Having concluded last night that Puerto Rico debt is “unpayable,” and that his government could not continue to borrow money to address budget deficits while asking its residents, already struggling with high rates of poverty and crime, to shoulder most of the burden through tax increases and pension cuts, Padilla confirmed tonight that: PUERTO RICO TO SEEK “NEGOTIATED MORATORIUM”, ‘YEARS’ OF POSTPONEMENT IN DEBT PAYMENTS. Likening his state’s situation to that of Detroit and New York City (though not Greece), Padilla concluded, the economic situation is “extremely difficult,” which is odd because just a few years ago when they issued that bond – everything was awesome?
Having told the citizens of Greece that the European leaders will not kick them out of Europe because “the cost of throwing them out is too high, enormous,” it appears Greek PM Tspiras has another plan to ensure – no matter what the outcome of the forthcoming referendum – that there is no actual Grexit. As The Telegraph reports, Greece has threatened to seek a court injunction against the EU institutions, saying “we are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable.“
Recently “retired” Dallas Fed chief Richard Fisher — who really, really believed that talk of falling oil prices negatively affecting the Texas economy amounted to “bull droppings” until a JP Morgan analyst reminded him that the “only thing dropping in the Texas economy [was] jobs” — is following proudly in the footsteps of Ben Bernanke, Jeremy Stein, and Janet Yellen (if you count unofficial, off-the-record ‘consultations’) by becoming the latest Fed policymaker to ink a lucrative deal ‘advising’ the private sector.
As WSJ reports, Fisher will become a “senior advisor” to Barclays starting on July 1:
Last week we took an in-depth look at how China’s bewildering hodge-podge of hastily construed easing measures can’t seem to get out of their own way. Perhaps the most poignant example of this is how the country’s massive local government debt swap effort — which, as a reminder, aims to restructure a provincial government debt load that amounts to 35% of GDP — is effectively making it more difficult for the PBoC to keep a lid on rates, even as the central bank has embarked on a series of policy rate cuts, with the latest effort coming over the weekend. Here’s how we described the situation last week:
Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.
By fully financing share purchases with no other surety than the shares themselves, the bank was accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.
Former Director of Kaupþing, Ingólfur Helgason, is to be jailed for four years and six months.
The other sentences are as follows:
Bjarki Diego, former Credit Manager: two years and six months
Einar Pálmi Sigmundsson, former Director of Proprietary Trading: two years (suspended)
The shining future that America once had is all but a page note in the history books now. Record numbers not in the workforce, failed foreign policies and domestic strife is the new normal. And how is the brain trust in DC going to solve these problems? National service for all 18 – to 28-year-olds!
All across the land, people were smiling and laughing. World War II had just ended and America suddenly found itself to be the manufacturing capital of the world. There were plenty of jobs for the average man and the future was bright, even if you didn’t have a college degree. In fact, not many people had a degree, and yet, for those that didn’t, they were still able to buy a car, a house, take several weeks of vacation a year and still be able to have food on the table. Although this was the new normal at the time, today’s new normal is something quite different.
Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back.”
“If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options.”
So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours.
It has been a while since the US State Department, with the help of the UK-funded and US-supported Syrian Observatory for Human Rights, floated doctored YouTube clips of hundreds of Syrians dead as a result of Assad’s chemical attacks. In fact, it has been almost exactly two years since the last time the US nearly launched an all out proxy war in Syria, one involving an axis of western powers and Qatar (whose natural gas this whole charade is all about) against another axis of Russia and China who were supportive of the Syrian government. Luckily, a last minute snafu by John Kerry allowed a de-escalation, which in turn resulted in the appearance of ISIS, whose entire purpose has been, as leaked Pentagon memos have revealed, to topple Assad.
And with collective memories short, and with the “diplomatic” playbook of the US State Department even shorter, the time has come to once again rekindle this particular fabulation.
In just the last week alone, America’s politicians forfeited the nation’s economic future by secretly passing fast track trade authority, California lawmakers accepted bribes from Big Pharma to legalize mass medical genocide against blacks by passing the mandatory vaccination law SB 277, online retailers banned the Confederate flag while promoting Nazi symbolism, howling leftist maniacs began vandalizing historical monuments in cities like Austin Texas, the U.S. Supreme Court declared that words have no meaning in law, and Apple yanked historical Civil War games from its app store because those games showed “Confederate imagery.”
As the United States of America remains inundated with Fukushima radiation and chemtrail geoengineering experiments, it has now surpassed $18 trillion in national debt. Nearly 50 million Americans are on government food stamps, and political correctness is now so insanely absurd that the University of California has ordered its professors to avoid using “offensive” phrases like “land of opportunity.”
These are all signs that America has entered the blue screen of death phase of civilization — that “memory dump” moment when everything stops working and the computer tries to figure out what happened before suddenly rebooting to BIOS and trying to reload the operating system.
“The BANKSTERS’ BANKSTERS admit they’ve *uc#ed up” and used all their ammunition to cover up decades of incompetence and this next crash will be a Tsunami.”
According to the Bank of International Settlements (BIS), the shadowy “central bank of central banks,” the world as it stands is incapable of combating another global financial crash – a crash that there is every reason to think is coming.
That’s because the economy remains in the hands of the Federal Reserve and other central banks. The financial wizards in THIS VIDEO went so far to say that “we are all slaves to the central banks.” It wasn’t exactly hyperbole.
“This might be worth keeping an eye on. If dormant volcanoes are rumbling in sympathy with fracking quakes several states away, it could be linked to the Craton Plate becoming more unhinged.”
Two earthquakes occurred virtually back to back from one another across 1,000 miles — one in California (at a dormant volcano), and the other in Oklahoma (at a fracking operation).
I believe these events are related. I will explain more below the graphic.
Above: Two “back to back” earthquakes struck in the United States , both in the M3.0 range (3.2+3.4) occurring approximately 1075 miles apart.
________
[disclaimer:USGS says small earthquakes are NOT related to each other over large distances, this obviously needs to change, and is an incorrect assumption on their part]
________
If you look at the above graphic, which shows the earthquakes plotted via USGS coordinates, you will clearly see that both earthquakes almost fall on a direct “line” between one another.
“This one has been quietly bubbling in the background since we were told a year ago that world demand was falling off a cliff……now the results are coming in……
This could trigger the US collapse in sync with Greece triggering other EU defaults and the euro collapse.
Can only be good news seeing as the alternative is financial oppression and austerity to support the banksters. Hey…a return to the Wild West!”
With the eyes of the world on Greece and a possible collapse of the of the Eurozone as a likely end result, many are ignoring a potentially much more massive elephant in the room. It’s been the hottest market in the world, so flush with cash that they have actually built entire ghost-cities lacking populations and mega shopping centers without tenants – a clear sign of bubble waiting to be pricked. But the inevitable seems to now be taking hold as once unstoppable Chinese stock markets are now reversing the unprecedented gains seen over the last several years.
Forget Greece. We’ve seen that story before. This could be the first domino:
Despite the Greek stock market being closed there is an option for hedging the exposure that all the smart money has been building to Greece in the past few days – GREK – the US-trade Greek ETF. In the pre-open, GREK is trading down 17% but the problems lie ahead as more and more realize how illiquid it is and redemptions are forced to be made from ‘cash’ – since there is no way to offload the underlying Greek stocks, unless OTC trades can be arranged with other entities – which could thus expose the entire false-liquidity-facade of the ETF industry.
While things have normalized since the open thanks entirely to the SNB’s aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS’ report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, “several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most.”
As the paper reported sales orders on Italian stocks, in particular financial stocks, piled up before the market opening. At the start, the sales orders were so numerous that the system couldn’t manage to process them, something that often happens when specific news causes a sell-off on a stock.
Contact has been lost with the Swedish boat Marianne, which had been leading the Gaza-bound Freedom Flotilla, after other boats turned back. The IDF announced that they intercepted and searched the vessel which had tried to “breach the maritime blockade.”
RT’s Nadezhda Kevorkova who is on board the Marianne, the flotilla’s flagship, said by phone that a military helicopter had been flying above the flotilla as well as an unknown military plane “flying very low above the water” near the activists’ vessels.
The Freedom Flotilla Coalition lost contact with the flagship of the flotilla at 10:57pm GMT, the organization said. The vessel was some 100 nautical miles from its destination when it happened.
It appears Greece matters after all – US futures are tumbling, Japanese stocks are tanking (as JPY is bid on mass carry unwinds), Chinese stocks are limit down and collapsing.. and now European equity futures are open and in free-fall. Bunds are well bid, down 20bps to 72bps.
As we noted last night, for a whole lot of time nothing at all can happen under the guise of “containment”… and then everything happens all at once. Because not even two full days after Greece activated the “Grexit” emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro García Padilla, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.
Money, they say, makes the world go round. So how’s $10 billion for you? That’s a top-end estimate for the record-breaking spending in this 1% presidential election campaign season. But is “season” even the right word, now that such campaigns are essentially four-year events that seem always to be underway? In a political world stuffed with money, it’s little wonder that the campaign season floats on a sea of donations. In the case of Jeb Bush, he and his advisers have so far had a laser-focus on the electorate they felt mattered most: big donors. They held off the announcement of his candidacy until last week (though he clearly long knew he was running) so that they could blast out of the gates, dollars-wise, leaving the competition in their financial dust, before the exceedingly modest limits to non-super PAC campaign fundraising kicked in.
The Nazis’ favorite seaside resort is being opened up to visitors and even prospective real estate buyers. Finished in 1939, Prora, on the German island of Rugen, never received a single visitor.
Once planned as the biggest holiday camp in the world, the island (three miles wide) is Germany’s largest. The resort itself has over 10,000 rooms and was originally intended as a government-sponsored, family-type vacation destination for those on a budget. But Adolf Hitler’s focus on financing his WWII campaign saw the funds being diverted.
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