Archive - Jul 4, 2015 - Story

Home of the sugar babies and the land of free trade, happy Independence Day America...brought to you by the Chinese.

... Greeks should be united in their fight for the rule of law and against the cleptocracy, and not divided over a referendum on an absurd question. That division, however, serves the cleptocrats well—they can go about their usual ways unnoticed. Whoever said “divide and rule” knew what they were talking about.

While China is scrambling to launch a plunge protection team after every other initiative to support its burst stock market bubble has failed, one wonders when the real asset bubble will go pop: that, of course, is the global - but mostly US - merger and acquisition bubble.

Notwithstanding everything that has been done since the Great Financial Crisis, it is not at all safe to go back in the water. Indeed danger of financial fragility is greater now than a year ago. The danger this time comes, interestingly, not so much from the banks as from the policymakers, who persist in using empirically discredited pre-crisis thinking as a guide to macroeconomic policy. The problem, in a nutshell, is that “a monetary policy focused on managing near-term inflation and output may do so at the cost of higher fluctuations in credit and asset prices than in the past.”

“I call you to say again a big proud ‘no’ to ultimatums on Sunday!"

"We can also say it in German: Nein, Frau Merkel, Nein.”

The greatest and most successful propaganda scam in history is the one that convinces the world that they are nobody if they are not part of The West: the indispensable peoples, the exceptional peoples. If you are not part of The West you are nobody, nonexistent, a nothing. 2,500 years ago Greeks saved their independence from the Persian Empire. Sunday’s vote will tell us whether Greeks have again served liberty or whether they have succumbed to Washington’s Empire.

China has moved in the direction of direct intervention in its flagging equity markets, although it appears Beijing will try to orchestrate a “private” sector (whatever that means in China) solution first before going the nuclear route with the central bank’s balance sheet. As Bloomberg reports, the country’s largest brokerages are teaming up to invest nearly $20 billion in “blue chip” Chinese equities.