- As reported here first: The U.S. Has Too Much Oil and Nowhere to Put It (BBG)
- Dollar Drops From 12-Year High as S&P Futures, Bonds Gain (BBG); Dollar Bulls Retreat From 12-Year High to Euro With Fed in View (BBG)
- Clinton Private Email Plan Drew Concerns Early On (WSJ)
- ECB Bond Buying Not Needed With Economy Improving, Weidmann Says (BBG)
- China Feb new yuan loans well above forecast (Reuters)
- U.S. probing report Secret Service agents drove car into White House barrier (Reuters)
- Kerry tells Republicans: you cannot modify Iran-U.S. nuclear deal (Reuters)
- PBOC Pledges to Press on With Rate Liberalization Amid Slowdown (BBG)
- China Prepares Mergers for Big State-Owned Enterprises (WSJ)
China is in the midst of attempting to help local governments refinance a mountain of debt, some of which was accumulated off balance sheet via shadow banking conduits at relatively high rates. According to UBS, "Chinese domestic media are saying that the authorities are considering a Chinese "QE" with the central bank funding the purchase of RMB 10 trillion in local government debt."
Earlier today, Greek Prime Minister Tsipras was busy not making German friends, following the latest Greek overture to confiscate German assets in response for allegedly unpaid German WWII reparations. “After the reunification of Germany in 1990, the legal and political conditions were created for this issue to be solved. But since then, German governments chose silence, legal tricks and delay. And I wonder, because there is a lot of talk at the European level these days about moral issues: is this stance moral?” Tsipras said and added that "despite the crimes of the Third Reich and Hitler’s hordes, the German debt was written off." As a result Greece is now seeking to recoup German WWII reparations which may amount to as much as 80% of Greek GDP!
Russians view the United States much more unfavorably today than they did during the end of the Cold War era. As you will read about below, an astounding 81 percent of all Russians now view the United States negatively, and only 13 percent have a positive opinion of this country. In all of the years when Russians have been surveyed on their attitudes toward the U.S., they have never been this negative. But of course Americans generally do not view the Russian people unfavorably. Even while most Americans are extremely apathetic about what is going on over in Russia, an increasingly large chunk of the Russian population is angry enough to go to war.
... gradually, from one scare to another, many – and especially those who have nothing left to lose – have given up looking for defenses, whether individual or collective, and have given in to the sin of sloth. They are not lazy or indifferent but experiencing emotional apathy. It has become a certainty that our destruction is much worse than a self-fulfilling prophecy: It has been orchestrated from outside. Either to punish the “lazy Greeks” or to warn others being tempted into believing that the European Union – as it is today, as a herald of a policy of austerity that can’t even be backed by the numbers – is repulsive rather than attractive.
That a handful of extraordinarily rich and powerful oligarchs as well as mega-corporations have completely hijacked the American political process is hardy news; but of all the commentary written about Netanyahu’s embarrassing political stunt in front of the U.S. Congress last week, the most important angle was largely overlooked. That is, it sort of represented a coming out party for the American oligarch from behind the curtain.
It’s a remarkable irony, notes Sharyl Attkinson, that the same U.S. president whose administration has gone to great lengths to monitor journalists, whistleblowers and the public, claims to be oddly in the dark regarding basic information on some of his biggest controversies. Here are eight instances in which President Obama said he heard it on the news - or way after-the-fact - just like ordinary Americans.
"To make money in the markets, you have to think independently and be humble. You have to be an independent thinker because you can’t make money agreeing with the consensus view, which is already embedded in the price. Yet whenever you’re betting against the consensus, there’s a significant probability you’re going to be wrong, so you have to be humble."
It may come as a surprise to some that across from the stark Greek economic calamity is an industry that has swam, so to say, while everything else has sunk, because while virtually every other aspect of the Greek economy is in shambles, its shipping industry is not only the pride of the nation, but has created more Greek billionaires than any other aspect of the economy. As Bloomberg recounts, Greeks have long dominated the shipping business. The nation’s fleet, numbering 3,669 vessels in 2013, is the largest in the world, according to the annual report of the Union of Greek Shipowners, making up more than 7 percent of the Greek economy and providing 192,000 jobs in 2013. And, perhaps most relevant, Greek shipping has also made billionaires of the country’s four largest ship owners by tonnage: John Angelicoussis, George Prokopiou, Peter Livanos and George Economou. The quartet control a combined fortune of $7.6 billion. It is these billionaires that are now suddenly sweating...
Having specifically aimed his call for a unified European Army at "reacting credibly to show Russia that Europe is serious about defending its values," it is no surprise that Russia has responded to Jean-Claude Juncker's statements. As TASS reports, first deputy chairman of the United Russia faction in the State Duma, Frants Klintsevich, told the media on Sunday that "in the nuclear age extra armies do not provide any additional security. But they surely can play a provocative role," adding it was regrettable that such ideas had already met with some support.
- ECB Starts Buying German, Italian Government Bonds Under QE Plan (BBG)
- Creditors Reject Greece's Reform Proposals (BBG)
- Is Apple Watch the Timex digital watch of the Internet era? (Reuters)
- Tesla shedding jobs in China as sales target missed (Reuters)
- Malaysia Airlines says expired battery on MH370 did not hinder search (Reuters)
- Gunmen kill more than 12 Islamic State militants in eastern Syria (Reuters)
- GM Plans Share Buyback, Averting Proxy Fight (WSJ)
- Wisconsin capital marked by third day of protests after police shooting (Reuters)
NATO's Not Enough! President Juncker Calls For Creation Of European Army To "React Credibly" To RussiaSubmitted by Tyler Durden on 03/08/2015 21:40 -0400
No lessor official than European Commission President (and liar-when-it's-serious) Jean-Claude Juncker has called for the creation of an EU army... in order to show Russia "that [The EU is] serious about defending European values." Juncker explained an EU army would "help us fulfil Europe's responsibilities in the world," arguing that NATO was not enough since not all EU members are part of the alliance. As one stunned euro-skeptic exclaimed, "we have all seen the utter mess the EU has made of the economy, so how can we even think of trusting them with its defence."
Greece "Risks Bankruptcy" As Europe Rejects Varoufakis Payment Plan; Another Referendum Fiasco EnsuesSubmitted by Tyler Durden on 03/08/2015 18:43 -0400
The longest running European "Union" soap-opera may finally be coming to its anticlimatic end.
While Russia's envoy to NATO notes that statements by the deputy head of NATO testify to the fact that the leaders of the bloc want to intervene in Russia’s internal politics, and are "dreaming of Russian Maidan," Washington has a bigger problem... Germany. As Der Spiegel reports, while US President Obama 'supports' Chancellor Merkel's efforts at finding a diplomatic solution to the Ukraine crisis, hawks in Washington seem determined to torpedo Berlin's approach. And NATO's top commander in Europe hasn't been helping either with sources in the Chancellery have referred to Breedlove's comments as "dangerous propaganda."
It wasn't even a full 24 hours after Greece raided at least some of the funds of its pension and other public entities in order to make a €310 payment to the IMF, the first of four this month (the balance is 350 million on March 13, 580 million on March 16 and another 350 million on March 20), that the insolvent country resumed doing what it does best: dispensing hollow threats. This time it was its foreign minister and leader of the Independent Greeks party - Syriza's junion coalition partner - Nikos Kotzias, who showed how to bluff like the best of them, when he threatened that "there will be tens of millions of immigrants and thousands of jihadists, if you take out Greece" the minister said on before EU foreign ministers meeting in Riga.