Submitted by Tyler Durden on 07/15/2015 - 11:40 The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) was just annotated by Yanis Varoufakis as it pertains to ordinary Greek citizens. As the former finance minister writes "The original text is untouched with my notes confined to square brackets (and in red). Read and weep…"
Syriza Defections Mount Ahead Of Greek Parliament Vote On "Humiliating" Bailout
Submitted by Tyler Durden on 07/15/2015 - 09:20 Today, the Greek parliament is being asked to legislate away its sovereignty in exchange for a bridge loan and a third bailout program that should allow the country to remain in the euro. Facing a rebellion from within Syriza, Tsipras will have to rely on opposition party support to secure approval for what is effectively a German coup.
Rep. Sean Duffy Crushes Yellen: "If Anyone Is Trying To Sweep This Leak Under The Rug - It's The Fed"
Submitted by Tyler Durden on 07/15/2015 - 12:21 We said previously that today's "Humphrey-Hawkins" testimony Q&A would be punchy and sure enough while Chairman Hensarling took an early swing, Wisconsin Rep. Sean Duffy was the man to go toe-to-toe with Janet "I am the law" Yellen over the Fed's stunning ignorance of Congressional legal proceedings. "You did nothing," he begins, "you're so concerned about bringing the leaker to the forefront that what will you do? Nothing!" Yellen replies, reading from a seemingly prepared statement, The Fed has "clear rules" for leak investigations and Duffy cuts her off with a sharp upper cut, "That's true, you did not follow those rules.. if anyone is trying to sweep this under the rug, it is The Fed!" We suspect somewhere Pedro da Costa is smirking...
'Paper' Gold ETF Tumbles To 5-Year Lows
Submitted by Tyler Durden on 07/15/2015 - 11:07 Last night we asked "is the paper gold selling over?" Judging by today's plunge in GLD - the biggest Gold ETF - to 5 year lows, it has a way to go...
Gold & Silver Slammed As EURUSD Plunges To 1.09 Handle
Submitted by Tyler Durden on 07/15/2015 - 09:15 It appears hotter than expected PPI has reignited the rate hikes sooner meme as Treasury yields surge, EURUSD plunges (to a 1.09 handle) and gold and silver are monkey-hammered...
Over the last six years Michael Snyder of The Economic Collapse Blog has published over one-thousand research papers, articles and reports detailing the financial, economic and monetary crises sweeping the world. While he has often urged his readers to prepare for calamity, he has never issued a specific date or time-frame for the trigger that would send the whole system into a tailspin.
Until now.
In his latest must-watch interview with Future Money Trends, Snyder sets the record straight and explains why he recently issued his first and only “Red Alert” to readers warning of an impending, far-reaching event that will touch ever corner of the globe.
Read More @ SHTFPlan.com
filed under "They will print money to infinity and beyond"
Yellen's Contradictory Message On Upcoming Rate Hikes
Submitted by Tyler Durden on 07/15/2015 - 11:58 Yellen, in an important sequence in her semiannual testimony to Congress, according to WSJ's Jon Hilsenrath, tipped her hand to the benefit of raising short-term interest rates sooner rather than later...
Janet Yellen's "Humphrey-Hawkins" 'We're Not Above The Law' Testimony - Live Feed
Submitted by Tyler Durden on 07/15/2015 - 10:58 While Janet Yellen's prepared remarks were her normal bland data-dependent-when-we-want-to-be, rate-hikes-maybe-sooner-or-later self, we suspect the Q&A of The Fed Chair's Humphey-Hawkins testimony will be worth the price of admission. Face to face with Jeb Hensarling - who dares to demand The Fed respond to Congressional probes - will be a highlight but it will be interesting to see if the politicians suck up to their debt-monetizer-in-chief or try to score politically populist points with elections not so very far away...
Yellen Statement To Congress: Rate Hike "Appropriate At Some Point This Year" If Economy Evolves As Expected - Full Text
Submitted by Tyler Durden on 07/15/2015 - 08:37 Key highlights from the first day of Janet Yellen's testimony before Congress: " If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time."
WSJ Notes "Chances That China's Data Is Real Is Very Low" Then Promptly Scrubs It
Submitted by Tyler Durden on 07/15/2015 - 10:54 Now you see it: "The chances that that data is real is very low," said Alicia Garcia Herrero, Natixis's chief economist for the Asia-Pacific region. "Would you publish GDP data that looks south at this point in time? I don't think so."Now you don't.
DOE Confirms Larger Than Expected Crude Inventory Draw, Production Drops Most In 2 Months
Submitted by Tyler Durden on 07/15/2015 - 10:39 Confirming API's report of a significant inventory draw, DOE just reported that, after 2 weeks of builds, US crude inventories fell 4.346 million barrels last week. Crude production also fell 0.44% - the most in 2 months. Crude initially drooped but is rising now...
Brussels has Always Acted this Way
from The Wealth Watchman:
As the Greek “deal” continues to flounder, and the IMF itself tells the world
how untenable the entire package is, it’s not simply the bankster plan
for Greece that seems to be hitting a snag. Indeed, now that it’s been
made public that EU creditors have stated “there is no point in holding
elections”, many folks are up in arms. The most interesting thing about
the whole Greek affair, is watching peoples’ reactions to the EU’s
response to the Greek vote. Many in Europe seem caught off guard by the
heavy-handed nature of Berlin and Brussels, and I submit that those
folks weren’t paying very close attention to the true nature of this
political entity.
This talk of nations not having a say in the EU because they’re currently debtor nations, or under bailouts, is absolute nonsense. The fact of the matter is this: the member states of the EU have never had a say, whatsoever! I intend to show in the lines to follow that this act of ignoring what the Greek people is just the latest, most flagrant episode in a long train of technocratic abuses.
Read More…
from The Wealth Watchman:
As the Greek “deal” continues to flounder, and the IMF itself tells the world
how untenable the entire package is, it’s not simply the bankster plan
for Greece that seems to be hitting a snag. Indeed, now that it’s been
made public that EU creditors have stated “there is no point in holding
elections”, many folks are up in arms. The most interesting thing about
the whole Greek affair, is watching peoples’ reactions to the EU’s
response to the Greek vote. Many in Europe seem caught off guard by the
heavy-handed nature of Berlin and Brussels, and I submit that those
folks weren’t paying very close attention to the true nature of this
political entity.This talk of nations not having a say in the EU because they’re currently debtor nations, or under bailouts, is absolute nonsense. The fact of the matter is this: the member states of the EU have never had a say, whatsoever! I intend to show in the lines to follow that this act of ignoring what the Greek people is just the latest, most flagrant episode in a long train of technocratic abuses.
Read More…
Italy – Non-Performing Loans Hit A New Record High
Submitted by Tyler Durden on 07/15/2015 - 10:30 The real danger to the euro area probably doesn’t emanate from Greece, but from two of its heavyweights, namely France and Italy. If one thinks things properly through, Greece is really a side-show. The euro zone remains full of accidents waiting to happen and some of them have the potential to become truly gigantic accidents.
Greece's New German Overlords "Irritated" By Tsipras "I Don't Support What I'm Doing" Comment
Submitted by Tyler Durden on 07/15/2015 - 10:18 Comments by Greek Prime Minister Alexis Tsipras on Tuesday evening undermined trust that Greek govt will take ownership of economic adjustments in new bailout program, German Deputy Finance Minister Jens Spahn says on ARD public television. Spahn is a member of Chancellor Angela Merkel’s CDU party. “What the Greek prime minister did on Greek television yesterday irritates me."
USDCAD Surges To 6 Year Highs As Bank Of Canada Slashes GDP Forecasts, Unexpectedly Cuts Rates
Submitted by Tyler Durden on 07/15/2015 - 10:06 In what seems to have surprised FX trader, Bank of Canada has taken an ax to growth forecasts and rates...*BOC CUTS CANADA 2015 GDP FORECAST TO 1.1% FROM 1.9%
*BANK OF CANADA CUTS 2Q GDP ESTIMATE TO -0.5% FROM 1.8%
*BANK OF CANADA CUTS BENCHMARK INTEREST RATE TO 0.5%
Furthermore, it warns that "consumer debt vulnerabilities are edging higher" and export weakness is "puzzling."
Recession Watch - Industrial Output Growth Plunges To 5 Year Lows
Submitted by Tyler Durden on 07/15/2015 - 09:24 Industrial Production rose just 1.54% YoY, the weakest growth since Feb 2010 and flashing a major recessionary red light. Utilities were the biggest contributor, as Manufacturing output ended June unchanged (against expectations of a modest 0.1% rise), missing for the 2nd month in a row. Notably vehicle production tumbled 5.5% MoM. Not exactly the end to Q2 that GDP hockey-stick'rs will be wanting.
from Visual Capitalist:
The dollar has been a stalwart of international trade over the
majority of the last century. Around the time of the formation of the
Eurozone, it reached its recent peak at 71.0% of official foreign
exchange reserves. Since then, its composition of global reserves has
more recently dropped to a more modest 62.9% in 2014.
However, the dollar is slowly losing its status as the world’s undisputed reserve currency. This is not an unusual event as far as history goes. In fact, about every century or so since the Renaissance, the global reserve currency has shifted. Portugal, Spain, The Netherlands, France, and Britain have had dominant currencies at different times.
Read More
The dollar has been a stalwart of international trade over the
majority of the last century. Around the time of the formation of the
Eurozone, it reached its recent peak at 71.0% of official foreign
exchange reserves. Since then, its composition of global reserves has
more recently dropped to a more modest 62.9% in 2014.However, the dollar is slowly losing its status as the world’s undisputed reserve currency. This is not an unusual event as far as history goes. In fact, about every century or so since the Renaissance, the global reserve currency has shifted. Portugal, Spain, The Netherlands, France, and Britain have had dominant currencies at different times.
Read More
Producer Prices Rise Again Driven By Surge In Energy Costs
Submitted by Tyler Durden on 07/15/2015 - 08:49 If low oil pries are great for America "unequivocally," then the continued surge in Energy costs (+2.4% MoM in June) must be [fill in the blank]? PPI Final Demand rose 0.4% MoM - near the fatest pace in 3 years (beating expectations of a 0.2% rise) but fell 0.7% YoY. The huge gap between core and headline PPI continues to grow with PPI Ex Food and Energy rising 0.8% YoY, its first acceleration in 2015.
by Michael Snyder, The Economic Collapse Blog:
The “deal that was designed to fail” has already begun to unravel.
The IMF, which was expected to provide a big chunk of the financing, has
indicated that it may walk away from the deal unless Greece is granted
extensive debt relief. This is something that the Germans and their
allies have resolutely refused to do. Meanwhile, outrage is pouring in
from all over Europe regarding what the Greek government is being forced
to do to their own people. Most of this anger is being directed at the
Germans, but the truth is that without German money the Greek banking
system and the Greek economy will completely and utterly collapse. So
even though Greek Prime Minister Alex Tsipras admits that this is a deal
that he does not believe in, he is attempting to get it pushed through
the Greek parliament, and we should know on Wednesday whether he was
successful or not. But even if the Greek parliament approves it, we
could still see either the German or the Finnish parliaments reject it.
It seems as though nobody is really happy with this deal, and these
negotiations have exposed very deep divisions within Europe. Could this
be the beginning of the end for the eurozone?
Read More…
The “deal that was designed to fail” has already begun to unravel.
The IMF, which was expected to provide a big chunk of the financing, has
indicated that it may walk away from the deal unless Greece is granted
extensive debt relief. This is something that the Germans and their
allies have resolutely refused to do. Meanwhile, outrage is pouring in
from all over Europe regarding what the Greek government is being forced
to do to their own people. Most of this anger is being directed at the
Germans, but the truth is that without German money the Greek banking
system and the Greek economy will completely and utterly collapse. So
even though Greek Prime Minister Alex Tsipras admits that this is a deal
that he does not believe in, he is attempting to get it pushed through
the Greek parliament, and we should know on Wednesday whether he was
successful or not. But even if the Greek parliament approves it, we
could still see either the German or the Finnish parliaments reject it.
It seems as though nobody is really happy with this deal, and these
negotiations have exposed very deep divisions within Europe. Could this
be the beginning of the end for the eurozone?Read More…
"Rigged" - The Most Absurd Global Financial Situation Ever
Submitted by Tyler Durden on 07/15/2015 - 08:45 This is the most absurd global financial situation we can remember. There may have been wilder outbreaks of mass fatuous behaviour – as Adam Smith could easily have said, there’s a great deal of absurdity in a market. But we have long held that if you don’t understand the rules of the game, best not to play the game. Doing anything in markets today involves making a macro market call that is fundamentally impossible. All markets have become speculative arenas courtesy of central bank activity.
Empire Manufacturing Beats Despite Slump In New Orders & Employment
Submitted by Tyler Durden on 07/15/2015 - 08:37 After printing negative for the last 3 months and falling to the lowest since Jan 2013, Empire Manufacturing jumped to 3.86 (beating expectations of a 3.0 print for the first time since Jan). While some will celebrate (and others fear good news is bad news), both New Orders and Number of Employees fell in July, as inventories plunged. The main driver of the jump in the headline index was "hope" once again, rising for the first time since March.
UK Furious At Proposed €7 Billion Greek Ponzi-Perpetuating Bridge Loan
Submitted by Tyler Durden on 07/15/2015 - 08:05 The EU Commission has submitted a formal request to tap the mothballed EFSM for a bridge loan to Greece. The UK may look to block the proposal, but fortunately, Europe has a creative "soultion".
Bank Of America Earnings Rebound On Expense Drop Even As FICC Revenues Slide 9%
Submitted by Tyler Durden on 07/15/2015 - 07:40 If yesterday's JPM results were largely a story of contracting trading revenues offset by a decline in expenses, then in many ways today's Bank of America results mimicked what Jamie Dimon did in the second quarter. Moments ago BofA reported that in a quarter in which it repurchased $775 million in stock, it generated $5.3 billion in net income, or $0.45 per share, above the $0.36 declining consensus estimate as a result of a $1.9 billion drop in non-interest expenses, even as FICC trading revenue tumbled just as it did for JPM and Jefferies, sliding 9% Y/Y, offset by a rise in equity trading courtesy of China.
Juncker Echoes IMF Call For Greek Debt Re-Profiling
Submitted by Tyler Durden on 07/15/2015 - 07:12 The high debt to GDP and the gross financing needs resulting from this analysis point to serious concerns regarding the sustainability of Greece's public debt. A very substantial re-profiling, such as a long extension of maturities of existing and new loans, interest deferral, and financing at AAA rates would allow to cater for these concerns from a gross financing requirements perspective, though they would still leave Greece with very high debt-to-GDP levels for an extended period.
Chinese Stock Plunge Resumes With 1200 Stocks Halted Limit Down; Yellen, Greek Elections On Deck
Submitted by Tyler Durden on 07/15/2015 - 06:44 Just when the Chinese plunge protection team (and "arrest shortie" task force) seemed to be finally getting "malicious selling" under control, first we saw a crack yesterday when the composite broke the surge of the past three days as a result of yet another spike in margin debt funded purchases, but it was last night's reminder that "good news is bad news" that really confused the stock trading farmers and grandmas, which goalseeked Chinese economic "data" beat across the board, with Q2 GDP coming solidly above expectations at 7.0%, and retail sales and industrial production both beating, but in the process raising doubts that the PBOC will continue supporting stocks.
After recently reading a number of books on intelligence, subterfuge,
spying, and survival in World War 2, I have been led to compile a list
of lessons that we can draw on today.Preparation is Key
The best spy masters and espionage groups built up networks of contacts around strategic areas before the invasion or war. This allowed one to gain information without being seen as suspicious. If your spy doesn’t know the language thoroughly, errors in translation lead to disaster. A few weeks in language school is rarely enough, but that’s what many operatives received during World War 2 because there were too few people fluent in critical languages to avoid sending poorly trained people out. World War 2 exploded in part because the British waited for an expected internal coup to kill Hitler, many of which failed, instead of building up their defenses in the interim. This added to the severity and duration of the war.
Read More @ SurvivalBlog.com
Mario Draghi at the ECB gave us the phrase “whatever it takes”. Now the policy chiefs of China are running with it.This is the most absurd global financial situation we can remember. There may have been wilder outbreaks of mass fatuous behaviour – as Adam Smith could easily have said, there’s a great deal of absurdity in a market. But we have long held that if you don’t understand the rules of the game, best not to play the game. Doing anything in credit markets today involves making a macro market call that is fundamentally impossible. All debt markets have become speculative arenas courtesy of central bank activity.
Read More @ ZeroHedge.com
image: Wikipedia – Mario Draghi at the World Economic Forum 2012
from TheMoneyGPS:
by Dave Hodges, The Common Sense Show:
Oregon’s Senate Bill 810 was the first legislation in the U.S. to establish a road usage charge system for state transportation funding.
The Oregon program is under the auspices of a federal program, which will soon be rolled out nationwide program to track your vehicle mileage using a GPS and a cellular link to transmit your travels to a centralized location.
Oregon is requiring a GPS unit to be installed in every vehicle which will subsequently track your mileage for purposes of taxation. It also has a big brother component to it as it tracks your personal travels and the date will be stored in a central location.
Read More
Oregon’s Senate Bill 810 was the first legislation in the U.S. to establish a road usage charge system for state transportation funding.The Oregon program is under the auspices of a federal program, which will soon be rolled out nationwide program to track your vehicle mileage using a GPS and a cellular link to transmit your travels to a centralized location.
Oregon is requiring a GPS unit to be installed in every vehicle which will subsequently track your mileage for purposes of taxation. It also has a big brother component to it as it tracks your personal travels and the date will be stored in a central location.
Read More
from X22 Report:
from Outsider Club:
With all the talk of stock market manipulation in China and the
ridiculous politics of Europe, it’s time to bring both concepts together
with something closer to home.
Stock buybacks are certainly nothing new, either to financial news or to anyone who has read my previous articles on the dangers involved.
However, though it may only be in a nascent phase, I simply cannot stomach the attention they are now receiving from politicians.
Senator Elizabeth Warren has referred to buybacks as stock manipulation. Now Senator Tammy Baldwin has even gone so far as to call on the Security and Exchange Commission to take a hard look at the practice.
Read More @ OutsiderClub.com
With all the talk of stock market manipulation in China and the
ridiculous politics of Europe, it’s time to bring both concepts together
with something closer to home.Stock buybacks are certainly nothing new, either to financial news or to anyone who has read my previous articles on the dangers involved.
However, though it may only be in a nascent phase, I simply cannot stomach the attention they are now receiving from politicians.
Senator Elizabeth Warren has referred to buybacks as stock manipulation. Now Senator Tammy Baldwin has even gone so far as to call on the Security and Exchange Commission to take a hard look at the practice.
Read More @ OutsiderClub.com
from TruthNeverTold:
by Aaron and Melissa Dykes, TruthStreamMedia:
Compulsory abortion. Under-the-skin birth control implants. Government
authorized reproduction. A Planetary Regime to regulate the population
and ration food and resources. A sterilant added to water supplies or
food staples. The expansion of mandatory family planning and government
enforced population restrictions.
All of this and more is discussed frankly in the 1977 textbook, Ecoscience: Population, Resources, Environment, written jointly by John P. Holdren, Paul Ehrlich and his wife Anne Ehrlich (the follow up to the Erlichs’ 1970 text Population, Resources, Environment: Issues In Human Ecology, which essentially has a lot of the exact same passages…).
Read More @ TRUTHStreamMedia.com
Compulsory abortion. Under-the-skin birth control implants. Government
authorized reproduction. A Planetary Regime to regulate the population
and ration food and resources. A sterilant added to water supplies or
food staples. The expansion of mandatory family planning and government
enforced population restrictions.All of this and more is discussed frankly in the 1977 textbook, Ecoscience: Population, Resources, Environment, written jointly by John P. Holdren, Paul Ehrlich and his wife Anne Ehrlich (the follow up to the Erlichs’ 1970 text Population, Resources, Environment: Issues In Human Ecology, which essentially has a lot of the exact same passages…).
Read More @ TRUTHStreamMedia.com
from USA Watchdog:
Macroeconomic analyst Rob Kirby thinks that everybody should take notice of what is happening with the Greek debt crisis drama.
Kirby contends, “What has occurred in Greece, make no mistake, it is a financial coup. It is not a bailout. It’s a takeover by force. The leader of Greece has obviously been told, and effectively has a gun to his head, the way it’s going to be. The Greek people voted for what they want, and we know what the Greek people’s wishes are, and they don’t want more austerity. They want to divorce themselves from the IMF and the European Central Bank (ECB). We know that clear as day, but that is not acceptable to the global elitists and the globalist bankers. They have said we don’t really care what you think. It’s going to be the way we say. The rest of Europe should sit up and take note of this because there are other countries whose finances are also not in good shape, namely, Portugal, Spain, France and Italy. . . . If global bankers are allowed to get away with this, then this is what you can expect in your country real soon.”
Read More @ USAWatchdog.com
Macroeconomic analyst Rob Kirby thinks that everybody should take notice of what is happening with the Greek debt crisis drama.
Kirby contends, “What has occurred in Greece, make no mistake, it is a financial coup. It is not a bailout. It’s a takeover by force. The leader of Greece has obviously been told, and effectively has a gun to his head, the way it’s going to be. The Greek people voted for what they want, and we know what the Greek people’s wishes are, and they don’t want more austerity. They want to divorce themselves from the IMF and the European Central Bank (ECB). We know that clear as day, but that is not acceptable to the global elitists and the globalist bankers. They have said we don’t really care what you think. It’s going to be the way we say. The rest of Europe should sit up and take note of this because there are other countries whose finances are also not in good shape, namely, Portugal, Spain, France and Italy. . . . If global bankers are allowed to get away with this, then this is what you can expect in your country real soon.”
Read More @ USAWatchdog.com
from McalvanyFinancial:
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