Greek default risk has surged in recent days and today as it becomes clear what Syriza expects from Europe, short-term CDS are at post-crisis highs with 5Y CDS implying a 76% probability of default (based on standard recovery assumptions - which may be a little high in this case). Given the domestic bank dominance in the buying of domestic government debt, Greek banks are getting hammered as everyone's favorite hedge fund trade is an utter bloodbath. Greek stocks overall are down and GGBs are tumbling once again - back at 16 month lows (given back all the ECBQE hope bounce). Perhaps not surprising moves, given new Greek Finance Minister Yanis Varoufakis reality-exposing comments yesterday, "the problem with the bailout is that it wasn’t really a bailout... it was an extend and pretend, it was a vicious cycle, a debt-deflationary trap, which destroyed our social economy."
The Masters of the Universe like to talk about our “consumer economy,” as if we have discovered the equivalent of the perpetual motion machine: an economy that can prosper while consuming, without having to produce anything except fast food anRead more....
A young blonde woman weeps openly on camera, her manicured fingers perched wanly against her cheekbones. "I can't take it any more," she sobs in Norwegian. "What sort of life is this?" Her name is Anniken Jørgensen, one of three 17-year-old fashion bloggers who "star" in a five-part online real ...
Many futurists are fond of projecting historical trends into the future. Ray Kurzweil is perhaps the most prominent champion of making bold claims about what the future holds based on what the past has held, but he’s not the only one. Interestingly, though, few have applied this predictive methodology to the phenomenon of existential risks. For the purposes of this paper, I’ll define an existential risk as a catastrophe that’s terminal in intensity, transgenerational in temporal scope, and global in spatial scope, and which affects either our current population (Homo sapiens) or some future population that we value. (See this article for details and criticism of other definitions, such as Nick Bostrom’s.)
As the Senate prepares to vote on whether climate change is real as part of the proposed Keystone Pipeline bill, Sen. Bernie Sanders (I-Vt.) strongly believes “it’s a good idea” for President Barack Obama to veto the bill.
"I think equity markets will get devastated," warns famed $12bn AUM hedge fund manager Crispin Odey in his latest letter to investors. Having been one of the biggest bulls of this particular central bank artificial-bull cycle, his dramatic bearish tilt (as we discussed what he thinks are the biggest risks underpriced by the market previously), is notable. Finally, Odey fears major economies are entering a recession that will be "remembered in a hundred years," adding that the "bearish opportunity" to short stocks looks as great as it was in 2007-2009.
Here's the thing: Americans used to be smart enough to realize this without having a movie tell it to them.
Remember unions? Those took brains, spines and balls to build and they fought every inch of the way to establish them JUST to get a fair shake. It wasn't to overtake anything, it wasn't for war or combat, it was just so they could get fair wages and a fair shake and have a voice.
THAT was the generation with guts and the generation not afraid to stand up for itself and future generations. That was a generation with balls. Two generations later, the american worker has been snip and its collectively the most impotent, sad creature on the face of the planet. What your great-grandparents fought and bled for, you handed back to corporations on a silver platter without so much as even a small fight. And then everyone acts surprised that a handful own everyfuckingthing? Really? You people have bent over backwards and forwards to placate the ultra wealthy and the corporations! You've fucking elected people who EXCLUSIVELY and EXPLICITLY ONLY help the wealthy and corporations! And you KEEP electing them! Over and over!
And then whenever one of those old, rich, white christian males tells you that unions are 'corrupt' and 'outdated,' you STILL fucking believe his ass. And then you get online and bitch about barely being able to make it to payday and barely being able to afford your basic needs.
AND HALF OF REDDIT WILL ARGUE AND FIGHT TOOTH AND NAIL AGAINST A BASIC MINIMUM WAGE INCREASE.
Americans have become (again, collectively) one of the dumbest groups of the population on the entire planet. Fat, spoiled, lazy, incompetent and incapable.
THAT is why you've been robbed blind your entire life. That's why you barely scrape by and your boss makes more in a week than you make all year. Poor you, right? Never did a single thing to change the system, too afraid you might get laid off or someone will point you out as a trouble maker.
Americans used to be kind-hearted punks with nerves of steel and backs to match and now you're a bunch of clipped, castrated impotent cuckolds who go to work more than half of the year so you can subsidize Walmart's employee food stamp program.
You get shit because that's what you've fought for: Shit. Enjoy it. It's only going to get much, much worse. For you, of course. Not for them.
The year is 2025, and one of the original digital natives is sitting with his children - telling stories of the early days. “Back when I was your age… you could connect with anyone around the world, for free.” The children are enthralled with the idea of freedom, and the wild open days of [...]