Speaking to a gathering of some 200 Syriza lawmakers on Wednesday, Greek PM Alexis Tsipras drew a line in the sand, insisting that the divisions within the party cannot persist. In a dramatic move, Tsipras called for a party referendum on Sunday to decide once and for all whether Syriza lawmakers will support the bailout or push for its cancellation.
There has been a lot of chatter in recent days about the plunge in commodity prices - capped off by this week’s slide of the Bloomberg commodity index to levels not seen since 2002. That epochal development is captured in the chart below, but most of the media gumming about the rapidly accelerating “commodity crunch” misses the essential point. To wit, the central banks of the world have shot their wad. The Bloomberg Commodity index is a slow motion screen shot depicting the massive intrusion of worldwide central bankers into the global economic and financial system. Their unprecedented spree of money printing took the aggregate global central bank balance sheet from $3 trillion to $22 trillion over the last 15 years. The consequence was a deep and systematic falsification of financial prices on a planet-wide scale.
“I don’t really follow news on stocks that closely. My hairdresser said it was still a bull market and I needed to get in”...
Mainstream media-ites continue to believe that a long period of low volatility is a sign of market health. In fact it is quite the opposite. A sleep-walking market is a reflection of complete disregard as to risk. Markets enter such periods of complacency when there has been a long uptrend, with periods of very low volatility reflecting where the market has come from, not where it is going. Such periods are far more likely to be a sign of an impending trend reversal than of a continued uptrend.
"Anshu Jain and Jürgen Fitschen, the embattled co-chief executives of Deutsche Bank AG, plan to announce their resignations, according to people familiar with the matter, an abrupt move that throws into question the future direction of one of the world’s largest banks," WSJ reports. John Cryan, former UBS CFO, is reportedly in line to take the helm.
If Greek PM Alexis Tsipras is serious about sticking with the mandate that got Syriza elected, he got a rude awakening on Saturday when, insulted by the PM’s fire and brimstone speech to parliament, EU Commission President Jean-Claude Junker refused a meeting, noting that if Tsipras is serious about going down with the ship, there’s nothing left to talk about.
Since its inception, California has always portrayed itself as the land of opportunity. Kind of like a dream within the American dream. Of course, if you ask anyone who actually lives here, they’ll tell you the truth. The only people getting rich from the dream are the ones who made it up. They prey on the gullible masses who think they can move here and become movies stars, and tech CEO’s. But more importantly, this dream is the lifeblood of our vampiric state, and always has been. Like the myths surrounding the Great Wall of China, our foundations are layered with those who fell while chasing the dream. We owe our very existence to this ever evolving scam.
On Saturday night, a man whose name still seems to be unknown, but who was wearing a “F##k the Police” t-shirt, came out in front of police past the official curfew. This is what happened next...
Baltimore, Maryland is in many ways the perfect microcosm for these United States of America.
If you still don’t get that, you’ll be in for a rude awakening in the years ahead.
A rude awakening...
"Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 12.4 percent," for the week Reuters notes. This is seventh consecutive week of declines and puts us squarely back at levels last seen in 2013.
Utilities have always been attractive yield plays for conservative investors, but natural gas prices are low and margins are not that great for the industry.
Two words can describe yesterday's first impromptu anti-government protest "organized" by the far-left Antarsya party now that the Greek honeymoon with the new Syriza government is over: disorganized and violent, especially since calling it a "protest" is a stretch - if anything was just young, unemployed, angry people tossing Molotov cocktails. Which is why today's first truly official protest organized by the Greek communist party in front of the Greek parliament on the well-known Syntagma square, will get far more attention, especially since it was Syriza's own anti-bailout protests that filled the same venue as recently as a few weeks ago.
The structure of history is held together by two essential and distinct kinds of links, two moments in time to which no one is immune: moments of epiphany, and moments of catastrophe. Sometimes, both elements intermingle at the birth of a singular epoch. Men often awaken to understanding in the midst of great crisis; and, invariably, great crises can erupt when men awaken. These are the moments when social gravity vanishes, when the kinetic glue of normalcy melts away, and we begin to see the true foundations of our world, if a foundation exists at all. That time is now...
If you want to know where the global experiment in massive money printing is heading - just take a look at the monetary madhouse in Europe. And that particular phrase has full resonance once again as it becomes more apparent by the hour that Europe and the Euro were not fixed at all. Indeed, beneath the surface of Draghi’s “whatever it takes” time out, the crisis has been metastasizing into ever more virulent deformations.