"The dissenters were the ministers representing the Czech Republic, Hungary, Romania and Slovakia. Under European law, three of the countries — the Czech Republic, Romania and Slovakia — would be required to accept migrants against their will, said one European Union diplomat, who spoke on condition of anonymity shortly after the vote."
While Mr. Dimon's view - "Amerca has the best hand ever dealt right now." is certainly uplifting, it is a bit delusional. But of course, give any person a billion dollars and they will likely become just as detached from economic realities. Does America have "greatest hand ever dealt." The data certainly doesn't suggest such. However, that can change. We just have to stop hoping that we can magically cure a debt problem by adding more debt and then shuffling it between Central Banks.
A problem can turn into an opportunity if tackled with a clear mind and a kind heart; seldom can it be solved with fear; and never, ever with hate.
Non-bombasitc overview of the investment climate. No, the sky is not falling. This is not the end of days.
"The refugee crisis is undermining the EU’s fundamental principle of free cross-border movement within the Union… This is effectively throwing the EU’s very future in question. This may signal the beginning of the end, the stakes are extremely high."
"I'm Not Sure We Can Register Them All": 5,600 Refugees Pour Into Croatia After Migrant Route ChangeSubmitted by Tyler Durden on 09/17/2015 06:47 -0500
“Normally when one route gets blocked or more difficult, migrants’ first choice is to return to an old established route. It is likely that some people will look again at the central Mediterranean route from Libya — we can predict a spike there — and people will be working on rival Balkan routes as we speak."
- Contrarian CEOs tell the Fed: Go ahead, raise my rates (Reuters)
- Goldman Warns Markets Unprepared for Fed as Treasuries Seesaw (BBG)
- Investors Look Beyond Fed Meeting, See Low Rates (WSJ)
- Volatility seen lingering no matter what the Fed does (Reuters)
- What Rising Interest Rates Would Mean for You (BBG)
- China Stocks Jump in Last Hour of Trading on State Support Signs (BBG)
- No Escape for China Hedge Funds Overwhelmed by Stocks Crash (BBG)
- Hedge Fund Bridgewater Defends Its ‘Risk-Parity’ Strategy (WSJ)
While influential voices like the Pope are correct that this is a travesty, the policies promoted by him and other government officials will only make this worse. Offering assistance to migrants by rescuing them when they become troubled or allowing migrants to remain without changing the underlying bureaucratic issue will only create greater incentives for more and more people to take the same dangerous routes. Risk compensation has to be considered — the greater the safety mechanisms in place, the more risky the behavior will become. Unfortunately, the current solutions presented by officials will likely result in boats even more overloaded with people and even greater numbers traversing dangerous jungle passes.
As thousands of refugees pour into Europe to escape the horrors of war, with many dying along the way, a different sort of tragedy has played out in many of the European Union’s newest member states. The states known collectively as “Eastern Europe,” including my native Poland, have revealed themselves to be intolerant, illiberal, xenophobic, and incapable of remembering the spirit of solidarity that carried them to freedom a quarter-century ago.
Europe's refugee crisis is getting worse by the day. Less than 24 hours after Germany announced it would impose border controls with Austria, followed promptly by the Czech Republic, Slovenia and now the Netherlands, German vice chancellor Sigmar Gabriel predicted that as many as 1 million refugees may arrive by the end of the year as other nations moved to fortify their frontiers. In the meantime, however, Europe is dramatically escalating measures to halt the influx and as AFP reported earlier today, the European Union has now approved military action against human traffickers in the Mediterranean Sea.
We Americans are in something approaching complete denial about how truly horrible our nation’s recent impact on the rest of the world has been. We are universally hated, even by those who have their hands out to receive their Danegeld, and the world is undoubtedly shaking its head as it listens to the bile coming out of the mouths of our presidential candidates. Shakespeare observed that the “evil that men do lives after them,” but he had no experience of the United States.
This level of global inter-connected financial risk is hazardous in Mexico, where it’s peppered by high bank concentration risk. No one wants another major financial crisis. Yet, that’s where we are headed absent major reconstructions of the banking framework and the central bank policies that exude extreme power over global economies and markets, in the US, Mexico, and throughout the world. Mexico’s problems could again ripple through Latin America where eroding confidence, volatility, and US dollar strength are already hurting economies and markets. The difference is that now, in contrast to the 1980s and 1990s debt crises, loan and bond amounts have not just been extended by private banks, but subsidized by the Fed and the ECB. The risk platform is elevated. The fall, for both Mexico and its trading partners like the US, likely much harder.