It’s starting to feel like we never actually emerged from the 2008 crisis: the U.S. government and the Federal Reserve simply threw $13 trillion at the crisis
and walked away, hoping that an endless zero-interest-rate-policy
(Zirp) would patch over the cracks in the global financial system. What
we seem to have now is an endless series of rolling crises instead of
one big global crisis. The rolling crises, from Puerto Rico to Greece to
China’s stock market, all have one thing in common – the unraveling of
too much debt. That could rapidly turn into a full-fledged global crisis
if policymakers misdiagnose what’s happening, treating the problems as
isolated crises instead of a interconnected debt hangover from the go-go
years.The plunging price action in industrial commodities this week strongly suggests that debt was not sufficiently purged in the 2008-2009 economic meltdown and debt liquidation is back with a vengeance.
Read More @ WallStreetonParade.com
Utter Desperation: Chinese Police Vow To Arrest "Malicious Short Sellers"
Submitted by Tyler Durden on 07/08/2015 - 23:10 "I Shorted..."
Preparedness Critics Are History's Cannon Fodder
Submitted by Tyler Durden on 07/08/2015 - 23:00 The world is entering a kind of no man’s land, in between the realms of insane denial and utterly obvious crisis. Europe is now destabilizing amid the Greek soap opera (an event that we predicted in January would occur in 2015); China’s stock market bubble is bursting; and the U.S. dollar’s world reserve status is about to be decimated by the global shift toward the International Monetary Fund’s basket currency reserve system. We're afraid we're going to have to say this because we don’t know if anyone else will admit it: Alternative economic analysts were right, and the mainstream choir was either terribly wrong or disgustingly dishonest. However, as most in the liberty movement are well aware, being right is not necessarily a solution to disaster.
Japanese Investors Lose Faith In Draghi - Dump The Most Foreign Bonds In History
Submitted by Tyler Durden on 07/08/2015 - 22:30 Did the narrative just change? With the world's investors having entirely lost faith in China's ability to control its markets, it appears the omnipotence of global central banks is under scrutiny. First the so-called "contained" risks from Greek contagion are non-existent as despite the best efforts of The SNB (and ECB), European stocks and peripheral bonds have tumbled; and now Japanese investors have dumped over JPY 4 trillion foreign bonds in June - the most ever.
Why Grexit Is The Most Likely Outcome
Submitted by Tyler Durden on 07/08/2015 - 22:01 1. Greece is already in default to the IMF2. Greece and the rest of the Eurozone are further apart than ever
3. Capital controls are notoriously hard to unwind
4. The “no” vote protects the Eurozone’s politicians from looking like they pushed Greece out
The "Historic NYSE Halt" Post-Mortem: The Shock And Awe When It All Went Down
Submitted by Tyler Durden on 07/08/2015 - 17:59 What began as a glitch in pre-market trading turned into the NYSE's longest trading halt since Hurrican Sandy battered the East Coast. The ever-increasing complexity of US equity markets combined with an ever-decreasing pool of greater fools leaves windows open on down days (for it appears these 'glitches' only ever occur on down days) for markets to break. While NYSE traders defended the very market structure they have abhorred in the past as evidence that today was "not a failure," we can't help but find CNBC's Scott Wapner's ignorant remarks that "if retail investors want low cost liquid trading they are going to have learn to live with it," the perfect post-mortem for a rigged system brimming with confident insiders ever excited to take mom-and-pop's money.
China Makes Selling For Big Investors Illegal
Submitted by Tyler Durden on 07/08/2015 - 20:15 Having corralled selling by the National Social Security fund earlier this week and after discouraging local reporters from mentioning selling in the press, China has now made it illegal for major shareholders to dump stock over the next six months.
Efforts of Potent Directors IgnoredWhen we first commented on the emerging problems with China’s market bubble, we warned that although a bounce from oversold levels was the most likely outcome, it wasn’t set in stone. It appeared to us that Chinese investors were especially prone to falling for the “potent directors fallacy” (a term coined by Robert Prechter of EWI many years ago) – the belief that powerful decision makers, in this case the central bank and the government – would be willing and able support the market no matter what. Willing they have been – able, less so.
For a long time it has been the general impression that due to its tight control over the banking system and other sectors in the economy, China’s leadership could just “order the markets around”. Investors who were aware of China’s enormous debt problems and its insanely overvalued real estate markets were regularly baffled by the fact that China’s mandarins were apparently capable of arresting any decline in prices or any emerging credit blow-ups with the flick of a finger. Faith in their abilities is currently being shaken to its core. This is highly relevant to the asset bubbles currently underway in other countries, even though what happens in China has little direct effect due to the country’s closed capital account.
Read More @ Acting-Man.com
China Stock Futures Tumble Into Red For 2015 As Crash Protection Costs Hit Record Highs
Submitted by Tyler Durden on 07/08/2015 - 21:21 With more than half of Chinese stocks halted or suspended, traders are scrambling to hedge the potential vacuum under prices when (or if) they ever open again. With options limited to non-existent in China, ETFs around the world are under pressure (with significant discounts to NAV everywhere). The cost of protecting against significant downside is now at its highest on record and the skew (difference between optimists and pessimists) has never been higher... This 'protection' has seemingly relieved some of the vicious cycle selling as yet another round of financing to backfill liquidity holes in broker balance sheets, but Chinese stock futures are trading 2-3% lower in the pre-open (less than might be expected as much driven by margin hike forced unwinds as much as sentiment).
BRICS Bank Officially Launches As Sun Sets On US Hegemony
Submitted by Tyler Durden on 07/08/2015 - 21:00 The long-awaited BRICS bank has officially launched, marking yet another milestone on the road to global de-dollarization and lending further credence to the notion that the sun is finally setting on the US-dominated multilateral institutions that have defined the post-war world and served to underwrite six decades of dollar dominance.
I’d like to start by discussing China, which was routed again last
night, as its various indices lost between 5% and 9% (many of which have
dropped 30% to 40% in the last couple of weeks). Despite the moves to
cut rates, stop short selling, and curtail selling by state-oriented
institutions, stocks there continue to be hammered. (Imagine how
panicked American investors would be if the Fed made those sorts of
changes and they were ineffective.)China Just Experienced A Stock Market Crash
Apparently, after last night’s action, nearly 27% of the total listed companies in China, which is about $1.4 trillion of equity, have seen their trading suspended or are “limit down” and thus are also unable to trade. In effect, China has just experienced a stock market crash, perversely, after having tried to do what the Fed, Bank of Japan, ECB, and Bank of England have done — i.e., goose their stock market to try and boost their economy — and it appears to have blown up in their face.
Bill Fleckenstein continues @ KingWorldNews.com
from KingWorldNews:
Richard Russell: “The prevailing worry is about whether Greece will
or will not exit the euro. From the stock market’s standpoint this is a
nonevent. The only ramification would be if Greece left the Eurozone and
this set off a parade of followers such as Portugal, Spain and even
Italy.
Personally, I am much more worried about the building bear market in China and the planet’s second largest economy sinking into a recession … there is no telling the ramifications. One immediate result would be less movement of goods, and this may be showing in the Transports.
Richard Russell Continues @ KingWorldNews.com
Richard Russell: “The prevailing worry is about whether Greece will
or will not exit the euro. From the stock market’s standpoint this is a
nonevent. The only ramification would be if Greece left the Eurozone and
this set off a parade of followers such as Portugal, Spain and even
Italy.Personally, I am much more worried about the building bear market in China and the planet’s second largest economy sinking into a recession … there is no telling the ramifications. One immediate result would be less movement of goods, and this may be showing in the Transports.
Richard Russell Continues @ KingWorldNews.com
Caught On Tape: The Other Crisis Happening In Greece
Submitted by Tyler Durden on 07/08/2015 - 20:00 With all eyes firmly focused on pensioners at the gate and ATM lines, there is another - just as cruel and unusual - crisis occurring in Greece. Europe's immigration 'problem' is front-and-center on the island of Lesvos, as KeepTalkingGreece reports, unbelievable scenes as refugees try to raid a food truck. No, this is not Somalia...
from Gold Silver Worlds:
An insolvent Greece has defaulted. On June 30th, officials missed
repayment of billions in lMF loans and declared a banking holiday.
Predictably, many Greek citizens responded to the crisis and bought gold coins. So did a lot of people here in the U.S. and around the world. You just wouldn’t know it by looking at spot prices.
The regular disconnect between the futures markets, where spot prices are set, and the physical markets reveals a growing problem. The link between the spot price and physical demand is thin at best. That is why the base price for gold coins in an Athens coin shop can get cheaper, but the all-in cost of buying the coins goes up as the line of buyers grows.
Read More @ GoldSilverWorlds.com
An insolvent Greece has defaulted. On June 30th, officials missed
repayment of billions in lMF loans and declared a banking holiday.
Predictably, many Greek citizens responded to the crisis and bought gold coins. So did a lot of people here in the U.S. and around the world. You just wouldn’t know it by looking at spot prices.The regular disconnect between the futures markets, where spot prices are set, and the physical markets reveals a growing problem. The link between the spot price and physical demand is thin at best. That is why the base price for gold coins in an Athens coin shop can get cheaper, but the all-in cost of buying the coins goes up as the line of buyers grows.
Read More @ GoldSilverWorlds.com
There's No Hope For A Deal "Priced In" Greek Bank Bonds
Submitted by Tyler Durden on 07/08/2015 - 19:30 With equity markets jumping vertically on every possible 'hope' of a deal - no matter what the consequence - we look to the asset class that is a) not driven by headline-reading algos and HFT, and b) is by far the most sensitive to reality - Greek Bank Bonds... and they are carnaging!!
What Greece, Cyprus, And Puerto Rico Have In Common
Submitted by Tyler Durden on 07/08/2015 - 19:00 We all know one thing that Greece, Cyprus, and Puerto Rico have in common – severe financial problems. There is something else that they have in common – a high proportion of their energy use is from oil. Most people don’t understand that our world economy runs on cheap energy.
Crisis Investing Visualized
Submitted by Tyler Durden on 07/08/2015 - 18:35 History does not repeat itself, but it often rhymes. This could not be truer for crisis investing. Between China’s stock market and the debt troubles of Greece and Puerto Rico, it is clear that we could be entering a time of potential financial crisis. Every situation is unique, but generally the types of asset classes that protect investors in times of crisis are not necessarily the same as those during a bull run. Therefore, it’s worth taking a look at five previous periods of distress to see the returns of conventional and alternative asset classes.
Chinese Media Blames Soros, "Hostile" Foreigners For Stock Bloodbath
Submitted by Tyler Durden on 07/08/2015 - 18:29 You might be tempted to suspect that the inevitable unwind of a completely unsustainable margin mania is to blame for the brutal selling that has cost Chinese shares some $3.5 trillion in market value over the last three weeks. But you’d be wrong, according to several Chinese newspapers.
108 Greeks Executed For Abusing The Welfare System
Submitted by Tyler Durden on 07/08/2015 - 18:10 Modern Greece is legendary for its absurd public benefits. This modern-day version of ‘xenia’ is an insane, easily abused system that’s brought Greece to bankruptcy. Upon return from his adventures, Odysseus responded by killing every one of 108 men who milked the system. The Greek government is certainly set on doing the same. But since they can’t identify any single perpetrator, they’re going after the entire nation.
Bill Gross Misses His Own Big Short Call - Again
Submitted by Tyler Durden on 07/08/2015 - 17:45 Did Bill Gross learn a lesson about second guessing himself after missing out on the great Bund battering he predicted in April? According to Bloomberg, the answer is “no."Stocks Slammed On Belligerent Merkel, Broken Markets, & Bearish Minutes
Submitted by Tyler Durden on 07/08/2015 - 17:36
Greece Illustrates 150 Years Of Socialist Failure In Europe
Submitted by Tyler Durden on 07/08/2015 - 17:20 We see the result of 150 years of European socialism playing out in grand style in Greece today. The producing countries are beginning to realize that they have been robbed by the EU’s socialist guarantee that no nation will be allowed to default on its bonds. Greece merely accepted this guarantee at face value and spent itself into national bankruptcy. Other EU nations are not far behind. It’s time to give free market capitalism and sound money a chance: it’s worked every time it’s been tried.
Getting Ridiculous: 70% Of Alcoa's LTM "Earnings" Are From Restructuring Charges
Submitted by Tyler Durden on 07/08/2015 - 16:55 At this point the EPS accounting fudgery is so ridiculous, even 5-year-olds get it.from TheAlexJonesChannel:
by Barbara Hollingsworth, CNS News:
Obamacare is exhibiting early signs of a “death spiral” as hundreds of
insurance plans listed on the federally-run exchanges in 37 states and
the District of Columbia request double-digit premium increases for
2016, says David Hogberg, a health care analyst and senior fellow at the
National Center for Public Policy Research (NCPPR).
A “death spiral” – which is the insurance pool equivalent of a bankruptcy – occurs when rising premiums force younger, healthier people to drop their insurance coverage due to the increased cost. But their exodus leaves the remaining “risk pool” older, sicker and more expensive to insure than before, necessitating further rate hikes.
Thirteen percent of the people who signed up for Obamacare in 2015 have already been dropped from coverage because many of them failed to pay their share of the subsidized premiums, The New York Times reported.
And that’s before the premiums on many policies are due to skyrocket next year.
Read More @ CNSnews.com
Obamacare is exhibiting early signs of a “death spiral” as hundreds of
insurance plans listed on the federally-run exchanges in 37 states and
the District of Columbia request double-digit premium increases for
2016, says David Hogberg, a health care analyst and senior fellow at the
National Center for Public Policy Research (NCPPR).A “death spiral” – which is the insurance pool equivalent of a bankruptcy – occurs when rising premiums force younger, healthier people to drop their insurance coverage due to the increased cost. But their exodus leaves the remaining “risk pool” older, sicker and more expensive to insure than before, necessitating further rate hikes.
Thirteen percent of the people who signed up for Obamacare in 2015 have already been dropped from coverage because many of them failed to pay their share of the subsidized premiums, The New York Times reported.
And that’s before the premiums on many policies are due to skyrocket next year.
Read More @ CNSnews.com
by Steve Watson, Infowars:
In a stark interview this morning, Senator Rand Paul intimated that he firmly believes Hillary Clinton knowingly lied
to Congress regarding arming Islamic terrorists with US weapons. “I
find it hard to believe Hillary Clinton didn’t know. In fact she was the
biggest cheerleader for redistributing these arms to Syrian rebels.”
Paul said on Fox News Channel’s America’s Newsroom.
“The reason this is an important issue is many of these people who received the arms are not friends of America.” the Senator continued.
“Many of them are linked to al Qaeda and al Nusra and some of these weapons may well have ended up in the hands of people who became ISIS. So this is no small fact. Whether or not she told the truth is a big deal.” the presidential candidate also urged.
Read More @ Infowars.com
In a stark interview this morning, Senator Rand Paul intimated that he firmly believes Hillary Clinton knowingly lied
to Congress regarding arming Islamic terrorists with US weapons. “I
find it hard to believe Hillary Clinton didn’t know. In fact she was the
biggest cheerleader for redistributing these arms to Syrian rebels.”
Paul said on Fox News Channel’s America’s Newsroom.“The reason this is an important issue is many of these people who received the arms are not friends of America.” the Senator continued.
“Many of them are linked to al Qaeda and al Nusra and some of these weapons may well have ended up in the hands of people who became ISIS. So this is no small fact. Whether or not she told the truth is a big deal.” the presidential candidate also urged.
Read More @ Infowars.com
from RT:
by Christina Sarich, Natural Society:
An article published at Business Insider spotlights a new survey from Pew Research Center which says
two-thirds of Americans interviewed think that scientists don’t fully
understand GMOs, and therefore cannot guarantee people are safe if they
eat genetically modified food.
The article goes on to explain that this ‘flies in the face of any logic,’ seemingly ignorant of the fact that Americans have realized that an industry which pays for its own studies can’t be believed. Even the PhD’s and professors with long lists of credentials can’t be taken seriously. Regardless of biotech-funded studies finding GMOs to be ‘safe,’ GMO studies conducted outside of the industry gag-practice point out some very obvious things to be wary about. How do you take scientists with known connections to Monsanto or Pfizer seriously, or Universities who receive huge donations from biotech so large that they build entire departments around those donations? I mean, we should at least be questioning the claims, right? It was even arguably revealed that Monsanto has an entire department meant to discredit any scientist who dares to argue against biotech’s claims.
Read More @ NaturalSociety.com
An article published at Business Insider spotlights a new survey from Pew Research Center which says
two-thirds of Americans interviewed think that scientists don’t fully
understand GMOs, and therefore cannot guarantee people are safe if they
eat genetically modified food.The article goes on to explain that this ‘flies in the face of any logic,’ seemingly ignorant of the fact that Americans have realized that an industry which pays for its own studies can’t be believed. Even the PhD’s and professors with long lists of credentials can’t be taken seriously. Regardless of biotech-funded studies finding GMOs to be ‘safe,’ GMO studies conducted outside of the industry gag-practice point out some very obvious things to be wary about. How do you take scientists with known connections to Monsanto or Pfizer seriously, or Universities who receive huge donations from biotech so large that they build entire departments around those donations? I mean, we should at least be questioning the claims, right? It was even arguably revealed that Monsanto has an entire department meant to discredit any scientist who dares to argue against biotech’s claims.
Read More @ NaturalSociety.com
by Mike Adams, Natural News:
ward-winning investigative journalist and conspiracy analyst Jim Marrs has just released a new book entitled Population Control – How Corporate Owners are Killing Us.
The phenomenal new book explores how the G.O.D. syndicate — the “global monopoly of Guns, Oil, and Drugs” — is destroying America. I haven’t yet read the book, but knowing that it comes from Jim Marrs is all I need to know. Marrs is one of the last remaining true investigative journalists in America today. He’s fearless, thorough and highly intelligent. He brings to his writings a vast knowledge of history, true conspiracies, corruption and collusion throughout government and industry.
Nobody on the planet can put together a book like Jim Marrs. That’s why we’re honored to run an excerpt from his book (below). If you’d like to pick up Population Control for yourself:
Read More @ NaturalNews.com
ward-winning investigative journalist and conspiracy analyst Jim Marrs has just released a new book entitled Population Control – How Corporate Owners are Killing Us.The phenomenal new book explores how the G.O.D. syndicate — the “global monopoly of Guns, Oil, and Drugs” — is destroying America. I haven’t yet read the book, but knowing that it comes from Jim Marrs is all I need to know. Marrs is one of the last remaining true investigative journalists in America today. He’s fearless, thorough and highly intelligent. He brings to his writings a vast knowledge of history, true conspiracies, corruption and collusion throughout government and industry.
Nobody on the planet can put together a book like Jim Marrs. That’s why we’re honored to run an excerpt from his book (below). If you’d like to pick up Population Control for yourself:
Read More @ NaturalNews.com
from The Burning Platform:
I love those fantasy stories about central bankers being all-powerful
and able to levitate stock markets forever. They make me all warm and
fuzzy. In case you hadn’t noticed, the Chinese central bankers and
communist party politicians have been desperately trying to stop their
stock market from crashing. EPIC FAIL!!!
It plunged another 5% overnight. They have halted trading on 40% of their stocks and it keeps falling. They ban short selling and it continues to fall. They ban the press from talking negatively about the stock market and it keeps falling. They instruct their government agencies to buy stocks and it continues to fall. The omnipotence of central bankers is being proven to be a fraud.
Read More @ TheBurningPlatform.com
I love those fantasy stories about central bankers being all-powerful
and able to levitate stock markets forever. They make me all warm and
fuzzy. In case you hadn’t noticed, the Chinese central bankers and
communist party politicians have been desperately trying to stop their
stock market from crashing. EPIC FAIL!!!It plunged another 5% overnight. They have halted trading on 40% of their stocks and it keeps falling. They ban short selling and it continues to fall. They ban the press from talking negatively about the stock market and it keeps falling. They instruct their government agencies to buy stocks and it continues to fall. The omnipotence of central bankers is being proven to be a fraud.
Read More @ TheBurningPlatform.com
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