• EconMatters
    04/27/2015 - 14:18
    If the DOJ and CFTC is going to be consistent, then they have to indict the entire financial community from the CME, Exchanges, Brokers, Institutions, Investment Banks, Hedge Funds, Management Funds...

European Union

Tyler Durden's picture

Hundreds Of Ukraine Troops Surrender As Besieged Town Of Debaltseve Falls To Rebels





Last week, German equities soared to record highs with the Dax surpassing 11K, not only on the imminent arrival of the ECB's Q€ which provides a risk-less bid to all asset classes, but on news that a second Ukraine ceasefire had been achieved in Minsk. Well, just like the first Minsk "ceasefire", one can promptly forget the just as "successful" second one, because overnight, after a several week siege, the Ukraine town of Debaltseve finally fell to rebel forces with "troops of Ukraine’s Armed Forces laying down arms en masse,” according to Donetsk rebel official Maxim Leschenko says, cited by Tass news service.

 
Tyler Durden's picture

Frontrunning: February 18





  • Greece to submit loan request to euro zone, Germany resists (Reuters)
  • Ukrainian forces start to quit besieged town (Reuters)
  • Bank of Japan maintains policy, no surprises (FT)
  • China Considering Mergers Among Its Big State Oil Companies (WSJ)
  • Soros Shifts to Europe, Asia as Investors Cut U.S. Equities (BBG)
  • Putin tells Kiev to let troops surrender as Ukraine ceasefire unravels (Reuters)
  • Venezuela Squanders Its Oil Wealth (BBG)
  • Swiss prosecutor raids HSBC office, opens criminal inquiry (Reuters)
 
Cognitive Dissonance's picture

Yanis Varoufakis: The Straw That Breaks the Ponzi’s Back?





The arrogant European Union has seriously overplayed its hand and now is no longer certain exactly who is the fool still seated at the table.

 
Pivotfarm's picture

'Grexit' Risks Rise But Compromise Seen Still Possible





The chances of Greece being forced out of the euro zone have risen but a compromise agreement between Athens and its European partners is still possible, Greek media and investment banks said on Tuesday.

 
Tyler Durden's picture

World War 3, The Big Prize, & Europe's Gigantic Debt Minefield





In case anyone didn’t get ISIL’s message from their latest video in which 21 Egyptian Coptic Christians have their heads sawn off, here it is: “We’re executioners, not warriors.” The Big Prize, of course, is the grand fortress of Saudi Arabia. The kingdom is surrounded by Islamic maniacs now and if Saudi Arabia falls apart, it’s game over for modern life as the West has known it (and much of Asia now, too). But Europe is a gigantic debt minefield that no one can really walk across. Other parts of it than Greece are just waiting to blow up, and will, and it’s unclear whether Europe is even paying attention to the blood-red welcome mat that was laid out in Libya last weekend.

 
Tyler Durden's picture

Hans-Werner Sinn: "Impose Capital Controls In Greece Now To Avoid Another Cyprus"





There is a saying: "strike while the rehypothecated iron is hot", and nobody is better at it than Germany, which hours after the latest disappointing Eurogroup summit failed - again - to reach a solution on the third iteration of the Grexit dilemma, has decided to pour even more gas on the fire in the form of infamous Euroskeptic, the president of the Ifo Institute for Economic Research, Hans-Werner Sinn who in an FT op-ed beckons someone, supposedly Europe's federalist, if non-existant, powers which in the mind of the German have control over Greek sovereignty, to immediately 'impose capital controls in Greece or repeat the mistake of Cyprus."

 
Tyler Durden's picture

HSBC Bank: Secret Origins To Laundering The World's Drug Money





Contrary to popular opinion, it is not “demand” from the world’s population which creates the mind destroying drug trade. Rather, it is the world financial oligarchy, looking for massive profits and the destruction of the minds of the population it is determined to dominate, which organized the drug trade. The case of HSBC underscores that point. Serving as the central bank of this global apparatus, is HSBC.

 
Tyler Durden's picture

Trapped In A Narrative Of Lies





War: people dying from sheer misery, people dying because they have no access to the services we take for granted, and even people being shelled by their own government.  All these things are happening as we speak, and we accept them lying down – on our couches - and choose to ignore and even deny them, because we are trapped in narratives spun by those who see a profit in spreading these narratives. And who have a solid grip on what gets spun and what is not. This is not going to end well. Not unless we speak up. Not for anyone amongst us. This one will not pass by your door, or mine. We’re approaching decision time. For the world, for your life and mine. It’s time to pick sides.

 
Tyler Durden's picture

Copenhagen Shooting Suspect Killed By Police After Two Deaths Including One At Synagogue





Lately, and tragically, not a month can pass in Europe without some deadly, mass shooting event whose inspiration is supposedly racial hatred. One month after the Charlie Hebdo massacre in Paris which left 20 people dead, another series of deadly shootings rocked otherwise quiet Copenhagen this weekend, where the person suspected to be responsible for the death of two people and injuring five first at a freedom of speech event and subsequently, at a synagogue in Copenhagen, was killed by police early in the Sunday morning hours.

 
Tyler Durden's picture

Greece Willing To Do "Whatever It Can" To Reach Deal After Greek Liquidity Situation Deteriorates Rapidly





"Greece will make every effort to reach an agreement with its euro zone partners at Monday's meeting of euro zone finance ministers on how to transition to a new support program, its government spokesman said on Friday. "We will do whatever we can so that a deal is found on Monday," Gabriel Sakellaridis told Skai TV. "If we don't have an agreement on Monday, we believe that there is always time so that there won't be a problem." The reason for this rapid about face? "Senior bank officials have told Kathimerini that almost all the liquidity available to Greece (59.5 billion euros) has been absorbed and that banks’ total dependence on the Eurosystem amounts to 90 billion. The rapid deterioration in liquidity conditions has been attributed to the uncertainty that arose when the snap general elections were called as well as the new government’s inability to reach a swift agreement with the country’s creditors." As usual: money threatening to walk, walks.

 
Tyler Durden's picture

Greek Game Theory: "The Risk Of A Negative Outcome Is Higher Than The Market Thinks"





Essentially, our analysis suggests that there is a large divergence in the perceptions of both sides but the rational choice is to hold to their respective positions. In other words, our analysis of the payoffs suggest that the EU won’t offer debt relief and Syriza won’t back down from demanding it. Our fear is that the markets, inured by previous bailouts, expect the Greeks to cave, leaving the risk of an unexpected negative outcome in Europe is probably higher than what is currently being discounted. At the same time, EU policymakers are assuming that contagion will not occur, which may not be accurate.

 
Tyler Durden's picture

Market Wrap: Whirlwind Manic-Depressive Session Sees Futures Slide Then Surge





So far it has been an overnight session which clearly forgot to take its lithium, with futures first tumbling after CNBC's "leak" that a Greek deal had been reached was refuted, only to surge subsequently on both the Riskbank's foray into NIRP and QE which crushed the Swedish currency and sent its stocks to recorder highs, and more importantly, on the latest ceasefire out of Minsk which has pushed Russian and European assets substantially higher. While only the most naive believe that any palpable end to Ukraine hostilities will emerge as a result of today's delay, expect for Greek headlines to return with a vengeance as today it is Tsipras' turn to speak at a summit of the 28 European Union leaders set to begin momentarily.

 
Tyler Durden's picture

The Euro’s Exponential Decay





There’s nothing good left from the initial idea that gave birth to the EU. It’s devolved into something utterly ugly, in which fat Germans driving their Mercs and Beamers down the autobahn can yell at their car stereos that those lazy Greeks must pay their due - which stems from Merkel et al. bailing out Deutsche Bank’s insanely outsized derivatives portfolios. The whole thing is so morally bankrupt, it’s really insane that we’re still trying to have a serious discussion about it. The whole thing, the entire global banking system, is as morally bankrupt as it is financially. So far, all the EU has (anyone notice how silent the IMF has been?) is hubris, bluster and chest-thumping. They play politicians, but Syriza plays real life.

 
Tyler Durden's picture

From Small 'Grexit' Dominoes, Global Crises Grow





Greece has the potential to be the small domino that ends up toppling much larger dominoes.

 
Tyler Durden's picture

Full Circle: Obama Asks Congress For Troop Deployment In Iraq, War Authorization On Islamic State





Update: OBAMA ASKS CONGRESS TO AUTHORIZE WAR AGAINST ISLAMIC STATE: AP

Several years ago, Obama impressed a handful of crusty, old people in Norway who believed the recent Illinois senator's vision of a world without war, validated by his eagerness to end the war in Iraq and withdraw US troops to their native country. He got an award for it. Today, Obama will finally complete the circle started in August when, under the premise of "humanitarian intervention", allegedly meant to save a group refugees stranded on a mountain, Obama launched an airborne coalition effort to destroy the same group of radical jihadist extremists that the US was assisting when they were merely fighting the Assad regime in Syria. Because today is when Obama will officially request that those same troops that he so liberally pulled out in compliance with his Nobel Peace Prize, be put back in Iraq in order to declare war on, drumroll, a nation that doesn't technically even exist: the Islamic State.

 
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