At least that is the question posed by Ambrose Evans-Pritchard in his column today, where he accurately points out that while a bankrupt Greece can get away with borrowing at 5% courtesy of the IMF bailout package, as of today Ireland’s 10 year rate is 5.48%. Ambrose attributes this to the Greeks savvy knack of scaring . . . → Read More: Why Are The Irish Not Rioting And Insulting The Germans Yet?
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The U.S. is broke! Americans, both the public sector as well as the private sector, have fallen into the debt trap spending far more than they make for many of the past boom years – now we must dig our way out. Stock prices and market averages reflect the future earnings of companies, but these future . . . → Read More: The Old U.S. Has Fallen Egon von Greyerz, founder of a gold investment company, spoke with CNBC this morning about the downfall of Western civilization. 0:45 The credit growth since the end of the Gold Standard, along with consumer debt, and the wealth we’ve created in the last 40 years is based on credit, not on “good times.” Spiegel Online International reports Tensions Rise in Greece as Austerity Measures Backfire This dire prognosis comes even . . . → Read More: Greece Enters Death Spiral A look at the key economic events in the relatively quiet week ahead from the perspective (and benchmarks) of Goldman Sachs. Week Ahead European developments As mentioned, the better than expected 2Q Eurozone GDP numbers on Friday failed to lift EUR/$, which ended the week 4% lower. As highlighted in Friday’s Daily, we do see near term risks . . . → Read More: Upcoming Weekly Calendar One of the classic comedy themes of the year has been Goldman’s series of failed recommendations on the EURUSD, where the hedge fund has had about a 1 out of 10 “success” rating (for its clients). Today, the Markets Strategist Mark Tan recaps the firm’s 3, 6 and 12 month forecast on the EURUSD, which are, . . . → Read More: Goldman’s EURUSD Forecast Is Now Most Erratic Ever As I have warned ad nauseum, the problems in Europe are being signicantly underestimated. From CNBC: Spain Jobless Rate up to 20.09 Percent Spain’s unemployment rate rose Look, things are out of control and we all know it. We know austerity measures are coming globally, wars are most likely inevitable and we can be guaranteed the MSM will be controlling your news feed to supplant the governments agenda so we all remain calm and orderly while being raped by the banksters and Wall . . . → Read More: Examples Of Our Socialist State Greek public unions, upset over austerity measures and benefit reductions, have once again gone on strike (their favorite pastime). This go around, air traffic has been delayed and 89 flights were canceled and another 109 rescheduled, stranding tourists. In response, the Greek government is offering to pay costs incurred by travelers affected by the strikes. The Guardian discusses . . . → Read More: Greece Needs Ronald Reagan’s PATCO Play Via Pension Pulse. As the Greek |
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