Good On You, Greece – But Don’t Waver Now (Part 2)

Priv 1a

Yesterday the embattled Greeks delivered still more body blows to the rotten regime of Keynesian central banking and the crony capitalist bailout state to which it is conjoined. By defaulting on its IMF loan, walking away from the troika bailout program and taking control of its insolvent domestic banking system, Alexis Tsipras and his band of political outlaws have shattered a giant illusion. Contra Corner – by David Stockman ... Read More »

Why Greece Never Got A Fair Chance

Sony Kapoor 1a

Despite having experienced an angry German government almost push Greece out of the Eurozone in 2012 first hand, I never thought we would be standing at this crossroads again. It took many of us – advisers, EU technocrats, American politicians and some academics several weeks to convince the key-decision makers in Berlin not to pull the trigger, and it was ... Read More »

Newsflash: Working Is the Best Antidote for Poverty

Warren Buffett & Obama 1a LLLLL

Warren Buffett recently opined that economic growth no longer benefits low-income workers. His solution? Not to hike the minimum-wage—which he knows eliminates jobs—but to expand the Earned Income Tax Credit (EITC). The National Interest - James SherkPaul Winfree * Buffett is wrong. Economic growth has considerably benefited low-income workers, while the EITC has problems as an anti-poverty tool. It has even ... Read More »

Abe Tackles World’s Heaviest Debt Burden

Bud 1a

Japanese Prime Minister Shinzo Abe is set on Tuesday to sign off on a plan to curb the world’s heaviest debt burden. BloombergBusiness - by Masaaki Iwamoto To approach his balanced budget target by 2020, Abe has to cap spending growth, get economic expansion to a level Japan hasn’t seen since 1991, and stoke inflation that’s near zero. And consumers — who pushed Japan ... Read More »

UK Consumer Confidence Surges To 15-Year High In June: GfK

Sale up to 50 per cent 1a Reuters Luke MacGregor LLLL

British consumer morale surged to its highest in over 15 years this month as shoppers said they were ready to spend, a survey showed on Tuesday, adding to signs that growth is picking up after a weak start to the year. International Business Times – By Reuters, Luke MacGregor British household spending, the main driver of the country’s robust economic ... Read More »

Greece in chaos: will Syriza’s last desperate gamble pay off?

Syntagma protest 1a closed to wall LLLL

The banks are closed, the bailout referendum is looming – and Europe’s only far-left government is struggling to hold on to its mass support. In less than a week, it will either be triumphant or finished The Guardian - Paul Mason @paulmasonnews If it all ends on Monday, with the Greeks voting for austerity in order to keep the euro, the ... Read More »

Europe’s Attack On Greek Democracy

Joseph Stiglitz 1a L

The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more ... Read More »

China stocks extend rout as Shanghai index prepares for bear market

Investors 1a LLLL

China’s stocks sank in volatile trade, with the benchmark index poised to enter a bear market, as an interest-rate cut over the weekend failed to stem the nation’s biggest rout since 1996. Kyoungwha Kim The Shanghai Composite Index tumbled 3.8 per cent to 4035.48 at the morning break, taking declines from its June 12 peak to more than 20 per cent. ... Read More »

The Next Few Days Have the Potential to Transform Greece and Europe

Burning euronote 1a by Alkis Konstantinidis LLLLLL Reuters

As it turns out, the Greek crisis ends not with a bang, but with a referendum. The New York Times - Neil Irwin It has been easy to ignore the doings in Greece for the last few years, with the perpetual series of summits in Brussels that never seem to resolve anything. But it’s time to pay attention. These next ... Read More »