Social Issues

The Greek stock market is up 12 days in a row - the longest streak since 1999 - with its 25% gains amon the world's best in 2017 following the bailout decision.

The last time Greek stocks were this overbought was September 1999 - which was followed by a 77% decline...

Furthermore, Greek bond yields have collapsed to post-crisis lows in the last weeks as everyone and their pet rabbit is sure the bailout is a done deal..

In JPM's initial market comment this morning, reacting to the news of Comey firing, the bank said that "as far as the market is concerned, Comey’s dismissal saps Trump’s political capital and weakens relations w/Congress at the time when he is trying to move an ambitious pro-growth agenda through the Senate and House." What JPM was referring to was the potential of substantial incremental delays now facing Trump's parallel reforms, healthcare on one hand and tax reform on the other.

Back in February, Seattle's Mayor Ed Murray called for a 2 cent per ounce tax on sugary soft drinks in order to "improve Seattle's educational opportunities for students of color."  Per Lynx Media, the tax was expected to raise some $16 million per year.

Authored by Ruthie Blum via The Gatestone Institute,

Authored by Charles Hugh-Smith via OfTwoMinds blog,

The Powers That Be are perfectly fine with your transition to proletarian debt-serf.

Yesterday we covered the usual suspects in the decline of the middle class as a financial-political bulwark against oligarchy / dominance of rentier elites: globalization, automation and the asymmetric distribution of rewards favoring the few over the many.