A Bigger Problem than Greece

For some time, I have been following the economic problems of Greece. These include:Its inability to compete in world markets using the € as its currency;The IMF, supporting Germany on ‘austerity” as the proper policy for Greece;The IMF realizing austerity is not the answer as unemployment skyrockets;

Nothing has Changed for Greece

by Elliott Morss, Morss Global Finance Introduction Last fall, I said that Greece and the other “weak sisters” should leave the Eurozone. My argument was: the weak sisters (Greece, Italy, Portugal, and Spain) cannot compete with Germany; they need currencies that devalue against the German currency to stay competitive. Since then, nothing important has changed: …

Austerity to Growth – IMF Double-Talk on Greece and Spain

by Elliott Morss Austerity – What Should Have Been Learned The IMF should have known that austerity policies (reduce government deficits) cause unemployment to grow. After all, its own research found that a reduction in the government deficit of 1% in GDP results in an increase of .3 percentage points in the unemployment rate. But …

Keeping Banks (not Greece) From Failing Is the Real Eurozone Crisis

Written by Steven Hansen Over the last several weeks, JP Morgan Chase & Co (JPM)  has remained in the headlines after suffering trading losses tied to the bank’s now infamous “London Whale” with losses at  $7 billion more or less (yes, maybe more).  With tangible assets at $125 billion, and annual gross revenue around $90 …