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Trump Plaza To Close In September As Atlantic City Implosion Claims Fourth Casino

The Atlantic City casino industry implosion continues. Following the second, and final, bankruptcy of AC's "state of the art" Revel Casino a month ago, as well as the shuttering of Atlantic Club hotel Casino and the Showboat hotel casino, the grim corporate reaper has come for one of the most prominent boardwalk casinos of all: Trump Plaza.  "Trump Plaza Hotel & Casino will shut its doors for good in mid-September, according to state officials who were briefed Friday by lawyers for the casino."



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NSA Whistleblower Speaks: "The Ultimate Goal is Total Population Control"

Meet Bill Binney, one of the earliest NSA whistleblowers (well before anyone had ever heard of Edward Snowden). He worked for the NSA for 30 years before resigning because of concerns he had regarding illegal spying on U.S. citizens in 2001. Mr. Binney thankfully has never stopped fighting for The Constitution that he swore to defend, unlike most other government officials who happily stomp all over the basic civil liberties enshrined in our founding document. He had some very choice words recently and it would be wise for all of us on planet earth to pay very close attention - Binney recently told the German NSA inquiry committee that his former employer had a “totalitarian mentality” that was the “greatest threat” to US society since that country’s US Civil War in the 19th century.



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About That China PMI Number...

We previously noted the "miracle" of China's PMI, and the lack of statistical validity and consistency in the government's survey; but this simple graphical illustration exposes exactly why the widely-celebrated China PMI number upon which so much current optimism is being grounded may be entirely misplaced...



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Guest Post: If Only The U.S. Had Stayed Out Of World War I

The first big wave of embracing a liberal international economic order - relatively free trade, rising international capital flows and rapidly growing global economic integration - resulted in something remarkable. Between 1870 and 1914, there was a 45-year span of rising living standards, stable prices, massive capital investment and prolific technological progress. In terms of overall progress, these four-plus decades have never been equaled — either before or since. Then came the Great War. It involved a scale of total industrial mobilization and financial mayhem that was unlike any that had gone before. In the case of Great Britain, for example, its national debt increased 14-fold.



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CEO Of Europe's Largest Insurer Pops The Utopia Bubble: "Nothing Is Solved And Everybody Knows It"

The fundamental problems are not solved and everybody knows it,” Maximilian Zimmerer, CEO of Allianz, said at Bloomberg LP’s London office. The “euro crisis is not over,” he said.  “There is only one country where the debt level last year was lower than 2012 and this is a signal the debt crisis can’t be over, only a recognition of the debt crisis has changed,” Zimmerer said on July 9. “If the debt levels are not going down in the end we will have a problem, that is for sure.”



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Goldman Warns, Congress Is Preparing To Tame The Fed

Having already warned that looming political uncertainty is not at all priced-in to US equities, Goldman's Alec Phillips points out that legislation was introduced earlier this week (July 7) in the US House that would attempt to revamp the FOMC's monetary policy process. The bill would require the FOMC to justify to Congress each policy decision relative to a Taylor rule specified in the legislation. While Goldman, do not expect the bill to get very far, but the issue does appear to be a growing focus for some lawmakers and we expect further action on it in the near term.



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Is It Time To Sell The "Old Guy At A Club" Market?

It’s time to think like a contrarian. Why? Because capital markets seem as bulletproof as one of those up-armored military personnel carriers you see in war zones. So what could really rattle stock, bond and commodity markets over the next 3-6 months? The go-to answer, steeped in history, is geopolitical crisis, where the logical hedges are precious metals, volatility plays, and possibly crude oil. Look deeper, however, and other answers emerge.



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"Waiting For Armageddon" - Say It Isn't So?

Brent Johnson, of Santiago Capital, provides a brief but broad overview of the state of the state in the world's precious metals markets (and monetary policy implications). Often accused of "waiting for armageddon", Johnson is quick to note that he would love to be wrong... "If I thought it possible to carry out the next 40 years the same as the last - by sticking to the status quo - I'd do it." But it's not... and no matter how many "say it isn't so" you hear from the mainstream, it is inevitable (when not if). Simply put, he warns, if you do have to have capital markets exposure - make sure you have insurance - you need it now more than ever.



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"Planned Chaos" - Why Fiat Money Is "A Large-Scale Fraud System"

"The state-controlled fiat money system is the main cause of the international financial and economic crisis." This system, Thorsten Polleit warns, is based on the ability of banks to create money literally out of nothing. It is, in principle, a “large-scale fraud system” because today’s money is “intrinsically worthless and not redeemable”. This has damaging consequences for the overall economic development.



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UK Economy "Boomerang'd" As Russians Shun $719 Bottles Of Cristal

The UK had feared whiplash from sanctions on Russian oligarchs but this 'boomerang' is too much to bear... As Bloomberg reports, “We’re seeing a lot less Russian surnames on the booking sheet," at London's Mahiki, a Polynesian-themed nightclub in upmarket Mayfair where a bottle of Cristal Champagne goes for $719 - and Russian customers are being supplanted by revelers from countries including China and Nigeria. “The Russian market was like a Champagne fountain,” notes on ereveler, "The money was coming into the top and flowing down..." but not so much anymore...



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Silver Ends Week With Best Run In 3 Years

Silver closes at a 4-month high as the grey metal closes green for the sixth week-in-a-row. This is the longest winning streak since the highs reached in April 2011 as safe-haven buying and CCFD unwinds are squeezing the shorts and dragging Silver +10% year-to-date (just behind gold).



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5 Things To Ponder: The Everything Boom

"We’re in a world where there are very few unambiguously cheap assets...If you ask me to give you the one big bargain out there, I’m not sure there is one." But frustrating as the situation can be for investors hoping for better returns, the bigger question for the global economy is what happens next. How long will this low-return environment last? And what risks are being created that might be realized only if and when the Everything Boom ends?



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Watch As 6.8 Magnitude Quake Shakes The Fukushima Nuclear Power Plant

Fast forward to 1 minutes 6 seconds into the clip (equivalent to 4:22am local time, and where every second is equvalent to 6 seconds in real-time) to see what the 6.8 magnitude earthquake, which we reported earlier, was all about. Luckily, this time, it was nothing to write home about. Let's hope it stays that way for all future earthquakes as well, or otherwise Abe will have much bigger problems on his hands than just a flaccid "third arrow."



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Russell 2000 Slumps Into Red For 2014; Gold Best Year-To-Date

The Russell 2000 closed down almost 4% from last Thursday's early close - its worst week in 3 months (and in the red year-to-date). The Nasdaq miraculously scrambled back to unchanged from Payrolls but all major indices closed red for the week. Away from stocks, the USD closed unchanged (with notable CAD weakness and JPY strength). Treasury yields tumbled 13bps on the week - the most in 4 months. Gold and silver rose 1.3% on the week to new 4-month highs (6th green week in a row) as WTI Crude slumped back under $101 (-3.3% on the week). VIX rose around 2 vols back above 12 as "most shorted" stocks plunged over 5% - the biggest weekly drop in 25 months! VIX was slammed lower late-on to give the impression of confidence in stocks into the weekend but credit was notably not buying it at all.



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