Tag Archives: Greece

[unable to retrieve full-text content]As momentum builds in the developing deflationary spiral, we are seeing increasingly desperate measures to keep the global credit ponzi scheme from its inevitable conclusion. Credit bubbles are dynamic — they must grow continually or implode — hence they require ever more money to be lent into existence.

The Independent Evaluation Office of the International Monetary Fund released a critical report on IMF supported policies in Greece, Ireland and Portugal. It questions the legitimacy of certain decisions. The executive summary states that [t]he IMF’s pre-crisis surveillance mostly identified the right issues but did not foresee the magnitude of the risks … missed the build-up of banking system risks … shared the widely-held “Europe is different” mindset … Following the onset of the...

The Trump and Clinton election is set to be one of the "ugliest" and "messiest" U.S. elections ever, astute gold analyst Frank Holmes warned this week. He believes this is a reason to own gold and will be one of the factors that will see a resumption of gold's bull market after the summer doldrums which we explore below. Republican presidential candidate Donald Trump delivers a speech at the Republican National Convention on July 21, 2016 (Photo by John Moore/Getty Images) Gold...

Authored by John Mauldin via MauldinEconomics.com, While everyone was talking about Brexit last month, the Bank for International Settlements released its 86th annual report. Based in Basel, Switzerland, the BIS functions as a master hub for all the world’s central banks. It settles transactions among central banks and other international organizations. It doesn’t serve private individuals, businesses, or national...

Via The Mises Institute, [An interview with Hans-Herman Hoppe in the Polish weekly Najwy?szy Czas!] What is your assessment of contemporary Western Europe, and in particular the EU? All major political parties in Western Europe, regardless of their different names and party programs, are nowadays committed to the same fundamental idea of democratic socialism. They use democratic elections to legitimize the taxing...

Gold Surges 15% To £968 Per Ounce – BREXIT Creates EU Contagion Risk – Sterling and euro have fallen sharply on fx markets– Gold bullion surged 20% in sterling to £1,015/oz– Gold now 15% in higher in GBP at £967 per ounce– Gold 8% higher in EUR and 5% higher in USD– Stocks globally are down sharply – FTSE down 9%– European stocks down sharply– Euro Stoxx 50 Futures collapsed over 11% at the open– Bank shares are down 20% to 25%– Cameron has resigned – adding to uncertainty in markets–...

Werner’s main points: The “EU Movement” has been created by the US Government and their secret services in order centralise their influence over Europe. Big business, banks, central banks and the IMF want to excercise their power through unelected officials. The free trade area with the EU is beneficial and will surely be maintained, even in the Brexit case. The election outcome is not so clear as it seems to the...

The IMF’s debt sustainability analysis paints a bleak picture … about previous IMF assessments and about the prospects for Greece.

On the FT’s Alphaville blog, Matthew Klein reports about discrepancies between IMF and Greek (and EU) assessments of Greek net indebtedness. The IMF appears to report lower Greek financial asset holdings than the Greek Central Bank. Matthew Klein quotes the Greek Central Bank: We would like to clarify that the Bank of Greece compiles its financial accounts, from which data on the general government’s net debt are derived, according to European standards. The Bank of Greece’s data are...

After yesterday's US and UK market holidays which resulted in a session of unchanged global stocks, US futures are largely where they left off Friday, up fractionally, and just under 2,100. Bonds fell as the Federal Reserve moves closer to raising interest rates amid signs inflation is picking up. Oil headed for its longest run of monthly gains in five years, while stocks declined in Europe. Treasuries retreated in the first full day of trading since Yellen said late Friday that the improving...