The EU doesn’t seem to have any idea what’s causing the wave of refugees entering ‘its’ territory. When the refugees themselves state “we’re here because you destroyed our countries”, Brussels will simply say that is not true. That kind of admission is way beyond the consciousness of the ‘leadership’. But it’s a denial that won’t get them anywhere. The refugee issue can and will not be solved by the EU, or inside the EU apparatus, at least not in the way it should. Nor will the debt issue for which Greece was merely an ‘early contestant’. The EU structure does not allow for it. Nor does it allow for meaningful change to that structure. It would be good if people start to realize that, before the unholy Union brings more disgrace and misery and death upon its own citizens and on others.
- China’s Central Bank Cuts Interest Rates (WSJ)
- Chinese Stocks Crash Again to Extend Biggest Plunge Since 1996 (BBG)
- China cuts rates, reserve ratio to aid economy as stocks sink (Reuters)
- Wall St. suffers worst day in four years, S&P confirms correction (Reuters)
- Europe's Stocks Head for Best Day Since 2011 (BBG)
- Market turmoil clouds Fed rate outlook (FT)
- For All Its Heft, China’s Economy Is a Black Box (WSJ)
In the Western world insouciance rules governments as well as peoples, and most likely also everywhere else in the world. It remains to be seen whether Russia and China have any clearer grasp of the reality that confronts them.
Most Americans have no idea that the U.S. corporate fraudulent government can legally lie to you every single day to get you to believe whatever they want you to believe and then turn around behind closed doors and laugh at you for believing their legal lies. Try telling that to most Americans and see how they look at you. This is another example of a hard-to-handle lie that is pushed on Americans every day; and the average working American has no time to truly wrap their heads around this stunning fact so they bury their heads in the sand instead, unwilling to look at the issue because they fear they won’t know what to do with the information.
With all eyes currently transfixed on Iran’s nuclear future, there is seemingly little attention being paid to another landmark Middle Eastern nuclear trend, spearheaded by Russia.
How hard do you work compared to the rest of the world?
Greece's outspoken Energy Minister Panagiotis Lafazanis laid out the details for the country's pipeline project with Russia on Thursday and went out of his way to let PM Alexis Tsipras know that the referendum "no" vote is "not going to become a humiliating 'yes'".
1. Greece is already in default to the IMF
2. Greece and the rest of the Eurozone are further apart than ever
3. Capital controls are notoriously hard to unwind
4. The “no” vote protects the Eurozone’s politicians from looking like they pushed Greece out
MAD – Mutually Assured Destruction – is way over. It kept a somewhat uneasy peace during seven decades of Cold War. Cold War 2.0 is as hardcore as it gets. And with all those Breedhate Strangeloves on the loose, nuclear madness is now at five seconds to midnight.
A Greek exit from the euro would change everything. The greatest change being simply doubt and fear regarding the outlook for other vulnerable EU nations, EU banks and the EU banking and financial system. We discuss short and long term considerations, best and case outcomes, and wealth preservation strategies.
The Greek case offers quite a relevant view into the world of 21st century monetary alchemy, because that is what it really amounts to. What is left, however, is the worst of all cases; no recovery, no lending and now just more financial imbalance piled onto the same negative pressures and imbalances that never really went away. What is amazing is how short the attention of “investors” may be, and how they allow themselves to think monetary complexity passes for proficiency or even expertise despite all and continued observation otherwise.
- Greek PM optimistic on debt deal as banks bleed (Reuters)
- Greek central bank chief says banking system stable (Kathimerini)
- ECB Said to Confer on Emergency Greek Aid Amid Cash Flight (BBG)
- More tax "avoidance": Citigroup to shift European retail banking HQ to Dublin (Reuters)
- Florist's tip led police to Charleston shooting suspect (USAToday)
- Asian shares edge higher on Fed caution, China sell-off intensifies (Reuters)
- Toyota in damage control mode after American exec arrested (Reuters)
- Venezuela Oil Loans Go Awry for China (WSJ)
Greece completes stage one of the dreaded "Russian pivot" as energy ministers from Athens and Moscow ink an MOU on Gazprom's Turkish Stream pipeline. Meanwhile, Gazprom signs a deal with Shell and others to double the capacity of the Nord line, a move which will, over time, decrease the energy giant's dependence on Ukraine for transport.
Hungary becomes the first European country to sign on for China's ambitious Silk Road initiative. Beijing hopes the program will serve to relieve the country's industrial overcapacity problem while facilitating a tough transition to a consumer-led economic model. Given the growing number of headwinds China faces, "One Belt, One Road" may represent the counrty's 'one chance' to rescue the flagging economy.
Greece has received what The New York Times recently described as “dueling sales pitches” on two proposed natural gas pipelines, with the US pressing Athens to support The Southern Gas Corridor rather than Gazprom's Turkish Stream project. It appears Moscow may have made the more convincing case because, much to Washington's dismay, Greece is set to sign an MOU for the Greek portion of The Turkish Stream pipeline in June.