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Futures Levitate After Greek Creditors Repay Themselves; Commodities Tumble To 13 Year Low
As we said in our Friday morning wrap, a low volume levitation coupled with a stronger dollar managed to lift stocks to yet another green close, while the Nasdaq soared to a new all time high on terrible breadth with decliners far outpacing advancers however it was all about Google which added in value more than the market cap of about 80% of S&P companies.
The dollar's resumed strength means corporate revenues are about to slide again, confirming the revenue recession that the S&P has found itself will last a long time. However, judging by recent non-GAAP revenue numbers, the algos will gladly ignore the 2-3% recurring decline in top-line number because USD strength is expected to be "one-time" non-recurring which is somewhat of a paradox in a world in which, according to economists, the Fed is poised to hike rates as soon as September.
Today's action is so far an exact replica of Friday's zero-volume ES overnight levitation higher (even if Europe's derivatives market, the EUREX exchange, did break at the open for good measure leading to a delayed market open just to make sure nobody sells) with the "catalyst" today being the official Greek repayment to both the ECB and the IMF which will use up €6.8 billion of the €7.2 billion bridge loan the EU just handed over Athens so it can immediately repay its creditors. In other words, Greek creditors including the ECB, just repaid themselves once again.
One thing which is not "one-time" or "non-recurring" is the total collapse in commodities, which after last night's precious metals flash crash has sent the Bloomberg commodity complex to a 13 year low.
The Bloomberg Commodity Index plunges to 13-year low, led by a drop in gold. http://t.co/03c3WYrlGe pic.twitter.com/8IY7TSVgk3
— Richard Bravo (@richbravo2) July 20, 2015
Finally, of the notable overnight items, when Chinese stocks swooned following comments in Caijing that China's plunge protection vehicle, the CSF, is studying an exit plan for the stock stabilization plan, China's Securities Regulatory Commission had no choice but to immediately come out and deny this, which it did: shortly before the Chinese close, the CSRC said it would "continue to focus on stabilizing market and preventing systemic risks." As a result, the early weakness was BTFDed, and Chinese stocks closed just off intraday highs, up 0.88% to 3,992.
The re-opening of Greek banks after being shut for 3 weeks amid the fall-out between Greece and its creditors failed to spur volatility, with stocks opening up the week in a very muted and contained price action (Euro Stoxx: +1.1%) . More so, the delayed open by EUREX exchange did little to anguish market participants, as the absence of any new pertinent macroeconomic news-flow did little to provide an incentive for sharp moves. As a result, stocks are seen broadly higher, with information tech and energy sectors leading the gains.
At the same time Bunds edged lower, with peripheral bond yield spreads also tighter, albeit marginally as market participants reacted to the re-opening of Greek banks , as well as source comments suggesting that Greece have given the order to make the EUR 6.8bIn repayment to its creditors.
Asian equities shrugged off the positive lead from Wall Street , which saw the NASDAQ-100 hit fresh record highs following a slew of strong earnings from large tech names including Intel and Google . ASX 200 (+0.3%) initially fell amid weakness in miners after the slump in commodity prices, before paring the move late in the session. Shanghai Comp (+0.9%) fluctuated between gains and losses with the index having briefly broke above 4,000, with Chinese property prices over the weekend showing a 2nd consecutive monthly increase, while Y/Y figures continued to decline albeit at a slower pace . Finally markets in Japan remained closed due to Marine day holiday.
In FX, EUR/USD edged higher, with the 1-month implied volatility falling to its lowest level since March , supporting other EUR related crosses such as EUR/JPY and EUR/GBP, which in turn saw GBP/USD move through the 50DMA to the downside. The apparent risk on sentiment meant that EUR/CHF remained bid since the open, while USD/JPY grinded to its higher level since 24th June.
In commodities, the most notable move was the previously noted Gold flash crash which trades lower, albeit off the overnight lows where prices fell by as much as USD 43/oz in a minute to hit the lowest level since March'10. Some analysts noted that the move was exacerbated by stops being tripped on the break of last week's lows and through USD 1100 which was also the lowest in 5 years . For a summary of the selling seen in Gold please click here. Elsewhere in the metals complex Platinum fell below USD 1000/oz for the first time since February 2009 while analysts at Goldman Sachs have said that they are still extremely bearish on copper and consider the current nickel price as an opportunity to buy or hedge. The energy markets trades relatively range bound amid light news flow, with Brent underperforming WTI amid concerns over increasing Iranian crude supplies.
Going forward, the ongoing earnings reporting season will regain the focus, with the attention centred on IBM and Morgan Stanley.
In summary: European shares rise with the tech and health care sectors outperforming and basic resources, media underperforming. Greece gave order to repay EU6.8b to creditors after last week’s tentative bailout deal as Greek banks reopened. Gold drops, dollar trades near a 3-month high versus euro. The Italian and Swedish markets are the best-performing larger bourses, U.K. the worst. The euro is little changed against the dollar. Irish 10yr bond yields fall; French yields decline. Commodities decline, with gold, natural gas underperforming and WTI crude outperforming.
Market Wrap
- S&P 500 futures up 0.1% to 2121.5
- Stoxx 600 up 0.6% to 408.1
- US 10Yr yield little changed at 2.35%
- German 10Yr yield down 3bps to 0.76%
- MSCI Asia Pacific down 0.3% to 144.2
- Gold spot down 1.9% to $1112.5/oz
- 18 out of 19 Stoxx 600 sectors rise; tech, health care outperform, basic resources, media underperform
- Asian stocks fall with the Shanghai Composite outperforming and the Kospi underperforming; MSCI Asia Pacific down 0.3% to 144.2
- Nikkei closed, Hang Seng down 0%, Kospi down 0.2%, Shanghai Composite up 0.9%, ASX up 0.3%, Sensex down 0.2%
- Euro up 0.07% to $1.0838
- Dollar Index up 0.13% to 97.99
- Italian 10Yr yield down 6bps to 1.86%
- Spanish 10Yr yield down 6bps to 1.88%
- French 10Yr yield down 4bps to 1.03%
- S&P GSCI Index down 0.7% to 401.8
- Brent Futures down 0.8% to $56.6/bbl, WTI Futures down 0.3% to $50.7/bbl
- LME 3m Copper down 0.5% to $5455/MT
- LME 3m Nickel down 0.4% to $11450/MT
- Wheat futures down 1.4% to 546 USd/bu
Bulletin headline summary from Bloomberg and RanSquawk
- Gold trades lower, albeit off the overnight lows where prices fell by as much as USD 43/oz in a minute to hit the lowest level since March'10.
- The re-opening of Greek banks after being shut for 3 weeks amid the fall-out between Greece and its creditors failed to spur volatility, with stocks opening up the week in a very muted and contained price action.
- Going forward, the ongoing earnings reporting season will regain the focus, with the attention centred on IBM and Morgan Stanley.
- Treasury curve little changed in overnight trading, today offers no economic data nor Fed speakers ahead of next week’s FOMC meeting; 3M and 6M bill auctions today; Japan closed for Marine Day.
- Greece gave the order to repay €6.8b ($7.4b) to creditors after last week’s tentative bailout deal, the Finance Ministry said, as Greek banks reopened
- BlackRock, which oversees about $4.7t, bought Greek debt last week, benefiting from prices that were overly depressed by investor concern that the nation would struggle to implement requirements of its latest bailout deal
- Barclays is considering deeper job cuts that could see its workforce shrink by about a quarter over the coming years, said a person with knowledge of the matter
- Job vacancies in London’s financial services industry jumped 56% in June, reversing a drop in the previous month, led by compliance hiring, a survey showed
- The business of financing China’s trade is shrinking, curbing what had been a fast-growing revenue stream for banks in Hong Kong and Singapore over the past decade
- A fifth of China’s stock market remains frozen as 576 companies were suspended on mainland exchanges as of the midday break on Monday, equivalent to 20% of total listings, and down from 635 at the close on Friday
- Gold fell to the lowest level in more than five years on the outlook for higher U.S. interest rates and as China said it held less of the metal in reserves than some analysts forecast
- Gold pared losses amid speculation the sudden slump in prices in morning trade in Asia was driven by larger- than-usual volumes being sold in China and New York
- Sovereign 10Y bond yields mostly lower. European stocks rise, China drops and Japan closed for Marine Day, U.S. equity- index futures rises. Crude oil, copper and gold fall
US Event Calendar
- No major reports
DB's Jim Reid completes the overnight summary
After three successive Sundays spent ruminating about Greece, it felt like there was a big void in my life yesterday. A very heavy England loss in the cricket deepened it. Given that the last three Sunday evenings had been spent working, I offered my wife her choice of how we spent last night. She suggested I cook dinner and we watch "Fifty Shades of Grey". All I can say is that it was a terrible movie and that I longed for a Greece conference call to distract me. I nearly tried to invent a fake one!
Talking of Greece, the banks re-open today for the first time in three weeks. Greece is unlikely to be a huge macro influence now for a couple of months but events like this are certainly worth keeping an eye on to assess the likelihood of future progress or lack of it. Aside from the banks we also heard from German Chancellor Merkel who suggested that it would be possible to discuss Greek debt relief through extending maturities once the ESM deal has been negotiated, but she once again reiterated the ruling out of any haircuts. Merkel also dismissed any suggestions of a dispute with German Finance Minister Schaeuble who had said in a Der Spiegel interview over the weekend that the two had differences, although he downplayed any talks of a potential resignation. Meanwhile, late on Friday we also saw Greek PM Tsipras announce a cabinet reshuffle as largely expected, replacing various members of the Syriza party who had previously opposed the proposals at the parliamentary vote last week, including the more outspoken Left Platform faction leader Lafazanis.
Looking at how markets have kicked off the week in Asia this morning, as well as most equity bourses starting on a soft-ish note Gold (-2.26%) has taken a steep leg lower to a five-year low of $1109/oz after a report out of the PBoC on Friday shedding light on the amount of reserves China was holding. Despite a 60% rise relative to the last report in 2009, the amount of reserves have seemingly disappointed the market relative to expectations with bullion at once stage falling nearly 5% this morning. The tumble follows a 1% fall on Friday. Elsewhere the Dollar index is +0.2% in early trading while equity bourses are mostly trading down. In China the Shanghai Comp (-0.43%) and CSI 300 (-0.93%) have reversed earlier gains, while the Shenzhen (+0.12%) is fluctuating between gains and losses with 633 companies (around 22% of listings) still suspended from trading on the mainland exchanges. The Hang Seng (-0.24%) and Kospi (-0.25%) are also down while bourses in Japan are closed for a public holiday. Asia credit is unchanged this morning.
Back to Friday, it was a reasonably quiet day on the whole in markets with investors seemingly taking something of a breather following the Greece and China driven moves of the last few weeks. In the US the S&P 500 closed +0.11%, although this hid what was largely broad based declines with all sectors closing in negative territory aside from tech stocks which benefited from a 16% rally for Google following Thursday’s post market close earnings report. This helped support the NASDAQ (+0.91%) which extended its recent record high while the Dow (-0.19%) finished a touch lower. The Dollar benefited from a post-CPI print boost with the Dollar index finishing +0.20% having initially traded lower on Friday to close out a solid week (+1.91%). Just on the data, the June headline (+0.3% mom) and core (+0.2% mom) both came in as expected, helping to lift the annualized rates to +0.1% yoy and 1.8% yoy respectively, a 0.1% increase for both relative to May. A decent lift in shelter costs during the month was cited as contributing significantly to the month’s print, while the 6-month annualized core print of 2.3% is now the highest since January 2012.
Elsewhere on the data front, housing starts (+9.8% mom vs. +6.7% expected) and building permits (+7.4% vs. -8.0% expected) for June both came in well ahead of expectations with the latter in particular rising to a 8-year high on an annualized basis although the expiring tax abatement program in the Northeast has been a large reason for the recent surge in permits. The preliminary University of Michigan reading for July was slightly disappointing however, falling 2.8pts to 93.3 (vs. 96.0 expected). Declines were fairly evenly split across the current conditions (-2.9pts to 106.0) and expectations (-2.6pts to 85.2) surveys although we did see +0.1% increases for the 1yr (+2.8%) and 5-10yr (+2.7%) inflation expectations surveys. 10yr Treasuries closed virtually unchanged on the day at 2.348% having traded in a tight range.
There was an equally subdued feeling to trading in European markets on Friday. The Stoxx 600 saw a modest +0.06% gain to help cap a 4.3% return for the week, while regionally it was reasonably mixed with the CAC (+0.06%) up but with declines for the DAX (-0.37%), IBEX (-0.26%) and FTSE MIB (-0.07%). Despite no data in the region, bond yields declined with 10y Bunds closing 4.4bps lower at 0.786% while Italy (-7.0bps), Spain (-4.8bps) and Portugal (-4.1bps) were all led lower with also a decline in yields across the Greek curve.
Elsewhere, with Greek headlines abating, some of that focus is now turning to Ukraine where the FT is reporting that the nation has extended talks with creditors amid precautions that the country could default as soon as Friday if no agreement is reached. A joint statement issued last week suggested that progress has been made, however a deal to restructure Ukraine’s $70bn debt load has still yet to have been reached. The FT is reporting that Ukraine is looking for a 40% haircut on bonds in order to make the debt load sustainable, however the group of four creditors, much like the Greek situation, continue to insist that a haircut is not needed and instead have proposed maturity extensions and coupon reductions. One to keep an eye on for now.
Taking a look at this week’s calendar. With no data due in the US it’s a reasonably quiet start to proceedings today with just German PPI for June the only notable release. Tuesday starts in Japan where we get the Conference Board leading index before we turn over to the UK where we get public sector net borrowing data. It’s quiet once again in the US tomorrow with no data due. We kick off the Asia session on Wednesday with the June Conference Board leading indicator out of China. French business and manufacturing confidence and Italian industrial orders follow before we get the Bank of England minutes. In the US on Wednesday we’ve got existing home sales for June along with the FHFA house price index due. Turning to Thursday, Japan trade data will be closely watched in the morning while we get UK retail sales and Euro area consumer confidence closer to home. Initial jobless claims, Chicago Fed National activity index, Conference Board leading indicator and the Kansas City Fed manufacturing activity print are all due in the US. We end the week on Friday with the flash July PMI indicators for the Euro area as well as regionally in Germany and France. Meanwhile in the US we conclude the week with new home sales for June as well the flash manufacturing PMI for July. With a fairly quiet calendar for data, there will be much focus on earnings where we see 131 S&P 500 companies reporting this week including Apple, Microsoft, Amazon, Verizon, AT&T and Coca-Cola.
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We have a bridge over troubled waters folks.
On a side note, AfD has split. Lucke has taken his economists & academics to ALFA.
ZH should do something on this. Seems relevant.
Commodities Tumble
Turns out 93 million jobless Americans and 29.5 hr/wk job holders can't afford basically anything of substance.
Thanks Obama....you're the man.
Allianz für Deutschland has split into one liberal branch and one conservative branch
Dr. Lucke has taken his liberal economists and academics to ALFA, while the conservatives have staid in AfD
imo ZH will not go too much into it. the English-speaking public is not used to make much differentiations between liberal and conservative. too much "system-sustaining" propaganda is based on glossing oven those differences. too much libertarian thought is also strongly into putting both, together with socialism, only in terms of statism, for example
do I glimpse a preference for Lucke in your words? I was wondering which branch you would prefer
I prefer a party that's relevant.AfD is not relevant, before or after the split.
EDIT: or perhaps I should have said a party that never managed to be relevant became even less relevant. Yes, that's it.....LOL.
So a Euro supporter then?
Keep voting for center Union my friend. Lucke will eat the right flank of the Union vote alive.
the liberal flank, you mean. the CDU has a conservative bulk with a social wing, hence it's mainly social-conservative, with some space for liberals
it's the new AfD that is more dangerous to the CDU/CSU, on it's "right". meanwhile, the FDP sneers at the anti-EUR platform, so I don't see much space for alliances, there
AfD lost my support when they became anti-immigrant in general. In Germany today, you cannot claim to have a superior economic ideals without being pro-immigration.
The question is not whether Germany should be more open to immigrants, which is one of the things the AfD got itself all up into a tizzie about. That ship has sailed, Germany needs *millions* of immigrants over the next decade or two to just brake even. The appropriate question is what kind of immigrants should Germany want? I hope the later is the route ALFA will take.
I still think the AfD is going to run as controlled opposition for Lucke, just like MLP did with her dad.
I wish Lucke had tried to go wtih the dying FDP, whom I am a big supporter of -- save their slobbering love affair with anything "Euro" related, but alas this is why he didn't. Perhaps the FDP will change its mind as it become ever more irrelevant as 2017 approaches, and merges with ALFA, as other than Euro membership, I fail to see a difference between the two.
On an aside -- I took a German political positioning quiz -- apparently I should be a SPD voter. Shocked to say the least, I was.
So, another European political party? Just what you needed. I don't think you have enough of them.
This isn't a Europe political party. Thank God we aren't that far down the rabbit hole yet. Although a good chunk of the Left & the Right would love to see the day ...
I'd rather have too many than too few.
better one hundred, and national to boot, then only two. or one. or none
Haus, you astonish me. I sincerely believed you would have an anti-immigration stance, instead of a liberal "is there another way?" one
because there is a conservative option to the "meeting the demographic destiny in 2040" for Germany: more babies
which it would mean you, for example, finally getting that German gf of you pregnant, marriage or no marriage, for the Good Of The German Nation
and there is still time for it, and a possible new generation that would inherit a different Germany from the one you are thinking of
the English called it: "lie back and think of England"
which political quiz? they are usually very, very partisan, each and every one of them. I would have put you as a conservative with an intellectual liberal polish on, while here you sound way more liberal then ever. that quiz seems to put you into the "champagne socialist" pocket, perhaps you ought to test how it's calibrated, which are the "litmus test" questions
GF and I are planning to have kids literally as soon as she is done with school, which is next year. We want 3 of our own, and then want to adopt one -- something very uncommon here in Germania.
I agree with you completely that Germany needs more kids. This is something to focus on now for the upcoming 15-20 years from today -- however, in the interum, Germany needs either skilled labor, or individuals who understand German to learn a trade to fill in the financial hole for the next 15-30 years.
My GF's parents have a vacation house on the Baltic in MeckPo. A good friend of theirs is in his late 50s, and he owns his own business laying Thatched Roofs (Reetdächer). He makes great money, drives a brand new Audi RS 6, has 3 boats, a few houses, etc., etc., He works hard & pays a ton in taxes. When he retires, other than MwSt -- his tax paid goes to zero. He and I were talking over Christmas about how he can literally not find a single German speaker willing to learn how to do it. Everyone wants to strap on a suit & tie and earn 80k a year trying to hit on their secretaries.
He is offering paid internships for someone to take over his clients when he retires. He literally cannot find a single German speaker to do it. He speaks not a word of English, and he has forgotten all his Russian. German only. The only people that come out to interview for the position from the Arbeitsamt speak not a word of German, and so the interview lasts just a couple minutes when the interviewee hands him a letter written by someone saying essentially "please hire me, I'll learn German." He has no patience for it -- which I can understand.
German is the third language in both Argentina & Brazil, yet the German government makes immigration from there to here very difficult to almost impossible. (E.g., if a descendant of a Nazi comes over here -- all their assets at any point in their lifetimes could be seized, if they could be traced back to the Nazi who fled.) However, are you poor -- from some shithole in North Africa and cannot read or write your own language? Come on over to free-shit-for-illeterates-land (aka Germany).
This has to change, and the reason why is painfully obvious.
Why can't you knock a few of your colleagues heads together to drop the politically correct bullshit and try to import people that will contribute to the economy rather than take even more away from it almost immediately?
if you try to adopt you'll find out that it has become terribly difficult. you have to nearly prove that you are better then Jesus with kids, and no, Jesus would not have been legally allowed to adopt
Haus, that "political correctness" is a bit like the "obesity epidemic", or the "war on marriage", in Europe, and particularly in the eurozone
sure, they take local roots in local customs and tastes, but nevertheless generally they are an... import
from more liberal countries, headed by the US, assisted by the UK and the Scandinavians. who have also brought us the "war on industrial apprenticeships" in favour of the "war on less then university education". I try. I work a lot on spreading apprenticeship models, for example
you, of all people, should appreciate how damn difficult it is to knock a bit of sense into the polically correct crowd. or any crowd or person, judging from the way you refuse to believe that I am anything else then an MP somewhere, even though I often hinted that I am not electable. hell, the constitution of the Bundesland you live in still specifically forbids me to ever be elected. and this besides my personal past
wish you "Hals und Beinbruch"
Adoption via the US system is pretty easy, which is the route we would go. Adoption in Germany is really tough, but if the adoption is approved in the US -- then the kid gets a US and German passport state-side, then there would be no problems at the border. Adopting around national laws is normally pretty easy.
Political Correctness is nothing but self-censorship and the prohibition of common sense. It is only important because our political establishment makes it important. Could you imagine Merkel saying "Hey, the descendants of Germans in Argentina & Brazil have done nothing wrong. Lets make a process available to them to allow them to come back to Germany to help fill in the demographic hell-hole we find ourselves in." The backlash here would be crazy, and everyone from Center-Right on Left would be demanding her resignation.
What if a photo surfaced of Schäuble at the age of 2 in 1944 doing the Seig Heil? He'd get fired before he had the chance to resign himself. For what? What a kid did as a child!?
Political Correctness is the (intellectual) gulag of our century. I say exactly what I am thinking, and then call out people for only being offended because that's what they've been trained to do.
While I am quite sure you are connected to the EU/EZ/German political super-structure -- I am not quite sure how. That being said -- given you aren't a member of the AfD, the people you work with, day in & day out advocate economic policies that are not only counter productive to a economically sustainable society, but directly act against society's best interests for no other reason than political correctness.
What do you mean with anti-immigrant in Deutschland? Would you like to see those coming in from Africa and the middle east flooding Deutschland? If you do they will take it over and will demand sharia law and only halal Food to eat. I am half German from my Mothers side and have a german Birthcertificat but live in Australia where we put a stop to those economic useless Refugees.
Economic refugees from North Africa are worthless. Definitely agree. I'd stop them as well.
Middle class syrans -- welcome to Germany.
Commodies.. Commashies..
When the world is going to hell in a hand bag. Who needs commodities….. except maybe a few PM.s
but I would really like the Leapord in the garage. Ms. Merkle .. I Implore you...
what's a couple of 21 tons of useless NATO hardware nowadays???
this is the cycle. Commodities always crater before paper. Then when people realise their paper is, well, paper, the paper crash catapults hard assetts to the sky
OK.. Tank. to PO Bos 666, Chicago, Il.
It will be put to good use on the south side.
After $11 trillion in QE since the financial crisis of 2008, the Central Banksters have achieved the miracle of diminishing the value of real products while paper products such as bonds and stocks soar.
Another $11 trillion in QE and you cannot give away gold and silver.
The dumping at market of very large amounts of paper assets into quiet market hours has been well documented in many places. It is a well worn market manipulating strategy abused by some very large trading desks, often playing with other people's money. Citi privately called it their 'Dr. Evil Strategy.'
It is funny how the systematic rigging of so many financially related markets has been revealed, but the blatant manipulation of the precious metals market, which is certainly knowable by anyone with a basic knowledge of the markets and a computer terminal, is so willfully ignored. A love of money, lust for power, and a lack of integrity will alloy to make people hypocrites.
When we see such trash articles being written, and passed along mindlessly by those who yearn to warm themselves by the fires of the oligarchs, we know that gold has cast a cold fear into the hearts of those who would be kings, and their privileged servants.
And considering the long, cynical rally in paper assets that culminated in the financial crisis of 2008, when people start believing in the power of fraud and willful distortion of markets, we can only say as we did then, this will end badly
http://jessescrossroadscafe.blogspot.com/2015/07/shanghai-gold-exchange-...
In a world that has decided it prefers fake markets and fake economies, anything real suffers.
The cognitive dissonance required to work within the noooz media is impressive.
It's beyond cognitive dissonance, they're paid to recite and regurgitate officill policy from a teleprompter, without question, or Conscience. Independent mainstream media died at least 10 years ago.
If you want your job cuts....you can keep your job cuts.
Only good can come from a thinning of the herd in the banking and financial services of MegaBanks and other financial institutions that are deemed too big to succeed or fail.
If Goldman Sucks' employees or CitiBank, and others that were given a quadrillion FRNs and Euros were to disappear from the face of the earth overnight the weight of thw world placed on the Middle Classes would be like hilary clinton losing 60 pounds from her cottage cheesy thighs and fat gut, or Jerrold Nadler losing 250 pounds.
When it gets to the stage you borrow money to pay back a debt and virtually all of that goes to pay it, then the point of no return is staring you point blank in the face and it is far better to admit it sooner rather than late. But no, the Greek government are selling unborn great great grandchildren to pay off the debt now
this might put a lid on things:
‘Fool’ to short the market: Gartman
http://www.cnbc.com/2015/07/17/dennis-gartman-stock-market-bull-run.html
How did the greatest nation, thousands of years ago, numero uno in the world, come to this??
If anyone can direct me to a history of the Greek people that summarzies the gradual decline to irrelevance and life support in a character of the people and country that produced Socrates, Plato, the Mythological juggernaut, the life changing achievements of this once glorious people, I'd be ever so grateful to read it.
A brief blip I saw on the History channel pinpoints the downfall as beginning with the infiltration and power take over by the, "Atheneans", as the first dominoe. If Athens is part of Greece, this made no sense to me.
Why were "Atheneans" considered different than the Greek people at that time? And what did they begin that caused a cessation of Greek dominance?? Subsequently others--than Atheneans-----managed to gain power that resulted in further declination of Greece and has continued unabated to the present day.
Curious minds would love to know the timeline, the people, the conquerors that ruined this tiny but once proud and powerful nation. Shirley there is some lesson that can be drawn to avoid it for other countries that still have a shot at greatness.
Greece has defaulted 5 times over the last 200 years.
http://www.forbes.com/sites/investor/2011/09/28/debt-defaults-have-greek...
The Romans fell the same way all great nations do. They depreciated their money supply and overtaxed their citizenry. Thus, they left foreigners and locals alike not wanting anything to do with them.
Humm, where have I seen that before.
Google: history of Money
Dishonesty is our trademark. Surprised the TRIBE got China to play this ridiculous misleading game with them. Fiat paper debt is what is holding up the Global economy, US stocks and pension plans, all of Europe and asia and they pound Gold without anyone stopping these miserable motherfuckers!
The Banksters cannot continue to win every single bet they make.
Yes, they own the politicians.
Yes, they are in control of the FED.
Yes, they are in control of the equity markets.
But at some point things are going to go horribly wrong. And when they do, hopefully the American people will finally stand up to these crooks and demand vengence.
Silver Price today is $14.76, yet silver eagles (physical) selling for $26 on ebay. That is a 75% premium.
Add $4 shipping and it's 100%.
If you don't hold it, you don't own it.
One for you, two for me
One for you, three for me
One for you, four for me……
Isn’t this fun.