by Robert Winnett, The Telegraph:
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On Thursday night, Italy and Spain plunged an EU summit into disarray by threatening to block “everything” unless Germany and other eurozone countries backed their demands for help.
Mario Monti, the Italian Prime Minister, celebrated the agreement, reached in the early hours of Friday, as a “very important deal for the future of the EU and the eurozone”.
Read More @ Telegraph.co.uk
DOJ Says It Won't Prosecute DOJ Head Holder
How should we say this: we are shocked, shocked, that the DOJ won't prosecute itself.
BREAKING: DOJ says it won't prosecute Attorney General
Holder after the GOP-led House voted to hold him in criminal contempt of
Congress - Fox
And now, back to the far more important news of Tom Cruise and Katie Holmes divorcing.
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Another German Pledges Their Life To The "Eurobonds-Nein" Crusade
Last week it was Merkel promising she would die before she allowed Eurobonds (technically this has not been refuted: all she has done is allowed... uhmm... err... we don't really know - lots of confusing headlines out there, lots of chatter, a big short squeeze and no actual details). And now, here comes...- GERMAN FINANCE MINISTER SCHAEUBLE SAYS NO EURO BONDS IN HIS LIFETIME EITHER WITHOUT COMMON FINANCIAL POLICY
from laroucheyouth:
Europe's Unanswered Questions
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Barclays On The Rally: "Fade It", Because The Summit Is "Not A Game-Changer For The EUR"
With everyone scrambling to buy into the bathsalts rally, and shorts rushing to cover with a panic bordering on a QE-announcement, it is somewhat ironic that today's voice of muted reason comes from none other than Liebor expert extraordinaire: Barclays, whose suggestion is simple: lock your profits: "We remain bearish on EURUSD, expecting it to grind slowly down to 1.15 over the next 12 months. We therefore suggest investors look to fade this morning's European currency strength versus the USD and non European commodity currencies such as the AUD and CAD." Why? They have their listed reasons. The unlisted ones are the same that every other bank has for becoming bearish recently (we have recently listed Citi, Goldman, SocGen and DB to name but a few): for a real fiscal and monetary policy intervention to take place (i.e., a rescue package that lasts at least a few months, as opposed to today's several day max rally): the market has to be tumbling. That, as we have explained repeatedly, is the only way to get a powerful response. Everything else is (quarter end) window dressing.Bruno Iksil's Guide To Surviving The Status Quo: Baffle Them With Bullshit
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Consumer Expectations Trend Break Bullish For Gold
Eric De Groot at Eric De Groot - 29 minutes ago
Did you miss it? Consumer expectations (CE) broke it power up trend of
2011. This break increases the probability of lower consumer expectation
numbers in the future. Big deal, right? Not so fast. The correlation
between CE and gold has a strong inverse relationship. During periods of
economic strife, the inverse correlation approaches -0.70. In layman's
terms, the higher consumer...
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Friday Thoughts
Dave in Denver at The Golden Truth - 1 hour ago
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Update on the action in the precious metals + why the EU is way ahead of
the U.S. in several respects.
Unless the o/i report is wrong, sometimes it is and they make adjustments
reflected two days later, yesterday's gold o/i went up 912 contracts. To me
this increase isn't the cartel shorting into momentum- buying by black box
funds, it's dip buyers making fundamental buys. The computer hedge funds do
not buy on days like yesterday. That's bullish. Second, yesterdays silver
smash was all about the liquidation of the July contract ahead of 1st
notice today. Silver o/i in July dropped ... more »
The Dummy's Guide To Healthcare
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Completing The Circle: Meet The US Ambassador To Germany
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Everyone knows that Italy's unelected PM, Mario Monti, is a former Goldman Sachs International 'advisor.' As such, it is only natural that being part of the banking cartel he would do everything in his power to promote an inflationary agenda, one that seeks ECB bond monetization intervention, (another central bank headed by a former Goldmanite of course), perpetuates the status quo, and one that naturally contravenes everything that German citizens have been pushing for in their desire to avoid the risk of another hyperinflationary episode. Especially if, as is well-known, resolving Europe's problems, however briefly, facilitates an Obama re-election campaign because as conventional wisdom is also catching on, should Europe implode before November, Obama's reelection chances plunge accordingly. And yet, even as Goldman's tentacles had spread all over Europe (as seen here), conventional wisdom was that Goldman's influence in Germany was relatively muted.
Wrong.
Iran Oil Embargo Goes Into Effect: Crude Up 8%
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It's Time To Connect The Dots
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And The Reason For Today's Bathsalts Rally Is...
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... Nothing more (or less) than NYSE short interest as of June 15 (at 14.7 billion shares) soaring to the highest since October 2011, just before the mega ramp on the previously mentioned October 26, 2011 Greek "Bailout" started on another total non-event as history would show (as would be the ensuing global central bank interventions, and LTROs 1+2). This is also tied for the 3rd highest short interest since July of 2009. Which brings us to the following question: we know that over the past month the only stock "market" catalysts have been small groups of "educated" central-planners: the Fed, SCOTUS, and Eurocrats, with the only upside catalyst being taxpayer cash. Does the chart below mean that the only technical item that matters is Short Interest (as well as short interest in the highly levered and beta-rally inducing EUR), and every time this number rises above a given threshold the various Wall Street repo desks will merely engage in forced buy-ins and cause epic short squeeze like the one today? We don't know. However, we do know that with both long-side and short-side trading becoming meaningless and everything now just an HFT-facilitated stop hunt, this is the surest way to make sure nobody is left trading these markets anymore, something which relentless ongoing cash outflows from equity funds confirm every single week. The good news: once the weak hands have covered, a new wave of shorts can reenter, only to be burned as well on the next overhyped non-event out of Europe or anywhere else.
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Despite 'Nouveau-Deal', European Bonds End Week Unch
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Exuberance rules and it seems everyone and their mum believes that something significant just happened in Europe in terms of a 'game-changer'. We suspect this is anchoring bias writ large - we've been down so long that any up feels great. While every asset class jumped dramatically on the day - EURUSD 4-sigma surge, stocks up 3 to 4%, Credit snapping tighter, Europe's VIX plunging, and Sovereign bond yields gapping down - the truth of the matter is that if this were truly a 'game-changer' then would it not be likely that risk assets would be higher than they were just a week ago? Between the total uncertainty of the actual plan's implementation and Merkel still pouring cold water timelines on things; we note that Spanish and Italian bond spreads end the week practically unchanged; Corporate and financial credit spreads are at 6/21 high levels (but not beyond); Europe's VIX has compressed dramatically in our favor for relative to US VIX but remains at 6/21 levels; and only stocks are above those 6/21 highs in their typical high beta excited hopeful manner. Into a thinly traded weekend ahead of July 4th, we would have expected a little more from this nouveau-deal.
by Mike Adams, Natural News:
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It’s also the largest tax increase in the history of the United States. By upholding Obamacare’s individual mandate as a “tax,” Chief Justice Robert just labeled President Obama the largest tax increase President in the history of the country! (http://decoded.nationaljournal.com/2012/06/roberts-labels-obama-a-tax…)
Read More @ NaturalNews.com
from, The Daily Sheeple:
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A Florida Appeals court ruled that it is legal for press organizations to lie, conceal, or distort information. The decision, which reversed the $425,000 jury verdict in favor of Fox Television journalist Jane Akre, declares that no law is being broken if false information is given in a television broadcast.
In the August 2000 trial, Akre charged she was pressured by management and lawyers to air what she knew and documented to be false information in a story about the use of growth hormones in dairy cows. The six-person jury was unanimous in concluding that Akre was fired because she threatened to report the station for pressuring her to report the false information.
Read More @ TheDailySheeple.com
by Kurt Nimmo, Info Wars:
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Gun Owners of America notes that the law requires the medical information of all Americans to be entered in a database and argues that this will be used against legal gun owners.
“Centralizing these medical records will allow the FBI to troll a list of Americans for ailments such as Post Traumatic Stress Disorder (PTSD) to deny them their gun rights, in the same way that the Veterans Administration has already denied more than 150,000 veterans their right to bear arms,” GOA writes.
PTSD is only the beginning. There are any number of medical conditions the government will ultimately cite in order to restrict gun ownership.
Read More @ InfoWars.com
from Fabian4Liberty:
from Public Intelligence:
The PM RS JPO initiated development of an integrated GRMP in response
to direction from senior Army and Marine Corps leadership in 2005. The
GRMP is intended to provide Army and Marine Corps ground robotic
stakeholders a common information resource document, as well as a
comprehensive plan that links robotic S&T Projects and
Acquisition/Contingency Programs to User Current Capability Gaps, Future
Capability Gaps, and S&T Shortfalls. The pressing need for reliable
ground robotic systems capable of detecting and warning of the presence
of hidden improvised explosive devices (IEDs), chemical and biological
agents, and related threats to ground troops employed by insurgents in
combat zones greatly increases the importance of making every S&T
dollar count toward filling critical User capability gaps. In addition,
the GRMP provides decision makers a tool for making critical resource
decisions.
The RS JPO has recognized from the beginning that development of the GRMP would be an evolutionary process because of the diversity and complexity of the task. For instance, many stakeholders are involved in Army/Marine Corps ground robotics, including Users, materiel developers, S&T developers, sustainers, and industry. A variety of missions are supported, including mine and area clearance, chemical/biological agent detection, surveillance and reconnaissance, area obscuration, force protection and direct fire/indirect fire, among numerous others. GRMP V3 moves the development process further along the evolutionary path.
Read More @ PublicIntelligence.net
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The RS JPO has recognized from the beginning that development of the GRMP would be an evolutionary process because of the diversity and complexity of the task. For instance, many stakeholders are involved in Army/Marine Corps ground robotics, including Users, materiel developers, S&T developers, sustainers, and industry. A variety of missions are supported, including mine and area clearance, chemical/biological agent detection, surveillance and reconnaissance, area obscuration, force protection and direct fire/indirect fire, among numerous others. GRMP V3 moves the development process further along the evolutionary path.
Read More @ PublicIntelligence.net
by Agence France-Presse, RawStory
WASHINGTON — The United States on Thursday exempted China and
Singapore from sanctions over purchases of oil from Iran hours before a
deadline, saying that major economies were united in pressuring Tehran.
The United States, however, did not grant exemptions to smaller-scale importers such as Pakistan and Afghanistan, meaning that banks from those countries could face punishment if they handle transactions for Iranian oil.
Secretary of State Hillary Clinton ruled that China and Singapore had “significantly reduced” their crude oil purchases from Iran, granting them exemptions on the final day before sanctions take effect.
Under a law aimed at pressing Iran over its nuclear program, the United States will bar financial institutions that buy oil from Iran, essentially forcing them to choose between Tehran and the world’s largest economy.
Clinton credited the threat of sanctions with severely cutting Iran’s crude oil exports and estimated that it cost the country some $8 billion in lost revenue each quarter.
The world’s “cumulative actions are a clear demonstration to Iran’s government that Iran’s continued violation of its international nuclear obligations carries an enormous economic cost,” she said in a statement.
Read More @ RawStory.com
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The United States, however, did not grant exemptions to smaller-scale importers such as Pakistan and Afghanistan, meaning that banks from those countries could face punishment if they handle transactions for Iranian oil.
Secretary of State Hillary Clinton ruled that China and Singapore had “significantly reduced” their crude oil purchases from Iran, granting them exemptions on the final day before sanctions take effect.
Under a law aimed at pressing Iran over its nuclear program, the United States will bar financial institutions that buy oil from Iran, essentially forcing them to choose between Tehran and the world’s largest economy.
Clinton credited the threat of sanctions with severely cutting Iran’s crude oil exports and estimated that it cost the country some $8 billion in lost revenue each quarter.
The world’s “cumulative actions are a clear demonstration to Iran’s government that Iran’s continued violation of its international nuclear obligations carries an enormous economic cost,” she said in a statement.
Read More @ RawStory.com
by Lena Groeger, Pro Publica:
Experts estimate that nearly 16 million Americans could be added to
the Medicaid rolls by 2019 under an expansion in the Affordable Care
Act. The Supreme Court ruled Thursday that states can opt out without
risk of losing federal support for Medicaid, raising the stakes that
some may do so. Here is a look at forecast growth in state Medicaid
rolls under the expansion. Twenty-six challenged the act in court.
Click to use interactive map
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Click to use interactive map
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