If the plan of the Troika was to starve the Tsipras government and produce either capitulation or a loss of domestic credibility, their effort appears to be on track.

FAZ reported that the Greek government is set to run out of funds by April 8. Tonight, the Financial Times reports that Greek prime minister Alexis Tsipras sent a desperate-sounding letter to Angela Merkel on March 15. That appears to have led Merkel to meet with him at an EU conference last week and arrange for a one-on-one session tomorrow. 

From the Financial Times account:

Alexis Tsipras, the Greek prime minister, has warned Angela Merkel that it will be “impossible” for Athens to service debt obligations due in the coming weeks if the EU fails to distribute any short-term financial assistance to the country…

In the letter, Mr Tsipras warns that his government will be forced to choose between paying off loans, owed primarily to the International Monetary Fund, or continue social spending. He blames European Central Bank limits on Greece’s ability to issue short-term debt as well as eurozone bailout authorities’ refusal to disburse any aid before Athens adopts a new round of economic reforms.

….continue reading HERE

As people continue to digest breaking news from around the world, today the Godfather of newsletter writers, 90-year-old Richard Russell, warned of a world on the edge of chaos.  Russell also spoke about his memories from one of the most important days in world history nearly 70 years ago.

….continue reading HERE

With the eyes of the world still focused on the Fed meeting, today Dr. Paul Craig Roberts warned King World News about the greatest human threat the world has ever known.  This is an ominous warning from the former U.S. Treasury official as he is warning global leaders the world is headed for disaster.

By Dr. Paul Craig Roberts Former U.S. Treasury Official

March 17 (King World News) – Washington’s EU vassals might be finding their backbone. Britain, Germany, France, and Italy are reported to have defied Washington’s orders and applied to join the Chinese-led Asian Investment Bank. Australia, Japan, South Korea, Switzerland and Luxembourg might also join……continue reading HERE

As people continue to digest breaking news out of Greece and Ukraine, today the Godfather of newsletter writers, 90-year-old Richard Russell, warned central bankers are now moving to protect themselves ahead of a historic global crash.

Richard Russell:  “Everybody and his brother are talking about when the Fed may raise rates, but few are talking about why the Fed may raise rates. But Richard Russell knows. The Fed will raise rates to protect its fanny. Remember when Alan Greenspan let the housing market go crazy and then crash? Greenspan’s answer was that nobody can tell when things get too hot, but after they crash, we should simply clean up the mess.

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We are witnessing a profound secular sea-change: the failure of expanding debt and leverage to lift the real economy of wages and household income. 

When push comes to shove, you only need one chart to predict the future: debt and wages ( credit and compensation). This chart displays debt and wages as a ratio: debt/wages. What it reveals is the endgame of financialization: creating more debt no longer pushes wages higher.

I have broken the past five decades into easily recognizable economic periods.….continue reading HERE