Bank of England
Bank Of England Warns Greece "Threatens To Trigger Market Selloff That Could Ripple Through The Global Economy"Submitted by Tyler Durden on 07/01/2015 18:30 -0400
When it comes to Europe, Greece lost the blame game, and just like the Ukraine civil war last year, became an unwitting catalyst greenlighting Germany's concession to ECB QE, this time it may be Greece that launches the next step in the ECB's master plan: not just QE but more QE. This is precisely what Goldman's Franceso Garzarelli, co-head of macro and markets research, admitted earlier today in an interview on Bloomberg TV, when he said that the ECB "will have to go big" if the situation in Greece worsens and leads to wider peripheral bond yield spreads.
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...
- This headline needs updating: Creditors set bailout ultimatum for defiant Greeks (Reuters)
- Greece’s Fragile Banks Leave Alexis Tsipras Few Options in Bailout Talks (WSJ)
- Dueling Greece Plans Presented as Ministers Race for Aid Deal (BBG)
- Icahn Cashes In His Netflix Chips (WSJ)
- Meet the Health-Law Holdouts: Americans Who Prefer to Go Uninsured (WSJ)
- ECB holds Athens lifeline unchanged as Bundesbank protests (Reuters)
- Supreme Court Guide: Six Big Decisions Remain (WSJ)
- The Rise of the Compliance Guru—and Banker Ire (BBG)
- Greece Handed New Terms as Tsipras Approaches Decision Time (BBG)
- As U.S. Probes $12.7 Trillion Treasury Market, Trader Talk Is a Good Place to Start (BBG)
- Signs Swedish QE Backfiring as Liquidity Evaporates (BBG)
- ECB approves ELA funding requested by Greece- banking source (Reuters)
- Greek Millennials Can't Find Work But Actually Want to Keep the Euro (BBG)
- Greek deal or not, the euro is now a different beast (Reuters)
- Promoter’s Arrest Sheds Light on Cynk’s $6 Billion Surge (BBG)
- The World's Biggest Economies Are About to Feel the Impact of China's Slowdown (BBG)
- Senate Clears Trade Bill’s Way to Passage (WSJ)
"I was appalled to hear of Treasury Secretary Jack Lew's decision last week to demote Alexander Hamilton from his featured position on the ten dollar bill... a better solution is available: Replace Andrew Jackson, a man of many unattractive qualities and a poor president, on the twenty dollar bill. Given his views on central banking, Jackson would probably be fine with having his image dropped from a Federal Reserve note."
- Greek central bank issues 'Grexit' warning if aid talks fail (Reuters)
- Kerry says 'patience wearing thin' on Syria's Assad (Reuters)
- Juncker accuses Athens of misleading Greek people (FT)
- Al Qaeda kills two Saudis accused of spying for America (Reuters)
- Hedge-Fund Bet Hits Pensions (WSJ)
- ‘Flash Crash’ Trader Navinder Sarao Worked With Fund Network Now Under Investigation (WSJ)
- 'Me? Rich?' U.S. presidential hopefuls play middle-class card (Reuters)
- You’ve Been Warned: Central Bankers Turning Less Market-Friendly (BBG)
With the Fed's June FOMC statement in just over 7 hours and a Yellen press conference to follow shortly, one in which nobody expects the Fed will announces its first rate-hiking cycle in nine years despite repeated clues by Yellen that not only is there froth in the market but that the Fed has no dry powder to contain the next crisis when it emerges (even though a rate hike will catalyze the next crisis), traders have chosen to ignore the chatter from Greece which is getting worse by the hour, and unlike recent days, have bought risk overnight based on one simple technical: of the five press conferences in ten Fed meetings held by Yellen as Chairman, the S&P finished higher 80% of the time.
- Pope urges Putin to make 'sincere, great effort' for Ukraine peace (Reuters)
- Merkel Tells Tsipras It’s Time to Back Talk With Policy Action (BBG)
- 'Greek tragedy' needs happy ending now: EU's Moscovici (Reuters)
- Vulture Funds Circle Greece Targeting Europe’s Best Trading Bet (BBG)
- Germany against third aid program for Greece under any circumstances, says daily (Reuters)
- Biggest OPEC Members Pump Record Oil With Rally in Jeopardy (BBG)
- Greek ruling reversing pension cuts will cost state 1 to 1.5 bln euros (Kathimerini)
- China’s Former Security Chief Zhou Yongkang Sentenced to Life in Prison (WSJ)
- MSCI backs itself into corner on China share inclusion (Reuters)
Central banking has truly taken over the entire planet. At this point, the only major nation on the globe that does not have a central bank is North Korea. Yes, there are some small island countries such as the Federated States of Micronesia that do not have a central bank, but even if you count them, more than 99.9% of the population of the world still lives in a country that has a central bank. The global elite dominate us because we allow them to dominate us. Their debt-based system greatly enriches them while it enslaves the remainder of the planet. We need to expose their evil system and the dark agenda behind it while we still have time.
Mark Carney: "Real markets are essential to guarantee prosperity. Not markets that collapse when there is a shock from abroad. Not markets where transactions occur in chat rooms. Not markets where no one appears accountable for anything." So... not markets which are artificially rigged by $22 trillion in central bank liquidity and which collapse every time the "threat" that any of this preciously liquidity may be taken away?
The European Commission has ordered 11 EU countries to enact the Bank Recovery and Resolution Directive (BRRD) within two months or be hauled before the EU Court of Justice, according to a report from Reuters on Friday.
According to Bloomberg, six Nigerian central bankers were charged with fraud in an 8 billion naira ($40.2 million with an m, not a b, not a tr) currency "scam." No chat rooms here, just a plain old "mega scam involving the theft and recirculation of defaced and mutilated currencies,” the Abuja-based Economic and Financial Crimes Commission said in a statement dated Sunday on its website. In addition to the central bankers, among those charged are also sixteen commercial bankers who conspired with Central Bank of Nigeria regional executives.
Will global QE carry on forever...the next month may give out some clues..will it be Junemaggedon after we had May-hem??
It is time for another sacrificial gold market manipulation crackdown (the same gold market, mind you, which CFTC commissioner and HFT lobby sellout extraordinaire Bart Chilton said was completely unrigged). Only it's not Barcalys, JPM, Virtu, Citadel, the NY Fed, the Bank of England, or even the PBOC - i.e., the real market manipulators - who is the receiving end of the CME's special breed of "justice." It is another "trade from his parents' home" Indian.
A non-bombastic look at the week ahead and a number of key events in June. These could set the tone for Q3 and beyond.