Poland

GoldCore's picture

Pawns In A Deadly, Grotesque Geopolitical Game





Ukraine, Gaza, Iran, Isis, Syria and Turkey are all just pawns in a grotesque geopolitical game. All sides have their narratives. But in all cases, innocents must die ...

 
Tyler Durden's picture

Guest Post: If Only The U.S. Had Stayed Out Of World War I





The first big wave of embracing a liberal international economic order - relatively free trade, rising international capital flows and rapidly growing global economic integration - resulted in something remarkable. Between 1870 and 1914, there was a 45-year span of rising living standards, stable prices, massive capital investment and prolific technological progress. In terms of overall progress, these four-plus decades have never been equaled — either before or since. Then came the Great War. It involved a scale of total industrial mobilization and financial mayhem that was unlike any that had gone before. In the case of Great Britain, for example, its national debt increased 14-fold.

 
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Polish Central Bank Head Refuses To Resign Over Tape Scandal As It Would Set "Dangerous Precedent"





  • BELKA `REJECTS' NOTION TAPED COMMENTS SHOW HIM CUTTING ANY DEAL
  • BELKA SAYS POLISH CENTRAL BANK ISN'T COZY WITH GOVT
  • BELKA REITERATES HE DOESN'T PLAN TO RESIGN
  • BELKA: RESIGNATION FROM C.BANK WOULD CREATE DANGEROUS PRECEDENT
 
Tyler Durden's picture

Key Events In The Coming Holiday-Shortened, Very Busy Week





The holiday shortened, and very busy, week includes the following highlights: [on Monday] US Chicago PMI; [on Tuesday] US ISM Manufacturing, Construction Spending, and Vehicle Sales, in addition to a host of PMI Manufacturing in various countries; [on Wednesday] US ADP Employment, Factory Orders; [on Thursday] US Non-farm Payrolls and Unemployment, MP Decisions by ECB and Riksbank, in addition to various Services and Composite PMIs; [on Friday] US holiday, Germany Factory Orders and Sweden IP.

 
Tyler Durden's picture

Sarajevo Is The Fulcrum Of Modern History: The Great War And Its Terrible Aftermath





One hundred years ago today the world was shook loose of its moorings. Every school boy knows that the assassination of the archduke of Austria at Sarajevo was the trigger that incited the bloody, destructive conflagration of the world’s nations known as the Great War. But this senseless eruption of unprecedented industrial state violence did not end with the armistice four years later. In fact, 1914 is the fulcrum of modern history. It is the year the Fed opened-up for business just as the carnage in northern France closed-down the prior magnificent half-century era of liberal internationalism and honest gold-backed money. So it was the Great War’s terrible aftermath - a century of drift toward statism, militarism and fiat money - that was actually triggered by the events at Sarajevo.

 
Tyler Durden's picture

Zloty Tumbles As Polish PM Calls Vote Of Confidence After Leaked Recordings Scandal





As the 'leaked recordings' scandal grows in Poland, the Prime Minister has taken a dramatic step and called for a vote of confidence ahead of crucial meetings in Brussels. As Bloomberg reports, Polish Prime Minister Donald Tusk says he needs mandate to rule on eve of talks in EU, he tells parliament; adding that the taping scandal erupted after government took serious steps against importers and distributors of coal and also comes in “context” of people involved in gas trading. The Polish Zloty has given up its earlier gains on this news.

 
Tyler Durden's picture

Polish PM Slams "Organized Criminal Eavesdropping" For "Destabilizing EU" Amid Ukraine Crisis





First it was US' Victoria Nuland's "fuck Europe" leaked recording; then Turkey's Erdogan faced embarrassing details of a false-flag war with Syria from leaked recordings; then last week's Polish central bank was exposed (by leaked recordings) as offering support for the government in return for favors (crashing any faith in central bank independence); and then this weekend, Poland's foreign minister had some rather colorful language and perspective exposed (by leaked recordings). The Polish Zloty has been hammered lower in the last few days since the events broke (though clear CB intervention has rescued it today) and the Polish Prime Minister is fuming: the "criminal group" that taped public officials has the sole aim of destabilizing Poland during “key moment” as EU reshapes itself amid Ukraine crisis, Tusk blasted, adding (rather pointedly), "people who have organized criminal eavesdropping will not dictate to Poland who governs the country and which ministers are to be dismissed." One wonders who he is talking about; who has the technical know-how and organization to arrange such mass eavesdropping?

 
Tyler Durden's picture

Key Events In The Coming Week





This week brings PMIs (US and Euro area ‘flash’) and inflation (US PCE, CPI in Germany, Spain, and Japan). Among other releases, next week in DMs includes [on Monday] PMIs in US (June P), Euro Area Composite (expect 52.8, a touch below previous) and Japan; [on Tuesday] US home prices (FHFA and S&P/Case Shiller) and Consumer Confidence (expect 83.5, same as consensus), Germany IFO; [on Wednesday] US Durable Goods Orders (expect -0.50%, at touch below consensus) and real GDP 1Q anniversary. 3rd (expect -2.0%) and Personal Consumption 1Q (expect 2.0%), and confidence indicators in Germany, France and Italy; [on Thursday] US PCE price index (expect 0.20%), Personal Income and Spending, and GS Analyst Index; and [on Friday] Reuters/U. Michigan Confidence (expect slight improvement to 82, same as consensus), GDP 1Q in France and UK (expect 0.8% and 0.9% yoy, respectively), and CPI in Germany, Italy, Spain and Japan.

 
Tyler Durden's picture

LNG: The Long, Strategic Play For Europe





Liquefied natural gas (LNG) to Europe isn’t a get-rich-quick scenario for the impatient investor: It’s a long, strategic play for the sophisticated investor who can handle no small amount of politics and geopolitics along the way. When it comes to Europe, Russia’s strategy to divide and conquer has worked so far, but Gazprom is a fragile giant that will eventually feel the pressure of LNG.  Robert Bensh is an LNG and energy security expert who has over 13 years of experience with leading oil and gas companies in Ukraine. He has been involved in various roles in finance, capital markets, mergers and acquisitions and government for the past 25 years. Mr. Bensh is the Managing Director and partner with Pelicourt LLC, a private equity firm focused on energy and natural resources in Ukraine.

 
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Equity Futures Unchanged Ahead Of Today's Quad-Witch





As of this moment, US equity futures are perfectly unchanged despite what has been an almost comical reactivation of the 102.000 USDJPY tractor beam. Considering the pair has been trading within a 75 pips of the 102.000 level for the past month, one has to wonder when and what the next BOJ Yen equilibrium level will be reset to. Oddly enough, even as the USDJPY is very much unchanged, the Nikkei continues to rise suggesting that, as Nikkei reported, the GPIF is already investing Japanese pension funds in stocks. Which is great for the Nikkei catching up with the global bond bubble, what is not so great is what happens when the market realizes that the largest holder (excluding the BOJ) of JGBs is dumping, and the world's most illiquid major sovereign bond market rushes for the exits. Just recall the daily halts of Japanese bond trading from the summer of 2013 - we give it 3-6 months before it returns with a vengeance.

 
Tyler Durden's picture

Futures Unchanged Ahead Of The Fed Announcement





it is suddenly not fun being a Fed president (or Chairmanwoman) these days: with yesterday's 2.1% CPI print, the YoY rate has now increased for four consecutive months and is above the Fed's target. Concurrently, the unemployment rate has also dipped well below the Fed’s previous 6.5% threshold guidance, in other words the Fed has now met both its mandates as set down previously. There have also been fairly unambiguous comments from the Fed’s Bullard suggesting that this is the closest the Fed has been to fulfilling its mandates in many years. Finally, adding to the "concerns" that the Fed may surprise everyone were BOE Carney’s comments last week that a hike “could happen sooner than the market currently expect." In short: continued QE here, without a taper acceleration, merely affirms that all the Fed is after is reflating the stock market, and such trivial considerations as employment and inflation are merely secondary to the Fed. Which, of course, we know - all is secondary to the wealth effect, i.e., making the rich, richer. But it is one thing for tinfoil hat sites to expose the truth, it is something else entirely when it is revealed to the entire world.

 
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