Germany

Istanbul Turns Into A Ghost Town As Tourism Collapses

"It's disastrous. All my life I've been a tour guide, most of us have come to a turning point where we don't know if we can go on. It's tragic."  In the aftermath of the tragic suicide bomber attacks at Istanbul's Ataturk Airport, Turkey's biggest city now feels like a ghost town.

Something Huge Is Coming From Japan

Pretend, for a minute, that your country responds to the bursting of a credit bubble by borrowing unprecedented amounts of money and using it to prop up banks and construction companies. This doesn’t work, so you create record amounts of new money and push interest rates into negative territory in an attempt to devalue your currency. But this - amazingly - doesn’t work either. Your currency soars and the inflation you’d hoped to generate never materializes. Now what? Is there even anything left to try, or is it simply time to stand back and let the current system melt down?

Italian Banks Tumble, Monte Paschi Plunges To Record Low After ECB Letter

Italy's troubled Monte Paschi was halted after tumbling for yet another day to fresh new record lows, while the Italian bank sector tumbled in Milan on Monday amid fresh concerns the country’s lenders are under pressure to raise capital to bolster their finances. This follows a statement by Italy's third largest bank that the ECB has asked Monte Paschi to reduce its load of soured debt to 14.6 billion euros ($16.2 billion) in 2018 from 24.2 billion euros at the end of 2015.

Precious Metals Surge Continues, As Does Italian Bank Pain, In Holiday-Shortened Session

In today's US holiday-impacted session, the biggest overnight story was the dramatic surge in precious metals, which saw silver briefly soar above $21 following a Chinese short squeeze sending the metal as much as 7% higher overnight, its biggest one day gain since December 1, 2014. As we reported overnight, silver touched a two-year high and gold rallied for a fourth day after the Brexit vote spurred demand for havens. The catalyst is familiar: speculation central banks in some of the world’s leading economies will step up monetary stimulus in the wake of Britain’s decision to leave the European Union.

German Arms Exports Nearly Double In 2015

Germany exported 7.86 billion euros ($8.75 billion) of arms last year (compared with 3.97 billion euros in 2014) including a controversial 1.6 billion euros sale to Qatar - the Gulf Arab state has been labeled by German opposition parties as an alleged source of funding for ISIS.

Steen Jakobsen Exposes The Policymakers' "Comical Ali" Strategy

The UK will be the largest country in population by 2030 in Europe, it has has the biggest military might and the single largest concentration of capital markets and talent outside the US - furthermore the UK runs a massive deficit with Europe, so if the European leaders want a future Europe/NATO/EA without active participation by the UK military, capital markets, consumer demand, and deficit then please carry on acting like a bunch of cry babies.

Hacked Emails Confirm NATO Push To Provoke, Escalate Conflict With Russia

Just two weeks ago, a huge scandal erupted within another 'union' as Germany slammed NATO for "warmongering" destroying the fictional narrative that 'innocent' NATO was merely reacting to evil Russian provocations. Now, as The Intercept's Zaid Jilani and Lee Fang expose, retired U.S. Air Force Gen. Philip Breedlove (yes an ironic name for a warmonger), until recently the supreme commander of NATO forces in Europe, plotted in private to overcome President Barack Obama’s reluctance to escalate military tensions with Russia over the war in Ukraine in 2014, according to apparently hacked emails from Breedlove’s Gmail account.

Explaining Social Anger, Brexit, Donald Trump In One Chart

Voters are angry. Donald Trump, Marine Le Pen, Nigel Farage, UKIP, and the AfD party in Germany have all been accused of stirring up anger and hatred. But anger is not the problem. None of those individuals or political parties are the problem. Income inequality, the shrinking middle class, angry voters, and the rise of extreme political parties are all symptoms of the real problem: Central banks and their inflationary policies.

US Treasury Yields Hit New Record Lows

Finally. With bond yields across the rest of the developed world already making new record lows every day, only the US had so far refused to take out all time lows set back in 2012. That finally changed overnight when the 10Y Treasury dropped -9 bps to 1.3784%, while the 30Y declined by the same amount, sliding as low as to 2.1914%.

The Italian Job: "How Did Things Go So Bad?"

How on earth did things go so wrong? Could it be as simple as power-mongering and greed? To rob a line from the 2003 Italian Job, “There are two kinds of thieves in this world: The ones who steal to enrich their lives, and those who steal to define their lives.” Could it be that average working Italians, especially those who have been around for a good long while, feel as if they’ve been victims of both of the two kinds of theft, doubly wronged? “Basta!” their voices scream in defiance. Enough is enough!

The Curse Of "Wealth Effects" Central Banking

The robo-machines and perma-bulls are at it again, delivering another volumeless dead-cat bounce in a market that has churned sideways for 600 days now. Nevertheless, there is a reason for the churn and there is a culprit behind the abortive rallies.