Tuesday, March 17, 2015


Did he or didn't he.  The Greek finance minister that is.  Did he during a Q & A last week flip the bird to his German Counterpart?  He claims he didn't; others say it was clear as day; his counterpart isn't talking and I think...oh bother, it doesn't matter what I think.  The import part of this little vignette is that a lot of people think that the guy would do such a thing and that highlights the single most important issue impeding a rational solving of the latest Greek mess:  these guys don't like one another.

Having gone through too many of these believe me when I say there has to be a certain acceptance of the other side or else nothing will get done.  Charges and counter-charges played out in the media are at all times counter-productive.  The Greek is a star-stuck media hound who actually believes that his celebrity status is going to last longer than five minutes after the conclusion of this Greek tragedy.  Yep, there's a big call for communist economists out there these days.  I guess he can go back to academia; if you can't do, teach.  As for Herr Schauble, I suspect he, like Marlene, just wants to be left alone but he can't seem to resist sticking the knife in from time to time.  And the there is Tsipras who has come up with the idea that the Germans owe Greece some 300-plus billion Euros for WW II which they probably do but it is a concept not helpful in getting the Volk on your side or at least keeping them quiet.  Nevertheless, he may be on to something.  One of the minor parties in Angela's coalition just announced today that it agreed with Tsipras!  And for Angela that's tsuris not because of an internal movement to make it happen but because it will immediately encourage Tsipras and the Rock Star to probably set out on a new line of negotiations not having the experience to realize that it will lead to a dead end.

Now none of this is particularly important but while I was probably 70--30 on this thing working out OK for at least a short period of time, I'm down to 50--50 once again.  There were also reports last week of a battle plan of the EZ for steps to be taken WHEN we have the GREXIT as it is now being called.  That I believe, but it's not there yet.  We'll keep watching.

Over Here, the economic numbers that came out today were a bit on the stinky side with the optimists immediately blaming it all on the weather.  Funny, how employment numbers which are under the sole purview of the government are unaffected by the weather but everything else is.  Just saying.  Anyway, that was the prelude to tomorrow's Fed meeting with the betting being that the Girls and Boys are going to signal a rate rise by removing ONE WORD from last month's statement.  That word?  "Patient."  If that ain't there in the Fed's approach to reviewing rate increases, "Look Out Below!"  Here come the rates!  That is how stupid this has become.  Not a word about the effect that a rate rise might have in regard to the dollar and global credit.  Nah, who wants to talk about that.  That's hard.  Look for one word and we have done our job say the talking heads.  Of course like every other jerk in the world I'll be looking for "patient."  I'm also loosing patience.

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