Another day, more ‘soothing’ comments from China regarding the EU crisis. If you are thinking you have seen this movie before, you have. And yet here we sit, still in the midst of the crisis. Overnight, Chinese officials announced they have confidence that the EU can resolve the crisis. Judging by the canceled finance ministers meeting, I think they need to borrow some of China’s mojo. After they completely sell-out their continent.

Reports are out now that the the Greek deal will possibly placed on hold. Greek politicians have been trying to stake out positions in the run-up to elections. Come to find out austerity induces Great Depression symptoms among your populace. Who would have guessed wiping out a chunk of your workforce would cause a rise in joblessness? Then that would lead to a rise in poverty and social unrest? I mean the IMF is only stacked with PhDs. Can’t expect them to know everything I guess. [Read more...]