FIRE Economy | timiacono.com

Grisis, Granks Grosed, Grexit Grossible

Just think … someday we’ll be able to have a little chuckle as we look back at the long-running Greek financial crisis and marvel at what policy makers were able to accomplish within a dysfunctional system that should never have allowed Greece to join it, the nation only being able to do so thanks to some Goldman Sachs financial engineering.

From Martin Rowson at The Guardian.

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What Greece Owes the IMF

One of the more interesting graphics about the looming (but, on Tuesday, probably actual) Greek debt default via this item at the Council for Foreign Relations:

Of course, Greece hasn’t defaulted on anything yet and it’s still possible they’ll kick the can down the road again somehow. Nevertheless, this is an impressive pile of debt that will have to be reckoned with someday, perhaps starting tomorrow.

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GDPNow Now Higher for Q2

Not that a growth rate of 2.1 percent for the U.S. economy in the second quarter is anything to write home about (particularly after registering another negative result for the first quarter), but things appear to be looking up a bit here mid-way through 2015 per the latest update of the Atlanta Fed’s GDP Now real time economic forecast tool.

It was yesterday’s biggest monthly gain in consumer spending since 2009 that pushed GDPNow over the 2 percent mark for the first time this year. Recall that GDPNow nailed first quarter growth (or the lack thereof) earlier this year when most analysts were expecting a growth rate of somewhere around two percent. It should be interesting to see how this turns out late next month when the advance estimate for Q2 is reported.

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A Greater Depression in Greece

This morning’s headlines read “Tsipras slams creditors…”, “Tsipras flies to Brussels…”, and “Tsipras faces domestic revolt…” as the Greek debt tragedy continues to play out in the latest attempt to avert a “Graccident” resulting from a “Grexit”.

Fortunately for anyone who has already grown tired of Greek-related contractions, none is needed when combining the words “Greece” with “Great Depression”, which is what the Hellenic people are now enduring as illustrated below in this Bloomberg story.

Yes, the economic data from 80 years ago is sketchy, but, as detailed above, it’s actually been much worse in Greece than in the 1930s U.S., as hard as that might be to imagine.

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