In the modern economy, we share everything: STDs, food stamps, transportation, and housing. It's all facilitated by mobile technology. First there was Rent A Gent. Now, the next part of the sharing economy is upon us: Rent A Tent.
If there was any confusion if, as we warned was the biggest problem with the Greek referendum namely that next weekend there will no longer be a proposal to vote on, the IMF's Christine Lagarde just put it to rest. As she told the BBC moments ago, the Greek government's planned referendum on the terms of any new bailout plan will be invalid after Tuesday, when the current programme expires. As a result, the Greek people would be voting on proposals that were no longer in place.
Upcoming risk - Instruments moving to 'Close Only' mode
Due to the uncertainty surrounding the ongoing Greek debt negotiations, and ahead of a potential announcement over the weekend that could lead to high volatility on the market, please be informed that we have decided to decrease your risks by temporarily moving all Instruments to 'Close Only' mode, from 22:30 GMT+3 on Friday the 26th of June 2015, until 00:30 GMT+3 on Monday the 29th of June 2015, trading terminal time.
Speaking at Russell Napier’s Library of Mistakes in Edinburgh earlier this month, Jim Grant of Grant’s Interest Rate Observer was asked what financial mistakes we’re making today that future generations will regard as the most ridiculous. If you’re familiar with Grant’s writing the short answer won’t surprise you...
Presented with little comment aside to ask if someone is off-script?
NOONAN: THE CRISIS HAS COMMENCED
SCHAEUBLE SAYS `HELLISH DIFFICULT TASK' ON GREECE
NOONAN: I HAVE SYMPATHY FOR THE GREEK PEOPLE
But always remember, "Greece doesn't matter," which as Mohamed El-Erian explains, is somewhat true, since European leaders have two other existential issues to contend with also...
The Confederate Flag flying over South Carolina's Capitol building has been removed (temporarily)... not by congressional decree, but by the hands of spider-man-like Bree Newsome who scaled the 30-foot flagpole. However, shortly after her arrest by State Capitol police, the flag was raised again...
One of America's most notorious bank robbers, Willie Sutton (1901-80), is said to have remarked that he robbed banks "because that's where the money is." In a strange twist, the banks themselves are now beginning literally to rob their own customers.
The fact that Moody's and Fitch are beginning to reevaluate student loan ABS is indicative of an underlying shift in the market. Between the proliferation of IBR and the Department of Education's recent move to open the door for debt forgiveness in the wake of the Corinthian collapse, financial markets are beginning to see the writing on the wall. Perhaps Bill Ackman said it best: "there's no way students are going to pay it all back."
It is clear from the EU Finance Ministers' template-like comments to the press what the real worry is in Europe (and the world). It's not The Greeks (Schaeuble: "No other decision was possible, no problem with Greek referendum... need to see what happens next"), it's something else:
*SCHAEUBLE SAYS DOING EVERYTHING POSSIBLE TO AVERT MARKET UNEASE
*DIJSSELBLOEM: OUR INSTITUTIONS ARE PREPARED TO TAKE ANY ACTION
And then there's this utter rubbish: ITALY'S PADOAN: "EURO AREA IS VERY STRONG."
"A possible Greek default on debt due to the International Monetary Fund next week would trigger cross- default clauses on 130.9 billion euros that Greece owes the euro area’s temporary rescue facility, a European Union official says."
Despite all the talk of "containment" and "Greece doesn't matter," not only are we told by anonymous EU officials that some banks may not open Monday but now, a Greek SEC Official has warned...
*GREEK BOURSE MAY NOT TRADE MON IF NO ELA EXTENDED: SEC OFFICIAL
Greeks just got CYNK'd (or Hanergy'd).