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  • The Chinese bear keeps growling [View news story]
    RM13 - news flash. To everyone else in the world, the big honking communist party controlling all government and jailing all opponents is kind of conspicuous.
    Jul 3, 2015. 11:59 AM | 5 Likes Like |Link to Comment
  • Could What's Happening With Greek Banks Happen Here? [View article]
    No. Simple enough.
    Jul 3, 2015. 10:27 AM | 2 Likes Like |Link to Comment
  • After The Recent Rout Micron Is A Very Strong Buy [View article]
    Khojinur - exactly. Don't catch the falling knife. MU will make a base, these things take time etc. I could see someone starting a process of averaging in here, but don't put all your "buy" into this price-point.
    Jul 2, 2015. 02:45 PM | 6 Likes Like |Link to Comment
  • On the hour [View news story]
    "the outstanding Greek debt has already changed hands three times in the last five years at hefty discounts" - actually between 2/3rds and 3/4ths of it is now in the hands of official institutions like the IMF, ECB, and EU. Nobody else would lend to these people...
    Jul 1, 2015. 08:31 PM | 1 Like Like |Link to Comment
  • On the hour [View news story]
    On the supposed "concession" last night and its supposed "reversal" later today, allow me to translate. The Greeks offered to lie to the EU in return for $29 billion in additional aid that would never be paid back. As long as they get to insult those giving the money, as well. Greece would in return promise various budget reforms it has no intention of ever actually carrying out, so the EU could say it had an agreement before being fleeced further. When the time came, the Greeks would spend the $29 billion just like they spent the previous $350 billion - any way they damn well please.

    The entire concept of negotiations with these rogues is just silly. Nobody can possibly believe a word they say.
    Jul 1, 2015. 02:20 PM | 41 Likes Like |Link to Comment
  • Moving Back To The Short Side On Oil Stocks [View article]
    Revising this months later, the September 2017 future is at $63.75 about change, just under where is was when we had this conversation. The large premium over spot has covered all the bounces over the last 4-5 months without any loss, etc.
    Jul 1, 2015. 11:58 AM | 4 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    Picolomini - nobody can force the EU members to do anything, least of all to "keep Greece afloat", whatever that means. The ECB is under no obligation to accept dodgy collateral from a defaulting party as security for advances or loans. In fact, it has been bending its rules in Greece's favor for the past few years, and using emergency-only measure to aid it, at its own sole discretion, since February. Greece is free to stay on the Euro without any Euros. But nobody has to give it any power to print more of the things, and nobody else has to pay any of its bills. Greece can manage its own budget within its own resources, and save its banks with its own public policies, if it can. What the Greeks merely allege they cannot do - which is fact are merely things they are unwilling to do - are not obligations on anyone else, in Europe or elsewhere.
    Jul 1, 2015. 10:10 AM | 3 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    No, Tsipras created the present default and bank runs. He could have cut a deal with Greece's creditors in January or February. He could have withdrawn from the Euro in a planned way if he didn't like their offers then. He could have been ready with either solution at a time earlier than 1 day to default. But he didn't. He played with brinksmenship, he gambled that the other guys would just give him what he wants, he made the pain and suffering of the people he represents a negotiating tactic. He is, in short, an irresponsible fool, and not ready for prime time on the European stage.
    Jul 1, 2015. 10:05 AM | 4 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    SDNS - or maybe he thinks (knows wouldn't be too strong, at this juncture) that he can do a much better job for the Greek people than this unholy mess Tsipras has created...
    Jun 30, 2015. 05:24 PM | 1 Like Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    Here is an actual pro growth policy mix for Greece.

    (1) blow up your government with dynamite.
    (2) cut all government spending in half tomorrow. Everything but debt payments, whatever check went out last month, a check for only half as much goes out next month.
    (3) cut all taxes by one third, also immediately.
    (4) pay all just debts on the nail as contracted, and stay in the Euro.
    (5) declare that the public creditor will be the first call on all resources of the entire nation, not the last.
    (6) declare that politicians and their friends will have no call on the resources of the nation, instead of the first.
    (7) privatize anything you can, and every conceivable government provided service, get out of it entirely. Use the savings the marginally increase benefit payments cut in (2) above.
    (8) pledge that 25% of all revenue above the baseline set after (2) and (3) above will be used to buy and retire outstanding public debt.
    (9) pledge that 50% of all incremental revenue will be return to the people in tax cuts
    (10) public spending will have to make do with the other 25% of incremental revenues, and first priority for those will be pensions cut in (2).

    It will all be over in a year, two tops. Growth will return - by magic. All the Keynesians who have declared endlessly that only limitless government spending can save the people in recessions will have to get real jobs.
    Jun 30, 2015. 04:46 PM | 4 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "you know what I meant"

    Worse, I know what he means. He pretends that the desires of Greek voters ought to be the last word in the matter, and that therefore they should have puppy dogs and ice cream, and mean foreigners are the only thing in the way.

    The only pro growth program is to throw out Syriza and cut the Greek government sector to and through the bone, but they'd rather hang first. So they will. What you think it going on, but is in fact going on only in your imagination, is that some glorious consensus of the left that bigger government causes prosperity can make it so. It can't, and won't.
    Jun 30, 2015. 04:10 PM | 3 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    kmi - here is their use - The Greek government is under no constraint or necessity to spend 59% of its GDP on handouts to its citizens. It could cut its government spending a third tomorrow if it wanted to. It could instead cut them only 10%, more than cover its debt service, and still have a government bigger than Sweden's. Not that I am recommending a cut that small - Greece can't afford a government bigger than Sweden's.
    Jun 30, 2015. 03:28 PM | 3 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    The failures of the Greek economy and the Greek government are not failures of its creditors to save it or make it wonderful. That is not in the power of men, and such influence as men actually have over it starts with every Greek worker and runs heavily through its governors. No one else on the planet has any obligation to provide Greeks with a wonderful or even a barely working economy. That's their own job, just like feeding themselves and wiping their own bottoms.
    Jun 30, 2015. 03:25 PM | 3 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "fulfill the electorate's desires whatever they may be"

    We want to be immortal and rich, without effort. Will he fulfill those desires?
    Jun 30, 2015. 03:21 PM | 3 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    I am pretty sure the most important actor in this drama is Greece, not Germany. And no, nobody is giving aid to Greece for nothing in return. Greece having a raging sense of entitlement that makes them believe everyone just wants to give them things, is the *entire* problem. That belief is simply false. No one is remotely interesting in giving them anything; mutually profitable financial arrangements would be another matter. If they knew what those are...
    Jun 30, 2015. 02:20 PM | 3 Likes Like |Link to Comment