As Americans stared heavenwards at the sound and fury of incendiary devices lighting the dark to celebrate their independence from an over-taxing monarchy, there were other fireworks going off in the skies above Alaska and California. As Fox News reports, two pairs of Russian bombers flew off the coast of California and Alaska - forcing the Air Force to scramble fighter jets to intercept both flights, according to two senior defense officials who did not confirm if the bombers were armed. As Free Beacon adds, it was the second time Moscow dispatched nuclear-capable bombers into the 200-mile zone surrounding U.S. territory in the past two weeks.
- Greece Bailout Referendum: They Voted ‘No’. Now What? (BBG)
- Varoufakis Quits as Greece Enters New Showdown With Europe (BBG)
- Merkel to Meet Hollande as Greece Told to Make Next Move (BBG)
- German line hardens after Greek referendum 'No' (Reuters)
- BOJ keeps rosy view of regional Japan, watching markets after Greek upset (Reuters)
- Oil falls on Greece vote, China stock market turmoil (Reuters)
- China Urges U.S.-Iran Compromise 36 Hours to Nuclear Deadline (BBG)
- U.S. and Iran: the unbearable awkwardness of defending your enemy (Reuters)
Tumbling Futures Rebound After Varoufakis Resignation; Most China Stocks Drop Despite Massive InterventionSubmitted by Tyler Durden on 07/06/2015 06:52 -0400
More than even the unfolding "chaos theory" pandemonium in Greece, market watchers were even more focused on whether or not China and the PBOC will succeed in rescuing its market from what is now a crash that threatens social stability in the world's most populous nation. And, at the open it did. The problem is that as the trading session progressed, the initial 8% surge in stocks faded as every bout of buying was roundly sold into until every other index but the benchmark Shanghai Composite turned sharply red.
Even if you never intended to offend anyone and you had no idea that your words were insulting, in some countries you can be detained without bail and sentenced to years in prison for such speech. Today, there are highly restrictive hate speech laws in Canada, in Mexico and in virtually every single European nation. The United States is still an exception, but the truth is that our liberties and freedoms are being eroded every single day, and it is only a matter of time until “hate speech laws” are used to take away our freedom of speech too.
It would appear the most transparent administration ever is in trouble with an 'ally' once again. Following its wrist-slap from France last week, and its previous quasi-admission of spying on Merkel and her senior officials (which we are sure President Obama said would never happen again - better to ask for forgiveness than permission?), The Guardian reports Angela Merkel’s chief of staff has asked the US ambassador for a meeting to discuss the latest reports of alleged US spying on Germany.
America’s grand strategy, its long-term blueprint for advancing national interests and countering major adversaries, is in total disarray. Top officials lurch from crisis to crisis, improvising strategies as they go, but rarely pursuing a consistent set of policies. Some blame this indecisiveness on a lack of resolve at the White House, but the real reason lies deeper. It lurks in a disagreement among foreign policy elites over whether Russia or China constitutes America’s principal great-power adversary.
The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. Ex-Im’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy.
"On a more personal level, how can public service be promoted as an ideal to young people when this sewer corrupts our Republic? At this point in early twenty-first-century America, the greatest service our nation’s young people could provide is to lead an army of outraged young Americans armed with brooms on a crusade to sweep out the rascals and rid our capital of the money changers, rent seekers, revolving door dancers, and special interest deal makers and power brokers and send them back home to make an honest living, that is, if they still remember how to do so."
Meanwhile, Tsipras gets a standing ovation in the Greek parliament!
"Angry And Embarrassed" France Calls US Spying "Unacceptable", Demands US "Repair Damaged Relations"Submitted by Tyler Durden on 06/24/2015 11:07 -0400
Angry and embarrassed, France summoned the U.S. ambassador Wednesday to respond to the revelations by WikiLeaks that the U.S. National Security Agency eavesdropped on three successive French presidents and other top officials. Prime Minister Manuel Valls said the U.S. must do everything it can, and quickly, to "repair the damage" to U.S.-French relations from the revelations, which he called "a very serious violation of the spirit of trust" between the allies. "If the fact of the revelations today does not constitute a real surprise for anyone, that in no way lessens the emotion and the anger. They are legitimate. France will not tolerate any action threatening its security and fundamental interests."
In one swoop, on June 22, 2015, a divided U.S. Supreme Court handed down three consecutive rulings affirming the right of raisin farmers, hotel owners and prison inmates. However, this push back against government abuse, government snooping and government theft only came about because some determined citizens stood up and took a stand against tyranny. Whether these three rulings will amount to much in the long run remains to be seen. That said, if “we the people” don’t keep pushing back, standing up, and holding government officials accountable to the rule of law, these victories will do little to keep government bureaucrats off the backs of the American citizenry.
Ten days ago it seemed as if America's corporatism would finally be slowed in its tracks after the House unexpectedly killed the fast-tracking of Obamatrade, aka the fast-tracking of the Trade Promotion Authority. Alas, it was not to last, and moments ago, in a "nailbiting" 60-37 vote, the Senate advanced Obama's fast-track tarde bill.
The West is impotent to prevent Armageddon. It is up to Russia and China, and as Washington has framed the dilemma, Armageddon can only be prevented by Russia and China accepting vassal status. This is not going to happen. Why would any self-respecting people submit to the corrupt West? The hope is that Washington will cause its European vassals to rebel by pushing them too hard into conflict with Russia. If European politicians were to break from Washington’s hegemony and instead represent European interests, Washington would be deprived of cover for its war crimes. The breakdown of the neoconservative unipower model would then be apparent even to Washington, and the world would become a safer and better place.
On Monday, Saudi Arabia celebrated the beheading of its 100th prisoner this year. The story was nowhere to be seen on Arab media despite the story's circulation on wire services. Even international media was relatively mute about this milestone compared to what it might have been if it had concerned a different country. How does a story like this go unnoticed? Today's release of the WikiLeaks "Saudi Cables" from the Saudi Ministry of Foreign Affairs show how it's done.
"Both the US and China have a vital interest in reaching an understanding because the alternative is so unpalatable," Soros wrote in an article for the New York Review of Books, with the danger imminent if Chinese economic reforms fail forcing President Xi Jinping to "foster some external conflicts to keep the country united and maintain himself in power." These "conflicts" would present themselves in the form of a Sino-Russo alliance which could draw the entire world into war.