Yet Another One For The Materialists?

Adam Serwer commented on racial attitudes and the Obama agenda earlier today, saying: I think it’s wrong to suggest that opposition to Obama’s agenda is “race-based,” because that suggests conservatives would feel differently if Obama weren’t president. I think the GOP’s general positions on the issues would be the same if Hillary Clinton were president.

ICAP Plc, the world's largest inter-dealer broker (one that carries out transactions for financial institutions rather than private individuals), is now Testing Trades In Greek Drachma Against Dollar, Euro ICAP Plc is preparing its electronic trading platforms for Greece's potential exit from the euro and a return to the drachma, senior executives at the inter-dealer broker said Sunday.

Michael Pettis at China Financial Markets asks the question "Will Greece unravel by Christmas?"Pettis makes a historical case for exactly that while stating "I don’t think Europe can postpone Greece’s exit much longer."　From Pettis, via Email, with Permission ....Will Greece unravel by Christmas?

Amidst continued rapid devaluation of the Yen, predictably, and per usual, the G20 summit in Moscow has ended with a useless and unenforceable statement. This time around, as was signalled in the days ahead of the meeting, the 'focus' of transnational vacuousness was on the topic de jour: the Currency Wars.

Reader Toney writes ... Hello Mish, Please consider writing a piece on your blog explaining why EUR USD is not more eroded.  It would seem that given the Euro zone's current troubles, the Euro would not have remained as strong as it has. I read your blog religiously. Thanks Toney Hello Toney, I would not exactly call 1.23 "strong" but certainly there is room to fall. So why is the euro just sitting? Technical Discussion

Several people have asked me about statements I have made that "Greece is in a hopeless situation until it exits the Eurozone." Actually Greece is in a horrific condition whether or not it exits the Eurozone as the Troika literally destroyed Greece (perhaps purposely to protect French and German banks), by dragging this mess out the way they have. A Primer on the Euro Break-Up To understand why Greece (then Spain and Portugal and perhaps even Italy) must exit the Eurozone, one must first understand the flaws of the European Monetary Union.

It's been crystal clear for weeks, if not much longer, that Germany has been actively seeking to persuade Greece to abandon the Euro. Confirmation came on February 7 with Merkel's Official Denial "I will have no part in forcing Greece out of the euro"; Schäuble Starts Salami Tactics on German Participation, Calls for Vote .