July 1st, 2015
Greece’s leftwing Prime Minister Alexis Tsipras wants more negotiations. Because, you know, Europe just hasn’t had enough of those over Greek debt.
Mr. Tsipras said Greece was “prepared to accept” a deal set out publicly over the weekend by the creditors, with small modifications to some of the central points of contention: pension cuts and tax increases.
In other words: Groundhog Day on the Aegean. Yet again.
More Greek crisis links:
“Socialism is a one-way ticket to misery and failure.” Also: “The Greeks are simply the vanguard in a long line of nations who have buried themselves under mountains of unpayable debt.”
Greece: “We’re suffering so hard!” Poorer countries in Europe: “Suck it up, you proliferate spendthrifts!”
Possible post-referendum timelines in Greece. I hope you like flow charts…
Tags: Alexis Tsipras, Budget, European Central Bank, European Debt Crisis, Foreign Policy, Greece, grexit, Welfare State
Posted in Budget, Foreign Policy, Welfare State | No Comments »
June 30th, 2015
And verily it came to pass.
Greece lost its financial lifelines Tuesday, as the country missed a crucial payment to the International Monetary Fund amid growing questions about whether it would be able to remain in the euro zone.
Greek leaders had made a last-ditch attempt to come up with the necessary cash, asking European countries for a new bailout hours before its last ones were set to expire, but E.U. finance ministers rejected the request as unrealistic. The missed payment, confirmed by the IMF, was a landmark moment in Europe’s five-year battle to preserve its common currency.
A few more Greek tidbits:
Greek banks are about to enjoy some ECB-mandated haircuts. He who pays the piper calls the tune…
Dear PIIGS citizens: Don’t blame austerity, blame your corrupt politicians.
Europe’s Democracy Deficit:
The bureaucrats in Brussels and their counterparts in Europe’s national governments are furious with the Greeks for daring to consult their own people. Daniel Hannan, a British member of the European parliament, sarcastically tweeted, “Calling a referendum is, to Eurocrats, the most offensive thing a politician can do.” Stripped of their veneer, Eucrocrats’ arguments against all referendums amount to saying that referendums are a bad idea because they shift power from small cliques of unelected but wise rulers to an unsophisticated, nationalistic mob that might fall prey to populism
Via the People’s Cube: Greece declares victory.
Tags: Budget, default, European Central Bank, European Debt Crisis, Foreign Policy, Greece, IMF, Welfare State
Posted in Budget, Foreign Policy, Welfare State | No Comments »
June 30th, 2015
Today is the day Greece defaults: “Greek Finance Minister Yanis Varoufakis confirms Greece will not pay the International Monetary Fund debt due today. The European part of Greece’s international bailout expires Tuesday and with it any possible access to the remaining rescue loans that it needs to pay its debts of about $1.9 billion to the IMF.”
And what happens after Greece defaults to the IMF? That’s when things get interesting. First, on Sunday, July 5, the Greek people vote on a badly worded referendum. If they agree to Europe’s terms, they’ll impose additional budget-cutting measures and pension reform, and presumably get a new loan to pay their IMF arrears.
And if they vote no? Then they’ll have no euros to keep paying for their welfare state, and presumably start printing drachmas. But their debt stays denominated in euros, and there’s no guarantee foreign companies will be willing to deal in drachmas instead of euros, or that European foreign exchanges will even allow drachmas to be traded until Greece comes to some sort of agreement with the European Central Bank and other creditors. (I am largely ignorant of European foreign exchange regulations.) Either way, expect a nice dose of hyperinflation to add to Greece’s myriad coming economic woes.
The Eurozone is far more likely to survive Greece’s exit than Greece is. Then again, Greece now has so much debt that it’s screwed no matter what happens. Deficit financing to prop up your bloated welfare state is a horrific idea that destroys economies, and Greece looks to follow Venezuela in providing this generation’s example.
Other Greek tidbits:
Tsipras “thinks Greek voters, by making delusional promises to themselves, obligate other European taxpayers to fund them.” More: “Since joining the Eurozone in 2001, Greece has borrowed a sum 1.7 times its 2013 GDP. Its 25 percent unemployment (50 percent among young workers) results from a 25 percent shrinkage of GDP.” Gee, you can’t borrow your way to prosperity? Who knew?
Greece actually needs €275 billion to pay its debts between now and 2057.
Argentina went through economic hell after defaulting, then recovered. Greece would likely go through the same cycle…minus the recovery part.
Europe suspends Greek bond trading.
Tags: Alexis Tsipras, European Central Bank, European Debt Crisis, Eurozone, Greece, grexit, Welfare State
Posted in Budget, Foreign Policy, Welfare State | No Comments »
June 29th, 2015
Looks like that optimism over Greece caving in to reality was a bit premature, since Alexis Tsipras is back to his old tricks again, proclaiming loudly that he won’t be “blackmailed.” Because we all know that agreeing to cuts in your bloated welfare state to pay for the loans you already agreed to is “blackmail.”
He’s called for a national referendum on bailout agreement terms. The problem is, that vote is July 5 while $1.7 billion payment Greece owes the IMF is due June 30, and the IMF can’t offer extensions, and Greece is too broke to make its debt payment.
Greek banks are closed until July 7, and the “European Central Bank (ECB) said it was not increasing emergency funding to Greek banks.” ATMs are running dry and withdrawals are bveing limited to 60 euros.”
Stocks in Europe and China are in freefall, with bank stocks in Europe particularly hard hit. Greek stocks are off 17% despite their stock market being closed.
A few more Greek crisis tidbits:
Holy fark: 70% of Greek mortgages are in default.
Nothing says “vibrant economy” like adults forced to live with their parents.
“The strange thing is that neither Tsipras nor a large majority of the Greek people want to leave the euro (more than 70 per cent support keeping euro polls show). But despite the country being united on this, the government is still unwilling to make the compromises that would keep Greece in the euro zone.”
The bill for Greece’s profligate spending and fake austerity was always going to come due sooner or later. Tsipras’s disasterous term in office merely ensured that it would come sooner and with a maximum of economic pain for the Greek people…
Tags: Alexis Tsipras, Budget, European Central Bank, European Debt Crisis, Foreign Policy, Greece, IMF, Welfare State
Posted in Budget, Foreign Policy, Welfare State | No Comments »
June 26th, 2015
The problem with doing a LinkSwarm is there’s just no end to links! I suppose I could post each and every one as I find it, but then I’d be be traveling in the wake of Instapundit, without his indefatigable will. (Or, this week, his army of star assistants.)
Anyway, these are from the last few weeks:
Nothing says “religion of peace” quite like crucifying children for breaking a Ramadan fast.
Speaking of Ramadan, Muslims kicked it off in the now-traditional manner: Blowing up the mosques of other Muslims. (Hat tip: JihadWatch.)
ObamaCare has fallen short of its enrollment target, hiked insurance premiums, failed to cut down on ER visits, and flopped in its attempt to improve hospitals’ bottom line.
ObamaCare is sputtering.
Hawaii kills its ObamaCare exchange.
China’s dredging on Mischief Reef has united the rest of Asia against it.
China tries debt swap financing for the Ghost Cities.
“Barack Obama has been the most successful person in history when it comes to electing Republicans to Congress.”
Donating to a tsunami victim charity? Don’t forget that Bill Clinton gets his cut.
Bill and Hillary and The King of Gay Porn.
Not just Bill and Hillary: Even Clinton underlings got Arab money while working for the government.
20 revelations about the U.S. and Israel from Obama’s ex-Israeli ambassador’s new book.
Americans prefer not to live where the law-abiding are disarmed.
Obama’s plans to muzzle gun-related speech.
Ted Cruz introduces legislation to eliminate Obama’s illegal alien amnesty slush fund.
“What we’re dealing with is a mayor who is universally acknowledged to be bumbling and incompetent.” (Hat tip: Ed Driscoll at Instapundit.)
LOL.
The Huffington Post: Hell on earth. (Hat tip: Moe Lane.)
You too can enjoy and spread “white privilege” to your children, no matter your color!
The “pecking disorder” among Social justice Warriors.
“He ain’t do no wrong — he just shot a cop.”
Remember that ultra-irritating piece on life on the Upper East Side? Not so fast.
Ouch.
Heh.
Don’t order the Chong Chin Chicken at Asia Cafe.
Tags: 2016 Election, 2016 Presidential Race, amnesty, Austin, Bill De Blasio, China, Crime, Elections, Ghost Cities, Guns, Hillary Clinton, Hillary Clinton Scandals, Huffington Post, Illegal Aliens, Islamic State of Iraq and Syria, Jihad, LinkSwarm, Media Watch, Mischief Reef, ObamaCare, Ramadan, Social Justice Warriors, Ted Cruz
Posted in Austin, Border Control, Crime, Democrats, Elections, Foreign Policy, Guns, Jihad, Media Watch, ObamaCare, Social Justice Warriors | No Comments »
June 25th, 2015
I missed this good news when it came out on June 2, but a Travis County Grand Jury has declined to indict John Daub in the self-defense shooting death of a home intruder who turned out to be autistic.
And his blog, Stuff from Hsoi, is available again.
Tags: Austin, blogging, Crime, Guns, Hsoi, John Daub, Texas
Posted in Austin, Crime, Guns, Texas | 1 Comment »
June 24th, 2015
Hutto police Sergent Chris Kelly was was killed in the line of duty today after being run over by a suspect during a traffic stop. (The suspect is in custody.) Kelly was a USAF veteran, and left behind a wife and two children.
Police work is deeply necessary for civilized society, and occasi0onally very dangerous…
Tags: Chris Kelley, Crime, Hutto, murder, police, Texas, Williamson County
Posted in Austin, Crime, Texas | No Comments »
June 24th, 2015
It’s now official: Louisiana Governor Bobby Jindal is running for President.
He’s a solid conservative reformer, but I don’t see him getting a lot of traction is a field this crowded. I think he’s more realistically a Vice Presidential possibility this time around.
Tags: 2016 Election, 2016 Presidential Race, Bobby Jindal, Elections, Louisiana, Republicans
Posted in Elections, Republicans | 2 Comments »
June 24th, 2015
It’s been a while since I did a Texas vs. California update, so this is going to be a meaty one:
The Texas Comptroller has released a 50 state overview of how Texas stacks up to other states. There’s a lot of information to mine there. A few nuggets”
- Texas ranks first as the best state for business, while California ranks 50th.
- Texas ranks as the best state for net migration; California ranks 49th.
- There are area in need of improvement. Texas ranks 49th in states whose residents over 25 hold high school diplomas. California? 50th.
Texas has enjoyed 100 straight months of unemployment below the national average. (Now it’s 101 months, but I can’ find a link right at the moment.)
The previously mentioned California pension reform ballot initiative has been filed.
Can it help California voters avoid pension armageddon?
“Low Taxes And Economic Opportunity In Texas Lead To Youth Population Boom.”
I was unaware that CalPERS owns its own planned community in Mountain House, California, and which it’s invested more than $1 billion in. A community that in 2008 was the most underwater in terms of mortgages in the entire country, and which was estimated to be worth only $200 million at some point. And now their water is being cut off due to the drought. (Hat tip: Pension Tsunami.)
Speaking of the drought, California is running on empty:
We suffer in California from a particular form of progressive immorality predicated on insular selfishness. The water supplies of Los Angeles and the Bay Area are still for a year longer in good shape, despite the four-year drought. Neither area is self-sufficient in water; their aquifers are marginal and only supply a fraction of their daily needs. Instead these megalopolises depend on intricate and expensive water transfer systems — from Northern California, from the Sierra Nevada Mountains, and from the Colorado River — that bring water and life to quite unnatural habitats and thereby allow a MGM or Facebook to thrive in an arid landscape that otherwise would not support such commerce and population. Without them, Atherton would look like Porterville.
Quiet engineers in the shadows make it all work; the loud activists in the media seek to make it unwind. These transfers have sterling legal authority and first claims on mountain and northern state water. If Latinos in Lemon Cove are going without household water, Pyramid Lake on I-5 or Crystal Springs Reservoir on 280 are still full to the brim.
Why then do those who have access to water delivered in a most unnatural way seek to curtail supplies to others? In a word, because they are either ignorant of where their own water comes from or they have not a shred of concern for others less blessed, or both. We will confirm this ethical schizophrenia should a fifth year of drought ensue. Then even the most sacrosanct rights of transferred water will not be sufficient to accommodate the San Francisco and Los Angeles basins. Mass panic and outrage will probably follow, and no one will care a bit about the delta smelt, or a few hundred salmon artificially planted into the San Joaquin River watershed, or a spotted toad that holds up construction of an urgently needed reservoir.
The greens who pontificate about the need to return the San Joaquin watershed to its 19th-century ecosystem will become pariahs. When the taps run dry in Hillsborough and Bel-Air, very powerful people will demand water for their desert environs, which will in fact begin to return to the deserts that they always were as the thin veneer of civilization is scraped away.
(Hat tip: Instapundit.)
Hey, remember how California’s are always saying “Sure, Texas has lower taxes, lower cost of living, and better job growth, but California’s awesomely moderate weather beats Texas’ summer heat hands down!”?
Yeah, not so much this year… (Hat tip: Ace of Spades HQ.)
California legislature votes to reinstate Kelo-like seizure of private property for private development use. Shamefully, 12 Republicans joined Democrats to vote for eminent domain abuse.
“Pension payments are starving basic city services.”
A Marin County grand jury wants more openness about government employee salaries and pensions. (Hat tip: Pension Tsunami.)
Of the four “minority majority” states, minorities in Texas are doing best.
California farm workers are suing to get the United Farm Workers out of their lives and pockets.
Among cities with high prices and stagnant wage growth, California has the nine worst, including Los Angeles, San Francisco, Santa Clara and San Jose.
Because California homes just didn’t cost enough already, new energy regulations are going to make them even more expensive.
The San Bernardino sheriff’s department has used a “stingray” to capture cell phone communication over 300 times in the past year or so without a warrant.
Apple continues expanding in Austin.
Texas is one of the states General Electric might leave Connecticut for.
California-based retailer Anna’s Linens files for Chapter 11.
California holding company Premier Ventures uses yet another bankruptcy filing to prevent an Akron, Ohio mall from being sold at auction. (Previously.)
Not news: California bankruptcy filing. Still not news: From a fraud judgment. News: For a lawsuit first filed in 1989.
Tags: Austin, California, Chuck DeVore, Crime, Kelo, Mountain House, San Bernardino, Texas, Texas Public Policy Foundation, unions, United Farm Workers, Victor Davis Hanson, Welfare State
Posted in Austin, Crime, Democrats, Regulation, Texas, unions, Waste and Fraud, Welfare State | 1 Comment »
