Greek Debt Committee Just Declared All Debt "Illegal, Illegitimate, And Odious"

Submitted by Tyler Durden on 06/17/2015 - 11:24
"Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious."

Bank Of Greece Pleads For Deal, Says "Uncontrollable Crisis", "Soaring Inflation" Coming

Submitted by Tyler Durden on 06/17/2015 - 07:43 As the war of words between Athens and Brussels reaches a fever pitch ahead of Thursday's Eurogroup meeting, the Bank of Greece has made a plea to both sides as capital controls and a "Lehman Weekend" loom. "A manageable debt crisis, as the one that we are currently addressing with the help of our partners, would snowball into an uncontrollable crisis, with great risks for the banking system and financial stability. An exit from the euro would only compound the already adverse environment, as the ensuing acute exchange rate crisis would send inflation soaring.

The Next Great European Financial Crisis Has Begun

by Michael Snyder, The Economic Collapse Blog:
The Greek financial system is in the process of totally imploding, and the rest of Europe will soon follow.  Neither the Greeks nor the Germans are willing to give in, and that means that there is very little chance that a debt deal is going to happen by the end of June.  So that means that we will likely see a major Greek debt default and potentially even a Greek exit from the eurozone.  At this point, credit default swaps on Greek debt have risen 456 percent in price since the beginning of this year, and the market has priced in a 75 percent chance that a Greek debt default will happen.  Over the past month, the yield on two year Greek bonds has skyrocketed from 20 percent to more than 30 percent, and the Greek stock market has fallen by a total of 13 percent during the last three trading days alone.  This is what a financial collapse looks like, and if Greece does leave the euro, we are going to see this kind of carnage happen all over Europe.
Read More…

BREAKING: Texas Just SLAMMED Obama By Passing Toughest Border Security Bill In America

from Americas Freedom Fighters:
As we all know, Obama has created an immigration crisis unlike any other. He has intentionally weakened our southern border to bring in Democratic voters as well as for other destructive reasons. It’s all a part of the big plan to bring down America. That is what he wants and he is doing one hell of a job!
Obama’s illegal amnesty has caused complete chaos for Texas and Governor Abbott has had enough!
Texas Governor Greg Abbott held a ceremony to sign the toughest and most comprehensive border security plan of any state in the United States of America. The legislative package provides historic levels of funding to secure the border, establishes a Child Sex Trafficking Prevention Unit, strengthens penalties for human traffickers, increases funding for the border protection unit, and seeks reimbursement from the federal government for Texas funds spent on border issues.
Read More @ AmericasFreedomFighters.com

The Longest Existential Crisis Ever

from Outsider Club:
A little, “it would be funny if it wasn’t so depressing” feeling has been languishing for years, and how it is being covered has only elevated it to farcical levels.
Alternating bouts of platitudes, threats, and a journalistic requirement to speak with authority and certainty when neither exist, have made the Greece problem a red herring.
Greece does have a problem. A very serious national one. However, the real problem is in the EU, and there are no answers to how to “solve it” because the root of the problem is not being addressed.
Read More @ OutsiderClub.com

“People Can No Longer Buy Retail Gold Coins”

from Gold Core:
A rumour has been making its way around the blogosphere suggesting that gold coins are not available for purchase from retail outlets across Europe. As one of Europe’s larger gold brokerage and storage providers, GoldCore can can confirm that this information is misleading and incorrect.
Martin Armstrong, who is well resourced and whose historical perspectives we sometimes find interesting, wrote about this supposed development recently and it has been taken up by other blogs.
“There is a very curious new development with respect to gold. In many European countries, people can no longer buy retail gold coins for bullion. Shops will buy but no one is selling. Banks that previously offered gold to the public have shut down in Spain. If someone leaves Spain wearing a lot of jewelry, authorities will pull them aside to weigh whatever jewelry they may have.”
Read More @ GoldCore.com

Another Fed "Insider" Quits, Tells The Truth

Submitted by Tyler Durden on 06/17/2015 - 11:03 "The Fed is allowing the [market] tail to wag the [monetary policy] dog... The Fed's credibility itself is at stake... they have backed themselves into a very tight corner... the tightest ever... The hope today is that the current era of easy monetary policy will have no deep economic ramifications. Such thinking, though, may prove to be naive... All retirees’ security is thus at risk when the massive overvaluation in fixed income and equity markets eventually rights itself."

Did Janet Yellen Just Ban A Reporter From The Fed Press Conference For Asking "Difficult" Questions

Submitted by Tyler Durden on 06/17/2015 - 08:38

Swarm: Backlash of Awakening Humanity

from ZenGardner:
The self appointed elites are on the run. We are clearly freaking them out. The astounding rate of our awakening is not anything they were expecting nor counting on. That’s not surprising, considering their arrogance, but search any subject you wish to pursue and you’ll find that despite their algorithms, distorting mechanisms and surveillance they cannot stop the onslaught of truth coming from humanity itself.
This is a reality to be encouraged about. We are a tide of Truth coming at them so fast they honestly do not know how to handle it. We’re dismissed, minimalized, marginalized and disparaged in a host of ways, but they cannot cope with our resilience. Hence their stepped up agenda towards our physical and spiritual weakening. It’s that clear.
Read More @ ZenGardner.com

DAX Pump-And-Dump As Greeks Won't Budge On Pension Cuts

Submitted by Tyler Durden on 06/17/2015 - 11:15 The algo reaction to "Greece is willing to make concessions," was a immediate vertical ramp higher... which was quickly obliterated when the humans read further that Greece "will not cut its existing pensions," thus meaning no deal is close as the EU demands just that. EURUSD has been weaker all morning...

Crude Slides On Cushing, Gasoline Inventory Build, Lower 48 Production Rise

Submitted by Tyler Durden on 06/17/2015 - 10:38 Following last week's major inventory draw (and last night's less than expected API-reported inventory draw), DOE reports a 2.68 million barrel draw (slightly less of a draw than expectations of 2.79 million barrels). End products saw inventories rise considerably more than expected (Gasoline +460k vs -800k exp) and Cushing saw a build (+112k vs -850k exp.). Oil prices dropped on the news despite a very modest drop in production (-0.2%) which was all Alaska (as the Lower 48 saw production rise).

Excluding All That Is Bad, Things Are Good

Submitted by Tyler Durden on 06/17/2015 - 10:22 "...excluding Energy and rate sensitive sectors such as Telecom and Utilities, which have been bringing down the average, most sectors continue to show very strong breadth. In particular, Healthcare, Consumer Discretionary and Financial stocks continue to show very strong uptrends."

Next Financial Calamity Unavoidable-John Embry

from USA Watchdog:



John Embry, Senior Investment Strategist at Sprott Asset Management, says there is no doubt another financial calamity is coming.
In fact, Embry says, “It’s unavoidable. It’s inevitable is the word I would use. There is no getting out of it. If you thought 2008 was bad, and I thought it was terrible, this time, there is no ammunition left. You can’t take interest rates any lower. All you can do is print even more money. That really didn’t work the last time. The safety nets are largely gone if we do run into something untoward, and it could be fairly soon. I don’t think there is really anything left to stave it off. I don’t think they will refuel the period from 2015 to 2020 like they did after 2008. I think it will be much uglier than that.”
Read More @ USAWatchdog.com

Biggest Glut In Recorded Crude-Oil History Taking Shape

Submitted by Tyler Durden on 06/17/2015 - 10:02 The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable. Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show. But as WolfStreet.com's Wolf Richter warns, if Iran and world powers reach an accord on the Islamic Republic’s nuclear program by their June 30 deadline, we’ll be watching the most magnificent oil glut ever building up into next year.

TPP: What You Need to Know

from AMTV:

Greek Bank Bonds Plunge To Record Lows As ELA Haircut Looms

Submitted by Tyler Durden on 06/17/2015 - 09:47 The most sensitive financial instrument to the reality of the situation in Greece is flashing redder than it has ever flashed before. After trading at par just 9 months ago when everyone was proclaiming the Greek crisis over, Greek bank bonds are now trading at a stunning 55 cents on the dollar... For anyone "hoping" that a deal is nigh, real money investors are saying "nein nein nein."

Bundesbank Chief Says "Nein" To Cash Ban

Submitted by Tyler Durden on 06/17/2015 - 09:29 As the calls for a cashless society grow louder, Bundesbank chief Jens Weidmann still believes "every citizen should continue to pay as he wants, so, cash or cashless."

The Obese States Of America, And How To Profit From It

Submitted by Tyler Durden on 06/17/2015 - 09:01 As Americans continue to gain weight, heart attacks and emergency room visits should increase, doughnut consumption will rise, gyms will close, and healthy food stores will be stuck with inventory they cannot sell. But on Wall Street, greed is good. So if someone is going to have a heart attack, there's nothing wrong with making a few bucks from it right?

The Economic Alamo

from International Man:

“And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.” – Luke 2:1, New Testament
“Since the beginning of recorded history, the business of government has been wealth confiscation.” – Ron Holland
It’s a common assumption that governments exist in order to serve the people of a country and that in order to do so, they must be accorded the necessary evils of power and taxation. I believe that the opposite is true, that in the perception of those who rule, power and the ability to exact tax are the very purpose of government, and service to the people is merely a justification for that pursuit.
Read More @ InternationalMan.com

Some Troubling Numbers From The CBO

Submitted by Tyler Durden on 06/17/2015 - 08:14 According to the CBO if the US wants to return back to its long-term debt/GDP average of 38% of GDP, it needs to boost revenues by 14% or slash spending by 13%. Alternatively, if it wants to keep debt/GDP at its current level of 74% of GDP, the US will need to boost revenues by 6% of cut spending by 5.5%.

Another Vital Chokepoint Just Slipped Through DC’s Fingers

from The Wealth Watchman:
For years, Washington has experienced what is basically an exclusively domineering position on the world scene. Since the end of the second World War, the United States government has grown quite accustomed to imposing its will upon the lives of billions of people.  During that stretch of time, most world governments have basically rolled over, and played dead, no matter how egregious the intrusion into their sovereignty was.
Understand though, it wasn’t that these governments or peoples approved of the actions of DC, but because they literally had no other choice.  Think about it, what viable options did the rest of the world really have, confronted with a superpower(who owned nearly 10,000 tonnes of gold), and who’d just finished dropping not one, but two nuclear bombs on a previous competitor?
Read More…

Israeli Flight Bound For NYC U-Turns Mid-Atlantic

Submitted by Tyler Durden on 06/17/2015 - 11:37 El Al Israel Airlines Flight #7 bound for New York City (from Tel Aviv) has, as AirLive.net reports, U-turn'd abruptly as it entered The Atlantic and appears to be heading back to Israel. No details as yet for the dramatic turn...

Summer Camping Trip Ends With The Authorities Tearing Family Apart

from Western Journalism:

In May, Michigan couple Christopher and Antonia Hernandez thought it would be a great experience to take their kids camping. They had recently purchased 10 acres of land and wanted to see what living on their newly acquired land would be like. The couple packed up their supplies, tents, and six kids, and headed to the great outdoors to live off the grid for the summer.
The property was close to a state park, so the couple purchased a pass to use its facilities for their hygiene needs. The family brought a stove to cook on, a generator, solar lights, five 6-gallon tanks of water, food, and animals to help offset the need to purchase food.
Read More @ WesternJournalism.com

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