What Will Hillary Do? Goldman Ranks Russia 'Best Olympian' Nation Ever (Over #2 USA)

While exceptional USA is heralded as savior of the world and "greatest nation ever in the history of earth," by Hillary Clinton, it appears Goldman Sachs disagrees... when it comes to The Olympics. From an 'efficiency' perspective,  controlling for how populous, rich (income per capita), and 'efficient' they are, Russia is the greatest olympic sporting nation (and ironically Greece is worst)...

The End Of IMF Credibility (Or Why Christine Lagarde Should Be Fired... But Won't Be)

The IMF’s Independent Evaluation Office (IEO) issued a report a few days ago entitled ‘The IMF and the Crises in Greece, Ireland, and Portugal’. It is so damning for managing director Christine Lagarde and her closest associates, that it’s hard to see, certainly at first blush, how they could all keep their jobs. But don’t be surprised if that is exactly what will happen. Because organizations like the IMF don’t care much, if at all, about accountability. Their leaders think they are close to untouchable, at least as long as they have the ‘blessing’ of those whose interests they serve.

Frontrunning: August 2

  • European shares hit two-week lows, yen rises as Japan backs stimulus (Reuters)
  • Australia Rejoins Global Disinflation Fight With Record Low Rate (BBG)
  • Japan Cabinet Approves $274 Billion Stimulus Package (WSJ)
  • Yen Surges to Three-Week High as Japan Stimulus Underwhelms (BBG)
  • Warren Buffett Takes On Donald Trump at Hillary Clinton Rally in Nebraska (WSJ)

The Looming Financial Crisis Nobody Is Talking About, But Should Be

A chain of events has been set in motion that will expose the massive fraud world banks and governments have perpetuated on their citizens. When fear porn is being promoted on the major networks, keep in mind the real threats to freedom and security will not be openly announced.

Germany Furious After Turkey Issues Ultimatum, Threatens With Refugee Exodus

Turkey's foreign minister has told Germany that “if there is no visa abolition, we will be forced to abandon the agreement struck on March 18 concerning taking back [refugees]” to which Germany's vice chancellor had a quick response: "Germany and Europe should under no circumstances be blackmailed."

US Launches Air Strikes Against ISIS Targets In LIbya

In what comes as the most expected geopolitical development in recent years, moments ago the United States announced that it had launched multiple airstrikes against Islamic State militants in Libya on Monday, opening a new, more persistent front against the group at the request of the United Nations-backed government, Libyan and U.S. officials said.

The Full Details Behind Monte Paschi's €5 Billion Bail Out

  1. Increase the coverage ratio for Bad debt
  2. Transfer all the existing stock of Bad debt into a securitization vehicle. The senior tranche will be covered by government guarantees, Mezzanine will be bought by Atlante fund and the equity tranche will be transferred to existing shareholders and deconsolidated.
  3. A €5bn capital increase to remove the negative capital impact from the operation and maintain capital level at the current level of 11.8%.

Is Europe Doomed By Vassalage To Washington?

The entire peoples of Europe are Washington’s serfs. Therefore, if Europeans remain the gullible, insouciant, and stupid peoples that they currently are, they are doomed, along with the rest of us. On the other hand, if the European peoples can come to their senses, free themselves from The Matrix that Washington has imposed on them, and revolt against Washington’s agents who control them, the European peoples can save their own lives and the lives of the rest of us.

The Olympics As A Tool Of The New Cold War

The 6th Fundamental Principle of Olympism (non-discrimination of any kind, including nationality and political opinion) seems to be forgotten long ago. In ancient Greece the competition of best athletes was able to halt a war and serve as a bridge of understanding between two recent foes. But in the twentieth century the Olympics have become a political weapon.

Monte Paschi Fails European "Stress Test" Meant To Restore Confidence In Europe's Struggling Banks

Moments ago, the European Banking Authority published the 2016 bank stress test results, whose purpose - as every other year -  is to inspire confidence in Europe's struggling banks; it differs from a market-based assessment of bank stress - that particular "test" can be seen by observing the stock prices of such giant banks as Deutsche Bank and Credit Suisse, both of which recently hit all time lows. As previewed yesterday, Italy's 3rd largest, and most insolvent bank, Banca Monte di Siena was the worst performer in European regulators’ stress tests, and the only lender to have its capital wiped out in the exam. 

European Bank Stress Test Preview: What To Expect And How To Trade It

While the main event in today's European bank stress test was leaked moments ago, when Monte Paschi board member Turicchi said that the bank has finalized a bank consortium for a critical capital hike, suggesting that contrary to last minute jitters the bank has found the needed number of willing banks to provide €5 billion in fresh capital it needs resulting in the bank's 3rd bailout in the past 2 years - this one courtesy of the private sector - there may still be some surprises.