JUL 7 SIT EC y POL
ZERO HEDGE
In the end,
finance—at any level—has to be about rules and numbers, or it becomes about
nonsense. Break enough of your own rules, and your money turns to garbage,
because in a world where money is debt and debt is garbage, money is garbage.
But there is a proven method for solving this problem and moving on: it's
called national bankruptcy. Greece is bankrupt; if its resolution brings on the
bankruptcy of Spain, Italy and others, and if that in turn bankrupts the entire
Eurozone, then that's exactly what must happen.
But something else might happen instead. The Eurocrats are already appalled by the Greek show of democracy, and will work hard to derail any such democratic effort in the future using all of the means of political and economic manipulation at their disposal—all simply to muddle along for a bit longer, making the end-game, when it finally comes, all the more painful. I am sure that the Eurocrats plan to follow model of the British Civil Service, which reached its maximum staffing level right when the British Empire ceased to exist. Let's look for ways to not help them do this.
But something else might happen instead. The Eurocrats are already appalled by the Greek show of democracy, and will work hard to derail any such democratic effort in the future using all of the means of political and economic manipulation at their disposal—all simply to muddle along for a bit longer, making the end-game, when it finally comes, all the more painful. I am sure that the Eurocrats plan to follow model of the British Civil Service, which reached its maximum staffing level right when the British Empire ceased to exist. Let's look for ways to not help them do this.
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Obama
Calls Merkel, Reinforces IMF Case Of Debt Haircut. Submitted by Tyler
Durden on 07/07/2015
The President and German Chancellor Angela Merkel spoke by
phone this morning about Greece. The leaders agreed it is in everyone's
interest to reach a durable agreement that will allow Greece to resume reforms,
return to growth, and achieve debt sustainability within the Eurozone.
The leaders noted that their economic teams are monitoring the situation in
Greece and remain in close contact.
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Ragin'
Contagion: When Debtors Go Broke, So Do Mercantilist Exporters. S- by Tyler
Durden on 07/07/15
Despite endless assurances that the Greek debt crisis is
contained, the reality is that the ragin' contagion of debt crises will spread
not just to other deeply indebted nations but to the mercantilist economies
that depend on selling goods to borrowers. Strip out the borrowing, and you
strip out most of the customers for German, Dutch and Chinese goods.
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"We
Greeks Voted 'No' To Slavery, But 'Yes' To Our Chains". Submitted
by Tyler Durden on 07/07/2015
"We Greeks have voted 'No' to slavery -- but 'Yes'
to our chains... What's simply whack-o is that, while voting "No"
to austerity, many Greeks wish to remain shackled to the euro, the very
cause of our miseries."
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Greece
"Uncontained" - European Bond Yields Are Soaring; Is Portugal Next?.
S by Tyler Durden on 07/07/15
Who's next?
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THE
BIGGEST WINNER FROM THE GREEK TRAGEDY. Submitted by Tyler Durden on 07/07/2015
Sadly, the losers are the ordinary, common, taxpaying
people of Germany and Greece (and every other European nation), who enjoyed a
few brief years of artificial prosperity, which in retrospect was entirely due
to debt, masked well by the
"currency swaps" and other financial engineering concocted by banks
such as Goldman Sachs, in clear violation of the Maastricht treaty which is now
a long-forgotten memory of the founding ideals behind the Eurozone.
For every loser there is a winner, and in the case of Greece and its tragedy,
just as millions are about to lose everything, a few not only made billions
but quietly, under the guise of "sovereign bailouts" transferred their
entire risk onto the taxpaying public.
They are shown in the chart below.
It is that transfer of private-to-public risk, which is
also the main reason why the public debt of so many European countries, not
only Greece, whose debt is record high despite a default to its private
creditors in 2012 and where only
10% of bailout proceeds ever made it to the actual economy...
The Biggest Winners
Inevitably, there will be many angry people, because what
is about to come to Europe will be hardship unlike anything seen in
generations. Our suggestion: study the following
map closely because just like Libor was an impossible conspiracy theory
until it was a proven fact, what is happening in Europe was propagated and
effectuated by one bank more than any other.
This one:
Or, one can ignore this as merely yet another conspiracy
theory. And that's fine.
But there is one critical, factual loose end
that has to be investigated.
Back in June
2012, the ECB, whose head was the recently crowned Mario Draghi who had
less than a decade ago worked at none other than Goldman Sachs, was sued by
Bloomberg's legendary Mark Pittman under Freedom of Information rules demanding
access to two internal papers drafted for the central bank’s six-member
Executive Board. They show how Greece used swaps to hide its borrowings,
according to a March 3, 2010, note attached to the papers and obtained by Bloomberg
News. The first document is entitled “The impact on government deficit and
debt from off-market swaps: the Greek case.” The second reviews Titlos Plc,
a securitization that allowed National Bank of Greece SA, the country’s biggest
lender, to exchange swaps on Greek government debt for funding from the ECB,
the Executive Board said in the cover note. From
Bloomberg:
In the largest derivative
transaction disclosed so far, Greece borrowed 2.8 billion euros from Goldman
Sachs Group Inc. in 2001 through a derivative that swapped dollar- and
yen-denominated debt issued by the nation for euros using a historical exchange
rate, a move that generated an implied reduction in total borrowings.
“The Greek authorities had never
informed Eurostat about this complex issue, and no opinion on the accounting
treatment had been requested,” Eurostat, the Luxembourg-based statistics
agency, said in a statement. The watchdog had only “general” discussions with
financial institutions over its debt and deficit guidelines when the swap was
executed in 2001.
“It is possible that Goldman
Sachs asked us for general clarifications,” Eurostat said, declining to
elaborate further.
The ECB's response: "the European Central Bank said
it can’t release files showing how Greece may have used derivatives to hide its
borrowings because disclosure could still inflame the crisis threatening the
future of the single currency."
Considering the crisis of the (not so) single currency is
very much "inflamed" right now as it is about to be proven it was
never "irreversible", perhaps it is time .. to at least bring some
closure to the Greek people as they are swept out of the Eurozone which has so
greatly benefited the very same Goldman Sachs whose former lackey is currently
deciding the immediate fate of over €100 billion in Greek savings.
Because something tells us the reason why Mario Draghi personally blocked Bloomberg's
FOIA into the circumstances surrounding Goldman's structuring, and hiding, of
Greek debt that allowed not only Goldman to receive a substantial fee on the
transaction, but permitted Greece to enter the Eurozone when it should
never have been allowed there in the first place, is that the person who oversaw and personally endorsed the perpetuation of the
Greek lie is none other than Goldman's Vice Chairman and Managing Director at
Goldman Sachs International from 2002
to 2005. The man who is also now in charge of the ECB. Mario Draghi.
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For
Those Already Missing Varoufakis, He Was Just Sighted In Athens.... S- by Tyler Durden on 07/07/15
[En la foto aparece
Yanis bebiendo un vaso de leche .. una dama junto a el -que asumo es su esposa- parece decir “este
diablo sagrado pertenece a este cielo, a esta familia, él nos pertenece”. Es cierto, como cambiar estos momentos de
felicidad .. por los ambientes fétidos
de la troika .. que hacia el allÃ,
oliéndole los pedos a la troika .. esos le impedÃan aspirar el dulce aroma del
amor. Si es asi, tiene muchÃsima razón .. pero el mundo de los oprimidos querÃa
que Yanis este en esas batallas .. Ojala regrese a coordinar la transición del
resto de Europa hacia un sistema post-neo-liberal ]
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Iranian
Oil Exports To Double Following Nuclear Deal. Submitted by Tyler
Durden on 07/07/2015
While not predicting that Tehran and six world powers will
strike a deal by the new July 10 deadline, a senior Iranian oil official
says his country hopes to nearly double its crude exports immediately if
and when sanctions are lifted and hopes that OPEC will accommodate this growth
by capping production by the cartel’s other members. “We are like a pilot on
the runway ready to take off,” Mansour Moazami, Iran’s deputy oil minister
for planning and supervision, told
The Wall Street Journal inTehran on July 5. “This is how the whole
country is right now.”
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The
Three Greek "Scenarios" Discussed Today In Brussels. Submitted
by Tyler Durden on 07/07/2015
- A new program requiring very major structural reforms of the Greek side, and much larger than the last Juncker proposal.
- Introduction of parallel currency, primarily through promissory IOU.
- Controlled bankruptcy and leaving the euro
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ECB
Board Member Says Introduction Of Another Greek Currency "Most Realistic
Scenario". Submitted by Tyler
Durden on 07/07/2015
ECB’S RIMSEVICS SAYS INTRODUCTION OF ANOTHER CURRENCY IN
GREECE IS MOST REALISTIC SCENARIO, MAY BE ONE LESS EURO ZONE MEMBER IN FUTURE
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US
Trade Deficit Widens In May As Exports Tumble Most In 3 Months. S- by Tyler
Durden on 07/07/15
The US trade deficit increased from $40.7 bn to $41.8bn,
slightly lower than expected. Impoorts fell a mere 0.1% (despite a record
amount of imported auto parts) but exports fell 0.8% (driven by a
decline in Aircraft sales), nudging GDP expectations lower. The trade deficit
with China rose notably and exports to Europe dropped.
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Ahead
Of Dark ATMs, Import Shortages, Tsipras Goes Back To Brussels Begging For
Bailout. S- by Tyler Durden on 07/07/2015
On the heels of Sunday’s referendum wherein Greeks
essentially gave the greenlight for an unceremonious EMU exit should Europe
decide to spurn the IMF and stick to a “no debt relief” policy for Athens, PM
Alexis Tsipras and his newly-appointed finance minister Euclid Tsakalotos are
making a final push to break the stalemate with creditors before the ATMs go
dark and a supplier credit crunch creates widespread shortages of imported
goods.
[Basta de
humillaciones!!.. la Banca tiene que ser completamente nacionalizada y tener su
propia moneda.. El desenganche con la troika tiene que ser asumido como
corresponde a una nación soberana.. el pertenecer a Europa no significa someterse
a la troika .. el derecho a la libre auto-determinacion ha dado su 1er paso y
es necesario unir la nación contra cualquier interferencia imperial.. el globo
no tiene hora un solo eje .. tiene dos .. uno de estos está desintegrándose ,
el imperio al que pertenece la UE.. y el otro afirmándose.. y que avanza rápido,
el BRICS que lideran Rusia y China … Ellos están dispuestos a ayudar y hay que
aceptar esa ayuda .. no hay otra forma de bloquear y frenar el autoritarismo de
la troika ]
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Submitted by Tyler
Durden on 07/07/2015 - 07:42
- Greece faces last chance to stay in euro as cash runs out (Reuters)
- Tsipras Begins Brussels Campaign to Keep Greece Inside the Euro (BBG)
- Greek Crisis Shows How Germany’s Power Polarizes Europe (WSJ)
- Eurogroup Head Dijsselbloem Calls for ‘Credible’ Greece Package (BBG)
- Europe Not Playing ‘Domino Theory’ Leaves Markets Calm on Greece (BBG)
- China stocks fall again despite support measures (Reuters)
- Chinese Trading Suspensions Freeze $1.4 Trillion of Shares Amid Rout (BBG)
- Crude Creeps Higher After Downturn (WSJ)
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Russia
Celebrates Independence Day By Flying Strategic Bombers 200 Miles Off
California Coast. Submitted by Tyler
Durden on 07/06/2015
As Americans stared heavenwards at the sound and fury of
incendiary devices lighting the dark to celebrate their independence from an over-taxing
monarchy, there were other fireworks going off in the skies above Alaska and
California. As Fox News reports, two pairs of Russian bombers flew off the
coast of California and Alaska - forcing the Air Force to scramble fighter jets
to intercept both flights, according to two senior defense officials who
did not confirm if the bombers were armed. As Free
Beacon adds, it was the second time Moscow dispatched nuclear-capable
bombers into the 200-mile zone surrounding U.S. territory in the past two weeks.
[Falsas alarmas las
escuchamos todos los dias … quien realmente quiere la guerra nuclear es el
USA.. entre los war-mongeristas del partido Republicano y el Democrata ya no hay diferencia alguna.. ambos hablan el
lenguaje neo-conservador y pro-guerra contra Rusia y China.. El pueblo reclama
el derecho a una 3ra opción y crecen las simpatÃas a favor del Senador Sanders ]
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INFORMATION CLEARING HOUSE
Problem
Solved: NATO and EU Want to Bomb 'Refugee Terrorists' They Created
By Ante Sarlija & Niall Bradley
By Ante Sarlija & Niall Bradley
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We Need To
Know: Did Saudis Help Fund 9/11 Attacks? Column
By James Bovard
By James Bovard
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Financial
Nonsense Overload
By Dmitry Orlov
By Dmitry Orlov
There is a proven method for solving this problem and
moving on: it's called national bankruptcy.
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In Ecuador,
Fight for Mankind; In Greece, Fight for Greece!
By Andre Vltchek
By Andre Vltchek
The Left in Europe and US is constructed on Christian and
Euro-centric mind frame, with exceptionalism and supremacist sentiments at its
core.
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US has a long history of meddling in Greek politics. And
if you ask Robert Kaplan - the influential neo con ideologue - time has come
for another intervention.
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The western fraudulent monetary system is doomed. It is a
mere question of time. The time is now for Greece to abandon this sinking ship.
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WASHINGTON BLOG
Posted on July 7, 2015 by Eric Zuesse.
Eric Zuesse
CURRENT REALITIES:
Wealthiest Tenth
(10%) of Americans Own 75% of America; They Draw 40% of All U.S. Income.
Wealthiest Hundredth
(1%) of Americans Own 43% of America; They Draw 20% of All U.S. Income
.Wealthiest
Thousandth (0.1%) of Americans Own 22% of America; They Draw 8% of All U.S. Income.
Wealthiest
Ten-Thousandth (0.01%) Own 11.2% of America; They Draw 5% of All U.S. Income.
Wealthiest 0.0025%
(Forbes 400) Own 2.75% (of all trackable privately-held wealth, not
including ‘non-profits’ that are controlled by them).
That last (2.75%)
is this $2.29 trillion divided
by this $83,296 billion
(representing all of the privately owned wealth in the U.S.), in the final
quarter of 2014.
Incidentally, the
wealthiest tenth are worth
over $1 million and draw incomes above $200,000; so: they’re all
“millionaires” in common parlance; all of the “top 10%” are.
This continue.. =è
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GLOBAL RESEARCH
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NOTICIAS EN ESPAÑOL
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[Para salvar su Gbno
Humala tendrÃa que emitir dos decretos: 1- Someter a revisión los contratos con
el extractivismo predatorio de empresas foráneas. Caso Tia Maria; y 2do- Emitir
ley que Re-inicie el Proyecto carretero con Brasil, para lo que ya se cuenta
con financiación China. Esto estimularÃa el crecimiento y desarrollo económico del
SUR y además servirÃa para estimular La Unidad Latina y el BRICs. ]
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Colombia. Paros agrarios a la vista mientras el pequeño
comercio rechaza monopolios santistas
Horacio Duque.
Horacio Duque.
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RT- SPUTNIK & LATEST SHOWS
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Watching
the Hawks. TV
Terror, Gaza 1 year later, grappling with Greek Grexit, silence in the trading
pits, & do comets carry seeds of life?
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PRESS TV
Greece
gives plan, eyes deal deadline. Wed
Jul 8, 2015 Greece has submitted a proposal to the EU while waiting for its
final summit on Sunday.
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US
Army to lay off nearly 60,000 staffers. Wed Jul 8, 2015 The US Army is
poised to lay off nearly 60,000 of its staffers over the next two years to save
money, a report says.
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‘Deep
divisions’ remain among P5+1 Tue Jul 7, 2015 One of the main
disagreements in nuclear talks between Iran and the P5+1 are the US
congressional sanctions against Tehran.
[Iran is dealing
with a limb-duck : nada de lo que acuerde su equipo tiene validez si no lo
acuerda el Congreso. Ademas, toda la información recabada durante el dialogo va
a Israel. El desmontaje de todo proyecto nuclear de Iran tiene como objetivo
facilitar el ataque de Israel a Iran. Ese paÃs quedo excluido de toda la
vigilancia que se le aplica a Iran. Beneficios hay pero de muy relativa validez ]
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