ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 29 19:52

Beggar Thy Neighbor? Greece's Battered Banks Beget Balkan Jitters

"Millions of people in ex-Communist Bulgaria, Macedonia, Albania, Serbia and Romania have deposits in banks owned by Greek lenders, putting this corner of south-eastern Europe in the frontline if there is contagion from the Greek crisis."

Jun 29 19:52

French Economy In "Dire Straits", "Worse Than Anyone Can Imagine", Leaked NSA Cable Reveals

Moscovici who served as French finance minister until 2014 and then became European commissioner for Economic and Financial Affairs, Taxation and Customs, used some very colorful language, i.e., the French economic situation was "worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years”.

Jun 29 19:49

Strap In! China Is Crashing Again

In the last 2 days, PBOC has thrown everything at the ponzi-fest they call a rational market. An RRR cut, a Benchmark rate cut, a rev repo rate cut, a CNY50 Bn rev repo injection, a stamp duty cut, IPO halts (cut supply), and last but not least permission to speculate with a reassurance that shares on a solid foundation. The outcome of all this policy-panic - CHINEXT (China's Nasdaq) is down another 6% today (down 25% in 3 days) and aside from CSI-300 futures, all other major Chinese indices are in free-fall. Add to that the fact that industrial metals are collapsing with steel rebar limit down and it appears Central Bank Omnipotence is under threat.

Jun 29 19:11

Greece Crisis – How Safe Is YOUR Bank Account? Michael Rivero - June 29, 2015

Jun 29 18:40

16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

As we enter the second half of 2015, financial panic has gripped most of the globe. Stock prices are crashing in China, in Europe and in the United States. Greece is on the verge of a historic default, and now Puerto Rico and Ukraine are both threatening to default on their debts if they do not receive concessions from their creditors.

Jun 29 18:01

3M To Shut Down Body Armor Business

Jun 29 17:04

Velocity of Money M2 Lowest in Yrs.

Jun 29 16:24

Why We Must Fight Economic Apartheid in America

Almost lost by the wave of responses to the Supreme Court’s decisions last week upholding the Affordable Care Act and allowing gays and lesbians to marry was the significance of the Court’s third decision – on housing discrimination.

Jun 29 16:10

The Troika Intends to Suffocate Greece. Threaten an “Uncontrollable Crisis”…

The Central Bank of Greece surprised everyone with the publication of their monetary politics for 2014-2015. Besides revealing the consequences of the economic suffocation imposed by Brussels, it concluded that in case of not getting to a prompt deal with its European partners, a crisis of great proportions will be detonated.

“A crisis with a manageable debt as we are currently facing with the help of our partners will transform into an uncontrollable crisis, with great risk for the banking system and for the financial stability”, it quoted[1]. It was the first time this institution seriously contemplated Greece’s separation from the Eurozone.

Jun 29 15:59

Less Than 24 Hours In, Panic Hoarding Begins…

For those wondering how long they have after a full financial collapse before the shelves are empty at the grocery stores, it appears the answer is under 24 hours, as the focus has shifted in Greece from bank and ATM runs to bread and milk runs…

Jun 29 15:46

Default countdown? European banks lose €50bn as Greek debt deadline nears

The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.

The Stoxx 600 Banks Index fell by 4.4 percent, the biggest daily decline since November 2011, Bloomberg reports. Among the biggest losers is Portugues Banco Comercial down 9.1 percent, and Italy’s Banca Monte dei Paschi di Siena which slumped 7.2 percent. Spain’s Banco Popular Espanol has lost 6.5 percent and Banco de Sabadell was down 5.4 percent.

Jun 29 15:33

GREECE MAY BE The NEXT LEHMAN BROTHERS

Jun 29 14:06

Global stocks are getting crushed on fears that this time, Greece really will leave the eurozone

U.S. stocks extended their losses in heavy trading on Monday after a collapse in Greek bailout talks intensified fears that the country could be the first to exit the eurozone.

Greece appeared to confirm it was heading for a default after a government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.
The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing.

All three major U.S. indexes fell more than 1 per cent for the first time since May 26 and the TSX and Dow Jones Industrial Average turned negative for the year to date. Its last annual decline was 2008.

Jun 29 13:54

Sanders: Americans ‘sick and tired’ of working longer hours for low wages

Democratic presidential candidate Senator Bernie Sanders says the American people are sick and tired of the economic situation in the United States.

“The American people are sick and tired of seeing the disappearance of the great middle class of this country,” he said in an interview with ABC News on Sunday.

Jun 29 13:50

Banks lending more to risky borrowers?

Jun 29 13:38

Breathtaking German hypocrisy: Germany owes Greece 11 billion euros in unpaid loans

This little fact changes everything.

In 1943, Germany forced the Bank of Greece to lend it two loans worth 11 billion euros in today’s money.

And Germany has still not paid back the debt.

Jun 29 13:34

IMF has made €2.5 billion profit out of Greece loans

In April this year, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Jun 29 13:23

The Greek Financial Crisis Won't Hurt the U.S.

The recent fall of the Greek economy is not expected to have much of an impact on the economy of the United States due to the recent strengthening of the U.S. economy.

Webmaster addition: And if you believe that one, I have some of Saddam's Nuclear Weapons to sell you!

Jun 29 13:21

A New Mode of Warfare - The Greek Debt Crisis and Crashing Markets

Eurozone financial strategists made it clear that they wanted to make an example of Syriza as a warning to Spain’s Potemos party, and anti-euro parties in Italy and France. The message was supposed to have been, “Avoid our austerity and we will cause chaos. Look at Greece.”

Jun 29 13:17

NBCUniversal has severed ties with Trump

After a recent controversy in the media centered around Donald Trump's racist statements, NBCUniversal has severed ties with the presidential candidate.

Jun 29 13:05

China Seeks to Clean Up Space Junk

A new agency was recently established in China to help clean up space junk orbiting around the Earth.

Jun 29 13:02

Revealed: NSA Conducted Massive Economic Espionage Against France

New documents released by WikiLeaks reveal that the NSA's spying program delved even deeper into the French economy and politics, eavesdropping on government ministers and major corporations. The news comes only days after it was revealed that the US spied on three French presidential administrations.

Jun 29 13:00

Apple Store Employees “Treated Like Criminals”

A 2013 lawsuit filed against Apple recently had information released that stated employees claimed they were “treated like criminals”.

Jun 29 12:59

Giftcard Fraud on the Rise

The FBI recently released a statement warning that gift card fraud is on the rise.

Jun 29 12:59

CEO Focuses on Women’s Equality

Marc Benioff, who launched his company Salesforce in 1999, admits his focus back then wasn’t on hiring women into his company, but now it is.

Jun 29 12:58

Apple isn’t the Largest Company by Revenue Measures

Although Apple may be the largest company by household name recognition and other measures, it’s not the largest by revenue in the state of California.

Jun 29 12:55

JP Morgan Chase Stockpiles Silver While Pushing For Ban On Cash

In a communication with JP Morgan Chase shareholders earlier this month Jamie Dimon, CEO of one of the world’s largest and most influential banks, said that a more volatile crisis than 2008 is coming.

Jun 29 12:48

7 photos that sum up what it looks like in Greece today

Here’s what it looks like in Greece today, after a weekend in which the government walked away from negotiations with creditors and declared a referendum on debt-holder demands for this Sunday: Banks are closed, and there are lines outside ATMs, where withdrawals from a Greek account are limited to just 60 euros.

That’s if there is still money in the ATM.

Jun 29 12:46

Greece About to Default: Banks, Stock Exchange Down for Next Six Days

Analysts are estimating the country will likely default by Tuesday.

Some Greeks have already begun hoarding groceries and gasoline, The New York Times reports.

They clearly have no reason to trust their government, just as The Daily Sheeple reported two days ago when said government told its citizens not to worry and was promising there would be no capital controls put in place this week…

(read more)

Jun 29 12:44

SCAM ALERT - The Google Marketing Scam Phone Call

I just received a phone call from a number in Reno, Nevada. 773-800-7882. When I picked up the phone, it was an automated phone dialer telling me to press 1 to be connected to someone immediately or my business will NOT show up in the Google searches.

Webmaster's Commentary: 

Claire just got one, and I got one last week.

Funny how the NSA can't find these crooks, either!

Jun 29 12:36

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

With banks shuttered, capital controls in place, and democracy under threat, the world's eyes turn toward what the Greek people will decide.

Jun 29 12:32

Europe's richest countries (adjusted to cost of living)

Webmaster's Commentary: 

Latest victim of a US overthrow Ukraine is, of course, at the bottom of the list!

Jun 29 12:20

Russia: Tit for Tat

Hail, fire and brimstone, new sanctions or the US tanks on its borders, Russia takes things in stride. President Putin could adopt the motto of William of Orange: saevis tranquillus in undis, calm amidst the tempest. The tempest is all around. American tanks moved into the Baltic states. American warships sail up the Black sea. The EU sanctions against Russia were extended for another six months. Russian assets were seized in France and Belgium.

Jun 29 11:27

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 10:58

The Greek Bank Holiday: This is What an Economic Collapse Looks Like

A “bank holiday” sounds like such an innocuous thing, doesn’t it? Playful, a well-deserved rest, maybe even fun.

If you’d like to learn more about the fun of such a holiday, look no further than the streets of Greece, where people have been informed the banks will be closed for the next week.

Why? Because the European Central Bank has stopped sending in the money that was keeping the Greek financial system afloat. Had people been able to go to the bank and withdraw their money, the banks would be unable to function. So, the banks said, “Nope, you can have $60 if you want to wait in line for long enough to get it.”

Jun 29 10:13

Greek banks will stay CLOSED tomorrow as British tourists are warned cash machines will become 'limited at short notice'

Greek banks and the country's stock exchange will not open tomorrow as the country enters the 'dark hour' of trying to rescue its stricken economy.

The Foreign Office warned today warned British holidaymakers that credit card machines and ATMs in Greece could become 'limited at short notice' and urged people to prepare for 'emergencies, unforeseen circumstances and any unexpected delays'.

With Tuesday's deadline for Greece to repay more than £1billion of its debts looming, the country is on the brink of leaving the single currency.

Jun 29 10:13

A Grexit would be disastrous and could signal disintegration of euro

Whatever the outcome of the weekend crisis meetings on Greece it has been another dreadful week for the European Union. Greece could fall out of the common currency even before the referendum planned for next Sunday and financial markets are set for a turbulent opening tomorrow. Seven years into the crisis this kind of thing simply should not be happening. There must be senior politicians in France and Germany, the principal architects of the common currency, beginning to wonder if the game is worth the candle.

Jun 29 10:08

We Are All Greeks! Europe Only Has a Future With the New Silk Road

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 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.

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