• Phoenix Capital...
    10/07/2015 - 18:54
    If you think this sounds like some kind of conspiracy theory, consider that France just banned any transaction over €1,000 Euros from using physical cash. Spain has already banned transactions...


Tyler Durden's picture

Greek Banks Just Became A "Strong Sell" At Any Price

Even as Greek banks, severely depleted of cash and eligible collateral they can post with the ECB, stand to fight another day (and potentially face more withdrawals as soon as the Greek banks reopen supposedly on Monday) thanks to another €900 million liquidity infusion, investors in Greek bank shares will be less lucky: "to ensure a new bailout, investors in the country’s banks faced the prospect of their holdings being "wiped out" under the terms of a €25 billion recapitalization plan."

Tyler Durden's picture

Frontrunning: July 16

  • Greece licks wounds after bailout vote, ECB move expected (Reuters)
  • Lose-Lose: Pushing Greece Out of Euro Is Costlier Than Write-Off (BBG)
  • EMU brutality in Greece has destroyed the trust of Europe's Left (Telegraph)
  • Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best (BBG)
  • Merkel’s tough tactics prompt criticism in Germany and abroad (FT)
  • Investors Get Caught in Oil’s Slippery Wake (WSJ)
  • Obama Girds for Battle With Congress on Iran Deal (WSJ)
Tyler Durden's picture

China Defends Data: GDP Figures Are "Objective", Reflect "Real Situation"

"There is room for improvement. But in general China’s GDP deflator hasn’t been underestimated, nor has GDP growth been overstated. Both objectively reflect the real situation."

Tyler Durden's picture

Yellen Statement To Congress: Rate Hike "Appropriate At Some Point This Year" If Economy Evolves As Expected - Full Text

Key highlights from the first day of Janet Yellen's testimony before Congress: " If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time."

Tyler Durden's picture

"Someone Has To Be Held Accountable", House Committee Presses Fed On Leaks

When last we checked in with Rep. Jeb Hensarling, the Chairman of the House Committee on Financial Services, he was in the process of learning a frustrating lesson about central bankers in the post-crisis world. Namely, that whatever pretension of accountability the position of Fed chair retained in the lead up to the crisis disappeared entirely when Ben Bernanke 'saved the world' from financial armageddon in 2008.

Tyler Durden's picture

Argentina As A Model For Greece

"I think that if Greece were to leave the Euro things would get very complicated for them... and this would create the same very unhealthy situation as we have in Argentina. Why? If people start storing value in a foreign currency, in this case Greeks using Euros, this will create a huge lack of transparency and affect normal trade flows and transactions. And we know that the parallel economy in Greece is already quite large the way it is. So imagine an exponential version of that. It would be a very difficult period for Greece."

Tyler Durden's picture

New Greek Proposal Backtracks To Pre-Referendum Draft, Does Not Request Debt Haircut - Full Text

There is nothing incrementally new or different to what we revealed earlier in the leaked Greek proposal (i.e., no actionable pension cuts, no debt "reprofiling") and as Bloomberg makes it all too clear in flashing red headlines:


... or the one which 61% of the Greek people said no to.

Tyler Durden's picture

Jade Helm Alert: Military Denies Media Requests To Cover "Texas Takeover"

With just six days to go until the government begins Jade Helm 15, expect the rumor mill to come alive because as The Washington Post reports, the media will not be given access to the drills. 

Tyler Durden's picture

China's "Sweet & Sour" Plunge Protection Lessons From 1987

In the wake of China's unprecedented attempt to rescue its collapsing equity markets, Deutsche Bank is out with a history lesson for Beijing where officials can learn some "sweet and sour" lessons from the crash of '87. 

Tyler Durden's picture

China Bans Use Of Terms “Equity Disaster” And “Rescue The Market"

Because when banning selling doesn’t work, the logical next step is to ban talking about selling...

Pivotfarm's picture

Top Corrupt Leaders in the World

Corruption has been the coveted jewel in everybody’s crown since antiquity. Aristotelian philosophy believed that everybody who had power could become corrupt.

Tyler Durden's picture

"Artificial" Phantom Liquidity Will Disappear In "Adverse, Turbulent" Markets, BIS Warns

"The growing size of the asset management industry may have increased the risk of liquidity illusion: market liquidity seems to be ample in normal times, but vanishes quickly during market stress. This liquidity may be artificial and less robust in the event of market turbulence." So what's the solution? Unfortunately there isn't one. Instead, fund managers are simply resorting to emergency liquidity lines with banks which is just another manifestation of using cheap cash to delay the Schumpeterian endgame scenario which, if ever allowed to play out, will finally purge capital markets, reset the system, and free the world from the nefarious clutches of central bankers gone mad with delusions of Keynesian grandeur.

Tyler Durden's picture

China Challenges Gold Price-Setting Regime; Confirms Launch Of Yuan-Denominated Fix

Less than two weeks after Bank of China became the first Chinese bank to join the list of participants in the London gold auction, The Shanghai Gold Exchange confirms that a yuan-denominated gold fix will be in place by the end of 2015.

Syndicate content
Do NOT follow this link or you will be banned from the site!