Submitted by Tyler Durden on 07/10/2015 - 07:53 Facing pressure from all sides, Greek PM Alexis Tsipras sells out voters and looks to push concessions through parliament ahead of Sunday deadline.
from Truth Never Told:
Tsipras' Letter To The Troika: Full Text
Submitted by Tyler Durden on 07/10/2015 - 08:22 Follows the full text of a letter Greek PM Tsipras send to the Troika: Commission President Juncker, ECB's Draghi, and the IMF's Lagarde regarding the latest Greek deal proposal. What is left unsaid: any debt haircut requests (recall just on Sunday night Tsipras requested a 30% debt haircut in line with the IMF's debt sustainability proposal), and any mention of the Greek referendum which Tsipras personally called two weeks ago to the day to reject precisely the proposal he is now presenting.The Complete Visual Summary Of The "New" Greek Bailout Proposal
by Michael Snyder, The Economic Collapse Blog:
The wait will soon be over. Greece submitted a final compromise plan
to its eurozone creditors on Thursday, European finance ministers will
meet on Saturday to discuss the proposal, and an emergency summit of all
28 EU nations on Sunday will make a final decision on what to do. The
summit on Sunday is being billed as a “final deadline” and a “last
chance” by EU officials. In essence, Greece is being given one more
opportunity to embrace the austerity measures that are being demanded of
them by their creditors. So has Greece gone far enough with this new
proposal? We shall find out on Sunday.
Read More…
The wait will soon be over. Greece submitted a final compromise plan
to its eurozone creditors on Thursday, European finance ministers will
meet on Saturday to discuss the proposal, and an emergency summit of all
28 EU nations on Sunday will make a final decision on what to do. The
summit on Sunday is being billed as a “final deadline” and a “last
chance” by EU officials. In essence, Greece is being given one more
opportunity to embrace the austerity measures that are being demanded of
them by their creditors. So has Greece gone far enough with this new
proposal? We shall find out on Sunday.Read More…
Losing Control
Submitted by Tyler Durden on 07/10/2015 - 08:16 Markets are beginning to signal that policy makers are losing control. Many second-order-effects of the unprecedented and experimental global actions taken since the 2008 crisis are beginning to manifest. There are always causes and effects that develop; but they do so at different speeds. Many actions in recent years have prioritized 'benefits today' over 'consequences tomorrow'. 'Tomorrow' is approaching ever more quickly. There is no 'free lunch'.
Caught On Tape: How 'Someone' Spoofed US Treasuries Lower Overnight
Submitted by Tyler Durden on 07/10/2015 - 11:44 Dear SEC, SIFMA, FINRA, CFTC, and anyone else who refuses to pay attention to the man behind the curtain. Following the initial dump in Treasuries after Greek proposal news overnight, bonds started to rally back... it appears that was unacceptable as 'massive' spoofing was then put in place to signal the price of Treasuries lower (yields higher)...
Maintaining The Illusion Of Stability Now Requires Ever-Greater Extremes
Submitted by Tyler Durden on 07/10/2015 - 09:05 This much-needed re-set to an economy that serves the many rather than the few is what the Powers That Be are so fearful of. On the surface, everything still looks remarkably stable in the core industrial economies. But surface stability is all the status quo can manage at this point, because the machine is shaking itself to pieces just maintaining the brittle illusion of prosperity and order. In effect, the status quo has greatly increased the system's vulnerability, fragility and brittleness--the necessary conditions for catastrophic collapse--all in the name of maintaining a completely bogus facade of stability for a few more years.TD Ameritrade Breaks, Experiencing "Widespread Order-Routing" Problems
Submitted by Tyler Durden on 07/10/2015 - 10:11 We already know that markets and exchanges only break on downdays. So does that mean that on days in which algos are indescriminatly buying ES as follow through from China's stock market manipulation and Greece's "hopes" for can kicking, investors are safe? Nope, as one of the most popular online discount brokers found out moments ago:- TD AMERITRADE EXPERIENCING "WIDESPREAD" ORDER-ROUTING PROBLEMS - OFFICE OF PRESIDENT: RTRS
- TD AMERITRADE SAYS EVEN ORDERS THAT WERE ACCEPTED ARE STALLED
John Taylor: IMF Loans To Greece Bailed Out Banks And Worsened The Situation
Submitted by Tyler Durden on 07/10/2015 - 11:25 Greece has already collapsed, and the only real question is whether the ECB will give Greek depositors time to withdraw some of the €120 billion in deposits it holds hostage with the frozen ELA, or if the ECB will admit the truth about the Greek insolvent banking system risking Eurozone contagion. A better question is just what is the purpose of the IMF whose intervention in Greece can be described in one word: disaster. It can also be described in eleven, as the creator of the Taylor Rule, John Taylor, has done in a blog post which can be summarized as follows: IMF Loans To Greece Bailed Out Banks And Worsened The Situation.
Oil Price Plunge Reignites Fears for Indebted Shale Companies
Submitted by Tyler Durden on 07/10/2015 - 10:34 “The energy sector of the high-yield market continues to be a silo of misery... If we stay near these levels, marginal high-cost producers won’t be able to survive.”
Why GM Is Back Below Its IPO Price, Part 2 - Chinese Auto Sales Collapse At Fastest Rate In 3 Years
Submitted by Tyler Durden on 07/10/2015 - 11:51 A week ago we warned of the odd build up in inventories in GM's parking lots in China. It appears those warning were spot on as WSJ reports, China’s new car sales recorded the first year-over-year decline in more than two years in June, as slowing economic growth and falling stock markets hit the world’s largest auto market. “2015 will be an off-year for the Chinese car market,” said Dong Yang, a vice president for the auto manufacturers’ association, and we note auto dealers are seeing orders cancelled at a frenetic pace as it appears stock margin calls are draining the liquidity car-buyers once had.
Here Is The Flashing Red Light In The Inventory-Sales Ratio
Submitted by Tyler Durden on 07/10/2015 - 10:12 Recession watchers stay tuned... Wholesale Sales rose a mere 0.3% MoM (missing expectations of a 0.9% rise) but sales tumbled 3.4% YoY - the most since the financial crisis. Hopers will look at the rise in inventories (+0.8% MoM vs +0.3% exp.) as GDP positive but at some point the hope for a sales pick up fades and inventory stuffing stops (Sales -3.4% YoY, Inventories +5.0% YoY). But what should be worrying everyone right now is the inventory-to-sales ratio holding at recession levels.
Why China's Stock Collapse Could Lead To Revolution
Submitted by Tyler Durden on 07/10/2015 - 09:45 "With the drastic fall in share prices recently, social stability is clearly at stake," Credit Suisse says. With the bubble now finished it is only a matter of time before all the 'nouveau riche' farmers and grandparents see all their paper profits wiped out and hopefully go silently into that good night without starting mass riots or a revolution.
Varoufakis Will Be Absent From Parliament Today, Detained Due To "Family Reasons"
Submitted by Tyler Durden on 07/10/2015 - 09:42 Following Varoufakis' resignation as Greek finmin on Monday, the first official casualty of the Greferendum which in retrospect was completely irrelevant, he has been put in a tough position of still having to be physically present in parliament of which he remains a member. But not today: moments ago Yanis tweeted that he will not be present to cast the critical vote supporting Syriza's backtracked proposal, as he will be detained for "family reasons."
Greek Financial Advisor Suing "Politically Motivated" ECB For Crushing Greek Banks
Submitted by Tyler Durden on 07/10/2015 - 09:26 The global and European economies are increasingly dominated by bureaucrats taking arbitrary decisions on capital allocation, with little regard for rules or process. The decisions of the ECB to reject the applications of the Bank of Greece for additional funding under ELA could have only been politically motivated, and therefore in clear violation of the ECB’s independence as enshrined in Article 123 TFEU. It is time for EU bureaucrats to stop acting as autocrats.
"Greece Doesn't Matter" - Dow Unchanged On Week After 2200 Points Of Turmoil
Submitted by Tyler Durden on 07/10/2015 - 08:09 The Dow has whipsawed over 2200 points this week... behold the price stability...
from Gold Core:
Goldcore’s Director of Research Mark O’ Byrne joined Gordon T Long of
Financial Repression Authority for an in depth discussion on the
deepening financial repression in the world today, with particular focus
on bail-ins.
Mark identified a number of elements which he believes amount to financial repression including the suppression of interest rates using QE, capital controls, the move towards a cashless society and most importantly – bail-ins.
He points out that bail-in legislation, while under reported in the mainstream media, is actually at a very advanced stage. He quotes from the Bank of England’s former Deputy Governor, Paul Tucker, who following a meeting between the Bank of England and the Federal Deposit Insurance Corporation (FDIC) in October, 2013 said:
Read More @ GoldCore.com
Goldcore’s Director of Research Mark O’ Byrne joined Gordon T Long of
Financial Repression Authority for an in depth discussion on the
deepening financial repression in the world today, with particular focus
on bail-ins.Mark identified a number of elements which he believes amount to financial repression including the suppression of interest rates using QE, capital controls, the move towards a cashless society and most importantly – bail-ins.
He points out that bail-in legislation, while under reported in the mainstream media, is actually at a very advanced stage. He quotes from the Bank of England’s former Deputy Governor, Paul Tucker, who following a meeting between the Bank of England and the Federal Deposit Insurance Corporation (FDIC) in October, 2013 said:
Read More @ GoldCore.com
from CrushTheStreet:
from Newsweek:
U.S. authorities prevented supporters influenced by the Islamic State,
or ISIS, from killing Americans around the July Fourth holiday, FBI
Director James Comey said on Thursday.
In the past four weeks, authorities have arrested at least 10 people who were allegedly inspired by ISIS and planned to carry out terrorist attacks against the country earlier this month, Comey told reporters.
The FBI and U.S. Department of Homeland Security issued fliers to local law enforcement officials weeks before the national holiday to caution them to be on heightened alert for suspicious activity.
Read More @ Newsweek.com
U.S. authorities prevented supporters influenced by the Islamic State,
or ISIS, from killing Americans around the July Fourth holiday, FBI
Director James Comey said on Thursday.In the past four weeks, authorities have arrested at least 10 people who were allegedly inspired by ISIS and planned to carry out terrorist attacks against the country earlier this month, Comey told reporters.
The FBI and U.S. Department of Homeland Security issued fliers to local law enforcement officials weeks before the national holiday to caution them to be on heightened alert for suspicious activity.
Read More @ Newsweek.com
from USA Watchdog:
Have you ever noticed this many strange things going on at the same time?
The Iran nuke deal is going poorly. Greece is looking like it will be plunged into an even bigger depression. China stock market has turned from hero to zero in a huge market plunge in the last few weeks. The US stock markets are gyrating up and down with big swings. There is major hacking going on from stock exchanges to the US government, and Obama and Congress are busy setting up secret trade deals and secret directives. What is going on? I say the end of this debt based money system is a process, and this is an ugly process.
I want to start with the Iran nuclear negotiations going on now, and they are not going good. I have predicted there is going to be no deal. The latest blurb from Iran’s Foreign Minister is him saying “Never threaten an Iranian.”
Read More @ USAWatchdog.com
Have you ever noticed this many strange things going on at the same time?
The Iran nuke deal is going poorly. Greece is looking like it will be plunged into an even bigger depression. China stock market has turned from hero to zero in a huge market plunge in the last few weeks. The US stock markets are gyrating up and down with big swings. There is major hacking going on from stock exchanges to the US government, and Obama and Congress are busy setting up secret trade deals and secret directives. What is going on? I say the end of this debt based money system is a process, and this is an ugly process.
I want to start with the Iran nuclear negotiations going on now, and they are not going good. I have predicted there is going to be no deal. The latest blurb from Iran’s Foreign Minister is him saying “Never threaten an Iranian.”
Read More @ USAWatchdog.com
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