Archive - Jun 2015
June 29th
"Of What Use Is A Gun With No Bullets?", BIS Says Central Banks Defenseless Against Coming Crisis
Submitted by Tyler Durden on 06/29/2015 13:33 -0500Risk-taking in financial markets has gone on for too long. And the illusion that markets will remain liquid under stress has been too pervasive. But the likelihood of turbulence will increase further if current extraordinary conditions are spun out. The more one stretches an elastic band, the more violently it snaps back. Restoring more normal conditions will also be essential for facing the next recession, which will no doubt materialise at some point. Of what use is a gun with no bullets left?
Dow Tumbles To Overnight Lows, Down 650 Points From "Greece Is Rescued" Highs
Submitted by Tyler Durden on 06/29/2015 13:32 -0500But risk was contained? Greece didn't matter... Once Europe was closed the selling would stop?
Massive Greek "No" Protest In Front Of Parliament - Live Feed
Submitted by Tyler Durden on 06/29/2015 13:06 -0500With the ATMs running dry and lines forming at gas stations and grocery stores, Greeks are understandably restless and have once again gathered en masse in Syntagma Square.
VIX Bursts Above 17.5 As Sleep-Walking Markets Awake
Submitted by Tyler Durden on 06/29/2015 12:55 -0500Mainstream media-ites continue to believe that a long period of low volatility is a sign of market health. In fact it is quite the opposite. A sleep-walking market is a reflection of complete disregard as to risk. Markets enter such periods of complacency when there has been a long uptrend, with periods of very low volatility reflecting where the market has come from, not where it is going. Such periods are far more likely to be a sign of an impending trend reversal than of a continued uptrend.
Greek Crisis: What's Next After Capital Controls?
Submitted by EconMatters on 06/29/2015 12:40 -0500Referendum is a CYA by Tsipras & Syriza, but a deal is by no means the end of anything...
Greek Contagion Uncontained: Portugal Bond Risk Spikes Most In Over 7 Years
Submitted by Tyler Durden on 06/29/2015 12:38 -0500Portuguese bond risk spiked a massive 49bps today. Early efforts to limit the contagion failed and Portuguese risk went out at its highs of the day and the biggest spike in risk since March 2008. Yes we know Draghi has a big bazooka but so does China... and how did that work out?
ECB Strikes Back: Threatens With Greek Deposit Haircut If And When ELA Found To Be "Illegal" On Wednesday
Submitted by Tyler Durden on 06/29/2015 12:34 -0500The threats are flying fast and furious now. Moments after the WSJ quoted a Greek official as saying that Greece will not make its IMF bond payment, the ECB struck back when Bloomberg reported that the ECB would review the legality of Greek aid should there not be a deal, i.e., on July 1 post an IMF default. According to Austrian central bank Governor and ECB member, Ewald Nowotny, on Wednesday’s governing council meeting the central bank will decide whether it can continue to provide emergency support for Greece once current bailout program expires June 30, as the Wiener Zeitung originally reported.
Chinese Regulator Blames Ongoing Market Crash On "Rumors", Demands Traders "Act Rational"
Submitted by Tyler Durden on 06/29/2015 12:14 -0500After soaring exponentially over 100% in the past 12 months, amid spiking margin debt for illiterate farmers and housewives, Chinese regulators appear upset that their stock market 'wealth creation' model is failing hard. CSRC just released a statement clarifying why it is happening ("clearly profit-taking"); who is to blame ("The Government hopes investors can make independent judgement; Don't believe or follow negative rumors against Chinese economic development,"); and what to do next - Buy because it has "ample liquidity to meet investor needs." The regulator ends with a stunner - demanding investors "act rationally."
As Foretold In 2010, Greece Was GUARANTEED to Default Regardless Of Any Aid It Received and These Countries Have Similar Issues
Submitted by Reggie Middleton on 06/29/2015 11:57 -0500Regardless of what package the Troika (or China or Russia) would have ever given Greece, the endgame would have always been full tilt default. This can be mathematically proven. There are also about 14 other countries with similar characteristics - all easily seen with just a modicum of insight and research. Just as easy is the ability to avoid the inevitable capital controls and bank bail-ins that the Greeks are subject to now.
Varoufakis Reveals Europe's Stunning Denial Of Greek People's Right To Vote
Submitted by Tyler Durden on 06/29/2015 11:52 -0500We are watching the total collapse of Democracy and the birth of a new era – Economic Totalitarianism from Arrogant people who are totally clueless beyond their own greed for power and money.
Russia Promises "Economic And Military" Aid To Syria As US Refloats Assad "Chemcial Weapons" Trial Balloon
Submitted by Tyler Durden on 06/29/2015 11:24 -0500The Syrian "chemical weapons" narrative is back and with it is the confirmaton that Russia will not leave the US dictate middle eastern borders unilaterally. Syria's foreign minister said on a visit to Moscow on Monday that top ally Russia had promised to send political, economic and military aid to his country. "I got a promise of aid to Syria - politically, economically and militarily," Walid al-Moualem said at a televised news conference in Moscow after meeting Russian President Vladimir Putin.
GeNeRaL JaCKSoN SLaYiNG THe MaNY HeaDeD MoNSTeR...
Submitted by williambanzai7 on 06/29/2015 11:22 -0500A dream image for the fringe finance low brows of Zero Hedge Town...
Growing Concerns Over Tomorrow’s Leap Second
Submitted by EquityNet on 06/29/2015 11:09 -0500Tomorrow at 8pm, we’re adding an extra second to the day. Over the past 200 years, the length of a day has increased by two milliseconds, which is all well and good, but the insane accuracy of the atomic clocks we’ve been using since 1967 doesn’t account for that, so we’ve had to add leap seconds 25 times since 1972. Tomorrow, however, is the first time a leap second will be added during trading hours since markets went electronic.
Project "Make Everyone German" Has Failed...
Submitted by Tyler Durden on 06/29/2015 11:04 -0500Eurocrats have spent untold billions of other people’s money to save face, just so they wouldn’t have to admit that Project “Make Everyone Germany” has failed. But what they never acknowledged was that no matter how much they extend and pretend, the disease will always reach its crisis. And this financial disease is going to slay the patient. History is very clear on this point: debt kills.
Systemic Turmoil, Structural Reform
Submitted by Tyler Durden on 06/29/2015 10:47 -0500In the natural course of things, structural reform can occur, but that natural course entails some degree of disorder and loss.






