Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Just a few hours ago Greek PM Tsipras addressed his nation imploring then to “remain calm” and reassuring them that their “deposits were safe.” It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until…
Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras says. Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Mr Tsipras said Greek deposits were safe. Greece is due to make a €1.6bn (£1.1bn) payment to the International Monetary Fund…
Britain’s top credit rating is at risk because of Prime Minister David Cameron’s planned European Union referendum, according to Standard & Poor’s. In a statement on Friday, S&P lowered the outlook on the country’s AAA rating to “negative” from “stable.” That means there’s a one-in-three chance of a downgrade in the next two years. It…
“We believe in a strong dollar policy.” It’s a phrase that’s been stated seemingly since the beginning of time. It was famously in vogue during the 1990s when many, including U.S. Treasury Secretary Robert Rubin, would recite the hope and fond wishes of this world-be-damned policy. Secretary John Snow also believed in a strong dollar even as it descended…
Yesterday, Iceland’s prime minister, Sigmundur Gunnlaugsson, announced a plan that will essentially close the books on his country’s approach to handling the financial crisis — an approach that deviated greatly from the preferences of global financial elites and succeeded quite well. Instead of embracing the orthodoxy of bank bailouts, austerity, and low inflation, Iceland did just…
The Obama administration’s desire for “fast track” trade authority is not limited to passing the Trans-Pacific Partnership (TPP). In fact, that may be the least important of three deals currently under negotiation by the U.S. Trade Representative. The Trans-Atlantic Trade and Investment Partnership (TTIP) would bind the two biggest economies in the world, the United States and…
12/21/2014 Font: – + The End of Tolerance? Anti-Muslim Movement Rattles Germany By SPIEGEL Staff REUTERS Members of the loosely organized “Patriotic Europeans against the Islamization of the West,” gather at a major protest in Dresden in eastern Germany on Dec. 8. Disenchanted German citizens and right-wing extremists are joining forces to form a protest…
A humanitarian crisis is developing in Europe as refugees traveling through Libya and other countries seek to enter the European Union via the Mediterranean Sea, resulting in a tragic loss of life for those on overcrowded boats. Most people are fleeing countries in the Middle East and Africa, either because of civil war (Syria and…
First Look: U.S. Dollar Substitute to Go Public on Oct 20th? 04.23.2015 BY Kelly Brown, Stansberry Research IMF headquarters in Washington D.C. expected to release huge money announcement Oct 20th Learn more… The International Monetary Fund is one of the most secretive and powerful organizations in the world. They monitor the financial health of more than 185…
Just yesterday, German FinMin Schaeuble bent the truth, proclaiming that there was no sign of contagion from Grexit concerns. Today, it appears, he will be eating his words, as Italian, Spanish, and Portuguese bond spreads have exploded higher (up 15-30bps this week) amid the collapse of Greek sovereign and bank bonds. It’s not just…