submitted by jwithrow.
Journal of a Wayward Philosopher
Disintermediate the State
July 15, 2015
Hot Springs, VA
The S&P closed out Tuesday at $2,109. Gold closed at $1,155 per ounce. Oil checked out above $53 per barrel, and the 10-year Treasury rate closed at 2.399%. Bitcoin is trading around $293 per BTC.
Dear Journal,
The Greek banks are still closed as I write to you today. Let’s revisit the timeline real quick:
Saturday, June 27: The head of the government’s coalition ally in Greece advised “Citizens should not be scared, there is no blackmail. The banks won’t shut, the ATMs will (have cash). All this is exaggeration.”
Sunday, June 28: Prime Minister Alexis Tsipras announced that Greek banks would be closed until Monday, July 6. “The bank deposits of the Greek people are fully secure”, he added.
Sunday, July 5: The national referendum on the EU’s proposed bail-out is held. Greek citizens vote “no” emphatically.
Monday, July 15: Prime Minister Alexis Tsipras conceded to a bail-out agreement with the EU consisting of terms very similar to the bail-out Greek citizens voted against ten days prior.
Wednesday, July 15: Greek banks are still closed and there has been talk of a 30% haircut on all deposit accounts in excess of €8,000.
As we can clearly see, the Greek people have been mislead and lied to throughout this entire process. The Greek political class threw the people a bone with the referendum on July 5 to ease some of the discontent and then they proceeded to ignore the results of the referendum entirely. Those of us familiar with laissez-faire philosophy are not surprised by this in the least. Such is the nature of the relationship that exists between governments and citizens everywhere. Continue reading “Disintermediate the State”