Archive - Jun 29, 2015 - Blog entry

I wanted to do a post that had nothing to do with Greece or charts, just for a change of pace.

Referendum is a CYA by Tsipras & Syriza, but a deal is by no means the end of anything...

Regardless of what package the Troika (or China or Russia) would have ever given Greece, the endgame would have always been full tilt default. This can be mathematically proven. There are also about 14 other countries with similar characteristics - all easily seen with just a modicum of insight and research. Just as easy is the ability to avoid the inevitable capital controls and bank bail-ins that the Greeks are subject to now.

A dream image for the fringe finance low brows of Zero Hedge Town...

Tomorrow at 8pm, we’re adding an extra second to the day. Over the past 200 years, the length of a day has increased by two milliseconds, which is all well and good, but the insane accuracy of the atomic clocks we’ve been using since 1967 doesn’t account for that, so we’ve had to add leap seconds 25 times since 1972. Tomorrow, however, is the first time a leap second will be added during trading hours since markets went electronic. 

Lesson 1: Make a big pile of mud; Lesson 2: ...

The next round of the great crisis is here. 2008 was just A Crisis… we've just begun THE Crisis.

All banks and the Greek stock exchange are closed today. Greek citizens cued in long lines at ATMs or cash machines over the weekend and a run on the banks left most ATMs empty. There is a €60 limit on withdrawals from cash machines under strict capital controls.