Mar 20

H/t reader squodgy:

“This is too good to miss….classic sitcom material, IMF sounds like Sheldon Cooper…..”


IMF said to call Greece most unhelpful client in its history (Chicago Tribune/Bloomberg, March 18, 2015):

ATHENS — International Monetary Fund officials told their euro-area colleagues that Greece is the most unhelpful country the organization has dealt with in its 70-year history, according to two people familiar with the talks.

In a short and bad-tempered conference call on Tuesday, officials from the IMF, the European Central Bank and the European Commission complained that Greek officials aren’t adhering to a bailout extension deal reached in February or cooperating with creditors, said the people, who asked not to be identified because the call was private. Continue reading »

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Mar 20

ecb-frankfurt

The tower of EVIL (The Ugly Truth, March 18, 2015):

Esteemed reader Kittie Kittie mentioned that today the ECB opened its new headquarters in Frankfurt (seen above). Lots of Jews showed up at the opening ceremony, including Salomon Korn, Head of the Jewish Community Frankfurt.

I discussed the following matter in the “Truth About Money” series, but I wish to do it again here, in simpler terms.

If you can understand the following items, then you will understand more about euro-zone economics than do most “experts.” Instead of your eyes glazing over when you read some financial commentary, you will see through the lies, and declare “bullshit!”

Please ask questions if the material is not clear, or is poorly worded.

The Tower of Evil in Frankfurt is the headquarters of the euro scam, which works like this… Continue reading »

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Mar 18

A clip of the police using water cannon on protesters and some of the highlights of today’s protest so far:

Live webcast from Frankfurt down below.


Violent Clashes Break Out Next To New ECB Headquarters In Frankfurt As Thousands Protest Austerity: Live Webcast (ZeroHedge, March 18, 2015):

It’s not just Greece which is protesting the utter lack of reforms enabled by the ECB known as “austerity” – as of today so is Germany itself with the so-called #Blockupy movement. According to local media reports, the start of anti-austerity rallies in Frankfurt coincided with the European Central Bank opening its new headquarters, whose occupants are now besieged by tens of thousands of protesters, so perhaps #OccupyQ€ would have been more appropriate. Police said they expect around 10,000 anti-capitalist protesters, marching under the banner of leftist alliance Blockupy, to attend the rally, with a march through the city planned for later in the evening. The result is what according to a police spokesman “is one of the biggest deployments ever in the city.

As the photos below shows, several police cars have been set on fire, with windows being smashed and demonstrators throwing stones at police ahead of the massive demonstration on Wednesday, and as riots break out across Frankfurt even as thousands of police respond with water cannon, pepper spray and mass arrests.

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Mar 18

Anti-Dollar-Alliance

It’s Happening – More US Allies Join The Anti-Dollar Alliance (Sovereign Man, March 18, 2015):

The United States government just went from “Please, baby, don’t leave me,” to frustrated threats and whining.

After the UK announced it will join new China-led Asian Infrastructure Investment Bank (AIIB) as a founding member late last week, Germany, France and Italy decided yesterday to follow Britain’s lead and join as well.

Welcome to the beginning of the end of the US dollar’s domination. It’s happening.

For the past few decades America was the undisputed global economic and political superpower.

The entire world happily used the US dollar, and hence, the US banking system. More importantly, the world happily placed its trust in the US government.

But there’s a limit to how irresponsible, reckless, and threatening you can be. Eventually such behavior catches up to you.

That time has now come. Continue reading »

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Mar 18

China-USA

–  America’s European “Allies” Desert Obama, Join China-led Infrastructure Bank (ZeroHedge, March 17, 2015):

It appears the sea of de-dollarization has reached the shores of Europe. With Australia and UK having already moved in the direction of joining the China-led AIIB, The FT reports that France, Germany, and Italy have now all agreed to join the development bank as ‘pivot to Asia’ appears to be Plan B for Europe. As Greg Sheridan previously noted, “the saga of the China Bank is almost a textbook case of the failure of Obama’s foreign policy,” but as The FT concludes, the European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside. As Forbes notes, this leaves Obama with 3 uncomfortable options

As The FT reports,

France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution. Continue reading »

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Mar 17

Germany Has Had It With Greece: Schauble Says “Doesn’t Know What To Do With Greece Now” (ZeroHedge, March 16, 2015):

In his fiercest rhetoric yet, Germany’s angry Finance Minister Wolfgang Schaeuble unloaded at a CDU event today:

  • SCHAEUBLE SAYS DOESN’T KNOW WHAT TO DO WITH GREECE NOW
  • SCHAEUBLE SAYS NEW GREEK GOVERNMENT HAS DESTROYED ALL THE TRUST THAT HAD BEEN REBUILT

He went on to explain that “no one I talk to sees how Greek approach can work,” which perhaps explains why Greek 3Y bond yields spiked back above 20% for the first time since the election today.

Some additional headlines: Continue reading »

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Mar 15

varoufakis finger
If the German media needed a photo-op which to put on their front pages and rile up public opinion against Greece even more, they just got it.

Varoufakis’ “Strategy”: “No Grexit, But Default Inside The Euro, And Stick The Middle Finger To Germany” (ZeroHedge, March 15, 2015):

In a recently uncovered speech by the Yanis Varoufakis that took place in May of 2013, and which was either ingenious or naive beyond comprehension – we can’t decide – or is simply the contradictory stream of consciousness of a financial expert who has become the epitome of saying one thing now, and its diametrical opposite 5 minutes later, the Greek finance minister explains why he was for a Greek default but against returning to the Drachma. Continue reading »

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Mar 11

Alexis-Tsipras

Tsipras Slams “Crimes Of Third Reich And Hitler’s Hordes”, Threatens Seizure Of German Assets (ZeroHedge, March 11, 2015):

Earlier today, despite fears that it may not find enough cash to fund its latest T-Bill rollover, Greece was able to sell €1.3 billion of three-month Treasury bills, covering the amount it wanted to refinance a maturing issue, in what Reuters dubbed was an “auction that tested its ability to raise funds amid a cash crunch.” The paper came at a higher cost as the T-bills were priced to yield 2.70 percent, up 20 basis points from 2.50 percent in a previous sale in February, the country’s debt agency PDMA said.

However, this latest funding appears to have brought Greek funds to a critical low level because roughly at the same time news broke that Greek Justice Minister Nikos Paraskevopoulos said he is ready to sign an older court ruling that will enable the foreclosure of German assets in Greece in order to compensate the relatives of victims of Nazi crimes during the Second World War. Continue reading »

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Mar 09

Mario-Draghi-laughingkuroda_0

Presenting The Buyers Of More Than 100% Of New German And Japanese Bond Issuance (ZeroHedge, March 9, 2015):

We already know that the Bank of Japan will monetize 100% or just over of all Japanese gross sovereign bond issuance (source). As for Germany, on a run-rate basis, and assuming allocation based on the abovementioned capital key, it means that for the next 12 month period, assuming no major funding changes in Germany, the ECB will swallow more than a whopping 140% of gross German issuance! Or, said otherwise, the entities who will buy more than all gross German and Japanese issuance for the next 12 months, are the ECB and the Bank of Japan, respectively. Continue reading »

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Mar 08

A Europe-U.S. Divorce Over Ukraine (Moon of Alabama, March 7, 2015):

The German government finally wakes up, a little bit at least, and recognizes the obvious fact that U.S. neocons want to drag Europe into a war. It is now openly blaming certain circles within the U.S. government and NATO of sabotaging the Minsk ceasefire agreement. Especially offensive is the fantasy talk of U.S. and NATO commander General Breedlove::

For months, Breedlove has been commenting on Russian activities in eastern Ukraine, speaking of troop advances on the border, the amassing of munitions and alleged columns of Russian tanks. Over and over again, Breedlove’s numbers have been significantly higher than those in the possession of America’s NATO allies in Europe. As such, he is playing directly into the hands of the hardliners in the US Congress and in NATO. Continue reading »

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Mar 07

Germany Has Had Enough With US Neocons: Berlin “Stunned” At US Desire For War In Ukraine (ZeroHedge, March 7, 2015):

While Russia’s envoy to NATO notes that statements by the deputy head of NATO testify to the fact that the leaders of the bloc want to intervene in Russia’s internal politics, and are “dreaming of Russian Maidan,” Washington has a bigger problem… Germany. As Der Spiegel reports, while US President Obama ‘supports’ Chancellor Merkel’s efforts at finding a diplomatic solution to the Ukraine crisis, hawks in Washington seem determined to torpedo Berlin’s approach. And NATO’s top commander in Europe hasn’t been helping either with sources in the Chancellery have referred to Breedlove’s comments as “dangerous propaganda.”

This is the view of Russia’s permanent envoy to NATO: Continue reading »

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Mar 05

IMF Director Admits: Greek Bailout Was “To Save German & French Banks” (ZeroHedge, March 4, 2015):

For the first time in public, though practically the entire world assumed it, an official from The IMF has admitted that the various Greek bailouts were not for The Greeks at all… “They gave money to save German and French banks, not Greece,” Paolo Batista, one of the Executive Directors of International Monetary Fund told Greek private Alpha TV on Tuesday. As KeepTalkingGreece reports, Batista then went on to strongly criticized not only the euro zone and the European Central Bank but also the IMF and the Fund’s managing Director Christine Lagarde for defending Europe much too much

Oops! “The Greek issues were not the best handled by The IMF… They put too much of a bruden on Greece and not enough of a burden on Greece’s creditors

Batista then urged Greece to directly negotiate with the IMF and favored the restructuring of the Greek debt that is been hold by the European partners. Continue reading »

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Mar 04

Buffett On Europe: Germany Must Stop Greek Dog Peeing On Its Carpet (ZeroHedge, March 3, 2015):

Not to be outdone by his partner Charlie Munger (who offended many with his comments that “gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939,”), Berkshire Hathaway’s Warren Buffett decides to take on Europe (and The Big Lebowski), and particularly the Greeks in today’s ‘perhaps it’s time to just STFU’ moment. Responding to questions about Europe’s future, Buffett compares Greece to a “dog peeing on the carpet” of Europe, suggesting Germany stop “rewarding behavior you want to get rid of.”

Buffett explains…

*  *  *

Quick question – just how far does one go to ‘punish’ the peeing dog before Animal Cruelty is called? Continue reading »

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Feb 27

FYI.


Copy of Mein Kampf signed by Adolf Hitler expected to fetch $25,000 at auction

After 75 Years, Hitler’s “Mein Kampf” Will Be Re-Printed In Germany (ZeroHedge, Feb 25, 2015):

Times, they are a’changing. For the first time in 75 years, according to multiple reports, CBS News reports, a new edition of Adolf Hitler’s “Mein Kampf” will be bound for sale in bookstores in Germany. While the book, long known as “the Nazi bible,” is widely available in the U.S. and much of the English-speaking world, it was for years banned from being reprinted in Germany over fears it would reignite the passions that plunged the country into World War II. Still, amid rising anti-semitism across Europe and a surge in nationalism, the timing is odd and as the head of Munich’s Jewish community exclaimed, “this book is most evil.Continue reading »

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Feb 24

TRoiKa SToCKHoLM SYNDRoMe…:

TRoiKa SToCKHoLM SYNDRoMe...


yanis schauble shaking hands

–  Troika “Happy” With Revised List Of Greek Reform Promises: Full Varoufakis Letter (ZeroHedge, Feb 24, 2015):

Update:

  • EU COMMISSION SAYS GREEK LIST `SUFFICIENTLY COMPREHENSIVE’
  • COMMISSION: GREEK LIST STARTING POINT FOR REVIEW CONCLUSION

So one can say that can has been kicked for another four months. Continue reading »

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Feb 23

schauble stare

nein nein nein

Why Germany Will Throw Up On The Greek “Reform Proposals”: Wage Hikes, Foreclosure Protection, “Red Lines” (ZeroHedge, Feb 23, 2015)

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Feb 23

Greece Misses 1st Commitment: Delays Reform List Delivery Until Tuesday (ZeroHedge, Feb 23, 2015):

Well that didn’t take long…

  • *GREECE TO SUBMIT LIST OF REFORM COMMITMENTS TO EU TOMORROW: OFFICIAL

So we are less than 3 days into the ‘new deal’ and Greece has missed its first deadline. We can’t help but wonder if the initial draft, just as we warned, was thrown up all over by the Germans.

As George Saravelos, strategist at Deutsche Bank notes: Continue reading »

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Feb 23

50 shades of greece

50 Shades of Greece (The Automatic Earth, Feb 22, 2015):

When it comes to the ongoing Greek question, I see a lot of people eagerly jump to conclusions, after the ‘debt deal’, that I don’t think are justified; certainly not yet. The overall conviction in the press seems to be that Syriza has given in on just about all fronts, and Germany and Dijsselbloem are the big winners.

But since that may well be the exact position Syriza wants ‘the other side’ to be in, where they think they have prevailed, one will have to try and think a few steps ahead before judging the situation. There’s far more grey area here than many pundits seem to assume, easily 50 shades of it. Continue reading »

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Feb 22

Germany Poverty Rate - Deutschland Armutsquote 2013

This European Nation’s Poverty Rate Just Hit A Record High (Spoiler Alert: Not Greece) (ZeroHedge, Feb 22, 2015):

For the last few years – and most especially the last few months – all eyes have been focused on Greece. From record poverty rates to record suicide rates and levels of youth unemployment, post-election emboldened hopes for a phoenix-like rebirth of a nation from the flames of Eurogroup repression were seemingly dashed on Friday. However there is another nation, that begins with the letter ‘G’ and that is at the heart of the EU-Greece talks that is suffering seemingly silently. As Newsweek reports, poverty in Germany is at its highest since the reunification of the country in 1990, with 12.5 million residents now classified as ‘poor’Continue reading »

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Feb 22

Petras-Book-image

The Assassination of Greece (Veterans News Now, Feb 21, 2015):

by Dr. James Petras

The Greek government is currently locked in a life and death struggle with the elite which dominate the banks and political decision-making centers of the European Union.What are at stake are the livelihoods of 11 million Greek workers, employees and small business people and the viability of the European Union.  If the ruling Syriza government capitulates to the demands of the EU bankers and agrees to continue the austerity programs, Greece will be condemned to decades of regression, destitution and colonial rule.  If Greece decides to resist, and is forced to exit the EU, it will need to repudiate its 270 billion Euro foreign debts, sending the international financial markets crashing and causing the EU to collapse. Continue reading »

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