JUN 18 SIT EC y POL
ZERO HEDGE
Tell
This To The Next Idiot Who Thinks You're "Unpatriotic". Submitted by Tyler
Durden on 06/18/2015
"When I left the military, I started noticing all
the other ways in which the government turned the Constitution into a
punchline. And that practice has only accelerated. The American Revolution
itself was predicated on the inequity of taxation without representation. Are
your interests represented when they buy bombs and body scanners? Mine
certainly aren’t. Yet people who define patriotism by the frequency and
rapidity of their flag-waving think that we all have some collective duty to
ignorantly believe whatever we’re told by the government. I disagree."
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Middle
Class Incomes Yet To Recover From Crisis As Wealth Gap Widens. Submitted
by Tyler Durden on 06/18/2015
“First, widening inequality is a
very long-term trend, one that has been decades in the making. The degree of
inequality we see today is primarily the result of deep structural changes in
our economy that have taken place over many years, including globalization,
technological progress, demographic trends, and institutional change in the
labor market and elsewhere. By comparison to the influence of these long-term
factors, the effects of monetary policy on inequality are almost certainly
modest and transient.”
That’s what Blogger Ben Bernanke had
to say earlier this month about the idea that the Fed’s post-crisis
policies have contributed to income inequality in America.
The above-cited Bernankespeak can be translated as follows:
poor people have been getting poorer for a long, long time, so sure, maybe the
Fed contributed a little bit, but probably not a whole lot.
A common sense appraisal of QE tells a different story.
Deliberately inflating the assets most likely to be
concentrated in the hands of the rich quite clearly increases the wealth divide
and indeed, even the St. Louis Fed acknowledges
that the American Middle Class is effectively dying a slow death in the
post-crisis world.
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The
Logic Of Interventionism (Or How To Wake Up In A Prison). by Tyler
Durden on 06/18/2015
The mainstream media is still full of articles about the
alleged evils of cash, which we regard as a typical “trial balloon” launched by
the powers-that-be. A salami tactic is therefore employed, not least
because this ensures that there will be little protest. A new law or regulation
may not be seen as overly onerous in isolation. The average citizen may well
think – if he or she is even aware of the adoption of a new law: “Oh well,
it is a bit creepy” or “it does make life a bit more difficult”, but “if it
helps to keep us safer/more prosperous/more free/saves the planet, I can put up
with it”. And so one freedom after another is taken away. If pursued to
its logical conclusion, no freedom will be left in the end.
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The Mysterious "Massive" Seller Who Flash Crashed Gold In 2014 Has Finally Been Revealed. Submitted by Tyler Durden on 06/18/2015
We are running dangerously low on "conspiracy
theories"
…
Back in late 2013
and early 2014, the gold (and silver) market was stunned by a series of
massive, unprecedented "stop" or "velocity logic" sales
which sent the price of the precious metal crashing so furiously they halted
the entire gold futures market anywhere between 10 and 20 seconds. Some
examples:
- September 12, 2013: Vicious Gold Slamdown Breaks Gold Market For 20 Seconds
- October 11, 2013: "Stop Logic" Gold Slam Was So Furious It Shut Down CME Trading Again
- and January 6, 2014: Gold Flash Crashes, Halts Trading As "Velocity Logic" Circuit Breakers Triggered
And, with an 18
month delay, we finally know precisely who caused the January 6, 2014 gold
flash crash: something the CME could have revealed the very next day, and yet
it chose to keep quiet.
…
Because while the
CME accuses Mirus' then trading platform "Zenfire", since made
obsolete, for the glitch, it also says that Mirus failure "resulted
in unusually large and atypical trading activity by several of the Firm’s
customers."
So was the failure
in the trading platform or, as the CME also alleges, the failure was the result
of "atypical trading activity" whose sole intention was almost
certainly to cause a cascading avalanche of sell orders which pushed gold by
$30 lower, rebounding just 50% of the way in the other direction once the
selling pressure subsided, what is know in the industry as
"repricing" an asset, in this case due to fraud which the CME chooses
to call a "glitch."
Some "price
discovery" - if a "failure" can take an "efficient"
price and chop off nearly 2% from it for absolutely no reason.
Alas, we won't find
out.
Why?
First Mirus no
longer exists: one year ago it was acquired
by NinjaTrader, Zenfire was deactivated, and any and all traders complicit
in the gold manipulation scheme have long since gone on to bigger and better
manipulating venues.
Second, as one furious
reader finally blew up and asked then CFTC "regulator" and now
HFT lobbyist, Bart Chilton what the hell is going on,
only to find out that the US commodity regulator had other more pressing
concerns at the time - and every time - than running fair and functioning
markets
…
In retrospect, Bart
Chilton's "book" explaining "How
Scam Artists are Ripping Off America" was clearly based on his own
personal experience.
As for gold, it will
remain manipulated and viciously slammed until such time as the suppressed
price can be allowed to recover its fair value, which will only happen once
those who are accumulating massive amount of physical have their fill. In the
meantime, if you can't beat them may as well join them, as long as
physical gold continues to be quite explicitly "on sale."
http://www.zerohedge.com/news/2015-06-18/mysterious-massive-seller-who-flash-crashed-gold-2014-has-finally-been-revealed [ The list of al Corp
that profit from this scum should be revealed too]
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The
Corporate Earnings Cycle Has Just Turned Negative In The US. Submitted by Tyler
Durden on 06/18/2015
The evolution of
corporate earnings in their broadest form can provide a useful indication of
the subsequent performance of the US stock markets. This makes intuitive
sense. Growing earnings are generally a reflection of good economic
conditions which should be bullish for equities. The opposite also applies of
course. But it is at key turning points that this indicator becomes
particularly insightful, in our opinion even more than the actual level of the
price-earnings ratio.
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Russia,
Greece Ink Pipeline Deal As Gazprom Boosts Ukraine Bypass. Submitted by Tyler
Durden on 06/18/2015
Greece completes stage one of the dreaded "Russian
pivot" as energy ministers from Athens and Moscow ink an MOU on Gazprom's
Turkish Stream pipeline. Meanwhile,
Gazprom signs a deal with Shell and others to double the capacity of the Nord
line, a move which will, over time, decrease the energy giant's dependence on
Ukraine for transport.
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Moscow
Furious After Both Belgium And France Freeze Russian State Assets. Submitted by Tyler
Durden on 06/18/2015
Both France and Belgium have moved to freeze Russian
state assets on Thursday, prompting
an angry response from Moscow and serving to further inflame tensions between
Russia and Europe amid escalating violence in Ukraine and an increasingly aggressive
stance towards the Kremlin on the part of Washington and NATO.
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ECB
Admits Emergency Call On Greece ELA Planned For Friday. Submitted by Tyler
Durden on 06/18/2015
Having vehemently
denied teh rumor that Benoit Coeure specifically said he questioned whether
Greek banks will open on Monday, The ECB has, rather awkwardly, admitted that:
*ECB SAID TO HOLD UNSCHEDULED CALL ON GREECE ELA ON
FRIDAY
Given the
accelerating outflows and implicit bank run today's comments will create, if
The ECB does not re-up the ELA, it is indeed over for Greek banks (unless
Russia or China step in over the weekend) come Monday morning.
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There
Will Never Be Enough Good Jobs Ever Again. Submitted by Tyler Durden on 06/18/2015
It’s over. Except
for a short moment or a wild and self-exhausting governmental mandate (both of
which are doubtful), there will never again be enough “good jobs” to go
around. That model is gone and we need to root it out of our imaginations.
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ECB
"Blesses" Greek Bank Runs, Says Unsure If Banks Will Reopen Monday. Submitted by Tyler
Durden on 06/18/2015
Just minutes after
Greek FinMin Varoufakis warned people were trying to "incite capital
flight" from Greece and Dijsselbloem stated that "capital
outflows from Greece are worrying," Reuters is reporting that The
ECB dropped the bank run hammer:
ECB TOLD EURO ZONE FINANCE MINISTERS IT WAS NOT SURE IF
GREEK BANKS WOULD BE ABLE TO OPEN ON MONDAY- OFFICIALS
Friday sees
Russia-Greece meetings and Euro area leaders are supposedly meeting on Monday
evening due to the seriousness of the situation so it appears the endgame is
looming large one way or another.
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Is
Greece Hurting The Euro Or The Euro Hurting Greece?. Submitted by Tyler
Durden on 06/18/2015
So a nation that had essentially 40 continuous years of
production expansion suddenly goes into a tailspin upon changing up the
monetary basis of trade suggesting that we can pinpoint the culprit. A 5 year old could pick up on this
actuality. So how is it that these supposed omniscient academics at the ECB
are simply incapable of seeing the blatantly obvious?
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Eurogroup
Meeting Ends Without A Deal, Greek Belligerence Grows. Submitted by Tyler
Durden on 06/18/2015
Another day over, and another failure to reach a Greek deal,
except for the usual pathetic rumor mill allowing "someone" to exit
positions:
- NO DEAL AT EUROGROUP, SAYS DOMBROVSKIS ON TWITTER
As Greek belligerence grows:
- GREECE WON'T BE BLACKMAILED, GREEK GOVT OFFICIAL SAYS
- GREEK GOVT SAYS SOME PEOPLE SEEKING TO INCITE CAPITAL FLIGHT
And now, onward to the next Eurogroup meeting.
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Europe
Folds? German Zeit Reports EU, ECB Will Extend Aid To Greece Without IMF;
Merkel Denies. Submitted by Tyler
Durden on 06/18/2015
Believe it or not: GREECE AID TO BE EXTENDED UNTIL YR-END
W/O IMF: DIE ZEIT
... NOT! GERMAN NEWSPAPER ZEIT REPORT ABOUT CONCESSIONS
MADE TO GREECE BY CREDITORS HAS NOTHING TO DO WITH REALITY, SUCH A PROPOSAL
WOULD DEFINITELY NOT FLY - EU DIPLOMATS
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Captured
Church Massacre Gunman: "You Rape Our Women And You’re Taking Over Our
Country" - Live Webcast. Submitted by Tyler
Durden on 06/18/2015
Update: Dylann Roof, the suspect identified as the
Charleston church shooter has been caught by authorities in Shelby, North
Carolina
The FBI has identified the suspect in the shooting
that killed 9 at a historic black church in Charleston, South Carolina on
Wednesday evening. One eyewitness has offered a chilling first-hand account.
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George
Soros Warns Washington To "Mend Relations With China" Or Face World
War 3. Submitted by Tyler
Durden on 06/18/2015
"Both the US and China have a vital interest in
reaching an understanding because the alternative is so unpalatable,"
Soros wrote in an article for the New York Review of Books, with the danger
imminent if Chinese economic reforms fail forcing President Xi Jinping to
"foster some external conflicts to keep the country united and maintain
himself in power." These "conflicts" would present themselves
in the form of a Sino-Russo alliance which could draw the entire world into
war.
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Animal
Farm Was A Template (For The Fed). Submitted by Tyler
Durden on 06/18/2015
We are more convinced than ever that the FOMC is simply
trying to scare a recovery into existence. The Fed is going to raise rates
(or, in actuality, make you think it wants to so bad that you think they
actually might) in order to signal a strong economy, in order to get people
acting like a strong economy, in order to create a strong economy. In
June 2015, the commands of the central planners are almost openly mocking
common sense. "No one believes more firmly than Comrade
Napoleon that all animals are equal. He would be only too happy to let you make
your decisions for yourselves. But sometimes you might make the wrong
decisions, comrades, and then where should we be?"
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Submitted by Tyler
Durden on 06/18/2015 - 07:32
- WSJ urges Fed to blow uberest of all bubbles: Memo to Fed: Let the Economy Overheat (WSJ)
- Gunman at large after killing nine at black South Carolina church (Reuters)
- Nine Dead in Charleston Shooting Labeled a 'Hate Crime' (BBG)
- Hong Kong Votes Down Beijing-Backed Election Plan (WSJ)
- Greece Has Already Cost Investors $897 Billion This Year (BBG)
- Merkel Maintains Tough Stance on Greece as Deadline Looms (WSJ)
- Small U.S. frackers face extinction amid drilling drought (Reuters)
- Brian Williams to Stay at NBC, but Lester Holt Will Be Anchor (WSJ)
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Dollar
Tumbles After Fed Whiffs Again; More Cracks Appear In Chinese Stock Bubble.
Submitted by Tyler Durden on 06/18/2015
All those saying the Fed will never be able to raise rate
are looking particularly smug this morning, because if the market needed a
green light that despite all the constant posturing, pomp and rhetoric, the US
economy is simply (never) ready for a rate hike, it got it late last night when
Goldman is pushing back its forecast for the first Fed rate hike from
September to December 2015 saying that "in large part this reflects the
fact that seven FOMC participants are now projecting zero or one rate hike this
year, a group that we believe includes Fed Chair Janet Yellen. We had viewed a
clear signal for a September hike at the June meeting as close to a necessary condition
for the FOMC to actually hike in September, but the committee did not lay
that groundwork today."
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WASHINGTON BLOG
The master narrative
of the status quo is that maximizing private gain by any means available is
good because to get rich is glorious: the goal of getting rich
motivates entrepreneurs to do wonderful things that benefit humanity while they
amass vast fortunes.
This is the happy
propaganda story, and we all know the few outliers who are endlessly trotted
out to “prove” its truth: Steve Jobs, the Larrys (Ellison and Page) Bill Gates,
et al. Nice, but the handful who fulfill the propaganda version of optimizing
private gain by any means available only succeeded because there were no
powerful vested interests in their way.
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INFORMATION CLEARING HOUSE
Who’s
Behind Asia-Pacific’s Growing Tensions?. By
Tony Cartalucci.
It’s very clear
then that tensions in Asia Pacific, amid which the US attempts to pose as an
indispensable mediator of, are in fact the intentional, premeditated
consequences of long-standing, well-documented US foreign policy.
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U.S. Strategy In Turkey: Causing The Problem
to Provide “The Fix” . By Kemal Sakarya and William Cohn
Promoting Kurdish independence is a key piece of the U.S.
grand strategic design for the Middle East.
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The
Injustice Handed Out To Julian Assange Must End. By John Pilger
The US criminal investigation against him and WikiLeaks
-- for the "crime" of exercising a right enshrined in the US
constitution, to tell unpalatable truths -- is "unprecedented in scale and
nature"
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America
Prosecutes the World. By
Margaret Kimberley
“Nearly every policy enacted by our government is meant
to diminish the rights of individuals and other nations and to increase the
power of the American state and corporations.“
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The Media
Won't Tell You the Truth About the Media, So I Will. By Thom Hartmann
What mainstream news wants is for everyone to treat
elections like they're "American Idol,"
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GLOBAL RESEARCH
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NOTICIAS IN SPANISH
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"Grecia no debería pagar su deuda". Héctor Estepa
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US
struggles to train anti-ISIL fighters. Thu Jun 18, 2015 Pentagon has said that the US is struggling to
train the so-called moderate militants in Turkey and Jordan to fight the ISIL
Takfirir terrorists.
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Russia
to extend EU food ban . Thu Jun 18, 2015 Russia says the food ban on
European and US food products will remain in place.
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Russian
state assets frozen in France. Thu Jun 18, 2015 France freezes Russian
state assets to cover a court settlement compensating Yukos shareholders.
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