A Furious Italian Prime Minister Slams Deutsche Bank As Europe's Most Insolvent Bank

Speaking at a joint news conference Italy's Prime Minister Matteo Renzi said "other European banks had much bigger problems" than their Italian counterparts.  "If this non-performing loan problem is worth one, the question of derivatives at other banks, at big banks, is worth one hundred. This is the ratio: one to one hundred."

Bonds Bid As Fed Minutes Spark Little Reaction Across Markets

A modest selloff in the dollar (EURUSD >1.11) is about the biggest reaction so far to the Fed's Minutes. Bonds are rallying very modestly and gold lower but for now it appears the headline-reading algos are as confused as The Fed...

FOMC Minutes Reveal Fed Wanted More Info Before Hiking

Since June's FOMC statement, bonds and bullion have been well bid with stocks unchanged as rate-hike hopes collapsed. For those looking to glean insight from a confused Fed's minutes today, we wish them luck. As WSJ notes, the minutes can prove to be dated and that will be especially so given that Brexit occurred just days after, so the best we could hope for from today's minutes was "what-ifs."

• *ALMOST ALL FED OFFICIALS SAW MAY PAYROLLS RAISING UNCERTAINTY
• *SOME OFFICIALS SAID LOWER PAYROLLS MAY SIGNAL BROADER SLOWDOWN
• *FOMC: PRUDENT TO WAIT FOR CONSEQUENCES OF U.K. VOTE

So nothing new whatsoever but definitely a Fed that is increasingly facing the realization that normalization is over as we draw readers' attention to the fact that the wordcount for 'uncertain' soared to 38.

"Sex Sale" - How Brazil's Prostitutes Prepare For The Olympics

Prostitutes in Rio are so upset by the revenue turnout from the 2014 World Cup that for the 2016 Olympics they want to cut prices to boost volumes.

Trump Says Clinton Is Trying To Bribe Loretta Lynch

"It's a bribe! I mean the Attorney General is sitting there saying 'you know if I get Hillary off the hook, I'm gonna have four more years, or eight more years, but if she loses I'm out of a job'"

 

Hillary Clinton Proves The U.S. Is Now A Total Banana Republic

by Dave Kranzler, Investment Research Dynamics:
When I was in high school studying history and government, my friends and I used to laugh at the Latin American Banana Republics. A “Banana Republic” is one in which the ruling class of elites exploit Governmental power for their own benefit at the expense of Untitledthe rest of the population. Rule of Law is replaced by Rule of Those in Charge. The leaders rake in massive amounts of illegal wealth and stand completely immune from prosecution. (click to enlarge)
The saga of Hillary Clinton is the saga of the United States’ descent into Banana Republic status. I knew when it was announced that she was “voluntarily” meeting with FBI Director James Comey that the fix was in. I knew it before that. I knew it when Bill Clinton illegally and unethically met with Loretta Lynch. A meeting she knew better than to coordinate. But that told me the fix was in. Interestingly there’s a deep connection between Lynch and Comey.
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Is Russia Winning The Oil Export War Against The Saudis?

The European Union might be skeptical about increasing its crude supply from Russia, but China seems to be keen on receiving more Russian Crude. Russian oil exports to this part of the world have doubled year over year last April at the expense of Saudi Arabia and Iran.

EU Banks Crash To Crisis Lows As Funding Panic Accelerates

The signs are everywhere - if you choose to look - Europe's banking system is collapsing (no matter what Draghi has to offer). From record lows in Deutsche Bank and Credit Suisse to spiking default risk in Monte Paschi, the panic in Europe's funding markets (basis swaps collapsing) is palpable.

Spot The "Outlier" Who Bought Stocks In Q2

The slow motion LBO of the market by the market continues, as more debt is issued fund stock buybacks and push stocks briefly, and artificially, higher, even as corporations lever themselves up to all time highs now that the even the merest risk of rising rates has been buried for years to come.

Italy Bans Short-Selling In Monte Paschi For Three Months, Forgets To Ban Buying Of CDS

Consob bans for three months net short positions on Banca MPS shares - The prohibition shall apply from tomorrow 7 July 2016 until 5 October 2016 - It affects derivatives and market makers as well. The prohibition on net short positions strengthens and extends the ban to short selling adopted yesterday, as the new prohibition bans both short selling on BMPS shares and short positions taken though single stock derivatives on BMPS shares.

And The Biggest Loser From The UK's "Falling Dominoes" Is...

"RBS exposure to CRE is GBP26b, most of U.K.’s major banks, and equivalent to 63% of tangible equity"

Broken Stoxx 50, 600 Feeds "Resolved" Moments After Europe Close

EUREX SAYS STOXX UNDERLYING FEED ISSUE HAS BEEN RESOLVED

Domino #6: Canada Life Halts UK Property Fund Redemptions "For Up To Six Months"

Canada Life said it would be deferring requests for withdrawals from its commercial property fund from 3pm on Tuesday, for up to six months.

Five Bricks In The 'Wall Of Worry'

For the relentlessly bullish, consider these another five bricks to add to the wall of worry...

Domino #4: Henderson Suspends $5 Billion UK Property Fund Over "Exceptional Liquidity Pressures"

Does '4' make a trend? First Standard Life, then Aviva, followed by M&G and now this morning, due to "exceptional liquidity pressures" Henderson has suspended trading in its $5bn UK property fund and all of its feeders. Is it time to panic yet?

Ex-ECB Banker Stokes Europe's Banking Panic: "People Are Starting To Withdraw From The Market"

"There is no rationality in the market, it's all very emotional. People are starting to withdraw from the market and to go to very liquid and safe assets."

President Obama Explains His 'Strategy' In Afghanistan - Live Feed

While details are sparse, AP reports that President Obama will announce today his plans to increase to around 8,400 the number of U.S. troops in Afghanistan when he leaves office. The numbers reflect a compromise between Obama's original plan and what many military commanders had recommended. Obama had planned to drop troop levels from 9,800 to 5,500 troops by the end of 2016. But Taliban resurgence has forced Washington to rethink its exit strategy. We are sure Killary will follow his lead...

European Market Breaks: Stoxx 50, Stoxx 600 Have Not Calculated Prices For Nearly An Hour

"Rebound? What Rebound?" - Services Sector Business Confidence Hits Record Lows As ISM Surges To 7-Month Highs

Markit's Chris Williamson sums up today's Services sector data in three simple words - "Rebound? What Rebound?" With new business expanding at the fastest pace since January but business confidence plumbing record lows, there appears to be total confusion in the Services economy as today's PMI print at 51.4 offers little hope for Q2 GDP. So having said all that, ISM data hit and soared to 56.5 - the highest since Nov 2015 - beating expectations by 5 standard deviations and well above the highest forecast. All subcomponents improved aside from Prices Paid as it seems "baffle 'em with bullshit" economics is back.

World's Biggest Asset Manager Downgrades European Banks To Sell, Expects Global Slowdown

"We have trimmed our global growth expectations, and now expect a modest slowdown over the next 12 months. We see risk of a UK recession and European slowdown, as Brexit uncertainties weigh on sentiment. Our new BlackRock Macro GPS “nowcasting” indicator suggests Brexit-related uncertainty has already started to negatively impact UK and global economic growth. We have downgraded European stocks to underweight, with a negative view of the eurozone banking sector."

"It Feels Like 2008" Government Bond Yields Signal "Something Very Nasty Is Coming"

With global developed market bond yields crashing to record lows and almost $10 trillion of negative-yielding debt worldwide, it is no surprise that money managers are concerned that "it's starting to feel like 2008."

Elite Prepping Private Compounds As Tech Takes Over: “Facebook Could Throw An Election… It’s Scary”

by Mac Slavo, SHTF Plan:
The future is what they filter. Silicon Valley has taken over, though ultimate control remains in the hands of bankers.
We have reached the point where Facebook is so powerful, experts admit it could rig an election just by geofiltering where voting reminders appear. Google search results can have a similar diminishing effect on democracy. These new elite have control of the information that our society is made up of.
You will vote for those whom they have selected, and you will read views which have been promoted. As the London Telegraph reports:
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The American Coup — Paul Craig Roberts Interviewed by Pamela Senzee

by Pamela Senzee, No Lies Radio:
It’s Independence Day, but what does this mean? Can we “celebrate independence” with our Constitution laying in coma, in ICU? Dr. Paul Craig Roberts, a Reagan appointee serving as Assistant Secretary to the Treasury has become a polestar of truth for millions around the world as one of the world’s preeminent truth tellers. He speaks with QMR host Pamela Senzee about BREXIT, false flags (including an assessment on the recent Orlando shooting rage and of others) and the varied aspects of American coup. He speaks, as well, about what might be done as we look toward solutions to this the most unprecedented and challenging time of our nation’s history as well as that of the world — a coup by financial forces entirely opposed to Constitutional Liberty, Roberts stands as a voice for truth in America and for True America.
Click HERE to Listen

Coming Global Digital Currency By 2018

from TruthNeverTold:

Nobel Science Prize Ain’t No Proof Ya Got a Brain

by F. William Engdahl, New Eastern Outlook:
According to a report in the Washington Post, precisely 107 of the living Nobel Science Prize awardees have done just that. They foolishly signed a letter urging Greenpeace to stop opposing genetically modified organisms (GMOs). The letter specifically asks Greenpeace to cease its efforts to block introduction of so-called “Golden Rice,” a genetically manipulated rice variety that allegedly “could reduce” vitamin A deficiencies in infants in the developing world. This demonstrates either that those 107 Nobel laureates are not truly intelligent or that they are yet another group of scientist prostitutes willing to whore their reputation for a few shekels from Monsanto & Co. Or both…
The not-so-noble Nobel scientists’ letter states, “We urge Greenpeace and its supporters to re-examine the experience of farmers and consumers worldwide with crops and foods improved through biotechnology, recognize the findings of authoritative scientific bodies and regulatory agencies, and abandon their campaign against ‘GMOs’ in general and Golden Rice in particular.” The letter is addressed, “To the Leaders of Greenpeace, the United Nations and Governments around the world.” Their letter closes with a gut-wrenching appeal, “How many poor people in the world must die before we consider this a ‘crime against humanity‘? ” That’s heavy. It’s also bullshit.
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1,400 US Mayors Just Slammed the White House for Risking Nuclear War With Russia

from The Anti Media:
Indianapolis, IN — War games and nuclear policy perpetuated by the Obama administration are “fueling growing tensions” with Russia and putting the world at risk of a nuclear war, according to an official nonpartisan organization consisting of 1,407 mayors and other leaders of cities with 30,000 or more inhabitants.
In a unanimous decision at their 84th annual conference, the United States Conference of Mayors (USCM) passed a resolution condemning President Barack Obama’s decision to set the U.S. on track to spend $1 trillion over the next 30 years to “maintain and modernize its nuclear bombs and warheads, production facilities, delivery systems, and command and control.”
“The Obama administration has […] reduced the US nuclear stockpile less than any post-Cold War presidency,” the resolution, passed in Indianapolis on June 27, reads.
The resolution is supportive of the 1970 international nuclear agreement known as the Non-Proliferation Treaty (NPT), but the USCM chastised the Obama administration’s drift from NPT principles by contrasting it with another international agreement to which the administration has held steadfast.
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Americans & Canadians Face Silver Shortages As The Investment Deficit Surges

by Steve St. Angelo, SRSRocco Report:
Americans and Canadians will likely face silver shortages in the future as investment demand continues to surge higher. This will come at time as the silver price skyrockets, thus making it even harder for investors to acquire physical metal.
The U.S. and Royal Canadian Mints produce most of the Official Silver coins in the world. In 2015, the combined total of Silver Eagles and Maples sales equaled 81.3 million ounces (Moz). This is a stunning amount as their total sales in 2001 were only 9.2 Moz:
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Hillary Escapes Justice Again- #Crime Pays

by Dave Hodges, The Common Sense Show:
In light of the FBI’s recent decision to not file criminal charges against Hillary Clinton over the email scandal has Clinton jumping for joy as she is undoubtedly proclaiming that “I got away with extreme criminal behavior, again. I am untouchable!”
The FBI Director announced that his agency will not be recommending that criminal charges be filed against Hillary Clinton.
The FBI Director was clearly motivated by job preservation as opposed to doing his job as a sworn federal official. He is no better than the criminal Attorney General, Loretta Lynch(mob), who will be retained by Clinton is she becomes the next president. The American government is a total criminal enterprise system.
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SILVER – Currency For Collapse

by Ken Jorgustin Modern Survival Blog:
At the highest level, silver is used in industry, in jewelry, and as an investment (and/or wealth preservation). Together, these three categories represent more than 95 % of annual silver demand.
Silver has been used as a medium of exchange dating back to the earliest of records. It has always been considered to be a form of ‘money’. Even up until the late 19th century, most nations were on a silver standard as to their ‘money’, with silver coins making up the main circulating currency.
The thing is, even though today’s silver coins are not used as national currency (replaced by Fiat ‘paper’), silver is still collected, stacked, and invested by many people as a hedge against today’s modern currency and a collapse thereof. People who know history may also know that EVERY ‘paper’ currency ever created has ALWAYS collapsed. And most critical-thinking people today know that our current system and foundation is no longer on solid ground…
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