The Other McCain

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

France To U.S.: We Will Make The Election Of Obama Seem Smart

by Smitty According to Breitbart, Nicolas the Short has been ousted in favor of Francois Holland. Holland seems to favor: raise taxes (including a marginal tax rate for earnings above $1 million to 75%), lower retirement age, and boost spending levels I suppose that’s one reaction to economic reality: deny it categorically. Zerohedge plays the […]

MONDAY DOOM WATCH: Europe Circling the Economic Drain

Four headlines from Drudge: Britain draws up emergency plans for collapse of Euro … IMF drafting $800 billion bailout plan for Italy, Spain … REPORT: FRANCE, GERMANY PREPARE TO TAKE DRASTIC MEASURES … NYT: Time runs short … Remember, these are sophisticated Europeans. Liberals have always wanted America to be more like sophisticated Europe, where […]

It Looks Like Greece’s Papandreou Will ‘Ouzo On Down The Road’

by Smitty CNN reports: The country’s Cabinet was set to meet Sunday to discuss issues relating to Monday’s Euro group meeting, at which Finance Minister Evangelos Venizelos will represent Greece, the reports quoted the spokesman as saying. Venizelos is likely to remain in his post as finance minister in a new government, sources told Greek […]


by Smitty Tyler Cowen at Marginal Revolution points to something a little more important than a Herman Cain allegation. Greece was not supposed to have a confidence vote so soon, but: Mr. Papandreou also said that he would seek a parliamentary vote of confidence in his administration, just four months after seeking, and winning, a similar […]

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 […]

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