The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Palate Cleanser: Nigel Farage Lets Loose The Barrage

by Smitty Nigel Farage is slightly less refined that Daniel Hannan, but that’s no complaint: sometimes you feel like a mallet, sometimes a scalpel. Farage goes all Donald Trump and starts telling the Eurocrats that they should be fired. We have legions of civil servants in need of the same words here. via HillBuzz, who […]

Eurocrats On Greek Referendum:
‘Are You Serious? Are You Serious?’

by Smitty Daniel Hannan in The Telegraph with an insider view of the Brussels reaction to the Greek referendum on the latest bailout farce: I wish I could convey the sheer horror that his proposal provoked in Brussels. The first rule of the Eurocracy is “no referendums”. Brussels functionaries believe that their work is too […]

EU President Van Rompuy Continues Playing Whack-A-Mole, When Whack-A-Budget Is Needed

by Smitty (h/t Memorandum via Google Reader) Reuters reports: European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region’s third largest economy. European Central Bank President Jean-Claude Trichet will attend […]

French Plan for Greek Crisis Won’t Work

The stock market surged last week after France announced a plan for French banks to roll over some maturing Greek bonds, thus helping avert default. But now credit rating agencies have had a chance to read the fine print on that plan and aren’t liking what they see: Greece risks being judged in default on its debt […]

Greeks Riot as Parliament Approves Budget Cuts to Avoid Debt Default

Financial markets breathed a sigh of relief Wednesday after the Greek parliament approved an austerity plan needed to avert default on the nation’s debt: The Dow Jones Industrial Average rose 72.73 points, or 0.60%, to 12261.42, capping the blue-chip measure’s biggest three-day gain since March. . . . Stocks have swung up and down for […]

VIDEO: Violent Riots Break Out in Athens as Greek Parliament Faces Key Debt Vote

Here is raw video of today’s riots in Athens: Greece has no alternative to passing the austerity plan if it wishes to prevent default on its debt, Reuters reports: Anti-austerity protests turned violent in Athens on Tuesday as the European Union warned Greek lawmakers the country faces immediate default unless they back an unpopular economic […]

VIDEO: Greek Meltdown?

Here are a couple of video reports from EuroNews about this week’s big economic question: Can Greece deal with its debt crisis or will default trigger a global economic meltdown? At the Hot Air Green Room: The good news, such as it is: French banks have reportedly agreed to a plan to roll over Greek […]

Euro-Doom Looming?

The Standard & Poor 500 this week suffered its seventh week of losses in the past eight weeks, and the Dow Jones Industrial Average again closed below 12,000 on Friday. The problem? In a word, Europe: “Everybody is trying to digest how the European debt situation is going to shake out,” said Jason Pride, director […]

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