• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

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European Regulators Suspend Trading In Greek Bonds Citing "Trading Harmony"

Regulators across Europe are beginning to curtail trading in Greek assets as the country’s stock market remains closed and Greeks grapple with capital controls and prepare for a default to the IMF at midnight.



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Germany Pre-emptively Crushes Today's Rumormill, Says Too Late To "Discuss Greek Program Extension"

In our overnight market wrap, we said that with the Greek D-Day doubling as quarter end for countless hedge funds most of which are now suddenly underwater, there would be a plethora of rumors designed to spark buying momentum algos which would provide brief selling opportunities. Alas, Germany appears to have crushed that particular option, when moments ago a German made it clear that at this point the only catalyst will be the now virtually certain Greek default to the IMF at midnight (+/- 1 leap second) Greek time. To wit: TOO LATE TO DISCUSS GREEK PROGRAM EXTENSION: GERMAN OFFICIAL



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Greek D(efault)-Day Arrives, As Does China's Plunge Protection Team

The Greek D-(efault) day has arrived, and with it so has quarter-end window dressing for many underwater hedge funds (recall the S&P is now red for the 2015) which means the rumor mill today will be off the charts. And sure enough, less than an hour ago, futures exploded higher as did the EURUSD, following another "report/rumor" of a last minute detente between Greece and the Troika when Greek Ekahtimerini said that  "Tsipras is reconsidering the last-ditch offer made by European Commission President Jean-Claude Juncker, sources have told Kathimerini."



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JPMorgan Just Cornered The Commodity Derivative Market, And This Time There Is Proof

For years there had been speculation, rumor and hearsay that JPM had cornered the US commodities market. Now, finally, we have documented proof.



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The Mood On The Ground In Greece: "Some Have Raised The Prospect Of Civil War"

"There have been some people that worry that the military may actually get involved. It wouldn't surprise me - there are some people in Greece that have raised the whole prospect of potential civil war."



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The Emergence Of Orwellian Newspeak And The Death Of Free Speech

How do you change the way people think? You start by changing the words they use.



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Strap In! China Is Crashing Again

In the last 2 days, PBOC has thrown everything at the ponzi-fest they call a rational market. An RRR cut, a Benchmark rate cut, a rev repo rate cut, a CNY50 Bn rev repo injection, a stamp duty cut, IPO halts (cut supply), and last but not least permission to speculate with a reassurance that shares on a solid foundation. The outcome of all this policy-panic - CHINEXT (China's Nasdaq) is down another 6% today (down 25% in 3 days) and aside from CSI-300 futures, all other major Chinese indices are in free-fall. Add to that the fact that industrial metals are collapsing with steel rebar limit down and it appears Central Bank Omnipotence is under threat.



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Is The American Youth Ready For Conscription?

The shining future that America once had is all but a page note in the history books now. Record numbers not in the workforce, failed foreign policies and domestic strife is the new normal. And how is the brain trust in DC going to solve these problems? National service for all 18 - to 28-year-olds!



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French Economy In "Dire Straits", "Worse Than Anyone Can Imagine", Leaked NSA Cable Reveals

Moscovici who served as French finance minister until 2014 and then became European commissioner for Economic and Financial Affairs, Taxation and Customs, used some very colorful language, i.e., the French economic situation was "worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years”. 



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Beggar Thy Neighbor? Greece's Battered Banks Beget Balkan Jitters

"Millions of people in ex-Communist Bulgaria, Macedonia, Albania, Serbia and Romania have deposits in banks owned by Greek lenders, putting this corner of south-eastern Europe in the frontline if there is contagion from the Greek crisis."



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Greece Will Default To IMF Tomorrow, Government Official Says

Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi said that "Greece’s debt would still remain outstanding and creditors would expect this money back." So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours: "Greece won't pay IMF tranche due Tuesday, government official says"



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Good On You, Alexis Tsipras (Part 1)

Late Friday night a solid blow was struck for sound money, free markets and limited government by a most unlikely force. Namely, the hard core statist and crypto-Marxist prime minister of Greece, Alexis Tsipras. He has now set in motion a cascade of disruption that will shake the corrupt status quo to its very foundations.



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China Makes It Official, Launches The Bank That Humiliated Washington

Four months after the UK opened the membership floodgates and dealt Washington a humiliating political blow, China has officially launched the Asian Infrastructure Investment Bank.



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1914 Deja Vu: Draghi's Cap On ELA Is Today's Czar Nicholas Troop Mobilization

It’s all so very 1914-ish. Draghi’s cap on bank-supporting Emergency Liquidity Assistance (ELA) is the modern day equivalent of Czar Nicholas II’s troop mobilization. Good luck walking that back.



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