Greece’s and the European Union’s economic and political crisis will not be resolved through a new debt deal between the government in Athens and the European authorities. It will be merely one more stop-gag “solution” to a problem whose nature is endemic to the current ideology and politics of State-Power and collectivism. Its real solution requires something deeper and more comprehensive: a revival of the classical liberal ideal of individualism and the economics of free market capitalism. This, unfortunately, is not likely to occur any time soon.
"I think that if Greece were to leave the Euro things would get very complicated for them... and this would create the same very unhealthy situation as we have in Argentina. Why? If people start storing value in a foreign currency, in this case Greeks using Euros, this will create a huge lack of transparency and affect normal trade flows and transactions. And we know that the parallel economy in Greece is already quite large the way it is. So imagine an exponential version of that. It would be a very difficult period for Greece."
What investors will focus on in the week ahead
Earlier this week the embattled Greeks delivered still more body blows to the rotten regime of Keynesian central banking and the crony capitalist bailout state to which it is conjoined. By defaulting on its IMF loan, walking away from the troika bailout program and taking control of its insolvent domestic banking system, Alexis Tsipras and his band of political outlaws have shattered a giant illusion.
We want to highlight today's absolute failure at investigative reporting, and the worst example of journalistic capture by the Federal Reserve that we have ever seen because at stake is the criminality, competence and corruption of that most important of organizations in modern society, the US Federal Reserve.
Caught between a recalcitrant Left Platform and exasperated creditors, Greek PM Alexis Tsipras must decide how he wants history to remember his tenure as Prime Minister. Either he will be the leader who allowed Greece to crash out of the euro on its way to a redomination-driven economic collapse, or he will go down as the fiery advocate for change who caved under pressure and allowed the troika to stamp out democracy in the place where it was born.
In Dramatic Decision Judge Finds Fed Bailout Of AIG Was "Illegal", Government "Violated Federal Reserve Act"Submitted by Tyler Durden on 06/15/2015 16:44 -0400
"Starr alleges in its own right and on behalf of other AIG shareholders that the Government’s actions in acquiring control of AIG constituted a taking without just compensation and an illegal exaction, both in violation of the Fifth Amendment to the U.S. Constitution.... Having considered the entire record, the Court finds in Starr’s favor on the illegal exaction claim. As the Court noted during closing arguments, a troubling feature of this outcome is that the Government is able to avoid any damages notwithstanding its plain violations of the Federal Reserve Act. "
- U.S. Court of Claims Judge Thomas Wheeler
Why are governments rushing to eliminate cash? Simply put, the central banks have lost control of the ability to stimulate anything.
"Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands," The Telegraph reports, contradicting officials' "categorical" denial that the country faces a cash crunch and possible default as early as April 9. Will the curtain finally fall on the long-running tragicomedy that is the Greco-Euro standoff?
The system to which we have become accustomed is not of our choosing, and it certainly isn’t organic to the social order. It has been inflicted on us, one piece of legislation at a time. It is the result of an imposed, rather than evolved, order. The most important question is this: What are the alternatives? Bring back apprenticeships. Bring back remunerative work for the young. Look beyond the central plan, and don’t get trapped. Rethink the claim that staying in school is an unmitigated good.
The first anti-government rally in Athens turned ugly as anti-authoritarian protesters started to smash the windows of a pastry shop and two jewelry shops and put two vehicles and several garbage bins on fire. According to latest information, there was no intervention by riot police although squads were standing near by.
According to IRS estimates, there’s close to $5 trillion in individual retirement accounts in the Land of the Free. This is money that taxpayers prudently set aside for retirement, hopefully cognizant that Social Security isn’t going to be there for them. Devoid of any other easy lender, $5 trillion is far too irresistible for such a heavily indebted government to ignore. We've long warned that the government could easily nationalize a portion of all IRAs. It started happening last year with MyRA followed by the President and Treasury Secretary embarked on a blitzkrieg-style marketing campaign to pump the program... and now comes Step three..
Say you are a socialist, and you have intervened heavily in the economy. Suddenly, things don’t work as you thought they would. Somehow, economic laws seem to refuse to bend to your will. However, you cannot really believe that since according to your convictions, wealth is a byproduct of government plans and decrees. So the solution to the unintended consequences of the initial intervention is to intervene further, in an attempt to refine the plan, so to speak. So you try again. And again. And again. Chances are, your name is Nicolas Maduro. In summary, the thread by which Venezuelan socialism hangs may soon snap.
The daily bulletin of Italy’s Communist Refoundation Party published today the apparently official program of the Greek coalition of the left, Syriza. Here the 40 points of the Syriza program...
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