Tuesday, March 3, 2015
Posted by Yves Smith at 6:58 am |
Yves here. There’s been a heated debate among members of the commentariat as to whether the latest proposal by the Greek government to the Eurogroup ministers was a significant concession or a carefully worded formulation that did not give much ground. This interview with Dimitri Lascaris, a top securities lawyer in Canada, gives a nuanced discussion of that issue, including the politics on the Greek and German sides.
Funny how there’s little hue and cry when corporate subsidies like development programs wind up throwing taxpayer money away.
Beware of analyses that tell you that inequality is not rising.
Today’s Water Cooler: Democrats’ weak bench, Jebbie’s Iraq non-apology apology, LeNovo’s Superfish malware debacle, identity of the gonad
In a bit of synchronicity, two new papers confirm the long-held suspicion that Wall Street is sucking the life out of Main Street.
Posted by Yves Smith at 6:59 am |
Obama Administration Throws Greece Under the Bus; ECB Leak Recommends Capital Controls; Greece Weighing Capitulation (Updated: Germany Rejects Greek Proposal)
Things are not going well for Greece. It appears Syriza has largely capitulated to the demands of the Troika.
Devon Energy shows how companies are pumping even more oil with fewer rigs and lower investment, perpetuating the oil oversupply.
Greece is facing a cash shortfall even sooner than expected.
Today’s Water Cooler: Recycled Clinton narratives, 3rd Brigade Combat Team to Kuwait, why all that snow, Yanis Varoufakis, erratic Marxist
The ECB seems to be keeping Greece on a short leash by approving only a small increase in the ELA.
As Greece’s struggles to secure relief from impossible-to-pay-debt that served to prop up otherwise insolvent French and German banks, and to be permitted to implement measures to reduce distress and restore growth, more and more observers are recognizing that this is really a struggle over democratic self-control versus rule by an unaccountable technocracy with inflexible rules, using finance as their enforcement weapon. This speech in the European Parliament today by UKIP leader Neil Farage echoes some of the themes of Mathew Rose’s post. Rose also explains how the many Germans justify the counterproductive destruction of a society that they have turned into a vassal state.
Posted by Yves Smith at 6:55 am |
Some Republican Senators are having a field day, and rightly so, over the fact that Obama’s attorney general nominee, Loretta Lynch, looks to have allowed bank giant HSBC, and more important, its executives and officers, off vastly too easy in a massive money-laundering and tax evasion scheme. And where are the inquisitive Democratic senators to be found?