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Greece and Puerto Rico

Since several commentators have raised questions about the similarities between the debt situations of Greece and Puerto Rico, it is worth pointing out some important ways in which they differ. Puerto Rico gets the benefit of several important federal government programs which will continue regardless of the finances of its own government. Show More Summary

Goldman Sachs (NYSE: GS) Is Going to Work for You

It's true! Starting sometime next year, Goldman Sachs Group Inc. (NYSE: GS) is going to start lending money to the 99%. But don't bother getting all suited up with hat in hand for a visit to a local branch of Goldman Sachs Bank USA (with...Show More Summary

ECB Has the Tools To Deal with Greek Vote Result, Says Vice-President

The European Central Bank has the tools to deal with any situation that may emerge from Greece’s looming referendum, the bank's vice-president Vitor Constancio said.

Whole Foods apologizes for overcharging "mistakes"

Grocery store chain's executives say the pricing errors were unintentional and they intend to increase staff training

Greece’s Prime Minister May Be About to Do Exactly What He Said He Wouldn’t

In 2013, Alexis Tsipras--then a contender to be Greece’s next prime minister--sought to reassure eurozone creditors, the U.S. and the International Monetary Fund he wouldn’t lead the country out of the eurozone.

Here’s Why Greece Has Almost No Chance of Ever Having Decent Growth

Trying to cover the Greece crisis is the analytical equivalent of driving through a very small town. If you blink, … Continue reading ?

Noted for Your Nighttime Procrastination for July 4, 2015

Must- and Should-Reads: Must-Read: Simon Wren-Lewis: [The Ideologues of the Eurozone]( Paul de Grauwe: ["Accepting that the (restructured) Greek debt is sustainable opens the door to both a softening...Show More Summary

Report from Greece; Links on Greece

Links to good pieces on tomorrow’s Yes/No referendum in Greece: Yanis Varoufakis (Greece’s finance minister), from his blog, Why we recommend a NO in the referendum — in 6 short bullet points. Joseph Stiglitz, the Guardian, How I would vote in the … Continue reading ?

Russia Services and Manufacturing PMIs Down in June

Operating conditions in Russia’s manufacturing sector continued to deteriorate modestly during June

Department of "HUH!? WTF!?!?": Greek Crisis Troika-Defending Ideologues Edition

[Over at Equitable Growth][1]: Angel Ubide writes: @mark_dow Good points.Sadly we'll never know if pre-Syriza growth sustainable. Bberg consensus thought so cc:@delong— Angel Ubide (@AngelUbide) July 4, 2015 Ummmm... Show More Summary

Weekend Reading: Arthur Goldhammer: The Old Continent Creaks

Arthur Goldhammer: [The Old Continent Creaks]( Austerity and the failures of the technocratic elite have created the current populist backlash. France’s experience...Show More Summary

Liveblogging History: July 4, 1187: Battle of Hattin

Wikipedia: [Battle of Hattin]( >The crusaders began their march from Sephoria on July 3.... By noon on that day, the Crusader army had reached a spring at the village of Tur'an some six miles (10 km) from La Saphorie. Show More Summary

Weekend Reading: David Glasner: Mises’s Unwitting Affirmation of the Hawtrey-Cassel Explanation of the Great Depression

The parallels with the antinomies of the thought of the Ludwig von Mises of today--John Taylor--are, I think, rather striking: David Glasner: [Mises’s Unwitting Affirmation of the Hawtrey-Cassel Explanation of the Great Depression](Show More Summary

Greece Sunday: ???????

???????: Dilemma. There is no good choice on Sunday.Poor fiscal policies led to the need for a bailout. And the poorly designed bailout program has crushed the Greek economy. Now the creditors want more of the same, expecting a different result; so voting "Yes" seems like the definition of insanity. Show More Summary

Divided Greece; Eve of Referendum Polls Split; 20,000 Rally 'No' and 20,0000 Rally 'Yes'; Back Home From 17 Days in Iceland

Eve of Referendum Polls SplitOn the eve of the referendum, Greek voters are undecided how to vote. If one believes the polls, it's essentially a dead heat with 43% 'no', 42.5% 'yes' and the rest undecided. Of course, the accuracy ofShow More Summary

'Professor Hubbard’s Claim about Wage and Compensation Stagnation Is Not True'

Larry Mishel: Professor Hubbard’s Claim about Wage and Compensation Stagnation Is Not True:...A New York Times editorial points out... that Glenn Hubbard, a leading conservative economist and key adviser to GOP candidate Jeb Bush, does not seem to...

'Stability of a Market Economy'

"The macroeconomy is inherently unstable and... booms and busts arise endogenously as the results of market incentives": Stability of a market economy, by Paul Beaudry, Dana Galizia, and Franck Portier, Vox EU: There are two polar views about the...

Market Stands Still For Holiday- What You Need To Know

Stocks stood still on Friday. Here are the support and resistance levels and cycle projections conditions you need to be aware of for the start of the week. Market Update Pro subscribers (Professional Edition), click here to download complete report in pdf format. Enter your email address in the form to receive email notification when Professional…

Throwing more money at homeowners

Move to reduce inheritance tax in Britain are not sensible in the current fiscal climate

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