European Union

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Frontrunning: August 28





  • Stock Halts Added to Monday’s Market Chaos (WSJ)
  • Fed Up Investors Yank Cash From Almost Everything Just Like 2008 (BBG)
  • Drop in Stock Futures Signal Halt to S&P 500's Relief Rally (BBG) - at least until the BOJ ramps USDJPY up again
  • Hacker Killed by Drone Was Islamic State’s ‘Secret Weapon’ (WSJ)
  • Greece's Syriza to win election but face setback, poll shows (Reuters)
  • Puerto Rico Spends More Than $60 Million on Debt Restructuring (BBG)
 
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WikiLeaks Turns To Crowdfunding To Fight TTIP and TPP





Earlier this month whistleblowing platform, WikiLeaks, announced the launch of a new crowdfunding campaign to gain more information on the Transatlantic Trade and Investment Partnership (TTIP). The campaign, launched on August 11, is designed to raise funds to offer whistleblowers a reward for any information about the impending trade, which has been negotiated in almost complete secrecy despite its global implications. To date, the campaign has raised $86,693.47 from 2,441 people, 79 percent of the $109,700 goal.

 
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Officials Admit ISIS, Like Al-Qaeda, Was A Creation Of US Foreign Policy





“The Americans allowed ISIS to rise to power because they wanted to get Assad out from Syria. But they didn’t anticipate that the results would be so far beyond their control.” This was not, then, a US intelligence failure as such. Rather, the US failure to to curtail the rise of ISIS and its likely destabilization of both Iraq and Syria, was not due to a lack of accurate intelligence? - ?which was abundant and precise? - ?but due to an ill-conceived political decision to impose ‘regime change’ on Syria at any cost. We can’t come up with any other logical conclusion. Either way, such people have no business running the affairs of these United States, and their actions are merely increasing instability and violence across the planet. The longer they remain in charge with no accountability, the more dangerous this world will become.

 
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"Deal Or War": Is Doomed Dollar Really Behind Obama's Iran Warning?





"The US is digging itself in deeper and deeper,” warns Doug Casey, adding the telling question: “Then what’s going to happen?” President Obama’s grim warning of “deal or war” seems to provide an answer. Faced with economic implosion on an epic scale, the US may be counting on war as its other option.

 

 
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Austerity - Elite Terrorism Against Ordinary People





The purpose of austerity is to create insecurity and instill fear in the general population in order to protect the finance and banking sector from popular rage against the crimes the participants of this sector have committed against ordinary people. This rage ought to have given rise a long time ago to legal actions and desperately needed fundamental reforms to take away from bankers the right to create money, a right which they have abused at tremendous cost to ordinary people. Instead of collective reforms, what we are being subjected to is a policy of deliberately spreading insecurity together with the scapegoating of vulnerable people.

 
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European GDP Unexpectedly Disappoints As All "Big Three" Economies Miss Expectations





Define irony: in a quarter in which Greece was supposed to have been near death (at least according to the worst PMI print in history and of course, judging by the bank lines in front of the capital controlled institutions), yesterday we learned that Greek GDP surged relative to expectations rising by 0.8%, which was what analysts had expected but with a minus sign in front of it. Then overnight, we got the rest of European GDP, including the big three: Germany, France and Italy. The results were nothing short of a big disappointment. At the Euroarea level, the result was also a big negative surprise with Q3 GDP rising 0.3%, down from 0.4%, and below expectations. This was the worst GDP print since Q3 2014.

 
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Greeks Ditch Euro For Alternative Currencies As Parliament Votes On Bailout





The Greek parliament is expected to meet on Thursday for a final vote on the country's new €86 billion aid package. PM Alexis Tsipras, with the help of opposition lawmakers, will likely succeed in passing the draft, which includes some 40 new laws. Meanwhile, Greeks are increasingly staging Grexits of their own by eschewing the euro in favor of alternative payments systems.

 
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Why More Conflict Is Inevitable In The Middle East





We all know how sectarian, religious and political differences have thrown many Middle Eastern countries into chaos and armed conflict. But there is a deeper factor at play which deserves greater recognition: severe water scarcity.

 
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DAX Crashes After Germany Warns Greek Bailout "Insufficient"





With the Greek bailout deal now nearly done, all that stands in the way of disbursal is the Greek parliamnent and a predictably incalcitrant Germany which, according to Bild (citing EU sources) has now determined that the new bailout plan is "insufficient."

 
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Four Economic Myths That Perpetuate The Euro Crisis





Too much of the commentary about the Greek crisis has focused on whether or not Greece should drop the euro and not enough on the structural problems arising out of decades of socialism. Meanwhile, the Greek government has borrowed more money than the Greek people can possibly repay, and debased money will not make this fact disappear. On the contrary, more easy money will cause even more harm. The best thing that Europe and Greece can do for itself right now is to confront some of the economic fallacies that have long driven the debate over Greece, the euro, austerity, and debt.

 
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"We Have A Civil War": Inside Turkey's Descent Into Political, Social, And Economic Chaos





"There's a saying, 'if there's peace, it will start from Cizre, and if there's war, it will start from here as well.' And we can say we have a civil war in Turkey."

 
Tyler Durden's picture

"The Only Way The Rich Get Richer Is If The Rest Of Us Get Poorer"





Deflation is a bitch. The only way the rich can keep getting richer is if the rest of us keep getting poorer. Economic growth is a thing of the past. Deleveraging has started for real. Huge amounts of zombified ‘money’ are disappearing as we speak. That leaves the world with a lot less wealth. And still the rich seek to get richer, and they are in charge. The math is simple... but there is a point when the can gets so big and heavy, no-one can kick it down any road anymore.

 
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Peter Schiff: What If "They" Are Wrong (Again)?





What if the assumptions about a U.S. economic recovery and Fed rate hikes were wrong? Could observers be mistaken now about the trajectory of the Dollar vs. the Euro as they were back in 2000? Confidence is the only thing that really undergirds modern fiat currencies. But confidence can be very ephemeral...disappearing as quickly as it arrives. The U.S. Dollar benefits from confidence that the Euro currency may just be unworkable, that the U.S. economy will continue to improve, and that the Fed will raise rates throughout the remainder of 2015 and into 2016. If these expectations are unfulfilled, there could be a Euro reversal.

 
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