Tuesday, June 30, 2015

Paul Craig Roberts Rages: Truth Is Now A Crime Against The State

The entire Western edifice rests on lies. There is no other foundation. Just lies. This makes truth an enemy. Enemies have to be suppressed, and thus truth has to be suppressed.

US Admits Paying Terrorists For Services Rendered In Syria

by Brandon Turbeville, Activist Post:
When researchers such as myself have reported that the United States is funding al-Qaeda, Nusra, ISIS and other related terror organizations in Syria, we were not kidding. Still, despite the fact that even the U.S. government itself has admitted that it was funding terroristsdirectly and indirectly through Saudi Arabia, the suggestion was met with disbelief, ridicule, or either entirely ignored.
Now, however, the United States government has admitted that it funds terrorists on the ground in Syria yet again, this time placing an individual dollar amount on the assistance provided.
Read More @ ActivistPost.com

PETER SCHIFF: Not Much Difference Between U.S. and Greece

from Peter Schiff:

This Great Unwind Will Be Catastrophic As The Grand Deception Of The Masses Continues

from Kingworldnews:
The central banks and their various allies go into overdrive to control all key markets in order to not let things get out of hand and possibly result in a public loss of confidence. Unfortunately for all of us they have absolutely no solutions to the problems that the world now faces. So things will just continue to deteriorate until we reach the stage where they control everything. At that point the Great Unwind begins in earnest.
There are many situations today for which there are no palatable solutions. The current chaos centers on the certainty that GREXIT is on the way. The overall ramifications of what will transpire are not fully known, but one thing we know for sure is that the outcome will be extremely disruptive. This process will be very dangerous for a world financial scene which is horrifically over-levered. And I say that without even factoring in the derivative issue, which will ultimately prove to be catastrophic.
John Embry Continues @ King World News

Goldman Just Crushed The "Strong Fundamentals" Lie; Cuts EPS, GDP, Revenue And Profit Forecasts

To summarize: the first revenue drop for the S&P in 5 years, a major downward revision in EPS now expecting just 1% increase in 2015 EPS, a 25% cut to GDP forecasts, a machete taken to corporate profits and 10 Yields, and not to mention double digit sales declines for some of the most prominent tech companies in the world. And that, in a nutshell, is the "strong fundamentals" that everyone's been talking about.

The Care And Feeding Of A Financial Black Hole

"...anyone who knows mathematics can see that the United States is on the verge of collapse because its debt has gone exponential, but no European (never mind American) politician can state the obvious, no matter how obvious it is. American officials and politicians are definitely puppets, controlled by corporate lobbyists and shady oligarchs. But here's a shocker: these are also puppets - controlled by the simple imperatives of profitability and wealth preservation, respectively. In fact, it's puppets all the way down. And what's at the bottom is a giant, ever-expanding, financial black hole."

Chinese QE Calls Officially Begin: Bond Swap "Sucks Liquidity", "Contributes To Stock Slump", Broker Claims

"Local debt issuance sucks liquidity, reduces banks’ capital to buy bonds, contributes to stock slump," Haitong Securities says. The only option, according to the firm, is outright debt monetization by the PBoC.

No End In Sight For Higher-Education Malinvestment

"A true bubble is when something is overvalued and intensely believed. Education may be the only thing people still believe in in the United States. To question education is really dangerous. It is the absolute taboo. It’s like telling the world there’s no Santa Claus."

Stocks Turmoil To End Q2 With Worst Run Since Lehman

Are The Neocons Embracing Al-Qaeda?

from RonPaulLibertyReport:

Trial balloons have been floated in various publications that to defeat both ISIS and Assad in Syria, we have to re-think our animosity toward al-Qaeda. Will we once again be taken for a ride down fantasy lane by the neocons?

Nothing like allowing yourself and your kids to be shot up with Mercury...Enjoy...

Bought-Off California Lawmakers Approve SB 277 Mandatory Vaccination Law

by Ethan A. Huff, Natural News:
Health freedom advocates are rallying to stop California Governor Jerry Brown from signing into law Senate Bill 277, which threatens to eliminate the freedom of parents to opt their children out of vaccines for personal or philosophical reasons. Reports indicate that SB 277 has passed through the California legislature, despite massive public outcry, and is now being sent to Gov. Brown’s office for final consideration.
But the bill’s passage is not necessarily a done deal, which means now is the time to turn up the heat and let your voices be heard on this crucial issue. Parents, health freedom advocates and others who oppose medical tyranny need to flood Gov. Brown’s office with letters and phone calls informing him that Californians won’t be bullied into surrendering their freedom of medical choice to the state.
Read More @ NaturalNews.com

Goldman Sachs Doesn’t Have Clean Hands in Greece Crisis

by Pam Martens and Russ Martens, Wall Street on Parade:
Are Goldman Sachs executives Lloyd Blankfein, Gary Cohn and Addy Loudiadis losing any sleep over elderly pensioners waiting outside shuttered banks in Greece, desperately trying to obtain their pension checks to pay their rent and buy food? Are these Goldman honchos feeling a small pang of conscience over the humiliation by creditors of this once proud country? Perhaps Blankfein, who famously espoused that he’s “doing God’s work” might shed a tear or two for the small child clinging to her elderly Grandmother’s hand as she searches in Athens for an ATM that will give her $66 from her bank account – the maximum allowed per day under the newly imposed capital controls.
According to investigative reports that appeared in Der Spiegel, the New York Times, BBC, and Bloomberg News from 2010 through 2012, Blankfein, now Goldman Sachs CEO, Cohn, now President and COO, and Loudiadis, a Managing Director, all played a role in structuring complex derivative deals with Greece which accomplished two things: they allowed Greece to hide the true extent of its debt and they ended up almost doubling the amount of debt Greece owed under the dubious derivative deals.
Read More @ WallStreetonParade.com

Next Phase Of The Globalists Takeover Revealed

from TheAlexJonesChannel:

Central Bank Lies & Consequences

by Philippe Gastonne, The Daily Bell:
Fractional reserve banking is intrinsically dishonest. Bankers promise depositors instant access to their money, even as they lend that same money to unrelated persons. The depositor agreement is a contract the bank knows it cannot possibly fulfill.
This pyramid-scheme business model would be unsustainable without the backstop of a central bank as “lender of last resort.” Bank runs are (theoretically) impossible if the central bank does its job.
The European Central Bank is failing one of its member countries this week. Greek banks are closed after the ECB cut off funding over the weekend. Depositors drained ATM machines in a vivid illustration of the very behavior the ECB is supposed to stop.
Read More @ TheDailyBell.com

Friendly Spying: Wikileaks Reveals NSA ‘Economic Espionage’ of French Companies

from RT:

Obama Removes TPP’s Anti-Slavery Clause, Then Attacks Confederate Flag as “Symbol of Slavery”

Hypocrisy: Obama defends slavery, then attacks rebel flag for ties to slavery
by Kit Daniels, Infowars:
Right before he publicly attacked the Confederate flag as a “symbol of slavery,” President Obama quietly removed an “anti-slavery” provision from the Trans-Pacific Partnership Trade Agreement.
“The provision, which bars countries that engage in slavery from being part of major trade deals with the U.S., was written by Sen. Bob Menendez (D-N.J.),” The Huffington Post reported in May. “At the insistence of the White House, Menendez agreed to modify his language to say that as long as a country is taking ‘concrete’ steps toward reducing human trafficking and forced labor, it can be part of a trade deal.”
“Under the original language, the country that would be excluded from the pending Trans-Pacific Partnership pact is Malaysia.”
Read More @ Infowars.com

Homeland Security: Give Transgender Illegal Alien Detainees Their Choice of ‘Undergarments’

by Susan Jones, CNSnews:
After six months of study, the U.S. Immigration and Customs Enforcement agency, a division of the Department of Homeland Security, has issued new guidelines on how to care for transgender illegal aliens who end up in detention facilities, awaiting possible deportation.
The goal of the Transgender Care Memorandum is to provide a “respectful, safe and secure environment for all detainees, including those individuals who identify as transgender.”
Among the questions to be asked of men who identify as women or vice-versa: “Do you prefer to wear male or female clothing?” “Are there any specific clothing items (e.g. undergarments) that you need that you have not been provided?”
Read More @ CNSnews.com

How Campus Feminism Infantilizes Women

from ReasonTV:



For Greeks The Nightmare Is Just Beginning: Here Come The Depositor Haircuts

With capital controls already imposed on Greece, some have wondered if this is as bad as it gets. Unfortunately, as the Cyprus "template" has already shown us, for Greece the nightmare on Eurozone street is just beginning.

Greece Becomes First Developed Country To Default To The IMF


A 14 Year Old Explains Why Socialism Fails


When Disruption Gets Too Disruptive

With massive strikes in France and now drivers shooting passengers, Uber is making headlines everywhere. While some might say any publicity is good publicity (and any disruption is good disruption), for the firm valued at $50 billion (with a stunning operating loss of $470 million and revenues of only $415 million) perhaps there is a limit to both press and disruption...

“The Panic Is On!” — Gerald Celente

from Gerald Celente:

“China lowered their interest rates over the weekend, investors within Greece are in panic mode & the hypocrisy of Hillary Clinton on gay marriage. They all do the flip flop!”

JIM ROGERS – Greece Will Collapse & People Will Be Terrified
from EliteNWOAgenda:

Is Greece Precursor to Global Crash? Banks Shutdown, People Hoarding Food & Gas, Social Unrest Fears

from Off Grid Survival:
What’s going on in Greece right now should serve as a warning sign for the entire world.
For the people of Greece, it’s far past time to prepare for the coming storm. Walk down any street in Greece and you will see people panicking, trying to buy up last minute supplies, or waiting for hours in line at an ATM that stopped spitting out money days ago. In Greece, the global financial meltdown has hit center stage.
Stunned Greeks, or at least the ones who ignored warnings, sit overwhelmed as the country’s banks shutdown, super markets are stripped bare by panicked and unprepared residents, and the country plunges into crisis. The deteriorating conditions comes as Greece is about to default on their debt.
Read More @ OffGridSurvival.com

Greece Shows Importance of Gold as Europeans Buy Coins and Bars

from Gold Core:
Demand for gold coins and bars from European investors has increased significantly in the past month as the Greek crisis enters a new phase.
As reported in our statement – to which Bloomberg referred in their piece – we saw a significant increase in demand from the U.K. and Ireland yesterday where sales of coins and bars were three times the average of the previous three Mondays.
The Royal Mint said that Greek demand for coins in June was double the average for the last five months and the U.S mint saw the highest sales of bullion coins since January.
Read More @ GoldCore.com

Ukraine Halts Russian Gas Purchases After Price Talks Fail

It has been a bad day for deals and deadlines all around: first Greece is about to enter July without a bailout program and in default to the IMF with the ECB about to yank its ELA support or at least cut ELA haircuts; also the US failed to reach a nuclear deal with Iran in a can-kicking negotiation that has become so farcical there is no point in even covering it; and now moments ago a third June 30 "deal" failed to reach an acceptable conclusion when Russia and Ukraine were unable to reach an agreement on gas prices at talks in Vienna on Tuesday. As a result, Ukraine is suspending its purchase of Russian gas.

Greece: The Five Possible Paths Forward

Greece is poised between remaining a member of the eurozone or leaving it. In fact, as WSJ's Stephen Fidler explains, there are five possible future currency arrangements for Greece. Here they are...

Tuesday Humor: Merkel's Desktop

Mouse finger poised.

Fed Examines Wealth Redistribution Program; Decides It's Not Worth It

After seven long years of aggressively defending a monetary policy regime that's served to exacerbate the divide between the haves and the have-nots, the Fed looks at whether "the legend of Robin Hood" offers any helpful pointers about how to reignite America's economic growth engine. Spoiler alert: the Fed doesn't think "taking from the rich to give to the poor" would be very productive.

Destroying America 101: The Blueprint Exists

by Susan Harris, Freedom Outpost:
I believe there is a plan for destroying America, that it exists on paper, and that thousands of people are involved in executing it. Many are doing it knowingly, some are being used as pawns, and others are being bribed for their silence. It’s based on greed, built on power, and fueled with hate. And it’s the biggest, damn conspiracy in the history of the world.
Watching events unfold in America and around the globe since 2008, it is undeniable that this blueprint for destruction was readied to hit the ground running as soon as Obama took office. It’s dependent upon disruptive ideologies, social science, and metrics. It’s Saul Alinsky on steroids.
Read More @ FreedomOutpost.com

Stocks Turmoil To End Q2 With Worst Run Since Lehman

Former Senator Slams Washington As Corrupt "Sewer", Calls For Outraged Young Americans To Revolt

"On a more personal level, how can public service be promoted as an ideal to young people when this sewer corrupts our Republic? At this point in early twenty-first-century America, the greatest service our nation’s young people could provide is to lead an army of outraged young Americans armed with brooms on a crusade to sweep out the rascals and rid our capital of the money changers, rent seekers, revolving door dancers, and special interest deal makers and power brokers and send them back home to make an honest living, that is, if they still remember how to do so."

The US Constitution (2015 Edition)

Presented with no comment...

Who Could Have Seen This Coming?

It appears Central Bank omnipotence is under threat once again....

‘Intolerable Levels’ of Monsanto’s Glyphosate Found in Breast Milk

by Christina Sarich, Natural Society:
After testing 16 women from different regions all over Germany, the Green Party has found that traces of the chemical glyphosate, the primary ingredient in Monsanto’s best-selling herbicide Round Up, are appearing in breast milk at ‘intolerable levels’ that could harm a developing baby and the mother.
The weed killer traces in breast milk were found to be between 0.210 and 0.432 nanograms per millilitre (PPB). Drinking water is allowed to have no more than 0.100 nanograms of glyphosate.
Read More @ NaturalSociety.com

All Hell Now Breaking Loose – This Crisis Will Rock The Global Financial System To Its Core

from KingWorldNews:
James Turk: “The inevitable finally happened, Eric. The Greek financial system is collapsing. We can’t say yet that it has “collapsed” because we are not there yet. The collapse is just beginning. At this time, we do not know where all the pieces will fall….
I’d like to go back to the 2008 crisis to put what is happening in Greece into perspective. The collapse of Lehman Brothers in September 2008 is widely used to define the date of that crisis. But the writing was already on the wall that an earth-shaking financial event was due even before Lehman collapsed. So where did the 2008 financial crisis actually begin?
James Turk Continues @ KingWorldNews.com

Gross Says Hold Cash, Prepare For "Nightmare Panic Selling"

That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.

Obamacare Travesty: The Supreme Court Continues To Make Stuff Up Out Of Thin Air

by Michael Snyder, End of the American Dream:
Thanks to the Supreme Court’s willingness to make stuff up, Obamacare has been saved once again. In order to save Obamacare from utter disaster, Chief Justice Roberts essentially rewrote the law. If you are thinking that the Supreme Court is not supposed to do that, you would be right. But this is what our judicial system has devolved into. When I was in law school, I was horrified to discover that most judges in our country just do whatever they feel like doing. Instead of applying the law to the facts and coming to a fair and unbiased judgment, most judges in America just do whatever they want to do and then search for some law or case precedent that they can use to justify their decision. If there is no law or case precedent, some federal judges even go outside of the country to find justification for their absolutely ridiculous rulings. There have been instances where international law or international standards of morality have been cited as authority for a decision in a federal case. We have become a lawless land where the letter of the law no longer holds any real meaning, and where tyrannical judges just make stuff up out of thin air in order to advance their own personal political agendas.
Read More @ Endoftheamericandream.com

China's "E*trade Babies" Wiped Out In Market Crash

The relentless, limit-down trading in Chinese stocks that unfolded last week and continued into Monday (despite the PBoC's best efforts to arrest the slide with an emergency rate cut) has wreaked havoc on China's rookie money managers and their unsuspecting clients with losses amounting to as much as 80% in some structured funds.

EFSF Confirms Greek Bailout Expires Today

Despite rumors from The Time of Malta (seriously!!), Greece's largest creditor by far - the European Financial Stability Fund (EFSF) - has confirmed that "it's over": EFSF CONFIRMS GREECE FINL ASSIST PROGRAM EXPIRES TUESDAY. This means the last aid tranche is now unavailable and any remaining bank-recap funds will be cancelled. So no extension, no suspension of referendum, and no talks until the referendum is over.

Don't Blame Austerity: Five "Dastardly" Ways Italy Burned Through Taxpayer Money

What has really been going on in Europe over the past 5 years, if the debt load kept creeping higher, and yet little money was actually making its way to the broader population? The answer is simple: abuse of taxpayer funding, also known as fraud and corruption. As Italy's TheLocal reports, the EU anti-fraud office, Italy currently has 61 open investigations into fraud involving EU funds. This means Italy has the second highest number of investigations in the EU, ranking just below Greece's neighbor to the north, Bulgaria.

Gold Is A Necessary Insurance Against Dysfunctional Governments

from Gold Silver Worlds:
Despite the fact that the Greek government has now imposed capital controls and has instructed banks to close for this week, the price of gold had a rather muted response while global equities experienced a sharp sell-off.
As gold prices underwent a minor rally, European shares tumbled more than 2%. German and French shares each suffered their worst loss since Nov. 1, 2011. The Stoxx Europe marked its sharpest decline since October, dropping 2.6% to 386. The Greek stock market will be closed all week.
Talks between Greece and its creditors may continue as Greece faces defaulting on a €1.55 billion ($1.73 billion) payment to the International Monetary Fund (IMF). Also as of Tuesday, Greece looks set to go without funding from international lenders.
Read More @ GoldSilverWorlds.com

Will Puerto Rico Cause An Inadvertent “Black Swan” Derivatives Melt-Down?

by Dave Kranzler, Investment Research Dynamics:
I really had not been paying much attention to the Puerto Rico debt situation. After all, $72 billion in debt that might go bad – big deal. The Fed can print up $72 billion in credit lines with the push of a button.
But a friend of mine happened to mention to me today (Monday) that MBIA’s stock was down over 23% and Assured Guaranty’s stock was down over 13%. That woke me up.
MBI guarantees $4.5 billion in par amount of Puerto Rico muni paper. As of it’s latest 10-Q (March 31, 2015), MBI showed a book value of $3.9 billion. Puerto Rico alone could more than wipe out MBI’s net worth. But that’s only a portion of the story. The bigger part of the story is buried off-balance sheet in the footnotes in opaque financial structures called Variable Interest Entities (VIE’s). Remember those from 2008? I remember them vividly.
Read More @ Investmentresearchdynamics.com

Minimum Wage Helped Destroy Puerto Rican Economy

from Peter Schiff:

Is the Chinese stock market bubble finally bursting?

Shanghai composite and Shenzhen composite down 7.4 and 7.9 percent respectively in one day.
from MyBudget360.com:

The Chinese stock market has been one of the hottest tickets lately.  The US stock markets might seem overvalued but in comparison to China with relatively new financial checks and balances, the US looks like a conservative old timer.  Stocks in China are already deep into ridiculous pricing territory.  You have an army of uneducated investors diving in hand over fist trying to get a piece of the action.  In the US, there is little activity in the stock market from our massive low wage labor pool.  In China, from poor to wealthy stock speculation is now taking the baton from the boring correcting real estate market.  On Friday, all stock markets in China took it on the chin.  The two largest exchanges with the Shanghai composite and the Shenzhen composite fell hard, 7.4 and 7.9 percent respectively.  How bad is that?  Imagine the Dow Jones Industrial Average losing 1,300 points in one day.  That is how bad it was in China on Friday.
Read More @ MyBudget360.com

What in the World is Going on at the OCC???

by Bix Weir, Road to Roota & SGTreport.com:
The Office of Comptroller of Currencies has just released their latest report on derivatives for the first quarter of 2015 and it is absolutely….different.
OCC Derivatives Quarterly report
Other Precious Metals (ie Silver)    4Q 2014      1Q2015
JP Morgan                                        $10.7B         $13.4B
Citibank                                            $3.9B          $53.0B
Obviously, there is either a GIGANTIC mistake or big change on the latest OCC Derivatives Report or Citbank has just broken every law known to man and added a concentrated silver position larger than THREE YEARS worth of global silver production at 2.7 Billion ounces of paper silver.
Read More…

Richard Grove – How The TPP Came From The U.N and Agenda 21

from WeAreChange:

Capitalism Has Devolved Into Looting

from Paul Craig Roberts:
…when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. – Ayn Rand, “Atlas Shrugged”
There’s no such thing as markets anymore – only interventions. – Chris Powell, co-founder and Treasurer of GATA
Ayn Rand is a pariah among those who believe that government is our benefactor. There are times and conditions when government can be a benefactor of the people. But not in the Western world at the present time. As Michael Hudson and I agree, Western central banks refuse to create money to finance economy recovery. Money is created only for the benefit of the oligarchs’ banks in order that the oligarchs can continue to control the governments.
Read More @ PaulCraigRoberts.org

"Off The Grid" Indicators Suggest US Economy Not Ready For 'Liftoff'

Every quarter ConvergEx's Nick Colas reviews a raft of unusual and less examined datasets with an eye to refining and adding perspective to the more traditional macroeconomic analyses. This quarter’s assessment of everything from large pickup truck and firearms sales to Google search autofills for “I want to buy/sell” shows a U.S. economy that is reasonably strong but growing only very slowly. The chief areas of concern: Food Stamp participation is still very high at 45.6 million Americans (14% of the total population) and indicators like used car prices and large pickup sales are flat.


Gross Says Hold Cash, Prepare For "Nightmare Panic Selling"

That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.

DEFAULT: Varoufakis Confirms, Greece Definitely WON’T Pay the IMF Today

by Oscar Williams-Grut, Business Insider:

It looks like Greece has confirmed what we’ve been expecting — it’s going to default.
Reuters just tweeted that Greece’s Finance Minister Yanis Varoufakis has confirmed that Greece won’t pay the International Monetary Fund the €1.6 billion (£1.14 billion, $1.79 billion) it’s due today.
Government officials signalled to the Wall Street Journal yesterday that this would be the case but up until now we’ve only heard it from anonymous sources. Varoufakis is second only to Prime Minister Alexis Tsipras in the Greek hierarchy.
Greece will have officially defaulted at midnight if no payment is made, but Varoufakis looks like he’s putting us out of our misery early.
Read More @ Businessinsider.com
Photo: Reuters

Greece Crisis: EU Showed “Contempt” For Allowing Greeks to Vote in Referendum

by Paul Joseph Watson, Infowars:
The EU reacted to Greek Prime Minister Alexis Tsipras’s announcement that the country’s decision on whether to accept a bailout deal would be put to a national referendum by showing “contempt” and “disdain” for the very notion of democracy, according to Finance Minister Yanis Varoufakis.
The announcement that Greek banks would be shut for a week was made after the European Central Bank said it would not provide any further emergency monetary support. ATMs remain open but they are running out of cash fast, despite the fact that Greeks are restricted to withdrawing just 60 euros ($66) a day.
After Tsipras announced the referendum for July 5, the ECB said it would refuse to extend a deadline on an €1.6bn payment to the IMF which is due on Tuesday. If Greece refuses to pay, it could exit the EU and prompt a crash of the Euro single currency.
Read More @ Infowars.com

In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro

In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:
Thus spurring the probability of a consequence-less "no" vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.

Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down

Update: EU finance ministers to hold call on Greek request for ESM loan.

NATO Ally Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid

While perhaps not on the scale of China or Russia assistance, Turkey has thrown its hat into the Troika-Greece farce by offering financial assistance to its embattled neighbor. As ekthimerini reports, "We are ready to help Greece survive its economic crisis with cooperation in tourism, energy, trade," Turkish Prime Minister Ahmet Davutoglu said and Turkey's left-wing parties showed solidarity by adding, "we believe that apart from imposing austerity policies on peoples of Europe, there can be more reasonable agreements." While no aid has been asked fro Turkey says it is ready to evaluate options.

This Is Only The Beginning Of A Massive Global Crisis And Full-Blown Panic

from KingWorldNews:
As everyone now knows, the weekend saw a trifecta of major news. Obviously, the first piece of news was the calling of the Greek referendum, which basically will lead to a lose/lose choice between chaos and more chaos (more about that below).
Then there was the rate cut and reserve requirement reduction on the part of the Chinese, and lastly, the move on the part of the governor of Puerto Rico, who said the country needed to get out of its “death spiral” and would make creditors take a haircut — something “authorities” and central bankers have been loath to see occur, as they continually try to protect lenders and bond holders worldwide from having to pay for their bad decisions. Besides generalized central bank bad policy and incompetence, not forcing creditors to take a hit has only increased moral hazards.
Bill Fleckenstein continues @ KingWorldNews.com


from The Burning Platform:
It was a bad day in the market. It was down 2%. That’s nothing in the big picture. The market is up 300% since 2009. A 2% move shouldn’t be a problem in a normal market. But, we have an extremely overvalued abnormal market, propped up by excessive levels of debt and hundreds of billions in corporate stock buybacks. These CEO titans of industry are driven by greed and personal ambition. They aren’t smart enough to grow their businesses, so they have bought back their stock at record high prices in order to boost Earnings Per Share and their own stock based compensation packages.
They did the exact same thing in 2007, just before the last crash. These spineless Ivy League educated whores always buy high and sell low. In 2009, when their stocks were selling at bargain prices, they bought nothing. They are gutless front runners with no vision, leadership skills, or sense of morality. With markets in turmoil, these slimy snakes will hesitate to buy back their stock. Fear will overtake their greed. This form of liquidity for the stock market will dry up in an instant.
Read More @ TheBurningPlatform.com

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

by Michael Snyder, The Economic Collapse Blog:
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.  Not since the financial crisis of 2008 has so much financial chaos been unleashed all at once.  Could it be possible that the great financial crisis of 2015 has begun?  The following are 16 facts about the tremendous financial devastation that is happening all over the world right now…
Read More…

Malvinas 2.0? Argentina Plans Asset Seizure Of Falkland Oil Companies

Is it just election fever, or is Argentina serious about reclaiming the Falklands Islands?

Why There Is No Growth: The Entire S&P 500 Free Cash Flow Is Going Back To Shareholders

With Market Closed, Trading Greek ETF Is Gamble, Guessing Game

Anyone trading the Global X FTSE Greece 20 ETF should take a cue from Howard Marks and ask themselves the following question: can an ETF be more liquid than the assets it references?

Chicago PMI Prints Worst June Since 2008 As Employment Tumbles

Chicago PMI has now missed 4 of the last 5 months and printed sub-50 contractionary indications for 4 of the last 5 months. June's data improved from May (rising from 46.2 to 49.4) but missed expectations and is the weakest June print since 2008. Notably, away from 2015, June's print is the weakest since September 2009. Under the covers it was ugly - employment plunged to the weakest since Nov 2009, order backlogs plunges to the lowest since September 2009, and prices paid rose again (pressuring margins).

The Global Template For Collapse: The Enchanting Charms Of Cheap, Easy Credit

Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.

GUEST POST: Was the Greek Development Already “in the Market”? […NOPE!!!]

by Bill Holter, SGTreport.com:
Now that we know Greece will default, where do things go from here? Before getting to that very tough question (with no concrete answers), I would ask another stinging question. “Was a Greek default really “already in the market”? I have to chuckle just a little as Zerohedge did an article quoting many “talking heads” who as of last Friday were still doing their best Bruce Willis imitations and advising “come out to the coast, we’ll have a BLAST”! How Could The “Greek Experts” Be So Wrong?
As I questioned last week, a Greek default and Eurozone exit was in no way already factored into the market …unless you believe today’s carnage is a result of Puerto Rico ‘fessing up to their bankruptcy!
Read More…

The Day It ALL Comes Together

from TruthNeverTold:

There Is One 'Small' Problem With The Crowdfunded Greek Bailout Campaign

In the latest example that there are generous, perhaps even noble people, still left, Crowdfunding site Indiegogo has released a crowd sourced "Greek Bailout Fund" which in just 1 day has already managed to raise around €100,000 from over 6,300 contributors. Noble, generous... and quite idiotic, for one simple reason - the math is horribly wrong.

Case-Shiller US Home Price Index Drops Most In A Year

While the 20-City index rose 4.9% YoY (but missed expectations by the most since July 2014), Case-Shiller's US Home Price Index dropped 0.02% in April - the first MoM drop since May 2014. Of course, all real estate is local and we note Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3% and 10.0%, respectively, over the last 12 months.  As S&P's David Blitzer warns, "home prices continue to rise across the country, but the pace is not accelerating."

When The PBOC Went All-In: China Stocks See Biggest Intraday Swing In 23 Years

Having thrown the kitchen sink at their collapsing ponzi-scheme of a market in the past two days, only to see stocks open and crash once again overnight, it appears The PBOC went full intervention-tard in the middle of the morning session. With CHINEXT down over 7% and Shnghai down over 4%, the manipulation was rooted in CSI-300 futures as while cash markets saw margin calls and liquidation, futures were surging. By the close China's 'Nasdaq' had ripped 13% off its lows and the broad market's intrday swing was the largest since 1992... The PBOC's got your back.

How Safe Is YOUR Bank Account? Michael Rivero

from Talk Digital Network:

Does HSBC Know Something Other Banks Don’t?

from Wolf Street:
Global banking behemoth HSBC is not having a good 2015, despite celebrating its 150th anniversary. It has been implicated in even more scandals than usual, faces a 5% increase in dividend costs in its adopted home country, the UK, and has decided to lay off another 25,000 workers worldwide. It’s also selling off its Brazil and Turkey units and is even threatening to up sticks from the City of London and move its headquarters back to Hong Kong.
Which begs the question: why such drastic restructuring? More to the point, why now?
Read More @ Wolfstreet.com
image: colorado-groupe.com

For U.S., Puerto Rico Bigger Tragedy than Greece

from Peter Schiff: