IMF In China To Review The Reserve Status Of The Yuan – Episode 692

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IMF in China To Make Yuan Reserve Status
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Europe give 24 hours to come up with a new proposal. Greek people withdraw even more money. Unemployment increases in Greece. Euro zone officials discuss default scenarios. Umich consumer confidence increases on the belief of higher incomes. The US manipulated the retail sales to make them better than they are, sales are in a downward trend. Mortgage apps for news home decline. Foreclosures start to surge again. IMF wants the US to act on giving the BRICS more voting rights. The IMF is in China to review the yuan reserve status. It is in the beginning phase of the review but the US is doing everything to stop the yuan from becoming a reserve currency. Poroshenko and Biden talk about how to escalate the fight in Ukraine. Experts say the conflict in Ukraine could spark an all out war. Obama getting ready to bring in more troops to Iraq.

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Current News – 06.13.2015


Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans

  •  EU officials have given Greece 24 hours to come back with a proposal that includes pension reform and VAT increases.


Macedonia Central Bank Blocks Greek Bank Withdrawals “In Case Of Grexit”



Unemployment Rate in Greece Shows Increase in Q1

  • Greece’s unemployment rate increased to 26.6% in the first quarter of 2015, compared to 26.1% during the fourth quarter of last year 


Greece Hopes to Sign Framework for Gas Pipeline Deal With Russia in June

  • Moscow and Athens are currently on the last lap of the negotiations on the Russian gas deliveries to Europe through the Turkish stream pipeline’s extension to Greece.
  • Tsipras is also due to hold a meeting with Russian President Vladimir Putin on the sidelines of the forum.


One Week After “Massive” Outflow, Greek Depositors Yank Another €600 Million From Local Banks

Eurozone officials start discussing Greek default scenarios

  • Senior eurozone officials have started discussing the scenarios of a possible default by Greece


UMich Sentiment Shows Wage Growth Delusion Has Never Been Bigger (Or Fed So Far Behind The Curve)

  • June UMich consumer sentiment data rose from 90.7 to 94.6 as respondents appear very excited about soaring gas price  Where does the hope come from? Simple... income expectations are the highest since 2008 and the most divergent from reality ever.


Beef Prices Hit Record: Up 30% In Past Two Years

  • While the Fed may continue to claim inflation is non-existent
  • there was a 24% surge in beef prices, Beef and Veal price index just rose to a new all time high of 260.8, up 12.3% from a year ago, and up 30% in the past two years.


The Curious Case Of “Strong” Retail Sales: Is The US Already Applying “Double” Seasonal Adjustments 

  • If one zooms in on the most recent data, one finds something surprising: a substantial rebound in SA retail sales, which according to the Dept. of Commerce rose 2.7% while unadjusted retail sales rose by just 1.0%, the worst montly print in over two years and hardly inspiring confidence that the economy is strong enough for the Fed to engage in a rate hike.


  • To isolate the problem and we look at the annual (YoY) change in May data. The chart below shows the surprising finding: while every year for the past 4 years the Unadjusted May data was equal to or stronger than the Adjusted retail sales print, in May of 2015 this was reversed, and quite substantially.


Mortgage Applications for New Homes Fell in May: MBA

  • Applications for new-home purchases in May fell 9% from the previous month, according to the Mortgage Bankers Association.
  • Mortgage applications for new-home purchases in May rose 15% from a year earlier, the MBA said.


The Vacant Dead: “Zombie” Foreclosures

  •  the foreclosure completion process has suddenly soared now that banks are finally evicting deadbeats, and as a result REOs have surged 50% from a year ago to a 27 month high! Not what one would expect from a healthy, vibrant and “clearing” housing sector, it merely shows that the banks are now confident enough with the level of demand that they are happy to leak out far more of their accrued supply into the general market, 
  • These are the so-called “Zombie” foreclosures

IMF delays voting reforms as BRICS set up rivals

  • As the BRICS countries prepare to launch new financial institutions like the  IMF has once again delayed voting reforms to give emerging countries greater say.
  •  The Executive Board reiterates its deep disappointment with the continued delay in the effectiveness of the 2010 Reforms, and urges the United States to ratify them as soon as possible,” the IMF statement read.
  • The Report indicates that, if the 2010 Reforms are not ratified by September 15, 2015, the Executive Board will consider prior to end-September which interim solution to pursue and will, building on its ongoing discussions, complete its work on steps that represent meaningful progress towards the objectives of the 2010 Reforms as early as possible and no later than mid-December 2015,” it added.
  • IMF Chief Christine Lagarde had last year hinted at a “Plan B” if the US failed to endorse the reforms by the end of 2014.
  • The IMF reforms will hand more IMF voting powers to BRICS,


IMF team in China as part of currency basket review: official

  • A team from the International Monetary Fund is visiting China as part of the global lender’s review over whether to include the Chinese yuan in its basket of currencies,
  • An official said the IMF’s review of the Special Drawing Right (SDR) basket was “under way and the technical work is still at an early stage.”
  • “As part of the review, an IMF team is visiting China to have technical discussions,” the
  • Beijing is pushing to get the yuan included in the SDR basket, which could raise its standing in the global financial system and mark an important step in Beijing’s emergence as a global power.
  • IMF Managing Director Christine Lagarde has said it is a matter of time before the yuan is included in the IMF’s unit of accounting, though U.S. officials have said the currency is not yet ready to join.



House Kills Fast-Track Of Obamatrade After Pelosi-Led Democrat Rebellion


US Government Tries To Push Cyber Legislation With 2nd “Chinese” Cyberhack

  • Coming on the same day as the US Senate voted on the cyber legislation we have another attack by China to pass a cyber-security shield bill
  • And then, the Senate failed to pass a cybersecurity bill…



U.S. House Admits Nazi Role in Ukraine

  • The U.S. House of Representatives has admitted an ugly truth that the U.S. mainstream media has tried to hide from the American people – that the post-coup regime in Ukraine has relied heavily on Nazi storm troopers to carry out its bloody war , reports Robert Parry.
  • U.S. House of Representatives has just voted unanimously to bar U.S. assistance going to the Azov battalion because of its Nazi ties.


Ukraine will ‘default’ if it misses $75mn Eurobond payment – Russia

  • Russia expects to receive a scheduled $75 million interest repayment on Ukraine’s $3 billion Eurobond debt by June 22,  . However, he warns a failure to do so means Ukraine will default.


Kiev Claims Nuclear Facilities in Crimea Belong to Ukraine

  •  Moscow informed the IAEA Board of Governors that it disagreed with nuclear facilities in Crimea being defined as part of Ukraine in the agency’s report.
  • Russian Foreign Ministry issued a statement reiterating that Moscow had taken on responsibilities for all nuclear facilities located on the Crimean peninsula and would operate them exclusively in peaceful purposes.
  • Kiev and its Western allies have not recognized the results of the referendum, accusing Russia of violating Ukraine’s territorial integrity. Moscow, in turn, has repeatedly stated the the reunification had fully complied with the international law.


Kiev, Don’t Miss Minsk-II to End Conflict: Donetsk Rules Out New Minsk Deal

  • Denis Pushilin, a representative of the self-proclaimed Donetsk People’s Republic in the Minsk peace talks, urged Kiev on Friday to make the most of the ongoing reconciliation negotiations and ruled out a third edition of Minsk accords.


Yatsenyuk Stops Pretending to Care About Minsk Agreements

  • Yatsenyuk says he won’t negotiate with the “terrorists” in East Ukraine — a serious affront to the Minsk II agreements.


Kiev May Ban Trade With Eastern Donbass Region, Russia’s Crimea

  • A bill seeking to ban trade with what Kiev regards as its “occupied territories” in the country’s southeast


  • The Kiev authorities have accused the Donbass militia of shelling the government forces’


Ukraine to Produce New Tanks as Hostilities in Donbass Intensify

  • Ukrainian Secretary of the National Security Council Alexander Turchynov said that next year Ukraine would focus on the quality of military equipment, particularly in the supply of new ‘Oplot’ tanks to the armed forces.
  •  since the beginning of the year Ukraine’s state-owned defense company delivered to the military 767 units of equipment, including 298 units of new weapons and military equipment.The company further repaired 469 units of equipment, including 25 tanks, 128 armored personnel carriers and infantry fighting vehicles, 45 military vehicles and 5 aircraft.
  • Source:

Ukraine conflict could spark ‘all-out war’ experts warn

  • Alexander Hug, deputy chief of the Special Monitoring Mission of the Organization for Security and Cooperation in Europe (OSCE) said: “The Special Monitoring Mission [SMM] has seen a sharp increase in tension levels in the conflict since June 3.
  • “We see no indication of adhesion to the first measure of the Feb. 15 Minsk Agreement, which calls for a ceasefire.”
  • Fighting has continued in specific spots along the ‘contact line’ – the division between territory held by pro-Russian separatist rebels and the Ukrainian army – since the agreement was signed, Hug said.
  • Security analysts warn that escalation of the conflict could lead to “all-out war”.


Poroshenko, Biden Discuss Counter-Measures if Tensions in Donbass Escalate

  • “Poroshenko and Biden have discussed the importance of determining the next steps and measures in case of further escalation in Donbass,


NATO Troops Simulate Combat 200 Km From Russia

  • NATO aircraft and soldiers held drills near the Latvian capital of Riga on Thursday.
  • The NATO Saber Strike 2015 drills are taking place in the Baltic states of Latvia, Estonia and Lithuania from June 1 to June 26.


China Warns US: End Finger Pointing & Microphone Diplomacy to Fix Relations

  • “Resorting to microphone diplomacy, or pointing fingers at each other, will not solve any problems,” Wu said during a meeting on Capitol Hill.


US Intelligence Forges Documents Against Iran

  •  the IAEA has been provided with fake and false information. Referring to the claims included in the latest IAEA report about Iran’s forbidden operations in Marivan, he said that his country had already voiced readiness to take the IAEA inspectors to any point they wanted but received no response from the organization. 
  • Iran has repeatedly said such documents are faked and forged by the American intelligence services against Iran’s peaceful nuclear program


US Combat Jets for Lebanon Useless Against Terror – Former Lebanese Gen

  • the US State Department approved a possible $462 million sale of six A-29 Super Tucano light attack aircraft to Lebanon to increase the country’s counterterrorism capability.
  • “The six light attack aircraft that the US is giving us are not very helpful, because they are to be used in battles against other aircraft,“We are not likely to engage in fighter jet encounters so we don’t need these fighters.
  • Jaber said the Lebanese military needs helicopters to hit terrorists and rapidly move troops and weapons for ground battles.


Libya’s official government fails to sell oil directly – sources

  • Libya’s official government, based in the east since fleeing the capital, has so far failed to sell oil by itself, despite setting up a Dubai bank account and new central bank unit,
  • The internationally recognised government said in March it wanted oil buyers to pay through a new state oil firm with an account in Dubai and stop dealing with the established entity in Tripoli controlled by a rival government.
  • A central bank source confirmed that oil buyers were continuing to pay through the state oil firm NOC and central bank in Tripoli,


US spends $9 million a day on ISIL war: Pentagon

  • The United States has spent more than $2.7 billion on the military campaign against the ISIL terrorist group in Iraq and Syria, averaging more than $9 million a day, the Pentagon says.


US Military Aid Proposal to Kurds ‘Dangerous Precedent’ – Iraqi Ambassador

  • Iraq’s Ambassador to the United States Lukman Faily is warning Washington about the danger of passing the National Defense Authorization Act (NDAA) amendment, which would give direct military aid to Kurdish Peshmerga forces to fight against Islamic State terrorists, a US media outlet reported on Friday.
  • “The Senate amendment, in its current form, would pit elements of our society against one another and would create a dangerous precedent that would undermine Iraq unity and sovereignty at this critical time,


Fact Or Fiction: Obama Not Ruling Out U.S. Military Action In Congress

  • the president claimed that his administration is weighing the feasibility of committing combat troops to both the U.S. Senate and the House of Representatives
  • “We have not yet made a decision as to how we are going to address this rapidly deteriorating situation, but at this point I can tell you that military action is indeed on the table,”
  • “We cannot stand idly by and allow this senseless mayhem to continue,”the president continued.
  • “Our efforts at resolving this conflict through conventional, non-military means have not only failed but seemingly emboldened extremists in the region,”


ISIS terrorists using chaotic Libya as new ‘route to the West’

  • Islamic State terrorists are said to be using Libya ‎as an “entry point” into Europe, with intelligence sources


False Flags

Multiple Assailants Attack Dallas Police Headquarters With Automatic Guns, Pipe Bombs

  •  four gunmen fired automatic weapons against the Dallas Police headquarters, and that at least at least two pipe bombs were found outside the police headquarters after the initial shooting.
  • At least one attacker opened fire on Dallas’ police headquarters early Saturday, riddling windows and police cars with bullets before fleeing in a van to a suburban restaurant parking lot,   Dallas Police Chief David Brown told reporters that a motive for the attack was not yet known, but he also said there had been threats and attacks on police elsewhere in the country in the past few months.

  • The incident started when