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It seems Goldman Sachs' conspiracy theory was right all along... ECB'S COEURE SAYS ECB IS EVEN READY TO USE NEW INSTRUMENTS, WITHIN ITS MANDATE GREECE COULD EXIT EURO, COEURE SAYS IN LES ECHOS INTERVIEW This is exactly what The ECB wanted all along (and their leaders overlords) - all they needed was an 'excuse'. *  *  * As we noted previously, from Goldman: As tensions around Greece have mounted, it is something of a puzzle that EUR/$ has shown little reaction. Our explanation, laid out in our last FX Views, is that much of this price action stems from the Bundesbank, which has reduced the maturity of its QE buying, enabling the Bund sell-off and moving longer-dated rate differentials in favor of the Euro. EUR/$ thus hasn’t traded Greece, but instead growing question marks over ECB QE. Here is Goldman's full take: From an economic perspective, Greece shows that “internal devaluation” – whereby structural reforms are meant to
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Submitted by Lance Roberts via STA Wealth Management, Over the last several months, I have been discussing the "consolidation" of the markets and the various support and resistance levels that have contained generally contained the markets since the beginning of this year. To wit: "While the rally this week was nice, it failed to break back above resistance which it needs to do to reestablish the bullish trend. Currently, the markets have held the long-term bullish trend line that has remained intact since December of 2012 with two successful tests over the past month. That is bullish for now and indicates buyers are still in the market. However, there is a BATTLE being waged between the bulls and the bears as prices have continued to deteriorate from early-year highs. That battle should be resolved soon, and for now the bears have the advantage." "Importantly, notice that the previous OVERSOLD condition in the lower panel is now back to OVERBOUGHT. This
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Spin revolving door, spin.  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: Barclays PLC on Monday named Richard Fisher, who recently retired from his post as head of the Federal Reserve Bank of Dallas, as senior adviser at the bank.     “His exceptional knowledge and extensive experience in monetary policy, financial markets and services, global trade negotiations and regulatory
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Chanel is a company that does fashion and perfume. I know this because I can't walk into a department store without walking past a bunch of glass cases that smell like someone boiled six billion flowers in a pot and then threw it on me, leaving me only to walk past the purses and handbag sections and laugh at the prices for tiny, tiny little bags. Chanel does not sell chocolate, unless you count naming some of the afore-mentioned perfumes and handbags with vaguely chocolate-y names. I know

Read more: Techdirt.

Submitted by Daniel Drew via Dark-Bid.com, On Wall Street, a vital skill is the ability to sell something that you know is completely worthless. Goldman Sachs did it when it sold ABACUS 2007-AC1 to investors while hedge fund manager John Paulson was betting against it. Paulson paid Goldman $15 million to peddle this junk, which was a collateralized debt obligation that would make money when millions of people lost their homes. The SEC charged Goldman with fraud, and they eventually settled for $550 million. If you're an enterprising Wall Streeter who wants to make a name for himself without breaking the rules, you can operate a tantalizing scheme that investors can't resist. It's called Shubik's Dollar Auction. The Dollar Auction was created in 1971 by Martin Shubik, a professor at Yale. Shubik was friends with the late game theorist John Nash, and in their spare time, they amused themselves by creating parlor games that were nothing less than diabolical. Wall
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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."   Speaking earlier Tsipras stated: *TSIPRAS: REFERENDUM PROVIDES STRONGER NEGOTIATING POSITION *TSIPRAS: CREDITORS’ PLAN IS NOT TO THROW COUNTRY OUT OF EURO *TSIPRAS: COST OF THROWING COUNTRY OUT OF EURO AREA IS ENORMOUS *TSIPRAS: GREECE WILL NOT BE THROWN OUT OF EURO, COST TOO GREAT And now, as The Telegraph reports, Plan B is in place...
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Submitted by John Whitehead via The Rutherford Institute, “If you don’t want a man unhappy politically, don’t give him two sides to a question to worry him; give him one. Better yet, give him none. Let him forget there is such a thing as war. If the government is inefficient, top-heavy, and tax-mad, better it be all those than that people worry over it…. Give the people contests they win by remembering the words to more popular songs or the names of state capitals or how much corn Iowa grew last year. Cram them full of noncombustible data, chock them so damned full of ‘facts’ they feel stuffed, but absolutely ‘brilliant’ with information. Then they’ll feel they’re thinking, they’ll get a sense of motion without moving. And they’ll be happy, because facts of that sort don’t change.” ? Ray Bradbury, Fahrenheit 451 How do you change the way people think? You start by changing the words they use. In
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For years we have mocked Venezuela's economy (if not its long-suffering population): it got so bad, we even did a visual summary of selected Venezuela headline posts we wrote over the years. Most of these were expected, and in line with the transformation of any normal nation to a socialist utopia. None were more poignant than the images of supermarkets and grocery stores that have been ransacked empty as a result of the collapsing currency, devastated supply chains and soaring inflation (supermarkets which have since imposed fingerprint scanners in what is no longer capital but food controls). We are sad to announce that what was once a Venezuela trademark has now transitioned to a country that until recently was among the most developed nations in the west: Greece. As we noted yesterday, in clear rejection of Tsipras' plea for calm, the Greek population stormed (now empty) ATMs, grocery stores and gas stations as they scrambled to obtain, or convert, paper currency into tangible
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In March, China was “handed a propaganda coup” (to use WSJ’s words), when the UK decided, in the face of loud protestations from Washington, to support Beijing’s efforts to launch a new development bank aimed at filling the gaps left by traditional post-war multilateral institutions such as the IMF and the ADB. The US claims it has concerns about governance and adherence to international norms around corruption and environmental protocol, but as even the most casual observers are well aware, the real concern in Washington (and in Tokyo) is that China will use the bank as an instrument of foreign policy and as a means of embedding the yuan in global investment and trade. Here's a helpful recap, excerpted from "China's Global Ambitions Take Shape As AIIB Structure Revealed": The AIIB is funded by 57 founding member countries (the US and Japan have not joined) and will serve to upend traditionally dominant multilateral institutions which have failed to respond to the
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Today the man who first predicted Greek bank deposits would be stolen warned King World News that all hell is now breaking loose and this crisis will rock the global financial system to its core. The post All Hell Now Breaking Loose – This Crisis Will Rock The Global Financial System To Its Core appeared first on King World News.

Read more: http://kingworldnews.com/all-hell-now-breaking-loose-this-crisis-will-rock-the-global-financial-system-to-its-core/

Earlier today Wikileaks released a new batch of NSA intercepts among which one in particular stands out: an intercepted communication which reveals that then French Finance Minister Pierre Moscovici believes the French economic situation was far worse, as of mid-2012, than perceived. Specifically, Moscovici who served as French finance minister until 2014 and then became European commissioner for Economic and Financial Affairs, Taxation and Customs, used some very colorful language, i.e., the French economic situation was "worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years”.  Needless to say, no drastic measures were taken. In fact, no measures at all were taken because thanks to the ECB's "whatever it takes" 2012 intervention and subsequent QE, pushed French yields to record low levels making the need for any reform moot (a la Greece, until the whole circus exploded). He remarks about that the situation with the automotive
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In the last 2 days, PBOC has thrown everything at the ponzi-fest they call a rational market. An RRR cut, a Benchmark rate cut, a rev repo rate cut, a CNY50 Bn rev repo injection, a stamp duty cut, IPO halts (cut supply), and last but not least permission to speculate with a reassurance that shares on a solid foundation. The outcome of all this policy-panic - CHINEXT (China's Nasdaq) is down another 6% today (down 25% in 3 days) and aside from CSI-300 futures, all other major Chinese indices are in free-fall.    The message from The PBOC: Don't believe or follow negative rumors against Chinese economic development *LOOSE LIQUIDITY TO SUPPORT CHINA'S STOCK MARKET: SEC. JOURNAL *IMPROVING ECONOMY TO SUPPORT CHINA'S STOCK MARKET: SEC. JOURNAL The result:   Some context...   So much for these flows: *CHINA MAJOR BLUE-CHIP ETFS HAVE $1.5B NET PURCHASE MONDAY: NEWS Add to that the fact that industrial metals are collapsing with steel rebar limit down...  
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Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.According to polls, the majority of Greek citizens want the benefits of membership in the euro/EU and the end of EU-imposed austerity. The idea that these are mutually exclusive doesn't seem to register.This is the discreet charm of magical thinking: it promises an escape from the difficulties of hard choices, tough trade-offs, the disruption of vested interests and most painfully, the breakdown of the debt machine that has enabled the distribution of swag to virtually everyone in the system (a torrent to those at the top, a trickle to the majority at the bottom, but swag nonetheless). If we had to summarize the insidious charm of magical thinking, we might start with the
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A television company controlled by Mexican billionaire Carlos Slim has canceled a project with real estate developer and TV personality Donald Trump after his comments insulting Mexicans, Slim’s spokesman said The post Carlos Slim scraps project with Donald Trump after Mexico insults appeared first on King World News.

Read more: http://kingworldnews.com/carlos-slim-scraps-project-with-donald-trump-after-mexico-insults/

The Environmental Protection Agency must take cost into account when determining whether to regulate toxic air pollutants emitted from power plants, the US Supreme Court ruled on Monday. In a The post Supreme Court's EPA ruling focuses on what’s ‘appropriate and necessary’ appeared first on King World News.

Read more: http://kingworldnews.com/supreme-courts-epa-ruling-focuses-on-whats-appropriate-and-necessary/

For years there had been speculation, rumor and hearsay that JPM had cornered the US commodities market. Now, finally, we have documented proof. * * * Traditionally, we look at the OCC's Quarterly Bank Report on derivatives activities to see which was the largest bank in the US in terms of total notional derivative holdings. The reason being that like on frequent occasions in the past, we find some stunning  results, such as most recently in January when we wrote that, for the first time, Citigroup had eclipsed JPM as the largest US bank in total derivatives, with just over $70 trillion compared to perennial megabank JPM's $65.3 trillion as of the third quarter of 2014, explaining also why Citigroup had drafted the Swaps push out language in the Omnibus Bill.   And while this time there was little exciting to report at the consolidated level (JPM overtook Citi in Q4 only for Citi to once again become the world's largest bank in total derivatives with $56.6 trillion
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If you didn't know, Netflix is kind of huge. So huge, in fact, that some new analysis suggests that if Netflix was a Nielsen-rated TV network, the service would, sometime within a year, attain a larger 24-hour audience than ABC, CBS, NBC or Fox. That's something Nielsen itself should probably be tracking, but as we've noted previously, Nielsen has painfully lagged on actually tracking the cord cutting revolution, for fear of upsetting cable and broadcast executives with their heads planted

Read more: Techdirt.

Notes from the Pabrai Investment Funds 2014 annual meeting via BitsBusiness [klarman] H/T CornerOfBershireAndFairfax Fund Facts :  Mohnish Pabrai is the principle investor and is a classic value investor in the tradition of Warren Buffett and Charlie Munger Pabari Funds ( PF1 through 4 ) have a combined capital of $690 Million under management Inception : 2000 Value […] The post Q&A With Mohnish Pabrai From The Pabrai Investment Funds Annual Meeting [2014] appeared first on ValueWalk.

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Monday's Marketplace was broadcast live from the Belly Up in Aspen, Colorado, and the Aspen Ideas Festival. We took a break from the usual Marketplace format for a series of conversations all around one theme: mobility and the economy. Economic mobility (or lack thereof) in Greece (starts at 01:10) First things first: we had to talk about Greece. The European Central Bank froze funding to Greek banks. As the latest deadline for the country looms over its creditors and citizens, tensions are understandably high. Some business owners, like gourmet sandwich shop owner Nick Voglis, have voiced their concerns. "They implemented capital control here in Athens, and people started getting a little worried," Voglis told our reporter. "They have panicked a little bit." To help better understand the current situation, Kai Ryssdal spoke to David Leonhardt, managing editor for The Upshot from The New York Times. Mobility in education (starts at 6:15) Next up, Knewton CEO Jose Ferreira and Veniam CEO Robin Chase, who chatted with us about the intersection of technology and education. The ever growing number of technology platforms makes it easier for people to use data. As a consequence, this makes it easier for students all over the world to expand their opportunities. The bottom line when it comes to education and technology: “Get on board, or get left behind.” Mobile content (starts at 14:55) Netflix has revolutionized the way television content is distributed and consumed. Ted Sarandos, the company's chief content officer, says that he doesn't care how people watch the content of the service, even if it means watching "Lawrence of Arabia" on an iPhone. "We just want you to have the best experience possible," Sarandos says. "For some, that experience is defined by convenience and watching a movie on your iPad. Or it's defined by wanting to see it on your big TV in 4K." Brand mobility (starts at 20:12) Among the leaders and thinkers at the Aspen Ideas Festival were some unexpected guests. Entrepreneur and two-time world champion skier Chris Davenport talked with us about what it takes to change your brand when you’re an athlete. First things first, why does anyone choose to hike up dangerous mountains and ski down them? Chris says, “because it’s there.” As of now, Chris is an athlete. But someday he’ll have to make the transition away from that. Of course, whether it’s a physical risk or a reputation-based risk, being brand mobile can be tricky. Chris says one of the keys to keeping himself on the right track is that he “can’t be afraid to fail.” He says, “I’m out there putting one foot in front of the other … always have to be willing and able to turn around and find another way.… In my business, there has to be another day, I can’t afford to risk it all.” 

Read more: Latest Stories on Marketplace.org

Remember back when newspapers were considered the leading defenders of the First Amendment and free speech? Apparently that's over. Newsday (the newspaper I grew up reading) has an editorial up by Anne Michaud (the publication's "interactive editor") in which she argues for a dismantling of the First Amendment when it comes to "hate speech." These kinds of arguments have become popular again lately (in fact, many in the US seem to think that hate speech is already not protected under the First

Read more: Techdirt.

There are thousands of species of mosquitoes. Killing them all might not be advisable, but controlling how they interact with us would be good -- so that we can prevent various mosquito-borne diseases. If you hate mosquito bites, check out a few of these links to learn more about your tiny tiny nemeses. Mosquitoes seem to like some people more than others, but is that really true? Maybe. And there might be a genetic reason for it. A (small) study of twins showed that mosquitoes didn't 'smell'

Read more: Techdirt.

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