70% of Greek’s are not paying their mortgages. Protests in London and Greece against austerity. Greece make proposal, IMF rejects, then accepts meanwhile Greece’s parliament will not approve the agreement. Tspiras goes back on his promise and pushes austerity. Existing home sales suspiciously surge for no reason across the country. US manufacturing declines again. NAR says no housing bubble, just like in 2008. Afghanistan is falling apart, get ready for more NATO and US troops. US and NATO getting ready to pre-position tanks and arms in 7 European nations. Saudi makes a move on Putin with bribe, Putin states he will not give up Assad. US House committee chair states we are at the highest threat level.
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Current News – 06.23.2015
- The economy in Greece is so bad that Greeks have stopped paying their personal and consumer debts and are raising cash by selling family heirlooms
- Campaigners will gather in central London on Tuesday evening in solidarity with the Greek people. They warn Troika austerity diktats have been unnecessary, economically unsound and have left a trail of poverty, homelessness and suicide in their wake.
- The solidarity protest has been organized by social justice groups, the Jubilee Debt Justice Campaign and Global Justice Now. Both groups have campaigned heavily on the Greek debt crisis, following six years of austerity peddled by international creditors and Europe’s technocratic elite.
- Angry pensioners have hit the streets of the Greek capital, protesting against the reports of a new austerity plan being ushered onto them.
- Demonstrators say they feel betrayed by the measures of the upcoming deal, which, according to AP, suggests increasing the contributions that employees pay for pensions, and phasing out the right to early retirement.
- Around 70 buses reportedly arrived in Athens on Tuesday, full of pensioners eager to protest against the proposed deal.
- What we are seeing are countless indirect and direct taxes that, once again, the little man on the street will be forced to carry,”
- “Pensions have been cut by between 60 and 40 percent and now they want more with additional income for health care and the like, services that we paid for all our working lives through contributions to funds
- “I believe that this program as we see it … is difficult to pass by us,” Deputy parliament speaker and Syriza lawmaker
- “The prime minister first has to inform our people on why we failed in the negotiation and ended up with this result,” he said. “I believe (the measures) are not in line with the principles of the left. This social carnage … they cannot accept it”..
- Lets take a look at the il earproposal: The Greek proposals included higher taxes, welfare charges, and steps to curtaly retirement. This is simply more deflationary pressure that will crack Greece apart. He is not fulfilling the will of the people, making his election highly questionable. He refuses to look at the Greek economy or the euro. All he is doing now is trying to support Brussels over his own country – VERY BAD MOVE.
- IMF DISAGREES WITH GREECE ON CORPORATE TAX, VAT AND PENSIONS – EU SOURCES
- EXCLUSIVE: GREECE JUNE IMF PAYMENT CAN BE COVERED WITH SMP PROFITS-SRCS
- CREDITORS CURRENTLY MULL 6-MONTH EXTENSION FOR GREECE
- IMF, COMMISSION STILL HAVE DIFFERENT APPROACH ON GREECE
- GERMAN PARLIAMENT WON’T VOTE UNTIL GREEK LAWMAKERS APPROVE DEAL
- Back to you Tsipras.
- The government also wants to reduce the pension payments by 800M EUR, and it’s now specifically including yachts in a ‘luxury tax raise’ which should bring in 47M EUR. The corporate income tax would also be increased again to 29% from next year on (see next image).
- Two members of parliament from Tsipras’ own Syriza party have already announced they would probably vote against the deal , and even a vice president of the government said it would be difficult to bring these ‘extreme and antisocial’ measures up for a vote in the parliament.
- if Greece is scrambling to go back into the Troika’s good graces, Belgium will make it very clear that any overtures to Putin are to be severed immediately.
- Gallup’s latest economic confidence index re-tumbled to -9, 2015 lows and the lowest since Nov 2014. hope for the future at its lowest since the end of QE3 after peaking In Feb.
- 54% of Americans say the economy getting worse
- May disappoint in durable goods, it declines by 1.8% (against expectations of a 0.1% drop) missed 5 of the last 7 months. Durable Goods Orders NSA down 5.0% YoY – the largest 10-month slump since Dec09… the last time we dropped this much, The Fed unleashed QE3. Durable Goods Ex Transports and Core Capex are also both down YoY for 4 months in a row, flashing recessionary red.
- Having hovered at its lowest level since January 2014, Markit’s US Manufacturing PMI slipped even further to 53.4 (against expectations of 54.1). This is the weakest since October 2013 and the biggest miss since August 2013 , Markit notes, we are seeing a loss of momentum heading into the third quarter;” which is odd because every talking head has been proclaiming everything is awesome,”
- May New Home Sales printed 546k – up 2.2% MoM – (against expectation of 523k).This is the highest new home sales since Feb 2008 (didn’t we have a housing crash right after the summer going into the fall of the same year.). the NorthEast soared 87.5% MoM and The West rose but The Midwest and South dropped 5.7% and 4.3% respectively.
- new home sales driven mostly by another curious surge in Northeast sales (up 88% from April) where something is clearly afoot following the recent historic outlier in housing permits as shown a week ago…
- ... the reality is that, as a long-term of New Home Sales shows, this series is still at recession levels, and even at the better than expected print of 546K, this the same as a level last seen in 1992.
- despite the “best efforts” of the Fed and the government to blow yet another housing bubble, this has proven far more difficult than reflating the stock bubble. And as a result of the failure of fiscal and monetary policy to trickle down to the common man, there is far less demand for new housing at these prices and hence, far less supply.
- NAR admitted it had artificially inflated its housing metrics by 14% for the 2007-2010 period.
- Back in 2008 Chief economist Larry Yun made a repeat CNBC appearance to which he patiently explained that there is no better time to buy houses just weeks before housing suffered its biggest collapse since the Great Depression)
US market ‘sluggish’ but upturn expected
NAR expects ‘a gradual upturn’ later in the year, the National Association of Realtors has forecast.
Home prices are falling“We are encouraged that home prices, at least for now, have stopped declining,” said Lawrence Yun,
The Wrong Correction
Consumers are hearing a lot in the media about the correction in housing, and they’re understandably concerned about whether now is a good time to get into the housing market.
Even though interest rates fell to 6.2 percent in early 2007 from 6.8 percent in August 2006, and the economy added 3.5 million new jobs,
Realtors Group Revises Home Sales Forecast
“The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains,” Yun said.
Stable Existing-Home Sales Expected in Early 2008, then Gradual Rise
‘A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.’
Silver lining? Prices falling sharply
Because the prices are going down so fast, we’ll be hitting the stabilization point sooner,” said Lawrence Yun,
- June 17, 2008: Larry Yun predicts 99% of market will have higher values in 5-years than today.
Yun also said that he expects the worst of the housing slowdown is over, or nearly so. “The winter months are always weaker,” he said. “But this winter wil be better than last winter. There is a great pent-up demand that cannot be held back any further.”
Soaring home prices not a ‘bubble’: Realtors
Then he made another bold claim: “This is clearly not a bubble.”
- Encryption protects our data. It protects our data when it’s sitting on our computers and in data centers, and it protects it when it’s being transmitted around the Internet. It protects our conversations, whether video, voice, or text. It protects our privacy. It protects our anonymity. And sometimes, it protects our lives.
- This protection is important for everyone. It’s easy to see how encryption protects journalists, human rights defenders, and political activists in authoritarian countries. But encryption protects the rest of us as well. It protects our data from criminals. It protects it from competitors, neighbors, and family members. It protects it from malicious attackers, and it protects it from accidents.
- Encryption is not perfect
- But encryption is the most important privacy-preserving technology we have, and one that is uniquely suited to protect against bulk surveillance the kind done by governments looking to control their populations and criminals looking for vulnerable victims
- A controversial bill to allow websites to be censored has been passed by both houses of the Australian parliament. The Copyright Amendment (Online Infringement) Bill 2015 allows companies to go to a Federal Court judge to get overseas sites blocked if their “primary purpose” is facilitating copyright infringement.
- Dr Matthew Rimmer, an associate professor at the Australian National University College of Law, points out that there is a lack of definitions within the bill: “What is ‘primary purpose’? There’s no definition. What is ‘facilitation’? Again, there’s no definition.” That’s dangerous, he believes, because it could lead to “collateral damage,” whereby sites that don’t intend to hosting infringing material are blocked because a court might rule they were covered anyway. Moreover,
- – The US will pre-position heavy weapons, including tanks, infantry fighting vehicles and artillery in central and eastern Europe for the first time, US Defence Secretary Ashton Carter said Tuesday
- “We will temporarily stage one armoured brigade combat team’s vehicles and associated equipment in countries in central and eastern Europe,”
- Putin and King Salman – very discreetly — had been in touch over the phone for weeks. The King’s son invited Putin Saudi Arabia. Accepted. Putin invited the King to Moscow. Accepted.
- Putin is now discussing what was, so far, an oil price war but may become – and the operative concept is “maybe” – a “petroleum alliance” (in Naimi’s words), directly with the source: the House of Saud.
- Putin has said that Moscow is ready to work with Syrian President Bashar Al-Assad to pave the way for political reform in Syria. Putin underscored that Moscow’s support for Assad is driven by fears that overthrowing him by force may lead war-torn Syria to slide into further chaos.
- , Putin criticised US policy toward his country, stressing that no one can dictate ultimatums to Russia
- “We will not be able to do something the Syrian people do not want.
- Russian president warned against any attempts at a coup that could lead the country to descend into the situation that Libya or Iraq has reached. He noted that Moscow does not want developments in Syria to reach such a situation, which is the reason why Russia supports Assad.
- The chairman of the House Intelligence Committee warns that America is dealing with “the highest threat level we have ever faced in this country.”
- Rep. Devin Nunes, R-Calif., told CBS’ “Face the Nation” on Sunday that the threat is coming from the radicalization of young people and foreign fighters heading to Iraq and Syria to join terror groups.
- “They’re very good at communicating through separate avenues where it’s very difficult to track,” Nunes said. “That’s why when you get a young person who is willing to get into these chat rooms, go on the Internet and get radicalized, it’s something we are not only unprepared [for], we are also not used to it in this country.”