Update: Germany Just Said, You Know It, Nein; Eurobeggars Continue To Be Choosers;

Update: NEIN

• GERMANY WON'T ACCEPT NEW ANTI-CRISIS INSTRUMENTS - GERMAN SOURCE *DJ 

Maybe the Italian football team should have bent over just a little.
* * *
Today's edition of the Eurosummit is over. There was some news, however, as always happens, there is a twist:

• EU LEADERS HAVE AGREED A GROWTH PACKAGE OF 120 BLN EUROS BUT  ITALY AND SPAIN NOT PREPARED TO SIGN OFF ON IT - EU OFFICIALS - *DJ
• ITALY WON'T SIGN ONTO GROWTH PACT UNTIL BOND BUYING DEAL

In other words, beggars continue to be choosers, as Italy and Spain will not agree on getting aid (!) until Germany relents on buying their bonds. There was a reason why in the summer of 2011 we said that as the Game Theory equilibrium shifts to defection, he who defects first, defects best. Well, Greece is now leaps and bounds ahead of everyone as the global ponzi unravels. And so the posturing for second place is now on. We can't wait for the official German response, to both this, and to the loss by Italy in Euro2012.
Peak idiocy.

Greyerz – Greatest Financial Collapse The World Has Ever Seen

from KingWorldNews:

With global stock markets trading in the red, today Egon von Greyerz told King World News that people are going to witness the greatest financial collapse the world has ever seen. Egon von Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “…investors are under the illusion that the system will continue, but it won’t.” Here is what Greyerz had to say about the the coming financial collapse: “As always, Eric, I’m focusing on the big picture. We are in a crisis, and the outcome is absolutely certain. What is not certain is how we get there. The problem is it’s not only one crisis, it’s a number of crises. We have the first one which is the sovereign crisis.”
“Almost every single major country in the world is bankrupt, and no one has the tools or a plan to get these countries out of this crisis. So countries will go bankrupt by default or by printing excessive money. This situation will continue to get worse and ultimately lead to a hyperinflationary depression.
Egon von Greyerz continues @ KingWorldNews.com

The Long Memory of “The Sick Man of Europe”

Posted by : testosteronepit

Post date: 06/28/2012 - 17:33

Why Germany won’t blink...

Charting The End Of 'Stock-Picking' Alpha

We recently commented in detail on (and often discuss) the extreme high correlations across not just asset-classes but across all individual stocks. As Goldman notes today correlations across equities reached new record high levels during the financial crisis and remain extremely elevated compared to long-run averages. There are both structural (for instance, the dramatic rise in popularity of ETFs) and cyclical drivers (for instance, the severity of the great recession and the ongoing deleveraging in developed economies which maintains a high risk of another recession given the lack of fiscal and monetary flexibility) that are causing this shift. This high level of equity correlations has huge implications for the investment community as opportunities for diversification are significantly reduced and adding value by stock-picking is reduced (as evidenced by the notable drift lower in long/short hedge fund performance). This introduces a chicken-and-egg problem with regards to the growth in index investing and trading - while it has likely contributed, it is more likely a symptom than the cause of higher correlations. With currently elevated macro risks investors have a better chance to generate alpha by focusing on 'trading' and picking equity indices rather than stock-picking. Only with a sustained improvement in macro conditions are equity risk premia and correlations likely to decrease.

Spanish 10 yr bonds hit 7% and close at 6.96%. Italian bonds hit 6.24% closing at 6.19%/ A poor Italian bond auction/ Germany shuns a press conference today/

Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 3 minutes ago

Good evening Ladies and Gentlemen: Gold closed down today big time to the tune of $27.90 to $1549.70  as all bourses were in the red.  The paper boys were selling everything and they took gold and silver with them.  The price of silver finished the comex session at $26.21 down 73 cents.  The Spanish 10 yr bond yield rose above 7% which is very worrisome to our bankers.  The Italian 10 yr bonds

Obamacare Upheld: Government Can Force You To Eat Broccoli

from FinancialSurvivalNetwork.com:

Keiser Report: Zombie Bank Apocalypse (E307)

from RussiaToday:

Max Keiser and co-host, Stacy Herbert, demand the big banks prove they are not dead by removing the life support systems, especially cufflinky Jamie Dimon’s Too-Big-To-Fail bank. In the second half of the show Max talks to Professor Steve Keen about the wages being negatively related to the level of interest rates and debt.




Jim Sinclair’s Commentary

European leaders approved a 149 billion pact for growth that is being trashed by MSM. There is however a message in this to placate markets for Friday’s session.

As times runs out whatever is required money wise here or there will be provided. That is a prescription for QE regardless of how hard MOPE denies it.

Jim Sinclair’s Commentary

Here is the latest from John Williams’ www.ShadowStats.com.

- Revised First-Quarter GNP Growth Plunged to 0.5% (Previously 1.3%)
 
- Actual Monthly Change in U.S. Unemployment Rate Masked  by Inconsistencies in Reporting

"No. 451: GDP Revision, Unemployment Reporting Inconsistencies"
 
http://www.shadowstats.com



Jim Sinclair’s Commentary

27 politicians gather together thinking they can invent something new to fix all the problems that are a direct result of OTC derivative failures and government overspending.

You have to be kidding.

There is a tool, and that tool is called QE. There is no other solution they can agree on that will do a damn thing. QE here and there will go to infinity.

Please look at the picture of how much Hollande and Chancellor Hausfrau Merkel like each other.

Defining eurozone deal ruled out as Angela Merkel and François Hollande clash Thursday 28 June 2012

A Franco-German clash over eurozone recovery tactics has ruled out a defining deal to solve the growing economic crisis at the latest EU summit in Brussels.
Eve-of-summit talks in Paris between the eurozone "big two" failed to bridge the gulf between German chancellor Angela Merkel and French president Francois Hollande over the balance between austerity and growth.
The pair agreed on the need for a 130bn euro (£104 billion) "compact for growth" expected to be adopted by all 27 leaders at the summit.
But Germany is resisting the idea of "mutualisation" of eurozone debt – pooling the debt burden to lower the risk. Mrs Merkel wants bail-out nations to meet tough new budget controls first and even then is reported to have ruled out anything more than taking a partial debt burden, saying: "I don’t see total debt liability as long as I live."
The stand-off spotlights the key summit question: what strategy now will keep markets calm and give the EU a breathing space to get growth and jobs back on track?
More…

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