Greek parliament votes the austerity package through against the vote of the people.Greek government will most likely see a reshuffle of the government. Central bankers want the people of Greece to return the money back to their bank accounts. Banks will allegedly open on Monday. Bail out deal still not fully approved, other countries need to vote on it. Manufacturing declines, retail declining, mortgage apps declining and economy declining. White House quietly cuts its GDP outlook, because the economy is not really recovering, it is an illusion created by the central bankers. US and Ukraine pushing agenda on MH17 crash, blame the Southeastern people and Russia with no evidence. Poroshenko submits constitutional reforms which did not include the people of Donetsk and Lugansk. McCain wants Javelin missiles in Ukraine. Syrian rebels are changing the currency in their captured territories.
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Current News – 07.16.2015
The Greek parliament just voted – by a landslide – in favor of the bailout
- A majority of 229 Greek lawmakers voted in favor of bill which includes prior actions demanded by creditors for a bailout agreement that the govt has applied for, Parliament Speaker says.
- 64 lawmakers voted against bill, 6 abstained, in Greece’s 300-seat chamber
- Out of 149 Syriza MPs, 32 voted against bill, 6 abstained, 1 didn’t show up
- The ECB has raised Greece’s emergency liquidity assistance (ELA) by €900 million for a week, said the ECB head Mario Draghi.
- Tsipras won a small political victory, he lost the governmental war, and last night’s vote cost him his majority coalition, after 32 Syriza members vote No, including Varoufakis
- As a result, the immediate next step for Tsipras will be a government reshuffle. There was powerful symbolism in the half-hour burst of violence. Tsipras and his partners — who not long ago were manning the barricades against the authorities — now overseeing the crackdown on their anti-austerity base.
- new elections are indeed just around the corner
- according to a Greek senior banker the banks will reopen on Monday.
- The bailout itself is at least 4 weeks away assuming that everyone can agree on everything.
- The next steps are:
- 1) Germany’s parliament must issue a mandate giving Chancellor Angela Merkel the right to negotiate a new bailout deal with Greece.
- 2) Finland’s, the Netherland’s, Slovania’s, Estonia’s, and Austria’s Parliaments also must agree to let their Finance Ministers negotiate a new deal with Greece.
- 3) EU Finance Ministers must negotiate a new bailout deal with Greece.
- 4) Germany’s parliament must sign off on the new deal.
- 5) Greece must accept the deal.
- Anyone who claims a deal is within sight is out of his or her mind. This process will take weeks if not months to complete… assuming it even occurs. Indeed, there are numerous issues any of which could derail the whole process.
- The most important development is that both the IMF and the ECB have floated the idea of debt forgiveness. This is the first REAL solution that could reduce Greece’s debt load… but it is completely impractical in that it sets the stage for potential debt forgiveness deals for Spain, Italy and possibly even France down the road.
- Europe’s next recession will “kill the euro” according to economist, writer and journalist David McWilliams.
David McWilliams at Ireland’s Banking Inquiry
- He warns that we only have a few months to plan an alternative to the disastrous consequences on peripheral nations of what he sees as German hegemony.
- David McWilliams believes that Germany is out control. France is no longer strong enough to offer a counterweight and Britain is happy to allow the circus to continue as they focus on potentially getting out of the EU.
- Pointing to the plundering of Greek state assets to pay off creditors whilst forcing further austerity on the Greek people. Each previous round of austerity has caused the economy to contract further – thus forcing Greece into a debt trap from which it cannot escape.
– “Countries that don’t play ball with Germany will see their banking system used against their democratically elected politicians”
- The report, ‘Living standards, poverty and inequality in the UK: 2015’, was published on Thursday by the Institute of Fiscal Studies (IFS)
- Figures from report show that the number of children living in absolute poverty remained unchanged between 2009-10 and 2013-14. However, the proportion of kids living in poverty whose parents work rose by 9 percent over this period.
- The IFS says this dramatic rise in what has been described as Britain’s working poor is a result of increased unemployment levels and a steady decline in working parents’ real wages.
- For July 2015, the ZEW’s (Centre for European Economic Research) economic sentiment expectations reading for the Eurozone came in at 42.7 points—an 11 point dip over the previous month. The ZEW’s Economic Sentiment Index for expectations from Germany’s also declined from 31.5 points to 29.7 points in July.
- Following last week’s spike in initial jobless claims, this week saw a modest pull back to 281k (slightly better than the 285k expectations) but hovering at the average for the year, notably confirming that post-QE3 we have seen the improving trend in claims cease.
- After June’s hope-strewn dead-cat-bounce, Philly Fed has plunged back to the lows of the year. Printing 5.7, missing expectations of 12.0, this is the biggest miss since January. It appears the weakness in Q1 (and Q2) and now Q3 was more than just weather… or port closures... …
- Retail Sales Flop
- If the economy is indeed improving, then retail sales should be improving as the economy improves. Conversely, a weakening economic environment will be revealed by a declining trend in retail sales. This is particularly the case in the U.S. economy where consumption comprises nearly 70% of the overall economy.
- NFIB Drops
- The most recent survey from the National Federation of Independent Business (NFIB) also showed much of the same weakness as reported in retail sales. After a strong surge over the last couple of months, driven primarily by “hopes” of economic expansion following the “cold winter,” reality came home to roost as activity failed to emerge. For the month of June not only did the headline survey fall to 94.1 but it wiped all the gains in the survey back to January of 2014.
- the percentage of prime loans backing new supply is now at an all-time low.
- BofAML observes, the prime segements are losing share.
- the rejection rate for auto loans was just 3.3% in June – the lowest on record:
- Average loan term for new cars is now 67 months — a record.
- Average loan term for used cars is now 62 months — a record.
- Loans with terms from 74 to 84 months made up 30% of all new vehicle financing — a record.
- Loans with terms from 74 to 84 months made up 16% of all used vehicle financing — a record.
- The average amount financed for a new vehicle was $28,711 — a record.
- The average payment for new vehicles was $488 — a record.
- The percentage of all new vehicles financed accounted for by leases was 31.46% — a record.
- Despite President Obama’s telling us we are in a ‘recovery’, even though you don’t feel it , The White House in secret slashed the US economic growth forecasts...cutting 2015 growth from 3% to 2%. That was not all though as their forecasts see no recession until at least 2025, unemployment under 5.0% for at least the next decade, stable inflation for 10 years, and last but not least – a 3-month T-Bill rate of over 3% within the next few years.So growth is going to drop… but there’ll be no rise in unemployment, rates will surge but there will be no inflation outbreak,
- China on Thursday urged Tokyo to avoid “crippling regional peace and security”, after the lower house of Japan’s parliament passed bills that could see Japanese troops fight abroad for the first time since World War II.
- Japanese forces launched a full-scale invasion of China in 1937
- US intelligence has not said anything about the MH17 – pressumably because it has nothing to implicate Russia
- But the US will nonetheless go along with the Dutch report which according to leaks suggests Russia is to blame – without offering evidence
- Relatives of MH17 crash victims have filed a nearly $900 million suit against a one-time leader of Ukranian insurgents over the shooting down of the jet over the rebel-held east of the country last year.
- A writ filed in Chicago Wednesday claimed that Igor Strelkov, a Russian also known as Igor Girkin, was acting with the “actual or apparent” authority of President Vladimir Putin’s government when the Malaysia Airlines jet was blown out of the sky, killing all 298 people on board.
- . Kiev has not submitted for discussion in the Contact Group new proposals on amendments to Ukraine’s constitution, the self-proclaimed Luhansk People’s Republic envoy
- “Neither the first not the second [draft laws] was submitted for discussion in the Contact Group. Both draft laws from July 1 and from July 15 contradict the Package of measures because they were submitted for consideration with violation of procedure envisaged by the Minsk accords,”
- Proposals made to Ukraine’s Constitution by President Petro Poroshenko have nothing in common with the Minsk agreements and do not remove misunderstanding between Kiev and the eastern Ukrainian republics regarding the constitutional reform
- The first amendments package had no mention of the two eastern republics’ special status and raised criticism from both republics.
- Sen. John McCain renewed his call for the U.S. to supply Ukrainian forces with the Javelin anti-tank missile in their fight against pro-Russian separatists.
- “They need a Javelin,” he said
- “There is an ongoing talks of supplying LPG to Kerch first, and then on to Syria, in the amount of about 200 thousand tons per year… Syria is in need of Russian gas,”
- The Syrian opposition forces and institutions in the north are investigating whether the Turkish lira could substitute the Syrian pound,
- So, what they are saying is that Assad is killing his own people so they will turn against the FSA and the IS.
- Expected to feature more than 1,200 troops from all US military branches, including some 200 Special Operations forces, the drills are scheduled to last until September 15 some are now saying it will be expanded into Nov.
- Spec ops will be conducting operations at a major power center in the mountains between California and Nevada -They will supposedly be practicing surveillance techniques, defensive operations, and even sabotage operations of power stations.
- “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”