Submitted by Tyler Durden on 06/30/2015 - 19:30
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
Submitted by Tyler Durden on 06/30/2015 - 14:44 *IMF SAYS GREECE FAILED TO MAKE PAYMENT DUE TUESDAY*IMF BOARD INFORMED THAT GREECE IS NOW IN ARREARS
A 14 Year Old Explains Why Socialism Fails
Submitted by Tyler Durden on 06/30/2015 - 18:20
When Disruption Gets Too Disruptive
Submitted by Tyler Durden on 06/30/2015 - 18:55 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...
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!”
“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
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
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
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
Submitted by Tyler Durden on 06/30/2015 - 17:42 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
Submitted by Tyler Durden on 06/30/2015 - 14:44 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
Submitted by Tyler Durden on 06/30/2015 - 17:21 Mouse finger poised.
Fed Examines Wealth Redistribution Program; Decides It's Not Worth It
Submitted by Tyler Durden on 06/30/2015 - 16:35 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.
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
Submitted by Tyler Durden on 06/30/2015 - 16:08
Former Senator Slams Washington As Corrupt "Sewer", Calls For Outraged Young Americans To Revolt
Submitted by Tyler Durden on 06/30/2015 - 12:42 "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)
Submitted by Tyler Durden on 06/30/2015 - 15:50 Presented with no comment...
Who Could Have Seen This Coming?
Submitted by Tyler Durden on 06/30/2015 - 15:29 It appears Central Bank omnipotence is under threat once again....
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
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
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"
Submitted by Tyler Durden on 06/30/2015 - 15:21 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.
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
Submitted by Tyler Durden on 06/30/2015 - 15:11 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
Submitted by Tyler Durden on 06/30/2015 - 14:05 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
Submitted by Tyler Durden on 06/30/2015 - 13:04 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.
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
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
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
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
from Peter Schiff:
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
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
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…
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…
from WeAreChange:
…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'
Submitted by Tyler Durden on 06/30/2015 - 17:10 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./
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