ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 29 10:06

Legislative deal means further deepening of New York’s housing crisis

On Thursday, following more than a week’s extension of its session, the New York state legislature adopted a package of bills that includes the extension of two key programs—rent regulations and the 421-a tax abatement program for developers—that affect the availability of affordable housing for workers in New York City. The deal was worked out between Democratic Governor Andrew Cuomo and the leaders of the two legislative chambers, the Republican-controlled Senate and the Democrat-controlled Assembly.

Jun 29 10:05

US, Japan Did Not Expect China-Led AIIB to Resonate With so Many Countries

Some 57 prospective founding nations signed a legal framework agreement in Beijing earlier in the day, assigning each a share of voting rights and initial capital in the bank.
The United States and Japan did not take part in the AIIB’s launch due to concerns about a lack of transparency in the bank’s initial formative stages.
Fan Mingtai, the head of the Institute of Quantitative and Technological Economics at the Chinese Academy of Social Sciences, explains the US and Japanese absence as “information asymmetry.”
“[The United States and Japan] Some 57 prospective founding nations signed a legal framework agreement in Beijing earlier in the day, assigning each a share of voting rights and initial capital in the bank.
The United States and Japan did not take part in the AIIB’s launch due to concerns about a lack of transparency in the bank’s initial formative stages.

Webmaster's Commentary: 

IF the people advising the US and Japan on economic issues didn't have the horse sense to understand how attractive the AIIB's launch would be, they were not thinking at all about the possibilities and consequences for such an organization.

And, as reported at mineweb.com, last week:

China plans to launch a yuan-denominated gold fix by the end of 2015 via the Shanghai Gold Exchange (SGE), in a move aimed at giving the world’s biggest bullion producer and consumer more influence over pricing. The first public confirmation made by an exchange official comes after Reuters cited sources in February on the proposal for the fix to be set through trading on the SGE, the world’s biggest physical bullion exchange. “We will be introducing a renminbi-denominated fix at the right moment, we are hoping to introduce by the end of the year,” Shen Gang, SGE’s vice president, said at the LBMA Bullion Market Forum in Shanghai on Thursday. Shen did not give more details, but sources familiar with the matter have said that China is expected to receive central bank approval for the fix soon. Pan Gongsheng, a deputy governor of the People’s Bank of China (PBOC), said the bank would continue to support “speedy and healthy growth of the China gold market” and its internationalisation. Given its leading role in gold, China feels it is entitled to be a price-setter for bullion and is asserting itself at a time when the global benchmark, the century-old London fix, is under scrutiny for alleged price-manipulation. If the yuan fix takes off, China could compel local buyers and foreign suppliers to pay the domestic yuan price, making the London fix less relevant in the world’s biggest bullion market.

A gold-backed renminbi against a worthless US paper currency, backed by absolutely nothing?!?

THIS is why the US government is slouching toward a war against China, folks; to attempt to save what is left of the US dollar.

Jun 29 10:05

European Banks drop $56 Billion, socialist Greece poised to exit EU

European banks lost more than 50 billiion Euros ($56 billion US) as Greece shut its banks and imposed capital controls to attempt to prevent the collapse of its financial system.

Stoxx 600 Banks Index fell 4.4%, its largest dip since Novemeber 2011, with all 446 members declining.

Jun 29 10:04

Former Treasury Official: The West Is Collapsing!

Everything in this country is becoming Third World – nothing functions anymore. – Dr. Paul Craig Roberts, Shadow of Truth, in reference to the completely rigged financial markets and failed democracy in the United States

Based on the reaction overnight by the stock market futures to the EU/Greek situation – the S&P 500 futures are down 25 pts/1.2% – I would hazard the opinion that the zombies on CNBC were slighly off-base when they asserted last week that a Greek default was already “priced into the market.”

This idiocy displayed on CNBC is emblematic of the extreme degree to which propaganda has infected our media. But it also highlights the degree to which the American public has willingly turned a blind eye to the Orwellian fog that has completely enveloped our system.

Jun 29 10:03

1929-1930: The Crash of '29--A Federal Reserve Production, Racist Pseudoscience, Murdering Workers (Again) And The Dulles Brothers Help Old Adolf

The Wall Street Crash is the opening act in the Great Depression, the latest production of the boys in the back room who own the private company operating under the deceptive name of the Federal Reserve. The Federal Reserve was supposedly created to prevent such things as the Wall Street Crash happening. But, from 1921 to 1929, the Fed dramatically increases the U.S. money supply, fueling massive speculation.

Jun 29 10:02

Merkel says open to talks with Greece after referendum

German Chancellor Angela Merkel played down prospects of a breakthrough with Greece in the coming days, but said she stood ready to restart talks with the government in Athens after a planned referendum on Sunday.

Jun 29 09:57

US Needs War Every Four Years to Maintain Economic Growth – Belgian Analyst

During 25 years after the collapse of the Soviet Union, NATO has not forgotten even for a moment about the idea of an attack on Russia, Belgian political scientist and director of geopolitical research center Euro-Rus Kris Roman said in an exclusive interview with Regnum.
"But they had no pretext. Now, due to the chaos in Ukraine, this opportunity appeared and it is actively developed. The older generation, which had been brought up on the propaganda against the Soviet Union, has already accepted the idea of ??an inevitable conflict with Russia," Roman said.

The Belgian expert believes that with the collapse of the USSR, NATO should have stopped existing, but somehow the alliance "has grown to the size of the Universe because the motto 'The Russians are coming!' is relevant again."

Webmaster's Commentary: 

Memo to Kris Roman; there are more Americans (even some of us "older coots") who have "stopped drinking the Koolaid" on US government narrative on foreign policy, and do not believe a word the government says to them, or the world, for that matter.

There were things Karl Marx said that are, to be honest, cringeworthy, but his statement that "all wars are economic" was deeply insightful.

Jun 29 09:52

Bad Breadth Milestone A Warning For Stocks?

Jun 29 09:46

British households still £500 a year worse off than before financial crisis

ONS says median disposable income remains lower than in 2008, with poorest fifth paying disproportionately more of their income in taxes than richest fifth

Jun 29 09:29

Puerto Rico Bonds Are Collapsing

With all eyes focused on Greek ATM lines, collapsing Chinese ponzi schemes, and European bank implosions, one could be forgiven for forgetting about another crisis occurring closer to home. As we detailed here, Puerto Rico is now "in a death spiral" and PR bonds are collapsing this morning...

Jun 29 09:21

'Cash Strapped' VA Forgot It Had $43.1 Million Stashed Away

When not pleading poverty, the Department of Veterans Affairs can be awfully careless with its money.The latest example: In 2011, the VA set $43.1 million aside to produce brochures informing veterans about their benefits, then forgot about it. The money went unspent for three years and now might be lost for good.
An internal audit released earlier this month said, "A breakdown of VA fiscal controls and a lack of oversight led to the parking of funds . .. and the failure to detect and properly use and manage these funds."
That breakdown in fiscal controls seems to be endemic at the VA.
This week, in fact, the VA is telling Congress that it needs $2.6 billion in funds to cover its "unexpectedly" high health costs, and if it doesn't get the money, it might have to start furloughing medical personnel.

Webmaster's Commentary: 

Absoflippinglutely UNBELIEVABLE!!

The people who did this should be found out, charged, convicted by a jury of their peers, and spend a LOT OF TIME in prison, and not at a Club Fed.

No matter how much I may hate these pre-emptive wars in which the US government seems to be so directly complicit, our Vets should get the best quality of care possible, period, end of discussion.

Jun 29 09:14

Oh, The Lies We Are Fed

What is happening is a convergence of events unlike the world has ever seen. The President’s Working Group on Financial Markets, also known as the Plunge Protection Team, has kept the Dow Jones Industrial Average and the S&P 500 on a continually higher moving plane for over five years. If you just look at a chart for either of these two indices you will see an approximate 30 degree angle moving from left to right. This is unnatural; this is unsustainable.

Jun 29 09:09

Here Comes "Prexit": Puerto Rico In "Death Spiral", Debts Are "Not Payable", Governor Refuses To "Kick The Can"

Jun 29 08:56

Central Bank of Central Banks Says “The World is Unable to Fight Next Global Crash”

According to the Bank of International Settlements (BIS), the shadowy “central bank of central banks,” the world as it stands is incapable of combating another global financial crash – a crash that there is every reason to think is coming.

Jun 29 08:50

BRICS Bank panel hosted by RT and SPIEF

RT and SPIEF have jointly held a panel discussion titled ‘THE NEW DEVELOPMENT BANK: A STRONGER ROLE FOR BRICS IN THE GLOBAL FINANCIAL ARCHITECTURE’.

Jun 29 08:47

Merkel Warns of Europe's Collapse: 'If Euro Fails, So Will the Idea of European Union'

In a dramatic appeal for Europeans to come together to address the common currency crisis, Chancellor Angela Merkel warned Thursday that if the euro collapses, so will the idea of European unity. She also described the current euro crisis as Europe's greatest test since the collapse of communism.

Jun 29 08:41

Greece May Not Even Have The Funds To Conduct A Referendum

According to Germany's FAZ, "the Greek Court also estimates that the referendum will cost around 110 million euros, according to a well-informed policy analyst. Money that in view of the strapped Greek Checkout simply will not be there, even if the country saves a EUR 1.6 billion full-scale default to the International Monetary Fund this Tuesday."

Jun 29 08:40

Greek 10Y Bonds Collapse - Yield Tops 15%

Greek stocks may be closed and the bond market super-illiquid but traders are willing to dump GGBs at almost any price for now. 10Y Greek government bonds are spiking over 400bps and have topped 15% for the first time since December 2012.

Jun 29 08:39

Dow Tumbles 200 Points - Gives Up 2015 Gains

Trannies touched unchanged and instantly reversed but Dow Industrials only managed a modest bounce of opening lows. However, the momo did not last and there's no Nike to save the day today - The Dow is now down over 200 points and has tumbled back into the red for 2015.

Jun 29 08:38

‘Support debt cancellation for Greece,’ MPs, economists & campaigners tell Cameron

MPs, trade unionists, economists and campaigners have called upon David Cameron to support Greek debt cancellation, saying it could be funded by seizing capital from speculators and banks that were the true beneficiaries of Athens’ bailouts.

Jun 29 08:37

Will distance from Greece save U.S. markets?

The means by which faraway market storms come to whip around U.S. stock prices is some form of contagion. This can occur when basic global banking and capital-market function is disturbed, or when many of the same people who own the collapsing assets also own stuff here and need to sell it to raise cash.

Webmaster's Commentary: 

They are ignoring the credit default swap problem.

Jun 29 08:22

Why Chicago Won’t Go Bankrupt—And Detroit Didn’t Have To

Saqib Bhatti argues cities can avoid financial crises through progressive taxation and forcing the wealthy to pay their fair share.

Jun 29 08:17

Greece Will Open 700 Bank Branches On Thursday - For Limited Pension Withdrawals Only

Good news - some Greek bank branches will re-open sooner than expected.

*GREEK OFFICIAL: 700 BANK BRANCHES TO OPEN THURSDAY FOR PENSIONS

Bad news - only pension withdrawals are allowed in limited size.

*GREEK PENSION WITHDRAWALS WILL BE LIMITED TO EU240: OFFICIAL

Party's over.

Jun 29 08:16

The Next Round of the Great Crisis Has Just Begun

here is no recovery. There is only the bond bubble. And everything has been done to prop it up because when it bursts (as all bubbles do), entire countries (including the US) will go bust.

Greece is just the first domino to fall.

Jun 29 08:11

And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable

Is this the beginning of the end for the eurozone? For years, European officials have been trying to “fix Greece”, but nothing has worked. Now a worst case scenario is rapidly unfolding, and a “Grexit” has become more likely than not. On Sunday, the European Central Bank announced that it was not going to provide any more emergency support for Greek banks.

Jun 29 07:54

Anger Aimed at Troika's Ruthless Neoliberalism as Greece Exit Looms

President of the European Commission Jean-Claude Juncker delivered a speech in Brussels on Monday that observers say has dramatically escalated the tensions surrounding a referendum vote in Greece next Sunday—a vote that could ultimately result in the country's exit from the Eurozone.

Webmaster's Commentary: 
Jun 29 07:45

Central Bank of Central Banks Says “The World is Unable to Fight Next Global Crash”

According to the Bank of International Settlements (BIS), the shadowy “central bank of central banks,” the world as it stands is incapable of combating another global financial crash – a crash that there is every reason to think is coming.

Webmaster's Commentary: 

Jun 29 07:42

California Drought So Bad, Neighbors Stealing Water From Each Other

There is simply no commodity on the planet more precious than water. Without it, life as we know it cannot exist. The human body can go without water for only three days at the most before death occurs.

Aside from the essential survival aspects, we also depend on water for many other things, such as bathing, watering our lawns and gardens, washing our clothes, and a number of other daily activities. Everyone knows this, but access to clean water is something most of us have taken for granted.

However, that is beginning to change, particularly in the Southwest region of the United States, where a drought period that has lasted for more than a decade has become a massive problem. In California, Nevada and Arizona in particular, millions of people are being affected. Experts say that the problem will only worsen over the coming years.

Jun 29 07:39

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

While things have normalized since the open thanks entirely to the SNB's aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS' report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, "several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Jun 29 07:36

How “trade” deals destroy economies

“Trade” deals which originate in US Congress are often disastrous for economies at home and abroad.

These “trade” deals favor corporations and are devastating to people at large.

They increase the gap between the wealthy and the rich, and also wealthy and rich countries.

Here’s what one “trade” deal, NAFTA, did to Mexican agriculture.

Jun 29 07:35

Greece Done - Maybe

Greek debt talks collapse, banks close, capital controls in place and gold barley moves. The initial reaction on the Asian open was a quick $15 rise in gold and a 2% drop of the Euro against the US$. There is a sense that a last-minute deal may still be pulled off, but the general mood is one of who cares. I would suggest that there may be more nervousness than is suggested by gold’s price action and the risk to traders lies in more upside pressure. With holidays in Canada and a shortened July 4th week expect high volatility.

Jun 29 07:26

We Are All Greeks!

It’s not Greece which has failed, but rather Chancellor Merkel, Finance Minister Schäuble, the EU Commission, the European Central Bank, and the IMF. Why should the Greek government stick with the austerity measures demanded by the EU, which have already reduced the Greek economy by a third, lowered the birth rate, raised the death rate, and increased youth unemployment to 65%? A policy that even the IMF had to admit was completely incompetent, and that the UN expert on debt and human rights condemned as a clear violation of human rights? Greek Prime Minister Alexis Tsipras’s decision not to capitulate to the “shock and awe” method of the Eurogroup’s Shylocks is not only correct, but offers the chance for all of Europe to break with the insanity of the casino economy, which only serves the interests of the banks and speculators—provided however, that Germany and other countries find the courage to mobilize Europe’s moral and intellectual strengths.

Jun 29 07:24

EU chief feels 'betrayed' over Greek debt talks

European Commission President Jean-Claude Juncker has said he feels betrayed by Alexis Tsipras', the Greek prime minister, suprise call for a referendum last weekend and said that "playing one democracy against 18 others is not an attitude worthy of the great Greek nation".

Webmaster's Commentary: 

Awwww, poor widdle Junkcer feels weally bad!

Jun 29 06:53

China-led AIIB development bank holds signing ceremony

China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank.

Delegates from 50 countries signed articles that determine each member's share and the bank's initial capital.

The UK, Germany, Australia and South Korea are among the founding members.

Japan and the US, which oppose the AIIB, are the most prominent countries not to join.

Jun 29 06:52

57 countries set to sign on to China-backed investment bank AIIB

One of China’s biggest foreign policy successes ever will take concrete shape Monday when delegates from 57 countries sign an agreement on the Asian Infrastructure Investment Bank (AIIB) in Beijing.

The founding members of the China-backed AIIB will sign articles of agreement that decide each member’s share and the bank’s initial capital.

The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but has attracted many prominent U.S. allies including Britain, Germany, Australia and South Korea. Other founding members include most Asian nations and countries from the Middle East and South America.

Japan and the United States are the most prominent nations not to have any representation in the venture. China has said it has left the door open for them to join.

Webmaster's Commentary: 

This will be a sucker punch to the gut for the US dollar, when things start to flow here; and this may well be an action which will heighten the US government's appetite for a very ill-conceived war against China, allegedly to prevent a positive outcome from happening here.

I am watching the "news" feed coming from "Faux news", and although they covered the Greek banking system and insolvency, albeit briefly, I never saw a word about the coming the Asian age, with China and its new financial friends, potentially leading the world, and this deal, which is huge.

Jun 29 06:48

Greek Banks Shut Down

Jun 29 06:47

The world is defenceless against the next financial crisis, warns BIS

The world will be unable to fight the next global financial crash as central banks have used up their ammunition trying to tackle the last crises, the Bank of International Settlements has warned.

The so-called central bank of central banks launched a scatching critique of global monetary policy in its annual report. The BIS claimed that central banks have backed themselves into a corner after repeatedly cutting interest rates to shore up their economies.

These low interest rates have in turn fuelled economic booms, encouraging excessive risk taking. Booms have then turned to busts, which policymakers have responded to with even lower rates.

Jun 29 06:45

Puerto Rico is on the verge of default

While all the focus is on Greece there is another government that looks like defaulting on its debts: Puerto Rico’s.

Speaking Sunday evening the island’s governor, Alejandro García Padilla, has concluded that the commonwealth could not pay its roughly $72 billion in debts. The admission will probably have wide-reaching financial repercussions, according to the New York Times.

Padilla suggests they will “probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment”.

Puerto Rico, as a commonwealth territory of the U.S., does not have the option of bankruptcy. A default on its debts would most likely leave the island, its creditors and its residents in a legal and financial limbo that, like the debt crisis in Greece, could take years to sort out, according to the Times.

Webmaster's Commentary: 

So, who is going to be forced to pay on this default?!?

The American taxpayers?!?

And out of WHAT, please?!?

Because the American taxpayer is completely tapped out right now, and short of US police and military raids and confiscation of personal property (which may be being considered by those in the bowels of power in DC), there is nothing left.

Jun 29 06:31

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

"several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Jun 29 06:30

Referendum Week: Market Reaction

Jun 29 04:04

Central Bank of Central Banks Says “The World is Unable to Fight Next Global Crash”

According to the Bank of International Settlements (BIS), the shadowy “central bank of central banks,” the world as it stands is incapable of combating another global financial crash – a crash that there is every reason to think is coming.

The BIS report described the threat of a new bust in advanced economies as a “main risk”... now suffering the costs of persistent ultra-low rates... which could “inflict serious damage on the financial system”

Read more at SHTFplan.com

Jun 29 01:43

Rent A Tent, The Next Silicon Valley Startup

Jun 28 21:47

As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting

The Eurogroup Meeting of 27th June 2015 will not go down as a proud moment in Europe’s history. Ministers turned down the Greek government’s request that the Greek people should be granted a single week during which to deliver a Yes or No answer to the institutions’ proposals – proposals crucial for Greece’s future in the Eurozone. The very idea that a government would consult its people on a problematic proposal put to it by the institutions was treated with incomprehension and often with disdain bordering on contempt.

Jun 28 21:00

Chinese Stocks Are Collapsing, Despite PBOC Hail Mary

CHINA'S CSI 500 STOCK INDEX FUTURES EXTEND LOSSES TO 5.7%
CHINEXT - China's tech-heavy high beta 'Nasdaq' - is down 7.8% today, 20% in 3 days, and 35% from highs in early June...!

Jun 28 20:57

The Greeks for whom all the talk means nothing – because they have nothing

After seven years of a crisis that has left 26% of Greece’s workforce unemployed, 30% of its people below the poverty line, 17% unable to meet their daily food needs and 3.1 million without health insurance, it is hard to see how anything decided in Brussels or in Athens in the coming week will do much to change the lives of a large number of Greeks any time soon.

“Those that were already on the margins have been pushed right to the very, very edge, and those who were in the middle have been pushed to the margins,” said Ioanna Pertsinidou of Praksis, a charity that runs day centres for vulnerable people and offers legal and employment advice.

“So many people – ordinary, low-to-middle income people with jobs and homes and their lives on track – have seen their lives go drown the drain so fast,” Pertsinidou said. “People who never dreamed that one day they would not be able to pay their electricity bill, or feed their children properly.”

Jun 28 19:25

Families pack up as S.F. rents keep rising

Jun 28 19:21

Keynes, The Great Depression And The Coming Great Default

Ideas Have Consequences... In Nazi Germany and Fascist Italy, in Great Britain, in Japan, and in the United States, there was a shift of opinion away from the free market in favor of government economic planning. The supreme mark of this transformation was the acceptance of John Maynard Keynes' unreadable book, The General Theory of Employment, Interest, and Money, which was published in 1936. A new generation of younger economists adopted this book and its outlook, which prevails today. The fascist economic idea of an alliance between government and business became almost universally accepted.

Jun 28 19:18

Here Comes "Prexit": Puerto Rico In "Death Spiral", Debts Are "Not Payable", Governor Refuses To "Kick The Can...

As we noted last night, for a whole lot of time nothing at all can happen under the guise of "containment"... and then everything happens all at once. Because not even two full days after Greece activated the "Grexit" emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro García Padilla, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

Jun 28 16:29

What Bull Market? 42% Of Stocks Are In Correction

A correction is generally defined as any stock that is at least 10% off a recent high. If we look at a price performance over the past 200-days, 42% of all the stocks in the MSCI World Index are in a correction. Higher than you might have thought, right?

Jun 28 16:26

The ECB Suddenly Has A Huge Headache On Its Hands

As that €126 billion or so of total ECB/Eurosystem claims on Greek banks were "charged off" in case of a terminal Greek "event" then the entire ECB capital buffer would also be wiped out, leaving the ECB with negative equity. Translated: dear Eurosystem members: we need more cash.

Bend over and spread 'em!

Jun 28 16:24

Ahead Of The Open: Deer In Headlight "Traders" Pray For The Plunge Protection Team To Arrive

Reasoned market analysis will have to allow for stop losses getting off-side -- or panic-struck or trying to be prudent -- traders back to neutral, the potential consequences of the markets desks of every major central bank being on high alert and prepared to act (“plunge protection teams,” to use the vernacular of the financial crisis), as well as the frustrating reality of it being Sunday evening, which means markets will open ad seriatim and only slowly.

Jun 28 16:24

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Webmaster's Commentary: 

Jun 28 16:20

Dow Futures Open Down 300 Points, 10Y Yield Tumbles 20bps As EURUSD Plunges Over 200 Pips

Buy-The-Dipping, "Greece doesn't matter", Escape-velocity-forecasting, QE-front-running, Central-Bank-believing asset gatherers everywhere must be salivating at this 'healthy correction' opportunity...

Jun 28 16:19

Dow Futures Open Down 300 Points, 10Y Yield Tumbles 20bps As EURUSD Plunges Over 200 Pips

Buy-The-Dipping, "Greece doesn't matter", Escape-velocity-forecasting, QE-front-running, Central-Bank-believing asset gatherers everywhere must be salivating at this 'healthy correction' opportunity...

As Jonathan Krinsky ( @jkrinskygpa ) noted, this is the world's equity traders right now...

Jun 28 16:19

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Jun 28 16:13

Euro plunges as traders head for safe havens

The euro has plunged nearly 2 per cent against the US dollar in the first signs of the market turmoil about to be unleashed by Greece's failure to agree the terms of a bailout package with its European Union and International Monetary Fund creditors.

Jun 28 16:13

Euro Drops as Tsipras’s Referendum Call Stokes Greek Exit Risks

The euro dropped more than 1 percent as trading opened in Asia Monday after Greece’s government moved the nation a step closer to leaving the currency bloc by effectively asking voters to decide on its membership.

Jun 28 16:09

Euro drops below US$1.1 as Greek exit risks grow

The European single currency dropped below US$1.1 in early Asian trade on Monday amid growing concern Greece was headed for financial collapse and a possible eurozone exit.

Jun 28 16:09

Wave of contagion expected after dramatic weekend raises ‘Grexit’ chances

Global financial markets are braced for a wave of contagion from Greece on Monday, with expected heavy losses for southern European government bonds and regional stock markets as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

Greece will keep its banks closed on Monday and implement capital controls after international creditors refused to extend the country’s bailout.

“That is going to have a real big impact on markets and that will generate increased volatility,” said Ian Stannard, European head of FX strategy at Morgan Stanley in London.

Jun 28 16:08

Markets brace themselves for bumpy opening

European markets are braced for a wave of contagion from Greece on Monday, with heavy losses for southern European government bonds and regional stock markets expected as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

Jun 28 15:33

Euro Exchange Rate To Dive As Greeks Rush Banks And Government Says, ‘No Cash’

The euro exchange rate is set to its one of its all-time historic lows against the United States dollar as the possibility of Greece exiting the European Union becomes more and more of a reality.

Webmaster's Commentary: 

The Asian FOREX markets just opened and the Euro is getting pounded.

Jun 28 13:04

‘We don’t need EU permission’: Greek parliament ratifies bailout referendum

As an equal member of the EU, Greece does not need to ask permissions from anyone to let the Greek people speak and have their voices heard, PM Tsipras told his parliament, promising that the state’s sovereignty and future will be decided via referendum.

Jun 28 12:47

Obama: Rockefeller’s man in the White House close to total victory

By Jon Rappoport

Tutored and mentored by David Rockefeller’s intellectual flunkey, Zbigniew Brzezinski, Barack Obama is close to winning his two gold stars for victory — and make no mistake about it, these were his two assignments from the First Globalist Family of Rockefeller:

Obamacare and Obamatrade...

Jun 28 12:31

Varoufakis: If Europe Wants to Humiliate Greece, Do We Need Such Europe?

If Europe is going to stop its bailout program for Greece in order to humiliate the country’s government, a question remains open whether Athens needs such a Europe, Greek Finance Minister Yanis Varoufakis said in an interview with the German newspaper Bild.

Jun 28 11:54

Greek debt crisis: Banks to stay shut, capital controls imposed

Greek banks will be closed and capital controls will be imposed, Prime Minister Alexis Tsipras says.

Jun 28 09:58

‘The American Century’ has Plunged the World Into Crisis. What Happens Now?

U.S. foreign policy is full of corruption and has not done the world well. Continuous war is inevitable if we continue to follow these same policies. Can we change this for the better?

Jun 28 09:35

A humanitarian tragedy imposed on Greece

The austerity program imposed on Greek society is a humanitarian tragedy.

Greece has lost more than 25 per cent of its GDP over the last five years. This is without historical precedent.

Even the Great Depression more than 85 years ago was not this bad.

Jun 28 09:32

Hearing Former IRS Official Lois Lerner's Emails

The House Oversight and Government Reform Committee gets an update from the Treasury inspector general

Jun 28 09:27

Greek Crisis Moving Fast as Emergency Measures Considered

The European Central Bank (ECB) began discussions on Sunday to extend emergency financial support for Greece as the country moves forward with a referendum on a proposed bailout, at the same time as its current bailout speeds to a June 30 expiration.

Jun 28 09:15

FX Brokerages Move To "Close Only" Ahead Of Monday Open

Upcoming risk - Instruments moving to 'Close Only' mode

Due to the uncertainty surrounding the ongoing Greek debt negotiations, and ahead of a potential announcement over the weekend that could lead to high volatility on the market, please be informed that we have decided to decrease your risks by temporarily moving all Instruments to 'Close Only' mode, from 22:30 GMT+3 on Friday the 26th of June 2015, until 00:30 GMT+3 on Monday the 29th of June 2015, trading terminal time.

Please take this information into consideration whilst making your trading decisions.

Jun 28 09:11

‘Tory ‘right to buy’ policy threatens UK homes’

British media reports suggest the Conservative government’s ‘right-to-buy’ policy threatens mass selloffs of Britain’s council homes.

During last month’s election campaign, PM David Cameron promised to give 1.3 million people living in council houses the right to buy their homes.

Jun 28 08:55

Could this be YOU? Everyday Americans, including trained professionals and bosses, reveal how easily they fell into masses of debt - and have been left with no escape

They are Americans from all walks of life and every corner of the country - but are united in debt.

The people pictured in the portraits below have all laid bare their personal finances - revealing the sometimes-crippling amounts of money they owe.

One business owner borrowed $250,000 to fund a laundromat, and is now struggling to shift it - while others have been struck by illness, fraud and what they admit is 'frivolous spending'.

Others owe more modest amounts - often from college fees and credit cards - but have varying levels of optimism about how they will ever pay it back.

All are featured in The Debt Project, a series of photographs by artist Brittany Powell, aiming to investigate how people come to borrow and owe such life-changing amounts of money. Each is accompanied by a hand-written note.

Jun 28 08:53

TPP Trade Agreement Sleight of Hand: It Was Soooo Easy to Distract The American People With A Confederate Flag Flap and then Sell Us Into Slavery Again!

while America was distracted by a contrived, pre-planned Confederate flag distraction, the U.S. Congress forfeited the entire American economic future by quietly passing so-called “fast-track authority” which will allow President Obama to approve the TPP “free trade” agreement.

The TPP, as you may have heard, outright surrenders U.S. sovereignty to multinational corporations, handing them total global monopolies over labor practices, immigration, Big Pharma drug pricing, GMO food labeling, criminalization of garden seeds and much more. In all, the TPP hands over control of 80% of the U.S. economy to global monopolists, and the TPP is set up to enable those corporations to engage in virtually unlimited toxic chemical pollution, medical monopolization, the gutting of labor safety laws and much more.

Webmaster's Commentary: 

Jun 28 08:41

The Money Myth Exploded

“Mr. Oliver, as our banker, your only occupation on this island will be to look after our money; no manual labour.”

“I shall, like every other banker, carry out to complete satisfaction my task of forging the community's prosperity.”

“Mr. Oliver, we're going to build you a house that will be in keeping with your dignity as a banker. But in the meantime, do you mind if we lodge you in the building that we use for our get-togethers?”

“That will suit me, my friends. But first of all, unload the boat. There's paper and a printing press, complete with ink and type, and there's a little barrel which I exhort you to treat with the greatest care.”

They unloaded everything. The small barrel aroused intense curiosity in our good fellows.

“This barrel,” Oliver announced, “contains a treasure beyond dreams. It is full of... gold!”

Jun 28 08:34

‘We don’t need EU permission’: Greek parliament ratifies bailout referendum

As an equal member of the EU, Greece does not need to ask permissions from anyone to let the Greek people speak and have their voices heard, PM Tsipras told his parliament, promising that the state’s sovereignty and future will be decided via referendum.

Referendums have been used all across Europe as a way for people to directly express their will and have their voices heard, and Greece is fully in its right to conduct one PM Alexis Tsipras said during a late-night debate in parliament.

Jun 28 08:31

Greferendum looms: Greeks rush to ATMs, EU saddened, closes door

After months of tense negotiations with its European creditors, Greece is letting the people decide what to do next.

Jun 28 08:28

Armenian president suspends increase in electricity prices

Armenian President Serzh Sargsyan has suspended an increase in household electricity prices in a bid to end protests in the capital Yerevan.

Webmaster's Commentary: 

Scaring the politicians can actually work! :)

Jun 28 08:27

ECB Says "Greek Bank Holiday Now Necessary"

Earlier this morning we noted that the ECB has now frozen the ELA cap for Greek banks in the wake of PM Alexis Tsipras' move to call for a euro referendum and the Greek parliament's vote to allow the poll to go ahead.

Jun 28 08:25

“Assholes ruin everything”

Most people just want to improve their lives, but some aren’t happy unless everyone else is miserable.

Jun 28 08:16

Greeks Line Up at Banks and Drain ATMs as Tsipras Calls Vote

Greece’s banks may need an injection of fresh emergency funds to operate Monday as people rushed to pull out money after Prime Minister Alexis Tsipras called a referendum that could decide his country’s fate in the euro.

Jun 28 08:16

More than a third of Greek ATMs run dry for a while on Saturday

More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said.

Jun 28 08:15

Shock vote on terms of bailout pushes Greek banks to the brink of meltdown as long queues form at country's cashpoints

Greek banks were on the brink of meltdown last night after the shock announcement that its crisis-hit government would hold a referendum on the terms of a fresh international bailout.

Webmaster's Commentary: 

The referendum will include the option of leaving the EU.

Jun 28 08:13

'Plan B' looms after Greece and Europe fall out

With Greece's creditors refusing to extend its bailout, attention has turned swiftly to preventing massive capital flight as worried Greek citizens pull cash from ATMs.
Related Stories

Fears that the banks may not open Monday have prompted the European Central Bank to meet but officials say it will be up to Greece to stem an outflow that has already reached dangerous levels.

Webmaster's Commentary: 

Not to put too fine a point on it, but that money in the banks is the property of the Greek people and neither the banks for the government have any right to say they cannot have it!

We are seeing the latest chapter in what has become a global repeating pattern. Private central banks crush a nation with artificially created debt, and when the system collapses, as it always must, they stick the people with the losses!

Jun 28 08:12

Bill Gates’s Idiocy (or Is It Psychopathy?)

Bill Gates was interviewed in the Thursday June 25th Financial Times, about global warming investments, and he said some remarkably stupid things, but explaining what he said requires a lot of intelligence; so, maybe what he said isn’t actually that stupid. Might he be an idiot savant? Perhaps there’s a deeper truth here.

Jun 28 08:02

The Biggest Con Job in World History - Wall Street!

Webmaster's Commentary: 

This is a very long documentary, three hours, but worth bookmarking and watching later.

Jun 28 08:00

Draghi Freezes Greek ELA, Varoufakis Tells BBC "Looking At Imposing Capital Controls, Closing Banks"

With Greece having gone past the point of no return, things are now escalating very rapidly, and moments ago the BBC's Nikc Sutton tweeted that the BBC's Mark Mardell was told the Greek government will be "looking overnight at imposing capital controls and closing banks on Monday."

Webmaster's Commentary: 
Jun 28 07:49

'Nein Danke' - smaller German firms see U.S. trade deal as threat

Martina Roemmelt-Fella, who owns a small, family-run turbine manufacturer in Bavaria, should be a cheerleader for a trade deal between Europe and the United States that promises to ease the flow of goods and services across the Atlantic.

But instead she fears the Trans Atlantic Trade and Investment Partnership (TTIP) being hammered out between Brussels and Washington will give too much power to big multinationals at the expense of small companies like hers.

"The proposals are being negotiated behind closed doors with the help of 50 or 60 big corporates," said Roemmelt-Fella, whose firm is one of the thousands of small and medium-sized companies known as the 'Mittelstand' that account for 89 percent of Germany's exporters and form the backbone of the economy.

Jun 28 02:57

Old people are deflationary...

Jun 27 18:15

The Market Detonation You’re Ignoring: “The Chinese Market Is In An All-On Crash”

It's a scary proposition and one from which escape for the general population of the world seems impossible.

Jun 27 17:18

The Delphi Declaration – Paul Craig Roberts

The Delphi Declaration asks the European peoples, especially the Germans, to do the right thing and object to the plunder of Greece by the One Percent.

This appeal to goodwill is likely to fall on deaf ears even though the pillage of Greece will create a precedent that can then be applied to Italy, Spain, France, and even Germany.

European governments, European institutions and the IMF, acting in close alliance, if not under direct control of big international banks and other financial institutions, are now exercising a maximum of pressure, including open threats, blackmailing and a slander and terror communication campaign against the recently elected Greek government and against the Greek people.

Jun 27 15:56

Charter-Time Warner Cable Filing Shows Huge Deal Payoffs For CEOs And Bankers

Sometimes it pays to come in second: Time Warner Cable CEO Rob Marcus stands to collect a whopping $91.9 million if the deal to sell his company to Charter Communications goes through, according to a 700-plus page preliminary proxy filed at the SEC today. He might see $21.8 million in cash, $67.1 million in equity, $396,156 in benefits — mostly for financial planning — and $2.6 million in other awards including a special bonus TWC gave execs for increasing video subs in Q1.

That last bonus is unusual, and seems to give TWC brass a special reward just for doing their jobs: The company agreed to give execs 5% of their 2015 target cash bonus if in any quarter this year the cable company “experienced a net increase in residential video subscribers.”

Jun 27 14:13

Food Security: a Hostage to Wall Street

In October of last year, World Food Day celebrated ‘Family Farming: Feeding the world, caring for the earth’. According to the UN Food and Agriculture Organization’s website, the family farming theme was chosen to raise the profile of family farming and smallholder farmers. The aim was to focus world attention on the significant role of family farming in eradicating hunger and poverty, providing food security and nutrition, improving livelihoods, managing natural resources, protecting the environment, and achieving sustainable development, especially in rural areas.

Jun 27 14:12

And you wonder why the markets are crazy?

Jun 27 14:11

In Case You Are Still Confused About Who Is In Charge

The spectacle is astonishing. The European Central Bank, the EMU bail-out fund, and the International Monetary Fund, among others, are lashing out in fury against an elected government that refuses to do what it is told.

Webmaster's Commentary: 

What is essential for everyone to understand is that banking is not a science. It is a religion with a bunch of made-up rules to benefit the clergy, meaning the bankers. It only works because we have all been brainwashed into believing that banking is as sacrosanct as any other church, and those ink and paper tickets represent something real.

Once human-kind realizes that banking is a manufactured fantasy world designed to exploit humans as slaves (as are the other religions), we take an important step towards freedom.

Jun 27 13:44

Panicking Greeks withdraw billions from cash machines amid fears of exit from euro

Banks in Greece will remain open and people should stay calm, a senior Greek politician said today.

He was speaking hours after Prime Minister Alexis Tsipras announced a surprise referendum to be held on July 5 on the bailout terms offered by foreign creditors.

Jun 27 13:30

Greece on the Edge: Bailout Extension Rejected, But Referendum Still On

The Eurogroup has refused to extend Greece's current bailout deal, which is set to expire on June 30, days before a referendum is set to take place on the financial aid package currently being negotiated.

Greek Prime Minister Alexis Tsipras reportedly called European leaders, including German Chancellor Angela Merkel and French President Francois Hollande on Saturday to tell them, "Democracy is of the highest order in Greece and the referendum will take place regardless of the Euro group decision."

Jun 27 13:24

Thousands of jobs lost in UK

Thousands of workers are losing their jobs across all sectors of the UK economy.

The losses belie the latest figures, hailed a miracle achievement by Prime Minister David Cameron, registering unemployment as dropping to a seven-year low of 5.5 percent. The figures only register the growth in low-paid, part-time, temporary and zero-hours contract jobs as the government drives people into cheap-labour employment in welfare to work programmes.

Jun 27 13:17

The Delphi Declaration - On Greece and Europe

Many readers of the European and American press must be confused about what actually is happening in the negotiations between Greece (Alexis Tsipras and Yannis Varoufakis). The European Troika (the IMF, European Central Bank and European Council now object to the name and want to be called simply “the Institutions”) have stepped up their demands on Syriza. What is called “negotiation” is in reality a demand for total surrender. The Troika’s demand is to force Syriza to go back on the campaign promises that it made to voters who replaced the old right-wing Pasok (“socialist”) and Conservative New Democracy coalition, or else simply apply the austerity program to which that coalition had agreed:cutbacks in pensions, deeper austerity, more privatization selloffs, and a tax shift off business onto labor. In short, economic suicide.

Jun 27 13:16

The Rich Keep Getting Richer

Jun 27 11:45

China’s central bank cuts lending, deposit and reserve ratios

China's central bank cut its benchmark lending rates by 25 basis points to 4.85 percent on Saturday, the fourth reduction since November, as it gears up to lower borrowing costs and support a slowing economy.

The People's Bank of China (PBOC) also reduced one-year benchmark deposit rates by 25 basis points to 2 percent, it said in a statement on its website, adding that the reductions would take effect on Sunday.

Jun 27 11:23

Why I Moved Out Of CA

Jun 27 11:14

Which Pin Will Prick The Bubble(s)?

Jun 27 10:36

The Seeds of the Next Economic Boom

Jun 27 09:57

Riot Police Deployed in Armenia as Protests Over Electricity Hike Rage On

The protests have been ongoing for the past week in a society riddled with low wages and unemployment. At a cabinet meeting Thursday, Prime Minister Hovik Abrahamyan said demonstrators were violating the country's constitution and that the government would not change its decision. He did, however, offer the possibility of providing compensation as relief for those unable to afford the price hike.

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