Newspaper

Negative Interest Rates & The War On Cash, Part 3: "Beware The Promoters"

The main promoters of cash elimination in favour of electronic currency are Willem Buiter, Kenneth Rogoff, and Miles Kimball... in order to implement substantially negative interest rates..."If all central bank liabilities were electronic, paying a negative interest on reserves (basically charging a fee) would be trivial. But as long as central banks stand ready to convert electronic deposits to zero-interest paper currency in unlimited amounts, it suddenly becomes very hard to push interest rates below levels of, say, -0.25 to -0.50 percent, certainly not on a sustained basis. Hoarding cash may be inconvenient and risky, but if rates become too negative, it becomes worth it."

"Dear Mark Zuckerberg. No, I Will Not Remove This Picture..."

"Dear Mark Zuckerberg. I follow you on Facebook, but you don’t know me. I am editor-in-chief of the Norwegian daily newspaper Aftenposten. I am writing this letter to inform you that I shall not comply with your requirement to remove a documentary photography from the Vietnam war made by Nick Ut. Not today, and not in the future..."

Another Greek Standoff: Europe Refuses Athens' Bailout Payment Until Reforms Are Implemented

Greece is once again facing a bailout standoff with its creditors as eurozone countries have refused to release additional funds to Athens this month. Athens has infuriated its Euro peers because it has so far passed just two of the 15 reforms that were a condition of last year’s rescue package, and yet demands full payment. For now, Europe has said enough.

Boeing Gets "Mind-Boggling" $2 Billion Bonus Despite Failed Missile Defense System Tests

From 2002 through early last year, the Pentagon conducted 11 flight tests of the nation's homeland missile defense system. The interceptors failed to destroy their targets in six of the 11 tests -- a record that has prompted independent experts to conclude the system cannot be relied on to foil a nuclear strike by North Korea or Iran. Yet, as The LA Times reports, over that same time span, Boeing, the Pentagon's prime contractor, collected nearly $2 billion in performance bonuses for a job well done...

The Dumbed-Down New York Times

A growing public recognition of that mainstream bias explains why so much of the American population has tuned out supposedly “objective” news (because it is anything but objective). Those not-dumbed-down Americans can spot U.S. government propaganda when they see it.

Ultra-Violent Venezuelan Gangs Ignore Maduro Crackdown: "Better To Fight Police, Than Each Other"

Amid threats of violence, opponents of Venezuelan President Nicolas Maduro flooded the streets of Caracas today (2 million strong) in a major test of their strength and the government's ability to tolerate growing dissent. However, for a nation that is forced to slaughter stallions for meat, line up for toilet paper, and dying from lack of simple medicines, Reuters reports that there is another destabilizing factor - ultra-violent street gangs are thriving..."It's better to work together than be enemies. It's better to make war with the police than with each other."

Russia, US Clash Over Who Killed Islamic State's Second In Command

On Tuesday, the Islamic State announced that Mohammad al-Adnani, the man who some have dubbed the terrorist organization's "second in command", was killed depriving the militant group of the man in charge of directing attacks overseas. His death marks the highest-profile killing yet of an ISIS member.

Low-Volatility Stocks At Risk As Credit Cycle Ends, UBS Warns A Crash Is Coming

UBS' Paul Winter believes we are witnessing the end of the credit cycle - earnings growth rates are flat, and the stock market impact has been increasing. Importantly, from a risk perspective, Winter warns that Systemic Risk is rising, and Economic Policy Uncertainty has hit all-time highs, warning that the key risk today lies in low-volatility stocks and the broad market's equity risk premia - "either earnings need to pick up dramatically, or alternately, equities would need to correct by around 20% to bring the equation back into equilibrium."

French Economy Minister To Resign On Tuesday

In a move that is seen as the launchpad for a presidential run by the youngest, and ostensibly most popular, member of Francois Hollande's cabinet, Reuters reports that France's Economy Minister Emmanuel Macron is set to resign on Tuesday, citing a source close to the former investment banker said.

In "Victory For Eurosceptics" British PM Will Begin Brexit Negotiations Without Parliamentary Vote

In what the Telegraph dubs a victory for Eurosceptics, the conservative newspaper reported overnight that Britain's new Prime Minister, Theresa May, will not hold a parliamentary vote on Brexit before formally triggering Britain's withdrawal from the European Union. "Her decision will come as a blow to Remain campaigners, who had been hoping to use Parliament to delay or halt Brexit entirely."