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Carnage Continues: EU Equity Futures Crash 7%, Bund Yields Plunge 20bps, Italy/Spain Bonds Dumped

It appears Greece matters after all - US futures are tumbling, Japanese stocks are tanking (as JPY is bid on mass carry unwinds), Chinese stocks are limit down and collapsing.. and now European equity futures are open and in free-fall. Bunds are well bid, down 20bps to 72bps. Peripheral bonds are being dumped (contagiously).

*EURO STOXX 50 FUTURES FALL 7% AT MARKET OPEN
*ITALIAN BONDS DECLINE WITH 10-YEAR YIELD RISING 57 BPS TO 2.72%



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Chinese Stocks Crash Most In 19 Years, Re-Open Limit Down (Despite PBOC Hail Mary)

We're gonna need a bigger rate cut...

SHANGHAI COMPOSITE HEADS FOR BIGGEST 3-DAY DROP SINCE 1996
CHINA CSI 500 STOCK-INDEX FUTURES FALL BY MAXIMUM 10% LIMIT

"It's time to wake up," because, the fate of the world is in the hands of illiterate Chinese farmers and Greek grannies.



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Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.



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The NATO Buildup On Russia's Border - Groundless Pretext For Cold War Revival

Have you picked up on the new trope du jour? We are all encouraged to bask in our innocence as we lament the advent of a new Cold War. The thought has been in the wind for more than a year, of course, at least among some of us. But we witness a significant turn, and I hope this same some of us are paying attention. As of this week, leaders who know nothing about leading, thinkers who do not think and opinion-shaping poseurs such as Tom Friedman are confident enough in their case to sally forth with it: The Cold War returns, the Russians have restarted it and we must do the right thing - the right thing being to bring NATO troops and materiel up to Russia’s borders, pandering to the paranoia of the former Soviet satellites as if they alone have access to some truth not available to the rest of us.



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Here Comes "Prexit": Puerto Rico In "Death Spiral", Debts Are "Not Payable", Governor Refuses To "Kick The Can...

As we noted last night, for a whole lot of time nothing at all can happen under the guise of "containment"... and then everything happens all at once. Because not even two full days after Greece activated the "Grexit" emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro García Padilla, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.



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Artist's Impression Of This Week In America

Quite a week...



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"Contained" Greek Contagion Smashes Japanese Banks Lower

Despite all the 'smartest men in the room' proclaiming that Greece doesn't matter, and Greek risks are "contained", Japanese stocks are tumbling led by bank stocks. Topix Banks Index has plunged the most since Feb 2014 (and 2nd most since the Taper Tantrum in 2013).



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The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)

It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.



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How Could The "Greek Experts" Be So Wrong?

With Greece disintegrating before our very eyes, here are some recent blasts from the recent and not so recent past, showing just how clueless some of the most and least respected, strategists, bureucrats, drama majors, and former Goldman employees have been when it comes to Greece.



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The War On Some Drugs

The only answer to the War on Drugs is the same as that to the equally stupid and destructive War on Demon Rum fought during the ’20s - a repeal of prohibition. The question is really whether you have a right to control your own body and what you ingest. There’s little question that caffeine, cocaine, nicotine, heroin, alcohol, marijuana, sugar, and a thousand other things aren’t good for you, at least not in quantity. But we can’t see how that’s anybody’s business but your own. Once it becomes a matter of state concern, then everything becomes an equally legitimate subject of state attention. Which is pretty much where we are today - well on the way to a police state.



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Keynes, The Great Depression And The Coming Great Default

Ideas Have Consequences... In Nazi Germany and Fascist Italy, in Great Britain, in Japan, and in the United States, there was a shift of opinion away from the free market in favor of government economic planning. The supreme mark of this transformation was the acceptance of John Maynard Keynes' unreadable book, The General Theory of Employment, Interest, and Money, which was published in 1936. A new generation of younger economists adopted this book and its outlook, which prevails today. The fascist economic idea of an alliance between government and business became almost universally accepted.



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Pension Funds Are "Compromising Their Solvency" OECD Warns

"As pension funds move into riskier investments in search of higher returns to fulfil their pension promises, they may be seriously compromising their solvency situation in the event of a negative shock."



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Why We're Headed Toward A "Cashless Society"

"Sometimes, when the government tells you to do something, it’s best to do the opposite." When do you need a stash of cash? When the feds try to outlaw it. Hold some dollars. And some gold. But,what good will cash be after it is declared illegal, we hear you ask? We’re not sure. Maybe we’ve spent too much time in Argentina, where people have more supple and more subtle attitudes to monetary regulations. Trading pesos for dollars, on the black market, is illegal. Do it and they take you for a scofflaw. Don’t do it and they take you for a fool.



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A Helpless China Tips Its Hand: A Market Crash "Poses Great Danger To Social Stability"

"The positive wealth effect of the equity market on consumption or aggregate demand is limited in China, but an equity market collapse would hurt millions of mid-class households and pose great danger to the economy and social stability."



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Dow Futures Open Down 300 Points, 10Y Yield Tumbles 20bps As EURUSD Plunges Over 200 Pips

Buy-The-Dipping, "Greece doesn't matter", Escape-velocity-forecasting, QE-front-running, Central-Bank-believing asset gatherers everywhere must be salivating at this 'healthy correction' opportunity...



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