As China builds its own multilateral institutions, Beijing has been keen to dispel the notion that it seeks to supplant the Bretton Woods order with its own brand of Eastern hegemony and although one can certainly question the degree to which China’s aims are rooted purely in an inclination to be benevolent towards nations in need of fixed asset investment, Beijing is making an effort to distance itself from the way the US governs the institutions under its control.
"Today, Europe is not independent… The US is drawing us [the EU] into a crusade against Russia, which contradicts the interests of Europe,” said the former French Prime Minister Fillon while the chief economist at Bremer Landesbank adds that as a result of US policies "unmeasurable damage lies in an elevated geopolitical risk situation for the people in the EU.”
Just two days after Deutsche Bank co-CEOs Anshu Jain and Jürgen Fitschen announced their resignations, the banks offices in Germany, France, and the UK have been searched by authorities.
Germany Enters Correction; EMs In Longest Losing Streak Since 1990 Routed By Turkey, Obama Turmoils DollarSubmitted by Tyler Durden on 06/08/2015 06:48 -0400
While there were key macroeconomic data out of Asia earlier in the session, with Japan revising its Q1 GDP up from 2.4% to 3.9% (due to an upward revision to capex) making some wonder if it simply didn't snow in Japan this winter, as well as Chinese trade data that was once again disappointing with the third consecutive drop in exports coupled with an 18.1% collapse in imports hinting that nothing is going well in China's economy (which once again sent stocks soaring this time up another 2.2% on certainty another PBOC rate cut is imminent, pushing the PBOC to a fresh 7-year high of 5,132), it was actually a leaked Obama comment on the strong USD that moved markets.
Today, the last missing piece finally fell into place, after Domenico Scala, the independent chairman of FIFA's audit and compliance committee, told a Swiss newspaper that Russia and Qatar could be stripped of their World Cup hosting rights if evidence emerges of bribery in the bidding process. "If evidence should emerge that the awards to Qatar and Russia only came about thanks to bought votes, then the awards could be invalidated," Scala told SonntagsZeitung in an interview published on Sunday. "This evidence has not yet been brought forth." It shortly will be.
Every great con game eventually comes to an end.
The European "Template" For Dealing With Crises: Freezing Accounts, Bank Holidays, and Capital Controls…Submitted by Phoenix Capital Research on 06/07/2015 18:08 -0400
More and more analysts are beginning to take note of the “War on Cash.” However, they’re missing the fact that the actual template for what’s coming to the US first appeared in Europe back in 2012.
Earlier today, Barack Obama, together with 6 of the world's most powerful leaders (but certainly not Vladimir Putin) congregated in the Bavarian town of Krun where they will for the next two days hunker down at the luxurious Scholss Elmau for the latest G-7 meeting, covering an agenda dealing with climate change, global extremism, and of course, solving the Ukraine crisis (with or without instructions from George Soros on how to proceed). Serious stuff. Obama, however, decided to keep it "folksy" and the lame duck president, content with the direction the world is going, pulled a page right out of National Lampoons European vacation and kicked it back.
"The balance of power is beginning to shift. We are witnessing the emergence of a post-terror generation, one that rejects a worldview defined by a singular tragedy. For the first time since the attacks of Sept. 11, 2001, we see the outline of a politics that turns away from reaction and fear in favor of resilience and reason. With each court victory, with every change in the law, we demonstrate facts are more convincing than fear. As a society, we rediscover that the value of a right is not in what it hides, but in what it protects."
“I’m an amateur student of history and I’m reminded of ... how Germany was testing the waters and what the response was by various other European powers.” - Philippine President Benigno Aquino
"I once more seriously warn certain people in the Philippines to cast aside their illusions and repent." - Chinese foreign ministry spokeswoman Hua Chunying
In Fredensborg, Denmark, ten official cars from the Tax Administration Office were set on fire and destroyed overnight in a protest. As ExstraBladet reports, police received notification Wednesday night at 3:09 a.m. that the Tax Administration offices on Kratvej were on fire. So far, there are no suspects. But, as Martin Armstrong notes, the police will undoubtedly hunt for someone retaliating against the Tax Man. As the world economy turns down and governments become far more aggressive to grab money from everyone, we should see a sharp rise in these types of incidents.
For once Mario Draghi was right. A day after the European central bank head warned of a spike in volatility, volatility did just that, with markets everywhere from China to Europe seeing volatility explode.
A man of distinction in today’s world is a man that throws his money in military monkey business, the shenanigans that our wealthiest nations excel at.
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.