ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 14 09:27

Greece goes on strike: Civil service workers announce 24-hour walkout after government gives in to creditors... as summit insider reveals leaders' furious rows in tense talks

Greek civil service workers have announced a 24-hour strike in the wake of today's bailout deal amid insider claims that Prime Minister Alexis Tsipras was 'crucified' during marathon overnight talks.

The union, Adedy, wants workers to protest the terms of the agreement Tsipras negotiated with Greece's creditors when their country's parliament votes on the measures needed to receive a crucial third bailout on Wednesday.

While striking a deal was considered vital to securing Greece's future within the euro and preventing the country's economy collapsing, Tsipras agreed to rush key measures on tax hikes, pension reforms, and a debt repayment fund through parliament.

An eurozone official was quoted by the Financial Times as saying: 'They crucified Tsipras in there. Crucified.'

Jul 14 09:16

Varoufakis: Greek Deal Is "Coup", Turns Greece Into "Vassal" State, And Deals "Decisive Blow" To European Project

Europeans, even those who give not a damn for Greece, ought to beware.The Euro Summit statement of yesterday morning has nothing to do with economics, nor with any concern for the type of reform agenda capable of lifting Greece out of its mire. It is purely and simply a manifestation of the politics of humiliation in action.

Jul 14 09:04

Merkel's CDU hardliners still unhappy with Greek bailout deal

Logically, then, German politicians should be delighted with the outcome of the Brussels talks. Assuming that Greece's parliament passes the draconian measures the EU is demanding, Merkel ought to have no trouble getting the support of her Christian Democratic Union so that she can persuade the Bundestag to let her continue bailout talks.
Brüssel EU Regierungsgipfel zu Griechenland Merkel Tsipras Hollande

"I'm not so sure," says Olaf Boehnke, head of the Berlin office of the European Council on Foreign Relations think tank. "I was in the CDU parliamentary party in the Bundestag this morning, and it's an unbelievably emotional issue there."

For many in Merkel's conservative party, the thought of giving Greece any kind of bailout at all is complete anathema. "The people there are sick of it," Boehnke told DW. "The way that Tsipras has acted has annoyed a lot of people. A lot of the party are saying we are not going to play along."

Jul 14 08:59

PRIVATE PRISON OPERATOR GEO ACCUSED OF PAYING FORCED LABOR $1 A DAY

One of the nation’s largest private prison operators is being sued for forcing immigrant detainees to work for a dollar a day, and in some cases even less than that. GEO Group Inc., which contracts with the government to imprison illegal immigrants awaiting deportation proceedings, has allegedly forced detainees held at its facility in Colorado to do maintenance work while paying them only $1 a day. The chores included cleaning toilets, showers, windows and floors; doing laundry, clerical and landscape work; operating the law library; plus preparing and serving meals for GEO law enforcement events, according to ThinkProgress.

Jul 14 08:33

Greece is being treated like a hostile occupied state

Like the Neapolitan Bourbons – benign by comparison – the leaders of the eurozone have learned nothing, and forgotten nothing.

The cruel capitulation forced upon Greece after 31 hours on the diplomatic rack offers no conceivable way out the country’s perpetual crisis. The terms are harsher by a full order of magnitude than those rejected by Greek voters in a landslide referendum a week ago, and therefore can never command democratic assent.

They must be carried through by a Greek parliament still dominated by MPs from Left and Right who loathe every line of the summit statement, the infamous SN 4070/15, and have only agreed – if they have agreed – with a knife to their throats.

EMU inspectors can veto legislation. The emasculation of the Greek parliament has been slipped into the text. All that is missing is a unit of EMU gendarmes.

Jul 14 07:39

3 Big Reasons Why The ‘Greek Debt Deal’ Is Really A German Trap

This “deal” was not drafted with the intention of “saving Greece”. As I explained in my previous article, these negotiations were all about setting up Greece for eviction from the euro. You see, the truth is that Greece desperately wants to stay in the euro, but Germany (and allies such as Finland) want Greece out. Since Germany can’t simply order Greece to leave the euro, they need some sort of legal framework which will make it possible, and that is what this new “deal” provides. As I am about to explain, there are all kinds of conditions that must be satisfied and hurdles that must be crossed before Greece ever sees a single penny. If there is a single hiccup along the way, and this is what the Germans are counting on, Greece will be ejected from the eurozone. This “deal” has been designed to fail so that the Germans can get what they have wanted all along.

Jul 14 07:15

Putin Leads BRICS Uprising

Let’s cut to the chase: Leaders of the BRICS (Brazil, Russia, India, China and South Africa) realize that global security cannot be entrusted to a country that sees war as a acceptable means for achieving its geopolitical objectives. They also realize that they won’t be able to achieve financial stability as long as Washington dictates the rules, issues the de facto “international” currency, and controls the main levers of global financial power. This is why the BRICS have decided to chart a different course, to gradually break free from the existing Bretton Woods system, and to create parallel system that better serves their own interests.

Jul 14 06:12

SANTA CRUZ COUNTY DECIDES TO DO AWAY WITH BIG BANKS

The Board of Supervisors in Santa Cruz County, California, have taken a bold step. The County has decided that they will not do business, including investment services or bond issuances, with five major banks that the Justice Department found to be associated with felonious acts in May of this year.

Jul 14 06:09

Greece ‘austerity deal’ explained in 1-minute video

*hyperlinks/videos live at source*

hat tips: What Really Happened, Zero Hedge

https://www.youtube.com/watch?v=WpE_xMRiCLE

Appropriately for Greece being known as a birthplace of democratic ideals, Star Wars was created by George Lucas to tell the story of democracy devolving into vicious psychopathic empire. Real-world Greece (and here) is subject to vicious psychopathic wanna-be lords who only and always create debt owed to them, then demanding public austerity as the OBVIOUS mechanics of adding negative numbers forever only and always increases total debt.

The punchline of satire (my attempts here) and real-world is the same:

Be willing work-animals/slaves or die.

The .01% literal psychopathic “leaders” (and here) control today’s empire the very same as you read in high school history classes by controlling:
government leadership for policy and law enforcement (including unlawful and lie-began wars),

Jul 14 06:07

IT STARTS: GREEKS REBEL AGAINST BAILOUT, RISK COLLAPSE

Greece’s union of civil servants, Adedly, called for a 24-hour strike on Wednesday, and for a series of demonstrations, the first one tonight at Syntagma Square, just below the Parliament, and another one on Wednesday evening, when Parliament is expected to vote on the new, even tougher, and immensely hated bailout package. The union for local government employees, Poe-Ota, also called for a 24-hour strike on Wednesday, the AFP reported. Two other demonstrations against austerity and the “euro” are planned for Monday night, one organized via social networks, the other by Antarsya, an anti-euro party that didn’t make it into Parliament.

Jul 13 19:50

British taxpayers will be liable for £1BILLION of emergency loans to Greece as European Commissioner tears up 'black and white' deal to protect UK from bailout bills

Chancellor George Osborne will today attempt to fight off a European bid to force the British public to contribute almost £1billion towards any bailout of Greece.

Sources close to Jean-Claude Juncker, the arch-federalist European Commission president, say he wants the UK to release the funds as part of emergency loans to the country.

But this would break an agreement made by David Cameron in 2010 that Britain would not have to pay, because it is not a member of the eurozone. Commission officials say this deal was nothing more than a ‘political’ accord with no legal force.

Jul 13 19:17

US Automakers Worst Nightmare: Chinese Auto Inventories Explode In May

A week ago we exposed the massive number of cars piling up in GM's parking lots in China. A few days later, we note that Chinese auto sales have collapsed at the fastest rate in 3 years and an increasing number of new orders are being cancelled as the stock market crashes. But the triple whammy for US auto manufacturers - who have incessantly pitched China as their growth engine - is news from Huaxia Times that China's import car dealers saw inventory days reach a mind-blowing 143 days in May. For context, the normal average has been 24-36 days. Once again it appears the serial extrapolators at the automakers, excited by the serial extrapolators at the big banks have excitedly mal-invested right at the turn.

Jul 13 18:13

Judge Halts Merger of Two of the Largest Food Corporations on the Planet

Sysco and US Foods have been trying to merge for over a year now, but just weeks ago, a judge filed a preliminary injunction to halt the proposed merger. This amounts to a fatal blow to two companies that have already done more than their part to ruin the food supply.

Jul 13 18:04

U.S. Government Would Have to Spend Less to Make Public College Tuition-Free Than it Spends On Financial Aid

Hard to believe, but apparently it would cost “only” about $62 billion to make public college tuition free, versus the $69 billion or so that the US Government spends on financial aid and other college programs.

Jul 13 15:45

Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs

There is no democracy in Europe. None.

Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the programme – this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.

“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer. The only interpretation I can give [of their view] is, ‘Yes, that would be a good idea, but it would be difficult. So you either sign on the dotted line or you are out.’”

Any questions?

Jul 13 15:44

'Austerity Has Won': Greece Submits to Divisive Reforms

After 31 hours of tense weekend talks—and five years of crippling austerity—Greece and its foreign creditors have struck a deal: an €86 billion bailout that will keep Greece in the Eurozone in exchange for controversial economic reforms that include tax hikes, pension overhauls, and severe budget cuts if the nation misses fiscal targets imposed and monitored by the so-called Troika.

Jul 13 14:46

Billionaire Warns Of Bloody Revolution

Jul 13 14:41

Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent

One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks. This in turn could lead to a shake-up of the sector that could see some banks close, with losses pushed onto bondholders and possibly even large depositors. In such circumstances, there would be little that Athens could do to prevent this.

Jul 13 13:59

Government legislation puts more jobs at risk

Industry leaders have claimed that up to 3,150 construction workers could face unemployment if new Government legislation is introduced. The job cuts will predominantly affect small, privately owned UK businesses.

Jul 13 12:59

Even The Players Are Losing Faith In Their Own Shenanigans

What is on display more brightly and clearly than ever, though, is the utter fakery of international banking. The players have lost faith in their own shenanigans. They simply go through the motions now awaiting the political fallout, which is to say the revolt of the people who can still do arithmetic. So, now Greece can supposedly expect another $90bn-equivalent in new loans on top of the $350bn-equivalent already racked up. That’s rich. The loan repayment schedule must look like a map of Middle Earth.

Jul 13 12:09

What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure And Most Certainly Banks"

With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in Greek assets in a liquidation fund.

Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

Jul 13 12:09

US Aid To El Salvador Came With Strings Attached: Monsanto Seeds Required

Farmers and activists for natural agriculture in El Salvador successfully resisted efforts by the U.S. government to tie foreign aid to the use of GMO seeds, in the latest attempt to link relief money with profits for Monsanto, the controversial multinational agribusiness giant.

In 2013, the U.S. offered El Salvador $277 million in aid through the Millennium Challenge Corporation, a foreign aid agency established under President George W. Bush. Then, in 2014, Dahr Jamail reports for Truthout, U.S. officials started putting increased pressure on the Central American country to make “economic and environmental policy changes” in return for receiving the next phase of the aid package. A key part of the disagreement involved programs to provide locally produced seeds to poor farmers, which officials argued violated the Dominican Republic-Central America Free Trade Agreement by favoring local products over those produced by multinational corporations.

Jul 13 12:08

LAPD Use Desperate Females Begging For Rides to Entrap Uber Drivers

Despite not going through the Uber app, she tells you she's in a hurry, asks you to book the ride on your own phone and begs you to drive "across the street" to her friend.

When you comply, all the sudden you're surrounded by a gang of cops who accuse you of acting as a "bandit cab" driver -- someone who takes money under the table for rides, rather than funnel cash through Uber and in turn, the state's taxing authorities -- then you're placed under arrest and your car is impounded.

This is the tactic the LAPD is using to bust unsuspecting Uber drivers on petty statute violations.

Jul 13 12:00

Euro Zone Leaders Reach Agreement To Rescue Greece

Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euros bailout to keep the near-bankrupt country in the single currency.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

"Clearly the Europe of austerity has won," Greece's Reform Minister George Katrougalos said.

Webmaster's Commentary: 

I expect rioting in Greece as the people realize Tsipras has broken his promises. My sympathies are with the Greek people!

Jul 13 11:58

Puerto Rico Meets With Creditors As Default Looms

Investors in Puerto Rico hope to get specific information about how the commonwealth plans to restructure debt when government officials meet with creditors on Monday, but there are fears that any bungled messaging could knock bond prices.

Puerto Rico Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt on Jun 29, saying he wants to restructure debt and postpone bond payments.

Jul 13 11:58

Greek PM Tsipras Agrees to Key Demands of Eurozone Leaders

In what many are calling a complete surrender, Tsipras' agreement to a 50 billion euro privatization fund and much more could split Syriza and lead to new Greek elections -

Webmaster's Commentary: 

Or another civil war!

Jul 13 11:22

The Problem of Greece Is Not Only a Tragedy. It Is a Lie

An historic betrayal has consumed Greece. Having set aside the mandate of the Greek electorate, the Syriza government has willfully ignored last week’s landslide “No” vote and secretly agreed a raft of repressive, impoverishing measures in return for a “bailout” that means sinister foreign control and a warning to the world.

Jul 13 11:09

Detroit shipping container model homes near completion

Jan Dijkers, and associate broker with The Loft Warehouse, said the units will sell from between $150,000 for the smallest, 640-square-foot unit to $350,000 for the largest, 1,800-square-foot units.

Webmaster's Commentary: 

$150,000 to live in a shipping crate! That is the face of fascism in the US!

Jul 13 11:07

GMO's Montier Shifts To 50% Cash, Sees 3 "Hellish" Scenarios For Markets

"This is definitely the most difficult time to be an asset allocator," warns GMO's James Montier, telling conference attendees in Munich that he hasn't been this risk-averse since 2008. Having warned six months ago that "stocks are hideously expensive...in a central bank sponsored bubble," Montier sees three different "hellish" scenarios and as CityWire reports, warns investors, "I think it's best to stand a bit and hold onto some dry powder," despite the groupthink idolatry being practiced around the world.

Jul 13 11:07

Why NATO Fears 'Grexit'

With Greece tottering on the brink of leaving the Eurozone, experts of all stripes have been debating Grexit's security implications, including Athens' relationship with NATO. While naysayers argue that the geopolitics behind Grexit "are actually pretty boring," others warn that the implications for the bloc could be far more serious.

Jul 13 11:06

TTIP Negotiators to Engage Interested Stakeholders on July 15

The Transatlantic Trade and Investment Partnership (TTIP), a US-advocated pact, seeks to create the world's largest free trade zone. However, there are concerns that TTIP will take trade controls away from local governments and give them to international corporations.

Jul 13 11:03

John Oliver: How Sports Teams Are Ripping Us Off

“The vast majority of stadiums are made using public money,” said Oliver, citing a report from 2012 stating there’s been “$12 billion spent on the 51 new facilities opened between 2000 and 2010.”

“Which begs the question: Why?” he asked. “Sports teams are wealthy businesses with wealthy owners and they still get our help. Two years ago, Detroit got approval to spend more than $280 million in taxpayer money for a new arena for the Red Wings just six days after the city filed for bankruptcy—even though the Red Wings owner is Mike Ilitch, the founder of the Little Caesar’s pizza chain, who’s worth an estimated $5.1 billion. That’s a little hard to swallow.”

Jul 13 10:57

Middle East Turning Net Borrowers?

Further evidence that 2015.75 is really the peak in a Massive Debt Bubble, the Middle East has been always on a cash basis. Their revenues from oil exempted them from ever borrowing money. That is not the case today.

As oil prices rose, spending programs also anticipated no end in site. So as oil peaked and has begun a technology-shift bear market, those spending programs are causing budget deficits to appear in the Middle East for the first time. Not only has Saudi Arabia issued it first bond issue of $4 billion to cover budget deficits, Other countries may follow in the region.

Jul 13 10:56

How German Media See The New Greek 'Deal'

Jul 13 10:51

AGreekment: 'Unanimous' decision over Greek crisis reached

Jul 13 10:30

Godfather Ellison’s Protection Racket

On Friday, two business journals ran stories on Oracle’s latest tactic for selling its lagging cloud services. The articles should serve as a warning to business readers, as they say in effect, “If you’re using Oracle software to run your businesses, you should consider running an internal audit to ascertain you’re in compliance, because you don’t want to be caught out of compliance if Redwood City’s goon squad pays a visit.”

It appears that one of the tactics being used by Larry Ellison and his minions to sell the cloud is a new twist on the old protection racket. This shouldn’t surprise. Ellison didn’t become California’s richest person by playing nice — it doesn’t work that way.

Webmaster's Commentary: 

Sure, if the computer industry can't actually write good software, just use politics and pressure to close the deal!

Remember the Obamacare website? They spent 3/4 of a billion dollars building it and it is as screwed up as the new WRH!

Jul 10 19:05

Kim Kardashian, Financial Genius?

Kim Kardashian West may be financially smarter than we all thought.

Jul 10 19:04

Backpage.com No Longer Supported by Visa, Mastercard Sales

The two credit card giants, Visa and Mastercard, have decided to no longer allow cardholders to purchase anything from the online retailer Backpage.com.

Jul 10 19:03

The Doctor Shortage

One of the many problems created by the Afforable Care Act, aka Obamacare, is the newly realized problem of too many patients and not enough doctors.

Jul 10 19:02

U.S. Navy to Begin Offering 18 Week Paid Maternity Leave

The U.S. Navy recently announced that it has decided to allow female sailors and Marines to take up to 18 weeks of paid time off within 1 year of the birth of their child.

Jul 10 18:02

London Property Market Crashing

Jul 10 16:16

China Reveals The Perils Of Leverage

Jul 10 15:41

Bare Supermarket Shelves In Greece Should Be A Huge Wake Up Call To Millions Of Clueless Americans

What you are watching unfold in Greece right now is eventually going to come to your own neighborhood. Someday, people living all around you will be storming the supermarkets in a desperate attempt to secure the food and supplies that they neglected to store up when they had the chance. Of course the Greeks never thought that it would happen to them either. Their civilization had endured for thousands of years, and they were a part of the most powerful economic alliance on the face of the planet.

Most Greeks never imagined that they would be plunged into a multi-year economic depression that would ultimately lead to “bank holidays”, long lines at ATM machines, and people diving into dumpsters in a frantic search for something to sell. And this is just the beginning of the chaos in Greece – things are going to get much, much worse for them.

Jul 10 15:27

Someone Pull The Plug Or This Will End In War

Yes, it’s still entirely possible that Tsipras submitted this last set of proposals knowing full well they won’t be accepted. But he’s already gone way too far in his concessions. This is an exercise in futility.

It’s time to acknowledge this is a road to nowhere. From where I’m sitting, Yanis Varoufakis has been the sole sane voice in this whole 5 month long B-movie. I think Yanis also conceded that it was no use trying to negotiate anything with the troika, and that that’s to a large extent why he left.

Yanis will be badly, badly needed for Greece going forward. They need someone to figure out where to go from here.

Just like Europe needs someone to figure out how to deconstruct Brussels without the use of heavy explosives. Because there are just two options here: either the EU will -more or less- peacefully fall apart, or it will violently blow apart.

Jul 10 14:08

A 12 Step Guide to the EU’s Crisis of Political Responsibility

Progressive social movements have long expressed support for ‘another Europe’. Their almost unanimous support for the Greek referendum’s ‘no’ vote against the Troika proposal for further austerity policies speaks volumes about the frustration of building a Europe from below.

Jul 10 14:05

Protesters gather as Greece debates austerity

Jul 10 14:04

Greek PM Tsipras seeks party backing after abrupt concessions

The latest reform package was strikingly similar to the terms Greeks rejected in a referendum just last Sunday, angering members of the Syriza's hardline Left Platform wing. Five of them signed a letter saying it would be better to return to the drachma, Greece's pre-euro currency, than to swallow more austerity with no debt write-off.

Jul 10 13:19

Stampede at Clothing Giveaway Kills at Least 20 in Bangladesh

Police say a clothing giveaway in Mymensingh, Bangladesh, a city north of the capital, ended in the deaths of at least 20 people on Friday when a stampede broke out among hundreds of people trying to rush through narrow factory doors in order to get free clothing.

Jul 10 12:49

Confusing Congressional Food Stamp Cut Strikes In Michigan

Nobody could tell Audrey Webster of Clinton Township, Michigan, why her monthly food stamps went down from more than $100 to just $16 in February. The letter she received didn't say much.

"It said they would be cut, that's all," Webster, 63, told HuffPost. She said she didn't get much more information when she called the Michigan Department of Health and Human Services.

"They just told me that it was cut for the government's reasons," she said.

The culprit is Washington. The farm bill President Barack Obama signed into law last year came with small reductions to the Supplemental Nutrition Assistance Program. Republicans pushed for steep cuts, arguing that food stamps were going to too many able-bodied adults who didn't have children and didn't have jobs. They pointed to a San Diego surfer who used his benefits for lobster and refused to get a real job. Democrats agreed to more modest cuts.

Webmaster's Commentary: 

What is this woman supposed to do, dumpster dive for food to survive?!?

Most of the major food banks in this country are either completely tapped out, or running out of food on food distribution day. Trust me, I know: Mike and I support a local food bank, co-sponsored by my church and the local Catholic Church. It is always a race to make sure we have enough bags to provide for all the clients, characterized as "food insecure" by the state of Hawaii.

And the jobs?!? It's a "fuggetaboutit" moment, for jobs which are available, and generally have hundreds of applicants.

We the People are irrelevant and expendable to this government, which allows large corporations to offshore/outsource jobs where the labor is the cheapest they can find.

Jul 10 12:43

International creditors discuss Greece's new proposals

The heads of the European Commission (EC), International Monetary Fund (IMF), European Central Bank (ECB) and the eurozone are to review a reform package offered by Athens to the lenders.

EC spokesman Margaritis Schinas said on Friday the lenders were now studying the Greek proposals ahead of a meeting in Brussels Saturday of the Eurogroup, the 19-nation eurozone finance ministers.

Like vultures around a carcass...

Jul 10 12:35

Government submits reform proposal to institutions and Parliament

The proposal doe not include the signatures of the Ministers of Productive Reconstruction Panagiotis Lafazanis and the Minister of National Defense Panos Kammenos. Mr. Lafazanis, who is the head of SYRIZA’s Left Platform, has expressed his opposition to the terms of the agreement.

Jul 10 12:33

Greek deal in sight as Germany bows to huge global pressure for debt relief

Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit.

In a highly significant move, the European Council has called on both sides to make major concessions, insisting that the creditor powers must do their part as the radical Syriza government puts forward a new raft of proposals on economic reforms before a deadline expires tonight.

Jul 10 12:28

Someone Pull The Plug Or This Will End In War

Yes, it’s still entirely possible that Tsipras submitted this last set of proposals knowing full well they won’t be accepted. But he’s already gone way too far in his concessions. This is an exercise in futility.

It’s time to acknowledge this is a road to nowhere. From where I’m sitting, Yanis Varoufakis has been the sole sane voice in this whole 5 month long B-movie. I think Yanis also conceded that it was no use trying to negotiate anything with the troika, and that that’s to a large extent why he left.

Yanis will be badly, badly needed for Greece going forward. They need someone to figure out where to go from here.

Just like Europe needs someone to figure out how to deconstruct Brussels without the use of heavy explosives. Because there are just two options here: either the EU will -more or less- peacefully fall apart, or it will violently blow apart.

Webmaster's Commentary: 

Jul 10 12:27

Rickards: Greece? Yes. China? No.

Jul 10 12:23

Greece's Reform Proposal Welcomed By Creditors, But Leftists Wary Of More Austerity

Greek Prime Minister Alexis Tsipras sought his left-wing party's backing on Friday for a new budget austerity package that is harsher than what he urged Greeks to reject in a vote just last week, but would provide the country will longer-term financial support.

Government ministers signed off on the sweeping new measures, which include pension cuts and tax increases that are likely to inflict further pain on a people that have just emerged from a six-year economic depression.

If approved, Greece would in return get a three-year package of loans worth nearly $60 billion as well as some form of debt relief. The package would be far larger than the 7.2 billion euros creditors had been offering to Greece during the previous five months of fruitless negotiations.

Webmaster's Commentary: 

Tsipras has sold out his fellow and sister Greeks with this move.

It looks as though he named his price to the IMF, and they bought him, or they had something blackmaiable on him.

Either way, if this offer is accepted by Greece's creditors, there may well be rioting in the streets, possibly followed by a full-on civil war.

Jul 10 12:08

The WTF Economy

Jul 10 11:41

Greek government approves brutal austerity measures in proposal to EU

Greece’s Syriza-led government agreed to a massive new €13 billion (US$14.34 billion) package of austerity measures yesterday evening, less than a week after Sunday’s landslide “no” vote in a referendum on European Union (EU) austerity.

Jul 10 11:06

“Blame the Greeks” – 5 Persistent Myths

For most people in the western world, this is their first exposure to this kind of an economic situation. However, this is not new at all. The exact playbook has been used for many decades to take over countries around the world. Two good books to read about austerity, neoliberalism and corporatocracy are “Confessions of an Economic Hitman” by John Perkins and “Shock Doctrine” by Naomi Klein.

Jul 10 10:58

Putin: Where was EU when Greek crisis was evolving?

The European Commission should have adjusted the economic activity of Greece before the crisis, Russian President Putin has said, adding that the EU shouldn’t have issued such high bonuses and loans to the debt ridden country.

“Of course, all the blame can be shifted to the Greeks. But if there were violations in their [Greece] activity, where was the European Commission? Why didn’t it make any adjustments to the economic activity of the previous government of Greece?” Putin asked talking at the Q&A session with journalists on the final day of BRICS/SCO summits in Ufa.

Jul 10 10:52

Caught Between 'Grexit' and 'Hell No' — Greece Submits To Austerity's Knife

After submitting a proposal for consideration by foreign creditors overnight, the Greek government of Alexis Tsipras on Friday presented the plan to a full meeting of Parliament, in hopes of securing backing for a plan that would keep Greece in the eurozone by exchanging long-term debt relief and further financial assistance for a new set of of harsh austerity programs and conditions.

Jul 10 10:48

The Greeks Fight Back: Oxi to Austerity

The July 5 referendum in Greece provides the clearest and most inspiring evidence to date, but the message it conveyed has been clear for a long time: that people hate the banksters who impose austerity upon them, and that they hate austerity even more.

What could be more understandable? Most people are working more (or no less) for less (or no more) — not for the age old reason, that there is not enough to go around, but because of the machinations of banksters, and the politicians and bureaucrats who serve their interests and the interests of their class brothers and sisters.

Jul 10 10:43

A List of Companies was handed out on Floor of NYSE BEFORE trading began–CNN then pulls story 5 hours later!

I felt I needed to record a clip by CNN about the "tech glitch" where a CNN reporter clearly indicates that a list of "problematic stocks" was circulated to traders and stockbrokers on the floor before the market opened. This CNN news clip has since been removed, and I can't find it anywhere.

Jul 10 10:30

Jeb is toast. Rich white guy says working americans must work harder. economy's problems are OUR fault.

Jeb Bush said that in order to grow the economy “people should work longer hours,” ABC News reports.

Jul 10 10:25

How to Prepare for the Coming Collapse

Jul 10 10:05

New budget plan to make low-income workers worse-off

A British economic think-tank has warned that the new budget plan introduced by the Tory government will negatively affect the low-income workers.

The Institute for Fiscal Studies (ISF) said George Osborne’s new “living wage” will fail to compensate poor households for the £12bn cuts.

Jul 10 09:24

ATM Lines Start At Midnight In Greece

Jul 10 09:23

Billionaires Buying Up Farm Land

Jul 10 09:20

The European Union’s Crisis of Legitimacy and The Greek Referendum

For some time now social movements have expressed their support for Another Europe. Their almost unanimous support for a “NO” vote in the Greek referendum on the proposals of the Troika, says much about the repeatedly frustrated hopes of constructing a social Europe from below.

Indeed, the protests against austerity have established, ever more clearly and explicitly, that the evolution of Europe is going in the opposite direction: a Europe increasingly of (financial) markets, and more and more, a Europe in which non-democratic institutions make use of blackmail and fear to impose unpopular decisions. This diagnosis of the responsibility of the EU converges with the results of much recent research that indicates how the financial crisis has transformed into a democratic crisis of the legitimacy of EU institutions.

Jul 10 09:20

NO DEAL; NO BAILOUT! Greece to Exit EURO on Sunday, banks & Businesses already told SWITCH TO DRACHMA; CDS Unwind imminent

Businesses and Banks within Greece have already been told to immediately commence a currency switch to the soon-to-be-re-issued Greek Drachma and, accidentally, some merchants have already begun invoicing customers in the new Drachma currency! This Invoicing in Drachmas has been CONFIRMED by Bloomberg Business News and their coverage can be seen HERE:

Jul 10 09:18

TD Ameritrade Breaks, Experiencing "Widespread Order-Routing" Problems

We already know that markets and exchanges only break on downdays. So does that mean that on days in which algos are indescriminatly buying ES as follow through from China's stock market manipulation and Greece's "hopes" for can kicking, investors are safe? Nope, as one of the most popular online discount brokers found out moments ago:

TD AMERITRADE EXPERIENCING "WIDESPREAD" ORDER-ROUTING PROBLEMS - OFFICE OF PRESIDENT: RTRS
TD AMERITRADE SAYS EVEN ORDERS THAT WERE ACCEPTED ARE STALLED

Were some TDA traders maliciously selling China stocks overnight one wonders, or did Ameritrade also decide to do a "software update" in the middle of the trading day?

Jul 10 09:16

BRICS, SCO, EAEU can define new world order: China, Russia

China and Russia have described BRICS, the Shanghai Cooperation Organisation (SCO) and the Eurasian Economic Union (EAEU) as the core of a new international order, defined by a multipolar world.

Jul 10 09:13

John Taylor: IMF Loans To Greece Bailed Out Banks And Worsened The Situation

Greece has already collapsed, and the only real question is whether the ECB will give Greek depositors time to withdraw some of the €120 billion in deposits it holds hostage with the frozen ELA, or if the ECB will admit the truth about the Greek insolvent banking system risking Eurozone contagion. A better question is just what is the purpose of the IMF whose intervention in Greece can be described in one word: disaster. It can also be described in eleven, as the creator of the Taylor Rule, John Taylor, has done in a blog post which can be summarized as follows: IMF Loans To Greece Bailed Out Banks And Worsened The Situation.

Jul 10 09:08

Commercials Execute MASSIVE REVERSAL On Brutal Short Covering Rout

Tuesday, over 52,000 silver contracts traded within a 2.5 hour window WHICH MEANS OVER 25% OF ALL TOTAL OPEN INTEREST TRADED IN THIS 2.5 HOUR PRICE RAID INTERVAL. That is absolutely incredible.

A little math tells us that is over 260 MILLION OUNCES TRADED in 2.5 hours!

Silver was slammed about $1 an extremely brutal rout with the purpose of short covering, slamming Speculator longs, then making massive long buys at or near the bottom.

Jul 10 09:06

Feds want Medicare doctors to talk about death

This highly controversial proposal to foster end-of-life planning discussions -- which Sarah Palin and Republican lawmakers decried as creating "death panels" in 2009 -- would pay doctors to have 30-minute meetings with patients and family members to discuss so-called advance directives. This includes specifying the patient's wishes concerning medical care and life support measures and designating a health care proxy if the patient is unable to make decisions.

Webmaster's Commentary: 

"Look, these people are costing us money, and they are never going to be able to work again and produce a profit. These old sick people are pure economic loss, plain and simple, and we just have to cull the herd, just like we do with sheep, cattle, and chickens. The new policy under the New World Order is easy enough to understand; as long as you are generating wealth, you live. If you can;t, you die. Why is that so hard for people to accept?" -- Official White Horse Souse

Jul 10 08:13

Sanders is leftwing on economic issues, but sees Israel as up against ISIS

Bernie Sanders! Paleeeeze!

Maybe you’re as excited as I am over the entry of Vermont Senator Bernie Sanders into the presidential race. A socialist at heart, Sanders is actually going to push issues of income disparity and globalization into the US mainstream discourse, and in the wake of Baltimore will explain to Americans how our national community has been fractured, the middle class shattered, and the poor oppressed.

But I’ve seen no one apart from Juan Cole, in this excellent summary of Sanders’s Middle East views, point out his yeoman defense of Israel during its assault on Gaza last summer.

Jul 10 07:50

Buy When It Hurts...

Jul 10 07:37

Markets rally amid hopes for Greece deal

Stock markets have raced ahead across Europe amid renewed hopes that a deal can be reached to save Greece from crashing out of the eurozone.

The Greek prime minister, Alexis Tsipras, has submitted proposals for a harsh new round of austerity measures totalling €13bn (£9.35bn) in an attempt to break the deadlock over its bailout and is now seeking the backing of parliament in Athens.

Webmaster's Commentary: 

Tsipras has just broken his campaign promises to the Greek people. If the deal goes through, there could be riots and even civil war in Greece.

Jul 10 07:04

These Disturbing Figures Prove Recent Tax-Cut Isn’t All It Pretends To Be

Shocking figures were released yesterday regarding the number of MPs that hold landlord status in the UK. It has come to light that 20% of all MPs own rental properties compared to just 3% of people across the population as a whole.

You may recall that during his budget speech, George Osborne said:

Jul 10 06:48

Fiscal Friday - My Big, Fat Greek Crisis

Jul 10 06:47

Bess Byers on TPP

Jul 10 06:40

German ‘Efficiency’ Is Killing Europe

The renowned German "efficiency" is opening up a grievous rift within the European Union in the wake of the Greek No vote to EU-imposed bailout austerity. Not only that. The famed Germanic mechanical methodology is threatening to tear Europe asunder from runaway financial debts – the very Europe that Berlin claims to be upholding.

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