Wolf Richter

Libor Perp Walks, but No Perp Walks for Rate Manipulation by Central Banks

I’m shocked and appalled that the Libor fiasco could even occur in our modern, highly ethical, and transparent financial sector. Banks misreporting anything…. unheard of. Nevertheless, it occurred. Not just once, but from get-go. And everyone and his dog, even Treasury Secretary Timothy Geithner, back in 2008 when he was still President of the New York Fed, knew about it.

Bullish Hoopla in Housing Is Driven by Bogus Inventory Reports

I have written about the housing quagmire from different angles, and there hasn’t been a heck of a lot of good news. However, there have been spurts in home prices propagated by the media with enormous hoopla that later turned out to have been sucker rallies, with prices hitting new multi-year lows after each one. And now there is another wave of media hoopla about housing, but once again, something is off key.

Troika Inspectors Paint “Awful Picture” of Greece, Merkel Draws A Line, German Industry and Voters Back Her: It’s Almost Over For Greece

The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasn’t learned yet the art of extortion that is required to accomplish anything at all during bailout negotiations. And so, at the meeting of Eurozone finance ministers earlier this week, he accomplished absolutely nothing. He wasn’t even able, unlike his predecessors, to get himself into the media with some wild threat about a “disorderly default” or destroying the entire Eurozone.

HumanERROR: By FRYING DUTCHMAN

An awesome, powerful, lyrical appeal (with superb English subtitles) by the Japanese band FRYING DUTCHMAN (a play on the Japanese habit of interchanging Ls and Rs) to the people of Japan to open their eyes and minds: It slams the nuclear industry, the mainstream media, government bureaucrats, and politicians of all stripes.   For my…

Two Down-Under Comedians Explain QE

Hilarious explanation of QE and how it works: big industrial-strength printers all facing the windows.  

Clark & Dawe: The European Debt Crisis

This hilarious video by two comedians from down under explains better than anything else who exactly is going to do all the bailing out in the European debt crisis. .

Will the Euro Survive This Year?

The European Stability Mechanism and the fiscal union pact are the two ploys that were supposed to fix the Eurozone debt crisis and save the euro. They were put together in all haste after hectic summits with dog and pony shows designed to soothe edgy markets. Negotiations involved mud-wrestling and extortion. It’s been one heck of a ride. But now they’re in the hands of the German Constitutional Court – and there are no good options.

The German Constitutional Court Rules Against Euro Hysteria

Chancellor Angela Merkel did the right thing. She left Germany. And Germany is in turmoil. The bailout policies she and her government had pushed through and that parliament had passed just after the EU summit ran into discord, accusations, and threats. Everybody was applying pressure. And the Federal Constitutional Court will now have to decide—and it already made its first decision.

France, Germany, And The Reintroduction of the D-Mark

Germany and France exist in two different universes, apparently: France, safely ensconced in a Eurozone without bailouts and with nary a debt crisis on the horizon, debates its economic and social model. Germany sees a Eurozone ravaged by a debt crisis with mind-boggling bailout costs and risks that stir up a furor on all sides, and everything is getting questioned, even the euro itself.