Varoufakis Resigns...

@heckler73 so in other words, we knew this was going to happen, now it's happened and nothing can be done? Our leaders have not only failed us, they've sold us down the river.

This is a far more significant resignation for Americans...but it was reported on a Friday...so nobody cares or notices...
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Obama's crony appointment to OPM — Katherine Archuleta, whose prior job was national political director for Obama's re-election campaign — has resigned in disgrace.

Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials/071015-761189-opm-data-breach-exposes-obama-false-promise-of-competence-in-government.htm#ixzz3fcZpnh5q

ttystikk said:

@heckler73 so in other words, we knew this was going to happen, now it's happened and nothing can be done? Our leaders have not only failed us, they've sold us down the river.

Click to expand...

Whose leaders sold who?
Greece looks like it's capitulating. Godley's message was the note about the loss of currency control imbalanced by Fiscal policy.
However, there is that opportunity for them to either reintroduce the Drachma as a National currency to manage internal affairs at least, or--if the EU doesn't like it--they could restore it to full status. Despite the protests of the EU, the world (at least in finance) is ready to bring it back on board into the fold of ForEx.

And in respect of Bernard Lietaer's analysis of complementary currencies, I don't see why it would be a negative effect in the first place. It would be cause for some funny math on ledger tables, but it would allow economic flows to continue internally despite the exogenous constraints.

http://www.nytimes.com/2015/07/12/business/greece-debt-plan-at-next-crucial-stage-as-finance-ministers-meet.html
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In an apparent effort to raise the pressure on Greece, some German and Finnish officials were informally passing around a one-page position paper, reportedly drawn up by the German finance ministry as a possible option for the negotiations, saying the Greek proposal fell short and suggesting options that included having the country leave the eurozone for five years and then reapply for membership.

The idea of a five-year break from the euro was not openly discussed at the finance ministers’ meeting on Saturday afternoon, according to an official with direct knowledge of the talks. The official spoke on the condition of anonymity because the discussions were still underway.

The European leaders have set this weekend as a deadline for settling the issue of whether to keep Greece solvent or cut off further aid, a step that would almost certainly result in Athens being forced to abandon the euro as its currency.

An exit by Greece would be a blow to Europe’s goal of ever-closer integration.

Wavels said:

This is a far more significant resignation for Americans...but it was reported on a Friday...so nobody cares or notices...
.............................................................................................................................................................

Obama's crony appointment to OPM — Katherine Archuleta, whose prior job was national political director for Obama's re-election campaign — has resigned in disgrace.

Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials/071015-761189-opm-data-breach-exposes-obama-false-promise-of-competence-in-government.htm#ixzz3fcZpnh5q

Click to expand...

quality copy and paste.

reported as spam.

UncleBuck said:

quality copy and paste.

reported as spam.

Click to expand...

Reported as spam

Meanwhile, in the Baklava-cave...


Lapavitsas is playing an important historical role here, if he can maintain momentum.

Well, not sure what happened to Lapavitsas...he's been shuffled into the background, I guess.

Col. Sanders brought together a panel with Stiglitz, Galbraith and someone else named Kirkegaard (from the Peterson Institute? Hmmmm...) to discuss the Greek situation.I'm only part way through Sitglitz, and it's somewhat dry. I think Galbraith might have something more interesting to relay, though, considering the news over the past 48 hours with Varoufakis.

http://www.sanders.senate.gov/newsroom/recent-business/conversation-on-greek-debt-crisis