martes, 16 de junio de 2015

JUN 16 SIT EC y POL



JUN 16 SIT EC y POL

ZERO HEDGE




The Two Contending Visions Of World Government. Submitted by Tyler Durden on 06/16/2015


U.S. President Barack Obama’s proposed ‘Trade’ deals are actually about whether the world is heading toward a dictatorial world government - a dictatorship by the hundred or so global super-rich who hold the controlling blocks of stock in the world’s largest international corporations - or else toward a democratic world government - which will be a global federation of free and independent states, much like the United States was at its founding, but global in extent. These are two opposite visions of world government; and Obama is clearly on the side of fascism, an international mega-corporate dictatorship... What’s at stake here is nothing less than whether the future of the United States, and perhaps even of the world, will be democracy, or else fascism.
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German notes begin with an X, while Greek notes start with a Y. Spain is V, France U, Ireland T, Portugal M and Italy S. Belgium is Z, Cyprus G, Luxembourg 1, Malta F, Netherlands P, Austria N, Slovenia H, Slovakia E and Finland L.
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From the first rate hike by a Fed whose balance sheet as a % of GDP was nearly identical to the current one, to the start of World War II: less than three years.
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It is perfectly possible for a man to be out of prison and yet not free - to be under no physical constraint and yet be a psychological captive, compelled to think, feel and act as the representatives of the national state, or of some private interest within the nation wants him to think, feel and act... To him the walls of his prison are invisible and he believes himself to be free.” - Aldous Huxley,
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European leaders may convene an emergency summit this Sunday to decide Greece's fate as Varoufakis says no new proposal from Athens will be tabled at Thursday's meeting of EU finance ministers. With capital controls now imminent, and with Greece reportedly set to delay a June 30 IMF payment, a "Lehman Weekend" looms.
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"One particularly ugly scenario would be if the Greek authorities resist the imposition of capital controls, claim that restrictions on bank access to liquidity have been unjustly imposed, and then seek to use the antipathy that creates among the Greek population to begin to argue toward an exit from the euro. This is a scenario we have accorded a low probability to, on the grounds that it is not clear that the Greek population would follow the script and regard the situation as primarily the responsibility of the rest of the region. But the increasingly hot rhetoric has us more concerned about this than we have been hitherto."
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Anyone that believes that this is “sustainable” in any way, shape or form is crazy. We have accumulated the greatest mountain of debt that the world has ever seen, and yet despite all of the warnings we just continue to race forward into financial oblivion. There is no possible way that this is going to end well.
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Today’s style of heavy-handed monetary central planning destroys capitalist prosperity. Real capitalism cannot thrive unless inventive and enterprenurial genius is rewarded with outsized fortunes. Warren Buffett’s $73 billion net worth, and numerous like and similar financial gambling fortunes that have arisen since 1987, are not due to genius; they are owing to adept surfing on the $50 trillion bubble that has been generated by the central bank Keynesianism of Alan Greenspan and his successors.
Here only extracts:

Real capitalism cannot thrive unless inventive and entrepreneurial genius is rewarded with outsized fortunes. But as I have demonstrated in Parts 1-4 (Part 1, Part 2, Part 3, Part 4), Warren Buffett’s $73 billion net worth, and numerous like and similar financial gambling fortunes that have arisen since 1987, are not due to genius; they are owing to adept surfing on the $50 trillion bubble that has been generated by the central bank Keynesianism of Alan Greenspan and his successors.

Free market interest rates cured speculative excesses. The very prospect of a 27-year bubble which took finance (credit market debt outstanding plus the market value of non-financial corporate equities) from $7 trillion to $93 trillion, as occurred between 1987 and 2015, would not have been imaginable or possible. The great speculators of the day like Jay Cooke ended up broke after 10 years, not worth $73 billion after three decades.

Notwithstanding the inherent self-correcting, anti-bubble nature of the free market, defenders of the Fed argue the US economy would be forever parched for credit and liquidity without the constant injections of the Federal Reserve. But that is a hoary myth. In a healthy and honest free market, credit is supplied by savers who have already produced real goods and services, and have chosen to allocate a portion to future returns.

In Part 6, the difference between fiat credit and honest savings will be further explored. It is the fundamental dividing line between bubble finance and healthy capitalist prosperity.

Needless to say, the claim that the economy would be worse off if it was based on real savings rather than central bank credit conjured from thin air is the Big Lie on which the entire regime of monetary central planning is based. It is also the lynchpin of the Warren Buffett economy.

It is not surprising, therefore, that free market finance is an unknown  concept in today’s world. All of the powers of Wall Street and Washington militate against it.
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"People should not be forced to golf on brown courses..."
"What are we supposed to do, just have dirt around our house?!"
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"Horrified" Syriza Hardliners Back "Immediate" Greek Bank Nationalization, Euro Exit. Submitted by Tyler Durden on 06/16/2015

Caught between a recalcitrant Left Platform and exasperated creditors, Greek PM Alexis Tsipras must decide how he wants history to remember his tenure as Prime Minister. Either he will be the leader who allowed Greece to crash out of the euro on its way to a redomination-driven economic collapse, or he will go down as the fiery advocate for change who caved under pressure and allowed the troika to stamp out democracy in the place where it was born. 
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What difference does it make? In yet another gross exposure of Hillary hypocrisy, The Guardian reports that the great savior of "everyday Americans", promising to fight for fairness for working Americans; She who proclaims $15 per hour minimum wage is fair for all, is in the midst of a 'hiring freeze' of paid organizing positions, forcing experienced grassroots campaign workers to offer their services for free, unpaid internships.  Perhaps, a rephrasing of the campaign slogan should be "do as I say, not as I do."
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The Economic Alamo. Submitted by Tyler Durden on 06/16/2015

It’s a common assumption that governments exist in order to serve the people of a country and that in order to do so, they must be accorded the necessary evils of power and taxation. In fact, we believe the opposite is true: that in the perception of those who rule, power and the ability to exact tax are the very purpose of government, and service to the people is merely a justification for that pursuit. This condition is perennial. The world’s tax havens therefore are the economic Alamo - the last holdout against world economic domination.
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The bigger they are the harder they will eventually fail... and the more taxpayer funds will be confiscated to fix them!
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As Greek Bonds & Stocks Crash, Here's Who Keeps Catching The Falling Knife. Submitted by Tyler Durden on 06/16/2015



Greek 10Y yields are breaking back above 13%, bonds ar trading at 50 cents on the dollar, Greek stocks are near multi-decade lows, and Greek bank bonds have collapsed amid the ever-more-likely Grexit (or at least redenomination amid capital controls). But, there are some very smart chaps who must know something Tsipras, Merkel, and the rest of the world does not... because they are spending "Other People's Money" to buy the dip in Greek stocks and bonds. From Allianz and PIMCO (the world's lagest Greek bondholder ex-ECB) to Putnam and Wilbur Ross, it seems more than a few American investors will be impacted should Greece really implode.



Here's Who Keeps Catching The Falling Knife [ vulture capital or capital buitre ]

On paper Mr. Ross and the other investors have already lost hundreds of millions of euros.
The other investors allied with Mr. Ross include Fairfax Financial Holdings in Toronto, whose founder and chief executive, Prem Watsa, is known as the Warren E. Buffett of Canada.

Allianz SE, Europe’s biggest insurer and asset manager, increased its holdings of Greek sovereign debt to more than 1.2 billion euros ($1.4 billion) from about 1 billion euros reported in May.
 Allianz, through its asset manager Pimco Investment Management Co., had the largest holdings of Greek bonds of any investor after the European Central Bank, according to data compiled by Bloomberg.
Other top investors in Greek debt are
Boston-based Putnam Investments with 469.9 million euros and Carmignac Gestion SA, a French asset manager, with 424.1 million euros, the data showed.

As a reminder, "Disorderly Default" is now the most likely outcome for Greece... there are five scenarios that could play out for Greece, a happy ending is the least likely, Karsten Junius, chief economist at Bank J Safra Sarasin, writes.  Here the five scenarios:
1) Disorderly default: 35% likelihood
Greece defaults, but pays maturing bonds and loans solely on basis of cash position; creditors would have incentive to continue talks to prevent a total loss. Capital controls would be necessary to keep Greece in euro
2) Orderly default, within euro: 25%
Greece defaults, with prospect of new talks with creditors, who want part of the debt serviced in return for aid that would allow Hellenic Republic to keep euro. Capital controls would be likely; Greece might have to issue IOUs for some domestic payments
3) Interim solution: 20%
Eurogroup offers a bridging loan, which prevents Greece defaulting on its debts this summer
4) “Sticky-end” or orderly default, with euro-exit: 15%
Greece makes a clear break with creditors, embarks on its own monetary-policy course
5) Happy ending: 5%
Greece agrees on M-T adjustment program, which enables it to return to stronger growth path
Charts: Bloomberg
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The one most recurring laments coming out of peripheral European countries which boast near record youth unemployment, in most cases around the 50% area, is that the only reason why there is no growth is due to "evil austerity", imposed upon them by Germany and other frugal Northern Europe overseerers, who do not permit the rampant issuance of debt to fund domestic spending and fiscual stimulus programs. There is one problem with that: the peripheral European countries are not only issuing debt at a pace that is greater than the "pre-austerity" period, but these nations' debt to GDP ratios have never been higher!
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Just a few months ago, we warned Brazil's economy was on the verge of collapse as the fiscal situation was deteriorating rapidly. It appears, judging by the most recent data from the oil-rich nation, that we were right. Core retail sales declined 3.5% YoY during April (weakest print since Aug 2003) and broad retail sales declined by an even larger 8.5% YoY (lowest on record), and as Goldman warns, the outlook for private consumption and retail sales in the near term remains very weak.
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In March/April 2013, Bitcoin prices started to soar as Dijsselbloem's "template" applied to Cyprus prompted many to rethink money entirely. As the reality of a possible Grexit looms and Capital Controls are denied (just as they were in Cyprus), so Bitcoin prices are once again surging (up 10% in the last few days) as non-fiat currency once again becomes bid.
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With the US and Russia in a state of (renewed) cold war for over a year now, it was inevitable that that "other", far more important attribute of the first Cold War would soon return: the nuclear arms race. And indeed it did just around dinner time in Russia today when speaking at an arms race fair, president Putin said that Russia will put more than 40 new intercontinental ballistic missiles into service in 2015 as part of a wide-reaching program to modernize the military.
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Officially, the unemployment rate in the U.S. is 5.6%, meaning 5.6% of the work force is temporarily out of a job and actively seeking another one. But these do not feel like good times for most households, despite the low unemployment rate. By our reckoning, roughly 60% of the civilian work force is fully employed and 40% are marginally employed or unemployed.

By my reckoning, roughly 60% of the civilian work force is fully employed and 40% are marginally employed (i.e. earning less than $15,000 annually) or unemployed. Since full-time workers even at minimum wage earn close to $15,000 annually, I think it is fair to use that as the cut-off for fully employed. The BLS counts 121 million people asusually work full-time, but given only 100 million workers earn $15,000 or more, this doesn't add up unless we include self-employed people earning very little who are counted as full-time workers.


Based on income, I set the fully employed rate at 60%, and the marginally employed/unemployed rate at 40%. If we accept the BLS's 121 million full-time jobs (which once again, this doesn't make sense given even minimum wage full-time jobs earn $14,500, and 50 million people report earnings of less than $15,000), we still get a marginally employed/unemployed rate of 25%: work force of 160 million, 121 million fully employed.

These numbers align much better with the real economy than the official unemployment rate of 5.6%. It's nonsense to count everyone earning a few hundred or few thousand dollars annually as being employed in the same category as full-time workers or those earning $15,000 or more annually.
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"Lehman Weekend" Looms For Greece As Europe Readies "Emergency" Sunday Meeting. Submitted by Tyler Durden on 06/16/2015

European leaders may convene an emergency summit this Sunday to decide Greece's fate as Varoufakis says no new proposal from Athens will be tabled at Thursday's meeting of EU finance ministers. With capital controls now imminent, and with Greece reportedly set to delay a June 30 IMF payment, a "Lehman Weekend" looms.
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While the optimistic bias is shifting, if slowly, one place where the "fund managers" are at least admitting that things are changing for the worse in Europe is their latest, June, estimation of the biggest tail risks. Here, while "geopolitical crisis" and a behind-the-curve Fed still remain in the top two "tail risks", at 21% and 20% respectively, just as they were last month, what is concerning is the third most prevalent fear which, at 18%, is a Eurozone breakup. It is notable that one month ago this fear did not even register, suggesting just how fragile the Eurozone was and still remains.
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With his back against the wall, and with Syriza party hardliners apparently no closer to backing concessions, Alexis Tsipras looks set to once again play the ‘Russian pivot” card, as the Kremlin says a “working meeting” between the Greek PM and Russian President Vladimir Putin is now scheduled for Friday in St. Petersburg.
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In the wake of reports that Greece could be headed for a "Lehman Weekend" complete with capital controls and an "emergency" Sunday meeting, the headlines are coming fast and furious on Tuesday morning, with Tsipras calling the IMF's stance "criminal" and Merkel digging in for the worst.
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The last time the Fed tried to exit a period of massive balance sheet expansion coupled with ZIRP - back in 1937 - its strategy completely failed. The Fed tightening in H1’37 was followed in H2’37 by a severe recession and a 49% collapse in the Dow Jones. This is the ghost of 1937 and it is about to make a repeat appearance.
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Submitted by Tyler Durden on 06/16/2015 - 07:35
  • Greek PM sticks to hard line as contagion hits euro zone bonds (Reuters)
  • Greek Deadlock Has Leader Hoping for Miracle to Avoid Default (BBG)
  • Greek Showdown Puts Merkel's Teflon Legacy at Risk (BBG)
  • Greek standoff saps Europe, dollar swings ahead of Fed (Reuters)
  • Allianz Increased Holdings of Greek Debt as Its Largest Investor (BBG)
  • French Bonds Infected as Greek Crisis Swells Euro-Region Spreads (BBG)
  • Statoil to cut 1,500 more jobs as savings drive intensifies (FT)
  • UnitedHealth, Anthem Seek to Buy Smaller Rivals (WSJ)
  • Five Million Reasons Why China Could Go to War (BBG)
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It’s not only Greece this morning. Things just don’t seem to be functioning smoothly anywhere. More arrests in Hong Kong, delays to the Shenzhen-Hong Kong Exchange link, Kuroda having to say he didn’t mean what he said, weaker start to the new month’s numbers in the U.S., an Indian export number that put paid to any hopes of a reversal of what has been an inexorable six-month collapse, disappointing European car sales (slowest in 6 months) with noted weakness in Latin America being cited, peripheral bond spreads widening out, Spanish 10-yr hitting highest yield in 10 months.
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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.
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FUTURE FAST FORWARD

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INFORMATION CLEARING HOUSE

Russia Says Will Retaliate if US Weapons Stationed on its Borders
By Reuters
A plan by Washington to station tanks and heavy weapons in NATO states on Russia's border would be the most aggressive U.S. act since the Cold War, and Moscow would retaliate.
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Putin's Ukraine Strategy Explained by Top Russian Politician
Video and Transcript
Why Putin doesn't recognize Donetsk and Lugansk republics and why they have to stay within Ukraine.
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The Anglo-American Insanity
By Finian Cunningham
The diabolical shame is that these insane people are capable of bringing cataclysm upon millions of innocent human beings.
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Break the "Defense" Industry Across the Knee of Democracy
By William Rivers Pitt

People in the US have been hypnotized into thinking war is some magical nowhere-land where soldiers win glory for the Stars and Stripes ...
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Don’t Honor the Troops
By Fred Reed
Patriotism? “Love of country” is an after-market add-on, good for a drink or a pat on the back at the Legion–nothing more.
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The Semantics of Terrorism
By Edward S. Herman
US power has been so great that it has been able to use massive terror against countries such as Iraq and Serbia under the cover of international authority, while protecting the terrorism of its client states such as Indonesia and Israel.
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Death Penalty: The Ultimate Corrupt, Big Government Program
By Ron Paul
Until the death penalty is abolished, we will have neither a free nor a moral society.
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Syriza’s political decision to ‘embed’ in the EU and the Eurozone, at all costs, signals that Greece will continue to be vassal state.
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GLOBAL RESEARCH

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RT-SPUTNIK & RECENT VIDEO SHOWS

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Over 40 intercontinental ballistic missiles will be delivered to Russia’s strategic forces in 2015, President Vladimir Putin announced at the opening ceremony of the Army-2015 Expo, an international military forum held near Moscow.
“This year, our nuclear forces are going to get more than 40 intercontinental ballistic missiles capable of penetrating all existing, even the most advanced missile defenses,” the Russian resident said, adding that the state would persist in paying specific attention to realization of a massive military rearmament program and modernization of the defense industry, Putin said.
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NOTICIAS IN SPANISH

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Otro mundo es posible
. Una interpretación “alternativa” de la Teoría Monetaria. Enric Llopis. Reseña de “Los siete fraudes capitales de la política económica” (Ed. Attac), de Warren Mosler
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Acumulación capitalista en América Latina, Colombia como arquetipo. Cecilia Zamudio.
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Esta vez me toca detenerme en el artículo del 8/6/2015 titulado “esto es otitis y no macana” de Adrian Simeoni http://www.lavoz.com.ar/politica/esto-si-es-otitis-y-no-macana .
A mi ver Simeoni no elaboró nada propio, le puso condimento a un artículo “viral” emanado del diario español El País del 7/6/2015 http://elpais.com/elpais/2015/06/07/opinion/1433702012_108896.html
Y que fue excelentemente rebatido por Rosa Guevara Landa en artículo titulado “La contraofensiva Felipista Global imperial” que puede leerse en nuestro blog : https://somossurnuestroamericano.wordpress.com/
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México. Y después de las elecciones qué?. OLEP. Sobre la necesidad de organizarnos
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PRESS TV

Yemen’s Houthi leader delivering speech. Tue Jun 16, 2015 The leader of Yemen’s Houthi movement, Abdul-Malik al-Houthi, is delivering a speech on the latest developments regarding Yemen.
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'US provoking Russia as false enemy'. Tue Jun 16, 2015 The United States is escalating tensions with Russia because it needs enemies for distracting the American people, a US military veteran says.
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‘IMF bears liability for Greek crisis’. Tue Jun 16, 2015 The Greek premiers say the International Monetary Fund (IMF) bears “criminal responsibility” for the ongoing economic crisis in Greece.
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Unsafe asthma prescriptions endemic in UK. Tue Jun 16, 2015 A new study suggests that tens of thousands of Britons suffering from asthma are not getting the proper medication for their condition.
[ The same situation happens in America .. Both US-UK are twins in the nasty health business ]
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Russia to beef up nuclear arsenal. Tue Jun 16, 2015 Russia is to beef up its nuclear arsenal with over 40 new ballistic missiles, Russian President Putin says.
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