Archives for: Greece

24

Currency Wars Have Begun: Central Banks in Denial or Worse

by Mitch Feierstein about 1 year 1 month ago

Here’s a piece of recent news that you almost certainly missed: A large consumer products company, Johnson & Johnson, announced a one-off loss owing to a 32 percent currency devaluation in Venezuela. The reason I expect you missed that less-than-seismic piece of news is that, unless you happen to be particularly fascinated in Johnson & [...]

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Over the coming weeks, we’re going to be hearing a lot about the ‘fiscal cliff’: the threat that some 5% of GDP is going to be ripped out of the economy in a combination of tax hikes and spending cuts. A fiscal slow-down on that scale will almost certainly trigger recession. The CBO thinks so, though their numbers look [...]

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Obama’s an accomplished individual. Smart, cool, in control. But his standout quality is probably his ability to create euphoria. Create it, sustain it, ride it. Watch the people celebrating with him at his victory rally in Chicago and you could easily believe that the USA had just won a war or beaten a recession. Unfortunately for [...]

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Another day, another faux bailout. Today European finance ministers agreed to let the Spanish banks get the first €30 billion slice of their bank bailout.  Those same finance ministers are also set to approve a year’s delay in the deadline given to Spain for reaching a budget deficit of 3% of GDP. That won’t, of [...]

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Lessons from the Eurozone: Some Banks Will Fail

by Mitch Feierstein about 1 year 11 months ago

You know those summer thunderstorms we used to have? You’d be sitting out in a warm garden somewhere, sipping something cold and white, looking at lightning flashing on the horizon and counting the seconds until you could hear the thunder. Well, it’s like that now, only the gap between the flash and the rumble is [...]

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The Death of The Euro: What Next?

by Mitch Feierstein about 1 year 11 months ago

I don’t want to crow, but I’ve been predicting this for years: the writedowns of Greek debt, accompanied by swingeing austerity conditions, popular unrest, and (shortly) Greek exit from the Euro. You don’t have to take my word for that: my book, Planet Ponzi, pretty much mapped out the course we’re now taking. But although [...]

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President Sarkozy to Press: ‘See You Tomorrow, Pedophile Friends’

by Mitch Feierstein about 2 years 1 week ago

There’s a theory that you can’t trust any message conveyed by a person’s most public expressions and gestures. Instead, the theory runs, you have to study the fleeting look, the involuntary movement. The micro-expression that lasts a second or two, before the welcome smile is fixed in place. That theory sounds good to me — [...]

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Goldman & Friends

by Mitch Feierstein about 2 years 3 weeks ago

Doing God’s Work: Can you spot the difference?  It’s OK for firms to make money. That’s what they’re there to do. But real firms, durable ones, the ones who care about their reputation, their future, and the generations that come after, have figured out that you need to take care of yourself by taking care [...]

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Why the Greek ‘Rescue Deal’ is Neither a Rescue Nor a Deal

by Mitch Feierstein about 2 years 1 month ago

Most of the time, George Osborne, has the least enjoyable job in Britain. He’s got to squeeze taxpayers for more money, cut jobs and wages in the public sector, slash benefits… and his only reward will be that in five years time his government might not be bankrupt. The more rigorously he does his job, [...]

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Is This Greek Rescue The Biggest Scam In History or Ponzi Finance 101?

by Mitch Feierstein about 2 years 1 month ago

Don’t you love Europe? The way it messes with your head. The way really, really bad things somehow get blotted out in so much waffle, double-speak and spin, you start doubting your own instincts. Like, is it you or is it them? Take the bold European rescue of Greece. A broad-shouldered continent saving a country [...]

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