• Tim Knight from...
    10/06/2015 - 17:03
    As we head into another earnings season, the bulls better pray to whatever pagan gods they worship that company after company magically defy the downturn that the economy is quite obviously entering.


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Paul Craig Roberts Warns "The Entire World May Go Down The Tubes Together"

Neoliberal economics is blind to reality and serves to justify the destruction of the economic prospects of the Western World. It remains to be seen if Russia and China can develop a different economics or whether these rising superpowers will fall victim to the “junk economics” that has destroyed the West. With so many Chinese and Russian economists educated in the US tradition, the prospects of Russia and China might not be any better than ours. The entire world could go down the tubes together.

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Migrant Crisis Sparks Balkan Border Battles As EU Buckles Under Overwhelming Refugee Flow

"The influx of migrants is not going to abate. We want to stop people crossing."

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Europe Will Force Countries To Accept Refugee Quotas As Migrant "Dictat" Approved

"The dissenters were the ministers representing the Czech Republic, Hungary, Romania and Slovakia. Under European law, three of the countries — the Czech Republic, Romania and Slovakia — would be required to accept migrants against their will, said one European Union diplomat, who spoke on condition of anonymity shortly after the vote."

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Buiter: Migrant Crisis "May Signal The Beginning Of The End" For EU

"The refugee crisis is undermining the EU’s fundamental principle of free cross-border movement within the Union… This is effectively throwing the EU’s very future in question. This may signal the beginning of the end, the stakes are extremely high."

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NATO Opens (Another) Command Post Near Russian Border; Kremlin Warns Against "Cold War Logic"

"The opening of the new units will feed an artificially created confrontation. [This is] the logic of the Cold War. It runs counter to genuine interests of the European and regional security." - Alexander Grushko, Russian ambassador to NATO.

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Italy Is "Willing To Temporarily Suspend Schengen" In Response To Refugee Crisis

Europe's refugee crisis just took a dramatic turn for the worse, and strikes at the very hear of Europe's Shengen customs union which has allowed borderless travel within Europe for decades. As Bloomberg reports, the Italian Province of Bolzano in Northern Italy said in a statement that it agreed with the Italian government on request by German Federal State of Bavaria by "communicating a willingness to restore border controls at Brenner and temporarily suspend the Schengen agreement."

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These Currencies Could Be The Next To Tumble In Global FX Wars

Shockwaves from China’s devaluation have conspired with sluggish global demand and an attendant commodities slump to wreak havoc on developing market currencies the world over. On the heels of Kazakhstan's dramatic move to float the tenge, here's which currencies are next in line to tumble.

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Frontrunning: July 30

  • Second-quarter GDP seen rebounding on consumer spending, housing (Reuters)
  • China Stocks Fall as Traders Puzzle Over Sudden Late-Day Swings (BBG)
  • European 'alliance of national liberation fronts' emerges to avenge Greek defeat (Telegraph)
  • Thomas Cook warns on earnings over Greece (MW)
  • Largest Greek toy seller Jumbo warns of hit from capital controls (Kathimerini)
  • Chevron and Exxon Get the Plaudits, but Some Smaller Drillers Faring Well (WSJ)
  • Schäuble outlines plan to limit European Commission powers (FT)
  • UBS Deal Shows Clinton’s Complicated Ties (WSJ)
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Fearing Greek Fallout, ECB Extends "Secret" Credit Lines To Balkans

"The European Central Bank has introduced secret credit lines to Bulgaria and Romania as part of a broader effort to convince foreign regulators not to pull the plug on the local subsidiaries of Greek banks," FT reports.

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Why Grexit Is The Most Likely Outcome

1. Greece is already in default to the IMF
2. Greece and the rest of the Eurozone are further apart than ever
3. Capital controls are notoriously hard to unwind
4. The “no” vote protects the Eurozone’s politicians from looking like they pushed Greece out

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Trillion-Dollar Asset Managers Warn On Greece Fallout: "No Blueprint" Means "All Kinds Of Uncertainty"

“If all of a sudden one member leaves, it creates a precedent, and maybe suddenly casts some doubt on the long-term future of the monetary union.”

“There is no blueprint for how a country exits the euro and redenominates [and] that’s going to create all kinds of uncertainty in Europe.”


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This Is Why The Euro Is Finished

It’s simple, the euro is finished. It won’t survive the unmitigated scandal that Greece has become. Greece is not the victim of its own profligacy, it’s the victim of a structure that makes it possible to unload the losses of the big countries’ failing financial systems onto the shoulders of the smaller. There’s no way Greece could win. The damned lies and liars and statistics that come with all this are merely the cherry on the euro cake. It’s done. Stick a fork in it. The smaller, poorer, countries in the eurozone need to get out while they can, and as fast as they can, or they will find themselves saddled with ever more losses of the richer nations as the euro falls apart. The structure guarantees it.

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Fearing Spillover, ECB Moves To Shield Neighboring Banks From Greek Meltdown

The ECB is moving to backstop Bulgaria's banking sector in an effort to get ahead of a Greek contagion."The ECB would provide access to its refinancing operations, offering euros to the banking system against eligible collateral," Bloomberg reports, citing unnamed sources. 

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