Reports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis

On Friday, we brought you the  shocking story  of the rebellion that never was in Greece. According to FT, Former Greek Energy Minister and maverick among mavericks Panayotis Lafazanis convened a “secret” meeting at the Oscar Hotel in Athens on July 14 at which he attempted to convince Syriza hardliners (including, in FT’s words, “supporters of the late Venezuelan president Hugo Chávez [and some] old-fashioned communists”) to storm the...

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Rampant Corporatism: SCOTUS Justices Rule in Favor of Companies they Own Stock In, 90% of the Time

Chief Justice John Roberts and Associate Justices Stephen Breyer and Samuel Alito own shares in several publicly traded companies, according to their 2014 financial disclosure reports. From July 2014 through June 2015, seven cases before the Supreme Court featured amicus curiae ‒ or friend of the court ‒ briefs by companies in which the three justices were stockholders. These filings allow parties that will be affected by a ruling, but are not...

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Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors

Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3's terms, are a "strong sell" at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total...

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BRICS Bank, AIIB Pledge Partnership, Loans To Be Issued In Yuan

Over the first half of the year, we’ve built on several narratives that we believe are critical when it comes to understanding how the intersection of geopolitics and economics is set to shape the world going forward. One of these narratives revolves around the extent to which three China-led ventures are set to supplant traditionally dominant supranational lenders on the way to embedding the yuan in international trade and investment.  The...

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