Bloomberg estimates industrial output may have to be slashed by a fifth in order for Beijing to hit its own pollution targets and by up to 40% if China wants its citizens to be able to breathe the same air as the rest of the world.
- Saudi Arabia, allies launch air strikes in Yemen against Houthi fighters (Reuters)
- Pilot on Crashed Jet Was Locked Out of Cockpit, NY Times Says (BBG)
- Why Bombing This Tiny Oil Producer Is Roiling the Energy Market (BBG)
- U.S.-led coalition, Iraqis pound Islamic State in Tikrit (Reuters)
- Munger Says Prepare for Harder World as Buying Power Slides (BBG),Mocks Greek ‘Idiotic Idea’ You Can Vote Yourself Rich (BBG)
- The Central Banker Who Saved the Russian Economy From the Abyss (BBG)
- Bank of Canada says foreign buyers complicate housing market (Reuters)
- Investors Scoop Up Companies’ Bonds (WSJ)
- Espirito Santo Probe Turns Mariana Mortagua Into Portuguese Star (BBG)
Either Greece will stop trying to save the failed past and look into the future, treating the crisis and the adjustment program as opportunities to finally implement urgently needed reforms, or the country will be eventually forced to exit the euro, in our view. Economics 101 teaches us that an economy can survive within a monetary union only if it has fiscal policy room and structural flexibility to respond to asymmetric shocks. In our view, Greece had none and has none. We see no solution for Greece within the Eurozone without reforms.
As has been noted in recent commentaries, the current Debtor’s Tango taking place between Greece and the lackey governments of the EU is the most surreal of political theater. In one corner, we have the new honest/legitimate government of Greece, which is seeking to negotiate a reduction in its absolutely unsustainable debt-load. In seeking this conservative and responsible approach to its fiscal management, we have the propagandists of the Corporate media relentlessly labeling it a “radical, left-wing government.”
The future of Europe being decided?
*'WE WANT GREECE TO BE ECONOMICALLY STRONG,' MERKEL SAYS SHE IS SEEKING TRUSTFUL COOPERATION WITH TSIPRAS
*TSIPRAS: GREEK BAILOUT INCREASED SOCIAL INEQUALITY
*TSIPRAS: GREEK ECONOMY NEEDS BAILOUT DISBURSEMENT (please?)
*MERKEL SAYS SHE CAN'T 'OFFER ANY LIQUIDITY' ON HER OWN (nein!)
Following "Worst Election In 25 Years" Court Finds Rajoy's Ruling Party May Have Had Secret AccountsSubmitted by Tyler Durden on 03/23/2015 11:29 -0400
It has not been a good week for Spain's embattled Prime Minister Mariano Rajoy. Following what Bloomberg calls "its worst election result in 25 years," in Andalusia (the nation's most populous region); the corruption scandals re-rear their ugly head:
*SPAIN RULING PEOPLE'S PARTY MAY HAVE HAD SECRET ACCOUNTS; COURT SEES POSSIBLE TAX FRAUD BY COUNTRY'S RULING PARTY
Spanish bond risk widened 4-5bps on the day as both events confirm the rise of anti-EU parties Podemos and Ciudadanos.
It appears clear that the war reparations 'issue' will not go away anymore. Either Berlin pays what legal experts determine should be paid, or it risks becoming a pariah in its own neighborhood. That the Germans in the 1950s and 1960s, at home and in schools, chose not to tell their children anything about their crimes cannot serve as an excuse to silence the children of its victims. It seems the only way to save the European Union, that Germany has made its economy so dependent on, is for Germany to pay up.
Put together our 1% elections, the privatization of our government, the de-legitimization of Congress and the presidency, as well as the empowerment of the national security state and the U.S. military, and add in the demobilization of the American public (in the name of protecting us from terrorism), and you have something like a new ballgame.
Washington picked a completely unnecessary fight with China over the ostensibly non-contentious topic of infrastructure development because the US can’t stand the fact that traditionally US-dominated multinational institutions are on the verge of being supplanted by sinocentric ambition — and lost.
When I first came across the title to this article, I didn’t think much of it. In fact, I almost didn’t even click the link thinking it was just a repeat of a prior expose I highlighted in the post: Hillary Clinton Exposed Part 2 – Clinton Foundation Took Millions From Countries That Also Fund ISIS. Fortunately, I did decide to take a look and pretty soon my jaw absolutely hit the floor. Although the Wall Street Journal didn’t play up the connection, I was stunned to see that of all the oligarchs connected to foreign governments who donated to the Clinton Foundation while she was Secretary of State, Ukraine was at the very top.
- Clinton Charity Tapped Foreign Friends (WSJ)
- Dollar Set for Worst Week Since ’13; S&P Futures Rise (BBG)
- Shale Producers Have Found Another Lifeline: Shareholders (BBG)
- BOJ Kuroda says no sign of 'currency war' brewing in world (Reuters)
- Fed Is Pushing and Pulling on Rates Riddle (WSJ
- Brent oil falls towards $54 on OPEC output, Iran (Reuters)
- Iran Talks Stall Over Ending of Sanctions (WSJ)
The people of Venezuela can rejoice... not so fast. Amid paranoid-sounding (though not unlikely) rantings about US-created coups (and blaming 'economic' war for his nation's Socialist utopia hyperinflation), it appears President Maduro just got another life-line (or more rope to hang himself). After begging China's leader Xi early in January for moar money (and getting it), China - which is already Venezuela's biggest creditor with over $50 billion loaned since 2007 - as Reuters reports, is said to plan on signing another $5bn loan to Venezuela for "wide-ranging" projects like "mature oil fields." So, it appears China is enabling Maduro to hollow out his economy even more.
- Fed May Not Hit Neutral Until 10th Anniversary of Lehman Collapse (BBG)... make that never
- Global stocks and bonds roar Fed approval, dollar fights back (Reuters)
- EU to tell Greece time, patience running out (Reuters)
- U.S. likely to delay planned closure of two Afghanistan bases (Reuters)
- Norway Signals Reduction After Unexpectedly Holding Rate (BBG)
- Oil Falls to $55 as Kuwait Comments Refocus on Oversupply (Reuters)
- Tsipras Heads to Summit as Merkel Tries to Defuse Greek Crisis (BBG)
- Yahoo Pulls the Plug on China Operations (WSJ)
A wicked web of deceit, with just a good measure of theft and forgery thrown in for old time’s sake!