Greece

SaxoBank CIO Warns "Central Banks Can Do Nothing"

Saxo Bank chief economist Steen Jakobsen said that zero rates, zero growth, zero productivity, and zero reforms have left a great many countries adrift in a “new nothingness”. The products of this nothingness, said Jakobsen, include apathy, stagnation and “an economic outlook based more in peoples’ heads than in reality”.

Greek Pipeline Breakthrough To Challenge Russian Gas Dominance In Europe

After years of debate, political jockeying and acrimony, a major pipeline project to bring natural gas to Southern Europe has broken ground. The Trans-Adriatic Pipeline (TAP) will connect the Caspian Sea to European markets, providing Europe with another large source of natural gas that will help the continent diversify away from Russia. The route begins at the Caspian Sea in Azerbaijan, where the South Caucuses Pipeline will carry Caspian gas from the large Shah Deniz-2 gas field, delivering it to the border with Turkey.

The Last Minutes Of Crashed EgyptAir Flight MS804: 22,000 Foot Drop In 2 Minutes, Violent Swerving; Crash Debris Found

Most critical appears to be the 2 minute interval from 3:27 to 3:29, when according to the Greek defence minister cited by the Guardian, there was a dramatic change in the plane's attitude and direction. It was in this two minute period when the plane made a 90 degree swerve left and dropped from 37,000 feet to 15,000 feet before swerving 60 degrees right and vanishing at 10,000 feet ten to 15 miles inside Egyptian air space.

EgyptAir Flight From Paris To Cairo Crashes With 66 On Board

Six months after an Airbis A321 operated by Russia's Metrojet exploded shortly after takeoff from Egypt's Sinai peninsula en route to St. Petersburg, killing all 224 people on board in what was an ISIS-inspired terrorist attack, overnight there has been another aircraft-related tragedy when an EgyptAir flight carrying 66 passengers and crew on a flight from Paris to Cairo disappeared from radar over the Mediterranean shortly before landing, at 2:30am local time. Officials said they believed the jet has come down in the Mediterranean sea. A search and rescue operation is currently underway and authorities have said that no scenario can be ruled out, including terrorism.

Global Stocks Slide, S&P Set To Open Red For The Year As Hawkish Fed Ignites "Risk Off"

After yesterday's algo-driven mad dash to close the S&P green both for the day and for the year following Fed minutes that came in shocking hawkish, the selling has continued overnight, led by the commodity complex as rate hike fears have pushed oil back down some 2% from yesterday's 7 month highs, which in turn has dragged global stocks lower to a six-week low, while pushing bond yields higher across developed nations as the market suddenly reprices the probability of a June/July rate hike.

EU-Turkey Migrant Deal Unravels Turning Greece Into Massive Refugee Camp

The EU-Turkey migrant deal, designed to halt the flow of migrants from Turkey to Greece, is falling apart just two months after it was reached. European officials are now looking for a back-up plan - a confidential plan to house all migrants arriving from Turkey on Greek islands in the Aegean Sea. Migrants would remain on the islands permanently while their asylum applications are being processed. The plan, which Bild reports is being discussed at the highest echelons of European power, would effectively turn parts of Greece into massive refugee camps for many years to come.

Frontrunning: May 17

  • As Brexit vote looms, U.S. banks review their European commitments (Reuters)
  • Oil’s Strength Continues to Boost Global Stocks (WSJ)
  • Trump closing gap with Clinton, poll shows (Hill)
  • In Adjacent Pennsylvania Counties, Republicans Are Split on Donald Trump (WSJ)
  • Make America Gold Again: Calls for Everyone's Favorite Standard Are Back (BBG)

US To Send Troops, Weapons To Libya To "Fight ISIS"

Just two years after the US provided generous amounts of modern weapons to both the "moderate" Syrian rebels as well as the Iraq military, which then conveniently and almost immediately "fell into the wrong hands" and served to arm what was then a little known group of Muslim fundamentalists that went by the name of the Islamic State, the US is about to do it again.

GoldCore's picture

Michael O’Leary was forthright and humorous as ever at a conference when he warned that Brexit could lead to contagion in the EU. With regard to diversifying into gold, the CEO of Ryanair, one of Europe’s largest airlines, said that the airline would be unlikely to as it is a “risky asset.”

Pure Troika Idiocy - The Greek Debt Slavery Regime Through 2059

Can Greece come up with €11,235,558,147 in June and July? Of course not. That is not the way the “bailout” works. In practice, the Troika gives Greece the money and Greece hands the money right back to the Troika plus a tiny bit extra from now until 2059. The repayment calculation assumes Greece can maintain a budget surplus of 3.5% of GDP from 2017 until then, a ridiculous belief to say the least.

The Endgame

There is a growing fear in financial and monetary circles that there is something deeply wrong with the global economy. Publicly, officials and practitioners alike have become confused by policy failures, and privately, occasionally even downright pessimistic, at a loss to see a statist solution. It is hardly exaggerating to say there is a growing feeling of impending doom. In short, growing evidence of price inflation and stagnant production can be expected to materially increase the risk of a global banking and currency meltdown. The best escape-route is ownership of anything other than purely financial assets and fiat currency deposits. No wonder the price of gold, which is the soundest of moneys, appears to have entered a new bull market.