Boeing

Yesterday we showed a chart demonstrating that while the top 10 "Unicorn" startups have a private valuation of $156 billion on just $4 billion in revenue, what caught readers' attention is that the average employee among these 10 companies is worth a whopping $8 million.  But what about the "value" of employees at public companies, and especially at the blue chips, names such as MSFT, XOM, JPM, MCD and, the more recent trailblazers, AAPL and FB? The answer is shown below.

Boeing, whose Chairman Jim McNerney says the demise of the Export Import bank amounts to "craziness", lost a contract worth several hundred million dollars last month, after the buyer backed out citing credit concers related to the expiration of the Depression-era institution's charter. Now, Boeing and GE alike are threatening to move American jobs overseas if Congress fails to renew the authorization for what some commentators call "a vast, well-funded network of consultants, lobbyists and big-government interest groups."  

16 Months after Malaysia Airlines Flight MH370 disappeared off the coast of Malaysia, The Telegraph reports that fragments of a wing washed up in the French island of Reunion (near Madagascar) could be wreckage from the missing plane, according to an aviation expert.

Straight-forward discussion of next week's economic data and events, and why it is important for the dollar.  

While this week has been, and continues to be, devoid of macro updates, yesterday's flurry of mostly disappointing earnings releases both before and after the open, including some of the biggest DJIA companies as well as the current and previously biggest and most important companies in the world, AAPL and MSFT, both of which came crashing down following earnings and forecasts that were well short of market expectations, came as a jolt to a market that was artificially priced by central bank liquidity and HFT momo algos beyond perfection. Add to that yesterday's downward revision to historical industrial production which confirmed the US economy is a step away from recession, as well as last night's Crude API inventory build which is once again pressuring WTI lower and on the verge of a 49 handle, and perhaps the biggest question is why are futures not much lower.

Piling on more debt is the worst possible way to correct structural trade and productivity imbalances, yet that is the Eurozone's "solution" to Greece's debt/ trade/ productivity/ corruption crisis.

• Fed Chair Yellen To Speak As Global Tensions Rise (WSJ)
• Greek PM Tsipras seeks party backing after abrupt concessions (Reuters)
• France Hails Greek Aid Proposals as Germany Reserves Judgment (BBG)
• Greek PM says does not have mandate to exit eurozone (Reuters)
• France Intercedes on Greece’s Behalf to Try to Hold Eurozone Together (WSJ)
• Frozen Funds, Fleeing Tourists: Greek Startups Feel the Pinch (BBG)
• Doubts Simmer Despite China’s Gain (WSJ)

"This is not a secret," explains Kris Roman, director of geopolitical research center Euro-Rus, "The whole [US] economy is built on the military theme: to maintain its economic growth, the United States needs a war every 4 years, otherwise the economic growth slows down." The Belgian expert believes that with the collapse of the USSR, NATO should have stopped existing, but somehow the alliance "has grown to the size of the Universe because the motto 'The Russians are coming!' is relevant again."

The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. Ex-Im’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy.

• Greece Handed New Terms as Tsipras Approaches Decision Time (BBG)
• As U.S. Probes $12.7 Trillion Treasury Market, Trader Talk Is a Good Place to Start (BBG)
• Signs Swedish QE Backfiring as Liquidity Evaporates (BBG)
• ECB approves ELA funding requested by Greece- banking source (Reuters)
• Greek Millennials Can't Find Work But Actually Want to Keep the Euro (BBG)
• Greek deal or not, the euro is now a different beast (Reuters)
• Promoter’s Arrest Sheds Light on Cynk’s $6 Billion Surge (BBG)
• The World's Biggest Economies Are About to Feel the Impact of China's Slowdown (BBG)
• Senate Clears Trade Bill’s Way to Passage (WSJ)

If you work for GE, take close note of the despicable behavior from your CEO. You, your livelihood and your family’s well being mean nothing to Jeff Immelt. In fact, you’re nothing more than an easily expendable cog in his corporate game to accumulate even more wealth and more power for himself. He talks about you like you are chips on a poker table. You have been warned.

Greek end hogame is at hand.  US economy is gaining momentum--consumption, capex, and housing.  Several equity markets are at cross-roads.

El Al Israel Airlines Flight #7 bound for New York City (from Tel Aviv) has, as AirLive.net reports, U-turn'd abruptly as it entered The Atlantic and appears to be heading back to Israel. Some details are being reported that there is a problem with one engine...

• Greek PM sticks to hard line as contagion hits euro zone bonds (Reuters)
• Greek Deadlock Has Leader Hoping for Miracle to Avoid Default (BBG)
• Greek Showdown Puts Merkel's Teflon Legacy at Risk (BBG)
• Greek standoff saps Europe, dollar swings ahead of Fed (Reuters)
• Allianz Increased Holdings of Greek Debt as Its Largest Investor (BBG)
• French Bonds Infected as Greek Crisis Swells Euro-Region Spreads (BBG)
• Statoil to cut 1,500 more jobs as savings drive intensifies (FT)
• UnitedHealth, Anthem Seek to Buy Smaller Rivals (WSJ)
• Five Million Reasons Why China Could Go to War (BBG)