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Democracy is tolerated until it threatens the global markets that empower the financial/political Elite. Then it becomes a mortal danger to be subverted or overthrown. The message is clear: saving the Eurozone’s banks and Elite bondholders is more important than mere democracy or national sovereignty. The banksters are not capitalists (because capitalists let sick [...] From Spiegel, who will have a full report on Monday. German Finance Minister Wolfgang Schäuble, who is reportedly doubtful that the country can be saved from bankruptcy, is preparing for the possibility of Greek insolvency The big question is whether Greece defaulting will lessen or increase the financial pressure on Spain and Italy. And [...] After harrumphing for months about how no default or haircut would be acceptable, Eurozone countries agreed to just that. Private bondholders are expected to lose billions as their current worthless bonds are swapped for new, also worthless bonds with a longer maturity and lower interest rate. This will surely give the fairy princess ample [...] Mish Here is a succinct summation of the current state of Euro-Zone affairs. 1. Greece will default, but at this point it is irrelevant. 2. The situation in Spain, Ireland, Portugal, and Italy is now so dire that it is does not matter whether or not Greece defaults. 3. Expect chaos Business Insider [...] Sturdyblog I have never been more desperate to explain and more hopeful for your understanding of any single fact than this: The protests in Greece concern all of you directly. What is going on in Athens at the moment is resistance against an invasion; an invasion as brutal as that against Poland in [...] "I Think of Iceland." Spain protests. Flickr photo by edans From the discussions on our podcast last night: Bachmann did well in the Republican debate because she was non-wacko and thus surprised many. However, Romney is still the frontrunner. The nomination is his to lose, even as a recent poll shows Cain (yes, Cain) [...] Greek president says Greece on the brink Greek riots escalate, branch Of Finance Ministry set on fire Greece on brink of abyss as three bank workers killed in riots (REUTERS/John Kolesidis) A riot policeman falls after being hit by a molotov cocktail near the Greek parliament in Athens Euro mauled, stocks sag as debt [...] Greece is getting a bailout, but it mainly benefits bondholders, not the country itself. The financial markets attempt to protect themselves. Big surprise, eh? Maybe a default would have been a better choice for Greece. No one expects the bailout will solve much, and Greece faces massive budget cuts and equally massive social protests. Look, [...] |  | ||||
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