Chinese State Paper Warns "War Will Be Inevitable" Unless U.S. Stops Meddling In Territorial DisputeSubmitted by Tyler Durden on 05/25/2015 15:42 -0400
Just to confirm that if the US had hoped it could threaten Beijing into submission and force the Politburo into curbing its expanionist appetit, it was dead wrong, the nationalist Global Times, a paper owned by the ruling Communist Party’s official newspaper, the People’s Daily, said in a Monday editorial that war was “inevitable” between China and the United States unless Washington stopped demanding Beijing halt the building of artificial islands in the disputed waterway.
China launches international gold fund with over 60 countries as members. The large fund, which expects to raise 100 billion yuan or $16 billion, will develop gold mining projects across the economic region known as the New Silk Road.
"I would be more than happy to see the cradle of democracy put the imperial autocrats and financial kleptocrats in their place, teaching them a thing or two about enlightened self governance."
Along with the privilege of leadership, comes responsibility. The entire financialized abominNation is a national disgrace.
The first rule of “Project Bookend” is that you don’t talk about “Project Bookend.” In retrospect, maybe the first rule should have been “you don’t accidentally e-mail ‘Project Bookend’ to a news agency.”
Li Hejun began the day as either China’s second-richest man according to Forbes, or richest, according to the Hurun Report and Le Figaro, with a fortune worth more than $30 billion. By 11am, his net worth was amazingly cut by half, and he was almost $14 billion "poorer" as shares in Li’s flagship Hanergy Thin Film plunged by 47% in Hong Kong before trading was suspended - due to Li's absence at the company's annual meeting.
Futures Flat With Greece In Spotlight; UBS Reveals Rigging Settlement; Inventory Surge Grows Japan GDPSubmitted by Tyler Durden on 05/20/2015 07:00 -0400
The only remarkable macroeconomic news overnight was out of Japan where we got the Q1 GDP print of 2.4% coming in well above consensus of 1.6%, and higher than the 1.1% in Q4. Did it not snow in Japan this winter? Does Japan already used double, and maybe triple, "seasonally-adjusted" data? We don't know, but we do know that both Japan and Europe have grown far faster than the US in the first quarter.
Do you remember what happened when Cyprus decided to defy the EU? In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts. Well, the nation of Greece is now approaching a similar endgame. At this point, the Greek government has not received any money from the EU or the IMF since August 2014. As you can imagine, that means that Greek government accounts are just about bone dry.
- A tendency to examine too few alternatives; A lack of critical assessment of each other’s ideas;
- A high degree of selectivity in information gathering; A lack of contingency plans;
- Poor decisions are often rationalised; The group has an illusion of invulnerability and shared morality;
- True feelings and beliefs are suppressed; An illusion of unanimity is maintained;
- Mind guards (essentially information sentinels) may be appointed to protect the group from negative information.
- China’s Record Capital Outflows Spark Financial Stability Fears (FT)
- U.K. Inflation Falls Below Zero for First Time Since 1960 (BBG)
- Islamic State Solidifies Foothold in Libya to Expand Reach (WSJ)
- Judge sentences 11 Afghan police over lynching of woman in Kabul (Reuters)
- The $18 Trillion Global Economic Boost If Everything Went Right (BBG)
- Eurozone Prices Confirmed Flat Year-on-Year in April, Core Inflation Inches Higher (Reuters)
- Greek Finances to Stagger On Longer Than You Think (BBG)
- Athens sees EU deal soon, Greeks' approval of government stance dwindles (Reuters)
Less than a week ago, fresh from the aftermath of the recent dramatic six-sigma move in German Bunds, one of Europe's largest banks openly lamented that so far the ECB's QE had done absolutely nothing: "two months of QE for nothing." And lo and behold, as if on demand, overnight the ECB confirmed it had heard SocGen's lament when just before the European market open, ECB executive board member Benoit Coeure delivered a speech at the Brevan Howard Centre for Financial Analysis (appropriately named after a hedge fund) at Imperial College Business School (not to be confused with the July 26, 2012 Mario Draghi "whatever it takes" speech which also took place in London) in which he said that the ECB intends to "frontload" i.e., increase, its purchases of euro-area assets in May and June ahead of an expected low-liquidity period in the summer.
We need to wake up....and FAST!!!
An increasingly desperate Greek government is once again playing the war reparations card, this time by looping video clips of the Nazi occupation on public transportation (because no Greek commute is complete without a bit of anti-German agitprop). Meanwhile, Varoufakis says he wishes Greece would have never entered the monetary union.
"The head of Germany's Bundesbank ripped into the European Central Bank on Thursday, saying emergency funding for Greek banks broke the taboo of financing governments and it was not up to central banks to decide who was or wasn't in the euro zone," Reuters reports.
As reports surface that Greece tapped IMF funds to repay the IMF, and as Christine Lagarde and company express their reservations about participating in a new Greek bailout program, the end appears to be nigh for Athens. According to Bloomberg, Europe is now drawing up the dreaded "Plan B", which just three days ago, supposedly didn't exist.