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July 2, 2015
In a TV interview, Mr. Varoufakis said very clearly, “This is a very dark moment for Europe. They have closed our banks for the sole purpose of blackmailing what? Getting a ‘Yes’ vote on a non-sustainable solution that would be bad for Europe.” I must admit, most politicians do not come even close to the truth, […]
July 2, 2015
Despite the greatest political crisis in Europe, there has been “no love for gold” according to CNBC. Indeed, this crisis does in fact warn that all the theories about gold just might be wrong and are remnants of a 60+ generation who remembers Bretton Woods. Has time and circumstance changed so much that gold is becoming obsolete? […]
July 1, 2015
Here is the Letter from Greece to the Troika The letter, written by Alexis Tsipras, is addressed to Jean Claude Juncker, Mario Draghi, and Christine Lagarde. Greek-Letter-6-30-2015
July 1, 2015
The Syriza government is backing down after the realization that Brussels will declare economic war on Greece by deliberately trying to plunge the country into total ruin, far worse than the sanctions imposed on Russia. This is a sad day for the entire world. It is a terrible example that the Troika is the new […]
July 1, 2015
German Finance Minister Wolfgang Schäuble explained on Tuesday that Greece will remain in the euro, no matter how the referendum ends on Sunday. Two years ago, Mario Draghi commented on the continued existence of the euro by saying that the single currency was just irreversible. Angela Merkel delivered a very cold speech stating there are no known proposals […]
July 1, 2015
The Berlin conference will differ from that of Princeton from the standpoint that the questions posed by the audience will tend to be focused more upon Europe and the prospects for the survival of the EU itself. There will be a number of people attending from Britain as well, so we will undoubtedly have a number […]
July 1, 2015
The most fundamental truth about trading is that your opponent is YOURSELF. The majority must be wrong because they are the fuel that propels the market. The market enters a flash-type crash when the vast majority is LONG and they try to sell but there is no bid. Far too many people demonize trading such as “paper gold”, arguing that it is […]
July 1, 2015
They interviewed the “YES” protesters (yes, stay in the euro) and the response was totally off the wall. A woman responds that she knows 95% of Greeks will be hurt, but: “It’s only in the European Union that legal democratic processes are guaranteed.” This is the downside of democracy for stupid people who believe propaganda […]
July 1, 2015
Here is a list of the demands that the European Commission placed upon Greece. They are totally insane without any comprehension of the future. These demands are without any common sense and there is absolutely no endgame here to be found. The EU officials are simply crushing the Greek economy and if Greece adopted these […]
June 30, 2015
Interesting day in bunds where we saw initial weakness as the safe haven bid was unwound, only to see it all reverse at the end of the day! GGB 2yr got messy at one stage on headlines (needless to say, no IMF repayment was made) and was last seen 50bp higher at 35.75% at the time of this writing. YTD […]