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Will Greek Depositors Under €100,000 Be Spared In Case Of A "Bail-In"

"Could deposits below €100k be protected as it happened in Cyprus? The answer depends on the total amount of deposits above €100k. If there are enough of these large deposits above €100k, then most likely any required deposit haircut will be inflicted on these depositors only. There are no recent data on how big this universe of large deposits is. The most recent data from the European Commission suggest that at the end of 2012, covered (i.e. those below €100k) represented 75% of eligible Greek deposits. We suspect this number is now significantly higher leaving little room for depositors with less than €100k to be spared."



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Fed's Full Normalization Will Crush The Casino

The US Federal Reserve has been universally lauded for the apparent success of its extreme monetary policy of recent years. With key world stock markets near record highs, traders universally love the Fed’s zero-interest-rate and quantitative-easing campaigns. But this celebration is terribly premature. The full impact of these wildly-unprecedented policies won’t become apparent until they are fully normalized. The most-extreme monetary experiment by far in US history is just at half-time now, the fat lady hasn’t even taken the stage. The full normalization of ZIRP and QE is likely to be as negative for stock and bond prices as its ramping up proved positive for them.



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A Pledge Of Allegiance For The New Normal America

"I pledge allegiance to no flag, but to truth and morality..."



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Athenian Democracy vs. Neoliberal Gods

Prime Minister Alexis Tsipras allows the Greek people to decide their own fate via a democratic referendum. That’s enough to send the troika – the European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) - into a paroxysm of rage. Here, in a nutshell, is everything one needs to know about the EU “dream”.



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Happy Independence Day, Brought To You By The Chinese

Home of the sugar babies and the land of free trade, happy Independence Day America...brought to you by the Chinese.



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One Heretic, And Not-So-Simple, View On The Greek Referendum

... Greeks should be united in their fight for the rule of law and against the cleptocracy, and not divided over a referendum on an absurd question. That division, however, serves the cleptocrats well—they can go about their usual ways unnoticed. Whoever said “divide and rule” knew what they were talking about.



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The Real Bubble: Average M&A Multiple Hits 16x As First Half Volume Crosses Record $1 Trillion

While China is scrambling to launch a plunge protection team after every other initiative to support its burst stock market bubble has failed, one wonders when the real asset bubble will go pop: that, of course, is the global - but mostly US - merger and acquisition bubble.



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Old Economic Thinking Is The Problem, BIS Warns

Notwithstanding everything that has been done since the Great Financial Crisis, it is not at all safe to go back in the water. Indeed danger of financial fragility is greater now than a year ago. The danger this time comes, interestingly, not so much from the banks as from the policymakers, who persist in using empirically discredited pre-crisis thinking as a guide to macroeconomic policy. The problem, in a nutshell, is that “a monetary policy focused on managing near-term inflation and output may do so at the cost of higher fluctuations in credit and asset prices than in the past.”



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A Drone's Eye View Of The Massive Numbers Behind The Greek "No" Vote

“I call you to say again a big proud ‘no’ to ultimatums on Sunday!"

"We can also say it in German: Nein, Frau Merkel, Nein.”



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Paul Craig Roberts: Sunday's Vote Will Determine Liberty Or Serfdom

The greatest and most successful propaganda scam in history is the one that convinces the world that they are nobody if they are not part of The West: the indispensable peoples, the exceptional peoples. If you are not part of The West you are nobody, nonexistent, a nothing. 2,500 years ago Greeks saved their independence from the Persian Empire. Sunday’s vote will tell us whether Greeks have again served liberty or whether they have succumbed to Washington’s Empire.



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China Scrambles to Put Plunge Protection Team Together: Banks Pledge Support For Crashing Market

China has moved in the direction of direct intervention in its flagging equity markets, although it appears Beijing will try to orchestrate a “private” sector (whatever that means in China) solution first before going the nuclear route with the central bank’s balance sheet. As Bloomberg reports, the country’s largest brokerages are teaming up to invest nearly $20 billion in “blue chip” Chinese equities.



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Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT

"Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said."



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What It All Comes Down To On Sunday

"Do you think Europe should forgive your debt, check box 'Yes' or 'No'." "No" means a lot of pain now and recovery later. "Yes" means less pain now but no hope of recovery ever. Choose wisely...



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Sugar Daddies Are Paying Their Share Of The $1.3 Trillion Student Loan Balance

Welcome to the modern hooker economy...



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The Superpower Conundrum - The Rise and Fall of Just About Everything

The rise and fall of great powers and their imperial domains has been a central fact of history for centuries.  It’s been a sensible, repeatedly validated framework for thinking about the fate of the planet.  So it’s hardly surprising, when faced with a country once regularly labeled the “sole superpower,” “the last superpower,” or even the global “hyperpower” and now, curiously, called nothing whatsoever, that the “decline” question should come up.  Is the U.S. or isn’t it?  Might it or might it not now be on the downhill side of imperial greatness?



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