Month: October 2014

Greek banks are proven to be near death. Greek people will follow this pattern closely.

Οι εγχώριες τράπεζες αποδείχθηκαν ετοιμοθάνατες. Ακολουθεί ο λαός μας.

by S. Katsoulis*

I’m sure you know by now. The hard working people at the ECB led by it’s VP Vítor Constâncio, kept themselves busy throughout the weekend  of 25-26 October (hopefully they did charge the appropriate overtime) in order to complete the much needed stress tests for the Greek banks and also the rest of the E.U.’s banks.
First impressions
The first obvious observation that someone could make is the fantastic technical expertise that was used to cook up the numbers in the 172 page document [1]. The second thing that can be observed is the top positions that 2 of out indigenous banks have acquired, given that they are sitting at the first and third positions in the list of mentioned banks. A little lower, at position 14 we can spot the third Greek bank, which means that 3 our of four Greek banks are having some issues… (more…)

Mächtigste Bank der Welt warnt zum dritten Mal vor einem Crash

Η Τράπεζα των Τραπεζών (Τράπεζα Διεθνών Διακανονισμών) προειδοποιεί για τρίτη φορά για επερχόμενο κραχ.

Η ΤΔΔ επισημαίνει ότι η χαλαρή νομισματική πολιτική των κεντρικών τραπεζών παγκοσμίως εγκυμονεί κινδύνους για την οικονομική σταθερότητα, ότι οι αγορές επαναπαύονται σε μια επίπλαστη ηρεμία και ότι η κατάσταση θυμίζει αυτήν του 2008. Αλλά κανείς δεν την ακούει.

Deutsche Wirtschafts Nachrichten

Die Bank für Internationalen Zahlungsausgleich (BIZ) warnt zum dritten Mal innerhalb kurzer Zeit vor einem Crash an den Finanzmärkten. Beobachter sind sich nicht ganz klar, was das bedeutet: Entweder der Crash kommt nun mit biblischer Sicherheit („und abermals krähete der Hahn“), oder die BIZ liegt falsch. Auch das wäre keine vertrauenerweckende Erkenntnis.

Dreimal krähte der Hahn, bevor Petrus klar war, was er getan hatte. Die Warnrufe der BIZ erreichen langsam biblische Ausmaße.


Evo Morales has proved that socialism doesn’t damage economies

The Guardian , Tuesday 14 October 2014

Bolivia’s re-elected president has dumbfounded critics in Washington, the World Bank and the IMF.
Evo Morales campaigns for the presidency
Evo Morales in the runup for the vote at the inauguration of a thermo-electric plant in Yacuiba in September 2014. Photograph: Aizar Raldes/AFP/Getty

The socialist Evo Morales, who yesterday was re-elected to serve a third term as president of Bolivia, has long been cast as a figure of fun by the media in the global north. Much like the now deceased Hugo Chávez, Morales is often depicted as a buffoonish populist whose flamboyant denouncements of the United States belie his incompetence. And so, reports of his landslide win inevitably focused on his announcement that it was “a victory for anti-imperialism”, as though anti-US sentiment is the only thing Morales has given to Bolivia in his eight years in government.


Is Mr Tsipras and the SYRIZA/left party the solution to Greece’s problems?

Stavros Katsoulis – Reporting from Greece

The recent Euro-elections results in Greece where clear enough, for anyone to see the raw truth. The majority winner is the now well known left party that benefited from the crisis, SYRIZA, which is led by it’s young and handsome chairman Mr Alexis Tsipras. However, as we shall see, this does not by any chance lead to the conclusion that some kind of fantastic political change took place in the recent euro-elections. Nor do the raw numbers show that SYRIZA is a truly effective overall winner, when put under even the lightest of scrutinies. Additionally, if one goes on to have a deeper look at the current actual composition of this political party, then there will be no choice but to pose the important question: Is the SYRIZA party and Mr Tsipras really the solution to Greece’s problems? And if not, then what can SYRIZA do for Greece anyway?


A documentary film on the situation in Greece already in 2012

english subtitles

The creators of “Debtocracy”, a documentary with two million views broadcasted from Japan to Latin America, analyze the shifting of state assets to private hands. They travel round the world gathering data on privatization in developed countries and search for clues on the day after Greece’s massive privatization program. Catastroika is a crowdfunded documentary under creative commons license.