Despite all the fear-mongering by Nea Demokratia (ND), Syriza’s victory over the incumbent is dramatically larger than expected (exit polls indicate a potential 12 point margin vs 7 point spreads in the run-up). However, as JPMorgan details, the fear-mongery was very evident in bank deposit runs as proxied outflows surge EUR8 billion last week – more than all of December and the rest of January combined…
Via JPMorgan Flows & Liquidity
Greek deposit outflows rise sharply this week
The monthly Bank of Greece balance sheet data for the month of December revealed a significant increase in Greek bank ECB borrowing which rose by €11bn in December to €57bn (including €1bn of Emergency Liquidity Assistance). This is more than the €3bn deposit outflow reported for December. It is thus likely that Greek banks had to borrow even more in December to offset not only their lost deposits but likely reduced access to private repo markets, as it happened before during Greek crisis.Continue reading »
“CHILLY AND BLUSTERY CONDITIONS EXPECTED THROUGH MONDAY. A MAJOR AND POTENTIALLY HISTORIC WINTER STORM WILL AFFECT THE REGION MONDAY NIGHT INTO TUESDAY NIGHT…TRAVEL MAY BECOME IMPOSSIBLE AND LIFE THREATENING. DRIER WEATHER FOLLOWS WEDNESDAY INTO EARLY THURSDAY…BUT WILL HAVE TO WATCH FOR ANOTHER CHANCE OF SNOW BY THE END OF THE WORK WEEK.” – National Weather Service
UPDATE: Greek Government official admits electoral defeat by Syriza
As AP reports,
A senior official in Greece’s governing conservatives has conceded defeat to the radical left Syriza party in Sunday’s national elections.
“We lost,” Health Minister Makis Voridis told private Mega TV. “The extent of that result is not yet clear.”
Voridis, the conservative party’s parliamentary spokesman, says the government’s austerity policies, implemented to secure vital international bailouts, “make sense” but were cut short before they could bear fruit.
An exit poll on state Nerit TV projects Syriza winning by a wide margin.
The first Greek exit polls are out and here they are:
According to the initial exit polls, in first place, with some 35.5%-39.5% of the vote is Syriza, a huge lead over the second placing New Democracy which has 23-27% of the vote – far more than polls had indicated previously – and a spot which essentially assures Tsipras’ party an absolute majority in parliament and the ability to take as hardline an approach as he wishes.
Amid the devastation of yesterday’s Mariupol artillery strikes which killed or wounded dozens, which was promptly blamed by both sides on the “adversary” – and has been proclaimed by both ‘sides’ (more on that later) as more violent than before the truce – an ‘odd’ clip has emerged that appears to provide all the ‘proof’ a US intelligence officer would need to surmise that US military boots are on the ground in Ukraine. As the following clip shows, a Ukrainian journalist approaches what she thinks is a Ukrainian soldier (since he is wearing a Ukrainian military uniform and is carrying an AK) and asked him as they run through the battlezone, “tell me, what happened here?” His response, which requires no translation, speaks for itself.
Forward to 2:36 for the ‘Ukrainian’ soldier’s response:
Following the deaths of 36 bankers last year, 2015 has got off to an inauspicious start with the reported suicide of Chris Van Eeghen – the 4th ABN Amro banker suicide in the last few years. As Quotenet reports, the death of Van Eghen – the head of ABN’s corporate finance and capital markets -“startled” friends and colleagues as the 42-year-old “had a great reputation” at work, came from an “illustrious family,” and enjoyed national fame briefly as the boyfriend of a famous actress/model. As one colleague noted, “he was always cheerful, good mood, and apparently he had everything your heart desired. He never sat in the pit, never was down, so I was extremely surprised. I can not understand.”
As Niburu details,friends and colleagues were startled by the news that Chris van Eeghen had committed suicide.
He worked in Amsterdam for ABN / AMRO in the position of “head of syndicate and corporate finance markets.”
Again, there is again a familiar pattern, namely that there is no indication that Van Eeghen had plans to take his life.Continue reading »
I was going to start out saying Thursday was the saddest day in Europe in 50 years, or something like that, because of the insane and completely nonsensical largesse the ECB permits itself to launch, aimed at once again saving a banking system, but which will not only not help the European people, it will make things even much worse than they already are.
I’ve said many times that the EU in its present form should be dismantled tomorrow morning (even though it’s not the same tomorrow morning anymore), and if Draghi’s $1.1 million x million ‘stimulus’ should make anything clear, it’s that the dismantling gets more urgent by the day. Continue reading »
Several days after a massive firefight for the Donetsk airport left the structure terminally ruined, and the Ukraine army, which until that moment had held on to its last remaining outpost in the east Ukraine city, promptly abandoned the premises, and two days after at least seven civilians died in a bus which was shelled in the same city by what the separatists claim were the Ukraine forces, the pro-Russian separatists yesterday announced they had launched “a new multipronged offensive against Ukrainian government troops.”
As AP reported yesterday, the main separatist leader in the rebellious Donetsk region vowed to push Ukrainian soldiers out of the area and said insurgents would not take part in any more cease-fire talks. Another rebel went even further, saying they would not abide by a peace deal signed in September. Separatist leader Alexander Zakharchenko said rebel fighters went on the offensive to gain more territory and forestall a Ukrainian attack. He declared they would push government troops to the border of the Donetsk region and possibly beyond.
Which, according to the latest news, is precisely what they have done. As AP followed up, indiscriminate rocket fire slammed into a market, schools and homes Saturday in the eastern Ukrainian city of Mariupol, killing at least 21 people, authorities said. Ukraine’s top rebel leader announced that an offensive had begun on the strategically important port. Continue reading »
Billionaires may live in a world untroubled by such petty concerns as rising costs of living and declining real wages, but like everyone else they have to eat. And pay. The picture below shows what the menu prices, in Swiss Francs, are for various meals offered for sale to the billionaires and other upper class “luminaries” currently congregating in Davos. Some examples converted to USD: Hot Dog: $43; Burger: $47; Caesar salad: $55.
The Keynesian revival that is currently underway in the backrooms and hallways of assorted world governments is being somewhat replicated in Europe this week. It is all predicated on the position that all previous forms of “stimulus” from the fiscal side were not the right size, composition or color for that matter and thus the lack of recovery can be attributed to the impurity of the Keynesian solutions. That is further augmented in especially the Krugman view of “austerity” which has supposedly undercut all the good deeds done by central banks.
Thursday’s press conference with Mario Draghi announcing the QE program ran dangerously into interfering with that Krugman view, while also keeping within the spirit of the “purity” argument. Toward the end of the question and answer session, the ECB’s chief was asked about hyperinflation, as if this latest balance sheet expansion might nudge Europe closer to Weimar. Continue reading »
Sometimes cognitive dissonance, which used to be called contradiction, rings a gong so loud it knocks you off your chair.
But if you’re an android in this marvelous world of synthetic reality, you get up, put a smile back on your face, and trudge on…
Let’s see. NSA is the most awesome spying agency ever devised in this world. If you cross the street in Podunk, Anywhere, USA, to buy an ice cream soda, on a Tuesday afternoon in July, they know. Continue reading »
Edward Snowden: Spy or Whistleblower? Neither! He is a Manufactured Avatar of the American Intelligence Community!
For over a year, the bloated American Intelligence Community, both the military and the civilian components, have been playing a game with us, citizens-taxpayers. A narrative was created in the personae, or what I call ‘avatar’ of an ostensible ex-CIA, ex-Special Forces and ex-NSA contractor named “Edward Snowden.” This Edward Snowden apparently leaked millions of intelligence documents regarding our massive electronic surveillance over our citizenry. Continue reading »
Draghi’s answer is simple: we have now thrown the kitchen sink at the deflation problem and there has been no inflation (he conveniently forgets to mention that the world is now caught in a vicious spiral in which every single central bank is printing money just to export deflation to its peers, with more and more printing necessary each year just to stay in one place). In other words, just because hyperinflation hasn’t materialized so far, it never will.
Since last May (and likely long before) when the topic of “de-dollarization” was first uttered in official circles (and not just tin-foil-hat-wearing blogs), the rest of the world (un-isolated as they are) has been warming to the idea that perhaps – just perhaps – it is time to de-dollarize (more or less depending on the despotic region in question). From currency swap agreements to bi-lateral trade agreements to selling US Treasuries and greatly rotating USD reserves into gold, the world’s nations (small and large) appear less and less comfortable holdings dollars in this tempestuous world. Among the supporters of that first “de-dollarization” meeting were China and Iran and while the former continues to work down its exposure, the latter – Iran, according to Tasnim news agency, has almost entirely eliminated USDollars from its reserves and is no longer using dollars in foreign trade.
Statement by the President on the Death of King Abdullah bin Abdulaziz
It is with deep respect that I express my personal condolences and the sympathies of the American people to the family of King Abdullah bin Abdulaziz and to the people of Saudi Arabia.
King Abdullah’s life spanned from before the birth of modern Saudi Arabia through its emergence as a critical force within the global economy and a leader among Arab and Islamic nations. He took bold steps in advancing the Arab Peace Initiative, an endeavor that will outlive him as an enduring contribution to the search for peace in the region. At home, King Abdullah’s vision was dedicated to the education of his people and to greater engagement with the world.
As our countries worked together to confront many challenges, I always valued King Abdullah’s perspective and appreciated our genuine and warm friendship. As a leader, he was always candid and had the courage of his convictions. One of those convictions was his steadfast and passionate belief in the importance of the U.S.-Saudi relationship as a force for stability and security in the Middle East and beyond. The closeness and strength of the partnership between our two countries is part of King Abdullah’s legacy.
This Is For EVERYONE Who refused to Listen To Us Out Here On Youtube. For every Truth video removed saying exactly what they are saying Now on Main Stream. For those of you whom will only believe the wicked mainstream , .. Here You Go! We Told You So!
Although one of the hostage’s jumpsuits flutters in a breeze, Khan said she believes a fan caused the movement and noted that wind in the desert would be noisy and affect the sound quality of the statements being made by the knife-wielding man. It would also kick up dust, and none seems apparent, she said. Continue reading »
Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.
So after falling hard in 2013 and treading water for most of 2014, the euro price of gold has gone parabolic in the space of a couple of months. This sudden rather than gradual awakening is the standard pattern for a currency crisis, mainly because it takes a long time for most people to figure out their government is clueless and/or lying. But once they do figure it out, they act quickly.
Europe’s gold chart isn’t as dramatic as Russia’s (see it here) because Europe doesn’t depend on oil exports and the euro, while dropping versus the dollar, isn’t yet in free-fall. But with another trillion euros due to hit the market in the coming year, and a series of currency union-threatening political crises in the pipeline, the flight to safety could easily become a stampede.
Europe and Russia, meanwhile aren’t the only countries with incipient currency crises. Here’s gold in Canadian dollars: Continue reading »