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... at this very moment, politicians from Spain's Podemos to Italy Five Star movement are drafting memos demanding that the IMF evaluate their own debt sustainability. Or rather unsustainability.

We don’t have a “capitalist” economic system. What we have, instead, is a perversion of capitalism. This pseudo-capitalism is a suicidal model of pure, economic exploitation, combined with a plethora of nonsensical dogma and policies.

"Merkel's fear was that Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt... Within the German cabinet, Finance Minister Wolfgang Schnaeuble alone continued to strongly back another haircut... with IMF Managing Director Christine Lagarde described as undecided on the issue."

Hedges accounted for 15% of Q1 revenue for nearly half of North American E&P companies, Bloomberg reports. "Now the safety net is going away."

Greek banks will run out of cash "in a matter of days," WSJ reports. Meanwhile, businesses are closing their doors as suppliers refuse to extend credit prompting the Athens Chamber of Commerce to predict that "in one week, two weeks, three weeks, it will be finished."

According to a report prepared prior to capital controls and the banking sector meltdown, any deal that included creditor concessions on fiscal reforms would mean Greece's debt load would have to be written down.

This process has already begun in Europe. It will be spreading elsewhere in the months to come. Smart investors are preparing now BEFORE it hits so they are in a position to profit from it, instead of getting slaughtered

There are two narratives, according to WSJ's Fed whisperer Jon Hilsenrath, that need to be considered when judging the Fed's next steps. First is, the economy stumbled in Q1 but everything will be awesome going forward (so we should hike rates); and a second newer narrative is the turmoil overseas which could be exaggerated by Fed actions. Hilsenrath hints today that despite the miss in jobs data, it remains above 200,000 and "suggests the U.S. economy finished the first half of the year with a solid foundation to weather turbulence from overseas," giving The Fed room to hike.

The ECB has expanded the list of PSPP-eligible SSA bonds, setting the stage for more ECB QE and turning one more conspiracy "theory" into conspiracy "fact."

The news from the recent St. Petersburg Economic Forum, which took place from June 18 to 20, inspired a torrent of speculation on the future direction of energy prices. But the real buzz at the conference was the unexpected but much publicized visit of the Saudi Deputy Crown Prince, as an emissary of the King. The unusually high level delegation from a long-time ally and protectorate of the U.S., like Saudi Arabia, visiting a Russian sponsored economic conference, in a country sanctioned by the U.S. was news enough but could be the first sign of an emerging partnership between the two greatest global oil producers.

When it comes to Europe, Greece lost the blame game, and just like the Ukraine civil war last year, became an unwitting catalyst greenlighting Germany's concession to ECB QE, this time it may be Greece that launches the next step in the ECB's master plan: not just QE but more QE. This is precisely what Goldman's Franceso Garzarelli, co-head of macro and markets research, admitted earlier today in an interview on Bloomberg TV, when he said that the ECB "will have to go big" if the situation in Greece worsens and leads to wider peripheral bond yield spreads.

Over the weekend, the lines in Greece stretched along the street. Around the corner. Down the block. Lines to get cash. Lines to buy gas. Lines of people eager to get their hands on something of value. Food. Fuel. Cash. Pity the poor guy who was last in line... As more and more people turn to gold as a way to avoid standing in lines, the feds could ban it again. But when we close our eyes and try to peer into a world where gold is illegal, what we see is a world where we want it more than ever.

Investors are losing money, which strikes us as largely inevitable with asset prices where they are and economic growth and profits on a downward trajectory. Losing the least amount of money may be the best source of success this year.

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.

Confused as to how to vote Sunday? Starting to understand having your cake and eating it to may not work? Greek FinMin Varoufakis has six simple reasons to "just say no"...