Submitted by Tyler Durden on 07/07/2015 - 09:41
While the new Greek Finmin Euclid Tsakalotos is sweating to convince his peers at today's Brussels Eurogroup meeting, which was supposed to discuss the "latest" Greek proposal that the old, and rejected, Greek proposal is really Greece's best foot forward, a surprising development which will likely result in yet another very brief summit, his significantly more exciting, and polarizing, predecessor was just spotted in Athens having a far more enjoyable time.
The Biggest Winner From The Greek Tragedy
Submitted by Tyler Durden on 07/07/2015 - 08:22 For every loser there is a winner, and in the case of Greece and its tragedy, just as millions are about to lose everything, a few not only made billions but quietly, under the guise of "sovereign bailouts" transferred their entire risk onto the taxpaying public.
Did you notice that Greece’s creditors are not rushing to offer the Greeks a new deal in the wake of the stunning referendum result on Sunday? In fact, it is being reported that the initial reaction to the “no” vote from top European politicians was “a thunderous silence“.
Needless to say, the European elite were not pleased by how the Greek
people voted, but they still have all of the leverage. In particular,
it is the Germans that are holding all of the cards. If the Germans
want to cave in and give the Greeks the kind of deal that they desire,
everyone else would follow suit. And if the Germans want to maintain a
hard line with Greece, they can block any deal from happening all by
themselves. So in the final analysis, this is really an economic test
of wills between Germany and Greece, and time is on Germany’s side.
Germany doesn’t have to offer anything new. The Germans can just sit
back and wait for the Greek government to default on their debts, for
Greek banks to totally run out of cash and for civil unrest to erupt in
Greek cities as the economy grinds to a standstill.Read More…
ECB Board Member Says Introduction Of Another Greek Currency "Most Realistic Scenario"
Submitted by Tyler Durden on 07/07/2015 - 08:44 ECB’S RIMSEVICS SAYS INTRODUCTION OF ANOTHER CURRENCY IN GREECE IS MOST REALISTIC SCENARIO, MAY BE ONE LESS EURO ZONE MEMBER IN FUTUREThe Three Greek "Scenarios" Discussed Today In Brussels
Submitted by Tyler Durden on 07/07/2015 - 09:01- A new program requiring very major structural reforms of the Greek side, and much larger than the last Juncker proposal.
- Introduction of parallel currency, primarily through promissory IOU.
- Controlled bankruptcy and leaving the euro
Gold & Silver Slammed On Massive Volume As Margin Calls Mount
Submitted by Tyler Durden on 07/07/2015 - 08:52 FX markets are roiling today, US and German bonds are surging (yields are tumbling), and European stock and bond markets are ugly again. Between all of this we are seeing 'jerky' moves in many disparate instruments as it appears margin calls are mounting and forced unwinds accelerate across markets, the latest of which is gold (and silver) which just saw someone decide to dump almost $1 billion notional instantly into the open market.
US Trade Deficit Widens In May As Exports Tumble Most In 3 Months
Submitted by Tyler Durden on 07/07/2015 - 08:40 The US trade deficit increased from $40.7 bn to $41.8bn, slightly lower than expected. Impoorts fell a mere 0.1% (despite a record amount of imported auto parts) but exports fell 0.8% (driven by a decline in Aircraft sales), nudging GDP expectations lower. The trade deficit with China rose notably and exports to Europe dropped.
Energy Credit Risk Re-Surges As WTI Crude Extends Losses To Worst Since November
Submitted by Tyler Durden on 07/07/2015 - 08:18 Overnight hope has faded and WTI crude prices have retumbled as Iran deal expectations rebuild and China economic collapse fears grow. The last few days have seen crude break crucial support levels and tumble to 3 month lows, down over 12% - the biggest losing streak since November. Credit risk for HY energy names is resurgent, crushing the mal-investment dream in a double-whammy for the industry as cost of capital rises and incomes shrink.
All The Latest Greek Headlines
Submitted by Tyler Durden on 07/07/2015 - 07:45 Today's "final" Eurogroup meeting is yet another "last" chance for Greece to stay in the Euro according to Greek headlines. The meeeting begins in minutes, at 12:30pm CET/7:30am Eastern so expect the usual torrent of "Greek deal" headlines which send the S&P surging followed by prompt denials which the S&P algo soundly ignore. By now the game is quite familiar to everyone.
The situation in the silver market seems to point to the beginning stages of a GLOBAL RUN ON SILVER. I say, “it seems to point to a RUN on silver” due to several indicators I am looking at. This also may force the global silver market to suffer shortages in the future. Why? Well, let’s take a look at these different indicators.
First, I recently wrote an article Why Is The U.S. Importing So Much Silver Bullion?, showing that U.S. silver imports picked up considerably in the first two months of the year. Well, this continued into March as total U.S. silver imports reached a hefty 1,504 metric tons (mt) compared to 1,129 mt during the same period last year:
U.S. silver imports are 33% higher than the first quarter of 2014. If we consider industrial silver demand, Silver Eagle sales and the Comex Silver Inventories, the U.S. Silver Market did not require an additional 375 mt of silver.
Industrial silver demand was probably lower due to a falling U.S. Q1 GDP. Silver Eagle sales were actually less the first quarter of 2015 compared to 2014 and total Comex silver inventories didn’t change all that much.
So, what gives? If the U.S. Silver Market needs less silver than it did during the first quarter of 2014, someone must be stockpiling silver. There has been speculation that JP Morgan may be one of the big buyers. If they are, they are buying bullion bars and not Silver Eagles or Maples. Furthermore, I do believe there are hedge funds and individuals coming in and buying huge amounts of Silver Eagles. This is probably due to the increased financial turmoil stemming from the Greek situation.
Secondly, India is importing the MOST SILVER EVER. As I mentioned in another article, INDIAN SILVER IMPORTS: On Track To Smash All Records, India imported a massive 3,000 mt in the first four months of the year. If this trend continues, India will import a whopping 9,000 mt in 2015, surpassing its previous record of 7,000 mt in 2014.
I would imagine if the world suffers a financial contagion resulting from the Greek “NO” vote, we could see Indian silver bullion imports pick up even more in the second half of the year. This could cause more stress on already tight silver market.
Third, evidence points to a possible tightness in the physical silver market. In Keith Weiner’s recent article, Silver Market Change Report July 5, 2015, he published the following chart on the Silver Cobasis:
Keith stated the following about the new change in the silver cobasis:
…. However, look at that red cobasis line go. It was a mere 7 basis points last Friday. It ended this week at 100 bps. The cobasis of farther-out contracts also rose proportionally.Basically, Keith believes the rising cobasis (in RED) is a result of a tightness in the silver market. He goes on to say this is the present condition, but that could change in the future.
Suddenly, the silver market is firm.
We can name two reasons why the cobasis might skyrocket. One is that there is a risk. If your counterparty defaults, then you don’t get your metal back. You may get dollars. The exchange will insist the dollars are equivalent to the metal, but that’s small consolation.
We do not believe this is the main problem now, because it’s not occurring in gold. If the banks were in imminent danger, the gold basis would not be quiescent.
The other possible reason is that there’s a growing shortage of silver. Of course, in order to decarry silver, you have to have the metal. If it’s not available, you can just wistfully watch the rising cobasis.
Well, I don’t see conditions in the Global Financial Arena getting any better going forward. I believe hedge funds and individual buyers are finally figuring out the market is getting OUT-OF-HAND and are placing wise bets by purchasing physical silver. This can be seen in the huge increase in Silver Eagle buying.
Fourth, the recent surge in Silver (and Gold) Eagle buying. If we look at the recent update put out by the U.S. Mint, we can see that sales of Silver Eagles spiked in June and continue to be strong in July:
Read More @ SRSrocco.com
from Wolf Street:
Stocks are sacred. Except those in Greece where no one knows when banks
will reopen and what currency or IOUs or whatever they will dispense
when they do reopen, and no one knows how Greek businesses are supposed
to function under these circumstances, how they’re supposed to pay their
employees and produce and sell things and provide services. And no one
knows what Greek stocks are worth because the Athens Stock Exchange
remains closed.
But elsewhere, stock valuations must be propped up no matter what happens in Greece.
Read More @ Wolfstreet.com
image: telegraph.co.uk
Stocks are sacred. Except those in Greece where no one knows when banks
will reopen and what currency or IOUs or whatever they will dispense
when they do reopen, and no one knows how Greek businesses are supposed
to function under these circumstances, how they’re supposed to pay their
employees and produce and sell things and provide services. And no one
knows what Greek stocks are worth because the Athens Stock Exchange
remains closed.But elsewhere, stock valuations must be propped up no matter what happens in Greece.
Read More @ Wolfstreet.com
image: telegraph.co.uk
from ZenGardner:
“Long ago, I interviewed John Marks, author of Search for the Manchurian Candidate,
the book that exposed the CIA’s MKULTRA mind-control program. He told
me that in 1962, when MKULTRA supposedly ended, the CIA actually
transferred the program to its Office of Research and Development, where
it went completely dark. A CIA representative told Marks there were a
hundred boxes of material on the ‘new’ MKULTRA, and he, Marks, would
never see any of it, no matter how many FOIA requests he made.” (The
Underground, Jon Rappoport)
“Plans for guiding the world can be formed and launched a long, long time before we see the results. Don’t assume cause and effect are merely and only short-term. That’s an unwarranted idea.” (The Underground)
Read More @ ZenGardner.com
“Long ago, I interviewed John Marks, author of Search for the Manchurian Candidate,
the book that exposed the CIA’s MKULTRA mind-control program. He told
me that in 1962, when MKULTRA supposedly ended, the CIA actually
transferred the program to its Office of Research and Development, where
it went completely dark. A CIA representative told Marks there were a
hundred boxes of material on the ‘new’ MKULTRA, and he, Marks, would
never see any of it, no matter how many FOIA requests he made.” (The
Underground, Jon Rappoport)“Plans for guiding the world can be formed and launched a long, long time before we see the results. Don’t assume cause and effect are merely and only short-term. That’s an unwarranted idea.” (The Underground)
Read More @ ZenGardner.com
from X22 Report:
by Jeff Nielson, Bullion Bulls:
The mythical/farcical “gold” of Fort Knox, a military installation in
the state of Kentucky, has become a joke of legendary proportions. It is
a reputed hoard of 1,000’s of tons of supposed gold, which no one
(except the bankers and politicians) has seen in well over 50 years, but
which the bankers and politicians insist – emphatically – is still safe
and secure.
What ammunition do these individuals, of dubious integrity, produce when they attempt to prove the existence of this supposed gold? They point to the private, internal “audits”, which the bankers and politicians have occasionally conducted, over those many decades.
The most-recent of these “audits” typifies the farcical nature of this bankers’ joke. The U.S. Treasury Department’s Inspector General went to “audit the gold” at Fort Knox. He arrived at the vault, saw that the seal on the vault was still in place, and concluded it was unnecessary to go to all the bother of counting the gold (let alone inspecting the purity of the bars).
Read More @ BullionBullsCanada.com
Photo: Fort Knox, via Wikipedia
The mythical/farcical “gold” of Fort Knox, a military installation in
the state of Kentucky, has become a joke of legendary proportions. It is
a reputed hoard of 1,000’s of tons of supposed gold, which no one
(except the bankers and politicians) has seen in well over 50 years, but
which the bankers and politicians insist – emphatically – is still safe
and secure.What ammunition do these individuals, of dubious integrity, produce when they attempt to prove the existence of this supposed gold? They point to the private, internal “audits”, which the bankers and politicians have occasionally conducted, over those many decades.
The most-recent of these “audits” typifies the farcical nature of this bankers’ joke. The U.S. Treasury Department’s Inspector General went to “audit the gold” at Fort Knox. He arrived at the vault, saw that the seal on the vault was still in place, and concluded it was unnecessary to go to all the bother of counting the gold (let alone inspecting the purity of the bars).
Read More @ BullionBullsCanada.com
Photo: Fort Knox, via Wikipedia
from Washington’s Blog:
Once again this year, the clear winner, in not just women’s soccer and
incarceration, but also in militarism, is the United States of America,
sweeping nearly every category of military insanity with seemingly
effortless ease. Find all of last year’s and this year’s maps here: bit.ly/mappingmilitarism
In the area of money spent on militarism, there was really no competition.
Troops in Afghanistan have declined, but there remains no question which nation still has the most There are more major wars in the world now than a year ago, but only one nation is involved in some significant way in all of them.
When it comes to weapons sales to the rest of the world, the United States really shines. The other nations should probably be competing in a different league.
Read More @ WashingtonsBlog.com
Once again this year, the clear winner, in not just women’s soccer and
incarceration, but also in militarism, is the United States of America,
sweeping nearly every category of military insanity with seemingly
effortless ease. Find all of last year’s and this year’s maps here: bit.ly/mappingmilitarismIn the area of money spent on militarism, there was really no competition.
Troops in Afghanistan have declined, but there remains no question which nation still has the most There are more major wars in the world now than a year ago, but only one nation is involved in some significant way in all of them.
When it comes to weapons sales to the rest of the world, the United States really shines. The other nations should probably be competing in a different league.
Read More @ WashingtonsBlog.com
from Janssen Report:
NO against austerity! Today on the Janssen Report: the Greek people have spoken. And yet many people in the EU (and beyond) deem the austerity measures imposed on the Greek people justified. Let’s call it what it is, shall we?
NO against austerity! Today on the Janssen Report: the Greek people have spoken. And yet many people in the EU (and beyond) deem the austerity measures imposed on the Greek people justified. Let’s call it what it is, shall we?
by Dave Kranzler, IVR:
As would be expected after the Greek public voted down down the terms
of the Troika bailout offer, the S&P 500 futures gapped down 30
points yesterday evening when global electronic trading of the markets
commenced after the Greek “NO” vote. Gold popped up $8. The rest of the
evening and overnight session was spent pushing the S&P 500 back up
(see chart). And gold back down.
The Shanghai Stock Exchange is down nearly 30% since mid-June. A veritable crash resulting from a crumbling Chinese economy which could no longer support Chinese stock market bubble valuations. The Chinese economy is tanking because exports to it China’s two biggest import countries are tanking. For evidence of this look no further than the Shanghai Containerize Freight Index – LINK – which is down 32% since late 2014.
If exports are not leaving Shanghai, it’s because of weak demand from Europe and the U.S. I have written several articles demonstrating that the U.S. economy is continuously growing weaker.
Read More @ InvestmentResearchDynamics.com
As would be expected after the Greek public voted down down the terms
of the Troika bailout offer, the S&P 500 futures gapped down 30
points yesterday evening when global electronic trading of the markets
commenced after the Greek “NO” vote. Gold popped up $8. The rest of the
evening and overnight session was spent pushing the S&P 500 back up
(see chart). And gold back down.The Shanghai Stock Exchange is down nearly 30% since mid-June. A veritable crash resulting from a crumbling Chinese economy which could no longer support Chinese stock market bubble valuations. The Chinese economy is tanking because exports to it China’s two biggest import countries are tanking. For evidence of this look no further than the Shanghai Containerize Freight Index – LINK – which is down 32% since late 2014.
If exports are not leaving Shanghai, it’s because of weak demand from Europe and the U.S. I have written several articles demonstrating that the U.S. economy is continuously growing weaker.
Read More @ InvestmentResearchDynamics.com
from GregoryMannarino:
filed under (unt
CNN’s Brianna Keilar, who attended the wedding of a Hillary Clinton
aide two weeks ago, was selected to have the first major press interview
with Clinton since the start of her presidential campaign.CNN announced that Clinton will give the interview to Keilar on Tuesday, who was spotted at the wedding of Adam Parkhomenko, the co-founder of Ready for Hillary, and Kirby Hoag, a campaign staffer.
“Not only was Keilar there – also, CNN political producer Dan Merica (who is also covering Clinton’s 2016 run) and CNN’s Ashley Killough, who is covering 2016 Republicans,” the blog CNN Commentary reported. “Also, an MSNBC reporter, a WaPo reporter, National Journal reporter, and a Hill reporter were present.”
Read More @ Infowars.com
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