Greece

Tyler Durden's picture

Gold In 2016: "Economic Power Is Shifting"





An unseen bubble at the heart of the financial system is deflating with unknown consequences. When bubbles deflate, and here we are talking about one in the hundreds of trillions, bad debts are usually exposed. Even though much of the reduction in outstanding OTC derivatives is due to consolidation of positions following the Frank Dodd Act, much of it is not. When free markets reassert themselves, and they always do, the disruption promises to be substantial. We appear to be in the early stages of this event. If so, demand for physical gold can be expected to escalate rapidly as a financial crisis unfolds.

 

 
Tyler Durden's picture

Angry Bond Insurers Sue Puerto Rico Over "Clawback" Boondoggle





“The commonwealth has committed itself to a ‘scorched earth’ strategy of blaming its fiscal and structural problems on lenders, Congress and others, in an effort to deflect responsibility and obtain retroactive application of bankruptcy laws.”

 
Tyler Durden's picture

Revisiting The Greatest Crash In History





All we can do is point out the risks, so that people can at least prepare on an individual level. A major lesson everybody should take to heart from the Cyprus experience is this: when the next crisis strikes, do not believe any of the promises uttered by government or central bank officials. You will be lied to in the critical moments, and you could stand to lose a lot if you believe the lies.

 
Sprott Money's picture

How Iceland Escaped From The One Bank





Iceland refused to be blackmailed. Iceland refused to take on the extra debt (and debt slavery) that came with the blackmail. Iceland refused to touch its social programs. Iceland has the strongest economy in the Western world.

 
Tyler Durden's picture

Central Bank Money Printing - The Rotten Philosophy That Lies Beneath





Taking away from the government its power of compelling the citizenry to accept money that it monopolistically controls and abuses may serve as an important legal and economic change to force the government and those who live at its spending trough to face the reality of the welfare state’s ideological and fiscal bankruptcy before it is too late to avert a complete collapse of the society.

 
Tyler Durden's picture

Nomi Prins' Financial Road Map For 2016: "The Potential For Chaotic Fluctuations Is Greater Than Ever"





We are currently in a transitional phase of geo-political-monetary power struggles, capital flow decisions, and fundamental economic choices. This remains a period of artisanal (central bank fabricated) money, high volatility, low growth, excessive wealth inequality, extreme speculation, and policies that preserve the appearance of big bank liquidity and concentration at the expense of long-term stability. The potential for chaotic fluctuations in any element of the capital markets is greater than ever. The butterfly effect - the flutter of a wing in one part of the planet altering the course of seemingly unrelated events in another part - is on center stage.

 
Tyler Durden's picture

Pretend To The Bitter End





There’s really one supreme element of this story that you must keep in view at all times: a society (i.e. an economy + a polity = a political economy) based on debt that will never be paid back is certain to crack up. Its institutions will stop functioning. Its business activities will seize up. Its leaders will be demoralized. Its denizens will act up and act out. Its wealth will evaporate. Given where we are in human history - the moment of techno-industrial over-reach - this crackup will not be easy to recover from. Things have gone too far in too many ways. The coming crackup will re-set the terms of civilized life to levels largely pre-techno-industrial. How far backward remains to be seen.

 
Tyler Durden's picture

Greek Central Bank Warns Country "Unlikely To Survive Another Bout Of Instability" As Bank "Jog" Accelerates





Something unexpected happened on the road to the latest Greek "recovery": the local population no longer believes one is coming.

 
Tyler Durden's picture

The Best And Worst Performing Assets Of 2015





With markets wrapped up for 2015 now, reviewing the performance of asset classes last year shows that it was one where negative asset class returns were aplenty, while those finishing in positive territory were few and far between. Indeed, of the 42 assets we monitor in Figure 5, just 9 finished with a positive return in Dollar-adjusted terms over the full year.  At the other end of the scale there were some notable losers.

 

 
Tyler Durden's picture

Puerto Rico Is Greece, & These 5 States Are Next To Go





As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.

 
Secular Investor's picture

Banco De Portugal Indicates The ECB Stress Test Was A Complete 'Sham'





The Central Bank of Portugal conveniently released their results between Christmas and New Year, when the trading desks in Europe are virtually empty...

 
Tyler Durden's picture

Carmen Reinhart Warns "Serious Sovereign Debt Defaults" Are Looming





As 2016 begins, there are clear signs of serious debt/default squalls on the horizon. We can already see the first white-capped waves.

 
Tyler Durden's picture

The Islamization Of Britain? Sex Crimes, Jihadimania, & "Protection Tax"





The Muslim population of Britain surpassed 3.5 million in 2015 to become around 5.5% of the overall population of 64 million. In real terms, Britain has the third-largest Muslim population in the European Union, after France, then Germany. Islam and Islam-related issues were omnipresent in Britain during 2015, and can be categorized into five broad themes: 1) Islamic extremism and the security implications of British jihadists in Syria and Iraq; 2) the continuing spread of Islamic Sharia law in Britain; 3) the sexual exploitation of British children by Muslim gangs; 4) Muslim integration into British society; and 5) the failures of British multiculturalism.

 
Tyler Durden's picture

US Tumbles Into Manufacturing Recession With Abysmal Chicago PMI Report





America has never - ever - avoided a recession when Chicago's Business Barometer has collapsed to these levels. At 42.9, missing the expectations of 50.0 by the most ever, down from 48.7 in November, the final US economic data point of the year sums up perfectly what a disaster Yellen has hiked rates into.

 
Tyler Durden's picture

Guest Post: Is The West Disintegrating?





The movement toward deeper European integration appears to have halted, and gone into reverse, as the EU seems to be unraveling along ideological, national, tribal and historic lines. If these trends continue, and they seem to have accelerated in 2015, the idea of a United States of Europe dies, and with it the EU. And this raises a question about the most successful economic and political union in history - the USA.

 
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