On the heels of State Department spokesman John Kirby's renewed proclamation that "US is committed to admitting more refugees," we thought this brief clip from France's picturesque Mantes La Jolie (in the western suburbs of Paris) - Europe's largest "ghetto" - would be useful...
The April FOMC gathering headlines a crowded economic events calendar this week. The post-meeting statement, released Wednesday afternoon, should continue to strike a cautious tone. There will be no press conference and updated economic and financial forecasts will not be released. Few expect the FOMC to add the “balance of risks” sentence back into its communiqué at this point. Doing so would be quite bearish for risk assets as it would definitely open the door for a June rate hike.
Futures are currently unchanged, but the E-mini was down as much as 12 points less than two hours earlier after the European open when this time it was up to the PBOC to intervene in global markets by pushing the Yuan higher (selling USDCNY via intermediary banks) sending global stocks sharply higher off session lows and leaving the S&P futures virtually unchanged. As Bloomberg reported, there has been increasing USD/CNY selling in afternoon session as Dollar Index edged lower. This is the PBOC entering the building and levitating stocks.
From the supporters of Donald Trump to the street protesters of southern Europe, voters around the world are mad as hell. Inequality, immigration, and the establishment's perceived indifference are firing up electorates in a way that's rarely been seen before. As the following charts from Bloomberg show, the forces shaping the disruption of global politics have been building for years and aren't about to diminish...
The SPV Loophole: Draghi Just Unleashed "QE For The Entire World"... And May Have Bailed Out US ShaleSubmitted by Tyler Durden on 04/22/2016 17:38 -0400
"The ECB stands ready to buy bonds from Euro Area issuers even when their parent companies are outside of the bloc. Already we can find a number of US, UK and Swiss headquartered names that issue out of SPVs incorporated in the Euro Area. If this trend to SPV issuance catches on, then the ECB’s policies will likely be very reflationary for all credit markets across the globe, and because of a likely refinancing wave – equity markets too."
When you make a deal with the devil, it’s certain the devil will insist you keep up your end of the bargain. That’s precisely where we are at today in regards to the European refugee crisis. German Chancellor Angela Merkel signed off on a deal with the devil (Turkey) that would give 80 million Turkish Muslims visa-free access to the EU. As part of the deal, Turkey will receive €3 billion in aid. In return, Turkey agreed to halt the flow of refugees pouring into Greece. Turkey did stop the flow of refugees into Greece, and now the devil wants his due.
- The CSPP aims to further strengthen the pass-through of the Eurosystem’s asset purchases to the financing conditions of the real economy.
- Purchases will start in June 2016.
- The CSPP will be carried out by six national central banks acting on behalf of the Eurosystem, coordinated by the ECB.
- In combination with other non-standard measures, the programme will provide further monetary policy accommodation and help inflation rates return to levels below, but close to, 2% in the medium term.
Politicians around the world are working hard to build this emerging prison planet. The government used obscure and boring wording to conceal the true purpose of the Federal Reserve from the average American. It’s done the same thing with FATCA. In reality, FATCA is all about setting up the architecture for a global tax. Politicians around the world see citizens as milk cows...They merely exist to be squeezed to the last drop. Welcome to the new feudalism.
Europe is planning on recolonizing Libya, and so it will send in armed forces in the coming months to restore order and stem the flow of migrants coming from Africa. If this expedition army succeeds in securing parts of the country and restoring law and order, Italian and German engineers from ENI and Wintershall will follow suit to help resume the country’s oil production, which will add 1.3 million barrels per day (Libya produced 1.7 million barrels per day before Muammar Gaddafi was toppled in 2011) to the world oil glut.
Amid the growing ghetto-isation of Muslim Europe, and with 66% of Germans against Merkel, German police have arrested five suspects on terrorism charges in raids on a right-wing group charged with attacking asylum shelters in the east of the country in the midst of Europe’s refugee crisis. German officials have proclaimed the raids show that "the state is moving resolutely and in a timely fashion against right-wing terrorist structures and criminals." We suspect sadly that more attacks, and more arrests are to come as George Soros calls for Europe to accept 500,000 more refugees per year.
In an effort to slow Syrian, Afghan, and Iraqi migrants traveling to Europe, many countries are now implementing border controls, a decision that could prove to have significant negative consequences for Europe's economy. As Bloomberg notes, the open border economy supports more than 400 million people, with 24 million business trips, and 57 million cross-border freight transfers happening every single year. Research by the Bertelsmann Foundation asserts that a permanent return to border controls could cost $530 billion of GDP growth from the European economy over the next decade.
Europe looks like a dying civilization. European political leaders know that every decision they make may provoke reactions among the Muslims living in Europe. Muslim votes matter. Riots occur easily. In France, Belgium, other European countries, Islamists are present in the army and police forces. In the meantime, Islamist organizations recruit and Islamic lobbies gain ground. European governments are now hostages. The European media are also hostages. Political movements expressing anger and concerns are rising. All are demonized by political power holders and the media. They have almost no chance of gaining more influence. Populations are gnawed by fear, frustration and impotence.
With everyone from ivory tower academics to sin-street hookers proclaiming the need for and benefits of a "war on cash" to save the world from criminals and tax-evaders (oh yeah and to stop NIRP-driven savers from hording cash and crushing central planners' dreams), it is perhaps shocking that Bundesbank board member Carl-Ludwig Thiele warned at an event this week that the attempt to abolish and criminalize cash is out of line with freedom. He said that citizens should continue to decide how and in what form they want to use their money.