JUNE 26 16
SIT EC y POL
….
ZERO HEDGE
ECONOMICS
The calm is over. FX markets are open and Cable is
currently down another 170 pips, testing 1.3500 once again. USDJPY is also
sliding back below 102.00 as the world awaits China's reaction with its
official peg as offshore Yuan plunged on Friday...
Cable testing towards
that 1.34 handle...
For those wondering
how far it could go -Options markets are suggesting a 1.24 to 1.46 range over
the next 3 months...
And USDJPY back under
102...
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"The global economy cannot afford to rely any
longer on the debt-fuelled growth model that has brought it to the current
juncture... The world has been
haunted by an inability to restrain financial booms that, once gone wrong,
cause long-lasting damage... We
need policies that we will not once again regret when the future becomes
today."
Another point the BIS
makes is something we have discussed
over the past year, namely the blow out in cross-currency basis swaps,
which as we futher pointed out on Friday, blew
out to the most negative print since 2012:
Following up on a
report the BIS' Hyun Song Shin wrote just a few days ago, the BIS makes the
case that "under the theory of so-called covered-interest parity, interest
rates implied by currency trading should be consistent with market interest
rates. Yet, current implied dollar rates from currency swaps are above Libor.
This means that borrowers in dollars through the currency swap market are
paying more than the rate available in the open market."
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by Secular Investor - Jun 26, 2016 9:24 AM
Low interest rates
can be a great tool to get an economy in slow-down mode going again, but there
always is an unwanted side effect. If credit becomes too cheap and available
for just anyone, there’s bound to be ‘abuse’ in the system, as households (and
companies) can spend the borrowed cash on anything they want.
We have already warned
you before about the share buybacks on the financial markets, as the
increasing profits (per share) are mainly
inflated by lower interest expenses and a lower amount of outstanding
shares, rather than really seeing a substantial improvement of the business and
sector those companies are operating in.
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POLITICS (of health)
"We're looking at a public health emergency
affecting the streets of New Haven" Deputy Director of Emergency
Management Rick Fontana said. “We’ve had quite a hectic time,” he said. “I
don’t recall an incident where it’s been like this.”
[ The”American dream of freedom” doesn’t work. The 1% have the
right to compete for fraud-accumulation in the casino market (if they lose, QEs
& bailout will assist them) .. and the right to infest with their dirty
money the electoral primaries .. Meanwhile, the poor has the right to burn
their lungs & brain with Tabaco & crack .. the middle classes with heroin .. and the
upper class with fake cocaine .. and all of them have the righ to die with obesity
related illness .. Does this reality was part of the American dream?. .. Not,
of course, NO. This is not a dream, this is a nightmare .. It is the neoliberal-American way of dying.]
Fontana said the rise in heroin use was an issue the
city has been dealing with for some time. Heroin was found to have contributed
in the fatal overdoses of 415 people last year in Connecticut alone.
As a reminder, national heroin
overdoses have skyrocketed in recent years despite the "war on
drugs."
Who are those that profit from
the war on drugs?
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"Given this
evidence, it seems likely that police
officers often fine African Americans at higher rates, even if Black people do
not commit more infractions..."
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ME & WORLD ISSUES
"...the actual disaster isn’t the vote, it’s the
eight years of policy that made it thinkable... Brexit is not the
disaster. The disaster is what they’re rowing from..." As soon as the
focus returns to why the UK bailed in the first place the proper
sympathy will shift from the poor Britons in a flimsy rowboat to Europeans still trapped on the Titanic.
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Brussels simply went too far... They crossed the line moving from an economic union to a political
subordination of Europe, and now eight
more countries are threatening referenda.
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Spain’s two main
progressive parties, the 137-year-old Socialists and the anti-establishment
group Podemos, appear to have won a majority of seats in parliament in Sunday’s
election, according to exit poll data.
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Update: Labour leader
Jeremy Corbyn has said he will not step
down, adding he will not "betray the trust" of those who elected him,
according to Sky News.
"If a general
election is called later this year, which is a very real prospect, we believe
that under Jeremy's leadership we could
be looking at political oblivion,"
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GLOBAL RESEARCH
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The
Inconvenient Truth: Bashar al Assad’s Popularity Confounds NATO Propagandists
By Barbara McKenzie,
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RT SHOWS
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NOTICIAS IN SPANISH ABRIR : https://actualidad.rt.com/
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PRESS TV
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I
won’t betray trust of voters: Corbyn Listen Sanders!
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Scotland could veto Brexit: Sturgeon
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