May 21

H/t reader M.G.:

“From Bloomberg…..ECB gave Greece a small stipend to keep the insanity going….there is much more to this than meets the eye. Why are they keeping it going?
What are they trying to hide?
There must be an enormous amount of fraud behind the scenes….”


ECB Gives Greek Banks Smallest Aid Rise Yet Ahead of Summit (Bloomberg, May 20, 2015): 

The European Central Bank approved the smallest rise in emergency cash for Greek lenders since tensions re-emerged in February, a sign that deposit outflows may be easing as political talks on the nation’s finances improve.

At a meeting in Frankfurt on Wednesday, the Governing Council consented to a 200 million-euro ($222 million) increase in the cap on Emergency Liquidity Assistance to 80.2 billion euros, people familiar with the discussion said. No decision was taken to alter the discounts applied to the collateral pledged for the Bank of Greece loans, the people said, asking not to be named as the matter isn’t public. Continue reading »

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May 21

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May 20

Don’t miss.


Keiser Report: War on terror – self-leaking ice cream cone (E731)

Mar 14, 2015

Description:

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the business model of the war on terror in which the droning of wedding parties is nothing personal just business. Same goes for de-dollarization as China builds an alternative to SWIFT – nothing personal, just business. In the second half, Max interviews former CIA agent and open source advocate, Robert David Steele, about false flags and moral hazard.

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May 20

Greece-Euro

Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’ (Economic Collapse, May 20, 2015):

The Greek government says that a “moment of truth” is coming on June 5th.  Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the IMF.  Of course it won’t technically be a “default” according to IMF rules for another 30 days after that, but without a doubt news that Greece cannot pay will send shockwaves throughout the financial world.  At that point, those holding Greek bonds will start to panic as they realize that they might not get paid as well.  All over Europe, there are major banks that are holding large amounts of Greek debt and derivatives that are related to the performance of Greek debt.  If something is not done to avert disaster at the last moment, a default by Greece could be the spark that sets off a major European financial crisis this summer. Continue reading »

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May 20

5 Banks To Plead Guilty To Criminal Rigging Charges, Pay $5.6 Billion For Manipulating Markets

As the live webcast from US AG Loretta Lynch indicates, moments ago the DOJ announced five global banks including Citi, J.P. Morgan, Barclays, RBS would plead guilty to criminal charges to conspiring to manipulate FX Prices, and would pay some $5.6 billion in combined penalties to resolve a long running U.S. investigation into whether traders at the banks colluded to move foreign currency rates in directions to benefit their own positions.

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May 20

greece

Greece To Tax Bank Transactions, Says IMF “Won’t Get Any Money” On June 5 (ZeroHedge, May 20, 2015):

On Monday we got still more bad news for Greece. Around one-third of Angela Merkel’s Christian Democratic bloc opposes further aid for Athens meaning the Chancellor faces an uphill battle in convincing German lawmakers to keep Greece on life support. Meanwhile, a new report from the Hellenic Confederation of Commerce and Enterprises suggests that each day without a deal costs the Greek economy €22.3 million.

Not to put too fine a point on it, but Tuesday’s headlines are even worse.

First, up is parliamentary speaker Nikos Filis confirming what the IMF leaked on Saturday: without a deal, Greece will default on June 5.

Via Reuters:

Greece will not be able to make a payment to the International Monetary Fund that falls due on June 5 without a deal with its international lenders, the government’s parliamentary speaker said on Wednesday. Continue reading »

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May 20

Euros

Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus? (Economic Collapse, May 18, 2015):

Do you remember what happened when Cyprus decided to defy the EU?  In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts.  Well, the nation of Greece is now approaching a similar endgame.  At this point, the Greek government has not received any money from the EU or the IMF since August 2014As you can imagine, that means that Greek government accounts are just about bone dry.

The new Greek government continues to insist that it will never “violate its anti-austerity mandate”, but the screws are tightening.  Right now the unemployment rate in Greece is over 25 percent and the banking system is on the verge of collapse.  It isn’t going to take much to set off a panic, and when it does happen there are already rumors that the EU plans to confiscate money from private bank accounts just like they did in Cyprus. Continue reading »

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May 20

Wall Street’s Hot New Financial Product: Your Rent Check (Mother Jones, May 14, 2015):

Investment firms are playing landlord and bundling their rental homes into new securities. What could go wrong?

Toward the end of 2012, Mark Alston, a real estate broker in Los Angeles, began noticing something strange. Home prices were starting to rise, and fast—about 20 percent annually. Normally, higher home prices would signal increased demand from homebuyers and indicate that the economy was rebounding. But the home ownership rate was still dropping. Somehow, the real estate market was out of whack.

Then there were the buyers themselves. “I went two years without selling to a black family, and that wasn’t for lack of trying,” recalls Alston, whose business is concentrated in inner-city neighborhoods where the majority of residents are African American and Latino. Now all his buyers were businessmen in suits. And weirder yet, they were all paying in cash.

Over the lasttwo years, private equity firms and hedge funds have amassed an unprecedented real estate empire, snapping up Spanish revivals in Phoenix, adobes in Los Angeles, Queen Anne Victorians in Atlanta, and brick-faced bungalows in Chicago. In total, Wall Street investors have bought more than 200,000 cheap, mostly foreclosed houses in some of the cities hardest hit by the economic meltdown. But they’re not simply flipping these houses. Instead, they’ve started bundling some of them into a new kind of financial product that could blow up the housing market all over again. Continue reading »

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May 19

ECB Blames Leak To Hedge Funds On “Internal Procedural Error” (ZeroHedge, May 19, 2015)

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May 19

Abolishing Cash – New Age of Economic Totalitarianism (Armstrong Economics, May 18, 2015)

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May 19

Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus? (Economic Collapse, May 18, 2015)

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May 18

Murray Abbott, Missing Morgan Stanley Trader, Dies at 36 (Bloomberg, May 12, 2015):

Murray Abbott, an institutional sales trader at Morgan Stanley in Toronto who had been missing since April 25, was found Monday by the shore of Lake Ontario near the city’s Beaches neighborhood where he lived. He was 36.His death wasn’t suspicious, Mark Pugash, a Toronto Police Service spokesman, said Tuesday in a telephone interview. “It was obviously a very tragic missing person’s case.”

Abbott was a vice president and one of 16 people on the institutional equities desk at Morgan Stanley’s Canadian wealth-management division. He joined the New York-based bank in 2010, following jobs at Toronto-based brokerage Blackmont Capital Inc. and Research Capital Corp.

“He was larger than life, a very gregarious guy, very well liked by clients,” Laura Adams, head of Morgan Stanley’s Canadian equity-distribution business, said Tuesday in a telephone interview. “He was just a super guy.” Continue reading »

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May 16

Leading German Keynesian Economist Calls For Cash Ban (ZeroHedge, May 16, 2015):

It’s official: the world has gone central-planner crazy.

Monetary policy, whether in the form of “conventional” methods such as the micromanagement of policy rates or so-called “unconventional” measures such as QE, has proven utterly ineffective when it comes to both “smoothing out” the business cycle and reigniting economic growth in the wake of severe downturns. If anything, recent history has shown the exact opposite to be true. That is, the Fed helped to engineer the housing bubble and has now succeeded in inflating a similar bubble in stocks and fixed income. Meanwhile, the Japanese experience with QE has plunged the country into what we have affectionately dubbed “The Kuroda Zone”, wherein the BoJ has cornered both the stock and bond markets while failing to promote wage growth or meaningfully raise inflation expectations. In China, the PBoC has taken to cutting policy rates at the first sign of weakness in the stock market, helping to sustain what will perhaps go down in history as the second coming of the tulip bulb mania, while the ECB has taken the insane step of adopting a trillion euro bond buying program while simultaneously demanding fiscal discipline, meaning the central bank’s bond monetization efforts are set against a backdrop of meager supply. Continue reading »

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May 14

 –  It’s Official: The BoJ Has Broken The Japanese Stock Market (ZeroHedge, May 13, 2015):

Monetizing the entirety of gross government bond issuance and amassing an equity portfolio worth just shy of $100 billion on the way to cornering the entire ETF market may come across as insanely irresponsible even in a world that is now defined by insanely irresponsible central banks, but Haruhiko Kuroda does not care because when it comes to QE and the financing of governments via central bank-assisted ponzi schemes, no one does it like the BoJ.

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May 12

H/t reader M.G.:

“Another interesting twist of events. Russia asked Greece to join their BRICS bank…….
That Greek port must be quite valuable…”


Russia invites Greece to join BRICS bank (RT, May 12, 2015)

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May 11

Greece-Troika-Sirtaki

The Situation Escalates – Greece Is Now Taxing Cash Withdrawals (Secular Investor via ZeroHedge, May 11, 2015):

The saga (or drama, if you like) in Greece is continuing and even though the country was able to make a 200M EUR interest payment to the IMF earlier this week, markets shouldn’t be too optimistic just yet as that payment is less than 5% of the total cash amount it has to pay in the next 4-5 weeks.

Indeed, Greece has just 3 days left to find 750M EUR to meet the requirement of a principal payment to the IMF which is due next Tuesday, and we consider it to be quite impossible for the country to meet this demand without finding additional sources to generate cash from. Continue reading »

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May 09

H/t reader M.G.:

screwed

Explaining the Greek Debt Crisis (The New York Times, April 8, 2015):

Greece, the weak link in the eurozone, is struggling to pay its debt as its people and its creditors grow more restive. The tumult poses a challenge to the euro and the Continent’s goal of economic unity. If Greece goes bankrupt or decides to leave the 19-nation eurozone, the situation could create instability in the region and reverberate around the globe.

What happened in Greece?

Greece became the epicenter of Europe’s debt crisis after Wall Street imploded in 2008. With global financial markets still reeling, Greece announced in October 2009 that it had been understating its deficit figures for years, raising alarms about the soundness of Greek finances. Continue reading »

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May 06

FYI.


Martin Armstrong The System Will Crack And One World Currency Is Coming

Related info:

Martin Armstrong: Big Losses Coming In The Bond Market – Fall 2015 Turning Point – European Banks Will Collapse – Civil Unrest And Riots Globally – Gold To ‘Max Out At $5000 Per Ounce’ (Video)

Martin Armstrong Warns ‘Abandon The UK Before You Can’t’

 

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May 06


May 5, 2015

Congresswoman Cynthia McKinney joins Stew Webb and Bruce Campbell to discuss the corruption she witnessed in Washington DC.

“It Strikes Me Mighty Strange That You Would Have Seven Latin American Leaders All Come Down With Cancer At The Same Time.”

Related info:

Hugo Chavez On Cancer Inducing Technology – Why He Had To Be Eliminated – To Obama: “You Are The Shame Of All Black People! Leave Us Alone!” (Videos)

Former US Lawmaker Cynthia McKinney: US Lawmakers Forced To Sign Support Of Israel (Video)

Former Presidential Candidate Cynthia McKinney Exposes THE LIE Used To Attack And Destroy Libya: ‘Truth is the First Casualty of War. No Justice, No Peace, No Truth..’

Cynthia McKinney at Munich Germany NATO Peace Rally: ‘My Country Has Been Hijacked By A Criminal Cabal’ (Video)

US Lawmakers Forced To Sign Support Of Israel:

aipac_rules_america Continue reading »

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May 06


May 5, 2015

Related info:

US Trade Deficit Soars To Worst Since Financial Crisis; Will Push Q1 GDP Negative

US Economy Grinds To A Halt, Again: Q1 GDP Tumbles Below Expectations, Rises Paltry 0.2%:

Without this epic stockpiling of non-farm inventory which will have to be liquidated at some point (and at a very low price) Q1 GDP would have been -2.5%.

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