And Then: The only path available for Greece - given the dismissive attitude of Germany, the EU and the ECB - is an exit from the Euro. To get any relief – and sufficient relief to do any good is not on offer – Greece will be forced to cut pensions and wages and social services even more, enough to run huge structural primary surpluses that would keep its economy depressed for the next twenty years or more. This is the beginning of the end of the Euro and probably of the European Project – killed by European leaders willful ignorance of the lessons of 1919 to 1939. The troika still thinks this is some sort of game and that Greece must be punished for breaking the rules. It is not the rules but the euro that is broken. And the leadership.
Confidence: Unidentified hackers briefly took control of a German Patriot missile battery stationed in Turkey. Good thing they didn't fire them. Lucky, too.
Easy Does It: Never mind Greece, it's a side-show. Real market watchers are trying to make sense of the 30% decline in the Chinese stock market without using the words, bubble, fraud, group-think, and stupidity. Trading in over 25% of the listed stocks ($1.4 trillion) has been halted, amid massive governmental intervention to prop up the market. “Is this really still a stock market?” Will it be a market when another 35% decline takes place?
This Is A Test, This Is Only A Test: Homeland Security and the FBI are now 0 for 40 at predicting terrorist attacks on “the homeland”. Does anybody still pay attention? Wolf, wolf!
Echo: John McCain says that US troops should be dispatched to Afghanistan to combat ISIS fighters who are defeating Taliban troops there. Read that again carefully, keeping in mind that the US spent over a decade dying in vain trying to defeat the Taliban. What makes John think a do-over will come out differently?
It Begins: "Like Greece, Italy needs to leave euro.” So says Beppe Grillo, leader of the Italian Five Star Movement which controls over 20% of Italy's seats in the European Parliament.
Cruel But Usual: Ireland is refusing to extradite an accused terrorist to the US because of the likelihood he would end up in endless solitary confinement in a US Supermax prison – which is unacceptable to civilized nations.
Fair's Unfair: The mandarins of the international soccer association – most of whom are under indictment for taking millions in bribes – have awarded the winning US women's team 6% of the prize money the male world's cup winners were given.
Darwin Award: A former UK counter-terrorism chief says the country should round up anyone who wants to support ISIS and give them free rides to Syria. Let them that didn't want any have memories of not having had none.
All Things... According to a retired judge from the International Court of Justice, Dick Cheney not only should, but eventually will be hauled before the court and tried as a war criminal. Hope that Cheney's titular boss joins him in the dock. Sooner rather than later, please.
Aye, There's The Rub: One of the more compelling reasons not to do anything about global warming is that any serious attempt would, for starters, render over $280 billion of LNG projects useless. After all, which would you rather do, fry or lose money?
Mine's Bigger! Faced with a judge telling them they have to remove the 10 Commandment display from the capital grounds, Oklahoma GOPers decide to remove the Constitution instead.