Italy

Obama Administration Protectionism Goes "Nuclear" - Seeks "Total Ban" On Chinese Steel

A huge global trade war is on the horizon, regardless of whether Hillary or Trump wins the election, as the Obama administration's own protectionists are on the cusp of a “Pyrrhic victory” over China. In 2011, the US put huge tariffs on Chinese-made tires (to the detriment of consumers and the auto industry). China responded with anti-dumping tariffs on GM.

Paris Becomes Massive Camp For Illegal Migrants

Paris Mayor Anne Hidalgo has announced plans to build a "humanitarian camp" next to one of the busiest train stations in the city, so that thousands of illegal migrants bound for Britain can "live with dignity." Hidalgo, who has often sparred with French President François Hollande for his refusal to accept more migrants, says her plan to help illegal migrants from Africa, Asia and the Middle East is a "duty of humanism." The National Front party has accused her of putting the concerns of migrants ahead of those of French citizens, as part of a cynical political ploy aimed at positioning herself to the left of the current president.

Anti-Establishment Revulsion Hits Italy As 5-Star Candidate Takes Lead In Rome Mayoral Election

The anti-establishment euroskeptic 5-Star Movement candidate won the largest share of the votes in the first round of its mayoral election. Virginia Raggi, a 37-year old lawyer running as the upstart euroskeptic 5-Star Movement won 35.6% of the vote cast Sunday in Rome, while Roberto Giachetti, the candidate for Renzi's Democratic party received just 24.7%. The two candidates will face a runoff on June 19

This Financial Bubble Is 8 Times Bigger Than The 2008 Subprime Crisis

This isn’t a cause for panic or to assume that the financial system is going to crash tomorrow. But it’s clearly a disturbing trend... the proverbial powder keg in search of a match. And when future pundits write the history of the financial crisis to come, whether it happens today, tomorrow, or years from now, you can bet they’ll wonder how the entire system failed once again to see something so dangerous... and so obvious.

Historic Milestone: Negative Yielding Debt Surpasses $10 Trillion For The First Time

The world passed a historic milestone in the past week when according to Fitch negative-yielding government debt rose above $10 trillion for the first time, which as the FT adds envelops an increasingly large part of the financial markets "after being fuelled by central bank stimulus and a voracious investor appetite for sovereign paper." It also means that almost a third of all global government debt now has a negative yield.

Mafia Expert Calls Great Britain The "Most Corrupt Place On Earth"

“If I asked you what is the most corrupt place on Earth you might tell me well it’s Afghanistan, maybe Greece, Nigeria, the South of Italy and I will tell you it’s the UK... It’s not the bureaucracy, it’s not the police, it’s not the politics but what is corrupt is the financial capital. 90 per cent of the owners of capital in London have their headquarters offshore."

Global Markets Flat, Coiled Ahead Of Today's Risk Events: OPEC And The ECB

There are just two drivers setting the pace for today's risk mood: the OPEC meeting in Vienna which started a few hours ago, and the ECB's announcement as well as Mario Draghi's press statement due out just one hour from now. Both are expected to not reveal any major surprises, with OPEC almost certainly unable to implement a production freeze while the ECB is expected to remain on hold and provide some more details on its corporate bond buying program, although there is some modest risk of upside surprise in either case.

Another Reason To Vote Brexit: UK Taxpayers Biggest Funders Of 'Failed' Juncker "Immigration" Plan

British citizens seeking yet another reason to vote Brexit, have one in spades. The roots of this reason go back to last year when European Commission president Jean Claude Juncker hatched a 3-year plan to leverage €20 billion in seed capital to produce a €300 billion gain in Eurozone investment. As one might expected, the results are nonexistent even though Juncker has already used up the €20 billion in seed capital. Juncker now wants to up the seed capital, make the plan permanent, and extend the plan outside the EU to immigration zones such as Syria and Africa! Here’s the kicker. The UK ponied up the biggest share of this monstrous boondoggle so far.

The Stunning Idiocy Of Steel Tariffs

It took these several centuries of learned debate to finally get rid of most of Charlemagne’s extensive and absurd price controls. So essentially, today’s bureaucrats are assuming the role  once played by kings, popes and their representatives in determining “just” prices. It sounds almost as though more than a thousand years of progress have just gone “poof”. Obviously though, the governments involved in this trade spat are only acting in the best interests of steel workers. Just as they are only acting in the best interests of taxi drivers when regulating Uber out of existence in a city. Why, we should actually consider bringing back VHS video while we’re at it. Someone must have made those tape machines and tapes, and obviously they’re all out of a job as well. How are we ever going to have jobs if we don’t stop progress?

The New Battle Of Britain

Europeans are vanishing, as the peoples of the Maghreb and Middle East, South Asia and the sub-Sahara come to fill the empty spaces left by aging and dying Europeans whose nations once ruled them. Absent the restoration of border controls across Europe, and warships on permanent station in the Med, can the inexorable invasion be stopped? Or is “The Camp of the Saints” the future of Europe? An open question. But if the West is to survive as the unique civilization it has been, its nations must reassume control of their destinies and control of their borders. Britain ought not to go gentle into that good night the EU has prepared for her. And a great leap to freedom can be taken June 23.

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US Gold Market Infographic

The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical gold is actually exchanged between COMEX trading participants.

Switzerland's Gotthard Base Tunnel: Swiss Engineered, Foreign Made

We previously introduced the Gotthard Base Tunnel, the longest and deepest tunnel in the world. The 35 mile long tunnel which cuts underneath the Alps helps remove natural barriers to trade and tourism, and is undoubtedly a testament to Swiss precision engineering. However, as Bloomberg reports, the tunnel that was 17 years in the making and had workers on three shifts working around the clock to build, was built primarily by foreigners... with only 14 percent of the workers from Switzerland.

"An Unusual Number Of Known Unknowns" - These Are The Key Event Risks In June

In June there will be "an unusual number of known unknowns from several sources. June 2016 is a month in which the number of event risks is particularly high. In our baseline scenarios we do not see market upsets, but the potential is there: Japanese fiscal policy; meetings of the ECB, Fed and BoJ; new ECB policy implementation; a German Constitutional Court ruling; the UK referendum; elections in Spain; and a decision on the FTT are all thrown into the mix."