Thursday, July 2, 2015

Sphere Alliance Message #8



As received by Denise:

A question from xx: what are these codes?  99  99  888  55  11  11   1  33  44  77  8

Yes, Yes and Yes we say with joy and profound pleasure that you are recognizing and acknowledging our signs to you.  Numerical, binary and trinary. All meant to return you to full remembrance.  

We know you struggle with the amnesia, the forgetting; it is all coming to an end. 

The joy of full remembrance will be fraught with pain and joy.  Pain because you will recall the hardest of times; joy because you will know that you have come through it and it is over.  

It is over. It is over.  

We say this with the most profound sense of love and awe, and shout to you It is over!

Thank you!

And even more so; what these numbers and sequences mean shall unveil the riddle. These are intended for our ground workers on Gaia.  

And we say to you: You will remember! 

Each has a vital link in the seemingly randomness of this entire project.  Yes, event.  

Each will add their embedded codes and unlock the mystery.  It is that simple for now. 
Recognize the codes. Acknowledge the codes.  The rest will come in order.  

And again we shout with Joy: It Is OVER!

That is all; End transmission.


Full moon tonight -- should be an interesting sight with the Venus/Jupiter conjunction!


Denice

Chinese stocks tumble again, ignoring Beijing's blandishments

Investors look at computer screens showing stock information at a brokerage house in Shanghai, May 26, 2015.
http://www.reuters.com/article/2015/07/02/us-markets-china-idUSKCN0PC06S20150702

Markets | Thu Jul 2, 2015 5:57am EDT
Chinese stocks tumble again, ignoring Beijing's blandishments
SHANGHAI | By Pete Sweeney


Reuters/Aly Song

China stocks fell sharply again on Thursday, fighting off fresh moves by regulators to restore confidence and raising questions about how much more firepower Beijing can bring to bear before a full-scale panic sets in.

Shanghai's benchmark share index crashed below 4,000 points for the first time since April - a key support level that analysts said had been seen as a line in the sand that Beijing had to defend, below which more conservative investors would start ejecting from their leveraged positions, widening the rout.

Chinese markets, which had risen as much as 110 percent from November to a peak in June, have collapsed at an incredibly rapid pace in since June 12, losing more than 20 percent in jaw-dropping volatility as money surges in and out of the market.

That drop has wiped out nearly $3 trillion in market capitalization, more than the GDP of Brazil.

In the latest move to arrest the slide, China's securities regulator late on Wednesday relaxed rules on using borrowed money to speculate on stock markets, letting brokerages set their own tolerance level on margin calls and allowing the roll-over of margin lending contracts.

"I think this is the right dose of medicine," said Hong Hao, chief strategist with BOCOM International. "The recent slump was largely driven by margin calls, so if brokerages don't force liquidation ... the market slide should be stemmed, at least for now."

But there was no immediate relief, with the CSI300 index of the largest listed companies in Shanghai and Shenzhen dropping 3.4 percent, while the Shanghai Composite Index lost 3.5 percent, to 3,912.77 points.

Sphere Alliance Message #7



As received by Denise...

Another message today:

1 July 2015

A question: Why the rain in Pennsylvania?

It is the purification of the aquifers of Gaia so damaged by mining and drilling.  Yes the overabundance of rain is annoying to some, but it too shall pass and all will be well.  Think of it as a long, well deserved shower for a very tired, dirty worker who is extremely exhausted and overworked.  That is all.

When will you appear in the sky?

We are already in the sky. You do not see us yet.  Your perception is not yet fine tuned.  Sometimes we feel like an overlooked suitor, we are right there before your eyes, but you do not see us! 

I feel laughter. 

Yes we are in such joy right now.  Right N O W !

Thank you for the Northern Lights they were beautiful!

Yes, we love to see them as well.  There will be more than fireworks that light up your skies this holiday week.  Be ready!

What do you mean by that?

We mean that the joy the absolute abundant JOY that we are feeling/breathing/being is spilling over into YOU the collective.   This joy is igniting if you know what we mean.

I think so!

End Transmission

When they say the joy is igniting, I get the image of a fireworks fuse!!  For the past four years, we have had the most extraordinary fireworks displays near my house and I have had the distinct feeling for the past two years that our friends were watching us from above.   Last year, I had the thought that our friend’s view was even better, because they could see thousands of smiling faces looking up to the skies and cheering beneath the colorful fireworks!




Globalist Agenda Watch 2015: Update 51
Guess who’s running the new BRICS Bank






Globalist Agenda Watch 2015: Update 51 – Guess who’s running the new BRICS Bank

While examining Eastern press reports of the recent St. Petersburg International Economic Forum for news that went largely unnoticed in the West, I came across a Greek Reporter article titled Greek PM Tsipras Meets with Gazprom Chief, BRICS Delegation in St Petersburg. It contained this telling section…

« also met with representatives of the new development bank for BRICS countries, who expressed their intense interest in cooperating with Greece.

The Greek Prime Minister was accompanied by Productive Reconstruction, Environment and Energy Minister Panagiotis Lafazanis, while the BRICS delegation included its chief, Kundapur Vaman Kamath, IMF’s Executive Director and new Vice President of the BRICS bank Paulo Nogueira Batista, Russia’s Deputy Finance Minister SergeiStorchak and the head of state bank Vnesheconombank (VEB), Vladimir Dmitriev. » 
In the Western news reports of the time, I saw it mentioned that Tsipras met with Putin, but I heard nothing about him meeting with the head of the BRICS Bank, K.V. Kamath…




…who is one of the “Davos boys.” It was an interesting oversight on the part of the Western press.

Even more interesting than that was the mention that one of the IMF’s Executive Directors is also a Vice President of the BRICS Bank. According to the IMF website

« The Executive Board (the Board) is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.” » 

One of those Board members is this man…






…(source)


The Jesuits…






…(source)


…and the London Establishment…





…(source)

If we look again at the BRICS Post article that announced Batista’s selection to the BRICS Bank, it offers an additional bit of interesting information…

« The first meeting of the bank’s board of governors will be in early July during the BRICS summit in Russia, at which it will formally appoint its president and vice-presidents… » 

Zhu Xian, vice-president of the World Bank, has been picked by China as one of the four vice-presidents.”

So who will be running the “fresh, new” BRICS Bank? Guys who hang out at Davos, who help run the “tainted, old” IMF and World Bank, and who are trained by the London Establishment and the Vatican Jesuits.

The BRICS Freedom Fighters: change we can believe in…




…(as we ride the Turnip Truck Express into the New World Order)

For the previous updates from this series, click here.

[Note: As I double-checked this entry prior to publishing it, I had trouble connecting to the BRICS Post article. They could be having technical difficulties.]
With love…

Wednesday, July 1, 2015

"What If Berlin And Frankfurt Do Not Budge" - How Varoufakis Saw The "Worst Case Scenario"




"What If Berlin And Frankfurt Do Not Budge" - How Varoufakis Saw The "Worst Case Scenario"


Submitted by Tyler Durden on 07/01/2015 12:55 -0400

Central Banks Creditors default Eurozone Fund Flows Greece Reality


Over a year ago, and long before he became the mascot for fraught negotiations between Greece and its creditors, Yanis Varoufakis penned a lengthy essay on what might happen should the Greek government decide to stand firm in the face of pressure from Brussels, Frankfurt, and Berlin.

Earlier today we learned that in fact, Greece will stick to its negotiating position even in default and will remain defiant to the end, or at least until the voters who swept PM Tsipras and Varoufakis into office indicate at the ballot box that concedeing the Syriza campaign mandate is an acceptable outcome. With the government urging Greeks to vote "no", the Tsipras and Varoufakis' gambit will be put to the test next week, or perhaps even as early as this afternoon when the ECB could decide to effectively bring the Greek banking sector to its knees.

In this context, we bring you Yanis Varoufakis' vision of the endgame, straight from the embattled FinMin himself:

That Greece has the right and the opportunity to deploy these bargaining cards there is no doubt. The important question is this: What if Berlin and Frankfurt do not budge? What if they tell Athens to ‘go jump of the tallest cliff’? The Greek government currently claims that it has a budget surplus. While I strongly doubt this claim, I suspect that a small primary surplus can be concocted through some additional cost cutting and a leximin squeeze of top public sector incomes downwards (without affecting the lowest incomes, pensions and benefits). That should suffice to allow the Athens government to meet its needs during any medium term standoff with Berlin and Frankfurt, as the Greek state will need no financing either from the official sector or from the money markets. In short, the answer to a German “Go jump” can be: “We shall not jump but we shall stay rock solid within the Eurozone and behind our demand for a debt conference. Just watch us.”

Berlin and Frankfurt will, undoubtedly, be furious. They will issue a variety of threats, including the suspension of structural fund flows from Brussels. But the real battleground will be the banks. As they did with Cyprus, where they threatened the government with an immediate suspension of the island nation’s ELA, so too in the case of Greece they will threaten to pull the plug on the Greek banks. Two points need to be made here. First, the Greek banks no longer hold any Greek government debt, which means that their collateral with the European System of Central Banks cannot be downgraded legally. Secondly, Frankfurt will have to think twice before it issues the threat of bending its own rules to close down Greek banks – since doing this would threaten to engulf the whole of the Periphery’s banking system into another cascading panic.

Confronted with such a reality, I have good cause to hope that Berlin will prefer to accommodate the Greek government and to look with a great deal more ‘kindness’ the ‘request’ for a debt relief conference. And if it does not, and wishes to bring the Eurozone down with it, let it do its worst, I say. 
With Brussels and especially Berlin having now run fresh out of "accommodation", we shall see shortly if the ECB intends to "pull the plug."

Problem/Reaction/Solution
Off-world proxy rule by Qing Dynasty Royals



Dr Henry Todd. Nationality: Ostensibly UK, Cover occupation: Everest Tour Guide,
real occupation architecting and coordinating the international banking systems
and maintains its continuity of control through various politically contrived
iterations (phoenix-ing) of the  banking system into a new entities, while maintaining
the same earth-based proxy controllers, the Chinese Qing Dynasty Royals, who in turn
work for a larger FINANCE system complex off world. Dr Todd is very old, nobody is
quite sure how old, yet he still climbs Everest...


[7/1/15, 9:52:39 AM] HeatherAnnTucciJarraf I: From Oliver Troll:  Probl React Solution - BRICS/AIIB/SDR 2010 voting Quota - IMF and the US left to dry??

Heather:  Left to dry?

 Honey, who do You think has the long term foresight, determination and cunning???   Who "infiltrated" ALL Corporations of US, and "International" regulatory Corps, I.e. UN and it's subsidiaries, I.e. World bank, IMF, Feds, BIS, etc., and Europe, ALL WAYS, to "coordinate" the failures from within while simultaneously purchasing controlling interest of the SWIFT, UCC, and every bank on the planet????

 ....and purported creator of a purported "alternative", I.e. BRICS, AIIB, etc???

All roads led to China, not Rome....

and even then, China was only the last planetary hub to a much vaster, complex and cunning "cosmic parent system"

...thanks to the Beings such as Henry Todd, aka Dr. Todd, and whatever other names he goes by in the "Cosmic Parent System"... (primary architect of China's proxy rule via US Corp and Fed system and the primary architect of BRICS, AIIB, etc intended Phoenix...that they now realize will never "rise" )

whose last efforts were neutralized on Mt Everest with his team that consisted of various militaries, specifically china and Russia, and Googles head of Privacy...which died while Henry only came home with a broken thumb...

...matters did not go as they expected, similar to White Mountain* (dec 2014)

...all is being made visible NOW

[7/1/15, 9:54:51 AM] HeatherAnnTucciJarraf I: ENOUGH.

[7/1/15, 9:55:30 AM] HeatherAnnTucciJarraf I: IN PURE LOVE AND GRATITUDE:  GAME OVER.
[7/1/15, 9:55:46 AM] HeatherAnnTucciJarraf I:

[7/1/15, 10:00:30 AM] HeatherAnnTucciJarraf I: Now You BE AWARE of a few of my doings over "past 9 months"
 ...


[7/1/15, 10:02:50 AM] HeatherAnnTucciJarraf I: ....with ALL I AM...I read every thing You all post in here...I AM PRESENT...and mostly in silence as I AM DOING everywhere...as is every One in this room ;) (kiss)

[7/1/15, 10:04:34 AM] HeatherAnnTucciJarraf I: I Love You and express profound Gratitude for every One BEING AND DOING.

  BAM!
  BAM!

AK NOTES:

Banker rituals on mountains is no longer allowed

* White Mountain = Mt Blanc in French = Mt Bianco in Italian.  
Prior to each re-Phoenix of the financial slavery system (last reset took place the during the Clinton administration in 1996) bankers perform rituals on the highest peaks of the planet.  To force the energy of slavery deep in to the planet.

The mountains of choice were Mt Blanc in the French/Italian Alps, Mt Everest in Nepal, The Atlas of Morocco and scattered others around the world... Gaia is no longer accepting that negative energy being forced deep inside her.  The recent earthquake in Nepal demonstrated Gaia's response and it happened while the bankers were on that peak.  

Charlie Chaplin's Comedic Prophecy...




This is a prescient speech from the movie the Great Dictator by Charlie Chaplin... and its prophetic of this moment we are approaching NOW... could anything be more dictatorial (and a faceless dictator committee known as the EU Troika) that Greece now faces?


From Wikipedia:

According to Jürgen Trimborn's biography of Nazi propaganda film-maker Leni Riefenstahl, both Chaplin and French film-maker René Clair viewed Riefenstahl's Triumph of the Will together at a showing at the New York Museum of Modern Art. Film maker Luis Buñuel reports that Clair was horrified by the power of the film, crying out that this should never be shown or the West was lost. Chaplin, on the other hand, laughed uproariously at the film. He used it to inspire many elements of The Great Dictator, and by repeatedly viewing this film, Chaplin could closely mimic Hitler's mannerisms.

Trimborn suggests that Chaplin decided to proceed with making The Great Dictator after viewing Riefenstahl's film. Hynkel's major speech near the end of the film, delivered in German-sounding gibberish, is a caricature of Hitler's oratory style, which Chaplin also studied carefully in newsreels.

The film was directed by Chaplin (with his half-brother Wheeler Dryden as assistant director), and written and produced by Chaplin. The film was shot largely at the Charlie Chaplin Studios and other locations around Los Angeles. The elaborate World War I scenes were filmed in Laurel Canyon. Chaplin and Meredith Willson composed the music. Filming began in September 1939 (coincidentally soon after Germany invaded Poland, triggering World War II) and finished six months later.

Chaplin wanted to address the escalating violence and repression of Jews by the Nazis throughout the late 1930s, the magnitude of which was conveyed to him personally by his European Jewish friends and fellow artists. The Third Reich's repressive nature and militarist tendencies were well-known at the time. Ernst Lubitsch's 1942 To Be or Not To Be dealt with similar themes, and also used a mistaken-identity Hitler figure. But Chaplin later said that he would not have made the film had he known of the true extent of the Nazis' crimes. After the horror of the Holocaust became known, filmmakers struggled for nearly 20 years to find the right angle and tone to satirize the era.

In the period when Hitler and his Nazi Party rose to prominence, Chaplin was becoming internationally popular. He was mobbed by fans on a 1931 trip to Berlin, which annoyed the Nazis. Resenting his style of comedy, they published a book titled The Jews Are Looking at You (1934), describing the comedian as "a disgusting Jewish acrobat" (although Chaplin was not Jewish). Ivor Montagu, a close friend of Chaplin, relates that he sent the comedian a copy of the book and always believed that Chaplin decided to retaliate with making Dictator.

In the 1930s cartoonists and comedians often built on Hitler and Chaplin having similar mustaches. Chaplin also capitalized on this resemblance in order to give his Little Tramp character a "reprieve".

Charlie Chaplin's son Charles Jr. describes that his father was haunted by the backgrounds shared by him and Hitler. He writes,
Their destinies were poles apart. One was to make millions weep, while the other was to set the whole world laughing. Dad could never think of Hitler without a shudder, half of horror, half of fascination. "Just think", he would say uneasily, "he's the madman, I’m the comic. But it could have been the other way around."
Chaplin prepared the story throughout 1938 and 1939, and began filming in September 1939, one week after the beginning of World War II. He finished filming almost six months later. The 2002 TV documentary on the making of the film, The Tramp and the Dictator, presented newly discovered footage of the film production (shot by Chaplin's elder half-brother Sydney) which showed Chaplin's initial attempts at the film's ending, filmed before the fall of France.

According to The Tramp and the Dictator, Chaplin arranged to send the film to Hitler, and an eyewitness confirmed he saw it. Hitler's architect and friend Albert Speer denied that the leader had ever seen it. Hitler's response to the film is not recorded, but another account tells that he viewed the film twice.

Some of the signs in the shop windows of the ghetto in the film are written in Esperanto, a language which Hitler condemned as a Jewish plot to internationalize and destroy German culture, perhaps because its founder was a Polish Jew.

Below is a musical version the same speech by Melody Sheep:

From riches to ruins: Ancient Greeks 'stored millions in cash' in Parthenon attic


http://rt.com/news/270955-silver-coins-parthenon-attic/
From riches to ruins: Ancient Greeks 'stored millions in cash' in Parthenon attic

Published time: July 01, 2015 13:30 Get short URL
Parthenon, Athens (Image from wikipedia.org)Parthenon, Athens (Image from wikipedia.org)

While Greece has become the first developed nation to default on its international obligations, archaeologists believe they have discovered the place where ancient Greeks may have once kept millions in silver and gold.

A team of researchers managed to recreate the attic inside one of the world's greatest cultural monuments in Athens. Although historical records do not reveal where exactly the coins were stored on the ancient landmark, the Acropolis of Athens, researchers believe that the Greeks kept their coin wealth in the Parthenon's attic. It has long been destroyed, but according to the researchers its floor would have been the size of a swimming pool, 19 meters wide by 50 meters long and about 3 meters high at the center, Live Science reported. During the period when the building was dedicated to the goddess Athena, the Parthenon was used primarily as a treasury.

"The attic of the Parthenon is the only suitable space large enough to hold all of the coins in the treasury," study researcher Spencer Pope, a professor at McMaster University in Hamilton, Canada, told Live Science. "While we cannot rule out the possibility that coins were distributed across numerous buildings, we should recall that the attic is the most secure space."

Tuesday, June 30, 2015

Why There Is No Growth: The Entire S&P 500 Free Cash Flow Is Going Back To Shareholders


Translation: all that quantitative easing is going right back to the bankers and while making your food and housing much more expensive through inflation... -AK
http://www.zerohedge.com


Why There Is No Growth: The Entire S&P 500 Free Cash Flow Is Going Back To Shareholders
Submitted by Tyler Durden on 06/30/2015 08:12 -0400

In perhaps the best example of just how massive the impact of returns to shareholders have become, Deutsche Bank shows a snapshot the S&P's consolidated income statement as of 1995 and 2015.

While there are some clearly material changes transformations: the rise of financials' revenues above energy companies for one, the drop in net interest expense margin courtesy of ZIRP, the record high net income margin as a result of massive, if double seasonally-adjusted layoffs, one thing stick outs: virtually all of the corporate Free Cash flow in 2015 will go back to shareholders, as dividends and buybacks represent 94% of total S&P FCF uses.

Contrast this with "only" 60% of FCF in 1995 going back to shareholders and one can see why the US economy is caught in secular contraction in which virtually nobody wants to invest for the future and instead is forced to distribute all unretained earnings here and now.


Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent'


This event is not as much talked about in the financial press as the Greece situation, Puerto Rico's debt is 300 billion less than the Greek debt, but its a mirror of the Greek situation in what it means to the US Municipal Bond market. -AK
http://www.reuters.com/article/2015/06/30/us-usa-puertorico-idUSKCN0P91QA20150630

Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent'
NEW YORK

Puerto Rico's governor on Monday called for the commonwealth to be allowed to restructure its debts under U.S. bankruptcy code, while a newly appointed adviser to the U.S. territory said it is "insolvent" and will soon run out of cash.

Governor Alejandro Garcia Padilla, in a televised address, said sacrifice must be shared by bondholders, as he called for Washington to allow a bankruptcy debt restructuring.

The Caribbean island is struggling to relieve a $73 billion debt burden. It came to a crunch point on Monday - ironically at the same time as did debt-laden Greece - after a dire report on its stability by former International Monetary Fund economists was released ahead of key deadlines on Wednesday to repay debt.

Steven Rhodes, the retired U.S. bankruptcy judge who oversaw Detroit's historic bankruptcy and has now been retained by Puerto Rico to help solve its problems, gave a blunt assessment on Monday.

Puerto Rico "urgently needs our help," Rhodes said. "It can no longer pay its debts, it will soon run out of cash to operate, its residents and businesses will suffer," he added.

Puerto Rico's bonds skidded on Monday as investors sought greater compensation amid the heightened risk.

Puerto Rico is not eligible for debt restructuring under the U.S. bankruptcy code because it is not a municipality.

My 'Acting' Part In This Play


Updated: 6/30/2015 I meant to post this weeks ago and it got way laid in the blog draft folder..., the original post below my commentary was from rumormillnews.com where many of Cobra's interviews are posted. -AK


There's a thread at Rumor Mill News sparked by a reader of that blog concerning one of COBRA's recent messages. And he's right there is a good deal of duality of us vs them in those messages which is apparent from the comment of "throwing the dark ones into the Central Sun", and the planet being "infected" with them.  

I believe Cobra is sincere. I've met him in person.  I believe he's trying to make a difference. I also believe I see growth in the man.  He is a spokesman for a hidden group that calls themselves "the Resistance", which he purports is a coalition Pleiadians and Planet X refugees.  My former blogging associate D. long claimed that 3D Pleiadians were embedded in Canadian Military and at some US Military bases. I don't know if all the views Cobra expresses are his own or the group he speaks for, much like Benjamin Fulford in that way I suppose. I do know Ben is used to send messages to other groups.  

He's not alone in that regard to that use of verbage.  Sheldan Nidle's "Rapscallions", "dark rascals" other adjectives are in every Sheldan Nidle update post.  If its a miltary objective just do it.. why the need to sway humanity with demonizing verbage?  Perhaps they need consent for something else in that agenda bag?  I actually like Sheldan's wife's newsletters more than Sheldan's posts.  The more I read of  Sheldan's Ascended Masters the more I hope I don't meet one. I say that in jest because as I became aware that in my own multidimensionality (which we all are as part of Source - not saying I am unique at all...), there appears to be an aspect of me is one of those - and I love him no matter what. But they, of all people, should know better.   Lots of talk about light but not a lot of talk about love and Oneness. 

Its amazing to see how many people are waking up from the illusion of duality... and its interesting to me that Cobra has sparked this discussion unwittingly.  Whatever role we play, one thing is certain is that Source works it for the good of all.   Fascinating reading the responses... as they are similar to the ones I have had for some time.

What would happen IF, EVERYONE IN THIS DRAMA WENT OFF SCRIPT...and said "FUCK IT! THIS PLAY HAS BEEN DONE SO MANY TIMES IN THIS GALAXY! LETS GO GET A BEER TOGETHER AND CALL IT A WRAP?  What would happen?  

Varoufakis Confirms Greece Will Default To IMF Today




Varoufakis Confirms Greece Will Default To IMF Today

Submitted by Tyler Durden on 06/30/2015 07:13 -0400

May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters: GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.

Visually:


AP has the well-known by now details:
Greek Finance Minister Yanis Varoufakis confirmed that the country will not make its payment due later to the International Monetary Fund. 
When asked while walking out of the Finance Ministry about whether Greece will pay the 1.6 billion euros due to the IMF, Varoufakis said "no." 
His comment came amid speculation that Greek Prime Minister Alexis Tsipras is trying to craft some sort of last-minute deal with creditors before the payment is due and before the European part of Greece's bailout comes to an end. 
A Greek official said Tsipras has spoken with European Commission President Jean-Claude Juncker, European Central Bank chief Mario Draghi and European Parliament president Martin Schulz. 
The official did not reveal what was discussed.
To which Merkel had a prompt reply:

MERKEL SAYS GREECE'S BAILOUT RUNS OUT AT MIDNIGHT

The default may be in the books, but the bluff continues: can Greece default in the Eurozone as Varoufakis has claimed all along, or will the collapse of the Greek banking system tomorrow after the ECB makes the ELA illegal topple the government? Find out in a few short days.

Greece threatens top court action to block Grexit

The one-week closure of the Greek banks and the drastic escalation of the crisis over the weekend caught investors by surprise Photo: Konstantinos Tsakalidis/Bloomberg

http://www.telegraph.co.uk/finance/economics/11707092/Greece-threatens-top-court-action-to-block-Grexit.html

Greece threatens top court action to block Grexit
Exclusive: European leaders warn in concert that a 'No' vote on Sunday means Greece will be pushed out of the euro

By Ambrose Evans-Pritchard

9:52PM BST 29 Jun 2015

• Greek crisis live: Threat of legal action looms over creditor powers as default day finally arrives for Greece

Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system.

“The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis.

“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.

Greek finance minister Yanis Varoufakis (Photo: Kostas Tsironis/Bloomberg)

The defiant stand came as Europe’s major powers warned in the bluntest terms that Greece will be forced out of monetary union if voters reject austerity demands in a shock referendum on Sunday.

“What is at stake is whether or not Greeks want to stay in the eurozone or want to take the risk of leaving," said French president Francois Hollande.

Sigmar Gabriel, Germany’s vice-chancellor and Social Democrat leader, said the Greek people should have no illusions about the fateful choice before them. “It must be crystal clear what is at stake. At the core, it is a yes or no to remaining in the eurozone,” he said.

Chancellor Angela Merkel – standing next to him after an emergency meeting of party leaders – was more oblique, but the message was much the same.

She praised hard-liners in her own party and insisted that the eurozone cannot yield to any one country. “If principles are not upheld, the euro will fail,” she said.

The refusal to hold out an olive branch to Greece more or less guarantees that it will not repay a €1.6bn loan to the International Monetary Fund on Tuesday, potentially setting off a domino effect of cross-default clauses and the biggest sovereign bankruptcy in history.


Any request for an injunction against EU bodies at the European Court would be an unprecedented development, further complicating the crisis.

Greek officials said they are seriously considering suing the European Central Bank itself for freezing emergency liquidity for the Greek banks at €89bn. It turned down a request from Athens for a €6bn increase to keep pace with deposit flight.

This effectively pulls the plug on the Greek banking system. Syriza claims that this is a prima facie breach of the ECB’s legal duty to maintain financial stability. “How can they justify setting off a run on the Greek banking system?” said one official.

Mr Varoufakis said Greece has enough liquidity to keep going until the referendum but acknowledged that capital controls introduced over the weekend were making life difficult for Greek companies.

Money is being rationed by an emergency payments committee made up of the key agencies and the banks. “We are having to prioritize spending,” he said.

The one-week closure of the Greek banks and the drastic escalation of the crisis over the weekend caught investors by surprise. Most had assumed that a deal was in the works.

Yields on Portuguese 10-year bonds spiked 47 basis points to 3.17pc before falling back as hedge funds look more closely at other EMU crisis states suffering from political dissent and austerity fatigue.

The sell-off ripped though debt markets in southern and eastern Europe. Yields jumped 24 basis points in Italy and Spain, and 22 points in Romania. German Bund yields dropped 13 points to 0.79pc on safe-haven flight. [Germans benefit when Greeks lose? Not much incentive to negotiate with the Greeks is there? -AK]

Does the referendum ballot paper make sense?
Greece is not the only country drowning in debt

The iTraxx Crossover index measuring risk on European corporate bonds jumped 42 basis points to 332 in one of the most violent one-day moves since the Lehman crisis in 2008, an ominous sign that any fall-out from ‘Grexit’ may be harder to contain that supposed.

European leaders insist that there is no longer any serious risk from contagion now that the EMU bail-out fund (ESM) is in place and the ECB has full power to act as a lender of last resort, if necessary by buying the bonds of vulnerable states on a mass scale.

This insouciance is not shared by the US Treasury or the US Federal Reserve. Britain’s Chancellor, George Osborne, warned that Grexit could be traumatic. "I don't think anyone should underestimate the impact a Greek exit from the euro," he said.

European Commission president Jean-Claude Juncker (Photo: EPA)  Photo: EPA
AK NOTE: This popped out this photo when I copy and pasted the text... is it a hidden message about the future of Juncker?  Is someone in the UK using photo attributes to send a message in 'plain sight'?  "Luxembourg PM quits amid spying scandal European Commission president Jean-Claude Juncker (Photo: EPA)  Photo: EPA"  Juncker is from Luxembourg...


The clash between Greece and the creditor powers has become deeply personal. “Goodwill has evaporated,” [one wonders if it was ever there to begin with... -AK] said Jean-Claude Juncker, the European Commission’s president.

He lashed out at the radical-Left Syriza government, accusing premier Alexis Tsipras of failing to tell his own people the “whole truth” about the terms on offer. “Playing off one democracy against 18 others is not an attitude worthy of the great Greek nation," he said.

Mr Juncker said angrily that he had “tried again and again” to stick up for the Greek people but warned that there is little he can do to stop events running their fateful course. "A 'No' would mean that Greece had said 'No' to Europe," he said.

"This isn't a game of liar's poker. There isn't one winner and another one who loses,” he said, adding that he felt betrayed by the “egotism, and tactical and populist games” of the Greek government.

Yet at the same time, Mr Juncker intruded deeply into the internal matters Greek democracy, exhorting voters not to “commit suicide" and kicking off what amounts to a referendum campaign by the Commission itself.

He denied that the creditors were demanding pension cuts as part of the deal, a claim dismissed a “preposterous lie” by one Greek official. In fact Brussels wants a cut equal to 1pc of GDP by next year, including a phasing out of the low pension supplement, and other indirect measures.

One Syriza MP, Dimitris Papadimoulis, caught the mood in Athens. “Juncker is calling for the overthrow of the government,” he said.

• Jeremy Warner: Regime change is goal for the creditors
• Allister Heath: Leftist politics have doomed Greece to collapse


Reserve. Britain’s Chancellor, George Osborne, warned that Grexit could be traumatic. "I don't think anyone should underestimate the impact a Greek exit from the euro," he said.

Luxembourg PM quits amid spying scandal European Commission president Jean-Claude Juncker (Photo: EPA)  Photo: EPA

The clash between Greece and the creditor powers has become deeply personal. “Goodwill has evaporated,” said Jean-Claude Juncker, the European Commission’s president. 

Monday, June 29, 2015

Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)



http://www.zerohedge.com/news/2015-06-29/central-banks-scramble-stabilize-crashing-markets-china-fails-switzerland-succeeds-n

Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)
Tyler Durden's picture

Following a week in which the Chinese stock bubble popped and a weekend in which the Eurozone bubble followed, it was all up to central banks to stabilize the devstation that would follow should the Plunge Protection Team, now global, not show up.

And while US equities futures were looking grim overnight, China at least started off on the right foot, rising a little over 2% in early trading following China's scramble to stabilize markets as it knows the alternative could very well be (deadly) civil unrest.  And then something unexpected happened: the market did not follow the Chinese central bank script. In fact, as noted earlier, stocks plunged tumbling as much as limit down for CSI-300 futs, and the SHCOMP crashing the most since 1996.



This was not supposed to happen: in fact, with China unleashing the bazooka of the double rate cuts, it was virtually assured that at least China's stock would rise as the rest of the world tumbled on Greek worries. That it did not was the biggest red flag, far more so than what the Greek referendum reveals this weekend, as it means that after Sweden last week, now China has lost control!

According to Paul Chan, chief investment officer for Asia ex-Japan at Invesco in Hong Kong, "China’s fourth interest-rate cut since November failed to stabilize the stock market as it was seen as a stopgap measure to stem a slide in share prices rather than an effort to revive the economy." He added that "It seems like policy makers are more worried about the stock market than about the real economy. The economy is slowing down and they are so much behind the curve in terms of easing. 

But as the stock market corrected, they jumped in, putting in all the policies. It gives people a sense of panic."

That's about right: and now with rate cuts no longer stabilizing the market which as revealed was the PBOC's only real motive, the next and final option for the Chinese central bank is QE, just as we predicted.

But until we get then, there is a question: what happens in the interim. Because at the open, Europe looked in the abyss, and with no help coming from China, it did not like what it saw:
  • EURO STOXX 50 FUTURES FALL 7% AT MARKET OPEN
  • DAX FUTURES DOWN 5%. CAC DOWN -5.3%
  • GERMAN BONDS SURGE AT OPEN, 10-YEAR YIELD FALLS 20 BPS TO 0.72%
  • ITALIAN BONDS DECLINE WITH 10-YEAR YIELD RISING 57 BPS TO 2.72%
  • SPANISH 10-YEAR BONDS DECLINE WITH YIELD RISING 43 BPS TO 2.54%
And then the answer came from the Swiss National Bank, which stepped in to prevent the collapse just as Europe was opening. Because seemingly out of nowhere, a tremendous bid came in to lift the EURCHF, buying Euros (against the CHF and the USD) and selling Europe's last left safety currency.
We now know that it was the SNB, the same central bank which is the proud owner of well over $1 billion in Apple stock.
  • JORDAN: SNB INTERVENED IN FRANC OVER NIGHT
  • JORDAN: SITUATION OVER WEEKEND MADE INTERVENTION NECESSARY
End result:


As the SNB president admitted: “There was an increased demand for francs” over night, Thomas Jordan says at conference in Bern. “The SNB intervened in the market to stabilize it.”
In other words, without the SNB, the situation would have been truly dire.

And this is only on Monday night: we now have 5 more days of agonizing wait until we get to the Greek rerferendum, which may not even happen because as German FAZ reports Greece may not even have the funds to hold the Greferendum!

To be sure before the week is done every single other central bank will have a go at stabilizing the "market" although if everyone else decides to sell, the Chinese contagion will spread as central bank after central bank loses market intervention credibility. At that point, it will be time to really get the hell out of Dodge.

A deeper look at markets, starting in Asia: PBoC cut interest rates for a 4th time in 7 months by 25bps with the lending rate lowered to 4.85% and the deposit rate lowered to 2.00%, while it also cut the RRR rate by 50bps for banks which lend to agricultural and small and medium sized businesses and by 300bps for Non-banking financial companies. (China Economic Net)

Asian equities plunged as participants react to the latest developments in the Greek crisis, while losses in the Nikkei 225 (-2.9%), ASX 200 (-2.2%) and Hang Seng (-2.6%) were exacerbated by weakness in financials. Shanghai Comp (-3.4%) yet again traded in erratic fashion, as the index entered bear market territory having fallen 20% from its June 12th highs, with the PBoC's decision over the weekend to cut interest rates by 25bps months failing to provide a sustained rally in the index. Finally, JGB prices jumped by 39 ticks with USTs rising by over a point as safe havens benefited from a widespread risk-off tone.

Weekend developments in Greece have dominated headlines and market moves this morning, with Greek PM Tsipras announcing a referendum on 5th July and imposing a bank holiday for the week. For a full roundup of developments in Greece please click here. This saw European equities (Euro Stoxx: -3.1 %) open the session in negative territory, with FTSE (-1.4%) and SMI (-1.0%) outperforming as the UK and Switzerland are not members of the Eurozone. On a sector specific basis, financials are lagging with some Italian banks failing to post as opening price.

While fixed income markets have seen Bunds trade around 175 ticks higher, fears of contagion have not been realised despite analysts at Goldman Sachs forecasting that Italian and Spanish spreads would widen by 150-175 bps against the German benchmark, but have instead widened by around 30bps and have come off their worst levels throughout the morning.

Ignoring Tsipras Plea For Calm,
Greeks Storm ATMs, Stores, Gas Stations


http://www.zerohedge.com/news/2015-06-28/ignoring-tsipras-plea-calm-greeks-storm-atms-stores-gas-stations

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Tyler Durden's picture
     
Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.
Tsipras implored: "Keep Calm...."


They did not listen...
Call that an ATM line...


The Bush Family Goes "All In" For Number Three
(With The Help Of Its Bankers)



What's not mentioned here is the Clinton's and Bush's are of the same political and banking faction, so if its a Jeb vs Hilary race, its essentially a one party election. The policies that really matter will be the same. -AK

http://www.zerohedge.com/news/2015-06-28/bush-family-goes-all-number-three-help-its-bankers

The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)

Tyler Durden's picture

Submitted by Nomi Prins via TomDispatch.com,
Money, they say, makes the world go round. So how’s $10 billion for you? That’s a top-end estimate for the record-breaking spending in this 1% presidential election campaign season. But is “season” even the right word, now that such campaigns are essentially four-year events that seem always to be underway? In a political world stuffed with money, it’s little wonder that the campaign season floats on a sea of donations. In the case of Jeb Bush, he and his advisers have so far had a laser-focus on the electorate they felt mattered most: big donors. They held off the announcement of his candidacy until last week (though he clearly long knew he was running) so that they could blast out of the gates, dollars-wise, leaving the competition in their financial dust, before the exceedingly modest limits to non-super PAC campaign fundraising kicked in.

And give Jeb credit -- or rather consider him a credit to his father (the 41st president) and his brother (the 43rd), who had Iraq eternally on their minds. It wasn’t just that Jeb flubbed the Iraq Question when a reporter asked him recently (yes, he would do it all over again; no, he wouldn’t... well, hmmm...), but that Iraq is deeply embedded in the minds of his campaign team, too. His advisers dubbed the pre-announcement campaign they were going to launch to pull in the dollars a “shock-and-awe” operation in the spirit of the invasion of Iraq. Now, having sent in the ground troops, they clearly consider themselves at war. As the New York Times reported recently, the group's top strategist told donors that his super PAC "hopes to 'weaponize' its fund-raising total for the first six months of the year."

The money being talked about$80-$100 million raised in the first quarter of 2015 and $500 million by June. If reached, these figures would indeed represent shock-and-awe fundraising in the Republican presidential race. As of now, there’s no way of knowing whether they’re fantasy figures or not, but here's a clue to Jeb’s money-raising powers: according to the Washington Post, his advisers have been asking donors not to give more than a million dollars now; they are, that is, trying to cap donations for the moment. (As the Post's Chris Cillizza wrote,“The move reflects concerns among Bush advisers that accepting massive sums from a handful of uber-rich supporters could fuel a perception that the former governor is in their debt.”) And having spent just about every pre-announcement day for months doing fundraisers and scouring the country for money, while preserving the fiction that he might not be interested in the presidency, Jeb, according to the New York Times, bragged to a group of donors that “he believed his political action committee had raised more money in 100 days than any other modern Republican political operation.”

Let’s not forget, of course, that we’re not talking about anyone; we're talking about a Bush. We’re talking about the possibility of becoming number three (or rather Bush 45) in the Oval Office. We’re talking about what is, by now, a fabled money-shaking, money-making, money-raising machine of a family. We’re talking dynasty and when it comes to money and the Bushes (as with money and that other potential dynasty of our moment), no one knows more on the subject than Nomi Prins, former Wall Street exec and author of All the Presidents' Bankers: The Hidden Alliances That Drive American Power. In her now ongoing TomDispatch series on the political dynasties of our moment, fundraising, and the Big Banks, think of her latest post as an essential backgrounder on the election you have less and less to do with, in which Wall Street, the Koch brothers, Sheldon Adelson, and the rest of the crew do most of the essential voting with their wallets.

Chinese Stocks Crash Most In 19 Years, Re-Open Limit Down (Despite PBOC Hail Mary)



Chinese Stocks Crash Most In 19 Years, Re-Open Limit Down (Despite PBOC Hail Mary)




Submitted by Tyler Durden on 06/28/2015 23:22 -0400


Carnage...
*CHINA STOCK PANIC SELLING TO CONTINUE, CENTRAL CHINA ZHANG SAYS
This leave China's CSI-300 broad stock index futures up just 7% year-to-date...
*CHINA CSI 500 STOCK-INDEX FUTURES FALL BY MAXIMUM 10% LIMIT
*CHINA CSI 500 STOCK-INDEX FUTURES FALL BY LIMIT FOR 2ND DAY


*HKEX DROPS AS MUCH AS 7.3%, MOST SINCE SEPT. 2011
*SHANGHAI COMPOSITE INDEX EXTENDS DROP TO 7.5%
*SHANGHAI COMPOSITE HEADS FOR BIGGEST 3-DAY DROP SINCE 1996


Carnage-er...

*CHINA'S CSI 300 INDEX FALLS 3.4% TO 4,190.3 AT BREAK
*CHINA'S SHANGHAI COMPOSITE FALLS 3.8% TO 4,035.48 AT BREAK
*CHINA'S CSI 500 STOCK INDEX FUTURES EXTEND LOSSES TO 5.7%
*CHINEXT INDEX PLUNGES 7.8% FOR 3-DAY 20% SLIDE


After The People's Daily proclaimed... "investors were moved to tears" thanks to the PBOC's actions...
*FOUNDATIONS FOR A-SHARES ARE `SOLID': CHINA SECURITIES JOURNAL
*CHINA STOCK MARKET TO HAVE 30 YEARS `GOLDEN AGE': SEC. JOURNAL





The bounce is dead. CHINEXT - China's tech-heavy high beta 'Nasdaq' - is down 5-6% today, 19% in 3 days, and 33% from highs in early June...!


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