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telegraph.co.uk The euro crisis is entering its final stages. Economic pain is now interacting with political resistance to produce intense financial pressure. I expect Greece to leave the euro – and perhaps very soon. It could happen voluntarily, but both the Greek people and Greek politicians are still clinging to the idea that they can put an end to austerity yet still stay in the euro. In order to try to achieve [...] Why things don’t change:
1.) Humans have evolved to think in terms of the Here-and-Now. This type of thinking is incompatible with solving problems whose true and full impact will not be felt until decades later. “…Uncertainty reduces the frequency of pro-environmental behavior. People interpret uncertainty in ways that serve their self-interest. We undervalue geographically distant risks.” 2.) Ideologies blind Humans to unbiased thinking. Examples of ideologies are religions (God controls every outcome), belief in [...] Via GoldMoney.com, In this video Philipp Bagus, Assistant professor of Economics at Madrid’s Universidad Rey Juan Carlosand author of The Tragedy of the Euro, and Alasdair Macleod of the GoldMoney Foundation talk about the eurozone facing the problem that is characterised in the “tragedy of the commons” analogy. Bagus explains this phenomenon by way of an example of overfished and over-exploited oceans due to a lack of property rights on oceans. In Europe, governments run larger deficits than their [...] Sir Howard Davies, former deputy governor of the Bank of England and former director of the London School of Economics, spoke to Bloomberg TV’s Erik Schatzker and Sara Eisen this morning and said that it is will not “make a huge amount of difference” if the S&P downgrade the Eurozone. He also said that there needs to be a European finance minister. BLOOMBERG TELEVISION: On Merkel and Sarkozy’s latest proposals to resolve [...] Just headlines: Italy 10-year bond yields rise back above 7% (For 11/15) Just headlines: Italy 10-year bond yields rise back above 7% 1) Greek gloom rocks markets, troubles lenders “Draft budget figures issued on Sunday showed the deficit would be 8.5 percent of gross domestic product this year, well above the 7.6 percent agreed in Greece’s EU/IMF bailout program, and 6.8 percent in 2012, short of the 6.5 percent goal because the economy will shrink further….Private bondholders agreed to a 21 percent write-down on their Greek debt [...] In August 2005, because of growing US political resistance on national security grounds, the China National Oil Company (CNOC) withdrew its bid to purchase the US oil company, UNOCAL. In 2006, Dubai Port World dropped plans to acquire the Port of Miami because of similar fears in the Congress about national security vulnerabilities if the agents of an Arab state operated a major US transport [...] Greece in dire straits again – the EU and IMF racing to assemble massive bailout #2: (Reuters) – The European Union is working on a second bailout package for Greece in a race to release vital loans next month and avert the risk of the euro zone country defaulting, EU officials said on Monday. Greece’s conservative opposition meanwhile demanded lower taxes as a condition for reaching a political consensus [...] by ZH Reuters reports that while America was out camping, barbecuing and all around vacationing, the European Union was feverishly working on a second bailout package, holding another round of emergency talks with the Greek government, to prevent a June 29 default by Greece when money runs out. Alas, it is now too late: with austerity protests now a daily event, the political opposition has the [...] |
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