The Automatic Earth

Why Greece Must Leave

Jun 092015

June 9, 2015 Posted by Raúl Ilargi Meijer at 4:57 pm Finance Tagged with: compassion, conscience, EU, Greece, sociopaths, supranational Comments Off

John Vachon Five o’clock crowds, Chicago 1941 French Economy Minister Emmanuel Macron and German Vice-Chancellor Sigmar Gabriel published a piece in the Guardian last week that instantly revived our long nourished hope for the European Unholy Union to implode and be dissolved, sooner rather than later. The two gentlemen propose a ‘radical’ reform for the EU. Going a full-tard 180º against the tide of rising euroskeptism, the blindest bureaucrats in European capitals are talking about more centralization in the EU.

Debt Rattle June 9 2015

Jun 092015

June 9, 2015 Posted by Raúl Ilargi Meijer at 10:03 am Finance Tagged with: arctic, austerity, creditors, Grexit, Iceland, pensions, Prechter, refugees, sociopaths, whales 9 Responses »

Russell Lee Tracy, California. Tank truck delivering gasoline to a filling station 1942 • The Warren Buffet Economy: Why Its Days Are Numbered-Part 1 (David Stockman) • Robert Prechter Is Warning Of A ‘Sharp Collapse’ In Stocks (MarketWatch) • Iceland Warns Hedge Funds Not to Sue as it Seeks Billions in Taxes (Bloomberg) • Greece, Creditors Discuss Extending Bailout in Bid to Break Deadlock (WSJ) • Grexit Would Be “Start Of The End For The Eurozone,” Says Tsipras (DW) •

Debt Rattle June 8 2015

Jun 082015

June 8, 2015 Posted by Raúl Ilargi Meijer at 11:10 am Finance Tagged with: ATM, bitcoin, China, derivatives, Fed, Greece, Juncker, local currency, stocks, Troika, Ukraine, VAT 9 Responses »

Unknown Army of the James, James River, Virginia. 1865 • The Troika Is Supposed To Build Greece Up, Not Blow It Apart (Guardian) • Greece Updating Proposals It Sent To Lenders (Kathimerini) • Young Greek Radicals Don’t Just Want Power – They Want To Remake The World (PM) • VAT Rate Hikes Always Reduce State Revenues (Thanos Tsiros) • Juncker Vents Fury Over Greek Bailout Talks At G7 Summit (Guardian) • If You Think Greece’s Crisis Will End Any Time

Debt Rattle June 7 2015

Jun 072015

June 7, 2015 Posted by Raúl Ilargi Meijer at 10:33 am Finance Tagged with: abuse, austerity, debt relief, disengagement, migrants, money-laundering, refugees, Syriza, TTP, WWIII 1 Response »

NPC Hessick & Son Coal Co. Washington 1925 • Americans Live With The Austerity Europeans Are So Concerned About (Guardian) • TiSA, TPP and TTIP Will Sideline National Laws, Wikileaks Says (Independent) • Fast-Tracking the TPP-TiSA-TTIP Trinity (Gaius Publius) • Syriza Holds Firm in Polls at 45%, Eight in 10 Still Want Euro (Kathimerini) • Varoufakis Urges Debt Relief After Tsipras Says Greece Deal Near (Bloomberg) • Putin: Speculation On Grexit Is Counterproductive (Kathimerini) • Key Points On Greek Ongoing

Debt Rattle June 6 2015

Jun 062015

June 6, 2015 Posted by Raúl Ilargi Meijer at 11:19 am Finance Tagged with: austerity, default, Greece, housing, IMF, ponzi scheme, restructuring, Syriza 13 Responses »

NPC L.E. White Coal Co. yards, Washington 1922 • America Is A Ponzi Scheme: A Commencement Speech For The Scammed (Tom) • IMF Has Betrayed Its Mission In Greece, Captive To Eurozone Creditors (AEP) • Why The Battle Between Athens And Brussels Matters To All Of You (Andreou) • Greece’s Creditors Need A Dose Of Reality (Joe Stiglitz) • Greece: Time For Default And Debt Restructuring (Forbes • Greek PM Rejects ‘Absurd’ Proposal From Creditors (Reuters) • EU To Lend

QE Breeds Instability

Jun 052015

June 5, 2015 Posted by Raúl Ilargi Meijer at 12:49 pm Finance Tagged with: bonds, Draghi, fake, Minsky, QE, stability, volatility, Yellen, ZIRP, zombie 1 Response »

Dorothea Lange Farm boy at main drugstore, Medford, Oregon 1939 Central bankers have promised ad nauseum to keep rates low for long periods of time. And they have delivered. Their claim is that this helps the economy recover, but that is just a silly idea. What it does do is help create the illusion of a recovering economy. But that is mostly achieved by making price discovery impossible, not by increasing productivity or wages or innovation or anything like that.

Debt Rattle June 5 2015

Jun 052015

June 5, 2015 Posted by Raúl Ilargi Meijer at 9:19 am Finance Tagged with: bubble, ceasefire, debt, defiance, game theory, Greece, IMF, migrants, propaganda, rewilding 4 Responses »

Russell Lee Tracy, California. Gasoline filling station 1942 • In Greek Debt Puzzle, the Game Theorists Have It (NY Times) • Greece Misses IMF Payment In Warning Shot, Showdown With Europe Escalates (AEP) • A Speech of Hope for Greece (Yanis Varoufakis) • EU/IMF Lenders Demand Asset Sales, Pension Cuts In Greek Proposal (Reuters) • Greece’s IMF Repayment Delay Smacks Of Both Desperation And Defiance (Guardian) • Greek Finance Ministry: German WWII Debt €280 To €340 Billion (Kathimerini) • Stay

Debt Rattle June 4 2015

Jun 042015

June 4, 2015 Posted by Raúl Ilargi Meijer at 10:12 am Finance Tagged with: bonds, creditors, default, EU, food, Greece, inequality, integration, rout, Tsipras 1 Response »

G.G. Bain Political museums, Union Square, New York 1909 • It’s Wealth Inequality That Drags Down The Economy (WaPo) • US Companies Owe $1.267 For Every Dollar Of Earnings (Bloomberg) • BofA Explains How the Bond Rout Could Turn Into a Bloodbath (Bloomberg) • Bond Rout Wipes Out 2015 Gain as Traders Fret Even Leaving Desks (Bloomberg) • Bond Slump Deepens as Europe Shares Slide With Metals, Oil (Bloomberg) • Wall Street Sounds Bond Warning as Holdings Shift Sparks Concern

How To Spot A Bubble

Jun 032015

June 3, 2015 Posted by Raúl Ilargi Meijer at 2:02 pm Finance Tagged with: assets, bubble, central bank, GDP, hoarding, QE, spending, velocity of money 17 Responses »

Jack Delano Mike Evans, welder, Proviso Yard, Chicago & North Western RR 1940 We’ve been entertaining ourselves to no end the past couple days with a ‘vast array’ of articles that purport to provide us with ‘expert’ opinion on the question of whether we are witnessing a bubble or not. Got the views of Goldman’s David Kostin, Robert Shiller, Jeremy Grantham, Jeremy Siegel, Howard Marks. But although these things can be quite amusing because while they’re at it, of course,

Debt Rattle June 3 2015

Jun 032015

June 3, 2015 Posted by Raúl Ilargi Meijer at 10:06 am Finance Tagged with: bubble, China, damage, debt, EU, gas, Greece, oil, poverty, spending, TPP 1 Response »

Harris&Ewing Childs Restaurant, Washington, DC 1918 • IMF Economists Say Some Countries Can ‘Just Live With’ High Debt (Reuters) • Fed Mouthpiece Jon Hilsenrath Furious “Stingy” US Consumers Don’t Spend (ZH) • Goldman Sachs to Companies: Stop Buying Back Your Stock (Bloomberg) • Pension Payments Are Starving Basic City Services (SacBee) • Europe and Greece: The Damage Is Done (Bloomberg) • Greek Standoff Takes Another Twist as Dueling Plans Are Drafted (Bloomberg) • Tsipras To Meet EU’s Juncker As Greece

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