BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely
The ECB has decided to lower the boom on Greece.
Read more...Author Archives: Yves Smith
Links 6/27/15
Tsipras’ Bailout Referendum Sham
At 1:00 AM in Athens on Saturday morning, Greek prime minister Alex Tsipras announced that Greece would hold a referendum on July 5 on whether to accept the terms provided by the creditors in order for Greece to obtain €7.2 billion in “bailout” funds as the final part of a loan package provided to Greece in 2012.
The bailout in fact expires on June 30. It is too late for Greek voters to have any say on the Greek government’s posture in the negotiations. So what was this ploy meant to achieve?
Read more...Detroit: A Case Study of Oligarchs and Vigilantes Taking Over Public Safety in a Big City
In Detroit, safety is a privilege enjoyed by the white and wealthy.
Read more...College Is Wildly Exploitative: Why Aren’t Students Raising Hell?
Colleges wear the cloak of liberalism, but in policy and practice, they often embody a corrupt and cutthroat system of power and exploitation
Read more...Links 6/26/15
The Bankruptcy of America’s Elites
Why America’s elites have failed.
Read more...The Growing China-Latin American Energy Relationship
China has made a concerted effort to expand energy links in Latin America, especially in form of oil-backed loans.
Read more...Caymans Exposed: Tax Havens Lucrative for Big Finance, Leave Only Crumbs for Locals
Being a tax haven isn’t all it is cracked up to be.
Read more...Links 6/25/15
Greece Bailout Deal Looks Even More Remote
Greece’s creditors made a remarkably harsh proposal after the ruling coalition crossed some of its red lines. Is this a plot to break the government?
Read more...Cringley on How the Bogus Shareholder Value Theory is Wrecking the Computer Industry (and America Generally)
Why the bogus idea that managers should focus on “maximizing shareholder value” is driving the American IT industry into the ditch.
Read more...What if the Euro Area Falls into Serious Deflation?
Why structural reforms will not ward off deflation in Europe.
Read more...Economists, Wall Street Upset About Stingy Millennials
Stingy spending and investing behavior by millennials is a part of the New Normal that the officialdom would like to ignore.
Read more...TPP: 13 Democratic Senators Invite Republicans to Make Them Laughing Stocks and More Serious Matters
Despite the Obama victory in the Senate yesterday on the TPP, the bill still has some remaining hurdles to surmount. Can it be beaten?
Read more...