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ECB Says "Greek Bank Holiday Now Necessary"

Bloomberg: ECB SAID TO VIEW BANK HOLIDAY FOR GREECE AS NECESSARY



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The Greek Butterfly Effect

This next week is not so much about Greece the butterfly, but it is about keeping the butterfly from becoming a hindrance to the math working globally. And the Greek government knows this. They are negotiating on the basis that a bad Greek deal from Europe’s point of view is better than a default. Angela Merkel wanted a concluded Greek deal before markets open on Monday. Now she has a mess.



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America Is Its Own Worst Enemy - Trapped In Irrational Exuberance

Yes, the clock’s ticking louder, louder, warns the Economist, “only a matter of time before the next recession strikes.” Unfortunately, the “rich world is not ready.” America’s not prepared. You are not ready.



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China Challenges Gold Price-Setting Regime; Confirms Launch Of Yuan-Denominated Fix

Less than two weeks after Bank of China became the first Chinese bank to join the list of participants in the London gold auction, The Shanghai Gold Exchange confirms that a yuan-denominated gold fix will be in place by the end of 2015.



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What Bull Market? 42% Of Stocks Are In Correction

A correction is generally defined as any stock that is at least 10% off a recent high. If we look at a price performance over the past 200-days, 42% of all the stocks in the MSCI World Index are in a correction. Higher than you might have thought, right?



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Eurozone Rejects Greek Bailout Extension: All Bailout Programs Expire On June 30, Referendum Moot

"Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations late on the 26 June unilaterally.  The current financial assistance arrangement with Greece will expire on 30 June 2015, as well as all agreements related to the current Greek programme including  the transfer by euro area Member States of SMP and ANFA equivalent profits."



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Greek Parliament Votes In Favor Of Referendum

Update: As expected, the Greek parliament has voted in favor of the referendum announced Saturday by PM Alexis Tsipras. 



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Rent-A-Tent - The Next Silicon Valley Startup

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.



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IMF Confirms Greek Referendum "Irrelevant" After Program Expires On Tuesday

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.



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America - Then & Now

Presented with no comment...



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FX Brokerages Move To "Close Only" Ahead Of Monday Open

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.



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Jim Grant Explains "Our" 3 Biggest Financial Mistakes

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...



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EU Officials Unleash The Fearmongery: "The Crisis Has Commenced"

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...



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Caught On Tape: Confederate Flag "Taken Down" From South Carolina Capitol

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...



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Why Banks Rob Depositors: "Because That's Where the Money Is"

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.



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