The Daily Blog Open Mic Tuesday 7th July 2015

1. Re : Varoufakis…God I wish we had some more like him on the Left opposition in New Zealand

   …( Russel Norman and Hone Harawira and Laila Harre and Annette Sykes and Sue Bradford come closest)

   ‘He doesn’t negotiate, he kicks ass!’ Why Varoufakis was the coolest finance minister ever’

   http://rt.com/news/272008-varoufakis-coolest-finance-minister/

   “In five months of being Greek Finance Minister, Yanis Varoufakis proved himself to be a tough negotiator who was not going to concede even a bit to Greece’s creditors, as well as a political ‘rock star’ who wins hearts and minds from atop his motorcycle.

   Varoufakis never showed that he was ready to accept all the demands Greece creditors put towards the debt-stricken nation. He repeatedly refused bailout plan offered by the troika of international creditors, calling it “a committee built on rotten foundations.”

   The self-declared “erratic Marxist” was apparently ready to mutilate himself rather than agree to current terms of bailout presented to Athens by its international creditors….

2. This China stock-market plunge seems to be gaining more pace…

   “A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of “monstrous” public disorder.”

   http://www.news.com.au/finance/economy/chinese-chaos-worse-than-greece/story-fnu2pycd-1227430761673

   And apparently, the Chinese Government wants to allow lending against homes to purchase shares…

   http://www.bloombergview.com/articles/2015-07-06/china-steers-toward-a-subprime-economy

   It seems that we may be in for a bit of a scare soon… Especially if the housing bubble pops…

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