Submitted by Tyler Durden on 06/22/2015 - 20:40
“If you distort markets for long periods of time and then you remove those distortions, you’re subject to unanticipated volatility,” TCW's Jerry Cudzil tells Bloomberg, adding that the firm is "as defensive as [it's] been since pre-crisis.”
Chinese Crash Continues After PBOC Cracks Down On Brokerage Liquidity
Submitted by Tyler Durden on 06/22/2015 - 23:36 Just when you thought it was safe to buy the 12% collapse (the biggest since Lehman) in Chinese stocks, they re-plunge another 3-4% with no dip-buyers evident. The drivers are twofold: first, China PMI beat expectations modestly (uh oh no more QDII, QE, PSL, etc.); and second - and much more critically - The PBOC Operations Office has called for stricter regulation of brokerage liquidity (implicitly clamping down on the seemingly infinite expansion of margin lending required to fuel the boom). CHINEXT has entered a bear market (down 21.5%) and the rest of the Chinese complex is down 3-5% today (down 15-20% from the highs).
by Jennifer Lilley, Natural News:
If ever there was an initiative steeped in bias and a deep disregard
for a “best for everyone” approach, it’s the one taking place among
chemical giants such as Dow, DuPont, Honeywell and 3M. These companies,
and the people who have ties with them, are actually attempting to
thwart state efforts to regulate chemicals. Instead, they’re lobbying
for legislation that says states do not have to furnish new information
to the EPA pertaining to chemical safety and chemical evaluation.(1)
As if that’s not bothersome enough, the bill would mean that the EPA could take their sweet time to assess chemicals; they’d be allowed to take up to seven years to review one single chemical. Meanwhile, certain chemicals will continue to harm the environment, destroy health and ruin the planet. Seven years is simply a ludicrous amount of time, as is the attempt for David Vitter (R-La.) and Tom Udall (D-N.M.) — the key players who drafted and support such legislation — to not have chemical companies disclose information. The desire for non-disclosure begs the question: why? If there’s nothing to hide, why not put everything out there?(1)
Read More @ NaturalNews.com
If ever there was an initiative steeped in bias and a deep disregard
for a “best for everyone” approach, it’s the one taking place among
chemical giants such as Dow, DuPont, Honeywell and 3M. These companies,
and the people who have ties with them, are actually attempting to
thwart state efforts to regulate chemicals. Instead, they’re lobbying
for legislation that says states do not have to furnish new information
to the EPA pertaining to chemical safety and chemical evaluation.(1)As if that’s not bothersome enough, the bill would mean that the EPA could take their sweet time to assess chemicals; they’d be allowed to take up to seven years to review one single chemical. Meanwhile, certain chemicals will continue to harm the environment, destroy health and ruin the planet. Seven years is simply a ludicrous amount of time, as is the attempt for David Vitter (R-La.) and Tom Udall (D-N.M.) — the key players who drafted and support such legislation — to not have chemical companies disclose information. The desire for non-disclosure begs the question: why? If there’s nothing to hide, why not put everything out there?(1)
Read More @ NaturalNews.com
from CNS News:
When Office of Personnel Management Director Katherine Archuleta
testified in the House Oversight and Government Reform Committee last
week she said that the personnel records of about 4.2 million current
and former federal employees had been “compromised” by a “cyber
intrusion” into the OPM’s computer systems.
She also said that “an additional OPM system was compromised.”
“These systems included information based on the background investigations of current, former and prospective federal government employees, as well as other individuals,” Archuleta told the committee under oath.
Read More @ CNS News.com:
When Office of Personnel Management Director Katherine Archuleta
testified in the House Oversight and Government Reform Committee last
week she said that the personnel records of about 4.2 million current
and former federal employees had been “compromised” by a “cyber
intrusion” into the OPM’s computer systems.She also said that “an additional OPM system was compromised.”
“These systems included information based on the background investigations of current, former and prospective federal government employees, as well as other individuals,” Archuleta told the committee under oath.
Read More @ CNS News.com:
"What We Are Paying For Is 20 Years Of Blunder & Neglect"
Submitted by Tyler Durden on 06/22/2015 - 20:05 There are effectively no tools left for governments and central banks to deal with another major crisis. Like Paris in 1940, they have no Plan B. They’re completely defenseless to support the financial system or the currency in the event of a major shock. We should all take a moment to appreciate this level of incompetence. This doesn’t happen overnight. It takes decades of “blunder and neglect” to engineer financial vulnerability on this scale. But they’ve somehow managed to pull it off.
After The Charleston Massacre - Who Is A 'Terrorist'?
Submitted by Tyler Durden on 06/22/2015 - 22:25 Wherever government officials sense a credible threat to their power, they invariably take every opportunity to crush it by any means necessary: this is the first principle of how governments function, and every libertarian is all too familiar with it. this latest tragedy, you can be sure, will be used to accomplish the same anti-libertarian ends: the calls to investigate “hate groups,” and even to ban “hate speech,” are already being heard. Of course, who and what constitutes a “hate group,” and who is hating whom are subjective evaluations that no government official is qualified to make...INSANE, UN-REPAYABLE DEBT: ECB Said to Raise Emergency Greek Bank Aid to Near $100 BILLION
by Christos Ziotis & Alessandro Speciale, Bloomberg:
The European Central Bank raised emergency funding for Greek lenders
for the third time in less than a week, people familiar with the
decision said.
The Governing Council increased the cap on Emergency Liquidity Assistance to 87.8 billion euros ($99.8 billion) in a telephone conference on Monday, and another review will take place within 24 hours, the people said, asking not to be named as the call was private. The limit was increased by 1.1 billion euros to 84.1 billion euros on Wednesday, and by a further 1.8 billion euros on Friday. An ECB spokesman declined to comment.
The decision to review ELA so frequently is a signal to Greece that its situation is serious, a European Union official said last week. Euro-area finance ministers met in Brussels on Monday before an emergency summit of European leaders, as concern rises that talks on Greece’s bailout program will fail to avert a government default.
Read More @ Bloomberg.com
The European Central Bank raised emergency funding for Greek lenders
for the third time in less than a week, people familiar with the
decision said.The Governing Council increased the cap on Emergency Liquidity Assistance to 87.8 billion euros ($99.8 billion) in a telephone conference on Monday, and another review will take place within 24 hours, the people said, asking not to be named as the call was private. The limit was increased by 1.1 billion euros to 84.1 billion euros on Wednesday, and by a further 1.8 billion euros on Friday. An ECB spokesman declined to comment.
The decision to review ELA so frequently is a signal to Greece that its situation is serious, a European Union official said last week. Euro-area finance ministers met in Brussels on Monday before an emergency summit of European leaders, as concern rises that talks on Greece’s bailout program will fail to avert a government default.
Read More @ Bloomberg.com
"Greece Is Rescued" Euphoria Fades After Europe's Close, Nasdaq Record Highs
Submitted by Tyler Durden on 06/22/2015 - 17:30
Greece Capitulates: Tsipras Crosses "Red Line", Will Accept Bailout Extension
Submitted by Tyler Durden on 06/22/2015 - 17:26 Under pressure from all sides (and most importantly from Mario Draghi who holds the fate of the Greek banking sector in his hands) Greece looks to have folded and is now set to accept an extension of its current bailout program. PM Alexis Tsipras now faces an uphill battle to unite Syriza around what is likely to be an unpopular agreement. If he fails, the country could plunge into political and social turmoil.
Wealthy Greeks Slam "Incompetent Communists Ruining The Country", Demand EU "Save" Greece
Submitted by Tyler Durden on 06/22/2015 - 17:15 Despite the market's exuberant hope that everything will be contained and business-as-usual will resume shortly in Europe, the message from the wealthiest Greeks is very different... As The FT reports, not since the nation's civil war has Greek society been riven by deep divisions between left and right as Greece's financial plight reopens old wounds. "The government are incompetent and are ruining the country because they are communists and do not understand reality," said Maria, a banker. "But there has to be a deal. The EU has to save us," she said, fingering her golden necklace. "Right?"
An American Biologist Sums Up Financial Markets Perfectly
Submitted by Tyler Durden on 06/22/2015 - 16:45 “The real problem is the following: we have paleolithic emotions; medieval institutions; and god-like technology. And it is terrifically dangerous, and it is now approaching a point of crisis overall.”
The Fed Confirms It Is Above The Law: Yellen Tells Hensarling "No" On Leak Probe Documents
Submitted by Tyler Durden on 06/22/2015 - 16:15 Just a few days after Jeb Hensarling accused The Fed of "willful obstruction" in the Congressional leak probe, demanding "immediate compliance" with the subpoena seeing "no legal basis to withhold records from Congress," Janet Yellen has responded in a letter: YELLEN REPEATS FED CAN'T PROVIDE DOCUMENTS ON LEAK PROBE. If this does not confirm The Fed is utterly above the law, we are not sure what it will take to convince skeptics of the need for an independent audit. As Hensarling previously noted, this appears to be "vigorous and coordinated obstruction.”
Jakobsen: Why Stocks Will Fall - "Consensus Is Wrong On US Rate Hikes"
Submitted by Tyler Durden on 06/22/2015 - 14:50 Stock markets in the US and Europe are in for a correction, while the euro is set to rise, according to Saxo Bank’s Chief Economist Steen Jakobsen, nomatter what happens between Greece and its creditors. Steen also looks at the impact a rate hike from the US Federal Reserve would have on USD and what currencies could gain once the Fed decides to move on rates, noting that "the consensus has it wrong on the timing of US rate hike," as the credit cycle topped in June 2014. He believes that commodities and metals in particular offer opportunities for investors.
Goldman's "Conspiracy Theory" Stunner: A Greek Default Is Precisely What The ECB Wants
Submitted by Tyler Durden on 06/22/2015 - 14:37 "... the immediate aftermath of such a non-payment will be to push bond yields up across the periphery. This rise in the fiscal risk premium (Exhibit 3) will of course be limited, because the ECB will likely accelerate QE, including via the Bundesbank. That will push rate differentials, especially longer-dated ones, against EUR/$. We estimate that the initial fiscal risk premium effect could be three big figures, while the subsequent QE effect could be worth around seven big figures"
For The First Time Ever, Total ECB Claims On Greek Banks Surpass Total Greek Deposits
Submitted by Tyler Durden on 06/22/2015 - 14:29 Net of the latest ELA increase, when adding some €38 billion in collateralized EFSF bonds and other collateral usage, we find that we have not only reached parity but crossed it: as of this moment Greek deposits, which are generously estimated at €120 billion but in reality are lower, are less than the total ECB claims on Greek banks and the Bank of Greece, amounting to €126 billion. And with that the possibility of a Greek bail-in which could amount to up to 100% of total Greek deposits, becomes all too real.
Germany, Ireland Demand ELA Curbs If No Greek Capital Controls As Greek "Proposal" Revealed
Submitted by Tyler Durden on 06/22/2015 - 13:32 While the latest European FinMin summit desperately tried to put on a united facade when responding to the latest and greatest Greek proposal, which incidentally is so weak that the IMF will throw up all over it as shown below, the reality behind the scenes was anything but. In fact, Greece was this close to having capital controls forced on it earlier today, and would have, if the demand of not just its old "BFF", Germany's finmin Schauble, but Ireland's Noonan, had materialized. As the FT reported moments ago, "Germany’s Wolfgang Schäuble and Michael Noonan, his Irish counterpart, pushed for curbs on emergency liquidity for Greek banks unless capital controls were imposed, one of the officials said.
Earnings Growth To Collapse Most Since 2009 In Q2
Submitted by Tyler Durden on 06/22/2015 - 13:17 "The estimated earnings decline for Q2 2015 is -4.7%. If this is the final earnings decline for the quarter, it will mark the first year-over-year decrease in earnings since Q3 2012 (-1.0%), and the largest year-overyear decline in earnings since Q3 2009 (-15.5%)."
Federal
Prosecutor Alleges Boss Pressured Him To Engage in ‘Unethical Conduct';
Judge Calls Abuses ‘Egregious,’ ‘Pervasive,’ and ‘Reprehensible’
by Sidney Powell, Observer:
In perhaps the most stunning documentation yet of abuses by Eric Holder’s Justice Department,
two former Assistant United States Attorneys spoke to defense attorneys
and revealed appalling deceit and corruption of justice. This latest
litigation time bomb has exploded from multi-million dollar litigation
originally brought by the Department of Justice against Sierra Pacific
based on allegations that the lumber company and related defendants were
responsible for a wildfire that destroyed 65,000 acres in California.
In what was dubbed the “Moonlight Fire” case, the tables are now turned. The defendants have discovered new evidence and filed a stunning motion. The new evidence and disclosures are being taken seriously by the Chief Judge of the Eastern District of California—as they should be. In a shocking action, Judge Morrison C. England Jr. ordered the recusal of every federal judge in the Eastern District of California.
Read More @ Observer.com
hat tip: Sofia Smallstorm
by Sidney Powell, Observer:
In perhaps the most stunning documentation yet of abuses by Eric Holder’s Justice Department,
two former Assistant United States Attorneys spoke to defense attorneys
and revealed appalling deceit and corruption of justice. This latest
litigation time bomb has exploded from multi-million dollar litigation
originally brought by the Department of Justice against Sierra Pacific
based on allegations that the lumber company and related defendants were
responsible for a wildfire that destroyed 65,000 acres in California.In what was dubbed the “Moonlight Fire” case, the tables are now turned. The defendants have discovered new evidence and filed a stunning motion. The new evidence and disclosures are being taken seriously by the Chief Judge of the Eastern District of California—as they should be. In a shocking action, Judge Morrison C. England Jr. ordered the recusal of every federal judge in the Eastern District of California.
Read More @ Observer.com
hat tip: Sofia Smallstorm
by Ryan Gallagher, The Intercept:
The Obama administration fought a legal battle against Google to
secretly obtain the email records of a security researcher and
journalist associated with WikiLeaks.
Newly unsealed court documents obtained by The Intercept reveal the Justice Department won an order forcing Google to turn over more than one year’s worth of data from the Gmail account of Jacob Appelbaum (pictured above), a developer for the Tor online anonymity project who has worked with WikiLeaks as a volunteer. The order also gagged Google, preventing it from notifying Appelbaum that his records had been provided to the government.
The surveillance of Appelbaum’s Gmail account was tied to the Justice Department’s long-running criminal investigation of WikiLeaks, which began in 2010 following the transparency group’s publication of a large cache of U.S. government diplomatic cables.
Read More @ FirstLook.org
The Obama administration fought a legal battle against Google to
secretly obtain the email records of a security researcher and
journalist associated with WikiLeaks.Newly unsealed court documents obtained by The Intercept reveal the Justice Department won an order forcing Google to turn over more than one year’s worth of data from the Gmail account of Jacob Appelbaum (pictured above), a developer for the Tor online anonymity project who has worked with WikiLeaks as a volunteer. The order also gagged Google, preventing it from notifying Appelbaum that his records had been provided to the government.
The surveillance of Appelbaum’s Gmail account was tied to the Justice Department’s long-running criminal investigation of WikiLeaks, which began in 2010 following the transparency group’s publication of a large cache of U.S. government diplomatic cables.
Read More @ FirstLook.org
from Dave Acton Reporting:
from KafkaWinstonWorld:
Provides legal incentives for ISP’s (Verizon, Comcast,etc.), and content providers (Google, Youtube, Facebook, etc.) to police their customers, enforce copyright infringement internet service and content providers to police copyright infringement, even cut services to their customers.
Provides legal incentives for ISP’s (Verizon, Comcast,etc.), and content providers (Google, Youtube, Facebook, etc.) to police their customers, enforce copyright infringement internet service and content providers to police copyright infringement, even cut services to their customers.
by Eric Zuesse, Washington’s Blog:
Recently, President Barack Obama’s friend whom he appointed to
represent this country at the United Nations visited Ukraine and used
the Ukrainian-language translation and variant of the German Nazi
Party’s “Deutschland über alles,” or “Germany above all,” to honor Ukraine’s own racist fascists, that nation’s ideological nazis, whom the U.S. had used in February 2014 for overthrowing Ukraine’s neutralist democratically elected President. This was not our U.N. Ambassador’s first foray into international nazi political pandering.
Photo credit: Reuters/Gleb Garanich via RT.com
Recently, President Barack Obama’s friend whom he appointed to
represent this country at the United Nations visited Ukraine and used
the Ukrainian-language translation and variant of the German Nazi
Party’s “Deutschland über alles,” or “Germany above all,” to honor Ukraine’s own racist fascists, that nation’s ideological nazis, whom the U.S. had used in February 2014 for overthrowing Ukraine’s neutralist democratically elected President. This was not our U.N. Ambassador’s first foray into international nazi political pandering.
On 21 November 2014, Samantha
Power, America’s U.N. Ambassador, had, in fact, been one of only three
out of the 173 nations at the U.N., who voted against a resolution that
condemned nazism and all forms of state-sponsored bigotry, and that
specifically condemned Holocaust-denial; and she gave as the reason,
that the resolution offended the government of Ukraine; but Ukraine
wasn’t even mentioned in it. Canada voted against it because the United
States did; and the United States voted against it because Ukraine did.
Both Canada and U.S. were thus supposedly copying Ukraine.
Read More @ Washingtonsblog.comPhoto credit: Reuters/Gleb Garanich via RT.com
from King World News:
One of the wealthiest, street-smart professionals in the markets, who
is also business partners with billionaire Eric Sprott, told King World
News that the gold and silver markets are setting up for what could be a
historic worldwide mania.
Rick Rule: “Gold is already in a bull market in every currency except the U.S. dollar. The U.S. dollar hegemony is more due to the fact that there is a lack of fiat competition among other currencies then an underlying strength in the U.S. dollar. In that sense the gold market reminds me very much of the gold market that existed in 2000 – 2001…”
“That was a period where gold was in a bull market in all currencies except the U.S. dollar. But gold then began to increase (very dramatically) in U.S. dollar terms, while the U.S. dollar was still doing well against other currencies in 2001″
Read More @ Kingworldnews.com
One of the wealthiest, street-smart professionals in the markets, who
is also business partners with billionaire Eric Sprott, told King World
News that the gold and silver markets are setting up for what could be a
historic worldwide mania.Rick Rule: “Gold is already in a bull market in every currency except the U.S. dollar. The U.S. dollar hegemony is more due to the fact that there is a lack of fiat competition among other currencies then an underlying strength in the U.S. dollar. In that sense the gold market reminds me very much of the gold market that existed in 2000 – 2001…”
“That was a period where gold was in a bull market in all currencies except the U.S. dollar. But gold then began to increase (very dramatically) in U.S. dollar terms, while the U.S. dollar was still doing well against other currencies in 2001″
Read More @ Kingworldnews.com
More info on this False Flag Event...
by Shawn Helton, 21st Century Wire:
Mainstream media gatekeepers are once again propagandizing and
polarizing the nation with their coverage of the deadly shooting attack
said to have taken place inside the Emanuel African Methodist Episcopal
Church (AME) in Charleston, South Carolina.According to official reports, 21 year-old Dylann Storm Roof joined a ‘bible study session’ for an hour at the AME Church on the evening of June 17th, prior to opening fire on the unsuspecting group.
All told, reports state that nine people were killed, with Roof supposedly leaving a lone eyewitness alive so that she could ‘tell the story’ of what happened.
Read More @ 21stcenturywire.com
The Justice Department will fast track the sending of $29 million to
South Carolina to help families of victims of the mass murder of nine
churchgoers at a historic black church in Charleston, a Justice
Department spokesman said on Friday.An unspecified portion of the money, allocated under the government’s national Crime Victim Assistance Formula Grant program, can be used to provide services to the families of victims of the shootings at Emmanuel AME Church, spokesman Kevin Lewis said.
Read More @ Reuters.com
Bt
corn was originally created, or so Monsanto claims, to eradicate a
farming nuisance known as rootworm. But as evidence from a GMO corn lab
comes in, we are learning how the pests are living the lives in fields
planted with GM Bt corn seed.In 2011, a cornfield planted in Iowa with Bt corn was found to be completely decimated by rootworm. A study, just published in the Proceedings of the National Academy of Sciences, describes the western corn rootworm’s rapid evolution after dining on the engineered crop.
Read More @ NaturalSociety.com
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
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