Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Submitted by Tyler Durden on 06/28/2015 - 17:02 Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

How Could The "Greek Experts" Be So Wrong?

Submitted by Tyler Durden on 06/28/2015 - 20:24 With Greece disintegrating before our very eyes, here are some recent blasts from the recent and not so recent past, showing just how clueless some of the most and least respected, strategists, bureucrats, drama majors, and former Goldman employees have been when it comes to Greece.

Chinese Stocks Are Collapsing, Despite PBOC Hail Mary

Submitted by Tyler Durden on 06/28/2015 - 23:22 The double-rate-cut bounce is dead.
CHINA'S CSI 500 STOCK INDEX FUTURES EXTEND LOSSES TO 5.7%
CHINEXT - China's tech-heavy high beta 'Nasdaq' - is down 7.8% today, 20% in 3 days, and 35% from highs in early June...!
"It's time to wake up," because, the fate of the world is in the hands of illiterate Chinese farmers and Greek grannies.

Chinese 'Double-Rainbow' Rate Cut Fails To Reignite Rally As Grexit Fears Weigh On Global Markets

Submitted by Tyler Durden on 06/28/2015 - 21:42 All that pent-up demand to be ignited among the farmers and housewives of China thanks to a double rate cut (RRR and benchmark) enabled a mere 2.5% bounce in Chinese stocks at the open which has now completely been erased. As The South China Morning Post's George Chen notes, the most dangerous idea gaining traction in the Chinese stock market is the naïve consensus among ordinary investors that no matter how bad the market gets, the Communist Party will eventually rescue everyone. If not them then, as Chen concludes, "It's time to wake up," because, the fate of the world is in the hands of illiterate Chinese farmers and Greek grannies.

The NATO Buildup On Russia's Border - Groundless Pretext For Cold War Revival

Submitted by Tyler Durden on 06/28/2015 - 22:30 Have you picked up on the new trope du jour? We are all encouraged to bask in our innocence as we lament the advent of a new Cold War. The thought has been in the wind for more than a year, of course, at least among some of us. But we witness a significant turn, and I hope this same some of us are paying attention. As of this week, leaders who know nothing about leading, thinkers who do not think and opinion-shaping poseurs such as Tom Friedman are confident enough in their case to sally forth with it: The Cold War returns, the Russians have restarted it and we must do the right thing - the right thing being to bring NATO troops and materiel up to Russia’s borders, pandering to the paranoia of the former Soviet satellites as if they alone have access to some truth not available to the rest of us.

Here Comes "Prexit": Puerto Rico In "Death Spiral", Debts Are "Not Payable", Governor Refuses To "Kick The Can...

Submitted by Tyler Durden on 06/28/2015 - 21:57 As we noted last night, for a whole lot of time nothing at all can happen under the guise of "containment"... and then everything happens all at once. Because not even two full days after Greece activated the "Grexit" emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro García Padilla, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

China Jumps On PBOC Hail Mary, Then Plunges Into Bear Market

Submitted by Tyler Durden on 06/28/2015 - 21:42 All that pent-up demand to be ignited among the farmers and housewives of China thanks to a double rate cut (RRR and benchmark) enabled a mere 2.5% bounce in Chinese stocks at the open which has now completely been erased as Shanghai enters a bear market. As The South China Morning Post's George Chen notes, the most dangerous idea gaining traction in the Chinese stock market is the naïve consensus among ordinary investors that no matter how bad the market gets, the Communist Party will eventually rescue everyone. If not them then, as Chen concludes, "It's time to wake up," because, the fate of the world is in the hands of illiterate Chinese farmers and Greek grannies.

BlackRock’s Warning: Get Your Money Out Of All Mutual Funds

by Dave Kranzler, Investment Research Dynamics:
BlackRock Inc. is seeking government clearance to set up an internal program in which mutual funds that get hit with client redemptions could temporarily borrow money from sister funds that are flush with cash. – Bloomberg News
We may have been early on warning about leaving your savings in the financial system. It’s okay to be too early getting your money out of the system but it’s fatal to be just one second too late. The gates are already in place in money market funds just waiting for the signal to be lowered
BlackRock’s filing with the SEC to enable “have cash” funds to lend to “heavy redemption” funds should send shivers down the spine of anyone with funds invested in any BlackRock fund. In fact, it should horrify anyone invested in any mutual fund.
Read More @ Investmentresearchdynamics.com

Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday

Submitted by Tyler Durden on 06/28/2015 - 12:52 Update: GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI
Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that the CEO of Piraeus Bank just announced Greek banks would remain closed for at least one week; further as reported yesterday, the Greek stock market will also remain closed.

Death of the Dollar – Gresham’s Law and Silver Dimes

from CanadaCoinHunting:

Has America reached a ‘blue screen of death’ moment? A hard reboot now seems inevitable…

by Mike Adams, Natural News:
In just the last week alone, America’s politicians forfeited the nation’s economic future by secretly passing fast track trade authority, California lawmakers accepted bribes from Big Pharma to legalize mass medical genocide against blacks by passing the mandatory vaccination law SB 277, online retailers banned the Confederate flag while promoting Nazi symbolism, howling leftist maniacs began vandalizing historical monuments in cities like Austin Texas, the U.S. Supreme Court declared that words have no meaning in law, and Apple yanked historical Civil War games from its app store because those games showed “Confederate imagery.”
As the United States of America remains inundated with Fukushima radiation and chemtrail geoengineering experiments, it has now surpassed $18 trillion in national debt. Nearly 50 million Americans are on government food stamps, and political correctness is now so insanely absurd that the University of California has ordered its professors to avoid using “offensive” phrases like “land of opportunity.”
Read More @ NaturalNews.com

The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)

Submitted by Tyler Durden on 06/28/2015 - 21:00 It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.

The War On Some Drugs

Submitted by Tyler Durden on 06/28/2015 - 19:50 The only answer to the War on Drugs is the same as that to the equally stupid and destructive War on Demon Rum fought during the ’20s - a repeal of prohibition. The question is really whether you have a right to control your own body and what you ingest. There’s little question that caffeine, cocaine, nicotine, heroin, alcohol, marijuana, sugar, and a thousand other things aren’t good for you, at least not in quantity. But we can’t see how that’s anybody’s business but your own. Once it becomes a matter of state concern, then everything becomes an equally legitimate subject of state attention. Which is pretty much where we are today - well on the way to a police state.

Pension Funds Are "Compromising Their Solvency" OECD Warns

Submitted by Tyler Durden on 06/28/2015 - 19:15 "As pension funds move into riskier investments in search of higher returns to fulfil their pension promises, they may be seriously compromising their solvency situation in the event of a negative shock."

Why We're Headed Toward A "Cashless Society"

Submitted by Tyler Durden on 06/28/2015 - 18:40 "Sometimes, when the government tells you to do something, it’s best to do the opposite." When do you need a stash of cash? When the feds try to outlaw it. Hold some dollars. And some gold. But,what good will cash be after it is declared illegal, we hear you ask? We’re not sure. Maybe we’ve spent too much time in Argentina, where people have more supple and more subtle attitudes to monetary regulations. Trading pesos for dollars, on the black market, is illegal. Do it and they take you for a scofflaw. Don’t do it and they take you for a fool.

A Helpless China Tips Its Hand: A Market Crash "Poses Great Danger To Social Stability"

Submitted by Tyler Durden on 06/28/2015 - 18:04 "The positive wealth effect of the equity market on consumption or aggregate demand is limited in China, but an equity market collapse would hurt millions of mid-class households and pose great danger to the economy and social stability."

Dow Futures Open Down 300 Points, 10Y Yield Tumbles 20bps As EURUSD Plunges Over 200 Pips

Submitted by Tyler Durden on 06/28/2015 - 18:01 Buy-The-Dipping, "Greece doesn't matter", Escape-velocity-forecasting, QE-front-running, Central-Bank-believing asset gatherers everywhere must be salivating at this 'healthy correction' opportunity...

Keynes, The Great Depression And The Coming Great Default

Submitted by Tyler Durden on 06/28/2015 - 17:30 Ideas Have Consequences... In Nazi Germany and Fascist Italy, in Great Britain, in Japan, and in the United States, there was a shift of opinion away from the free market in favor of government economic planning. The supreme mark of this transformation was the acceptance of John Maynard Keynes' unreadable book, The General Theory of Employment, Interest, and Money, which was published in 1936. A new generation of younger economists adopted this book and its outlook, which prevails today. The fascist economic idea of an alliance between government and business became almost universally accepted.

Bill Gates is Celebrated in the Media for the Same Pandemic Warnings that Get Other People Labeled ‘Kooks’

by J. D. Heyes, Natural News:
What does the world’s richest man fear most?
Something that, were someone in the alternative media to utter it, would invite ridicule and disdain.
Yet few in the mainstream media bat an eye or bother to raise doubts when Microsoft founder Bill Gates says his biggest fear is a global pandemic that could swallow nations and kill tens of millions of people.
In a recent interview with Vox‘s Ezra Klein, Gates ticked off several scenarios he summarily rated as likely or unlikely to occur in his lifetime that could kill at least 10 million people. Things like a “big volcanic explosion, gigantic earthquake [or] asteroid” hitting the planet – he once believed they might be likely, but now he rates their risk as “very low.”
Read More @ NaturalNews.com

Top German Politician Blasts Nuland & Carter: "F##k US Imperialism"

Submitted by Tyler Durden on 06/28/2015 - 16:25 With intra-Europe relations hitting a new all-time low; and, having already been busted spying on Merkel, Obama got caught with his hand in Hollande's cookie jar this week, the following exultation from one of Germany's top politicians will hardly help Washington-Brussells relations. As Russia Insider notes, Oskar Lafontaine is a major force in German politics so it caught people’s attention when he excoriated Ash Carter and Victoria Nuland on his Facebook page yesterday... "Nuland says 'F*ck the EU'. We need need an EU foreign policy that stops warmongering US imperialism... F*ck US imperialism!" When he comes out swinging this way, you know something is changing.

Collapsing CDS Market Will Lead To Global Bond Market Margin Call

Submitted by Tyler Durden on 06/28/2015 - 16:00 As we previously noted, liquidity is there when you don't need it, and it promptly disappears once it is in demand. Consider it "cocktease capitalism." If liquidity lasts longer than 4 hours, call the CFTC because you may be experiencing a spoof. Right now, the ultimate spoof is setting up as the credit default swap market collapses, and a global bond market margin call is just around the corner.

Liberals Attacking Confederate Flag Tolerate ISIS Throwing Gays Off Buildings

by Kit Daniels, Infowars:
Unlike the Confederate flag, leftists aren’t demonizing the ISIS flag even though ISIS militants are throwing gays off of high-rise buildings. Not long after the Supreme Court made a decision on same-sex marriages, ISIS posted a video showing four gay men being thrown to their deaths in the Syrian city of Deir ez-Zor.
“Hundreds of people living under the Islamic caliphate gathered to watch the brutal execution,” the Mirror reported. “Spectators can be heard gasping in an atrocious scene as the men died one after another, with their corpses piling up on the ground.”
But even though leftists spent the past week purging the Confederate flag as a so-called symbol of oppression, so far there’s been no nationwide call to similarly ban the ISIS flag.
Read More @ Infowars.com

Dumping the Euro Isn’t a Cure-All: Easy Money Lets Governments Avoid Free-Market Reforms

by Mises Institute, The Daily Bell:
The Greek drama continues to unfold with the risk of “grexit” becoming increasingly likely. Yet, a large majority of the Greek people want to keep the euro. This, however, would require the Greek government to live within its means — something it has not been able to do for decades. With anti-austerity parties gaining strength continent wide, Greece may be the first, but not the last, to leave.
For many years, it has been fashionable among some economists to blame the euro for all of Europe’s problems. Yet, the problem in Europe is not that it has a common currency, but that it has excessive government regulations, spending, and taxation. Economists who suggest that breaking up the euro will solve the region’s economic problems are like people selling gimmicks promising massive weight loss without either exercise or dieting. They want the gains without the pain.
What they really want is just more flexibility to inflate fiat monies. For them, it’s much better to reduce government debt by simply inflating it away — thus sticking it to creditors — than having to take on the painful adjustment of limiting government size to what can be justified only with direct taxation.
Read More @ TheDailyBell.com

The Pursuit Of Food Freedom

from ChrisMartensondotcom:

McDonald’s Is Losing So Much Money They’re Making Their Burgers Bigger

by Anthony Gucciardi, Natural Society:
McDonald’s is losing so much money each month that it has stopped reporting the numbers to the public. Millions of individuals around the world have decided that they will no longer fund the fast food giant’s fake food empire, and are instead adopting real food alternatives into their diet.
But don’t worry, McDonald’s has a new plan. What is it, you may ask? Make the additive-loaded burgers even bigger!
That’s the real announcement from McDonald’s this week that is supposed to help raise up struggling profits and bring back lost customers.
Read More @ NaturalSociety.com

JPMorgan’s Imaginary ‘Silver Hoard’ Is Explained

by Jeff Nielson, Bullion Bulls:
To say that this makes absolutely no sense is the greatest of understatement. Obviously there had to be an ulterior motive to this sham, as JPM would certainly never engage in any behavior to deliberately drive-up the price of silver, which is precisely what it seemed to be doing here. Now, via Bill Holter, we see this “ulterior motive”, plain as day:
…they [i.e. the One Bank] sit on a naked short time bomb of more than 950 million ounces!
How do you defuse an absurdly gigantic, naked-short, time bomb in the silver market? With an absurdly gigantic “hoard” of physical silver, (conveniently) delivered to the market, as needed, to prevent implosion of this time bomb. And (in our criminalized system) if you don’t have a hoard of real silver available for this defusing; imaginary silver will be a perfectly good substitute.
Read More @ BullionBullsCanada.com

"Contained" Greek Contagion Smashes Japanese Banks Lower

Submitted by Tyler Durden on 06/28/2015 - 21:20 Despite all the 'smartest men in the room' proclaiming that Greece doesn't matter, and Greek risks are "contained", Japanese stocks are tumbling led by bank stocks. Topix Banks Index has plunged the most since Feb 2014 (and 2nd most since the Taper Tantrum in 2013).




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