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    INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

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    Carol
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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Jun 14, 2016 4:01 pm

    European Funding Stress Emerges As Credit Suisse, Deutsche Bank Collapse To Record Lows




    It is becoming increasingly impossible for the glad-handing, cheerleading members of the status-quo-hugging club to ignore the fact that Europe's banking system is collapsing.



    Today's weakness has sent both Deutsche Bank and Credit Suisse (not some tin-pot Italian banks) to record lows ("worse than Lehman" lows)...

     
    And, in the short end of the EUR curve, we are seeing funding stresses in the form of widening Libor/OIS spreads... (basically a measure of short-term counterparty risk)


     
    And EUR/USD 3-mo. cross currency basis, the latter being driven by demand for USD funding...

     
    While not at full panic mode yet, things are escalating rapidly...



    http://www.zerohedge.com/news/2016-06-14/european-funding-stress-emerges-credit-suisse-deutsche-bank-collapse-record-lows


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Eartheart on Tue Jun 14, 2016 7:41 pm

    And it has already happened. While some sceptics can argue that the Belgium-based Optima Bank, which has just been shut down by both the National Bank of Belgium (which also acts as the Belgian regulating body) as well as the ECB, is an obscure bank, keep in mind that there are several dozens major EU banks that are in the same hopeless situation and are de facto bankrupt since 2008. It is only a matter of when they can no longer hide this fact and have to declare officially bankruptcy.

    As the article below argues, Deutsche Bank will be the first prominent victim of the NIRP of the ECB as it also recently tried in vain to attract investors with fantastically high interest rates to cover up its illiquidity. This is an obvious fraud amidst zero interest rate policy of the central banks where all banks are losing money in all financial assets with the speed of light. The massive German critics at the highest level of the current helicopter money policy of ECB chef Draghi as of lately should be interpreted in this light. Most German banks are on the verge of collapse as DWN reports with respect to the big HSB Nordbank that belongs to the federal states Hamburg and Schleswig-Holstein. It has stopped paying dividends to its creditors and will assume paying its debt only after 2020.
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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Jun 14, 2016 8:20 pm

    Indeed it is Earthart. I expect the bottom to drop out of pretty much everything that is paper (i.e. fiat currency, stocks without hard assets, insurance companies, bonds, banks that falsify their accounting records with housing loans that they have amortized in the millions/billions, hedge funds, etc.). The house of cards.. the Global banks Ponzi scheme to make $$$ out of thin air is collapsing faster then a soufflé. Why? Because it's all smoke & mirrors based on an illusion that paper currency is actually worth something.


    A global currency reset is in process where the value of other nations currency is based on each countries actual "hard" asset worth (i.e. gold, minerals, oil, produce, etc.). This is according the Basil III which was implemented Jan 2015. In addition, China has been paying of a number of other countries loans and helping out. I suspect a number of world-wide financial kerfuffles when this hits mainstream.


    Last edited by Carol on Wed Jun 15, 2016 6:02 pm; edited 1 time in total


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed Jun 15, 2016 12:28 am

    Dear Janet, "No Surprises!" - China Devalues Yuan To Weakest Since Jan 2011




    Just in case The Fed had any ideas of surprising markets with a "confidence-inspiring" rate-hike tomorrow, The PBOC just sent a message loud and clear to Janet as they devalued the Yuan fix by over 2 handles, above 6.60 for the first time since January 2011.




    http://www.zerohedge.com/news/2016-06-14/dear-janet-no-surprises-china-devalues-yuan-weakest-jan-2011


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed Jun 15, 2016 2:00 pm

    IMF Staff Completes 2016 Article IV Mission to China
    Press Release No. 16/277
    June 14, 2016 

    A mission from the International Monetary Fund (IMF), led by Mr. James Daniel, Assistant Director of the Asia and Pacific Department, visited Beijing, Shanghai and Inner Mongolia from June 1 to 14 to conduct discussions on the annual Article IV review of the Chinese economy. The mission held highly constructive and candid discussions with senior officials from the government, the People’s Bank of China, private sector representatives, and academics to exchange views on economic prospects, reforms progress and challenges, and policy responses.


        The IMF's First Deputy Managing Director, Mr. David Lipton, joined the final policy discussions and met with Vice Premier Ma Kai, People’s Bank of China Governor Zhou Xiaochuan, Director of the Office of the Leading Group on Economic and Financial Affairs Liu He, Minister of Finance Lou Jiwei, China Banking Regulatory Commission Chairman Shang Fulin and China Securities Regulatory Commission Chairman Liu Shiyu, among other senior officials.


    At the end of the visit, Mr. Lipton made the following remarks:


    “China continues its transition to a sustainable growth path and is making progress on many dimensions of rebalancing. The success of this transition, while difficult and bumpy at times as we have witnessed over the past year, is crucial for China and the rest of the world. Our discussions this week in Beijing focused on the policies needed for achieving the transition and the urgency of implementing such policies………….


    “The renminbi exchange rate is becoming more flexible and market-based, following changes introduced since last year. The mission encourages the authorities to continue this progress, with a goal of achieving an effective float within the next couple of years. While the external position remains moderately stronger compared to the level consistent with medium-term fundamentals, the renminbi is assessed as broadly in line with fundamentals, similar to our assessment in last year’s Article 4 consultation...........
    http://www.imf.org/external/np/sec/pr/2016/pr16277.htm

    CNBC - It's an inevitable question: Could U.S. 10-year yields turn negative now that German 10-year yields have fallen below zero for the first time ever and Japanese 10-year yields have dipped to record lows of negative 0.17 percent?According to Dennis Davitt, partner at Harvest Volatility Management and a noted options market veteran, it may well happen. "I think you could see negative rates in the U.S. If Germany and other countries in the world go even further negative, it turns into a number line game. So where zero lies on the number line, who knows?" Davitt said Tuesday on CNBC's "Trading Nation.”


    He sees rates being driven lower by two factors in addition to overall slow global growth: Stimulative central bank policies and regulations.


    "The European banks under their Basel regulations, much like our Dodd-Frank, are forced to hold a certain amount of assets on their balance sheet [and] those assets have to be government-issued debt. So they're forced to own those assets."

    On June 23rd, a vote will be held in the United Kingdom to determine if Britain will stay in the European Union or not. This is most commonly known as the “Brexit” vote, and that term was created by combining the words “Britain” and “exit”. If the UK votes to stay in the European Union, things over in Europe will continue on pretty much as they have been. But if the UK votes to leave, it will likely throw the entire continent into a state of economic and financial chaos. And considering how bad the European economy is already, this could be the trigger that plunges Europe into a full-blown depression.


    So if things will likely be much worse in the short-term if Britain leaves the EU, then it makes sense for everyone to vote to stay, right?


    Unfortunately, it isn’t that simple. Because this choice is not about short-term economics. Rather, the choice is about long-term freedom.


    The “leave” movement got a big boost just recently when the Sun officially endorsed that position. The following is an excerpt from the editorial that announced this decision…


    WE are about to make the biggest ­political decision of our lives. The Sun urges everyone to vote LEAVE.
    We must set ourselves free from dictatorial Brussels. Throughout our 43-year membership of the European Union it has proved increasingly greedy, wasteful, bullying and breathtakingly incompetent in a crisis.
    Next Thursday, at the ballot box, we can correct this huge and ­historic mistake. It is our last chance. Because, be in no doubt, our future looks far bleaker if we stay in.


    I must say that I agree entirely with the Sun. However, everyone needs to understand that a Brexit would be incredibly painful for the UK and for the rest of Europe in the short-term. I think that Ambrose Evans-Pritchard of the Telegraph made this point very well in his recent column…


    Let there be no illusion about the trauma of Brexit. Anybody who claims that Britain can lightly disengage after 43 years enmeshed in EU affairs is a charlatan or a dreamer, or has little contact with the realities of global finance and geopolitics…….


    And let us not forget that major stock indexes all over Europe are already in a bear market…
    Meanwhile, German stocks are in a bear-market, with the DAX down 23.2% from its April 2015 peak. The French CAC 40 is down 21.8%. The Spanish Ibex 35 and the Italian MIB are down 31.4% and 32.6% respectively.

    Here in the United States, the smart money is dumping stocks like crazy right now, and major investors such as George Soros are feverishly buying gold.

    So why are these things happening? Do those “in the know” have some information regarding what is about to happen over in Europe?

    For a long time, I have been sounding the alarm about Europe. If the British people vote to stay in the European Union on June 23rd, the crisis in Europe will certainly continue to escalate, it will just be at a slower pace. But if the British people vote to leave (which they should) that could be the trigger that changes everything.
    I don’t know exactly what is going to happen on the 23rd, but without a doubt we should all be watching the outcome very, very closely…
    http://investmentwatchblog.com/june-23-2016-the-brexit-vote-could-change-everything-and-plunge-europe-into-financial-chaos/

    The Chinese yuan dropped on Wednesday to a five-year low against dollar. The Chinese Central Bank fixed the yuan exchange rate at 6.6001/$1 after on Tuesday the yuan closed at 6.5966/$1.

    Analysts pointed out several factors that have driven the yuan down. One of the most important among them is strengthening the dollar on expectations of a referendum of Britain leaving the European Union. The vote will take place on June 23.......
    http://sputniknews.com/business/20160615/1041386233/yuan-china-financial-policy.html#ixzz4BfHFHUer

    China’s Yuan Shudders Despite Beijing’s Campaign to Steady the Currency
    The yuan touched its weakest level against the dollar in more than five years after MSCI decision.
    BEIJING—Anxiety is building around the yuan, as the Chinese currency briefly fell to its weakest level against the dollar in more than five years on Wednesday.


    The yuan’s tumble early in the day was partly driven by MSCI Inc.’s decision not to include mainland shares in its indexes. It was the third time MSCI had turned down China’s push to be included and meant sudden death to prospects of what had been estimated to be hundreds of billions of dollars of capital inflows. Investors reacted by pushing stocks lower and adding to downward pressure on the yuan, which was already weakened by the dollar’s recent rise.


    Both the yuan and stocks quickly rebounded, however, which traders said was a sign that the Chinese authorities were acting to try to stabilize the markets......
    http://www.wsj.com/articles/chinas-yuan-shudders-despite-beijings-campaign-to-steady-the-currency-1465992486


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed Jun 15, 2016 6:01 pm

    UNNAMED AMERICAN BANK TO INVEST IN 250 BILLION CHINESE RENMINBI
    http://philosophyofmetrics.com/unnamed-american-bank-to-invest-in-250-billion-chinese-renminbi/




    Southeast Asia Refuses To Stand Up To Beijing (members say forming a consensus against China is not worth disturbing their growing ties and economic trade with Beijing)
    http://www.forbes.com/sites/timdaiss/2016/06/15/afraid-of-china-southeast-asia-refuses-to-stand-up-to-beijing-again/2/#4d03fee83a3d


    Fed tells market: We're taking summer off - NO CHANGE IN INTEREST RATES BY THE FED…. ANNOUNCEMENT ON BLOOMBERG

    Patti Domm | @pattidomm
    CNBC.com
    The Federal Reserve sent a strong signal that it now expects only one interest rate hike this year, and the market now sees less than a 50-percent chance of even one hike by year end.


    The Fed's post-meeting statement and new forecast did not contain many surprises, and stocks held steady, but the 2-year Treasury note, most sensitive to Fed news, rallied hard. The dollar fell slightly.


    The Fed continued to lean toward hiking rates, but the Fed's "dot plot," which contains the interest rate forecasts of Fed officials, shows that six members now believe there will be just one rate hike this year, up from one member in March. Even though the Fed's official forecast still shows two rate hikes, Fed watchers took the increase in sentiment for one hike as a more important indicator.


    "It should point to a weaker dollar, and the thing is, now the next event is Brexit, so it's hard to see a lot of people fighting the moves that are now underway," said John Briggs, head of strategy at RBS. "As much as anything, it kind of validates where the market is, but doesn't mean (bond yields can't fall further) if we get more worried about Brexit.”


    The Fed also lowered its outlook for rate hikes into the future. Fed officials are now looking for the funds rate to rise to 1.6 percent in 2017, as opposed to the 1.9 percent estimate from March, and to 2.4 percent in 2017, from a 3.0 percent estimate previously.


    Fed watchers continues to expect a hike, more likely now for September or December than July. According to RBS, futures markets now indicate just a 44 percent chance of a rate hike by the December meeting.


    "I think the consensus has been moving that way for some time. You have one more rate hike, and then it just becomes a guessing game," said Scott Clemons, chief investment strategist at Brown Brothers Harriman. "I think the Fed needed to, and they accomplished with the language of the press release that they're keeping a July rate hike on the table.”


    However, Clemons said he believes September is much more likely for the next hike.


    "There's not enough inflationary pressures to make them do it" sooner, said Clemons. "Time is their friend."

    Fed watchers had seen the weak May jobs report, with only 38,000 nonfarm payrolls, as the mean reason the Fed did not hike rates this week. But there has also been an increase in market worries about Brexit — the U.K. referendum, scheduled next week, on whether to leave the European Union………..


    "(Fed Chair) Janet Yellen may change our opinion, but right now we think that it is highly probable that there is again one rate hike in 2016, with December again being the most likely date," he wrote.
    http://www.cnbc.com/2016/06/15/fed-tells-market-were-taki

    June 15, 2016 9:26 am Bank of America axe hovers over thousands of retail jobs


    As many as 8,000 more jobs are set to go at Bank of America’s consumer arm as the digital banking revolution gathers pace and reduces the need for back-office staff and bank tellers.


    The biggest US retail bank by deposits also plans to add sales staff — including mortgage loan officers, small business bankers and personal investment advisers — as part of its efforts to improve revenues.


    Even so, the overall headcount is expected to decline by several thousand as the number of consumers who visit branches falls steadily.
    People with knowledge of the bank’s plans said the reduction would come mostly from so-called attrition of back-office employees — staff leaving and not being replaced — rather than lay-off programmes.

    The bank has already slashed the headcount at its consumer division by almost 40,000 since 2009, bringing the total at the end of the first quarter of this year to 68,400.

    Thong Nguyen, president of retail banking, told a conference in New York this week that the numbers would “probably go down to the low 60s”.

    That points to a reduction of as many as 8,400 from the first-quarter figure, although this would still mark a slowdown of the pace of job reductions from the bank’s post-crisis cost-cutting drive. Mr Nguyen did not provide a timeframe.

    The US Treasury Department last week issued guidance on complying with the Iran nuclear deal that removes some of the risks for companies considering business there in the wake of the deal’s implementation, sanctions lawyers said.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed Jun 15, 2016 9:45 pm

    http://philosophyofmetrics.com/america-after-the-fall-freepom/


    On September 4th and 5th China will host a G20 Summit in the city of Hangzhou.  The Hangzhou Summit represents the end of the old economic order and the birth of a new economic order.  It marks the major transition point between the USD-based monetary framework and the SDR-based multilateral monetary framework.


    The factual nature of this transition is bookmarked within the publications of international institutions and central banks around the world.  The alignment on mandates and policy reform harness the financial momentum which has been developing alongside the growing imbalances in the international monetary system.

    The road to full monetary and financial awareness regarding the effects of global imbalances caused by the USD-based framework has been a long and arduous journey through waves of economic stability and financial volatility.  Along the way there have been many who have promoted the concept of a multilateral framework and the elimination of financial corruption.


    Whether these objectives are achieved in the coming years is dependent upon a larger evolution of how capital is moved around the world.  The role of one domestic currency as the global reserve asset has created a fertile environment for those wanting unfair advantage over mass populations and whole nations.


    As such, rebalancing world wealth through a true multilateral monetary framework will move forward the lofty goals and ideals of those seeking a fairer world.  But with those changes come enhanced risk of shifting sovereign control to a larger and more global ideology.  Much like the individual passed sovereign status to a nation state, the nation state will pass sovereign status to a supra-national state under a mandate of global governance.
    All nations under one mandate.


    The Hangzhou Summit is focused on these mandates.  Some of the topics being discussed include how to transition the G20 into an Economic Security Council arm of the United Nations, the UN 2030 Agenda, large scale sovereign debt restructuring through the International Monetary Fund with the utilization of substitution accounts, with a secondary restructuring taking place through the use of Collective Action Clauses.


    The broader use of the Special Drawing Right (SDR) will also be at the forefront of conversation, as China begins the process of issuing SDR denominated bonds and implementing an SDR borrowing platform.  These objectives are running parallel to the new SDR basket composition which is coming into effect in October.  This new basket will include the Chinese renminbi and will be the turning point from which the buildup period for a global reserve asset begins.


    China will also be focused on strengthening its network of renminbi denominated institutions, such as the AIIB, New Silk Road Fund, China Development Bank, BRICS New Development Bank, and the transformation of the Chiang Mai Initiative Multilateral into a regional monetary fund which is meant to be integrated within the mandates of the more macro IMF.


    The new economic order will see American control of world wealth reduced in a descending sliding scale type process, where foreign exchange reserve diversification will cause geopolitical shifts on a large and active chess board.  These shifts will increase in the coming years and will be sold to the American population as the strengthening of nationalism as opposed the loss of international power and influence.

    A new US political trend has emerged to match the transition points of the multilateral framework.  A Trump presidency is aligned with the larger objectives of the international banking interests.  The corruption which has developed within the USD-based framework has manifested as corruption within domestic politics.


    The existing ideologies of both the Democratic and Republican parties are reflective of this corruption.  With the larger monetary changes taking place it is expected that American politics will also be transformed.  The past strategies of Bush and Clinton politics have been based on the aforementioned corruption and no longer have a place within the international discourse which is evolving.


    Financial and political corruption within American institutions will be semi-culled and the Trump brand will package and present America’s new international character as Make America Great Again.  The untold truth of this slogan is that it aligns with the larger mandates of the multilateral transition.


    Somebody should have told Clinton and other American political elites who have suckled off the US dollar.


    The news media and other official channels will never openly discuss these facts, but rest assured that the American elite who have invested in the control of domestic information will eventually align with these macro mandates out of pure business interest.


    America after the fall will become what it was meant to be – one nation under God.  – JC


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed Jun 15, 2016 9:58 pm

    Confirmation that RMB has gone gold backed comes from the Shanghai Gold Exchange, which has set the price at 256.92 rmb/g or gold.  
    Shanghai Gold Exchange-News


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 9:29 am

    15 Facts About The Imploding U.S. Economy That The Mainstream Media Doesn’t Want You To See
    JUN 16, 2016 8:16 AM

    You are about to see undeniable evidence that the U.S. economy has been slowing down for quite some time.  And it is vital that we focus on the facts, because all over the Internet you are going to find lots and lots of people that have opinions about what is going on with the economy.  And of course the mainstream media is always trying to spin things to make Barack Obama and Hillary Clinton look good, because those that work in the mainstream media are far more liberal than the American population as a whole.  It is true that I also have my own opinions, but as an attorney I learned that opinions are not any good unless you have facts to back them up.  So please allow me a few moments to share with you evidence that clearly demonstrates that we have already entered a major economic slowdown.  The following are 15 facts about the imploding U.S. economy that the mainstream media doesn’t want you to see…

    1. Industrial production has now declined for nine months in a row.  We have never seen this happen outside of a recession in all of U.S. history.

    2. U.S. commercial bankruptcies have risen on a year over year basis for seven months in a row and are now up 51 percent since September.

    3. The delinquency rate on commercial and industrial loans has been rising since January 2015.

    4. Total business sales in the United States have been steadily dropping since the middle of 2014.  No, I did not say 2015.  Total business sales have been in decline for nearly two years now, and we just found out that they dropped again…

    Total business sales in the US did in April what they’ve been doing since July 2014: they dropped: -2.9% from a year ago, to $1.28 trillion (not adjusted for seasonal differences and price changes), the Censuses Bureau reported on Tuesday. That’s where sales had been in April 2013!
    5. U.S. factory orders have been dropping for 18 months in a row.

    6. The Cass Shipping Index has been falling on a year over year basis for 14 consecutive months.

    7. U.S. coal production has dropped to the lowest level in 35 years.

    8. Goldman Sachs has its own internal tracker of the U.S. economy, and it has fallen to the lowest level since the last recession.

    9. JPMorgan’s “recession indicators” have risen to the highest level that we have seen since the last recession.

    10. Federal tax receipts and state tax receipts usually both start to fall as we enter a new recession, and that is precisely what is taking place right now.

    11. The Federal Reserve’s Labor Market Conditions Index has been falling for five months in a row.

    12. The employment numbers that the government released for last month were the worst that we have seen in six years.

    13. According to Challenger, Gray & Christmas, layoff announcements at major firms are running 24 percent higher this year than they were at this time last year.

    14. Online job postings on the business networking site LinkedIn have been declining steadily since February after 73 months in a row of growth.

    15. The number of temporary workers in the United States peaked and started falling precipitously before the recession of 2001 even started.  The exact same thing happened just prior to the beginning of the 2008 recession.  So would it surprise you to learn that the number of temporary workers in the United States peaked in December and has fallen dramatically since then?

    Earlier today, we learned that two of our biggest corporations will be laying off even more workers.  Bank of America, which is holding more of our money than any other bank in the country, has announced that it is going to be cutting about 8,000 more workers…

    Bank of America is expected to reduce staffing in its consumer banking division by as many as 8,000 more jobs.
     
    The nation’s largest retail bank by deposits has already reduced the staffing in its consumer division from more than 100,000 in 2009 to about 68,400 as of the end of the first quarter of 2016, said Thong Nguyen, Bank of America’s president of retail banking and co-head of consumer banking at the Morgan Stanley Financials Conference Tuesday.
    And Wal-Mart has announced that it is going to be eliminating “back-office accounting jobs” at approximately 500 locations…



    Read more: http://www.zerohedge.com/news/2016-06-16/15-facts-about-imploding-us-economy-mainstream-media-doesn’t-want-you-see







    "What The Hell Is Going On In Europe?" Banks Battered As Brexit Concerns Spread, Gold Soars As EUR Crashes
    "The trajectory of European banks is really worrying... If banks are a main indicator of the health of a region, it gives you another reason to think ‘what the hell is going on in Europe?'"



    Two more polls this morning point to "leave" extending its lead over "remain" and that sentiment is weighing on risk assets (and bond yields) across the world as contagion concersn spread. Bond yields continue to plunge (Germany new record lows and Swiss 30Y just went negative for the first time), EU banks are crashing (with CS and DB at new record lows) giving many a reason to think "what the hell is going on in Europe?" The Bank of England "indepedently" unleashed more scary words today warning that Brexit could crush employment, drag on the economy, and slam the pound, which HSBC notes offers asymmetric potential for gold (expecting at least 10% upside move in the precious metal if the Brits vote "leave" with limited downside).

    First things first, the money outflows are esacalating  from Europe...



     

    The polls continue to trend towards Brexit...


    Read more: http://www.zerohedge.com/news/2016-06-16/what-hell-going-europe-banks-battered-brexit-concerns-spread-gold-soars-eur-crashes







    The One Chart Showing How The Fed Lost The Battle
    The Fed is this close to failure. At least that was Steve Liesman's assessment of yesterday's dour Fed statement who, as a reminder, said the following after the Fed presser:

    I think the first rate hike cycle is over. What Janet Yellen said in response to my question, and if you look at what has happened to the rate hike cycle, is pretty profound. It's as close to the Fed getting to capitulation as I've ever seen, about the efficacy of Fed policy, about the outlook for the economy.
    Shortly after, Jeff Gundlach validated Liesman's gloomy take: "the 'rate hike cycle' has left the building," he said after Wednesday's decision by Fed policymakers to leave rates unchanged. "They are not preparing the markets for a rate hike at all. Yellen sounds like she doesn't have confidence anymore. She is backing away from any forecast. She is simply saying, 'I really don’t want to forecast anymore.' We are done with this forecasting game. The subtext is that 'we've been so wrong forecasting the data, we should stop'."

    So what really changed, and how did the narrative break so sharply after 7 years, despite this website, for one, warning every single day since March 2009 that Fed failure is the only possible outcome?

    Here is BofA's credit strategist Michael Contopoulos with one succinct explanation:

    Chair Yellen made one thing clear today: there is unlimited uncertainty in the Fed’s forecast for the economy, inflation, and path of growth. Since 2012 the long-term median dot projection has plummeted from 4.25% to 3% with 50bp of reduction so far this year.
    And here is the chart showing how slowly but surely, the Fed lost the confidence battle as potential long-term growth has been cut by 30% in just over three years, even as the Fed was desperately doing everything in its power to achieve the precisely opposite outcome.





    Read more: http://www.zerohedge.com/news/2016-06-16/one-chart-showing-how-fed-lost-battle





    First Treasuries, Now China Is Also Liquidating US Stocks
    One year ago, this website was the first to observe that when combined with its offshore Belgium-held holdings, China was first slowly then fast liquidating its Treasury holdings, an observation which led us to correctly predict that China would proceed to devalue its currency, which it did shortly after. Sure enough, shortly thereafter it became common knowledge that the PBOC, owner of the world’s biggest foreign-exchange reserves and largest offshore holder of US Treasuries, had burnt through 20% of its inventory since 2014, dumping about $250 billion of U.S. government debt and using the funds to support the yuan and stem capital outflows.

    As it turns out, China wasn't selling only Treasuries. According to a Bloomberg analysis when peeking deeper at the TIC data, while China’s sales of Treasuries have slowed, its holdings of U.S. equities are now showing steep declines as Beijing proceeds to liquidate a substantial portion of its US equities.

    This means that in addition to oil exporting nations such as Saudi Arabia, whose liquidation of US stocks we also predicted back in 2014 when we commented on the death of the Petrodollar, the "other" big seller of US equities has been found: China's stash of American stocks sank about $126 billion, or 38%, from the end of July through March, to $201 billion. "That far outpaces selling by investors globally in that span - total foreign ownership fell just 9 percent. Meanwhile, China’s U.S. government-bond stockpile was relatively stable, dropping roughly $26 billion, or just 2%."





    Read more: http://www.zerohedge.com/news/2016-06-16/first-treasuries-now-china-also-liquidating-us-stocks





    Frontrunning: June 16
    Global Stocks Fall as Bank of Japan Stands Pat (WSJ)
    European stocks, oil slide as growth fears add to Brexit pressure (Reuters)
    Yellen Says Forces Holding Down Rates May Be Long Lasting (BBG)
    Fed's Yellen acknowledges difficulty of escaping world's low rate grip (Reuters)
    Oil hits three-week low on weak U.S. stock draw, Brexit fear (Reuters)
    China Dumping More Than Treasuries as U.S. Stocks Join Fire Sale (BBG)
    Brexit would make all of Europe seem less reliable: German minister (Reuters)
    Scottish leader says EU referendum on knife edge, Brexit could trigger independence vote (Reuters)
    'Lone hacker' claims responsibility for cyber attack on Democrats (Reuters)
    Orlando Shooter Raised Suspicion at Gun Shops (WSJ)
    Brexit darkens cloud hanging over European banks (Reuters)
    U.S. officials say American Muslims do report extremist threats (Reuters)
    Corporate Clients Push Back After Law Firms Hike Starting Salaries (WSJ)
    For One Breed of Wall Street Bankers, Business Is Booming Again (BBG)
    Post-Islamic State Iraq should be split in three: top Kurdish official (Reuters)
    China’s Postal Savings Bank Presses Ahead With Over $7 Billion IPO (WSJ)
    Heatzilla Will March Across the West From California to Arizona (BBG)
    Disney's China fairytale begins with $5.5 billion park opening (Reuters)
    Rome set for first female mayor as Renzi faces vote setbacks (Reuters)
    Main locations of EgyptAir wreckage identified by deep ocean vessel (Reuters)
     
    Overnight Media Digest

    WSJ

    - The U.S. Federal Reserve held short-term interest rates steady and officials lowered projections of how much they'll raise them in the coming years, reflecting concerns about persistently slow growth and low inflation. (http://on.wsj.com/25YPbTd)

    - Tencent Holdings Ltd is nearing a deal to buy the Finnish maker of the popular "Clash of Clans" game in a deal that values the company at more than $9 billion, said people familiar with the matter, a move that could thrust the Chinese internet giant atop the fast-growing and lucrative mobile-games industry.(http://on.wsj.com/25YPvl7)

    - Pregnant women infected with Zika in their third trimesters may not face a major risk that their babies will develop abnormalities linked to the virus, according to a study, published by public-health scientists in Colombia and at the U.S. Centers for Disease Control and Prevention in the New England Journal of Medicine. (http://on.wsj.com/25YPMo9)

    - Envision Healthcare Holdings and AmSurg agreed to merge, in a deal that will create a company providing a range of hospital-related services worth some $10 billion. (http://on.wsj.com/25YPA8o)

    FT
    * Cameron plans Trident vote to unify Tories after EU poll (http://bit.ly/1YsMh3G)

    * RBS to make cash machine switch at same time as referendum (http://bit.ly/1YsMyDA)

    * London commuters caught up in acrimonious rail dispute (http://bit.ly/1YsNl7H)

    * New Zealand economy grows faster than expected in Q1 (http://bit.ly/1YsNZSF)

    Overview
    - In attempts to bring together the Conservative party after the EU referendum battle, David Cameron is planning a Commons vote on new Trident submarines next month.

    - Royal Bank of Scotland is installing new ATMs in approximately 300 branches that are being hived off to create Williams & Glyn, the challenger bank that is being formed from RBS branches in England and Wales and NatWest outlets of Scotland.

    - The RMT rail union and Govia dispute has left passengers stranded. The conflict is centered over plans to change the role of train conductors and has led to several days of strikes.

    - Ahead of forecasts, New Zealand's economy grew by a seasonally adjusted pace of 0.7 percent quarter-on-quarter in the first three months of this year, down from 0.9 percent in the December quarter.

    NYT
    - A multibillion-dollar hedge fund focused on healthcare had an inside view of the drug approval process at the Food and Drug Administration. Federal authorities have filed criminal and civil securities charges against three current and former traders at Visium Asset Management, including Sanjay Valvani, one of the firm's top portfolio managers and the former brother-in-law of the firm's founder. (http://nyti.ms/1UPYagN)

    - The Fed said on Wednesday, after a two-day meeting of its policy-making committee, that it would not raise its benchmark interest rate, and that future increases were most likely to unfold at a slower pace. (http://nyti.ms/1WOhvCz)

    - Nick Denton, the founder and chief executive of Gawker, published a roughly 3,000-word blog post about the state of his company. He waxed poetic about the company's future, opined on the balance of power between privacy and a free press and took Silicon Valley billionaires to task for trying to control their image. (http://nyti.ms/1Ue8IJX)

    - The ailing media mogul Sumner Redstone declared in a rare missive sent on Wednesday that he no longer trusted Philippe Dauman, Viacom's embattled chief executive, or those who support him. (http://nyti.ms/1UAdXO9)

    Britain

    The Times

    The Financial Conduct Authority has caved in to banks over payment protection insurance compensation by backing the banks' call for a two-year deadline for new claims, against the view of its own experts. (http://bit.ly/1rqR744)

    Berkeley Homes, one of Britain's most upmarket house builders, has reported a 20 percent fall in reservations for the past five months and added that it had launched no new schemes in London this year amid uncertainty over the European Union referendum. (http://bit.ly/1rqSn74)

    The Guardian
    Rolls-Royce has written to staff to say the company wants Britain to stay in the European Union. (http://bit.ly/1rqRcVt)

    Areva, one of the French companies at the heart of the controversial Hinkley Point C nuclear project, has unveiled plans to break itself up into three parts in a bid to stem huge losses. (http://bit.ly/1rqSuQ2)

    The Telegraph
    Heathrow has sought to pressure the government into giving a controversial third runway the go-ahead by warning that ministers' much-heralded "Northern Powerhouse" idea is "at risk" if the airport if not expanded. (http://bit.ly/1rqSz6o)

    Hollywood Bowl, the operator of bowling lanes, plans to float in London next month in a deal that will value the business at around 280 million pounds ($397.54 million). (http://bit.ly/1rqSxeT)

    Sky News
    South African retailer Steinhoff has confirmed it is considering a possible takeover bid for discount chain Poundland. (http://bit.ly/1rqR9sJ)

    Sir Philip Green has apologised for the sale of BHS and its "sad" collapse, telling an MPs' inquiry he is finding a solution to the 571 million pounds ($810.71 million) pension deficit - pledging "we'll sort it". (http://bit.ly/1rqQxmX)

    The Independent
    Heads of Unilever, Airbus and General Electric have accused the official 'Leave' campaign of "deliberately" attempting to "mislead" voters by using their logos on a taxpayer-funded leaflet making the case for Brexit.


    http://www.zerohedge.com/news/2016-06-16/frontrunning-june-16




    Deutsche Bank: "This Chart Is Even More Appropriate To Show A Broken Financial System"
    "Yesterday we said that the chart we published on 10 year bund yields back to 1807 was an excellent way of showing a broken financial system well maybe the chart in today's PDF showing this Swiss 2049 bond yield is even more appropriate. You now have to pay the Swiss government for the privilege of lending to them for nearly 33 years."







    Read more: http://www.zerohedge.com/news/2016-06-16/deutsche-bank-chart-even-more-appropriate-show-broken-financial-system





    Global Stocks Continue To Plunge As Central Banks Disappoint, Brexit Looms
    The last time US equities fell after the Fed came out as overly dovish was in January, when the Fed modestly relented on its "tightening" plan. It was immediately dubbed as "policy error" and led to the February market swoon as a result of Yuan-induced market volatility. But if January was bad for the Fed, yesterday was even worse, with stocks proceeding to stumble and close at the lows after a rambling, disjointed press conference by Yellen failed to convince anyone that the Fed has any idea what it is doing anymore and that the "rate hike cycle may have left the building" as Jeff Gundlach put it. Even Steve Liesman admitted that "the Fed is as close to capitulation as I've ever seen them."

    “The very dovish comments from Janet Yellen didn’t bring much support,” said Guillermo Hernandez Sampere, the head of trading at MPPM EK in Eppstein, Germany. “The market took a breather yesterday but there was nothing more to it. There aren’t enough buyers out there to prevent the downside. The more people are talking about a possible Brexit the more it creates fear among investors.”

    The odds of the Fed raising key borrowing costs this year are now below 50 percent. About 28 percent of economists in a Bloomberg survey had forecast additional easing at this BOJ meeting, with 55 percent looking to the next gathering in July. The Bank of England will announce its policy decision at noon in London.

    Then the BOJ added insult to injury after Kuroda confirmed the BOJ is likewise trapped and did nothing to ease the pain in either the soaring Yen which is back to October 2014 highs, or the Nikkei, when proceeded to tumble another 3% and is now down over a quarter from its summer of 2015 highs.



    U.K. POLL ON EU SHOWS 47% REMAIN, 53% LEAVE: IPSOS-MORI


    Read more: http://www.zerohedge.com/news/2016-06-16/global-stocks-continue-plunge-central-banks-disappoint-brexit-looms


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 10:16 am


    https://www.youtube.com/watch?v=lXjDF0tzZpg&feature=youtu.be


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 10:16 am

    Dollar erases losses vs. rivals despite U.S. data 
    Investing.com - The dollar erased losses against the other major currencies on Thursday, re-approaching a two-week high despite the release of mostly downbeat U.S. 

    European Stocks, oil slide as growth fears add to Brexit pressure By Reuters - Jun 16, 2016

    Top 5 Things to Know In the Market on Thursday By Investing.com - Jun 16, 2016

    Wall Street set to open at 3-week low after BoJ, Fed; Brexit fears ... By Investing.com - Jun 16, 2016

    Gold soars past $1,310 to hit 22-month peak after Fed, BoJ By Investing.com - Jun 16, 2016

    Wall Street falls as Fed holds steady and Brexit vote looms By Reuters - Jun 15, 2016 

    China Dumping More Than Treasuries as U.S. Stocks Join Fire Sale

    For the past year, Chinese selling of Treasuries has vexed investors and served as a gauge of the health of the world’s second-largest economy.

    The People’s Bank of China, owner of the world’s biggest foreign-exchange reserves, burnt through 20 percent of its war chest since 2014, dumping about $250 billion of U.S. government debt and using the funds to support the yuan and stem capital outflows.

    While China’s sales of Treasuries have slowed, its holdings of U.S. equities are now showing steep declines.

    The nation’s stash of American stocks sank about $126 billion, or 38 percent, from the end of July through March, to $201 billion, Treasury Department data show. That far outpaces selling by investors globally in that span -- total foreign ownership fell just 9 percent. Meanwhile, China’s U.S. government-bond stockpile was relatively stable, dropping roughly $26 billion, or just 2 percent.......
    http://www.bloomberg.com/news/articles/2016-06-15/china-dumping-more-than-treasuries-as-u-s-stocks-join-fire-sale


    Last edited by Carol on Fri Jun 24, 2016 1:30 pm; edited 2 times in total


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 10:17 am

    The Hong Kong Exchange & Clearing’s (HKEX) new physical gold contract launch in September – HKEX

    Gold contract will also express interest rate view, launch in September – HKEX
    Jun 15, 2016 - 3:22 AM GMT
    by Kathleen Retourne

    The Hong Kong Exchange & Clearing’s (HKEX) new physical gold contract will also allow investors to express a view on interest rates as it will be duel currency, CEO Charles Li said at a press briefing here.

    It is set to launch in September subject to FCA approval and will have a vault based in Hong Kong.
    One of the key features of the contract is that it is traded simultaneously in us dollar and renminbi
    “[The] Central Bank or Chinese entities might use this to purchase gold and on the side use this to express a view on interest rates and forward exchange rates,” Li said.

    “On the one hand it is a gold contract and on the other it is an exchange rate contract, ” he added.
    The contract is likely to appeal given the region’s affinity for gold kilobars of 99.99 percent purity and the fact it will offer physical delivery in Hong Kong vaults, sources told FastMarkets back in December.

    But many of the contract’s specifications are still to be decided while negotiations continue.
    It faces strong competition – already serving the region’s needs for yuan-denominated gold are the Shanghai Gold Exchange and its international subsidiary, the Shanghai Gold Exchange International (SGEi).

    HKEx suspended trading on its dollar-denominated gold futures contract in March last year, citing its failure to gain traction among investors.
    http://www.bulliondesk.com/gold-news/lme-week-asia-2016-gold-contract-will-also-express-interest-rate-view-launch-september-hkex-115411/


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 10:18 am

    Zimbabwe Govt sets multi currency deadline
     June 15, 2016 

    Government has set June 30 as the deadline by which State institutions, parastatals and local authorities should have embraced multi-currency arrangements in payment transactions to promote financial sector stability. The move is part of a plethora of measures introduced by Government through the Reserve Bank of Zimbabwe aimed at ensuring safety and soundness of the banking system and to alleviate the persistent liquidity challenges in the economy.In a circular released on Friday to accounting officers, Permanent Secretary in the Ministry of Finance and Economic Development Willard Manungo said Government ministries, departments, local authorities and parastatals are key players in the adoption of multi-currencies given the extent to which they transact with the public.

    “In this respect, it is critical that such entities also adopt measures that facilitate restoration and promotion of the multi-currency system,” said Mr Manungo.

    “Pursuant to the above, accounting officers are, therefore, required to urgently arrange for departments and institutions under their purview to embrace application of the multi-currency arrangement in payment transactions with the public,” he said.

    Arrangements to be adopted include introduction of a multi-currency tier price structure that includes the South African rand and other currencies within the multi-currency system, alongside the US dollar and bond notes when introduced......
    http://www.bulls.co.zw/2016/06/15/govt-sets-multi-currency-deadline/


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 10:19 am

    China to launch gold benchmark
    By Leng Cheng | April 19, 2016, Tuesday | Print Edition

    CHINA will launch a new contract today to set a “benchmark” price for gold bullion in the world’s biggest producer and consumer of gold, as part of efforts to increase its influence in pricing of the precious metal.

    The yuan-denominated gold fix will be launched on the Shanghai Gold Exchange this morning, with the benchmark price at 257.97 yuan (US$39.83) per gram, said a statement released by the exchange yesterday.

    Eighteen banks and bullion traders have been chosen as initial market makers for the fix, including 10 Chinese lenders, Standard Chartered Bank, Australia and New Zealand Banking Group and six domestic and international bullion traders including Switzerland-based MKS Gold Ltd, the exchange said.....
    http://www.shanghaidaily.com/business/energy/China-to-launch-gold-benchmark/shdaily.shtml


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Jun 16, 2016 3:36 pm


    https://www.youtube.com/watch?v=J8oLMS11Ht4
    America's Economic Doom : Documentary on the National Debt and Crumbing Economic System

    Published on Mar 8, 2016

    America's Economic Doom : Documentary on the National Debt and Crumbing Economic System

    This is a Superb documentary that's very interesting and fun to watch and part of a series of exciting and informative documentaries. This Youtube channel is for learning and educational purposes. Learning and Education are fundamental and important in today's society and becoming increasingly more accessible and convenient online. The availability of important information which is also entertaining helps everyone grow mentally and emotionally as people both individually and as a whole. Documentaries are the resource of choice of the information and internet generations of students around the world. The documentary here along with the other documentaries on this channel relate to important times and people in history, historic places, archaeology, society, world culture, science, conspiracy theories, and education.  


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Jun 18, 2016 12:24 pm

    A DIGITAL CURRENCY NEEDS A DIGITAL EXCHANGE PLATFORM
    SEC approves IEX as national stock exchange

     The U.S. Securities and Exchange Commission has granted the hotly debated request by alternative trading group IEX Group Inc to launch a new U.S. public stock exchange, a move likely to intensify arguments over current market structure.

     IEX, made famous by Michael Lewis' 2014 book "Flash Boys: A Wall Street Revolt," is notable because it would be the only exchange in the United States to include a so-called speed bump - a 350 millionths-of-a-second delay in all incoming and outcoming orders.

     According to IEX, that delay protects investors from high-frequency traders who can pick up on trading signals and use their faster technology to electronically front-run slower investors.

     Other exchanges, including Nasdaq (NDAQ.O), the New York Stock Exchange (ICE.N) and BATS Global Markets (BATS.Z), have vigorously opposed the idea of IEX gaining regulatory approval as a U.S. stock exchange. Nasdaq has suggested that any SEC approval could be legally challenged.

    The approval marks the first time in three years that the SEC has sanctioned a new trading exchange. The most recent approval was when International Securities Exchange's options exchange, ISE Gemini, received the green light in July 2013....

    Any new exchange coming online would add a player to the pie, meaning revenue from market participants would be split among more competing exchanges. In addition, IEX's speed bump could dampen trading volumes, which would also drag on exchange revenue.

    IEX expects to implement trading in all stock symbols on Sept. 2, ceasing operations of the IEX Alternative Trading System (ATS), also known as a dark pool, according to its website.

    http://www.reuters.com/article/us-usa-sec-iex-idUSKCN0Z32NM


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Jun 18, 2016 12:25 pm

    This could be the week the UK breaks up with Europe

     Thursday's vote by the U.K. on whether to exit the European Union should bring an end to weeks of uncertainty, but markets could very well remain volatile no matter what happens.

     There is a wide variety of outcomes expected. The majority view in financial markets has been that the U.K. will stay in the EU, while many recent polls have shown those supporting leaving the trade bloc have taken a slight lead. That said, markets could still see a major shift in either direction when the results are released early Friday morning U.K. time.


     Even with lots of pre-positioning, analysts say if the vote is to leave, the pound could fall further, stocks and commodities sell off and investors would seek safe havens like gold and bonds. A vote to stay may have the opposite effect, causing a snap back in the pound and risk assets and a sell-off in bonds.

    http://pub-origin.cnbc.com/2016/06/17/this-could-be-the-week-the-uk-breaks-up-with-europe.html


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Jun 18, 2016 12:27 pm

    The Only Certainty for World’s Central Bankers Is Uncertainty

    From the immediate possibility of Britain leaving the European Union to the longer-term consequences of aging populations, the world’s major central banks this week just aren’t sure what to do next.

     Officials from the U.S., Japan, the U.K. and Switzerland all opted to keep monetary policy unchanged this week as they await the June 23 Brexit vote and try to make better sense of the deep-seated forces shaping their economies.
     “We are quite uncertain about where rates are heading in the longer term,” Federal Reserve Chair Janet Yellen told reporters on Wednesday, noting that an aging society and lagging productivity growth suggested borrowing costs should be below historical normal levels.

    The lack of action by four of the most prominent central banks fueled perceptions among investors that monetary policy makers are increasingly at a loss about what to do in the face of a struggling global economy and distorted world financial markets.

     That feeling, coupled with worries about the fallout should the U.K. opt out of the EU, sent world stock prices skidding lower this week and drove bond yields down, in some cases into once-unheard-of negative territory.

    http://www.bloomberg.com/politics/articles/2016-06-16/the-only-certainty-for-world-s-central-bankers-is-uncertainty


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sun Jun 19, 2016 9:49 am

    Chinese moguls and business executives attending the St. Petersburg International Economic Forum believe that the Russian market offers a bonanza of lucrative opportunities.

    Read more: http://sputniknews.com/business/20160618/1041569818/russia-china-forum-investments.html#ixzz4C2QXHiDj



    Fortune:
    Indian Central Bank Chief in Surprise Move to Step Down
    http://fortune.com/2016/06/18/india-central-bank-chief-step-down/



    UK's Sunday Times urges readers to vote for 'Leave'
    http://www.reuters.com/article/us-britain-eu-sundaytimes-idUSKCN0Z40U5



    China is selling off U.S. treasuries, stocks etc totalling 40%!!!!!!
    They have dumped about $200. billion
    zero hedge just tweeted
     
    This is just coming out. It was done in Feb and March. Now they are dumping US stocks. Biggest sell off in a long time. They dumped $150B since then. Getting rid of nearly all US STOCKS AND TREASURY BONDS. They are dumping most of their assets since 2007.
     
    http://www.cnbc.com/2016/06/16/all-the-world-loves-bonds-but-maybe-for-the-wrong-reason.html
     
    "Yesterday, Shanghai gold bank said that they could use Yuan to price bonds in gold.  Can use PRC bonds for margin calls in gold contracts.  One step more and Yuan will be pegged to gold.  Probably between now and next Tuesday.   Shanghai gold exchange has made the bonds gold-backed.
     
    China has dumped 38% of their American stock!  To isolate themselves from the collapse of the dollar."



    Sovereign bonds are pricier than ever, yet the world can't seem to get enough.
    The rush into bonds has been due to a number of factors, including worries about global economic growth and most recently fears the U.K. could disrupt financial markets and the economy if it votes next week to leave the European Union. But the overriding forces behind the buying are the world's central banks as well as the unease caused by the world's central banks.
    http://www.cnbc.com/2016/06/16/all-the-world-loves-bonds-but-maybe-for-the-wrong-reason.html
     
     
    ["Economists are totally  misreading the market.  Bonds are in the negative interest zone, but the Keynesian economists are unable to understand that this means that the economy is collapsing. So, they are directing their groups to buy more and more worthless stocks and bonds, which RETURN LESS THAN IT COSTS TO BUY THEM."]


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon Jun 20, 2016 11:53 am

    NEW EURASIAN COUNTRIES READY TO IMPLEMENT GOLD BACKED CURRENCY! WORLD IS SELLING US TREASURIES AND BUYING GOLD, US DOLLAR CRASH COMING
    http://investmentwatchblog.com/new-eurasian-countries-ready-to-implement-gold-backed-currency-world-is-selling-us-treasuries-and-buying-gold-us-dollar-crash-coming/




    Multi-billion-dollar computer giant Microsoft agrees secret deal with HMRC that 'allows the company to avoid £100m of UK tax' 
    The European Commission is now clamping down on APA's with probes launched to ensure they do not breach rules on state aid.


    South Norfolk MP Richard Bacon, who sits on the public accounts committee, has called for transparency when it comes to the tax records of companies such as Microsoft and has labelled their special treatment 'unfair'.


    He told the Sunday Times: 'The average person is getting sick and tired of this kind of thing. These are strategies which are not open to most ordinary companies.


    'It is the suspicion of most informed people that companies like Google and Microsoft get away without paying their fair share. [People] see that as wrong and unfair.'
    http://www.dailymail.co.uk/news/article-3649049/Microsoft-agrees-secret-deal-HMRC-allows-company


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon Jun 20, 2016 3:24 pm


    https://www.youtube.com/watch?v=IYBvyn63T1w
    Jim Sinclair-Biggest Bubble in the History of Finance


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Jun 21, 2016 1:28 pm

    As Brexit fears ease, Wall Street set to extend rally
    http://www.cnbc.com/id/103731324



    India Loses Its Vital Central Banker -- June 20, 2016 
    http://www.bloomberg.com/view/articles/2016-06-20/india-loses-its-vita​ l-central-banker



    [b]Puerto Rico Bail Out Bill that Puts Average American Bond​holders’ Last -- 20 Jun 2016 -- Why is Congress denying that it is b​ailing out Puerto Rico’s $70 billion of debt?[/b]
    http://www.breitbart.com/big-government/2016/06/20/house-passes-puerto​ -rico-bail-bill-puts-average-american-bondholders-last/


    http://sputniknews.com/business/20160621/1041690520/soros-china-currency-war.html


    http://www.zerohedge.com/news/2016-06-21/yellen-confirms-fed-has-legal-basis-pursue-negative-rates


    http://www.prophecynewswatch.com/article.cfm?recent_news_id=433


    http://blogs.wsj.com/moneybeat/2016/06/21/marathon-oil-to-buy-payrock-energy-energy-journal/
    [b]      
    [/b]


    Last edited by Carol on Fri Jun 24, 2016 11:15 am; edited 1 time in total


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Jun 21, 2016 9:27 pm

    BANK FOR INTERNATIONAL SETTLEMENTS TO OFFER SDR PRODUCTS AND SERVICES
    JUNE 21, 2016 JC COLLINS LEAVE A COMMENT
    Acquires Direct Access to Renminbi Onshore (CNY) Market




    While giving a speech to the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) on June 20, 2016, Peter Zöllner from the Bank for International Settlements provided additional information on the multilateral monetary transition and the rise of the Special Drawing Right (SDR) as a supra-sovereign reserve asset.


    In the official remarks Mr. Zöllner discussed the internationalization of the Chinese renminbi and provided a realistic path forward for an increase in reserve accumulation.  The RMB fundamentals were contrasted with a continuing role for the US dollar and the incremental broadening of SDR functionality.


    The role of the SDR and the further internationalization of the renminbi were described as follows:


    “For the renminbi to develop the status of reserve currency, much will depend on whether and how the Chinese authorities will continue to open up their markets and modernize their market infrastructure. It is reasonable to expect that the liberalization of the last few years will continue, allowing even greater access to the renminbi both offshore and onshore. As we have seen, significant steps have been taken to remove restrictions on investing in the renminbi. On top of this, the authorities are trying to promote the use of the renminbi indirectly through initiatives aimed at supporting the SDR, including a proposal to set up an SDR-denominated bond platform.”


    The alignment on monetary reform between the BIS, China, and the International Monetary Fund should be accepted as fact.  The official publications of all continue to support the fundamental methodology of the transmutation of the international financial framework.


    Zöllner went on to confirm that:


    “…– for the BIS – the SDR has been the unit of account since 2003 when it replaced the so-called gold franc.”


    Additional comments support a broader use of the SDR in the coming years and the importance of the renminbi being included in the SDR basket composition.  This broader use of the SDR will require additional financial products and services, such as the Chinese SDR-denominated bond platform.  But it doesn’t end there.  The BIS itself has now expressed its plans to support an expanded SDR function:


    “Furthermore, official institutions are relying on us to provide banking products and services in SDR as well as in all its basket currencies.”


    It has been expressed here on POM previously that the BIS would act as a clearing house for SDR transactions. The reference is also to additional products and services which will provide the SDR with deeper integrity and more sustainable support to ensure other nations both purchase and issue SDR-denominated financial securities.


    And if there was still any doubt about the alignment between the China and the larger international banking interests’ one need only consider the following statement:


    “From this, it becomes clear that the BIS is undertaking significant efforts to prepare for a smooth switchover to the new SDR basket. We have, for example, acquired direct access to the CNY FX market by installing a trading terminal a few months ago. We are updating our systems, reviewing our procedures and extending our product range.”
    [6/21/16, 4:04:02 PM] Paul from Minnesota: 
    The trend of macroeconomic consolidation is clear.  Those who have been anticipating a BRICS revolution and overthrow of western banking cartels should consider the validity of their sources of information.  Entertainment and newstainment are all fine and dandy, but facts must be considered and informed decisions will need to be independently made in regards to each individual position.


    In closing I’d like to draw attention to the following remarks:


    “The SDR is a synthetic currency created in 1969 by the IMF. Its value was initially expressed in terms of gold, as it was conceived in a monetary system where the link between currencies and gold set limits on how far the growing demand for reserves could be met.”


    It is interesting that a representative from the BIS would draw attention to this fact.  Though it doesn’t offer direct supporting evidence, it does provide indirect evidence that the intention is to add gold to the SDR composition down the road.  Large reserve accumulation has become one of the direct threats to the international monetary system, and the reference made here is not coincidental.  – JC


    http://philosophyofmetrics.com/bank-for-international-settlements-to-offer-sdr-products-and-services/


    Last edited by Carol on Fri Jun 24, 2016 11:14 am; edited 1 time in total


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Jun 24, 2016 10:55 am

    Dow plummets 500 points over Britain leaving the EU as billions are wiped off the value of shares  http://www.dailymail.co.uk/news/article-3658321/US-STOCKS-Futures-drop-Britons-vote-abandon-EU.html




    The head of the United Nations’ International Monetary Fund, Christine Lagarde, is facing charges in France for embezzlement. If found guilty, she could go to prison for ten years.
    http://investmentwatchblog.com/the-head-of-the-united-nations-international-monetary-fund-christine-lagarde-is-facing-charges-in-france-for-embezzlement-if-found-guilty-she-could-go-to-prison-for-ten-years/




    ‘Panic’ and ‘bloodbath’ — analysts react to U.K.’s decision to Brexit
    The results sent shockwaves through financial markets and trading floors. The pound GBPUSD, -8.3165%  has tanked 10% to trade at a 31-year low, while U.K. and U.S. stock futures pointed to sharp losses at the open.



    http://www.marketwatch.com/story/panic-and-bloodbath-analysts-react-to-uks-decision-to-brexit-2016-06-24


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Jun 24, 2016 11:03 am

    Statement by Christine Lagarde on the U.K. Referendum

    Press Release No. 16/303
    June 24, 2016

    Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:


    "We take note of the decision by the people of the United Kingdom. We urge the authorities in the U.K. and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the U.K. and the EU, including by clarifying the procedures and broad objectives that will guide the process.


    "We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility. We will continue to monitor developments closely and stand ready to support our members as needed."
    http://www.imf.org/external/np/sec/pr/2016/pr16303.htm


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

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