ECONOMY | WHAT REALLY HAPPENED

ECONOMY

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Jun 30 04:55

Markets Crash on Greece

Jun 30 00:44

Economist: Why cracks in China are more worrying for NZ than Greek nightmare

As extreme volatility plagues Chinese sharemarkets a top economist is warning that the cracks appearing within China's economy are of much greater concern for New Zealand than Greece's economic woes.

Almost US$1.25 trillion in value has been wiped off the Shanghai market since June 12. That's nearly eight times New Zealand's annual gross domestic product.

The Shanghai Composite Index fell by more than 5 per cent earlier today after plunging 3.3 per cent yesterday and 7.4 per cent on Friday.

It bounced back into positive territory this afternoon.

READ MORE: Greece is waking up to a nightmare

The index gained a massive 150 per cent in the year to June 12, but has retreated more than 20 per cent since then, meaning China has entered bear market territory.

Jun 30 00:37

Silver Prices About to Hit $50.00?

Jun 29 20:52

Beggar Thy Neighbor? Greece's Battered Banks Beget Balkan Jitters

"Millions of people in ex-Communist Bulgaria, Macedonia, Albania, Serbia and Romania have deposits in banks owned by Greek lenders, putting this corner of south-eastern Europe in the frontline if there is contagion from the Greek crisis."

Jun 29 20:52

French Economy In "Dire Straits", "Worse Than Anyone Can Imagine", Leaked NSA Cable Reveals

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”.

Jun 29 20:49

Strap In! China Is Crashing Again

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. Add to that the fact that industrial metals are collapsing with steel rebar limit down and it appears Central Bank Omnipotence is under threat.

Jun 29 20:11

Greece Crisis – How Safe Is YOUR Bank Account? Michael Rivero - June 29, 2015

Jun 29 19:40

16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

As we enter the second half of 2015, financial panic has gripped most of the globe. Stock prices are crashing in China, in Europe and in the United States. Greece is on the verge of a historic default, and now Puerto Rico and Ukraine are both threatening to default on their debts if they do not receive concessions from their creditors.

Jun 29 19:01

3M To Shut Down Body Armor Business

Jun 29 18:04

Velocity of Money M2 Lowest in Yrs.

Jun 29 17:24

Why We Must Fight Economic Apartheid in America

Almost lost by the wave of responses to the Supreme Court’s decisions last week upholding the Affordable Care Act and allowing gays and lesbians to marry was the significance of the Court’s third decision – on housing discrimination.

Jun 29 17:10

The Troika Intends to Suffocate Greece. Threaten an “Uncontrollable Crisis”…

The Central Bank of Greece surprised everyone with the publication of their monetary politics for 2014-2015. Besides revealing the consequences of the economic suffocation imposed by Brussels, it concluded that in case of not getting to a prompt deal with its European partners, a crisis of great proportions will be detonated.

“A crisis with a manageable debt as we are currently facing with the help of our partners will transform into an uncontrollable crisis, with great risk for the banking system and for the financial stability”, it quoted[1]. It was the first time this institution seriously contemplated Greece’s separation from the Eurozone.

Jun 29 16:59

Less Than 24 Hours In, Panic Hoarding Begins…

For those wondering how long they have after a full financial collapse before the shelves are empty at the grocery stores, it appears the answer is under 24 hours, as the focus has shifted in Greece from bank and ATM runs to bread and milk runs…

Jun 29 16:46

Default countdown? European banks lose €50bn as Greek debt deadline nears

The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.

The Stoxx 600 Banks Index fell by 4.4 percent, the biggest daily decline since November 2011, Bloomberg reports. Among the biggest losers is Portugues Banco Comercial down 9.1 percent, and Italy’s Banca Monte dei Paschi di Siena which slumped 7.2 percent. Spain’s Banco Popular Espanol has lost 6.5 percent and Banco de Sabadell was down 5.4 percent.

Jun 29 16:33

GREECE MAY BE The NEXT LEHMAN BROTHERS

Jun 29 15:06

Global stocks are getting crushed on fears that this time, Greece really will leave the eurozone

U.S. stocks extended their losses in heavy trading on Monday after a collapse in Greek bailout talks intensified fears that the country could be the first to exit the eurozone.

Greece appeared to confirm it was heading for a default after a government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.
The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing.

All three major U.S. indexes fell more than 1 per cent for the first time since May 26 and the TSX and Dow Jones Industrial Average turned negative for the year to date. Its last annual decline was 2008.

Jun 29 14:54

Sanders: Americans ‘sick and tired’ of working longer hours for low wages

Democratic presidential candidate Senator Bernie Sanders says the American people are sick and tired of the economic situation in the United States.

“The American people are sick and tired of seeing the disappearance of the great middle class of this country,” he said in an interview with ABC News on Sunday.

Jun 29 14:50

Banks lending more to risky borrowers?

Jun 29 14:38

Breathtaking German hypocrisy: Germany owes Greece 11 billion euros in unpaid loans

This little fact changes everything.

In 1943, Germany forced the Bank of Greece to lend it two loans worth 11 billion euros in today’s money.

And Germany has still not paid back the debt.

Jun 29 14:34

IMF has made €2.5 billion profit out of Greece loans

In April this year, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Jun 29 14:23

The Greek Financial Crisis Won't Hurt the U.S.

The recent fall of the Greek economy is not expected to have much of an impact on the economy of the United States due to the recent strengthening of the U.S. economy.

Webmaster addition: And if you believe that one, I have some of Saddam's Nuclear Weapons to sell you!

Jun 29 14:21

A New Mode of Warfare - The Greek Debt Crisis and Crashing Markets

Eurozone financial strategists made it clear that they wanted to make an example of Syriza as a warning to Spain’s Potemos party, and anti-euro parties in Italy and France. The message was supposed to have been, “Avoid our austerity and we will cause chaos. Look at Greece.”

Jun 29 14:17

NBCUniversal has severed ties with Trump

After a recent controversy in the media centered around Donald Trump's racist statements, NBCUniversal has severed ties with the presidential candidate.

Jun 29 14:05

China Seeks to Clean Up Space Junk

A new agency was recently established in China to help clean up space junk orbiting around the Earth.

Jun 29 14:02

Revealed: NSA Conducted Massive Economic Espionage Against France

New documents released by WikiLeaks reveal that the NSA's spying program delved even deeper into the French economy and politics, eavesdropping on government ministers and major corporations. The news comes only days after it was revealed that the US spied on three French presidential administrations.

Jun 29 14:00

Apple Store Employees “Treated Like Criminals”

A 2013 lawsuit filed against Apple recently had information released that stated employees claimed they were “treated like criminals”.

Jun 29 13:59

Giftcard Fraud on the Rise

The FBI recently released a statement warning that gift card fraud is on the rise.

Jun 29 13:59

CEO Focuses on Women’s Equality

Marc Benioff, who launched his company Salesforce in 1999, admits his focus back then wasn’t on hiring women into his company, but now it is.

Jun 29 13:58

Apple isn’t the Largest Company by Revenue Measures

Although Apple may be the largest company by household name recognition and other measures, it’s not the largest by revenue in the state of California.

Jun 29 13:55

JP Morgan Chase Stockpiles Silver While Pushing For Ban On Cash

In a communication with JP Morgan Chase shareholders earlier this month Jamie Dimon, CEO of one of the world’s largest and most influential banks, said that a more volatile crisis than 2008 is coming.

Jun 29 13:48

7 photos that sum up what it looks like in Greece today

Here’s what it looks like in Greece today, after a weekend in which the government walked away from negotiations with creditors and declared a referendum on debt-holder demands for this Sunday: Banks are closed, and there are lines outside ATMs, where withdrawals from a Greek account are limited to just 60 euros.

That’s if there is still money in the ATM.

Jun 29 13:46

Greece About to Default: Banks, Stock Exchange Down for Next Six Days

Analysts are estimating the country will likely default by Tuesday.

Some Greeks have already begun hoarding groceries and gasoline, The New York Times reports.

They clearly have no reason to trust their government, just as The Daily Sheeple reported two days ago when said government told its citizens not to worry and was promising there would be no capital controls put in place this week…

(read more)

Jun 29 13:44

SCAM ALERT - The Google Marketing Scam Phone Call

I just received a phone call from a number in Reno, Nevada. 773-800-7882. When I picked up the phone, it was an automated phone dialer telling me to press 1 to be connected to someone immediately or my business will NOT show up in the Google searches.

Webmaster's Commentary: 

Claire just got one, and I got one last week.

Funny how the NSA can't find these crooks, either!

Jun 29 13:36

Anger Aimed at Troika's Ruthless Neoliberalism as Greece Exit Looms

With banks shuttered, capital controls in place, and democracy under threat, the world's eyes turn toward what the Greek people will decide.

Jun 29 13:32

Europe's richest countries (adjusted to cost of living)

Webmaster's Commentary: 

Latest victim of a US overthrow Ukraine is, of course, at the bottom of the list!

Jun 29 13:20

Russia: Tit for Tat

Hail, fire and brimstone, new sanctions or the US tanks on its borders, Russia takes things in stride. President Putin could adopt the motto of William of Orange: saevis tranquillus in undis, calm amidst the tempest. The tempest is all around. American tanks moved into the Baltic states. American warships sail up the Black sea. The EU sanctions against Russia were extended for another six months. Russian assets were seized in France and Belgium.

Jun 29 12:27

Central Bank of Central Banks says “The world is unable to fight next global crash”

According to the Bank of International Settlements (BIS), the shadowy “central bank of central banks,” the world as it stands is incapable of combating another global financial crash – a crash that there is every reason to think is coming.

Jun 29 11:58

The Greek Bank Holiday: This is What an Economic Collapse Looks Like

A “bank holiday” sounds like such an innocuous thing, doesn’t it? Playful, a well-deserved rest, maybe even fun.

If you’d like to learn more about the fun of such a holiday, look no further than the streets of Greece, where people have been informed the banks will be closed for the next week.

Why? Because the European Central Bank has stopped sending in the money that was keeping the Greek financial system afloat. Had people been able to go to the bank and withdraw their money, the banks would be unable to function. So, the banks said, “Nope, you can have $60 if you want to wait in line for long enough to get it.”

Jun 29 11:13

Greek banks will stay CLOSED tomorrow as British tourists are warned cash machines will become 'limited at short notice'

Greek banks and the country's stock exchange will not open tomorrow as the country enters the 'dark hour' of trying to rescue its stricken economy.

The Foreign Office warned today warned British holidaymakers that credit card machines and ATMs in Greece could become 'limited at short notice' and urged people to prepare for 'emergencies, unforeseen circumstances and any unexpected delays'.

With Tuesday's deadline for Greece to repay more than £1billion of its debts looming, the country is on the brink of leaving the single currency.

Jun 29 11:13

A Grexit would be disastrous and could signal disintegration of euro

Whatever the outcome of the weekend crisis meetings on Greece it has been another dreadful week for the European Union. Greece could fall out of the common currency even before the referendum planned for next Sunday and financial markets are set for a turbulent opening tomorrow. Seven years into the crisis this kind of thing simply should not be happening. There must be senior politicians in France and Germany, the principal architects of the common currency, beginning to wonder if the game is worth the candle.

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