Tax and Spend

After refusing debt relieve to Greece for months, IMF finally admits Greece needs it. But IMF blames the current regime, not the consequences of its original bad deal.

The truth about Greece.

"There is no way to pay Greece’s debts, modify the troika austerity plan, save the euro, rescue Greece’ banking system or stabilize Europe’s hideously mispriced and distorted debt markets.
Its all going to blow and it should. The entire European mess has been concocted by statist politicians and policy apparatchiks who falsely and arrogantly believe they can defy the laws of markets, sound money and fiscal rectitude indefinitely."

The problem with socialism is you always run out of other people's money.

"That is, they have shifted virtually the entirety of Greece’s unpayable debts from private banks and bond funds to the taxpayers of Europe, the US, Japan and even the unwary citizens of Peru, Senegal and Bangladesh."

Wonderful.

"Then there is the crook and fiscal phony running Spain. No wonder Mr.Rajoy has practically threatened to take out a contract on Alexis Tsipras’ life. Spain’s economy is still grinding away 15% below its boom time peak and its government is faking its fiscal accounts to a fare-the-well. Still, its public debt continues to rise toward 100% of GDP."

We'll see if he lives.

"Think of that. The IMF out of business. Merkel and Brussels gone. The Bundesbank and D-mark restored. The Keynesian money printers discredited. The front-runners and speculators in the casino carried out on their shields.
Now that’s a referendum that the world desperately needs."

Wishful thinking. Greece could save the world, but it won't.

Like Stockman, Jim Rogers advises Greece to go bankrupt.

Greeks vote no to austerity, slapping the IMF and Europe's rulers. More.

The Greek vote will supposedly have little impact on the US. Don't believe it.

All this talk about Greek catastrophe is mistaken. If Greece defaults, it will quickly return to growth.