Just as Europe is shutting its doors to Syrian refugees, the US is opening its own. The following map and list reveals the 180 refugee processing centers that will host some 10,000 Syrian refugees in the coming year.
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.
Europe has complex immigration rules. But, as the recent influx of refugees and economic migrants has shown, the EU government is able to flex its muscle in an ad hoc fashion in the service of compelling member states to accept the migrants and refugees. Ultimately, however, the imposed "solutions" to the migrant and refugee crisis may be a signal to many members that the EU isn't quite what they thought it was.
News That Matters
As we have noted numerous times in the past, there is a Bull market in serfdom. America's Renter Nation has never spent more of its paycheck on rent and as Zumper notes, with rent prices in San Francisco and New York at the highest in the nation, affordability does not seem to exist in these two metropolitan areas. For some idea of the scale, there are actually castles in France and Italy that can be rented for about the same price as average apartments in these cities...
As WSJ reports, "the European Union on Wednesday proposed redistributing 160,000 refugees across the bloc and speeding up procedures to send back those who don’t qualify for asylum, in a bid to improve a stuttering response to the largest wave of migration on the continent since the aftermath of World War II."
- Sure, why not: China Rebounds as Trade Data Disappoints (BBG)
- Oh, that's why: China's Stock-Rescue Tab Surges to $236 Billion, Goldman Says (BBG)
- Can't make this up: German finmin says must avoid reliance on debt, cenbank stimulus (Reuters)
- Stocks rise after contrasting China, Germany trade data (Reuters)
- Euro zone second-quarter GDP revised up as Italy grows faster (Reuters)
- Brent oil rises on European, Chinese data; oversupply weighs (Reuters)
- Corporate Prosecution Deals Headed for a Legal Test (WSJ)
What is the reason for the drop? Well, one can believe the ECB's stated explanation which is that due to European summer vacations, activity in Europe has ground to a halt. Of course, this would suggest that monetization in the Eurozone is continent on managers' summer vacation plans, which is probably an even more troubling explanation of ECB activity bottlenecks than what may be really going on in Europe. The alternative? As we noted over the weekend when we reported that now even the IMF is discussing the upcoming limits to BOJ QE as a result of sellers running out of BOJs to hand over to the BOJ, the same may be taking place in Europe
Don’t expect to see any end to desperation and instability in MENA, but do expect new demographic crises out of other regions: Indonesia, Ukraine, Pakistan, West Africa, and Brazil, with its cratering economy. It’s not inconceivable that China might bust apart politically, with centrifugal consequences. The global economy is contracting. We have indeed attained the limits to growth. Cheap oil is bygone and the capital infrastructure we have won’t run on expensive oil — including the oil industry itself. New technology or further central bank legerdemain is not going to fix that. We’re in population overshoot and a scramble is underway to bail on the places that just can’t support the people who live there. National boundaries will be defended. Sentimentalists will have to step aside. History is not a bedtime story about bunnies and kittens.
China Stocks "Death Cross", Default Risk Hits 2-Year High As Regulators Promise G-20 'Whatever It Takes' To Stabilize MarketSubmitted by Tyler Durden on 09/06/2015 20:22 -0500
Even before China reopened from its 5-day holiday, regulators were pitching Chinese stocks as cheap (37.3x P/E) and less-margined (+108% YoY) and promised to "safeguard stability" in a "variety of forms" seemingly pouting cold water on The FT's recent report (and the malicious instigator of China's market crash). All of this is quite ironic, given China's chief central bankers admitted "the chinese bubble has burst." As stocks open, CSI-300 (China's S&P 500) has confirmed a 'Death Cross' which in 2008 was followed by a further 60% decline. More troubling, however, is the incessant rise in interbank rates as despite CNY530bn of liquidity injected in the last 3 weeks, overnight rates have doubled. China credit risk jumps to 2-year highs and AsiaPac stocks are generally lower at the open (as US futures dumped'n'pumped) not helped by Japanese weakness on BoJ tapering concerns. PBOC strengthened the Yuan fix for the 4th day in a row - the most since Sept 2010.
Before China’s bursting equity bubble grabbed international headlines, and before the PBoC’s subsequent devaluation of the yuan served notice to the world that things had officially gotten serious in the global currency wars, all anyone wanted to talk about when it came to China was a "hard landing." Now that the yuan devaluation has all but proven that China has landed, and landed hard, here are the five channels of contagion.
Keys in the week ahead: equity markets--still look lower; China--volatility likely to continue; Fed--market says no Sept hike
Banks in the US and Europe are trying to develop a cashless transactions system. The concept is to establish a comprehensive ledger for a business or a person that records everything received and spent, and all of the assets held – mortgages, investment portfolios, debts, contractual financial obligations, and anything else of market value. There would be no need for cash because the ledger would tell you and anyone you were considering a transaction with how much is available and would be transactable at any specific moment. This is not a dreamy idea. Blythe Masters is leading a new business effort to develop a universal cashless system. Not only is she gathering significant investor interest, but the Federal Reserve and various US Government agencies have become keenly interested in the potential usefulness and efficiencies of a universal cashless system
With the refugee crisis in Europe reaching epidemic levels and European leaders impotent, it appears an Egyptian Billionaire has a solution. As Al-Arabiya reports, Naguib Sawiris has offered to buy an island off Greece or Italy and develop it to help hundreds of thousands of people fleeing from Syria and other conflicts.