Christopher Quigley's picture

There are very few heroes in economics but for me one of the patron saints of that profession should be Nikolai Kondratiev who was shot by firing squad on the orders of Stalin in 1938. He died for what he believed was the truth. His execution was ordered because his academic work propounded that the capitalist system would not collapse as a result of the great depression of 1929.

David Kotok's picture

CAC is a new sort of moral hazard. It has the potential for damage to sovereign debt financing of all types. Essentially, the structure coming out of Europe is something like this: there will be one type of debt in which the Greek government says, “We will pay and there will be no alteration or exception; we promise to pay, therefore you can accept that promise on the new terms of the instruments.” That type of debt is going to be held by the European Central Bank (ECB) and perhaps other institutions who are involved in this restructuring settlement of Greek debt. The other type of Greek debt will have a legal provision saying that the terms of the debt can be changed retroactively under certain circumstances.

Ryan Puplava CMT's picture

With central banks easing and global manufacturing improving, how could the commodities not do well? Intermarket analysis shows us that commodities are the last to turn in a cycle and they appear to be at a bullish inflection point now. With the S&P 500 up 26% from the October lows, commodities are a little late to the party, but better late than never. It isn’t just commodities that are improving.

Arnold Bock's picture

Underlying much of what we see and don’t see regarding the modern-day tragedy that is Greece, is all about preserving the dream of a pan European nation state, a United States of Europe if you will. Only secondarily is it about the solvency of the Greek nation and about bailing out the foreign bank holders of Greek sovereign debt. Let me explain my perspective.

Dominic Frisby's picture

In the New Year's edition of MoneyWeek magazine, I gave my predictions for the year ahead, along with various other contributors. I said that I was looking for a strong first quarter - with the risk trade back on - and that if the S&P 500 could get through 1,260, there was a good chance it could re-test the highs of 2011.

Jerry Robinson's picture

There are circumstances surrounding the demise of this failed "dollars for gold" arrangement, with a particular emphasis on how its demise will deal a major blow to global dollar demand.

Jim Willie's picture

Listen to the empty words of the last bailout for Greece. Credibility with the Jackass was lost back on the third bailout, well over a year ago, out of the six bailouts in total. Perhaps it is seven comprehensive final bailouts. The pattern is clear. The politicians, without popular support, forge agreements on debt coverage with the Greek officials.

Dirk van Dijk CFA's picture

We got more good news on the jobs front today as initial unemployment claims were unchanged. Well sort of, last weeks numbers were revised up from 348,000 to 351,000, and this week we were at 361,000 again.  Still the consensus was looking for a rise to 355,000.

Russ Winter's picture

In my view Israel has all but guaranteed that they will attack Iran’s nuclear facility, and that the timing is imminent. Senior Israeli military and intelligence sources said Wednesday, Feb. 22, that Israel’s strategic and military position in the Middle East has taken a sharp downturn.

Pater Tenebrarum's picture

As long time readers know, we have often compared the parsing of the statements issued by the Federal Reserve to the now defunct job of 'Kremlinology'. This was a quite similar exercise during the cold war era, when knowledgeable journalists and observers of geopolitics used to parse every phrase emanating from the Moscow politbureau in the Kremlin to discover the hidden meaning in its often obscure statements.

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