It rose out of the tropical Pacific in late 1997, bearing more energy than a million Hiroshima bombs.
News That Matters
With professionals proclaiming yesterday's meltdown "historic," and generously telling investors "don't try to overthink what you're seeing," it is clear that the real impact of the carnage wrought by a combination of Fed-indiced crowded trades and HFT illiquidity-providers is yet to be fully appreciated. While Financial advisers, almost unanimously, have cautioned clients not to panic... As one retail investor exclaimed, yesterday's open "was a life-changing 20 minutes."
Earlier this week, two people, a Pole and a German, said they may have found the legendary, long-lost Nazi train rumored to be full of gold, gems and guns, i.e., the prize possessions of years of Third Reich plunder, that disappeared just before the end of World War Two. As BBC first reported, the train was believed to have gone missing near what is now the Polish city of Wroclaw as Soviet forces approached in 1945.
You can stop waiting for a global financial crisis to happen. The truth is that one is happening right now. All over the world, stock markets are already crashing...
Since the 2011 Fukushima nuclear disaster, Germany has been one of the few countries that have successfully moved away from nuclear energy. In fact, the contribution of nuclear power in Germany’s electricity generation has now fallen to just 16% and renewables are now the preferred source of electricity generation in the country. However, Germany and its neighbors are now facing an unusual problem. With the dramatic increase in green energy usage, Germany is generating so much electricity from renewables that it is finding it hard to handle it.
Governments from around the world admit they carry out false flag terror. People are slowly waking up to this whole con job by governments who want to justify war. More people are talking about the phrase “false flag” than ever before.
- China Rattles Markets With Yuan Devaluation (BBG)
- China Move Sparks Wave of Yuan Selling (WSJ)
- China's devaluation raises currency war fear as Greece strikes deal (Reuters)
- Protests return to Ferguson streets, state of emergency declared (Reuters)
- Heavily armed 'Oath Keepers' inject new unease to riot-hit Ferguson (Reuters)
- Greece Secures Bailout Deal After All-Night Talks in Athens (BBG)
- U.S. Identifies Insider Trading Ring With Ukraine Hackers (BBG)
A third Greek bailout involving loans from the European Stability Mechanism (ESM), the eurozone’s bailout scheme, is now being negotiated. The start was quite rocky, with haggling over the precise location in Athens where negotiations need to take place and Greek officials once again withholding information to creditors. Therefore, few still believe that it will be possible to conclude a deal in time for Greece to repay 3.2 billion euro to the ECB on 20 August. Several national Parliaments in the Eurozone would need to approve a final deal, which would necessitate calling their members back from recess around two weeks before the 20th, so it’s weird that French EU Commissioner Pierre Moscovici still seems so confident that the deadline can be met.
The German Council of Economic Experts is out with a new report on euro area crisis management which backs state bankruptcies and euro exits for governments deemed "uncooperative." "A permanently uncooperative member state should not be able to threaten the existence of the euro. In view of this, the Council of Economic Experts recommends that the withdrawal of a member state from the currency union must be possible as an utterly last resort," the council says.
"You shouldn’t rush when there is still smoke coming from a house that was burning. It is simply not safe to do so."
How hard do you work compared to the rest of the world?
Capital controls imposed by the Greek government are taking a heavy toll on Greek businesses, according to a new report from Endeavour Greece. With over two-thirds of respondents reporting a "significant drop in revenues," and 1 in 9 firms forced to suspend production due to shortages of raw materials (unable to buy due to capital controls), the problems created by The Greek government's action seem asymmetric as almost a quarter (23%) of firms are now "planning to transfer their headquarters abroad for security, cashflow, and stability reasons."
- Greece Capitulates to Creditors’ Demands to Cling to Euro (BBG)
- Euro zone strikes deal with Greece after all-night struggle (Reuters)
- Tsipras Moves From Predator to Prey at Euro 'Torture' Summit (BBG)
- Euro’s Greek Boost Evaporates as Analysts Predict Losses to Come (BBG)
- Greek Fury Meets Resignation at Demands for Concessions (BBG)
- Poland Blames ‘Carefree’ Greek Populists for Tough EU Aid Deal (BBG)
- Europeans Press for Iran Nuclear Deal on Monday (WSJ)
- Iran nuclear talks: Deal 'near completion' (BBC)
- In speech, Clinton to put wages at heart of economic policy (Reuters)
- China’s Incendiary Market Is Fanned by Borrowers and Manipulation (NYT)
A Greek exit will be evidence that the US and IMF influence on Berlin is waning, and will establish Berlin as the new geopolitical player to reckon with.