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, […]

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? […]

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

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 […]

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 […]

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 […]

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 […]

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 […]

Brussel’s worst nightmare is coming true. The one thing the Troika has fought so hard to do is kill any democratic vote on the euro by the people in every country. This is not about the terms of austerity, which they still cannot understand is DEFLATIONARY and supports debt holders at the expense of society because politicians borrow forever, […]

A slew of emails have been coming in asking if we would help Greece if they leave the euro. ABSOLUTELY YES! This week we have people in Athens meeting as I write, offering at this stage an informal proposal should the people vote to leave the euro. This would be the GREATEST of all events that would not merely […]