US-Created System In Iraq Is Collapsing: Protesters Storm Parliament, State of Emergency Declared - Live WebcastSubmitted by Tyler Durden on 04/30/2016 10:19 -0400
Less than two years ago, the US set up another puppet government in the mid-east this time in the state of Iraq when following substantial US pressure, on August 14, 2014 then prime minister al-Maliki agreed to stepped down and be replaced with Haider al-Abadi. Today, the regime is in chaos and the system set up in Iraq by the US is collapsing when protesters loyal to popular Shiite cleric Muqtada al-Sadr breached the heavily fortified Green Zone, home to government buildings and foreign embassies, and stormed the Iraqi parliament forcing MPs to flee and unleashing a state of emergency for all of Baghdad.
In Japan, the European Union and Switzerland, where negative nominal interest rates have already been adopted, it was observed that demand for safes and cash increased. At the same time, we learn that negative rates have boosted demand for gold in Japan (sales of gold to Japanese consumers rose to 32.8 metric tonnes in 2015 from 17.9 tonnes a year earlier). According to Takahiro Ito, chief manager at Tanaka Kikinzoku Kogyo K.K.’s store in Tokyo’s Ginza shopping district, “Many customers are wagering that it’s better to turn their savings to gold as a safe asset rather than deposit money at banks that offer low interest rates."
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In the latest clear sign that low oil prices are taking their indirect toll not only the US shale sector, leading to billions in capex cuts and hundreds of thousands of lost oil and gas jobs, on Friday Saudi newspaper al-Watan reported that the multinational construction conglomerate Saudi Binladin Group (which was founded in 1931 by Sheikh Mohammed bin Laden Sayyid, father of Osama bin Laden who was removed as a shareholder in the business in 1993 and disowned by the family) has laid off 50,000 staff as pressure on the industry rises amid government spending cuts to survive an era of cheap oil.
The FBI is notifying unsuspecting targets after the release of an ISIS hit list that includes thousands of New Yorkers. The names on the list were released last week. ISIS has urged urged followers of the militant group to target these 3,600 individuals and to facilitate that the hacker group has posted their personal information with the demand that "we want them #Dead."
Akin to ancient Rome, the United States has over-extended herself. She has created a climate that could easily be transformed into a war on a slight pretext. Wars, as it is well known are also a means a nation can extricate itself from debt and financial responsibility. The dying Petrodollar system has been on life support for some time, and it appears other nations such as the BRIC’s are taking the initiative to return to a true monetary standard. This is the same gold and silver standard that the U.S. should never have left in the first place.
Italy's bad bank bailouts fund, "Atlas", is about to become the proud new owner of around 90% of Italy's Popolare di Vicenza after investors only bought a fraction of the mid-tier bank's €1.5 billion cash call, Reuters reports. Popolare di Vicenza, which was due to announce the outcome of the public share offer later on Friday, said earlier in the day that it had raised €4.25 billion, at the lower end of a 4-6 billion euro range it had initially targeted, from 67 mostly domestic financial institutions.
Today, we find the latest, and perhaps most innovative attempt to circumvent capital controls yet when a group of Chinese investors has offered to buy AC Milan football club, one of former Italian prime minister Silvio Berlusconi's most cherished assets. The offer values the club at around 700 million euros including debt, one of the sources said.
James Rickards, economic and monetary expert, joined Bloomberg’s Francine Lacqua on Tuesday to discuss the gold “chart of the decade”, his new book “The New Case for Gold,” why gold is money and why gold is going to $10,000/oz in the coming years.
In one of the least surprising highlights from the ongoing earnings season, yesterday we reported that as oil continues to rise, US shale companies are starting to resume mothballed production. And now, according to the latest Reuters production survey, in the aftermath of the failed Doha oil freeze agreement, OPEC will be the next to boost production in the coming month, expanding supplies from an already oversupplied 32.46MMb/d to 32.64MMb/d. Finally, Reuters just blasted that Saudi Arabia is boosting its exports to near-record high levels.
Not only is Donald Trump likely to gather the most votes of any GOP Presidential nominee ever, having swept the East Coast and crushed the anti-Trump alliance between Kasich and Cruz even before it made the news cycle; but now, as Reuters reports, the GOP establishment faces an ever bigger problem. Wealthy, well-educated voters helped carry the Republican front-runner to victory this week - a demographic the famously blunt-spoken billionaire had struggled to attract in the past.
The United States is the number one trading partner for 56 countries, with important relationships throughout North America, South America, and Western Europe. Meanwhile, China is the top partner for 124 countries, dominating trade in Asia, Eastern Europe, Africa, and Australia.
We have been warning about China's speculative commodity trading bubble - spewing false signals around the world about the strength of the real economy - and now, as we suggested previously, Chinese authorities have decided to burst yet another bubble they created.Reuters reports that China's Securities regulator has ordered three major commodity exchanges to "control intraday speculation in commodity markets," ordering them to "curb trading for investors with no commodity industry background." Volume has crashed... and just as it did in the equity markets, price will follow.
Less than one week after the BOJ floated a trial balloon using Bloomberg, that it would reduce the rate it charged some banks which set off the biggest USDJPY rally since October 2014, we are back where we started following last night's "completely unexpected" (for everyone else: we wrote "What If The BOJ Disappoints Tonight: How To Trade It" hours before said "shock") shocking announcement out of the BOJ which did absolutely... nothing. "It’s a total shock,” Nader Naeimi, Sydney- based head of dynamic markets at AMP Capital Investors told Bloomberg. "From currencies to equities to everything -- you can see the reaction in the markets. I can’t believe this. It’s very disappointing."
- Markets Get the Worst Kind of Kuroda Surprise as BOJ Stands Pat (BBG)
- Bank of Japan brushes aside calls for more easing despite price falls (WSJ)
- Ford Profit Surges to Record as Sales of SUVs, F-150 Gain Speed (BBG)
- Valeant Pharmaceuticals to Make Sweeping Changes to Board (WSJ)
- Trump breaks taboos, attacks Clinton on gender issue (Reuters)