from AMTV:
IMF Bolsters Greek "No" Vote, Says Country Needs Much Bigger Debt Haircut
Submitted by Tyler Durden on 07/02/2015 - 11:11 According to a report prepared prior to capital controls and the banking sector meltdown, any deal that included creditor concessions on fiscal reforms would mean Greece's debt load would have to be written down.
Varoufakis Will Resign If Referendum Passes, Says Would Rather "Cut Off Arm" Than Sign
Submitted by Tyler Durden on 07/02/2015 - 08:43 "With banks shuttered and Greece’s economy hobbled by capital controls, Varoufakis said in a Bloomberg Television interview in Athens that he would “rather cut my arm off” than sign a deal that fails to restructure Greece’s debt."
China State Official Hints Beijing May Bailout Greece
Submitted by Tyler Durden on 07/02/2015 - 12:55 "I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability," Fan Mingtao director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics told Sputnik China. It would be difficult to imagine a more fitting pilot program for the world’s newest supranational lender than a rescue package for the birthplace of Western democracy which has been brought to its knees by that most Western of all multilateral institutions, the IMF.Coming to your area...
from RT:
Beware Of Greeks Bearing Referenda
Submitted by Tyler Durden on 07/02/2015 - 12:33 It appears the sovereign peoples of Europe would not go gently into a Federal States of Europe night. Investors need to prepare for the inevitable political solution: referendums across Europe on the constitution of the Federal States of Europe needed to sustain the Euro. Events this weekend will trigger the search for the democratic legitimacy for the single currency and the centralised constitution it requires... or the demise of the unelected 'king Juncker' and 'queen Lagarde' of the Federal States of Europe.
With Sweden's QE Officially Broken, The Riksbank Doubles Down: Lowers Rates Even More Negative; Boosts QE
Submitted by Tyler Durden on 07/02/2015 - 08:04 Overnight the Riksbank confirmed that it neither learns from its own mistakes, nor reads BIS reports when at 9:30 CET, it shocked central bank watcher all of whom were expecting no rate change from the bank, and announced it is not only engaging in yet another rate cut, taking the key rate even further into record NIRP territory, from -0.25% to -0.35% but adding insult to broken QE injury, it would expand its QE by a further SEK 45 billion starting in September. The reason? Sweden is realizing it is losing the currency war (to a great extent due to its failed QE which is pushing bond yields higher and with it, its currency) and it needs to soak up even more collateral... which can barely be found.
The Last Time This Happened In Credit, Bernanke Unleashed QE3
Submitted by Tyler Durden on 07/02/2015 - 12:07 While Carl Icahn's latest ramblings have brought attention to the 'bubble' in high-yield debt, we would note that the HY market has already dramatically diverged from the ongoing bubble in US equities and as we have been discussing for the past year, this is exactly the pattern we saw in 2008. However there is another aspect of the HY market that is flashing red, High yield debt downgrades are the highest since Lehman and the upgrade / downgrade ratio has tumbled to its lowest since the crisis... The last time this happened, Bernanke unleashed QE3 - are we about to see the same in a massive surprise to markets?
from KingWorldNews:
Last night China hit the skids again, as that market dropped about 5%,
and the situation there is obviously looking quite dicey. Meanwhile, yet
again, hopes for a Greek deal saw Europe rally around 2.5% before
backing off a bit (even as no miracle occurred), ultimately closing
roughly 2% higher.
Greece-ing the Skids
How anyone could think a deal will be done before the referendum on Sunday, I don’t know (then again, I am no expert on Greece, though I have tried to read everything that seems pertinent lately). Based on everything I’ve seen, there’s no way anything could possibly be resolved before a vote, and my gut feeling is that the Greeks will vote no. However, it would seem that most everyone is certain this is going to work out just fine. At the moment, this is more of a mental exercise for me, as I’m not making any investments predicated on the outcome in Greece, though obviously more hostility with the EU — and whatever fallout that creates — won’t be good for anyone.
Bill Fleckenstein continues @ KingWorldNews.com
Last night China hit the skids again, as that market dropped about 5%,
and the situation there is obviously looking quite dicey. Meanwhile, yet
again, hopes for a Greek deal saw Europe rally around 2.5% before
backing off a bit (even as no miracle occurred), ultimately closing
roughly 2% higher. Greece-ing the Skids
How anyone could think a deal will be done before the referendum on Sunday, I don’t know (then again, I am no expert on Greece, though I have tried to read everything that seems pertinent lately). Based on everything I’ve seen, there’s no way anything could possibly be resolved before a vote, and my gut feeling is that the Greeks will vote no. However, it would seem that most everyone is certain this is going to work out just fine. At the moment, this is more of a mental exercise for me, as I’m not making any investments predicated on the outcome in Greece, though obviously more hostility with the EU — and whatever fallout that creates — won’t be good for anyone.
Bill Fleckenstein continues @ KingWorldNews.com
Most people don't have a clue that they're Screwed...
The Coming Era Of Pension Poverty
Submitted by Tyler Durden on 07/02/2015 - 11:41 Assuming "growth" will fund all promised pensions and entitlements is magical thinking. We're going to have to do better than indulge our Spoiled Brat Economy mindset because "we wuz promised." What we were promised based on faulty assumptions, faulty projections and wishful thinking no longer matters.
by Jeff Nielson, BullionBullsCanada:
Yesterday (in the post preceding this); I criticized Zero Hedge and Jim Sinclair’s site (et al) for “Chicken Little journalism”. They were warning their audience that a Greek debt-default would lead to “a global bond margin call”.
My response to this flawed analysis was to point out that Greece already defaulted, at the end of 2011 — and while holding three times the amount of debt. And every penny of those billions in euros was also “backed” by the same, fraudulent credit-default swap “insurance”.
Was there a “global bond margin call” in 2012? No. What did happen? Nothing. The same Big Banks who underwrite the $10’s of TRILLIONS of this fraudulent pseudo-insurance are also allowed to “self-regulate” their own market.
Read More @ BullionBullsCanada.com
Yesterday (in the post preceding this); I criticized Zero Hedge and Jim Sinclair’s site (et al) for “Chicken Little journalism”. They were warning their audience that a Greek debt-default would lead to “a global bond margin call”.
My response to this flawed analysis was to point out that Greece already defaulted, at the end of 2011 — and while holding three times the amount of debt. And every penny of those billions in euros was also “backed” by the same, fraudulent credit-default swap “insurance”.
Was there a “global bond margin call” in 2012? No. What did happen? Nothing. The same Big Banks who underwrite the $10’s of TRILLIONS of this fraudulent pseudo-insurance are also allowed to “self-regulate” their own market.
Read More @ BullionBullsCanada.com
Stocks Slump Into The Red After IMF Comments
Submitted by Tyler Durden on 07/02/2015 - 11:17 While "Greece doesn't matter," the comments by The IMF that Greece needs its debt restructured and thus the creditors' proposals should be implicitly said "Oxi" to, has spooked US equity markets on this quiet illiquid day...
German Deja Vu: Merkel Summons US Ambassador Over New Spying Claims
Submitted by Tyler Durden on 07/02/2015 - 11:01 It would appear the most transparent administration ever is in trouble with an 'ally' once again. Following its wrist-slap from France last week, and its previous quasi-admission of spying on Merkel and her senior officials (which we are sure President Obama said would never happen again - better to ask for forgiveness than permission?), The Guardian reports Angela Merkel’s chief of staff has asked the US ambassador for a meeting to discuss the latest reports of alleged US spying on Germany.
Americans Not In The Labor Force Soar By 640,000 To Record 93.6 Million; Participation Rate Drops To 1977 Levels
Submitted by Tyler Durden on 07/02/2015 - 10:53 The devastation of the US labor force continues.Russia Gets Involved: Tells Europe To Respect The Greek Choice
Submitted by Tyler Durden on 07/02/2015 - 10:46 While Russia has been quiet on the sidelines of the Greco-European austerity-for-cash wrestling death match, offering assistance if it is needed and making new friends, it appears Putin is now getting more vocally involved:*RUSSIA URGES EU TO RESPECT GREECE'S CHOICE IN REFERENDUM: RIA
*RUSSIAN ENVOY SEES NO THREAT OF GREEK EXIT FROM EURO AREA: RIA
A well-timed show of support for Greece from its potential alternate big brother may just be the ammo that Tspiras needs to reassure the people that they should vote without fear. With 3 days to go, we suspect fearmongering will rise.
from Junius Maltby:
Since 2007 The US Has Lost 1.4 Million Manufacturers, Gained 1.4 Million Waiters And Bartenders
Submitted by Tyler Durden on 07/02/2015 - 10:37 Presented without comment.
Fed Whisperer Hilsenrath Hints: Despite Jobs Miss, Yellen Will Hike In 2015
Submitted by Tyler Durden on 07/02/2015 - 10:24 There are two narratives, according to WSJ's Fed whisperer Jon Hilsenrath, that need to be considered when judging the Fed's next steps. First is, the economy stumbled in Q1 but everything will be awesome going forward (so we should hike rates); and a second newer narrative is the turmoil overseas which could be exaggerated by Fed actions. Hilsenrath hints today that despite the miss in jobs data, it remains above 200,000 and "suggests the U.S. economy finished the first half of the year with a solid foundation to weather turbulence from overseas," giving The Fed room to hike.
Factory Orders Scream Recession: Annual Drop Biggest Since 2008
Submitted by Tyler Durden on 07/02/2015 - 10:10 This has never happened outside of recession... Year-over-year, factory orders dropped 6.3% (adjusted) but 8% non-adjusted, the most since the financial crisis. Against expectations of a 0.5% drop MoM, manufacturers saw new orders tumble 1.0% and previous months were revised dramatically lower. Factory orders has now missed 10 of the last 11 months.
Part-Time Jobs Surge By 161,000; Full-Time Jobs Tumble By 349,000
Submitted by Tyler Durden on 07/02/2015 - 09:35 The composition of the US labor force once again deteriorated rapidly with part-time jobs added in June surging by 161,000 while the number of full time jobs tumbled by 349,000.
Goldman "Conspiracy Theory" Validated As ECB Expands QE Program
Submitted by Tyler Durden on 07/02/2015 - 09:31 The ECB has expanded the list of PSPP-eligible SSA bonds, setting the stage for more ECB QE and turning one more conspiracy "theory" into conspiracy "fact."
Is Saudi Arabia Leaving The U.S. Behind For Russia?
Submitted by Tyler Durden on 07/02/2015 - 09:17 The news from the recent St. Petersburg Economic Forum, which took place from June 18 to 20, inspired a torrent of speculation on the future direction of energy prices. But the real buzz at the conference was the unexpected but much publicized visit of the Saudi Deputy Crown Prince, as an emissary of the King. The unusually high level delegation from a long-time ally and protectorate of the U.S., like Saudi Arabia, visiting a Russian sponsored economic conference, in a country sanctioned by the U.S. was news enough but could be the first sign of an emerging partnership between the two greatest global oil producers.
Payrolls Reaction: Stocks, Bonds, Bullion Bid; Dollar Dump-And-Pump
Submitted by Tyler Durden on 07/02/2015 - 08:55 The kneejerk reaction to the "miss" in jobs data is that it is great news... and reduces the probability of rate hike being imminent. Stocks are bid (hovering at yesterday's highs), bonds rallied (yields down 4-6bps), gold popped (after being dumped into the print) and the Dollar is tumbling (though seeing a bid and bouncing back)... bad news is good news it seems...from GregoryMannarino:
by Catherine J. Frompovich, Activist Post:
J. Marvin Herndon (born 1944) is an American interdisciplinary
scientist, who earned his BA degree in physics in 1970 from the
University of California, San Diego and his Ph.D. degree in nuclear
chemistry in 1974 from Texas A&M University. For three years, J.
Marvin Herndon was a post-doctoral assistant to Hans Suess and Harold C.
Urey in geochemistry and cosmochemistry at the University of
California, San Diego. He is the President of Transdyne Corporation in
San Diego, California. A listing of more than a dozen of his
peer-reviewed papers can be found on Dr. Herndon’s Wikipedia page.
January 20, 2015, Dr. Herndon published his concerns about weather
geoengineering on GeoengineeringWatch.org’s website. [1]
After reading Dr. Herndon’s June 2015 article, “Aluminum poisoning of humanity and Earth’s biota by clandestine geoengineering activity: implications for India,” [Current Science, Vol. 108, No. 12, 25 June 2015, 2173-2176] I just had to interview him, since what he discussed needs to be mainstreamed globally—something the controlled media and vested interests are discouraging, and even preventing. So, following is my extensive interview with Dr. Herndon.
Read More @ ActivistPost.com
J. Marvin Herndon (born 1944) is an American interdisciplinary
scientist, who earned his BA degree in physics in 1970 from the
University of California, San Diego and his Ph.D. degree in nuclear
chemistry in 1974 from Texas A&M University. For three years, J.
Marvin Herndon was a post-doctoral assistant to Hans Suess and Harold C.
Urey in geochemistry and cosmochemistry at the University of
California, San Diego. He is the President of Transdyne Corporation in
San Diego, California. A listing of more than a dozen of his
peer-reviewed papers can be found on Dr. Herndon’s Wikipedia page.
January 20, 2015, Dr. Herndon published his concerns about weather
geoengineering on GeoengineeringWatch.org’s website. [1] After reading Dr. Herndon’s June 2015 article, “Aluminum poisoning of humanity and Earth’s biota by clandestine geoengineering activity: implications for India,” [Current Science, Vol. 108, No. 12, 25 June 2015, 2173-2176] I just had to interview him, since what he discussed needs to be mainstreamed globally—something the controlled media and vested interests are discouraging, and even preventing. So, following is my extensive interview with Dr. Herndon.
Read More @ ActivistPost.com
by Andrew Hoffman, Miles Franklin:
The inevitable “end game” we’ve long written of – of a loss of
confidence in the purveyors of history’s largest fiat Ponzi scheme – has
never been nearer. Yesterday’s horrific financial market action – in
which, relentless Cartel pressure notwithstanding, gold was nearly the
only asset in positive territory, was but a taste of what’s coming.
Shades of 2008 were clearly in the air – with financial “depth charges”
launched from ports as far-reaching as China; Puerto Rico; and of
course, Greece. Aside from “triple-A” sovereign bonds like those of
Germany and the U.S. – and gold, of course – every other market was
annihilated; from equities, to “lesser” sovereign bonds and commodities.
That said, watching the trapped rats that are today’s “powers that be” deploy their market manipulating algorithms, derivatives, and other “weapons of mass financial destruction” to “save” the markets was truly a sight to see – with a blatancy so pronounced, even the most inexperienced market watcher would have difficulty missing them. Sure enough, barely 12 hours later, the “rumor mill” of a “potential Greek deal” was churned, featuring speculation that Jean-Claude Juncker – the criminal President of the European Union, whose ominous comment that “we all win or we all lose” inspired yesterday’s must hear Audioblog – offered a “last second offer” to Greece; essentially, begging them to borrow more money under usurious terms, to “save our Ponzi scheme – please!”
Read More @ MilesFranklin.com
The inevitable “end game” we’ve long written of – of a loss of
confidence in the purveyors of history’s largest fiat Ponzi scheme – has
never been nearer. Yesterday’s horrific financial market action – in
which, relentless Cartel pressure notwithstanding, gold was nearly the
only asset in positive territory, was but a taste of what’s coming.
Shades of 2008 were clearly in the air – with financial “depth charges”
launched from ports as far-reaching as China; Puerto Rico; and of
course, Greece. Aside from “triple-A” sovereign bonds like those of
Germany and the U.S. – and gold, of course – every other market was
annihilated; from equities, to “lesser” sovereign bonds and commodities.That said, watching the trapped rats that are today’s “powers that be” deploy their market manipulating algorithms, derivatives, and other “weapons of mass financial destruction” to “save” the markets was truly a sight to see – with a blatancy so pronounced, even the most inexperienced market watcher would have difficulty missing them. Sure enough, barely 12 hours later, the “rumor mill” of a “potential Greek deal” was churned, featuring speculation that Jean-Claude Juncker – the criminal President of the European Union, whose ominous comment that “we all win or we all lose” inspired yesterday’s must hear Audioblog – offered a “last second offer” to Greece; essentially, begging them to borrow more money under usurious terms, to “save our Ponzi scheme – please!”
Read More @ MilesFranklin.com
by Paul Joseph Watson, Infowars:
Following warnings by the federal government that terrorists may be
planning to attack Independence Day events, FBI agents are reportedly
telling friends and family members to avoid major July 4 celebrations.
Read More @ Infowars.com
Following warnings by the federal government that terrorists may be
planning to attack Independence Day events, FBI agents are reportedly
telling friends and family members to avoid major July 4 celebrations.
Gateway Pundit’s Jim Hoft cites
an “inside source” who told him that, “FBI agents are telling their
friends and family members to avoid “official celebrations.”
Hoft also claims that the FBI has canceled vacation for all its
agents for the duration of the weekend. Earlier this week, the
Department of Homeland Security and the FBI issued alerts to local law enforcement and urged Americans to “remain vigilant” for this weekend’s July 4 events.Read More @ Infowars.com
by Pam Martens and Russ Martens, Wall Street on Parade:
Greece has two things in common with bankrupt or teetering parts of the United States: it took advice and money from Wall Street
while paying huge fees; now the catastrophic results of that bad advice
is falling on the backs of the poor and most vulnerable citizens. In
fact, we’re all Greeks now.
From the $1.2 trillion in student debt now on the backs of U.S. college students, a growing number of whom are turning to prostitution to keep up, to teetering Puerto Rico, the bankruptcy of Jefferson County, Alabama in 2011, Detroit’s bankruptcy in 2013, Wall Street was on hand to grease the skids or set the train wreck in motion.
As Greece pensioners line up outside of banks today to receive a fraction of their monthly pension, Puerto Rico has acknowledged it can’t pay its $72 billion in debt and has imposed a stunning 11.5 percent sales tax on its struggling citizens.
Read More @ WallStreetonParade.com
Greece has two things in common with bankrupt or teetering parts of the United States: it took advice and money from Wall Street
while paying huge fees; now the catastrophic results of that bad advice
is falling on the backs of the poor and most vulnerable citizens. In
fact, we’re all Greeks now.From the $1.2 trillion in student debt now on the backs of U.S. college students, a growing number of whom are turning to prostitution to keep up, to teetering Puerto Rico, the bankruptcy of Jefferson County, Alabama in 2011, Detroit’s bankruptcy in 2013, Wall Street was on hand to grease the skids or set the train wreck in motion.
As Greece pensioners line up outside of banks today to receive a fraction of their monthly pension, Puerto Rico has acknowledged it can’t pay its $72 billion in debt and has imposed a stunning 11.5 percent sales tax on its struggling citizens.
Read More @ WallStreetonParade.com
/
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