Poland

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Ebola Panic Reaches New Highs: Korean Bar Bans "Africans"





With race-relations in American at a boiling point, it is perhaps worth a glance at Asia for some context. As Media Equalizer's Brian Maloney reports, one restaurant in South Korea is refusing to serve black people due to fears over Ebola! As he concludes: imagine the uproar were this sign to appear anywhere in the US...

 
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All Eyes On Jackson Hole: Key Events In The Coming Week





The main event of the week will be Yellen's long awaited speech at the Jackson Hole 3-day symposium taking place August 21-23. The theme of this year's symposium is entitled "Re-Evaluating Labour Market Dynamics" and Yellen is expected to deliver her keynote address on Friday morning US time. Consensus is that she will likely highlight that the alternative measures of labour market slack in evaluating the ongoing significant under-utilisation of labour resources (eg, duration of employment, quit rate in JOLTS data) have yet to normalise relative to 2002-2007 levels. Any sound bite that touches on the debate of cyclical versus structural drivers of labour force participation will also be closely followed. Unlike some of the previous Jackson Hole symposiums, this is probably not one that will serve as a precursor of any monetary policy changes but the tone of Yellen's speech may still have a market impact and set the mood for busier times ahead in September.

 
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"Anti-Putin" Alliance Fraying: Germany, Slovakia, Greece, Czech Republic Urge End To Russian Sanctions





Greece, Slovakia, Czech Republic, Germany... the chorus of voices demanding an end to Russian sanctions is starting to drown out the neocon warmongering efforts of the west...

 
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US Sending 600 Troops, APCs And Tanks To Countries Bordering Russia To "Reassure Threatened Allies"





Escalation over the Ukraine conflict, a/k/a Cold War 2.0, just took another major step forward. Because here comes the cavalry... literally.

 
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World Reserve Currencies: What Happened During Previous Periods Of Transition?





Global crises wreak havoc on all levels of existence, not to the mention the great cost to human lives. If we are to learn from history, however, it seems as though we might have to nevertheless brace ourselves for yet another one in the near future, as it marks the end of one saeculum and the start of a new economic paradigm aligned more positively with proper balances of trade, debt, and policies. The US is trying to postpone the crisis by printing money, however this is creating currency wars with nearly all major central banks in the world. As history has shown us time and again, causing this delay through money printing will only aggravate the problem, not only not preventing the inevitable, but indeed making the transition more painful and costly.

 
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Gazprom To Europe: We Own You (At Least Until 2016)





“Commercial shale gas production in Europe can begin not earlier than in 2016-2018 even with positive geological surveys. But production volumes will not bring about major changes in the European gas market due to a decline in conventional gas production,” Gazprom. Which, sadly for Europe, means that Putin will be dictating his terms on the energy-strapped continent for a long, long time.

 
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Russia Sanctions Blowback: Finland's Largest Dairy Lays Off 800, Spain Seeks EU Aid, Poland Complains To WTO





Well that didn't take long. Mere day after Russia announced its ban on Western nation food imports, European countries are scrambling (as we explained why here). Greece has already expressed dismay, but now Spanish officials will meet with EU leaders to discuss offsetting the country’s estimated up to $800 million in food and agriculture losses due to sanctions. Poland is pissed and has complained to the WTO claiming "Russia has broken international law in both its embargo;" and Finland's largest dairy producer has announced 800 layoffs due to the sanctions. When does Europe tell Washington - enough!

 
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Ebola Control Goes 'Medieval': From Patient Zero To Pandemic In 7 Months





A report in The New England Journal of Medicine traces the spread of the recent Ebola outbreak from Gueckedou, Guinea, to nations worldwide. As The NY Times reports, West African governments have gone 'medieval' as they have revived a disease-fighting tactic not used in nearly a century: the “cordon sanitaire,” in which a line is drawn around the infected area and no one is allowed out. And most worryingly, Reuters reports that a nurse who had close contact with a Liberian Ebola patient skipped quarantine in Lagos and went to her home in the eastern city of Enugu, where she made contact with 20 other people.

 
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How To "Value" Sovereign Bonds In 2 Words: US 'Friend' Or 'Foe'





If a trader knew nothing about the growth, the debt, the inflation, the exporters vs. importers, the serial defaulters, currency manipulators, hot-money or conversely deflation fighters; simply grouping the nations of the world on whether they were 'friend' or 'foe' to the US would provide an odd highly correlated value perspective on the interest rates paid on 1yr and 10yr sovereign debt... It appears your status with the central bank cabal was more important than your ability to repay the loaned money?

 
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China Begins Direct Sales Of Fruit & Vegetables To Russia





Despite the ongoing mainstream media meme that Russia is becoming 'isolated' from the rest of the world thanks to Western sanctions, it appears they have found a few new 'old' friends to become un-isolated with. On the heels of Russia's food-import-ban sanctions last week, Russian and Chinese officials have announced an agreement that China will start selling fruit and vegetables directly to Russia via a special logistics center in Russia's far east. Notably, this week saw Russia's GDP beat consensus expectations, Ruble rally, and stocks jump as German confidence plunged - can you say blowback?

 
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If Goods Don't Cross Borders, Armies Will





While the conflict in Ukraine rages on, EU member states havedecided to impose (not so much more stringent)economic sanctions against Russia, which was predictably followed by Russian counter-measures. The question which isn't being asked often enough, is whether these sanctions will actually improve the situation. Here's an analysis following four concrete questions:

1. Can things get even worse in Russia?
2. Is the West able to guide Russia and Ukraine down the right path?
3. Can the West contribute to a sharpening of the crisis?
4. How can the West protect itself against this conflict?

 
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Russian Defense Minister Tells Troops "To Be In State Of Constant Battle Readiness"





Having discussed his view that the Ukraine government is at fault for worsening the conflict, Russia's Putin explained to Angela Merkel that a "rising civilian toll has created a humanitarian crisis in Ukraine." However, it was Defense Minister Sergei Shoigu's comments that "the world has changed and changed dramatically," demanding that his troops "must be in constant combat readiness," are the most disconcerting as his strong tone in the following clip appears to confirm Poland and NATO's fears.

 
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More Warmongering: US Secretary Of Defense, NATO Both Say Threat Of Russian Incursion A "Reality"





On the heels of yesterday's comments from Poland's Sikorski, NATO has confirmed there's a risk of Russia sending troops into Ukraine under the 'pretext' of a humanitarian or peacekeeping mission. "We're not going to guess what’s on Russia’s mind, but we can see what Russia is doing on the ground - and that is of great concern," a NATO spokesperson warned, adding, "this is a dangerous situation." Then US SecDef Hagel added, "the threat of Russian incursion in Ukraine is a reality." Russia's response to this warmongering (as Ukraine appears desperate to instigate something before the money runs out) is to blast the disinformation, "reports of troop buildups near the Ukraine border are groundless." It appears we are going to need more YouTube clips...

 
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Futures Tumble On Abysmal European Data, Euro Stocks Turn Red For 2014; German 2Y Bunds Negative





With everyone focused on China as the source of next systemic risk, most forgot or simply chose to ignore Europe, which through Draghi's verbal  magic was said to be "fixed." Or at least everyone hoped that the rigged European bond market would preserve the "recovery" illusion a little longer giving the world some more time to reform pretend it is doing something to fix it. Turns out that was a mistake, confirmed earlier not only by the plunge in German Factory Orders which cratered -4.3%, down from 7.7% and below the 1.1% revised, and UK Industrial production which missed expectations of a 0.6% boost, rising only 0.3%, but most importantly Italy's Q2 GDP shocker, which as we reported earlier, dropped for the second consecutive quarter sending the country officially into recession. As a result, European stock markets, Stoxx600, has joined the DJIA in the red for the year while Germany's 2 Year Bund just went negative on aggressive risk aversion, the first time since 2012.

 
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Stocks Plunge On Russia Invasion Threat - Give Up All Post-Payrolls Gains





Yesterday, the S&P and Nasdaq bounced hard off the pre-payrolls level from Aug 1st. From the moment US cash equity markets closed yesterday, stocks have been dropping back. But now, thanks to this:

SIKORSKI: RUSSIAN UNITS POISED TO PRESSURE OR INVADE UKRAINE

The Dow, S&P and now Nasdaq have tumbled below yesterday's lows, eradicating all the post-payrolls gains in stocks. Treasury yields are tumbling (5bps off highs) and gold and silver and rising.

 
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