Greece

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Ignoring Reality Doesn’t Work

The tragedy in Greece continues
Tuesday, May 24, 2016, 7:30 PM

Right now, we humans are busy creating a major eco-tastrophe for ourselves. I’d be a lot more hopeful about our ability as a species to at least notice that, and possibly even do something positive and proactive about it; but ecological destruction is slow, complex, and doesn't change much on a day-to-day basis -- making it poorly visible to the key decision makers. 

My lack of hope stems from our oft-demonstrated inability to rally around workable solutions for the serious predicaments that are blatantly near-term, obvious and straightforward.  Take for example the current Greek debt crisis. » Read more

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Off The Cuff: The Fault-Ridden Fed

Worrying about all the wrong things
Thursday, July 30, 2015, 6:25 PM

In this week's Off The Cuff podcast, Chris and Mike "Mish" Shedlock discuss:

  • The Fed's Faulty Fears
    • The people running it are concerned about the wrong things
  • Are We At A Market Top?
    • Hard to call it, but it sure feel so
  • Europe's Woes Are Worsening
    • Capital is fleeing, while debts grow
  • Our ""Markets"
    • Nobody but central banks and bots buying these days
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Deflation Is Winning – Beware!

Expect the ride to get even rougher
Friday, July 24, 2015, 11:03 AM

Deflation is back on the front burner and it's going to destroy all of the careful central planning and related market manipulation of the past 6 years.

Clear signs from the periphery indicate that a destructive deflationary pulse has been unleashed. Tanking commodity prices are confirming that idea.  » Read more

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All Hail Our Banking Overlords!

We work for them, plain & simple
Friday, July 17, 2015, 4:39 PM

You really have to be paying attention to see what’s truly going on these days. The keepers of the system, that is the banking elites, now openly control everything -- though you'd never know that by listening to the media. » Read more

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Off The Cuff: We Pledge Allegiance, To The Banks...

It's the banks' world. We just live in it.
Thursday, July 16, 2015, 6:45 PM

In this week's Off The Cuff podcast, Chris and Charles Hugh Smith discuss:

  • We Live To Serve The Banks
    • Greece is now a nation of slaves for the banking system
  • Instability Risk Is Sky-High These Days
    • When central planners lose control, it's going to be bedlam
  • As Ever, Access To Resources Will Determine Everything
    • We're seeing the resource-poor countries now faltering first
  • Debt-based Money
    • As long as we have it, we'll never be free
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Greece Humiliated

The Troika wants Greece to be a warning to the other PIIGS
Monday, July 13, 2015, 7:50 PM

Well, that went badly. For the Greeks in general and for Tsipras specifically. After many years and rumors and brinksmanship, and a powerful "No" referendum from the people of Greece, Tsipras managed to ‘secure’ for Greece a deal worse than any other offered to date. » Read more

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Why Greece Is The Precursor To The Next Global Debt Crisis

The Eurozone fantasy will be one of the early casualties
Friday, July 10, 2015, 11:48 AM

There is no way for Greece to fix its debt problem if it keeps the euro as its currency.  Every purported solution that doesn’t address the core cause of the debt is mere theater. » Read more

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More Sovereign Defaults Are Coming

Prepare for the turmoil beforehand
Friday, July 10, 2015, 11:47 AM

Executive Summary

  • Energy plays a key role in sovereign economic (un)sustainability
  • The export boom is imploding
  • The neofeudal model is collapsing as 'serf' nations enter default
  • Take preparation now, while it still matters

If you have not yet read Part 1: Why Greece Is The Precursor To The Next Global Debt Crisis available free to all readers, please click here to read it first.

In Part 1, we examined the core dynamics that expanded Greek debt to its current unmanageable size—currency/trade deficits and bailouts—and the enormous transfer of private bank debt to the public ledger via the Troika bailouts, only 10% of which trickled down to the Greek people.

There are two other dynamics beneath the surface theater, dynamics which are not unique to Greece but are characteristic of the most heavily indebted nations.

Food and Fuel Imports Drive Structural Imbalances and Debt/Currency Crises

In our recent podcast, Chris mentioned this chart of imported energy by nation. Note that the nations with crushing structural debt loads (the so-called PIIGS—Portugal, Ireland, Italy, Greece and Spain) also happen to be major importers of energy.

What does this have to do with Greece’s debt crisis? Let’s go back to the key driver of Greek debt—imports that far exceeded exports, not occasionally but structurally, year in and year out.  Money was borrowed to pay for those imports, interest accrued on the loans and then austerity was pressed on the debtor nations by the lenders as a means of extracting interest on the rising debts.

If a nation does not generate a significant percentage of its own energy and food needs, or export enough goods and services to offset its imports of energy and food... » Read more

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Off The Cuff: The Ghosts Of 2008 Have Returned To Haunt Us

Not only are the same risks still here, they're bigger
Thursday, July 9, 2015, 4:18 PM

In this week's Off The Cuff podcast, Chris and Nomi Prins discuss:

  • The Ghosts Of 2008
    • Are suddenly returning en masse to haunt us
  • Growing Central Bank Insecurity
    • Beginning to realize that they've cornered themselves
  • The War On Cash
    • Central planners continue to tighten restrictions
  • No Solutions For The Status Quo
    • A massive reset is the best we can hope for

Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today. » Read more

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Greece: Where To From Here?

Amidst the turmoil, some hard predictions can be made
Monday, July 6, 2015, 10:23 PM

It’s pretty hard keeping up with the rapid-fire developments in Greece. Things change every hour it seems; rumors abound and confusion runs deep.

At this point, it all depends on what Greece is prepared to accept and what the EU is prepared to offer. So from here, we could see anything from a full financial pardon from the EU (very unlikely) to a full Greek exit (still quite possible). » Read more