Submitted by Tyler Durden on 07/16/2015 - 11:30
Greek Banks To Reopen On Monday, But Do Greeks Have Any Faith Left In Their Banks?
Submitted by Tyler Durden on 07/16/2015 - 10:40 It was less than three weeks ago that, in the aftermath of the surprising announcement of the Greek referendum and the even more surprising cap on the ECB's now clearly conditional ELA, the world was greeted to massive lines of Greeks waiting at ATMs where they were allowed to withdraw only €60 per day. Following the Greek capitulation, whose sole directive was recovering access to locked up bank funds, hopes were that Greek banks would promptly reopen, and now, according to a Greek senior banker cited by Reuters we know just when that will happen: Monday.
Let’s take a look at how our money is suppose to be handled. There are
very specific guidelines as to what constitutes U.S. money and currency.
Before we get into that let’s define money and currency as they are
kissing-cousins but have a very distinct difference. According to Google this is the definition of money
mon·ey
ˈmənē/Submit
noun
a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
[Editors Note – for the record, this is an inaccurate definition as it leaves out very important aspects of money]
Read More @ TheDailyCoin.org
Next For Greece: Imminent Government Reshuffle, New Elections
Submitted by Tyler Durden on 07/16/2015 - 08:22 Just as Europe is preparing to implement a bridge loan (one which will be used up in 2 weeks after all the accrued IMF and upcoming ECB payments are made), and is starting debate on just what the Third Greek bailout will look like, Greece is about to commence yet another electoral campaign and the looming question: will anyone assume political ownership for a bailout which even Tsipras said he does not believe in.
Volatility In Motion
Submitted by Tyler Durden on 07/16/2015 - 11:08 Views on volatility are often only within recent context, causing sometimes influential advisers and investment banks to misguidedly extrapolate correction or premature rebound calls with far greater frequency then they actually occur (excessive false positives). In this article we see everything through a pertinent wider lens. We focus on how and when volatility moves from one level, to another.
WTI Tumbles Back To A $50 Handle On Iran, Default, And Cushing Build Fears
Submitted by Tyler Durden on 07/16/2015 - 10:38 Having surged on Tuesday when the Iran "deal" was confirmed and tumbled yesterday despite inventory draws and production decreases, WTI crude is re-slumping back to a $50 handle this morning as traders cite more Iran concerns (flattening the curve) and a Genscape report that indicates inventory builds at Cushing once again...
VIXterminated - Fear Collapses By Most In 31 Months
Submitted by Tyler Durden on 07/16/2015 - 10:21 There is nothing to fear but freed itself... With VXX - the VIX ETF - at record lows, the VIX term structure has swung from backwardated last week to extremely steep with VIX hitting an 11 handle this morning. This is the biggest weekly drop in fear since January 2013...
Philly Fed "Bounce" Plunges To 2015 Lows, Employment Tumbles
Submitted by Tyler Durden on 07/16/2015 - 10:07 After June's hope-strewn dead-cat-bounce, Philly Fed has plunged back to the lows of the year. Printing 5.7, missing expectations of 12.0, this is the biggest miss since January. It appears the weakness in Q1 (and Q2) and now Q3 was more than just weather... or port closures... as the employment index plunged to its lowest since January.
How The ECB Took Over Greek Banks, In One Chart
Submitted by Tyler Durden on 07/16/2015 - 09:46 When it comes to the entire Greek financial system, the ECB is now in full control with its "support" of banks at least €10 billion more than total Greek deposits.
Bunds, Bitcoin, & Bullion Battered After 3rd Greek Bailout
Submitted by Tyler Durden on 07/16/2015 - 09:37 Greece is "fixed" - so no need for safe havens, alternative currencies, or any hedges...
Greece May Not Get Bailout, Grexit "The Better Way", Schaeuble Says
Submitted by Tyler Durden on 07/16/2015 - 09:34 "We will now see in the negotiations whether there is even a way to get to a new programme taking into account (Greece's) financing needs, which have risen incredibly. [Grexit] would perhaps be the better way for Greece."
ECB Joins IMF In Call For Greek Debt Cut, Schaeuble Shoots It Down (Again)
Submitted by Tyler Durden on 07/16/2015 - 09:18 Despite earlier commenting that Greek debt sustainability is hard without a write off, German FinMin Schaeuble just told German lawmakers bluntly that there will be no Greek debt cut. What is problematic for Merkel and her minions is that Mario Draghi just confirmed what The IMF has been 'secretly' leaking - that it is "uncontroversial that Greek debt relief is necessary." As this confusion reigns, The Eurogroup has issued a statement "welcoming the adoption by the Greek parliament" of the measures imposed upon the Greek people to drive them further into depression.
How The FOMC Became Institutionally Corrupt
Submitted by Tyler Durden on 07/16/2015 - 09:10 For the FOMC to reach its mandate of full employment they boost stock prices which then creates employment in bubble jobs. When people feel rich, they spend more money on the low quality bubble jobs, and hence employment reacts accordingly. This is obviously entirely unsustainable as spending paid for by feelings manipulated by the FOMC accounts to nothing more than pure capital consumption, and the money flow will disappear as soon as the FOMC tighten the screw and the good feeling disappears along with the stock market gains.ECB Raises Greek ELA By €900 Million
Submitted by Tyler Durden on 07/16/2015 - 08:51 The biggest unknown in today's ECB Q&A was whether Mario Draghi would agree to raise the Greek ELA, and moments ago we go the answer:- DRAGHI SAYS ECB RAISED GREEK EMERGENCY BANK AID THURSDAY
- DRAGHI SAYS CONDITIONS TO INCREASE ELA HAVE BEEN RESTORED
- DRAGHI SAYS ECB ACTS ON ASSUMPTION THAT GREECE IS EURO MEMBER
Initial Jobless Claims 'Weakening Trend' Hits 3-Month Highs
Submitted by Tyler Durden on 07/16/2015 - 08:40 Following last week's spike in initial jobless claims, this week saw a modest pull back to 281k (slightly better than the 285k expectations) but hovering at the average for the year, notably confirming that post-QE3 we have seen the improving trend in claims cease. The smoother 4-week average rose to 282k - the highest in almost 3 months.
Mario Draghi's "Keep Calm & Q€ On" ECB Press Conference - Live Feed
Submitted by Tyler Durden on 07/16/2015 - 08:25 We suggest ECB President Mario Draghi has his work cut out for him today. As the entirely political catalyst for Greece's crescendo-like bailout capitulation, he will - we hope - be questioned long and hard on his actions over the last 2 weeks (and going forward) with regard the increasingly 3rd world nation. As Bloomberg's Richard Breslow notes, Draghi needs to help calm a still tense situation. The only way he can do this is with as much tranquility as he can muster, make sure everyone knows he is still prepared to do whatever it takes. It appears the markets (FX and equities for sure) are anticipating uber-dovishness and as we noted in the preview, he will likely crow of the lack of contagion from Greece, how well his tools have worked, and how Q€ is working... we wonder if the Greek reporters will be blocked from the press conference?
"Global Carry Trade" On - EURUSD Plunges To 1.08 Handle, 2-Month Lows
Submitted by Tyler Durden on 07/16/2015 - 08:10 A 3rd Greek bailout "Fix", an unchanged ECB with Draghi preparing to reiterate "whatever it takes" - apart from for Greece, and The Fed appearing more hawkishly tilted to a September liftoff (no matter what happens in Greece).... The result - EURUSD is collapsing...
by Michael Snyder, End of The American Dream:
What should be done to a nation that has killed more than 56 million
babies and doesn’t even feel bad about it? And why is the U.S.
government giving hundreds of millions of dollars each year to an
organization that murders hundreds of thousands of babies, harvests
their organs, and then sells them to medical researchers? An extremely
disturbing video that was just released shows a top Planned Parenthood
coldly discussing the sale of aborted body parts over lunch. But now
that this has been revealed, will America do anything about it? The
purchase and sale of human body parts is a felony according to federal
law, and the commercial trafficking of aborted baby parts is “punishable
by up to 10 years in prison and/or a fine of $500,000″. So will
anything happen to Planned Parenthood and the executives involved in
this illegal activity, or will Planned Parenthood just continue to
collect hundreds of millions of dollars from the federal government
every year? I think that we all know that the answer is going to be,
and it will be yet another reason why America will deserve every ounce
of the judgment that is about to hit this nation.
Read More…
What should be done to a nation that has killed more than 56 million
babies and doesn’t even feel bad about it? And why is the U.S.
government giving hundreds of millions of dollars each year to an
organization that murders hundreds of thousands of babies, harvests
their organs, and then sells them to medical researchers? An extremely
disturbing video that was just released shows a top Planned Parenthood
coldly discussing the sale of aborted body parts over lunch. But now
that this has been revealed, will America do anything about it? The
purchase and sale of human body parts is a felony according to federal
law, and the commercial trafficking of aborted baby parts is “punishable
by up to 10 years in prison and/or a fine of $500,000″. So will
anything happen to Planned Parenthood and the executives involved in
this illegal activity, or will Planned Parenthood just continue to
collect hundreds of millions of dollars from the federal government
every year? I think that we all know that the answer is going to be,
and it will be yet another reason why America will deserve every ounce
of the judgment that is about to hit this nation.Read More…
by Robert Parry, Consortium News:
As the Ukrainian army squares off against ultra-right and neo-Nazi
militias in the west and violence against ethnic Russians continues in
the east, the obvious folly of the Obama administration’s Ukraine policy
has come into focus even for many who tried to ignore the facts, or
what you might call “the mess that Victoria Nuland made.”
Assistant Secretary of State for European Affairs “Toria” Nuland was the “mastermind” behind the Feb. 22, 2014 “regime change” in Ukraine, plotting the overthrow of the democratically elected government of President Viktor Yanukovych while convincing the ever-gullible U.S. mainstream media that the coup wasn’t really a coup but a victory for “democracy.”
Read More @ Consortiumnews.com
As the Ukrainian army squares off against ultra-right and neo-Nazi
militias in the west and violence against ethnic Russians continues in
the east, the obvious folly of the Obama administration’s Ukraine policy
has come into focus even for many who tried to ignore the facts, or
what you might call “the mess that Victoria Nuland made.”Assistant Secretary of State for European Affairs “Toria” Nuland was the “mastermind” behind the Feb. 22, 2014 “regime change” in Ukraine, plotting the overthrow of the democratically elected government of President Viktor Yanukovych while convincing the ever-gullible U.S. mainstream media that the coup wasn’t really a coup but a victory for “democracy.”
Read More @ Consortiumnews.com
from TruthNeverTold:
by Erich Pratt, Freedom Outpost:
“Who really thinks that a top-down approach to controlling weapons
will be any more effective than Prohibition was in the early 20th
Century or the war on drugs has been today?” — GOA’s Erich Pratt in an
upcoming USA Today opedBackground Checks are failing miserably. The Obama Administration is redoubling its efforts to clamp down on your Second Amendment rights.
The FBI Director recently said that a flaw in the NICS system allowed Dylann Roof to purchase the gun he used to kill nine people in South Carolina.
Read More @ FreedomOutpost.com
Goldman FICC Revenue Tumbles 28%, Average Employee Compensation Drops To 3 Year Low
Submitted by Tyler Durden on 07/16/2015 - 07:54 It wasn't just the massive litigation provision that hinted it may not be all smooth sailing for the hedge fund that has spawned more central bankers in recent years than any other: the company (which unlike all other banks on Wall Street has been adding headcount and now has 34,900 employees) took only $3.8 billion in compensation benefit accruals in the quarter, which means that its LTM comp divided by the total number of employees, or average compensation per banker, dropped once again, this time to $373,181 - the lowest number in three years.
from Wolf Street:
The Bank of Canada took a good look at the Canadian economy, saw it was
sinking into the mire, glanced at the collapsed prices of commodities,
particularly oil, saw how they were wreaking havoc in Canada, and then
looked at the global economy, particularly at China and the US, and it
freaked out.
It cut its overnight rate 25 basis points to 0.5%, the second rate cut this year, and attached a gloomy view about the Canadian economy with as it said a “significant downgrade” from its last estimate issued only in April. Things are heading south fast.
Read More @ Wolfstreet.com
The Bank of Canada took a good look at the Canadian economy, saw it was
sinking into the mire, glanced at the collapsed prices of commodities,
particularly oil, saw how they were wreaking havoc in Canada, and then
looked at the global economy, particularly at China and the US, and it
freaked out.It cut its overnight rate 25 basis points to 0.5%, the second rate cut this year, and attached a gloomy view about the Canadian economy with as it said a “significant downgrade” from its last estimate issued only in April. Things are heading south fast.
Read More @ Wolfstreet.com
The media circle the wagons.
from Truth Revolt:
In the wake of a sting video exposing a national Planned Parenthood leader discussing how the abortion mill harvests and sells the limbs and organs of aborted babies, the activist media began circling the wagons to protect their progressive pals. Let’s look at a few examples, shall we?
Here is how Eugene Scott at “trusted news leader” CNN described what he called the “purported” video, which TruthRevolt covered here:
Read More @ TruthRevolt.org
Pictured: Margaret Sanger (1922), the first president and founder of Planned Parenthood (Wikipedia)
from Truth Revolt:
In the wake of a sting video exposing a national Planned Parenthood leader discussing how the abortion mill harvests and sells the limbs and organs of aborted babies, the activist media began circling the wagons to protect their progressive pals. Let’s look at a few examples, shall we?
Here is how Eugene Scott at “trusted news leader” CNN described what he called the “purported” video, which TruthRevolt covered here:
The video seemingly shows a member of the conservative Manhattan Institute’s Center for Medical Progress claiming to be a start-up biotech firm attempting to buy human fetal tissue for medical research… Planned Parenthood dismissed the video, calling it highly edited. [Emphasis added]First, the video isn’t “purported”; it’s an actual video. Second, it doesn’t “seemingly” show anything. It clearly shows Planned Parenthood Federation of America’s Senior Director of Medical Services, Dr. Deborah Nucatola casually discussing the targeted mutilation of fetuses in such a manner that limbs and organs are kept intact for later sale.
Read More @ TruthRevolt.org
Pictured: Margaret Sanger (1922), the first president and founder of Planned Parenthood (Wikipedia)
from KingWorldNews:
Regardless of whatever semblance of a deal that was announced and being
happily pushed by the (mainstream) media on Friday, there will most
likely be chaos in the streets of Athens on Monday, because if the
Tsipras-led government and the Syriza Communist Party do agree to
austerity, they will be going against the electorate and there will be
riots in Greece.
This is something that I don’t want to see happening. I always pray for peace but the Greek people feel that the Tsipras government committed treason by negotiating a short-term deal with the troika. So we have already seen the Greek people beginning to protest once again.
I warned several months ago that there would be riots in Athens, Greece. Now I am telling you that there will be no peace in Greece, despite the mainstream touting the latest iteration of a Greek bailout. So we are going to see more riots in Greece. I correctly predicted it would happen back then, and unfortunately it is coming true once again today.
Michael Pento continues @ KingWorldNews
Regardless of whatever semblance of a deal that was announced and being
happily pushed by the (mainstream) media on Friday, there will most
likely be chaos in the streets of Athens on Monday, because if the
Tsipras-led government and the Syriza Communist Party do agree to
austerity, they will be going against the electorate and there will be
riots in Greece.This is something that I don’t want to see happening. I always pray for peace but the Greek people feel that the Tsipras government committed treason by negotiating a short-term deal with the troika. So we have already seen the Greek people beginning to protest once again.
I warned several months ago that there would be riots in Athens, Greece. Now I am telling you that there will be no peace in Greece, despite the mainstream touting the latest iteration of a Greek bailout. So we are going to see more riots in Greece. I correctly predicted it would happen back then, and unfortunately it is coming true once again today.
Michael Pento continues @ KingWorldNews
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