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U.S. Admits Paying Terrorists For Services Rendered In Syria

Despite the fact that even the U.S. government itself has admitted that it was funding terroristsdirectly and indirectly through Saudi Arabia, the suggestion was met with disbelief, ridicule, or either entirely ignored.  Now, however, the United States government has admitted that it funds terrorists on the ground in Syria yet again, this time placing an individual dollar amount on the assistance provided.



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Desperate Greeks Resort To Scavenging Through Garbage To Find Food

"Sometimes I'll find scrap metal that I can sell, although if I see something that looks reasonably safe to eat, I'll take it"...



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What If Gold Is Declared Illegal?

Over the weekend, the lines in Greece stretched along the street. Around the corner. Down the block. Lines to get cash. Lines to buy gas. Lines of people eager to get their hands on something of value. Food. Fuel. Cash. Pity the poor guy who was last in line... As more and more people turn to gold as a way to avoid standing in lines, the feds could ban it again. But when we close our eyes and try to peer into a world where gold is illegal, what we see is a world where we want it more than ever.



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NSA Leak: "Washington Is Negotiating With Every Nation That Borders China... So As To 'Confront' Beijing"

"Houben insisted that the Trans-Pacific Partnership (TPP), which is a U.S. initiative, appears to be designed to force future negotiations with China. Washington, he pointed out, is negotiating with every nation that borders China, asking for commitments that exceed those countries' administrative capacities, so as to "confront" Beijing."



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These Six States Just Raised Their Gasoline Tax

Beginning July 1, drivers in Idaho, Georgia, Maryland, Rhode Island, Nebraska and Vermont will be charged more at the pump as a result of laws taking effect at the start states' new fiscal year.



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Greece Explained (In 2 Cartoons)



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Domestic Auto Sales Tumble, Miss For 6th Of Last 7 Months (Don't Tell Phil LeBeau)

Judging by the smiling Phil LeBeau who earlier opined of an 8.9% plunge in For F-Series sales that "I don't know if I'd Call that a slowdown," you would think the US Auto industry was killing it. Apart from the fact that all but the most luxurious brands missed expectations, we sum up the month of June's results by nothing the credit-spewed spike in May is now over and domestic car sales are continuing to trend lower. This is the biggest MoM drop since Sept 2014. As Ward's notes, they have now missed expectations for 6 of th elast 7 months...



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"The Fallout Ratio" Is Flashing Red - The Chart That Realtors Don't Want You To See

The Home Sales Fallout Ratio gives us an idea of the trend of contracts (aka 'pending home sales') falling through and failing to close. It is telling us that, while sales are at a 9 year high, trouble is brewing in the current version of the bubbly housing market. This could be a harbinger of mass destruction should mortgage rates begin a persistent rise from here.



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The Greek Bluff May Be Working: ECB Does Not "Haircut" ELA Collateral

Following our post yesterday, in which we calculated the levels of ELA haircuts that would result in corresponding deposit haircuts, we - and the rest of the world - were patiently waiting to see if the ECB would commence using its nuclear option, first with a small increase in haircuts, then as we got closer to Sunday, with larger ones.  Moments ago we got the answer, when the ECB not only kept the ELA frozen as expected, thus requiring the continuation of the Greek capital controls, but decided against a collateral haircut.

ECB SAID TO TAKE NO DECISION ON GREEK COLLATERAL HAIRCUT

In other words, so far Varoufakis' thesis remains intact, and the ECB has refused to push the "nuclear option" launch button.



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Losing Money Is "Inevitable" This Year, SocGen Warns Citing Economic "Elephant"

Investors are losing money, which strikes us as largely inevitable with asset prices where they are and economic growth and profits on a downward trajectory. Losing the least amount of money may be the best source of success this year.



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Pre-Blame-Game Begins: Fed's Brainard Fingers HFT For "Amplifying Market Shocks"

We warned previously that when (not if) the market crashes next, The Fed is going to need a scapegoat (other than British traders living at home with their parents) and judging by The Fed's Lael Brainard's comments today, high-frequency-traders (HFT) are in the crosshairs. Crucially, Brainard warns that HFT "may amplify market shocks," and The Fed is "studying possible changes in liquidity resilience." 



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Airlines Stocks Plunge After DoJ Probes Collusion On High Prices

Low oil prices must be good for airlines profits, right - especially if they keep ticket prices artificially high...

*DOJ SAID PROBING WHETHER AIRLINES COLLUDING ON HIGH AIRFARE:AP

And now we await for the DOJ to probe whether central banks are colluding to keep stock prices high. /sarc.



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Eurogroup's Dijsselbloem Says "No Grounds For Further Talks", Will "Wait For Outcome Of Referendum"

DIJSSELBLOEM SAYS SEES NO GROUNDS FOR FURTHER GREECE TALKS
DIJSSELBLOEM SAYS WILL BE NO TALKS IN COMING DAYS
DIJSSELBLOEM SAYS WILL WAIT FOR OUTCOME OF GREEK REFERENDUM
DIJSSELBLOEM SAYS WILL TAKE INTO ACCOUNT OUTCOME OF SUNDAY VOTE



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