Submitted by Tyler Durden on 05/06/2015 - 08:58 The good news is that there will be no 25-year recession. Nor will there be a depression that will last the rest of our lifetimes.
The bad news: It will be much worse than that.
Mizuho's Ricchiuto Wipes The Floor With Deutsche's Lavorgna: "Why Do I Even Bother?"
Submitted by Tyler Durden on 05/06/2015 - 14:30 The last time Mizuho's Chief Economist Steve Ricchiuto was on CNBC, we suspected he would never be invited back. However, today, he dared to unleash the truthiness of the US economy, debating 'facts' with none other than Deutsche Bank's meteoroconomist Joe Lavorgna... enjoy.
Richard Russell:
“Let’s be honest and say flat out that the world and the US are
choking on debt. The only thing worse than unmanageable debt is debt
that is compounding. The US debt, which can be measured in the
trillions, is compounding at a low rate thanks to the Fed’s ZIRP policy.
If the Fed raises rates, the US debt will compound at a higher rate,
which will raise the total US debt by hundreds of billions of dollars.The overriding trend in the world is now towards deleveraging and deflation. Ultimately, this must lead to default and bankruptcy. The current trend of compounding debt is unsustainable. And if it’s unmaintainable, it will lead to collapse, and perhaps the greatest bear market in history.
Richard Russell Continues @ KingWorldNews.com
7 Person CFTC Team Charges Manipulators Identified First On Zero Hedge With Gold And Silver Spoofing
Submitted by Tyler Durden on 05/06/2015 - 17:00 The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil enforcement action in the U.S. District Court for the Southern District of New York against Heet Khara and Nasim Salim, residents of the United Arab Emirates. According to the CFTC’s Complaint, Defendants engaged in unlawful disruptive trading practices known as “spoofing” in the gold and silver futures markets by placing bids and offers with the intent to cancel them before execution.
Barack Obama is secretly negotiating a global economic treaty which
would destroy thousands of American businesses and millions of good
paying American jobs. In other words, it would be the final nail in the
coffin for America’s economic infrastructure. Obama knows that if the
American people actually knew what was in this treaty that they would be
screaming mad, so the negotiations are being done in secret. The only
people that are allowed to look at the treaty are members of Congress,
and even they are being banned from saying anything to the public.
American workers are about to be brutally stabbed in the back, and
thanks to all of this secrecy and paranoia they won’t even see it
coming.Read More…
from Wolf Street:
As if a toggle switch had been flipped late last year, Americans suddenly gained confidence in the economy, to levels not seen since before the Financial Crisis. But now, it’s all unraveling again.
The jump in third-quarter GDP was in the news during the fall. “Escape velocity” was being reached, Wall Street soothsayers said. The price of gasoline was dropping, and people were actually able to save a little instead of spending it all, to the greatest exasperation of the same soothsayers, and to equal exasperation of politicians, corporate executives, and others.
It was a time when consumers were finally gaining back some confidence in the US economy, and they were feeling pretty good – some because their lives were on the right track and others because they got tired of feeling bad and had adjusted to their new but lower reality. They’d come a long way.
Read More @ Wolfstreet.com
As if a toggle switch had been flipped late last year, Americans suddenly gained confidence in the economy, to levels not seen since before the Financial Crisis. But now, it’s all unraveling again.
The jump in third-quarter GDP was in the news during the fall. “Escape velocity” was being reached, Wall Street soothsayers said. The price of gasoline was dropping, and people were actually able to save a little instead of spending it all, to the greatest exasperation of the same soothsayers, and to equal exasperation of politicians, corporate executives, and others.
It was a time when consumers were finally gaining back some confidence in the US economy, and they were feeling pretty good – some because their lives were on the right track and others because they got tired of feeling bad and had adjusted to their new but lower reality. They’d come a long way.
Read More @ Wolfstreet.com
Capital Controls Hit Greek Banks: FX Trading Curbed As Credit Lines Cut
Submitted by Tyler Durden on 05/06/2015 - 13:52 While officials have begun their own versions of capital controls by raiding pension funds, confiscating local government cash, and surcharges on withdrawals (and transfer ceilings); it appears the market participants themselves have now imposed their own share of capital controls. As Bloomberg reports, international securities firms are curtailing trading with major Greek banks - pulling credit lines and restricting FX trading limits - as fear of Grexit looms.
Greek Deal On Monday "Not Possible" MNI Reports Despite Troika Attempt To Reconcile Differences
Submitted by Tyler Durden on 05/06/2015 - 12:01 With the crucial May 12th €774mm Greek IMF payment looming (and thus even more critical May 11th deadline for the Eurogroup's decision to release around €7bn in additional funds to Greece), the much-discussed 'splintering' of the Troika (The Institutions as the Greeks would prefer we describe them) appears to be gradually un-splintering. Today's statement from the EU talks that the members of the Troika "share the same objective" may reassure some after the 'limbo' of serious disagreements between the European Commission and The IMF. However, with various 'red lines' remaining unaddressed, EU sources say a deal on Monday is not possible.
Greece Floats Surcharge On Withdrawals As ECB Considers Cuts To Liquidity Lifeline
Submitted by Tyler Durden on 05/06/2015 - 09:36 Greece is set to introduce a surcharge on withdrawals and financial transactions in an effort to raise cash amid fractious negotiations with creditors. Meanwhile, the ECB is considering measures that will tighten the screws on the country's cash-strapped banking sector.
Fed Agrees To Name The FOMC Leaker (As Long As Congress Keeps It Secret)
Submitted by Tyler Durden on 05/06/2015 - 13:39 Having initially missed its deadline to provide a response to Congress with regard the 2012 leak of FOMC minutes to an external newsletter writer, The Fed reluctantly admitted that none other than Janet Yellen had met with them. Today, however, as The Wall Street Journal reports, The (unaudited) Fed has agreed to furnish a congressional panel with the names of its staffers who had contact with Medley Global Advisors in the months before the leak, “with the understanding that the names will be kept confidential." So we'll happily tell you who leaked it... as long as you don't tell the public. Audit The Fed!!!
Corporate Kleptocracy: 6,300 Examples Of America's Malignant Malfeasance
Submitted by Tyler Durden on 05/06/2015 - 12:22 What follows is a remarkable data base of Corporate Fines and Settlements. From blatant cartel price-fixing or not disclosing the dangers of the company's heavily promoted medications to destroying documents to thwart an investigation of wrong-doing, the list is stunning and reads like a who's who of Corporate America and Top 100 Global Corporations. In other words, these were not wrist-slaps for minor oversights of complex regulations - these are blatant violations of core laws of the land and while the PR spins how corporate profits benefit widows and orphans, this vast wealth is concentrated in the top 1% and the top 5%.
As The 10 Year Selloff Accelerates, "All Eyes On The 2.27%/2.32% Support Zone"
Submitted by Tyler Durden on 05/06/2015 - 11:30 For the chartists out there (and these days that would mean pretty much all momentum-igniting algos who are the only ones left trading these here "markets") the following note from SocGen explaining why if/when the 10Y selloff rises above 2.32% it may be a time to panic (and vice versa) is quite relevant now that the 10Y is just a few basis points away.
Yellen Kills The Music, Says "Equity Valuations Are Quite High", Sends Dow Red For 2015
Submitted by Tyler Durden on 05/06/2015 - 11:13 Back in July 2007 Citi's then CEO Chuck Prince, a little over a year before his bank received a gargantuan government bailout said "as long as the music is playing, you've got to get up and dance." Moments ago Janet Yellen just killed the music: YELLEN SAYS EQUITY MARKET VALUATIONS QUITE HIGHOr, paraphrased, the $4.5 trillion balance sheet the US created, and the $22 trillion in assets purchased by global central banks to keep the dream alive, has lead to "quite high" stock prices.
from The Alex Jones Channel:
Alex Jones uncovers one of the most detrimental plans facing humanity today. In this SHOCKING Report Alex details the governments insidious plan to put it’s own citizens under martial law in order to strip them of all rights. Now the government is issuing subliminal propaganda via the Ad Council who claims it does not know how a news cast mentioning martial law in the midst of an outbreak ended up in an AARP ad.
Alex Jones uncovers one of the most detrimental plans facing humanity today. In this SHOCKING Report Alex details the governments insidious plan to put it’s own citizens under martial law in order to strip them of all rights. Now the government is issuing subliminal propaganda via the Ad Council who claims it does not know how a news cast mentioning martial law in the midst of an outbreak ended up in an AARP ad.
Swiss Stock Market Collapses Instantaneously On 5th Anniversary Of Flash-Crash
Submitted by Tyler Durden on 05/06/2015 - 09:51 It's deja vu all over again...who are 'they' going to blame for this one?
On Flash Crash Anniversary Scapegoat Sarao Says "I Did Nothing Wrong Apart From Being Good At My Job"
Submitted by Tyler Durden on 05/06/2015 - 09:11 While the rest of the world, or at least 1% of it, is enjoying the ongoing "wealth effect" propping up the increasingly more rickety "markets" built on the backs of $22 trillion in central bank assets, or more than the GDP of the US and Japan combined, earlier today Nav was fighting if not for his life then certainly his freedom when he told a London court he had done nothing wrong, the Flash Crash was not his fault, and was just good at his job. "I've not done anything wrong apart from being good at my job. How is this allowed to go on, man?" Sarao said at Westminster Magistrates' Court.
California Adopts "Unprecedented" Restrictions On Water Use As Drought Worsens
Submitted by Tyler Durden on 05/06/2015 - 09:01 California water regulators are getting worried. The state has now approved a set of sweeping conservation measures designed to cut water consuption by up to 36% in some areas to combat a severe drought that has now killed some 12 million trees and threatens to turn California into a modern day Dust Bowl.
ADP Employment Tumbles To 15 Month Lows As Manufacturing Jobs Plunge
Submitted by Tyler Durden on 05/06/2015 - 08:22 Following March's dismal drop in the ADP Employment report (the biggest miss in 4 years) and missing for 3 straight months, April printed a very weak 169k (against notably lowere expectations of a 200k rise). Even worse, February and March was revised even lower. This is lower than the lowest economist estimate. Large companies were particularly weak with smaller businesses adding the bulk of the meager jobs print. The esteemed Mark Zandi blames this on "the fallout from the collapse of oil prices and the surging value of the dollar."Corporate Kleptocracy: 6,300 Examples Of America's Malignant Malfeasance
Submitted by Tyler Durden on 05/06/2015 - 12:22 What follows is a remarkable data base of Corporate Fines and Settlements. From blatant cartel price-fixing or not disclosing the dangers of the company's heavily promoted medications to destroying documents to thwart an investigation of wrong-doing, the list is stunning and reads like a who's who of Corporate America and Top 100 Global Corporations. In other words, these were not wrist-slaps for minor oversights of complex regulations - these are blatant violations of core laws of the land and while the PR spins how corporate profits benefit widows and orphans, this vast wealth is concentrated in the top 1% and the top 5%.
from Democracy Now!:
A new report based on testimonies of Israeli soldiers concludes the massive civilian death toll from last summer’s Israeli assault on Gaza resulted from a policy of indiscriminate fire. The Israeli veterans group Breaking the Silence released testimonies of more than 60 Israeli officers and soldiers which it says illustrate a “broad ethical failure” that “comes from the top of the chain of command.” More than 2,200 Palestinians were killed in the assault, the vast majority civilians. On Israel’s side, 73 people were killed, all but six of them soldiers. During the 50-day operation, more than 20,000 Palestinian homes were destroyed, and hundreds of thousands of people are still displaced. We hear candid video testimonies from the soldiers and speak to former Israeli paratrooper Avner Gvaryahu, director of public outreach at Breaking the Silence.
A new report based on testimonies of Israeli soldiers concludes the massive civilian death toll from last summer’s Israeli assault on Gaza resulted from a policy of indiscriminate fire. The Israeli veterans group Breaking the Silence released testimonies of more than 60 Israeli officers and soldiers which it says illustrate a “broad ethical failure” that “comes from the top of the chain of command.” More than 2,200 Palestinians were killed in the assault, the vast majority civilians. On Israel’s side, 73 people were killed, all but six of them soldiers. During the 50-day operation, more than 20,000 Palestinian homes were destroyed, and hundreds of thousands of people are still displaced. We hear candid video testimonies from the soldiers and speak to former Israeli paratrooper Avner Gvaryahu, director of public outreach at Breaking the Silence.
from Washington’s Blog:
The Obama-proposed international-trade deals, if passed into law, will lead to “a dystopian future in which corporations and not democratically elected governments call the shots,” says Alfred De Zayas, the UN’s Special Rapporteur on Promotion of a Democratic and Equitable International Order.
These two mammoth trade-pacts, one (TTIP) for Atlantic nations, and the other (TTP) for Pacific nations excluding China (since Obama is against China), would transfer regulations of corporations to corporations themselves, and away from democratically elected governments. Regulation of working conditions and of the environment, as well as of product-safety including toxic foods and poisonous air and other consumer issues, would be placed into the hands of panels whose members will be appointed by large international corporations. Their decisions will remove the power of democratically elected governments to control these things. “Red tape” that’s imposed by elected national governments would be eliminated — replaced by the international mega-corporate version.
Read More @ WashingtonsBlog.com
image credit: rogerebert.com
/ The Obama-proposed international-trade deals, if passed into law, will lead to “a dystopian future in which corporations and not democratically elected governments call the shots,” says Alfred De Zayas, the UN’s Special Rapporteur on Promotion of a Democratic and Equitable International Order.These two mammoth trade-pacts, one (TTIP) for Atlantic nations, and the other (TTP) for Pacific nations excluding China (since Obama is against China), would transfer regulations of corporations to corporations themselves, and away from democratically elected governments. Regulation of working conditions and of the environment, as well as of product-safety including toxic foods and poisonous air and other consumer issues, would be placed into the hands of panels whose members will be appointed by large international corporations. Their decisions will remove the power of democratically elected governments to control these things. “Red tape” that’s imposed by elected national governments would be eliminated — replaced by the international mega-corporate version.
Read More @ WashingtonsBlog.com
image credit: rogerebert.com
from NextNewsNetwork:
NATO | If you are concerned about Jade Helm 15 then you will need to take note of what is happening in Europe right now. NATO has launched its own drills to rival the size and scope of JADE HELM. Three drills in total activating thousands of servicemen.
NATO | If you are concerned about Jade Helm 15 then you will need to take note of what is happening in Europe right now. NATO has launched its own drills to rival the size and scope of JADE HELM. Three drills in total activating thousands of servicemen.
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