Monthly Archives: July 2015

Lyxor says it had ‘no choice’ in closure of Greek ETF

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“Lyxor, the Paris-based asset manager, has spoken out for the first time about its decision to impose a block on investors withdrawing money from its Greek exchange traded fund.  Lyxor imposed the block after the closure of the Athens stock exchange last Monday, with the crisis in Greece continuing to escalate.  The move fueled concern among critics, who fear ETF trading is vulnerable to disruption when market conditions become volatile. Lyxor’s decision has come under particular scrutiny because Global X, a US manager, has allowed investors to continue to trade its $322 million Greek ETF.”

http://www.cnbc.com/id/102810533

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260,000 Austrians sign EU exit petition, forcing referendum debate

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“Over 260,000 Austrians have signed a petition calling for the EU exit for the country, and now the Austrian parliament must discuss a referendum on the issue.  Overall, the 261,159 people who signed the petition represent 4.12 percent of the electorate.  The petition was most popular in the regions of Lower Austria (where 5.18 percent of potential voters signed it) and in Carinthia (4.85 percent).  The threshold for calling a debate on a potential referendum is 100,000 people. The petition was launched by 66-year-old retired translator Inge Rauscher, who composed a similar petition in 2000. On that occasion, it was signed by 3.35 percent of the electorate.”

http://rt.com/news/271279-austria-petition-eu-exit/

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Italy’s Beppe Grillo Pushes For Euro Referendum

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“Italy, which is just emerging from its longest recession since World War II, has a large component of anti-establishment and anti-euro parties and movements. Italian parties supporting the ‘no’ vote in Greece would beat the ‘yes’ front by 11 percentage points, according to Bloomberg calculations based on party leader indications and June 29 election polls by Istituto Piepoli SpA. In addition to Grillo’s party, which is the second biggest in Italy after Premier Matteo Renzi’s Democratic Party, the anti-immigration Northern League Party led by Matteo Salvini also supports a ‘no’ vote in Greece.”

http://www.bloomberg.com/news/articles/2015-07-03/italy-s-grillo-flies-greek-flag-to-push-for-referendum-at-home

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Greeks awake to shuttered banks on day after voters reject austerity

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“Greeks awoke Monday to the stark reality of the country’s accelerating crisis — shuttered banks and ATMs with little cash — hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.  The results — 61% voted ‘no,’ compared with 39% for ‘yes’ — left the bankrupt country’s future in the European Union and its euro currency uncertain. Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.”

http://www.foxnews.com/world/2015/07/06/greece-enters-uncharted-territory-after-referendum-no-vote/

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Greece defaults on $1.7 billion IMF payment

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“Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stable.  Greece will now be cut off from access to IMF resources until the payment is made.  The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout.  Greece asked for a two-year bailout from Europe, its third in six years.  Greek banks remained shut Tuesday and limits on cash withdrawals were in place as the country tried to stave off financial collapse before the vote. Daily withdrawals are limited to 60 euros, or about $67.”

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default

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John Hussman: Judging the Future at a Speculative Peak

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“A rather classic feature of speculative peaks is the eagerness of speculative companies to issue equities to the public while the getting is good. On that front, fully 78% of the initial public offerings over the past 6 months are companies that have negative earnings; a percentage that eclipses both the previous record of 76% at the height of the tech bubble in 2000, as well as the second-highest extreme of 65%, which was set, not surprisingly, in April 2007 during the distribution phase that preceded the 2007-2009 market collapse. Likewise, private equity firms have been dumping their ownership stakes at a record pace.”

http://www.hussmanfunds.com/wmc/wmc150706.htm

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Secession: Armed vs. Peaceful

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portallogo3

“The young men of the revolution had to settle for political offices in the states. The war was over. Wartime centralization ended. The national government of the United States of America had little influence after 1783. It had to have unanimous support of the states to pass any law, and it could only rarely get this. There were tight chains on national political power. The result was another secession movement organized by the young men of the revolution: secession from the Articles of Confederation.  In the summer of 1787, a closed conclave was held in Philadelphia. No outsider was allowed to attend. It was held on the second floor, so that no citizen could hear the debates.”

http://www.garynorth.com/public/13994.cfm

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Declare Your Independence

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“The true declaration of independence is not a political document at all. It’s the inward realization that the flag lapel-pinned strangers who claim the right to govern you have no legitimate claim to your person or property. What do we do once we notice that whatever they take from some and give to others is the product of extortion and meant to grow their power?”

https://bananas.liberty.me/declare-your-independence/

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Greece Closes Banks and Stock Markets, Introduces Capital Controls

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“The banks in Greece and the Athens Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country’s creditors. In the meantime, cash withdrawals at ATMs will be limited to 60 euros ($66) and transfers abroad will be forbidden. Greece is the second Eurozone country, after Cyprus in 2013, to impose capital controls.  The move is evidently aimed at preventing panicked Greek investors and savers from taking their money out of the nation’s banks and moving it elsewhere. In the days before the predictable stall of the negotiations with Europe, many Greeks rushed to withdraw their money.”

https://bitcoinmagazine.com/21038/greece-closes-banks-stock-markets-introduces-capital-controls/

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China’s Stocks Enter Bear Market as Rate Cut Fails to Stop Rout

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“Chinese stocks tumbled, sending the benchmark index into a bear market, as signs of an exodus by leveraged investors overshadowed the central bank’s effort to revive confidence with an interest-rate cut.  The retreat marks an end to the nation’s longest-ever bull market, a rally that’s lured record numbers of individual investors and convinced traders to bet an unprecedented amount of borrowed money on further gains.  Zhang Gang, a strategist at Central China Securities strategist in Shanghai, called Monday’s losses ‘panic selling’ that will likely continue as margin investors are forced to liquidate their holdings and the recent selloff spurs more mutual fund redemptions.”

http://www.bloomberg.com/news/articles/2015-06-29/china-stock-futures-jump-in-singapore-after-rate-cut-yuan-drops

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