Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Greece

Greece Passes into History as a Sovereign Nation

This article was published by The McAlvany Intelligence Advisor on Wednesday, July 15, 2015:

Coat of arms of Greece since 7 June 1975.

Coat of arms of Greece since 7 June 1975.

From Genesis 25 one finds this:

Once when Jacob was cooking some stew, Esau came in from the open country, famished. He said to Jacob, “Quick, let me have some of that red stew! I’m famished!” (That is why he was also called Edom.)

 

Jacob replied, “First sell me your birthright.”

 

“Look, I am about to die,” Esau said. “What good is the birthright to me?”

 

But Jacob said, “Swear to me first.” So he swore an oath to him, selling his birthright to Jacob.

 

Then Jacob gave Esau some bread and some lentil stew. He ate and drank, and then got up and left.

 

So Esau despised his birthright.

After suffering through some 17 hours of haranguing and browbeating last weekend, Greece’s Prime Minister Alexis Tsipras gave away Greece’s national sovereignty for some bread and a bowl of lentil stew.

And the stew smelled to high heaven.

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The Great Greek Yard Sale

This article appeared online at TheNewAmerican.com on Tuesday, July 14, 2015:  

The great capitulation by Greece’s Prime Minister Alexis Tsipras last weekend will shortly be followed by the great Greek yard sale. Calling it an agreement rather than an ultimatum, the Eurozone statement from its ministers spelled out in painful detail the degree to which Greece will have lost its sovereign powers if the country’s parliament agrees to it.

First, Greece must accomplish the following no later than midnight Wednesday, July 15:

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The Root Cause of Greece’s Problems: Socialism

This article was published online at TheNewAmerican.com on Monday, July 13, 2015:  

English: Alexis Tsipras in a press conference ...

Alexis Tsipras

Returning to Brussels with an austerity program eerily similar to that just rejected by Greek citizens a week ago, Prime Minister Alex Tsipras hoped to obtain another bailout in exchange for debt forgiveness by the European Central Bank (ECB). Tsipras is desperate: His government must make a $7.8 billion payment to the ECB next Monday, and another $13 billion by the middle of August.

Instead, following marathon sessions lasting into the wee hours, those EU officials upped the ante, passing even more stringent demands before granting Tsipras his lifeline. It told Tsipras, in essence, either to paint or get off the ladder:

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Greek Vote the Death Knell for the EU?

This article was published by The McAlvany Intelligence Advisor on Wednesday, July 8, 2015:  

English: Nigel Farage at Lord's cricket ground...

Nigel Farage

Nigel Farage, named “Briton of the Year” in 2014 by the London Times, has finally found his voice. He noisily departed the Conservative Party in 1992 after the signing of the treaty that created the European Union to start his own UK Independence Party (UKIP). His criticism of the EU has been steady ever since, culminating in his eulogy on Monday: “The European Union is Dying Before our Eyes.”

According to Farage, Sunday’s referendum in Greece sealed its death warrant, even if somehow the Greek PM Alexis Tsipras is able to come to terms with the troika and have them turn on the financial spigot once again: “It [was] a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion.” He added,

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Greece-EU Standoff Increases Chances of “Grexit”

This article appeared online at TheNewAmerican.com on Tuesday, July 7, 2015:  

UK Independence Party

Writing in London’s Telegraph on Monday, Nigel Farage, the leader of the anti-EU, pro-sovereignty UK Independence Party (UKIP), called Sunday’s referendum in Greece “a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion.” Threats by those Eurocrats to shut off emergency financing unless the country agreed to its terms fell on deaf ears, especially among those under age 35: Eighty percent of them voted no on Sunday.

That cohort is the one least likely to remember the songs that were sung by those promoting the European Union decades ago:

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Is Puerto Rico America’s Greece?

This article appeared online at TheNewAmerican.com on Monday, July 6, 2015: 

After running deficits every year since 1973 and paying for them by borrowing, the U.S. commonwealth of Puerto Rico has finally run out of options. On June 28, the island’s Governor Garcia Padilla admitted that its $73 billion “debt is not payable.… We will [shortly] be in a death spiral.” Padilla added: “There is no other option. I would love to have an easier option. This is not politics, this is math.”

The math is persuasive.

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Greeks Shout “NO!”

This article was published by The McAlvany Intelligence Advisor on Monday, July 6, 2015:  

Greek citizens shouted “No!” to further austerity measures for the hapless country in exchange for more of what got it into trouble in the first place: other people’s money. The lopsided 60-40 vote astonished telephone pollsters, who predicted a much narrower victory for Greek Prime Minister Alexis Tsipras of the far-left Syriza party. Although the issues were far more complicated than the referendum made it appear, the 68-word ballot question made it easy: do you want more increases in taxes, more cuts in pension benefits, another increase in the VAT … or not?  Translated into English, the ballot read:

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Greece to the EU: NO!

This article was published online at TheNewAmerican.com on Monday, July 6, 2015:  

In an astonishing blow to the European Union’s credibility, Greek voters, fed up with five years of austerity, continuing recession, 25-percent unemployment, and severe cuts in pension payouts, strongly said “No!” at the ballot box Sunday. The 68-word ballot question, rejected by 61 percent of the voters, reads (translated into English):

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Will Sunday’s Greek vote Signal the end of Monnet’s Dream?

This article was published at The McAlvany Intelligence Advisor on Friday, July 3, 2015:  

Greece’s Prime Minister Alexis Tsipras said that Sunday’s vote is only about accepting or rejecting the troika’s terms to restart the flow of bailout funds that has been keeping the Greek economy from tanking. He said that a “no” vote “does not mean rupture with Europe but a return to Europe with values.”

Most assuredly Sunday’s vote is likely to, in hindsight, turn out to be much more than that. Historians might write that Sunday, July 5, 2015, ended Monnet’s dream.

Monnet was the architect, the primary driving force, behind the failing experiment in Europe called the European Union. He was head of the first genuine European executive body,

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Greek Referendum to Determine European Union’s Viability

This article appeared online at TheNewAmerican.com on Thursday, July 2, 2015: 

Cover of "Confessions of an Economic Hit ...

The latest polls show that on Sunday Greek citizens are likely to reject the terms of the bailout from the troika — the European Union, the European Central Bank (ECB), and the International Monetary Fund (IMF) — but by a steadily decreasing plurality. Before Prime Minister Alexis Tsipras announced the referendum, polls showed voters were opposed to the bailout terms, 57 to 30 percent. When the banks closed and citizens were restricted to withdrawing just $67 a day from their ATMs and pensioners couldn’t cash their checks, polls showed a narrowing, 46 to 37 percent.

Tsipras repeatedly said that the referendum is only about accepting or rejecting the terms imposed by the troika, not about leaving the euro or the European Union: “No does not mean rupture with Europe but a return to Europe with values.”

Citizens weren’t impressed and

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Do Negative Interest Rates Portend a Negative Economy?

This article first appeared online at TheNewAmerican.com on Monday, May 4, 2015:

Last Thursday the London Daily Telegraph’s assistant editor, Jeremy Warner, reported an astonishing statistic: Almost a third of all government debt in the eurozone is paying negative interest rates. That’s more than $2 trillion in government bonds, and, it appears, investors are happy that they aren’t paying even more.

Fifty percent of French bonds now trade with a negative yield, while 70 percent of Germany’s bonds trade at a negative yield. More remarkably, in Spain, which was on the verge of insolvency just a few years ago, 17 percent of its government bonds now trade with a negative yield.

This is counterintuitive, which explains why Keynesians, those who believe that “demand” in an economy can be artificially increased by manipulating taxes and the money supply, have no explanation for it. In theory,

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Boston University Economist Calls Out Congress on Enormous Fiscal Gap

This article first appeared online at TheNewAmerican.com on Thursday, March 12, 2015:

Logo of the United States Government Accountab...

Logo of the United States Government Accountability Office

During his annual trek to Washington, D.C., to lecture Congress on its spendthrift habits, Boston University economist Laurence Kotlikoff took the gloves off this year. He dressed down Senator Mike Enzi, chairman of the Senate Budget Committee, along with the committee’s members:

Let me get right to the point. Our country is broke. It’s not broke in 75 years or 50 years or 25 years or 10 years.

 

It’s broke today.

 

Indeed, it may well be in worse fiscal shape than any development country, including Greece.

It isn’t just Enzi, or his committee, or the present Congress, that’s responsible for a fiscal gap that’s vastly larger than that projected by the Congressional Budget Office (CBO). It’s the idea that the country can borrow without limit because

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U.S. Government’s Interest Costs to Quadruple in 10 Years

This article first appeared online at TheNewAmerican.com on Thursday, February 5, 2015: 

On Tuesday, the Wall Street Journal reported that the federal government will be paying $800 billion annually just to service the interest on its massive debt by 2025, up from just over $200 billion currently. By 2021, those interest costs will equal what the government is projected to be spending on national defense, and on non-defense (so-called “discretionary” items), and will greatly exceed those two budget items just by 2025. The Journal also noted that “non-discretionary” items (so-called “mandatory” expenditures) will continue their inexorable march upward, from $2 trillion currently to more than $4 trillion by 2025.

Surprisingly, few eyebrows were raised over the announcement,

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Latest CBO Report shows Deficits Approaching $1 Trillion

This article first appeared at The McAlvany Intelligence Advisor on Wednesday, February 4, 2015: 

English:

When the Congressional Budget Office issued its Budget and Economic Outlook 2015 to 2025 in January, few could be bothered to do a serious review of it as it seemed to contradict the present meme of the Goldilocks economy: job growth accelerating, interest rates low, consumer confidence improving, deficits shrinking, and so forth. Even those taking the time to look at it, scoffed at its conclusions. Said the CBO:

The federal budget deficit, which has fallen sharply during the past few years, is projected to hold steady relative to the size of the economy through 2018.

Beyond that point, however, the gap between spending and revenues is expected to grow, further increasing federal debt … which is already historically high.

The CBO explained why:

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The Bubble in the Caribbean: Puerto Rico

This article was first published at The McAlvany Intelligence Advisor on Wednesday, October 30, 2013:

The complacency of municipal bond holders ended in July with the filing for bankruptcy by Detroit, an unhappy town of just 700,000 owing more than $18 billion to investors. Haircuts there have variously been estimated to be between 15 and 60 percent.

Since then, those holders have been looking around to find the next shoe to fall, and they have found it:

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Why are Puerto Rico’s Bond Prices Falling?

Despite the fact that Puerto Rican (PR) municipal bonds are triple-tax-exempt (no federal, state or local income taxes apply on their interest), those interest rates have skyrocketed since the Detroit bankruptcy first ended the complacency among municipal bond investors in July. High quality municipal bonds are paying little more than 1 percent annually but PR bonds, even though they remain investment grade (barely), have spiked

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University of California Study: The National Debt is really $70 Trillion

Professor James Hamilton, economics professor at the University of California, San Diego, just published his best estimate of the federal government’s “off-balance-sheet” liabilities and concludes that the real national debt, popularly estimated to be $16.9 trillion, is in fact more than four times larger: $70.086 trillion. This is because of decisions to

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Staff Report from the IMF Blames the European Union for Mishandling the Greek Crisis

The report from the International Monetary Fund is remarkable in its candor: efforts to bail out Greece were fumbled as the IMF, the European Commission and the European Central Bank all tried to promote their own agendas with little regard for the lowly Greek citizen.

Happily the disclaimer appeared on the front page:

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Taxpayer Protection Pledge Takers Now Breaking Their Promise

U.S. Senator Saxby Chambliss, of Georgia.

U.S. Senator Saxby Chambliss, of Georgia. (Photo credit: Wikipedia)

A defection on Thursday from Grover Norquist’s “Taxpayer Protection Pledge” by Saxby Chambliss, the senior Republican Senator from Georgia, triggered similar defections over the weekend. It also triggered a strong response from Norquist.

Said Chambliss: “I care more about my country than I do about a 20-year-old-pledge. If we do it his way then we’ll continue in debt, and I just have a disagreement with him about that.”

The pledge that Chambliss is breaking states:

One, [I will] oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses; and

Two, [I will] oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.

This reflects the philosophy of Norquist and the organization he founded in 1985, Americans for Tax Reform, that “opposes all tax increases as a matter of principle.” Norquist explained why the pledge was

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Making Sense of Europe’s Nonsense

The official emblem of the European Parliament.

The official emblem of the European Parliament. (Photo credit: Wikipedia)

Anthony Wile is at it again. While most were caught up in the national election and the aftereffects of Hurricane Sandy and General Betrayus, Angela Merkel, the German Chancellor, explained what the implosion in Europe is all about. In speaking to the European Parliament last Wednesday, she shed all cover and told all who would listen what’s really going on:

Of course the European Commission will one day become a government, the European Council a second chamber and the European Parliament will have more powers – but for now we have to focus on the euro and give people a little more time to come along.

Wile has been saying this for years. That’s part of why his blog has grown so rapidly: he sees with a view and an insight that truth seekers appreciate. Out of 644 million active websites  Alexa ranks www.thedailybell.com at 16,991 in the United States. More than 6,700 people come to his Switzerland-based website every day. And his readership has grown 60% just in the last three months.

He’s like the 500-pound canary: when he speaks, people listen!

He notes that the European Union was always, from the very beginning, designed with

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.

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