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What If You Had An Italian Bank Account? Or A Portuguese Bond? / by John Rubino / July 2, 2015

Though it might yet drag on for weeks, months or even years, Greece’s drama can end in one of only two ways: Continued austerity which consigns its most vulnerable 50% to an endless “capital D” Depression, or some form of temporary dictatorship complete with capital controls and wealth confiscation — and a then “capital D” Depression. Either way, some of today’s Greek kids might grow up without ever holding a job in a legitimate business. For more details, see Greece’s hideous choice: More austerity or collapse.

But Greece was never the main story. At best (worst?) it’s an illustration writ small of what’s really coming, as the eurozone’s bigger weak economies travel the same road. Italy, Spain, and Portugal will soon need (more accurately demand) a Greek-style bailout, though with a twist: There isn’t enough money available anywhere to bail out economies of that size sufficiently to allow them to remain in the common currency union NOR to manage the debt writedowns that would instantly hit the major European banks if those countries withdraw from the euro. So whatever Greece does, the real crisis is on its way. Here’s a good Zero Hedge analysis of what comes next.

To understand this convergence of inevitable and imminent, put yourself in the shoes of an Italian with a local bank account. You’re seeing the footage of Greeks queuing up around the block only to be greeted with “No Money” signs when they finally reach the ATM. And you’re drawing the right conclusion: Get your money out of the local bank and under your mattress, into a tin can buried in the back yard, or into a Swiss franc account even at the cost of a negative interest rate. Later, when Italy has left the eurozone and returned to a much-devalued lira, those euros/francs will be worth twice as much as they are today.


Barrack Obama Tells Another Whopper—–He Did Not Create 12.8 Million Jobs / by David Stockman / July 2, 2015

America is better off when President Obama is out on the stump bloviating and boasting rather than in Washington actively doing harm. But the whoppers he just told the students at the University of Wisconsin are beyond the pale. Said our spinmeister-in-chief:

 And the unemployment rate is now down to 5.3 percent. (Applause.) Keep in mind, when I came into office it was hovering around 10 percent. All told, we’ve now seen 64 straight months of private sector job growth, which is a new record — (applause) — new record — 12.8 million new jobs all told.

That’s a pack of context-free factoids. There is still such a thing as the business cycle, and only economically illiterate hacks—-like those who work on the White House speech writing staff—-would measure anything from an all-time momentary bottom that happened to occur during Obama’s second year in office. What counts is not that we’ve had a bounce after a terrible bust, but where we are now on a trend basis.

The answer is absolutely nowhere!

We are now 29 quarters from the pre-crisis peak and total non-farm labor hours utilized by the US economy are no higher than they were in Q4 2007. In other words, if you use a common unit of measure—–labor hours rather than job slots which treat coal-miners and part-time pizza delivery boys alike—–there have been no new units of employment at all. Our teleprompter reading President is actually tooting his own horn about recycled hours and “born again”  jobs and doesn’t even know it.


Iran Repatriates 13 Tons of Gold Under Sanctions Relief / Dave in Denver / July 2, 2015 at 12:25

Iranian officials have announced that the Islamic Republic’s Central Bank has successfully repatriated 13 tons of gold as part of a package of sanctions relief provided to Iran by U.S. and Western powers.

The gold was transferred to Iran by the government of South Africa, which had been holding onto the assets due to harsh sanctions meant to pressure Tehran to rein in its rogue nuclear program.

The gold appears to have been released as part of a sanctions relief package that will have awarded Iran nearly $12 billion in unfrozen cash assets by the time negotiations wrap up next week.

Iran received $4.2 billion in unfrozen assets under the 2013 interim agreement with the United States and was then given another $2.8 billion by the Obama administration last year in a bid to keep Tehran committed to the talks.

The State Department calculates that Iran will have received a total of $11.9 billion in cash assets.

The governor of Iran’s Central Bank announced to the country’s state-controlled media that the South Africans have finally returned the 13 tons of gold.


The German Press Does It Again: “Give Me The Money Or I Shoot” / by Tyler Durden / 07/03/2015 02:00 -0400

When a message needs to be sent by the powers that be, the German press can always be relied upon to send it, no matter how divisive (as they did here, here, and here). So it is no surprise that with the stakes appearing to have never been higher, Handelsblatt unleashes the following…


The Fallacy of Trying to Fight the Troika in Their Own Courts / by Martin Armstrong / July 3, 2015

Greece now threatens to appeal the abuse of the Troika by taking court action to block a Grexit, or really a Greek expulsion or takeover of Greece by the Troika. European leaders have sold their own peoples’ rights to the highest bidder in Brussels and warn in concert that a “No” vote on Sunday means that Greece will be pushed out of the euro.


Global Debt Overload, Phony Jobs=Phony Recovery, Droughts and Floods

Greg HunterPublished on Jul 2, 2015

Greece is going through a referendum, and they are taking a que from the Clash song “Should I Stay or Should I Go.” Meaning, should Greece stay or leave the European Union? I say it is not going to make much difference. The Greeks, as everybody else in the world, have been living beyond their means. There are going to be big cuts to everything no matter what.

More phony jobs numbers were produced by the government this week in the ongoing so-called recovery story. The MSM always focuses on the jobs created but fails to tell you they are part- time jobs or more than 400,000 just left the work force.

From coast to coast, there is either too much water or not nearly enough. Let’s start in California. It is ground zero in the western drought. All of California is in some sort of drought. Most of California has never seen a drought this bad. This is a state of 38 million people, and about four months ago, NASA estimated that California had about a year’s worth of water left–8 months and counting, folks. Here in the Midwest, there is too much water, way too much water. Missouri and other states had record breaking rainfall amounts.

Nuclear Explosive Devices in NY….oh wait he meant to say nuclear explosive dectection devices

Hat tip: ranger1000

Paul Craig Roberts – The Fate Of The Entire World Is About To Be Decided / July 02, 2015

With people around the world worried about the escalating crisis in Greece and conflicts in the Middle East and Ukraine, today former U.S. Treasury official, Dr. Paul Craig Roberts, warned King World News that the fate of the entire world is about to be decided.

By Dr. Paul Craig Roberts Former U.S. Treasury Official

July 3 (King World News) – According to history books, democracy originated in Greece.  Of course, historians could be mistaken, but this is the prevailing view among Western populations with enough awareness to be interested to know.


Chinese Government “Losing Control”: Stocks Are Collapsing, Hitting New Bear Market Lows / by Tyler Durden on 07/02/2015 22:02

As one local reporter put it, despite being told not to say anything negative, “the government appeared to have lost its ability to manage the market.” Chinese stocks are down 4-5% at the open, pressing new cycle lows with Shenzhen and CHINEXT now down 25% from last week.

As The South China Morning Post reports, many investors said the government was at least partly to blame for the collapse because it encouraged them to go into the market – for months, state-owned media have issued daily commentaries to encourage people to load up on shares.

And now the payback: even more utter carnage:


The U.S. Driven Fake Economy Is Ready To Collapse – Episode 707

X22Report, Published on Jul 2, 2015

90% of IMF Greek debt bailout went directly to the banks not to the people. Russia is getting involved saying let Greece decide on their own. S&P reports if Greece leave the Euro GDP will fall by 20%, most likely it will be the opposite and rise by 20%.The central bankers are crushing Greece so other countries will not follow. The EU now calling for Tspiras resigning and a new government. Unemployment falls to 5.3%, more people are are out of the workforce. Manufacturing jobs have been replaced with bartender and waitress jobs.Manufacturing signaling a depression. Obamacare adds 1 trillion to the US debt.The FBI and DHS still reporting a major threat this 4th of July but have no facts to back up what they are saying.

LEAKED: How the Biggest Banks Are Conspiring to Rip Up Financial Regulations around the World / by Don Quijones • 

It’s almost impossible to keep anything secret these days – not even the core text of a hyper-secret trade deal, the Trade in Services Agreement (TiSA), which has spent the last two years taking shape behind the hermetically sealed doors of highly secure locations around the world.

According to the agreement’s provisional text, the document is supposed to remain confidential and concealed from public view for at least five years after being signed! But now, thanks to WikiLeaks, it has seeped to the surface.

The Really, Really Good Friends of Services

TiSA is arguably the most important – yet least well-known – of the new generation ofGLOBAL TRADE agreements. According to WikiLeaks, it “is the largest component of the United States’ strategic ‘trade’ treaty triumvirate,” which also includes the Trans Pacific Partnership (TPP) and the TransAtlantic Trade and Investment Pact (TTIP).

“Together, the three treaties form not only a new legal order shaped for transnational corporations, but a new economic ‘grand enclosure,’ which excludes China and all other BRICS countries” declared WikiLeaks publisher Julian Assange in a press statement. If allowed to take universal effect, this new enclosure system will impose on all our governments a rigid framework of international corporate law designed to exclusively protect the interests of corporations, relieving them of financial risk, and social and environmental responsibility.


“There Are Obvious Signs Of Distress” In The Manufacturing Industry / by Tyler Durden on 07/02/2015 18:30

In April, we noted the NACM’s comments that “there are big, big problems” underlying the economyas a surge in unfavorable factors suggested credit conditions were tightening dramatically (only to see that data revised away suddenly). June’s data has confirmed this weakness with credit rejections soaring to their highest since 2009 with the biggest spike in 9 years, with NACM CEO Kuehl exclaiming,There are some obvious signs of distress in the manufacturing community, as the expected wave of consumer demand has yet to manifest… companies that have been awaiting it are getting in trouble with their creditors.”

As NACM reports,



Good evening Ladies and Gentlemen:

Here are the following closes for gold andSILVER TODAY:

Gold:  $1163.00 down $6.50  (comex closing time)

Silver $15.54  down 1 cent.

In the access market 5:15 pm

Gold $1167.00

Silver: $15.68

First, here is an outline of what will be discussed tonight:

At the gold comex today, we had a good delivery day, registering 300 notices for 30,000 ounces . Silver saw 1115 notices filed for 5,575,000 oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 250.01 tonnes for a loss of 53 tonnes over that period.

In silver, the open interest rose by 1113 contracts despite the fact that Wednesday’s price was unchanged. The total silver OI continues to remain extremely high, with today’s reading at 197,837 contracts now at decade highs despite a record low price.  In ounces, the OI is represented by .989 billion oz or 141% of annual global silver production (ex Russia ex China). This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end as they continue to raid as basically they have no other alternative. There can only be one answer as to how the OI ofCOMEX SILVER is now just under 1 billion oz coupled with a low price under 16.00 dollars:  sovereign China through proxies are the long and they have extremely deep pockets. This is the first time in almost two years that the open interest in an active delivery month did not collapse in number.

InSILVER WE had 1110 notices served upon for 5,565,000 oz. for July

In gold, the totalCOMEX GOLD OI rests tonight at 446,319 for a gain of 4018 contracts even though gold was down $2.50 yesterday.  We had 300 notices filed for 30,000 oz  today.

We had a huge withdrawal in tonnage at the gold inventory at the GLD to the tune of 1.79 tonnes; thus the inventory rests tonight at 709.65 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. I am sure that 700 tonnes is the rock bottom inventory in gold.  Anything below this level is just paper and the bankers know that they cannot retrieve “paper gold” to send it onwards to China .In silver, we had no change in inventory at the SLV to the tune / Inventory now rests at 325.342 million oz.

We have a few important stories to bring to your attention today…


New Crypto Currency backed by Gold | Anthem Blanchard, Published on Jul 2, 2015

Shale Drillers About To Be “Zero Hedged” As Loss Protection Expires / by Tyler Durden on 07/02/2015 20:40

In many ways, the US shale industry is emblematic of why failing to normalize monetary policy after seven years of largesse can be extremely dangerous.

As discussed at length in these pages and then subsequently everywhere else, access to cheap cash via capital markets allows otherwise insolvent producers to keep drilling even as prices collapse, creating what are effectively zombie companies (to use Matt King’s words) on the way to delaying the Schumpeterian endgame and embedding an enormous amount of risk in HY credit by flooding the market with supply just as demand from investors (who are delirious from hunger after being starved of yield by the Fed) peaks and secondary market liquidity continues to dry up.

This dynamic has served to create a supply glut in a number of industries and has suppressedCOMMODITY PRICES in a self-feeding deflationary loop.

Thanks to SEC rules on how drillers are required to value their reserves, producers are effectively forced to overstate the value of their O&G businesses by nearly two-thirds, which can lead unsophisticated investors who don’t bother to read the 10K fine print to believe that the businesses are healthier than they actually are.

Furthermore, the next round of revolver raids for the industry isn’t due until October, meaning investors may also believe the industry has easier access to liquidity than it actually does. As a reminder:


Desperate Greeks Dumpster Dive for Food As Crisis Means “Americans May Face Severe Food Shortages” Too / Mac Slavo / July 2nd, 2015

It wouldn’t take much for these events to come home to America… and plenty of fuel for a further crisis is in the works.

Record numbers of struggling Americans are already on SNAP food stamps and welfare; tens of millions are out of work and with a bleak  job outlook; the federal government has advertised and encouraged people to join those on the dole.

Millions of aging Americans have nothing else but social security and medicare benefits (which they earned, but which are meager) and pension money that has been swindled away behind the scenes in a complex and toxic investment scheme. Low interest rates imposed by the Fed are bringing everything to a grinding halt, and there will be no switching gears without a bumpy ride.

Of course, it is worse in Greece, but that’s only because the music has stopped for them. Attempting to pay Europe’s central banksters while forcing austerity on the people and hoping for the best was an impossible conundrum. It only left a ticking time bomb….

As a result, many people have now been out of work for years in Greece, and large sectors of the population have been unable to cope with the burdens that financial woes have saddled upon them. With the latest flash point, Greeks have rushed to ATMs, grocery stores and gas stations to make last minute desperate attempts to brace for collapse.

Now, with the crisis becoming critical once again, far too many are being forced to dumpster dive to scavenge for food just to stay alive. Natural News reports:


When a 77% Gain In four Days Is Not Enough—–Inside China’s Lunatic IPO Market /  Fox Hu at Bloomberg / 

In mostSTOCK MARKETS, a 77 percent return in four days would leave investors feeling ecstatic.

In China, it’s just the opposite — at least when it comes to initial public offerings. That four-day advance in Guotai Junan Securities Co., which completed China’s biggest IPO in five years last month, is the worst start among 190 initial share sales on mainland bourses this year. Every other one recorded a gain at or near the 92 percent maximum allowed, according to data compiled by Bloomberg.

While regulatory pressure on companies to keep their IPO prices low has led to instant gains once the shares start trading, returns are coming under pressure from a flood of new equity and a tumble in the Shanghai Composite Index. The Bloomberg China IPO Index has dropped 25 percent since the end of May, even as authorities considered a suspension of new deals to ease supply concerns.

“Insanity has a limit,” said Francis Lun, the chief executive officer at Geo Securities Ltd. in Hong Kong. “If Guotai keeps rising like aPENNY STOCK, it will soon become the biggest company in the world, bigger than Apple.”

China’s second-largest brokerage rose 1.4 percent to 34.82 yuan in Shanghai on Wednesday, its first day without a limit-up move. China restricts daily gains to 44 percent for IPO debuts and 10 percent thereafter. The stock dropped 9.8 percent on Thursday.


Guess What Happened The Last Time The Chinese Stock Market Crashed Like This? / By Michael Snyder on July 2nd, 2015

The second largest stock market in the entire world is collapsing right in front of our eyes.  Since hitting a peak in June, the most important Chinese stock market index has plummeted by well over 20 percent, and more than 3 trillion dollars of “paper wealth” has been wiped out.  Of course the Shanghai Composite Index is still way above the level it was sitting at exactly one year ago, but what is so disturbing about this current crash is that it is so similar to what we witnessed just prior to the great financial crisis of 2008 in the United States.  From October 2006 to October 2007, the Shanghai Composite Index more than tripled in value.  It was the greatest stock market surge in Chinese history.  But after hitting a peak, it began to fall dramatically.  From October 2007 to October 2008, the Shanghai Composite Index absolutely crashed.  In the end, more than two-thirds of all wealth in the market was completely wiped out.  You can see all of this on a chart that you can find right here.  What makes this so important to U.S. investors is the fact that Chinese stocks started crashing well before U.S. stocks started crashing during the last financial crisis, and now it is happening again.  Is this yet another sign that a U.S. stock market crash is imminent?

Over the past several months, I have been trying to hammer home the comparisons between what we are experiencing right now and the lead up to the U.S. financial crisis in the second half of 2008.  Today, I want to share with you an excerpt from a New York Times article that was published in April 2008.  At that time, the Chinese stock market crash was already well underway, but U.S. stocks were still in great shape…


NSA Leak Reveals Both Merkel And Schauble Saw Greek Debt As Unsustainable Even After Haircut / by Tyler Durden on 07/02/2015 17:44 

Several days ago, we posted a NSA cable leaked by Wikileaks, in which then French finance minister Moscovici (currently a European commissioner) was admitted that the French economic situation was “worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years.” It has not improved since then.

Overnight, in another perhaps even more relevant to the current quagmire in Greece leak, Wikileaks has released another intercepted NSA communication between German Chancellor Angela Merkel and her personal assistant reveals that not only Merkel, but Schauble, were well aware that even with a debt haircut (which took place in 2012 but only for private creditors and whose impact was promptly countered with the debt from the second bailout) Greek debt would be unsustainable. Technically, she did not use that word: she said that “Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt.”

She was right. And yet here she is, telling Tsipras and the Greek people that all Greece needs is to comply with the existing program when she knows well by her own admission that Greece is insolvent in its current state – precisely what Syriza is arguing and demanding be part of any deal.


Louise Yamada – What Is Really Happening In The Gold Market? / July 02, 2015

With the U.S. Dollar Index trading near the 96 level and investors unsure where gold and silver are headed from here, today King World News shares a fascinating piece which features two key illustrations about what is really happening with the price of gold.

By Louise Yamada, Founder of Louise Yamada Technical Research Advisors

July 2 (King World News) – Gold – Can’t Garner Strength – Gold Spot price (GOLDS-1,175.55, see Figure 31) is unchanged from last month and the same parameters apply: Support at the 1,138 low from 2014; downtrend provides resistance at 1,271. A move through either determines the next direction. Weekly and monthly momentum models are flat … indecisive.


Ep. 92: Labor Force Participation Rate Plunges to 38-Year Low

Peter Schiff, Published on Jul 2, 2015

How Greece Has Fallen Victim To “Economic Hit Men” / by Tyler Durden on 07/02/2015 18:00

“Greece is being ‘hit’, there’s no doubt about it,” exclaims John Perkins, author of Confessions of an Economic Hit Man, noting that “[Indebted countries] become servants to what I call the corporatocracy … today we have a global empire, and it’s not an American empire. It’s not a national empire… It’s a corporate empire, and the big corporations rule.


John Perkins, author of Confessions of an Economic Hit Man, discusses how Greece and other eurozone countries have become the new victims of “economic hit men.”

John Perkins is no stranger to making confessions. His well-known book, Confessions of an Economic Hit Man, revealed how international organizations such as the International Monetary Fund (IMF) and the World Bank, while publicly professing to “save” suffering countries and economies, instead pull a bait-and-switch on their governments: promising startling growth, gleaming new infrastructure projects and a future of economic prosperity – all of which would occur if those countries borrow huge loans from those organizations. Far from achieving runaway economic growth and success, however, these countries instead fall victim to a crippling and unsustainable debt burden.


Economic Stagnation And The Global Bubble / by David Stockman • 

You’d think with all the “stimulus” from Washington over the fifteen years since the dotcom bust, American capitalism would be booming. It’s not. On the measures which count when it comes to sustainable growth and real wealth creation, the trends are slipping backwards — not leaping higher.

After a look at new jobs data in April, we find the number of breadwinner jobs in the US economy is still two million below where it was when Bill Clinton still had his hands on matters in the Oval Office. Since then we have had two presidents boasting about how many millions of jobs they have created and three Fed chairmen taking bows for deftly guiding the US economy toward the nirvana of “full employment.”

When you look under the hood, it’s actually worse. These “breadwinner jobs” are important because they’re the only sector of the payroll employment report where jobs generate enough annual wage income — about $50k — to actually support a family without public assistance.

Moreover, within the 70 million breadwinner jobs category, the highest paying jobs which add the most to national productivity and growth — goods production — have slipped backward even more dramatically. There were actually 21 percent fewer payroll jobs in manufacturing, construction and mining/energy production reported in April than existed in early 2000.


150702 – Unforeseen Consequences

HyperReport, Published on Jul 2, 2015

Did The IMF Just Open Pandora’s Box? / by Tyler Durden on 07/02/2015 15:33

By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by private entities such as hedge funds which already happened in 2012), then the rest of the PIIGS will come pouring in: first Italy, then Spain, then Portugal, then Ireland.

The problem is that while it took Europe some 5 years to transfer a little over €200 billion in Greek private debt exposure to the public balance sheet (by way of the ECB, EFSF, ESM and countless other ad hoc acronyms) at a cost of countless summits and endless negotiations, which may or may not result with the first casualty of the common currency which may prove to be reversible as soon as next week, nobody in Europe harbors any doubt that the same exercise can be repeated with Italy, or Spain, or even Portugal. They are just too big (and their nonperforming loans are in the hundreds of billions).

And yet, today, in a stunning display of the schism within the Troika, it was the IMF itself which explicitly stated that Greece is no longer viable unless there is both additional funding provided to the country, which can only happen if there is another massive debt haircut.

This is what the IMF said: