Meet President Hollande

Courtesy of Bloomberg, below is a compilation of the key dates to know for the first French socialist president since Francois Mitterand.

RON PAUL WINS MAINE!!!

First EURUSD Print: 1.3045

Something tells us the BIS' Mikaël Charozé is not going to be too happy defending that all important 1.3000 border in the EURUSD tonight. First prints out of the gate: a timid 35 pip drop to 1.3045.

"The Dictator" Congratulates Francois Hollandaise On His Victory

When the situation gets so ridiculous not even TheOnion is fit to describe it, in walks Sasha Baron Cohen and puts everything back into perspective.

The Banks' Nightmare Is Coming True: Greek Left Calls For Anti-Bailout Coalition

The only saving grace of the earlier horrendous Greek parliamentary vote was that, based on very preliminary results New Democracy and Pasok would be able to form a coalition government with precisely 151 seats needed in parliament to give them status quo powers. However, according to a more recent re-rack of the votes (New Democracy 18.9%, 108 seats, Pasok 13.4%, 41 seats, Syrizia: 16.6%, 51 seats, and all others), this assumption is now in jeopardy as the two pro-bailout parties will have just 149 seats in the new parliament, or not even a full majority. Why is this problematic? Because virtually every other party in the new parliament, and there may be up to 10 there including the New Dawn, have voiced their opposition to the bailout of Greece, which as everyone knows is merely a bailout of Europe's insolvent banks using Greek taxpayer funds as a conduit. And, adding insult to injury, Reuters now reports that "Greek leftist leader calls for anti-bailout coalition." It appears that finally, after many years of delays, the anti "bailout" genie is finally out of bottle...

US Equities Plunge To 2-Month Lows

UPDATE: EURUSD just broke down through 1.30 to 3-month lows and WTI opened with a $95 handle - lowest of the year and < 200DMA.
S&P 500 e-mini futures (ES) just opened down over 11pts from Friday's close and have traded below the 4/10 and 4/23 lows to trade back to their lowest since 3/8 taking out the 1350 stops. The EUR is at its lowest against the GBP since Nov 2008, closing in in the first sub-1.30 print since 4/16 with a little more pain taking us to 4-month lows in EURUSD (now within 20pips of 4-month lows). Gold and Silver (spot) are modestly lower relative to the 0.4% raise in the USD. Treasuries are not open yet but broad risk assets imply a considerably lower print for ES in the mid-1320s at current prices. WTI has opened with a $95 handle crossing its 200DMA to its lowest since 12/20.

Real Time Greek Government Tracker; Goldman's Bearish Take

While clearly dramatic, the outcome of the French presidential election was very much anticipated and at this point the only real question is how many promises will Hollande reneg on before the week is over: if Berlusconi is any indication, all it will take is for OAT yields to spike by 20-30% and all shall be well for the status quo. Greece, on the other hand, where as we said the people have lost everything so are free to do anything, just did more or less that, and have shocked Europe with an outcome which as we warned could result in the lack of a pro-bailout coalition government, which means no IMF aid, which means "no bailout for the Greek people", which means no bailout for European banks under the guise of a Greek DIP loan. And with 63% of precincts reporting, ND + Pasok have 153 as of this moment which is enough for a majority although paradoxically the anti-bailout parties will have among them nearly 60% of the finaly vote which means they could form an anti-bailout coalition if they buried their diferences. Finally, there is still time, so for all those curious if the two Greek parties will be able to form an all important coalition government, can keep track of the vote count in real time at the link below.




Ron Paul Is Going to the Republican National Convention, and – Believe It Or Not – It’s Still Possible for Paul to Win

Au Revoir Sarkozy: Socialist Hollande Wins French Presidency

from RussiaToday:

Francois Hollande has ousted Nicolas Sarkozy from the French presidency – to become the country’s first Socialist president in 17 years. It was a close call – winning 51 per cent of votes to his rival’s 49.

Mish Shedlock on the Rise of Money Metals, the Fall of the West … and Why Credit Matters

from The Daily Bell:

The Daily Bell is pleased to present this exclusive interview with Mish Shedlock (left).
Introduction: Mike “Mish” Shedlock blogs at Mish’s Global Economic Trend Analysis, for which he has won awards from the New York Times, Time Magazine, Bloomberg, CNBC and Strategist News. Mish is a contributing “professor” blogger at the economic and financial education site Minyanville and offers podcasts every Thursday on HoweStreet. He’s a registered investment advisor representative for SitkaPacific. He says that unlike many free-market “Austrians,” he emphasizes credit impacts and deflationary trends within larger business-cycle manifestations. When not writing about economics, Mike enjoys photography; 80 of his photos have become magazine and book covers.
Daily Bell: Give us some background.
Mish Shedlock: My background is actually in computer programming and engineering. I worked for banks for 20 years primarily as a computer analyst working on the technical end of applications. I was an assistant vice president for Harris Bank for most of that time. AVP was as high a position as technicians could get. When Bank of Montreal bought out Harris, I left to become a consultant.
Read More @ TheDailyBell.com

 

The VisionVictory Interview: Fact Finder and Truth Seeker SGTreport.com

 

 

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