Someone gets to Ambrose Evans-Pritchard: On the weekend Schauble was a devil, but now he's a misunderstood genius!

Ambrose Evans-Pritchard erupted on Twitter on the weekend when Schauble leaked the Grexit memo in Brussels:

Now Schauble is a misunderstood genius who had it right all along:

'Wolfgang Schauble is one of the very few figures who has behaved honourably in this latest chapter. ... [H]e is entirely right to argue that a velvet divorce and an orderly exit from the euro for five years would be a “better way” for Greece, as he did on Germany radio this morning. ... Mr Schauble has been pushing for Grexit since 2012, and probably earlier. He genuinely thinks it would better for all concerned. When he floated his plan, he meant it. ... Even if [Merkel] was irritated by the Schauble paper – and her skirmishes with the irascible finance minister are legendary – she appears to have latched on to it as a useful negotiating ploy. The trick worked. It terrified Mr Tsipras into submission. ... Mr Schauble’s original and honourable intentions have been entirely misunderstood. The world’s verdict is that Germany's benign and enlightened statecraft in Europe over the past 60 years has given way to Bild Zeitung reflexes, the hegemony of crude populism. One can only feel sympathy for German diplomats who must clean up the mess and explain how this tangle of conflicting agendas spun escaped control.'

Mario Draghi: ECB is Greece's biggest depositor

There's real power, and then there's just power

Seen here this morning:

"We now have a total exposure of €130bn to Greece, that makes us the biggest depositor."

That's actually more than was on deposit at the end of May: 129.9 billion EUR. Deposits are down 108 billion EUR since September 2009, about 45%, squirreled away in other banks outside Greece, and under mattresses at home, which makes it a little risky to leave, say to protest in the streets. Europe has played Greece like a fiddle.

Euro Group creditors made a bundle off Greece's problems in 2014: 13 billion EUR

Moody's on Greece indicated today that the debt/GDP burden was already 177% before Syriza was even elected in 2015, but one man's debt burden is another man's opportunity.

Seen here:

'We assess Greece’s Fiscal Strength as `low’, because of the country’s high debt burden, which stood at around 177% of GDP at the end of 2014, one of the highest debt burdens in the universe of Moody’s-rated countries. Moreover, the potential to meaningfully improve the debt trend over the next 3-5 years is highly uncertain given that the large-scale reforms that could spur growth are currently hampered by ongoing political uncertainty.'

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Eurostat shows Greek GDP in current euros was just shy of 179.1 billion in 2014, down 26% from the 2008 peak. Greece is in a long, severe depression. Central government debt rose to 324 billion EUR at the end of 2014 and actually dropped to 313 billion EUR in the first quarter of 2015. Syriza was elected to power on January 25, 2015.

Those awful conditions developed under years of austerity government, after years of profligacy,  which Syriza promised to end. Now that Syriza has been forced to double down on austerity, expect conditions in Greece to worsen dramatically without debt forgiveness or a generational period of grace from repayment obligations. 

Little discussed in that regard, however, is the fact that in 2014 Greece is said to have paid an interest rate on its debts of 4% nominal and 2.6% effective.  This is happening in a world where the ECB has just decided to keep the headline lending rate at the record low level of 0.05%.

Whatever else may be said, Euro Group creditors by comparison are making a killing off Greece's predicament: almost 13 billion EUR in debt service revenues in 2014 alone.

If Europe is serious about keeping Greece in the Group, maybe it could start by stopping the profiteering.

Greeks accept EuroGroup humiliation in overwhelming vote of degradation

If the Left can't bring itself to revolt against the Fascist hegemony, there is no question that the Right can, either.

Just six had the temerity to vote "Present" while one did not vote.

The Prime Minister, Tsipras? 

IMF signals that it cannot now participate in the third bailout of Greece

Here, which The Guardian considers a "cannonball" shot into the bailout:

Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far. ... Greece cannot return to markets anytime soon at interest rates that it can afford from a medium-term perspective. ... Greece is expected to maintain primary surpluses for the next several decades of 3.5 percent of GDP. Few countries have managed to do so. ... Greece is still assumed to go from the lowest to among the highest productivity growth and labor force participation rates in the euro area, which will require very ambitious and steadfast reforms. ... [G]overnance issues ... are at the root of the problems of the Greek banking system. There are at this stage no concrete plans in this regard. ... The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date—and what has been proposed by the ESM. There are several options ... maturity extension ... of, say, 30 years on the entire stock of European debt, including new assistance. ... Other options include explicit annual transfers to the Greek budget or deep upfront haircuts. The choice between the various options is for Greece and its European partners to decide [i.e. not the IMF].

Whatever you may think of Alexis Tsipras, tonight's interview showed him a true leader of Greece and an adept politician

The Grauniad is predictably impressed, here, but for many good reasons:

"Even if you think Alexis Tsipras has misplayed the crisis, it’s hard not to be impressed by his composure in tonight’s interview."

Tsipras, from the summary, pledges to go down with the ship, if necessary, and Tsipras admits Greece may well do so:

“The worst thing a captain could do while he is steering a ship during a storm, as difficult as it is, would be to abandon the helm.”

According to the polling data the people still love him, no doubt not in the least because he is made of the stuff which refuses to blame others, including Varoufakis.

IMF may have to back out of latest Greek bailout deal reached in Brussels early Monday

According to the story here, the International Monetary Fund, which has finally been calling for debt restructuring for Greece, i.e. haircuts, forgiveness, some say too little and too late, now believes the agreement reached this weekend falls far short of making Greece's debt sustainable. 

That fact means the IMF cannot agree to additional bailout sums according to its rules, which means the latest bailout would fall apart as the IMF would have to withdraw the 16+ billion Euros it has pledged in the deal.

In addition London is objecting to the proposed source of summer bridge loans to Greece which it says were previously ring-fenced against use for future bailouts. The Eurogroup doesn't seem to care about this very much, signaling that it intends to break the rules.

What a shock, huh?

Greece left in a permanent debt trap under neo-colonial rule after historic weekend showdown in Brussels

Ambrose Evans-Pritchard, here:

The crushed Syriza leader [Alexis Tsipras] must sell a settlement that leaves Greece in a permanent debt trap, under neo-colonial control, and so economically fragile that it is almost guaranteed to crash into a fresh crisis in the next global downturn or European recession.

In 1967 the Greek coup d'etat was by the tanks, in 2015 by the banks

Yanis Varoufakis, audio here, says Tsipras felt defeated by the "No" in the referendum:

"In the [1967] coup d’état the choice of weapon used in order to bring down democracy then was the tanks. Well, this time it was the banks." (at 10:55 into the interview)

Alexis Tsipras sought out the help of Yanis Varoufakis starting in 2010, but never fully agreed with him

Varoufakis' plan, as outlined here in an interview in The New Statesman, was never embraced by Syriza as it needed to be to have even a chance of succeeding:

[Yanis Varoufakis] said he spent the past month warning the Greek cabinet that the ECB would close Greece’s banks to force a deal. When they did, he was prepared to do three things: issue euro-denominated IOUs; apply a “haircut” to the bonds Gree[ce] issued to the ECB in 2012, reducing Greece’s debt; and seize control of the Bank of Greece from the ECB. ... As the crowds were celebrating on Sunday night in Syntagma Square, Syriza’s six-strong inner cabinet held a critical vote. By four votes to two, Varoufakis failed to win support for his plan, and couldn’t convince Tsipras. He had wanted to enact his “triptych” of measures earlier in the week, when the ECB first forced Greek banks to shut. Sunday night was his final attempt. When he lost his departure was inevitable.

The likes of National Review and Glenn Beck are simply lying about Trump's views on amnesty

Everyone who has heard Trump's extended remarks on the subject of illegal immigration on The O'Reilly Factor in 2011 knows there's not a scintilla of evidence to suggest Trump has flip-flopped on the issue which is presently at the center of his campaign for president. Both National Review and Glenn Beck are mendacious for suggesting otherwise.

During that 2011 interview Trump committed to a case by case method of deciding who among the millions who are here illegally gets to stay and who must go, which shows that Trump is not the uncompassionate Neanderthal he is being made out to be on the subject. He acknowledged that the sheer size of the numbers makes it a formidable problem indeed, but not one the size of which was so large that our government wouldn't be able to work through it. But for that his opponents, who are not just critics, slimily accuse him of supporting a pathway to citizenship as if his position is not substantively different from the get-out-of-jail-free card the Democrats, and some Republicans, would hand out to each and every one of them. 

All Trump's other remarks about the subject on that show demonstrate without a doubt that Trump's position about enforcing the border with military if necessary, building a wall and living by the rule of law has been consistent with his clearly stated views over the course of almost two decades.

Jesus' parable about Germany: Time to abrogate The London Agreement and make GERMANY pay everything it was forgiven

"It is a sacrifice  required for the future of the human race"

Therefore is the kingdom of heaven likened unto The Allies, which took account of their servants in 1945.

And when they had begun to reckon, one was brought unto them, Germany, which owed them $10 trillion. But forasmuch as Germany had not to pay, his lord commanded Germany to be sold, and his wife, and children, and all that he had, and payment to be made. The servant Germany therefore fell down, and worshipped him, saying, Lord, have patience with me, and I will pay thee all. Then the lord of that servant was moved with compassion, and loosed him, and forgave him half the debt.

But the servant Germany went out, and found one of his fellowservants, Greece, which owed him $400 billion: and he laid hands on him, and took him by the throat, saying, Pay me that thou owest. And his fellowservant fell down at his feet, and besought him, saying, Have patience with me, and I will pay thee all.

And Germany would not: but went and cast Greece into prison, till he should pay the debt.

So when The Allies' fellowservants saw what was done, they were very sorry, and came and told unto their lord all that was done. Then their lord, after that he had called him, said unto Germany, O thou wicked servant, Germany, I forgave thee all that debt, because thou desiredst me: Shouldest not thou also have had compassion on thy fellowservant, Greece, even as I had pity on thee?

And his lord was wroth, and delivered him to the tormentors, till he should pay all that was due unto him.

Medicaid enrollments surge 36% under Obama, by 17.3 million

Speaking of blowmehards, Democrat Bill Clinton approved a state flag design that carried a reference to the Confederacy

Reported here:

"As a national debate rages over the symbolism of the Confederate flag, some critics of the Clintons have questioned why as governor of Arkansas Bill Clinton approved a state flag design that carried a reference to the Confederacy.

"In 1987, Mr. Clinton signed Act 116 reaffirming a state flag design that included a star symbolizing the state’s membership in the Confederacy. ...

"These days the star – which sits above the word “Arkansas” on the flag – doesn’t seem to stir up much bitterness."

And according to this story, Clinton routinely presided over the celebration of Confederate Flag Day in Arkansas:

'“The blue star above the word “ARKANSAS” is to commemorate the Confederate States of America,” Clinton’s law reads. 

'The Clintons presided over the annual celebration of “Confederate Flag Day” while they occupied the governor’s mansion, which continues to this day.'

HuffPo here says Clinton never objected to Confederate Flag Day while he was governor:

'Arkansas observes a Confederate Flag Day, which is celebrated together with Arkansas Confederate History and Heritage Month and Confederate Memorial Day. Per state code, it is observed on the Saturday immediately preceding Easter Sunday. In annual gatherings outside the Arkansas Statehouse, participants can "attend and bring examples of the variety of flags used by Arkansas units and of the Confederate government and its army during the War," according to the Log Cabin Democrat, an Arkansas newspaper.

'Clinton did not publicly object to Confederate Flag Day during his time as governor. The holiday is still being observed . . ..'

Damon Linker wants to replace the electorate which likes a vulgar blowhard like Donald Trump

You know, with an electorate like the one that put these two together in the White House.

Here.

Does Maryland still spurn the Northern scum?

James Ryder Randall, Poet Laureate of the Lost Cause

Last stanza of "My Maryland":

I hear the distant thunder-hum,

Maryland!

The Old Line's bugle, fife, and drum,

Maryland!

She is not dead, nor deaf, nor dumb-

Huzza! she spurns the Northern scum!

She breathes! she burns! she'll come! she'll come!

Maryland! My Maryland!

Democrat Fritz Hollings' flag comes down, officially ending racism everywhere in one fell swoop, this morning at 10:00, EDT

In 1962, during Hollings' term as Governor, the Confederate battle flag was flown above the South Carolina Statehouse underneath the U.S. and state flags where it would remain for thirty-eight years. In 2000 the state legislature voted to move the flag from above the Statehouse to a Confederate soldiers' monument in front of the building.

President Trump's Air Force One

So what Bernard-Henri Levy and the EU really want is to tax the bejeebers out of Greek capital and the Greek church

BHL with celebrated child rapist

Venting his deconstructionist spleen, here:

Mr. Tsipras might defend his approach to the referendum by asserting that his goal was not so much to sound out the people as to reinforce his position in the confrontation with Greece’s creditors. But what is the justification for that confrontation? That creditors had the audacity to demand progress toward the rule of law and social justice, as well as efforts to tame Greece’s shipping magnates and its tax-avoiding clergy?

Evidently plank eight of Syriza's 40-point program is just window-dressing to BHL and isn't evidence that the goals of the EU and of Syriza in this regard are quite the same:

"8. Abolition of financial privileges for the Church and shipbuilding industry."

The French Jew and self-identified leftist and critic of the left has a passel of divergent opinions and loyalties, including to Roman Polanski, Dominique Strauss-Kahn and Nicolas Sarkozy, but Tsipras' real offense to Levy is that, so far, he has been insufficiently anti-Christian.

Republicans ruined the Republican brand long before Donald Trump came along

Read my lips, no new taxes

Compromise is not a bad word

I have abandoned free market principles

We have nothing to fear from a President Obama

ObamaCare's not worth getting angry about