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• How The Feds Helped Bankrupt Puerto Rico
• Greece bans gold coin sales to avoid a run on euros
• Unprepared: What Would Happen If A Greek-Style Crisis Hit America?
• Bill Bonner: Is China next?
• Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System
• India Hoards Silver; Massive Disconnect In Stocks & Bonds
• This surprising currency trade may be about to soar
• Former US Mint Director Clueless On Gold In Fort Knox
• Bankers Plan to Raid Deposits After Greeks “Rise Up Against Debt Bondage”
• All Things Considered
• Gold Price Does Nothing on Greeces Resounding No Referendum Vote, Selling Hits Logical Reaction
• GLOBAL MARGIN CALL!
• Silver Market Change!
• Gold and Silver
• TOP 5 GOLD PRODUCERS: Stunning Decline In Gold Productivity
• Turkey's Gold imports fall 94.4% Y Y in June
• Will the Banksters use their “Ultimate Weapon” to Break Greek Resistance?
• Varexit – Greeks Sacrifice Euro Antagonist In Bid To Secure Deal
• Gold Consolidating Within Downtrend Ahead Of Another Sharp Drop
• TECHNICAL - Gold Gains on Greek Crisis Likely Capped By Strong US Dollar
• Gold / Silver / Copper futures - weekly outlook: July 6 - 10
• Silver Market Update
• Stansberry's Matt Badiali Shares His Guide to Avoiding Pitfalls in the Climb to Resource Investing Heights
• Peter Cooper: Events in China and Greece threaten 2008-style credit freeze
• Gold And Silver At Make Or Break Level
• Gold flows out of Switzerland up 10% mainly to China, prices going up
• Gold – Rallies Against Medium Term Down Trend
• Euro to fall 4% in next 48 hours as Greeks vote ‘no’ says Saxo
• Greece Votes NO – Let The Chaos Begin…
• Another Fun Monday
• Bitcoin Price Weekly Analysis – GOLD Alternative?
• TEXAS WANTS ITS GOLD BACK INSIDE THE STATES BORDERS
• The Loathsome Truth About Gold And Why It Should Crash 40% More
• CHARTS : Gold: Stay With The Trends
• SWISS Gold Flows Counter Reports Of Slackening Gold Demand

How The Feds Helped Bankrupt Puerto Rico Posted: 06 Jul 2015 01:00 PM PDT Puerto Rico is full crisis mode, as signaled by Governor Alejandro García Padilla warning that the island's debts are "not payable." This is partially the fault of the island's own government. The commonwealth has piled up a debt much larger as a percentage of GDP than any other state. All major parties are to blame for […] The post How The Feds Helped Bankrupt Puerto Rico appeared first on Silver Doctors.

Greece bans gold coin sales to avoid a run on euros Posted: 06 Jul 2015 12:05 PM PDT From Bloomberg: European investors are increasing purchases of gold as Greece’s turmoil boosts the appeal for an alternative to the euro. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement. CoinInvest.com, an online retailer, said sales on Saturday and Sunday were the highest since Cyprus limited cash withdrawals in 2013, driven by a jump in German, French and Greek buyers. Investors are searching for a safe haven after Greece imposed capital controls, closed banks and stopped selling gold coins to the public until at least July 6. Chancellor Angela Merkel on Monday said Germany is still open to negotiations if Greece wants. “Most of our common gold coins are sold out,” Daniel Marburger, a director of Frankfurt-based CoinInvest.com, said by phone. “When people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold.” Gold futures climbed 0.5 percent to settle at $1,179 an ounce on the Comex in New York. The metal has dropped 11 in the past 12 months. Coin Demand GoldCore Ltd., which buys and sells bullion, reported coin and bar demand rose “significantly” on Monday. Sales to U.K. and Ireland today are about three times the average for the past three Mondays, the Dublin-based firm said in an e-mailed statement. The U.S. Mint has sold 61,500 ounces of American Eagle gold coins this month, the most since January. BullionVault, which says it operates the largest online physical gold trading platform, reported a jump in sales during the first half of this year, a sign of a broader increase. Customers globally added 1.4 metric tons of gold to their account, the biggest increase since 2012, the London-based company wrote in a press release. More clients want their gold stored in Switzerland, a country that isn’t in the European Union, Adrian Ash, head of research at BullionVault, said by telephone. Crux note: As you can see, governments can move quickly to confiscate or block the movement of wealth – even banning the sales of gold coins… That’s why we recommend you buy some gold before you need it.

Unprepared: What Would Happen If A Greek-Style Crisis Hit America? Posted: 06 Jul 2015 12:00 PM PDT The statistics below prove that most Americans are completely and totally unprepared for a Greek-style economic crisis…  From End of the American Dream:   According to one recent survey, an all-time high 72 percent of all Americans are concerned about an economic downturn, and yet the amount of actual preparation that is taking place for the next […] The post Unprepared: What Would Happen If A Greek-Style Crisis Hit America? appeared first on Silver Doctors.

Bill Bonner: Is China next? Posted: 06 Jul 2015 11:28 AM PDT From Bill Bonner, Chairman, Bonner & Partners: There’s a time for calm, rational behavior… and a time to panic. Investors in U.S. stocks have decided not to panic. Last week’s sell-off halted. But it did not reverse. And it left the street with its worst half-year performance since 2010. Gain for 2015 so far? Zilch. But have we seen the top? We will have to wait to find out. READ MORE: Why America is NOT Normal – Dr. Ron Paul's 8 facts prove how bad things really are When the ATMs Went Dark… Fox News reports that Greeks are eyeing Bitcoin to protect their savings. At midnight last night, the Greek government defaulted on a €1.5-billion loan repayment to the IMF. And it has imposed a 60-euro-a-day limit on cash withdrawals. This leaves many Greeks short and looking for alternatives. Pity those who were last in line at the ATMs before they went dark. Says a restaurant owner in Athens, quoted by the Associated Press: You don’t know what can happen. In my case, I have money, and I don’t have money in a sense. I have it in the bank, but I can’t get it in my hands. It’s crazy. As we’ve been pointing out, money in the bank is not the same as money in hand. The first is just a loan to what could be a bankrupt institution. It could be worth nothing. The second is cash – ready, handy, and extremely useful. In a financial emergency, there won’t be a liquor store in town that won’t welcome you as a customer. A Greek butcher… also to Associated Press: I have no cash to pay for meat supplies for next week because of the capital controls. Sooner or later, probably in this month, I’ll have to let 10 people go. The people are buying with cash, not credit cards, and the problem is the customers don’t have cash. The elderly have been especially hard hit. Often, they don’t have cash… and don’t have any way to get it. And pity the poor schleps who were last in line to sell their Greek stocks. The Athens Stock Exchange peaked in 2007. It’s down 95% since then. And the yield on 2-year Greek government debt has a rare distinction: It is racing neck and neck with Greek unemployment rates. Both are near 26%. But let us leave the land of Aristotle and Pericles… and wander to the land of Confucius. Huge Debt Bubbles If we were looking for an excuse to panic, we would look to Shanghai, not to Athens. The Greek crisis is small potatoes. A Chinese stock crash, possibly followed by a depression, is the kit and caboodle of financial disaster. Shanghai stocks surged more than 5% last Tuesday – the biggest one-day gain since 2009. But this comes after the Shanghai Composite Index fell 20% from its June 12 peak. And it comes only after the People’s Bank of China cut interest rates and reserve requirements for banks, to boost lending. We urge readers to beware. We wouldn’t put it past the feds – in China or in the U.S. – to juice up the market even further when they get really desperate. RELATED: Is this China’s plan to destroy the U.S. Dollar? But what would you expect after two powerful groups of economists connive and collude to implement their central planning fantasies? They created two huge debt bubbles. The U.S. bubble is a volatile mixture of consumer, corporate, and government debt. Companies owe about half of China’s debt. And state-owned businesses and property companies owe most of that amount. Banks lent mega amounts to overdo it on factories, offices, malls, and housing complexes. Now, total debt in China – including government, corporate, and household debt – is about 280% of GDP. That’s still a ways off the 331% total-debt-to-GDP in the U.S. But it’s a lot higher than other developing markets. Hairpin Meets Fat Derriere What will happen next? We don’t know, but across the Sea of Japan is an instructive example. The Nikkei peaked in 1989. Twenty-six years later, it has recovered only HALF those losses! Pity the poor Japanese investor who was last in line to sell. But Chinese investors learned nothing. This year, they bid up Shanghai and Shenzhen stocks to levels last seen in Japan in 1989… or U.S. stocks in 1999. Attracted by the commotion, rookie investors opened brokerage accounts in record numbers. They invested their savings. Then they borrowed money so they could gamble more. In May, the hairpin found its fat derriere. First in line to sell were the insiders. Reuters reports that corporate insiders were selling at a record pace: three times as many in May as in April. One of the sellers was Li Hejun, the chairman of Hanergy Thin Film Power Group. Li shorted his own company’s shares. He did very well. Trading at nearly $1 on May 18, Hanergy shares are worth about $0.25 today. Regards, Bill Crux note: It’s not just Greece that is in danger of default. Over the weekend, the governor of Puerto Rico said the island’s debts are “not payable”… and that to pull the country out of a “death spiral” he is going to need to refuse to pay them. The major monetary catastrophe that Bill sees coming is getting closer. Find out how it could unfold… and what to do… here.

Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System Posted: 06 Jul 2015 11:00 AM PDT The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses.  Yes, the Greek debt crisis is larger, as Greece currently owes about $350 billion to the rest of the planet.  But only about $14 billion of that total is owed to U.S. financial institutions. […] The post Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System appeared first on Silver Doctors.

India Hoards Silver; Massive Disconnect In Stocks & Bonds Posted: 06 Jul 2015 10:00 AM PDT Not only did Governor Abbott of Texas announce they're going to build a new depository, he made sure in his press release, he said a gold and silver depository. That's important… Submitted by Steve St. Angelo, SRSRoccoReport: Texas has always been a little bit different, but I think different in a good way, because they […] The post India Hoards Silver; Massive Disconnect In Stocks & Bonds appeared first on Silver Doctors.

This surprising currency trade may be about to soar Posted: 06 Jul 2015 09:54 AM PDT From Brett Eversole, Analyst, True Wealth Systems: Major currencies are rising in value… Since the U.S. dollar peaked on March 13, the Brazilian real is up around 8.5%. And the euro is up around 5.7%. But two major currencies have lost value versus the dollar – the Japanese yen and the New Zealand dollar. The fall in the New Zealand dollar has been spectacular. And investors have fled… which gives us an opportunity. History says this currency could soon bounce by double digits. Let me explain… RELATED: Is this China’s plan to destroy the U.S. Dollar? The Japanese yen is down around 1% since the dollar peaked. But the New Zealand dollar has performed much worse than the yen. It’s down around 7.2% since March 13. And since last July, it’s down a full 24%. That decline scared investors out of the currency. Negativity in the New Zealand dollar hit its most extreme reading ever in June. You can see this in the chart below. It shows the Commitment of Traders (COT) for the New Zealand dollar. The COT is a weekly report that shows the real money bets of futures trades. It shows if traders love or hate an asset. And it’s a useful contrarian indicator when it hits an extreme. Today, the COT shows the most extreme negativity we’ve ever seen. Traders are betting the New Zealand dollar will continue its decline. But they’re all making the same bet… History shows that when futures traders all agree, the opposite tends to happen. And that means the New Zealand dollar could jump higher soon. To test this, I looked at every time the COT fell below zero and then rose above that level over the past decade. The results are impressive… 3 Months 6 Months 1 Year After COT Extreme 3.5% 6.9% 11.7% All Periods 0.7% 1.3% 2.5% The New Zealand dollar increased 11.7%, on average, a year after hitting and rebounding above a negative sentiment extreme. That’s more than four times the typical one-year return we’ve seen over the past decade. These are impressive results, but the New Zealand dollar isn’t a “buy” yet. You see, the COT just hit a negative extreme. We need to see the COT rise above zero before we consider buying. That will likely occur as the currency begins rising, which further lowers our risk. The easiest way to get long the New Zealand dollar is the WisdomTree Australia & New Zealand Debt Fund (AUNZ). This fund owns debt in both Australia and New Zealand, but based on its history it tracks New Zealand’s currency well. As I said, the New Zealand dollar isn’t a buy yet. But keep an eye on this currency in the coming months. It’ll be a fantastic trading opportunity soon. Good investing, Brett Eversole

Former US Mint Director Clueless On Gold In Fort Knox Posted: 06 Jul 2015 09:45 AM PDT The Curious Case Of Edmund C. Moy Former US Mint director Ed Moy has made numerous false and self-contradictory statements regarding the gold at Fort Knox – a facility managed by the US Mint.  Submitted by Koos Jansen, Bullionstar: The is post is a sequel to A First Glance At US Official Gold Reserves Audits, Second Thoughts On US […] The post Former US Mint Director Clueless On Gold In Fort Knox appeared first on Silver Doctors.

Bankers Plan to Raid Deposits After Greeks “Rise Up Against Debt Bondage” Posted: 06 Jul 2015 09:30 AM PDT The predatory creditor banks have resorted to using "terrorism" against the angry, defiant people of Greece.   Submitted by Mac Slavo, STHFPlan: Chaos and economic disaster are still stirring up in Greece, with a sharp rejection of foreign control of their troubled affairs. More austerity and new rounds of loans? Voters in Greece's emergency referendum […] The post Bankers Plan to Raid Deposits After Greeks "Rise Up Against Debt Bondage" appeared first on Silver Doctors.

All Things Considered Posted: 06 Jul 2015 08:47 AM PDT Given the absolute disaster that has been wrought today upon almost every other "commodity", I suppose we should be enthused that gold and silver are unchanged. Bonds and bullion are about the only items green on the entire board. read more

Gold Price Does Nothing on Greeces Resounding No Referendum Vote, Selling Hits Logical Reaction Posted: 06 Jul 2015 08:40 AM PDT Bullion Vault

GLOBAL MARGIN CALL! Posted: 06 Jul 2015 08:30 AM PDT Bill Holter is back to discuss the impending 'Global Margin Call'… and when it might begin. From a global economic collapse perspective, from a derivatives bubble and credit default swaps and TBTF criminal international banks perspective, Sunday's vote may well ensure that a 'Global Margin Call' could commence at any moment: The post GLOBAL MARGIN CALL! appeared first on Silver Doctors.

Silver Market Change! Posted: 06 Jul 2015 08:30 AM PDT For the first time in about two years, the fundamental price of silver is above the market price, about $0.35 over. Unless you really like to trade the bleeding edge of a signal change, you may not want to jump in here…   Submitted by Keith Weiner, Monetary Metals: The prices of the metals drooped […] The post Silver Market Change! appeared first on Silver Doctors.

Gold and Silver Posted: 06 Jul 2015 08:07 AM PDT The Silver GoldSpot

TOP 5 GOLD PRODUCERS: Stunning Decline In Gold Productivity Posted: 06 Jul 2015 08:00 AM PDT This is a chart every gold investor NEEDS to see: From the SRSRocco Report: While the gold mining industry works harder every year to produce the highly sought-after monetary metal, its overall productivity continues to decline.  Actually, decline is too soft of a word to describe what's taking place in the world's leading gold producers. […] The post TOP 5 GOLD PRODUCERS: Stunning Decline In Gold Productivity appeared first on Silver Doctors.

Turkey's Gold imports fall 94.4% Y Y in June Posted: 06 Jul 2015 07:49 AM PDT On month-on-month basis, gold imports declined 18.1% in June. The country had imported 1.64 tons of gold in May this year.

Will the Banksters use their “Ultimate Weapon” to Break Greek Resistance? Posted: 06 Jul 2015 07:45 AM PDT The Cyprus Template: Are the Banksters preparing to release their “Ultimate Weapon” to squash the Greek resistance?    Submitted by The Wealth Watchman: This week we'll take a closer look at the showdown between Athens and Brussels.  We examine: The actual text and implications of the referendum (whether it happens or not)… What's really going […] The post Will the Banksters use their "Ultimate Weapon" to Break Greek Resistance? appeared first on Silver Doctors.

Varexit – Greeks Sacrifice Euro Antagonist In Bid To Secure Deal Posted: 06 Jul 2015 06:40 AM PDT gold.ie

Gold Consolidating Within Downtrend Ahead Of Another Sharp Drop Posted: 06 Jul 2015 02:00 AM PDT investing

TECHNICAL - Gold Gains on Greek Crisis Likely Capped By Strong US Dollar Posted: 06 Jul 2015 01:40 AM PDT dailyfx

Gold / Silver / Copper futures - weekly outlook: July 6 - 10 Posted: 06 Jul 2015 01:30 AM PDT investing

Silver Market Update Posted: 06 Jul 2015 01:10 AM PDT silverseek

Stansberry's Matt Badiali Shares His Guide to Avoiding Pitfalls in the Climb to Resource Investing Heights Posted: 06 Jul 2015 01:00 AM PDT Successful resource investors have to make their way past a lot of money pits before they find a stock that will make it to the top. In this interview with The Gold Report, S&A Resource Report Editor... Visit the aureport.com for more information and for a free newsletter

Peter Cooper: Events in China and Greece threaten 2008-style credit freeze Posted: 05 Jul 2015 11:47 PM PDT The stock market crash in China and Greece’s probable exit from the euro threaten to cause an October 2008-style credit freeze. This led to a plunge in global trade in the first half of 2009 with volumes down around 40 per cent in Dubai, the Middle East’s biggest port. China is a bigger problem than Greece. It’s stock market crash has already cost the equivalent of ten times Greek annual GDP. This was the final stage of the credit bubble in China that started in 2009 with an epic bailout package equal to half its GDP, the biggest in history. 1929-style crash That this should climax in a 1929-style bubble and crash in its stock market was inevitable. But we still have to deal with its consequences. Chinese domestic demand will now collapse with the funding for its continued expansion. It’s a ’sudden shock’ experience that Dubai saw in 2009-2010, a very painful and immediate end to a long period of prosperity. Credit will become far more expensive in China, just as Dubai bond yields went through the roof. But this just is not good news for anybody. China has become an important trading partner and source of investment for many nations. They will all suffer in the wake of the stumbling giant. Will its 100 million plus tourists now stay at home? How will its companies raise the money to build projects in Africa? How much lower will industrial commodity prices go if Chinese demand is shot to pieces? Chinese demand In so many markets the weakness in demand from local sources has been compensated by demand from the temporarily super-rich Chinese buoyed up by a bubble economy. They are going to have to go back to being poor, at least for as long as it takes to sort out this mess. History does not have many examples of quick recoveries from sudden stops. The US did not really recover from the Wall Street Crash until its belated entry into the Second World War. True Dubai turned its real estate crash and debt crisis around in a few years. But this was a much smaller economy with rather special local factors plus the support of Abu Dhabi and a surge in oil prices (click here). However, those economic analysts who see Chinese stocks as somehow an isolated phenomenon with no impact on the global economy are very misguided. Without the planned tsunami of IPOs to raise new cash in China, bond yields are on the way up and there will be a credit squeeze. Grexit Europe’s problems with Greece of course don’t help either. This is going to put the cost of borrowing up in other nations like Spain and Portugal that might be the next to leave the eurozone. Indeed, what we are seeing is an end to the days of easy money that have supported global financial markets and powered stock markets to spectacular levels absent any real economic recovery. And the Fed has not moved rates an inch. It won’t be able to either. This is the start of a crisis for both bonds and stock markets in which gold and silver will be the only winners as the final or ultimate asset bubble. Getting the timing of this right is absolutely impossible, and it would be foolish to try, just as it is utter folly to bet against this trend.

Gold And Silver At Make Or Break Level Posted: 05 Jul 2015 11:25 PM PDT goldsilverworlds

Gold flows out of Switzerland up 10% mainly to China, prices going up Posted: 05 Jul 2015 11:15 PM PDT Switzerland refines two-thirds of the world’s gold and far from demand slowing down, as lower prices might suggest, the latest year-on-year figures show a 10 per cent increase to 108 tonnes in May. The flow of gold from the West to the East continues with Switzerland importing gold from countries like the UK and exporting to China and its business hubs, Singapore and Hong Kong, and India. West-East gold flow For 2105 projections indicate that 2,000 tonnes of gold will be exported from Switzerland, the second best year on record. It could be much higher if the financial crisis in China gets out of control, and the 30 per cent crash in local stock markets over the past three weeks is not encouraging. Europeans are also likely to be bigger buyers of gold as the value of the euro takes a hit from the ongoing debt crisis in Greece that still looks months from any resolution with a referendum supporting an exit from the euro yesterday. In the short term the flow of money into the dollar and US bonds may be more significant than the flow into gold, and that could weaken the gold price. Sudden stop? But in the longer term credit is now beginning to freeze up across the world. Emerging market bonds are becoming illiquid, that is to say they don’t have a buyer at any price. The Chinese equity crash also risks a ’sudden stop’ in the world’s second largest economy. Companies have been swapping massive debts for equity through IPOs, something they now cannot do as all IPOs were suspended at the weekend. This is the bubble created by huge and uncontrolled stimulus measures in China since the last global financial crisis and the authorities have this time created a monster that they cannot contain. Think Wall Street Crash 1929. In these circumstances any rational person left holding paper money will want to turn it into something more solid. This is not a new trend in China. That’s why the gold flow from Switzerland has been predominantly into its hands. Gold to surge However, the stock market crash has now removed what had become gold’s biggest competitor for Chinese investors, big and small. Expect the flow of gold from West to East to become more of a flood. Now what will a huge surge in demand met by no increase in supply do to the gold price? Dollar bulls should take note that the dollar’s strength will also come under pressure in due course as the US economy slows and goes into recession. Then everybody in the entire world will want to own gold.

Gold – Rallies Against Medium Term Down Trend Posted: 05 Jul 2015 11:15 PM PDT marketpulse

Euro to fall 4% in next 48 hours as Greeks vote ‘no’ says Saxo Posted: 05 Jul 2015 08:55 PM PDT The odds on Greece leaving the euro jumped dramatically yesterday with an overwhelming ‘no’ to Europe in the referendum. Adam Reynolds, APAC CEO of Saxo Capital Markets, expects the euro to see further losses of two to four per cent against the US dollar over the next 48 hours… Video link click here!

Greece Votes NO – Let The Chaos Begin… Posted: 05 Jul 2015 05:01 PM PDT The result of the referendum in Greece is a great victory for freedom, but it is also threatens to unleash unprecedented economic chaos all across Europe.  With almost all of the votes counted, it is being reported that approximately 61 percent of Greeks have voted “no” and only about 39 percent of Greeks have voted “yes”.  This is a much larger margin of victory for the “no” side than almost everyone was anticipating, and it represents a stunning rejection of European austerity.  Massive celebrations have erupted on the streets of Athens and other major Greek cities, but the euphoria may not last long.  Greek Prime Minister Alexis Tsipras is promising that Greece will be able to stay in the euro, but that gives EU bureaucrats and the IMF a tremendous amount of power, because at this point the Greek government is flat broke.  Without more money from the EU and the IMF, the Greek government will not be able to pay its bills and virtually all Greek banks will inevitably collapse.  Meanwhile, the rest of Europe is about to experience a tremendous amount of pain as financial markets respond to the results of this referendum.  The euro is already plummeting, and most analysts expect European bond yields to soar and European stocks to drop substantially when trading opens on Monday morning. Personally, I love the fact that the Greek people decided not to buckle under the pressure being imposed on them by the EU and the IMF.  But amidst all of the celebration, the cold, hard reality of the matter is that your options are extremely limited when you are out of money. How is the Greek government going to pay its bills without any money? How are the insolvent Greek banks going to operate without any money? How is the Greek economy going to function without any money? Now that the Greek people have overwhelmingly rejected the demands of the creditors, it will be very interesting to see what the EU and the IMF do.  Prior to the referendum, European leaders were insisting that a “no” vote would put an end to negotiations and would force Greece to leave the euro. Now that the results are in, are they going to change their tune?  Because the ball is definitely in their court… “This does two things: it legitimises the stance of the Greek government and it leaves the ball in Europe’s court,” ANZ Bank analysts said in a note. “Europe either folds or Greece goes bankrupt; over to you Merkel.” So would they actually let Greece go bankrupt? It is going to be fascinating to watch what happens over the next few days.  Right now, Greek banks are on life support.  If the European Central Bank decides to pull the plug, they would essentially destroy the entire Greek banking system.  The only thing that can keep Greek banks alive and kicking is more intervention from the ECB.  The following comes from the New York Times… Now that Greek voters have said no to the economic demands of its international creditors, the fate of the country's struggling banks is in the hands of the European Central Bank. Greece's banks, closed since last Monday because they are perilously low on cash, have been kept alive in recent weeks by emergency loans from the European Central Bank. On Monday, the central bank's policy makers plan to convene to determine how much longer they are willing to prop up the Greek banks, now that the country has essentially said no to the unpopular dictates of the other eurozone countries. Of much greater concern to the rest of the world is how financial markets are going to respond to all of this.  As I write this article, things already appear to be unraveling.  The following comes from CNBC… Germany’s Dax is indicated sharply lower from Friday’s close at around 4 percent, while the euro was down 2 percent against the yen as the news emerged. U.S. stocks are expected to open around 1 percent lower Monday, according to recent stock futures data. What could be most important for those worried about contagion from the Greek crisis is how Portuguese, Spanish and Italian government bonds perform in Monday morning trade. If these peripheral euro zone countries, often lumped in with Greece, suffer a sharp spike in yields, this could cause alarm about whether Greece leaving the currency might cause further contagion to other weaker euro zone economies. This could potentially become a “trigger event” that unleashes a wave of financial panic all over Europe.  And once financial panic begins, it is very difficult to end. If the EU and the IMF want to avoid a crisis, they could just give in to the new Greek government.  But that would be politically risky for certain high profile European leaders.  For instance, Angela Merkel would face a huge backlash back home if she conceded to the new Greek government now.  And other German leaders are already calling the referendum result a “disaster”… German politicians branded the result a ‘disaster’, with the country’s economy minister Sigmar Gabriel Sigmar accusing Tsipras of ‘tearing down the last bridges on which Greece and Europe could have moved towards a compromise’. He added: ‘Tsipras and his government are leading the Greek people on a path of bitter abandonment and hopelessness.’ And the president of the European Parliament, a German, told a German radio station over the weekend that a “no” vote would almost certainly mean that the Greeks will be forced out of the euro… “If after the referendum, the majority is a ‘no,’ they will have to introduce another currency because the euro will no longer be available for a means of payment,” Martin Schulz, European Parliament president, said on German radio. That is pretty strong language, eh? Here is yet another quote from Schulz… “Without new money, salaries won’t be paid, the health system will stop functioning, the power network and public transport will break down, and they won’t be able to import vital goods because nobody can pay,” he said. So at this point it is all up to the EU and the IMF, and in particular the focus will be on the Germans. What will they decide to do? Will they give in, or will they force the Greeks to leave the euro? If the Greeks do transition from the euro to a new currency, it will be a process that takes months (if not longer).  You just can’t change ATMs, computer systems, cash registers, etc. overnight.  So a move to the drachma  would not be as simple as many are suggesting… British firms like De La Rue, which prints 150 currencies worldwide, are believed to have been contacted with a view to providing such services. It’s done in great secrecy to prevent currency speculation. The other big problem is the logistical challenges of switching a currency. All ATMs, computers and other machinery of commerce that bears the euro symbol will have to be adjusted. It could, and would, take months. And if Greece does leave, it will be a massive shock for global financial markets.  Faith in the European project will be shattered, the euro will drop like a rock, bond yields all over the continent will rise to unsustainable levels and major banks all over Europe will fail. I think that the following quote from Romano Prodi sums things up quite well… Romano Prodi, former chief of the European Commission and Italy’s ex-premier, said it is the EU’s own survival that is now at stake as the botched handling of the Greek crisis escalates into a catastrophe. “If the EU cannot resolve a small problem the size of Greece, what is the point of Europe?“ Meanwhile, we should all keep in mind that a financial crisis has already erupted over in Asia as well.  Chinese stocks have lost 30 percent of their value in just the last three weeks.  In fact, the amount of “paper wealth” wiped out in China over the past three weeks is approximately equivalent to “10 times Greece’s gross domestic product”… A dizzying three-week plunge in Chinese equities has wiped out $2.36 trillion in market value — equivalent to about 10 times Greece’s gross domestic product last year. The great financial collapse of 2015 is well underway, and it should be a very interesting week for global markets. But no matter what happens this week, we all need to keep in mind that this is just the tip of the iceberg. A “perfect storm” is on the way, and we all need to get prepared for it while we still can. The post Greece Votes NO – Let The Chaos Begin… appeared first on The Economic Collapse.

Another Fun Monday Posted: 05 Jul 2015 03:49 PM PDT Last week began with crosscurrents that made it hard to predict. See On Monday, It’s China Versus Greece. This week is starting with no such ambiguity. The Greeks had their vote and tossed a resounding “NO” at their European creditors. And the markets are not happy: S&P 500 futures down 1.5% on Greek vote U.S. stock futures opened sharply lower Sunday night after the Greek people voted resoundingly to reject proposals from their European creditors. S&P 500 futures fell 1.5 percent in early trading after 6 p.m. ET (2200 GMT). Once the magnitude of the Greek vote became clear, the euro began falling against other major currencies, and European stock futures sank (led by a 4 percent decline for the benchmark German DAX). Because it’s still early on Sunday, a lot of futures markets have yet to open. But when they do it will be with a bang. So expect, along with plunging European and US stocks, extreme currency swings, lower oil prices and surging equities volatility. And then comes the real excitement. The Greek vote wasn’t legally binding but it does free the country’s leaders to stand up to its creditors, so expect some big threats to be tossed out on Monday. Here’s a typically evocative headline from Zero Hedge: Greece Contemplates Nuclear Options, May Print Euros, Implement Parellel Currency, Nationalize Banks. This is a story with legs, of course, but as always it’s important to understand that Greece isn’t the issue. It is to the global financial system what who takes out the trash is to an unhappily married couple: Not the big issue but a perfectly acceptable start to a catastrophic conflict. The real problems are in the quadrillion dollar derivatives market, the debt/GDP trends of five or six major countries, income inequality in the US and elsewhere, and the Chinese shadow banking system. Greece might be where it starts but those other places are where it will end.

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