• Tim Knight from...
    06/30/2015 - 21:19
    Hyperventilation can't hold a candle to the good feelings of helping out a fellow traveler here on our little planet.

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Obama Talks The Other "N" Word

"N"onsense...



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Don't Blame Austerity: Five "Dastardly" Ways Italy Burned Through Taxpayer Money

What has really been going on in Europe over the past 5 years, if the debt load kept creeping higher, and yet little money was actually making its way to the broader population? The answer is simple: abuse of taxpayer funding, also known as fraud and corruption. As Italy's TheLocal reports, the EU anti-fraud office, Italy currently has 61 open investigations into fraud involving EU funds. This means Italy has the second highest number of investigations in the EU, ranking just below Greece's neighbor to the north, Bulgaria.



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Former Senator Slams Washington As Corrupt "Sewer", Calls For Outraged Young Americans To Revolt

"On a more personal level, how can public service be promoted as an ideal to young people when this sewer corrupts our Republic? At this point in early twenty-first-century America, the greatest service our nation’s young people could provide is to lead an army of outraged young Americans armed with brooms on a crusade to sweep out the rascals and rid our capital of the money changers, rent seekers, revolving door dancers, and special interest deal makers and power brokers and send them back home to make an honest living, that is, if they still remember how to do so."



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Dow, S&P Give Up Last-Minute-Greek-Deal Dead-Cat-Bounce Gains

Shocked...



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Chart Of The Day: Is China Sending A Warning?

"I think China may be more important than Greece. Stick with the drill – stay wary, alert and very, very nimble."



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Fiat Faith Faltering? Bitcoin Surges 12% Post-Greferendum Announcement

Like it or not, Bitcoin is an alternative to the fiat fraud money that is the backbone of the status quo. Since Tsipras proposed the Greferendum, Bitcoin has surged 12% as perhaps - away from the cornered and manipulated precious metals markets - faith in fiat is faltering...



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NATO Member Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid

While perhaps not on the scale of China or Russia assistance, Turkey has thrown its hat into the Troika-Greece farce by offering financial assistance to its embattled neighbor. As ekthimerini reports, "We are ready to help Greece survive its economic crisis with cooperation in tourism, energy, trade," Turkish Prime Minister Ahmet Davutoglu said and Turkey's left-wing parties showed solidarity by adding, "we believe that apart from imposing austerity policies on peoples of Europe, there can be more reasonable agreements." While no aid has been asked fro Turkey says it is ready to evaluate options.



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Malvinas 2.0? Argentina Plans Asset Seizure Of Falkland Oil Companies

Is it just election fever, or is Argentina serious about reclaiming the Falklands Islands?



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With Market Closed, Trading Greek ETF Is Gamble, Guessing Game

Anyone trading the Global X FTSE Greece 20 ETF should take a cue from Howard Marks and ask themselves the following question: can an ETF be more liquid than the assets it references? 



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Greece Asks For 2-Year Bailout From ESM, Merkel Shoots It Down

Update: EU finance ministers to hold call on Greek request for ESM loan.

GREECE ASKS FOR 2-YR BAILOUT PROGRAM FROM ESM: PM'S OFFICE



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Consumer Confidence Soars In June On Spike In Hope

As Gallup's Consumer Confidence plunges, The Conference Board's Consumer Confidence explodes higher from 94.6 to 101.4 (smashing expectations of 97.4). After missing by the most in 5 years in April, higher gas prices, market instability, and growing social unrest appear to be the perfect recipe for improved consumer confidence as The Conference Board data nears the highest since 2007. The biggest driver of the headline spike is the surge in "expectations" - in other words, hope - which jumped from 86.2 to 94.6, although expectations for higher incomes finally began to drop back to reality.



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Chicago PMI Prints Worst June Since 2008 As Employment Tumbles

Chicago PMI has now missed 4 of the last 5 months and printed sub-50 contractionary indications for 4 of the last 5 months. June's data improved from May (rising from 46.2 to 49.4) but missed expectations and is the weakest June print since 2008. Notably, away from 2015, June's print is the weakest since September 2009. Under the covers it was ugly - employment plunged to the weakest since Nov 2009, order backlogs plunges to the lowest since September 2009, and prices paid rose again (pressuring margins).



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The Global Template For Collapse: The Enchanting Charms Of Cheap, Easy Credit

Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.



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There Is One 'Small' Problem With The Crowdfunded Greek Bailout Campaign

In the latest example that there are generous, perhaps even noble people, still left, Crowdfunding site Indiegogo has released a crowd sourced "Greek Bailout Fund" which in just 1 day has already managed to raise around €100,000 from over 6,300 contributors. Noble, generous... and quite idiotic, for one simple reason - the math is horribly wrong.



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Case-Shiller US Home Price Index Drops Most In A Year

While the 20-City index rose 4.9% YoY (but missed expectations by the most since July 2014), Case-Shiller's US Home Price Index dropped 0.02% in April - the first MoM drop since May 2014. Of course, all real estate is local and we note Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3% and 10.0%, respectively, over the last 12 months.  As S&P's David Blitzer warns, "home prices continue to rise across the country, but the pace is not accelerating."



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