Greece

West On Edge As Erdogan Meets With Putin: "Turkey's Relations With The US Are The Worst In 50 Years"

In a slap to the face of its Western friends, as the FT puts it, instead of visiting a Nato ally, Erdogan's first trip abroad since surviving last month’s coup attempt the Turkish president is going to Vladimir Putin’s Russia. As one Turkish diplomat in Moscow said: “Our relations with the US are the worst in 50 years  . . .  and that definitely makes engaging Russia an attractive option.” Needless to say, Putin will be most delighted by this development...

Musical Chairs

Economics is a bit like musical chairs. In a recession, the economy takes a hit and there are some casualties. Some players fail to get a chair in time and are out of the game. The game then goes on without them. The economy eventually recovers. But a depression is a different game entirely...

German, Austrian Politicians Compare Erdogan To Hitler

The leader of Germany's liberal Free Democrats likened Turkish President Erdogan's purge of state institutions to the actions of the Nazi party in the 1930s. His comments echo those of Austria's far-right Heinz-Christian Strache who said on Saturday that Erdogan's use of the failed putsch in July to crack down on his opponents was reminiscent of Hitler's use of the Reichstag blaze to amass greater power.

Fissures In The Empire

Washington has raised the cost of being a member of its Empire too high. Vassals such as France and Germany are beginning to exercise independent policies toward Russia. Observing the cracks in its Empire, Washington has decided to bind its vassals to Washington with terror. Most likely what we are witnessing in the French and German attacks is Operation Gladio.

What Will Hillary Do? Goldman Ranks Russia 'Best Olympian' Nation Ever (Over #2 USA)

While exceptional USA is heralded as savior of the world and "greatest nation ever in the history of earth," by Hillary Clinton, it appears Goldman Sachs disagrees... when it comes to The Olympics. From an 'efficiency' perspective,  controlling for how populous, rich (income per capita), and 'efficient' they are, Russia is the greatest olympic sporting nation (and ironically Greece is worst)...

The End Of IMF Credibility (Or Why Christine Lagarde Should Be Fired... But Won't Be)

The IMF’s Independent Evaluation Office (IEO) issued a report a few days ago entitled ‘The IMF and the Crises in Greece, Ireland, and Portugal’. It is so damning for managing director Christine Lagarde and her closest associates, that it’s hard to see, certainly at first blush, how they could all keep their jobs. But don’t be surprised if that is exactly what will happen. Because organizations like the IMF don’t care much, if at all, about accountability. Their leaders think they are close to untouchable, at least as long as they have the ‘blessing’ of those whose interests they serve.

Frontrunning: August 2

  • European shares hit two-week lows, yen rises as Japan backs stimulus (Reuters)
  • Australia Rejoins Global Disinflation Fight With Record Low Rate (BBG)
  • Japan Cabinet Approves $274 Billion Stimulus Package (WSJ)
  • Yen Surges to Three-Week High as Japan Stimulus Underwhelms (BBG)
  • Warren Buffett Takes On Donald Trump at Hillary Clinton Rally in Nebraska (WSJ)