Germany

Tyler Durden's picture

China Completes Island Construction, Will Now Build Military Facilities





The Chinese foreign ministry is out with a statement indicating the country has nearly completed its construction projects in the South China Sea. While this could be viewed as a sign that China has effectively backed down, albeit on its own terms and at its discretion, that will likely come as no consolation to the US and its allies because even as China signaled an end to its dredging activities, it also implicitly admitted that it will continue to build military facilities on the islands.

 
Pivotfarm's picture

The Failed Revolutions that Could Have Changed History





Haven’t you ever sat there in hindsight, drinking history down retrospectively like an already-bad whisky that has been mixed with some equally worse soda and a couple of rocks thrown in for good measure and wondered what life would be like if this or that event hadn’t actually happened?

 
GoldCore's picture

New Gold Electronic Payments System To Protect From “National Financial Or Currency Crisis”





“But the truly game-changing aspect of this proposal … lies in the “system” part.  This would be an advanced, state-owned and operated system of electronic payments and settlements, denominated in ounces of precious metals, barred from engaging in lending, leasing, speculative or derivative transactions, and always maintaining a 100% ratio

 
Tyler Durden's picture

OMT Decision By EU Top Court Sets Europe On Renewed "Collision Course" With Germany





As expected, earlier today the pro-ECB top European Union court found that Draghi's impromptu announcement of an OMT, which was basically the wrapping of his "whatever it takes" policy from 2012 to prevent the collapse of the Eurozone when peripheral bond yields were hitting daily records, was perfectly legal.

 
Tyler Durden's picture

Global Risk Off From China To Europe To US, As Greek Impasse Hits Markets





Another day of constant Grexit chatter, and this time the futures are really starting to react as what was seen as mostly impossible for the past 4 months is now almost inevitable. The first tremors emerged when Greece announced it would not present a new proposal to the Eurogroup to unlock aid, relying instead on what has already been submitted and which the Troika said was inadequate. Then, confusing matters, a new GPO poll posted on Greece's Mega TV showed that increasingly more, or over 56% at last count, of Greece would prefer a "bad" deal with creditors than being kicked out of the Eurozone putting the future of Tsipras' cabine tin jeopardy. And then, hinting that the endgame is officially here, the FT reported that "Eurozone officials discuss holding emergency summit on Greece", suggesting a second Lehman weekend may be just around the corner.

 
Tyler Durden's picture

China Mocks G7 As "Gathering Of Debtors", Warns "Confrontation Will Be A Disaster For Europe"





"Since the very beginning of the establishment of the G7, it has been a rich-man's club that consists of Western major powers and aims to maintain the collective hegemony of the US-led West. Whether the G7 will become a geopolitical tool or a Cold War relic largely depends on European countries. Unlike the US, Europe shares a closer geopolitical and economic links with Russia. If the G7 becomes a platform for the confrontation between the West and Russia, it will undoubtedly be a disaster for Europe."

 
Tyler Durden's picture

Europe Warns Of "State Of Emergency" As Greek Stalemate Drags On





With talks between Greece and creditors at what appears to be an intractable stalemate, Germany's EU Commissioner warns that a "state of emergency" could leave Greeks without energy and medicine. Meanwhile, PM Alexis Tsipras has pledged to defend democracy "in the place where it was born."

 
Tyler Durden's picture

European Stocks Slide, Greece Tumbles But US BTFDers Emerge After Collapse In Greek Bailout Talks





European shares remain lower, close to intraday lows, with the banks and autos sectors underperforming and food & beverage, retail outperforming. Tsipras hardens Greek stance after collapse of bailout talks. The Italian and Swedish markets are the worst-performing larger bourses, the U.K. the best. The euro is weaker against the dollar. Greek 10yr bond yields rise; Spanish yields increase. Commodities decline, with copper, nickel underperforming and natural gas outperforming. U.S. Empire manufacturing, net TIC flows, NAHB housing market index, industrial production, capacity  utilization due later.

 
Tyler Durden's picture

Snowden, Putin, Greece: It’s All The Same Story





The narrative being sold through the media is that Greece is to blame, that German taxpayers are on the hook for Greek debts (while they’re really on the hook for German banks’ losing wagers). And that is, no matter how you twist it, not the same story. It’s again just a narrative. Brussels is toxic - and so is the IMF - and Greece should leave as soon as possible, as should Italy, Spain, Portugal. We should all resist the spin-induced attempts to demonize Putin, Athens and China any further, and instead focus on the rotten apples in our own basket(s). In short, the propaganda we should be worried about is not Russia’s, it’s our own. And it comes from just about every news article we’re fed. We’re much less than six degrees removed from Orwell.

 
Tyler Durden's picture

Writing's On The Wall: Texas Pulls $1 Billion In Gold From NY Fed, Makes It "Non-Confiscatable"





The lack of faith in central bank trustworthiness is spreading. First Germany, then Holland, and Austria, and now - as we noted was possible previously - Texas has enacted a Bill to repatriate $1 billion of gold from The NY Fed's vaults to a newly established state gold bullion depository..."People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold," and the Bill includes a section to prevent forced seizure from the Federal Government.  Is this the first step down a road to secession?

 
Tyler Durden's picture

Merkel Mouthpiece Die Welt Suggests DNA-Based EU-Membership: "Greeks Are Not Real Greeks"





In what sounds unnervingly similar to eugenics, Die Welt - the conservative German newspaper close to Merkel's CDU Party - unleashes an anti-Greek tirade warning that "Greece destroyed the European order before," and revives the racial theories of the Nazis, as the author of the article quotes 19th-century Austrian scholar Jakob Philipp Fallmerayer, a xenophobe and a slavophobe, who had invented the "Greeks are not real Greeks" theory in the context of the DNA-based eligibility for EU membership.

 
Tyler Durden's picture

The "Global Macro Investor" - An Interview With Raoul Pal





"We have a problem with this, and that is central bank hubris. They now think that they are omnipotent, because, essentially the government has said we are going to pass over all control of the economy to the central banks, they say to everybody else including financial market participants that “you don’t know, you don’t understand, we have our models and they are right”. And that kind of hubristic approach is when you sow the seeds of your own destruction."

 
Tyler Durden's picture

The Warren Buffet Economy, Part 4: Why Its Days Are Numbered





After 27 years, honest price discovery has been destroyed, thereby reducing the nerve centers of capitalism - the money and capital markets - to little more than gambling casinos. Accordingly, speculative rent-seeking in the financial arena has replaced enterprenurial innovation and supply side investment and productivity as the modus operandi of the US economy. This has resulted in a severe diminution of main street growth and a massive redistribution of windfall wealth to the tiny share of households which own most of the financial assets. Warren Buffett’s $73 billion net worth is the poster boy for this untoward state of affairs. The massive and systematic falsification of asset prices which lies at the heart of this deformation of capitalism is a direct and unavoidable consequence of monetary central planning.

 
Tyler Durden's picture

Clash Of The Titans: Merkel, Schaeuble Spar Over Greece As German FinMin Draws Up Grexit Plans





Spiegle traces the history of German Chancellor Angela Merkel's relationship with FinMin Wolfgang Schaeuble who is leading the opposition against further aid for a Greek government he views as unwilling to accept economic realities. As the rift between the two deepens, Schaeuble has instructed the German finance ministry to draw up plans that would limit the fallout from a sovereign default.

 
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