Heads In Shame (Davis) • Syriza Can’t Just Cave In. Europe’s Elites Want Regime Change In Greece (Milne) • “US Should Have Stopped IMF From Sending Redlined Document To Greece” (HuffPo) •
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Harris&Ewing Army surplus 1919 • Tsipras Prepared To Accept “All Bailout Conditions” (FT) • Unpublished Troika Documents Say Greece Needs Substantial Debt Relief (Guardian) • Prof. Steve Keen On Greek Debt Crisis (BBC) • Greece’s Creditors Need A Wake-Up Call (Daniel Alpert) • In Greece, IMF Repeats Its Own Mistakes (WSJ) • IMF’s Uneven Dealings With Greece Is Saga Of Embarrassment (Guardian) • In Its Worst Hour, Greece Overtakes Italy as Top Destination for Refugees (BBG) • ECB Poised To
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NPC R.P. Andrews fire, 628 D Street N.W, Washington, DC 1912 Just when you think things can’t get any crazier, they always do. The Guardian reports on unpublished Troika documents that show Greece is only too right in asking for debt relief. That for the Syriza government to sign what the Troika wants to force them to sign would see Tsipras et al plunge their country into a financial hell hole. What’s potentially even weirder is that all German MPs
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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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