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Frontrunning: July 11
Carl Icahn says ‘time to be cautious’ on U.S. stocks (Reuters) Banco Espirito Santo Lifts Lid on Exposure to Group (BBG) Slowing Customer Traffic Worries U.S. Retailers (WSJ) Insurgents enter military...
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Key Events In The Coming Busy Week
Now that the World Cup is over, and following last week’s global macro reporting slumber (aside for the Portuguese risk flaring episode of course), things pick up quite a bit in the coming week. Here...
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Guest Post: BRICS Against Washington Consensus
As Pepe Escobar explains, way beyond economy and finance, this is essentially about geopolitics – as in emerging powers offering an alternative to the failed Washington consensus. Or, as consensus...
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Oil Price Slide – No Good Way Out
Submitted by Gail Tverberg via Our Finite World blog, The world is in a dangerous place now. A large share of oil sellers need the revenue from oil sales. They have to continue producing, regardless of...
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Russia Just Pulled Itself Out Of The Petrodollar
Back in November, before most grasped just how serious the collapse in crude was (and would become, as well as its massive implications), we wrote “How The Petrodollar Quietly Died, And Nobody...
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S&P Cuts Russia To Junk, Ruble Plunges To 6-Week Lows – Full Text
With the Ruble having plunged 3 handles today alone, it appears perhaps more than a few could see this coming… RUSSIAN FEDERATION RATINGS CUT TO JUNK BY S&P RUSSIAN FEDERATION CUT TO BB+ FROM BBB-...
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Moody’s “Junks” Russia, Expects Deep Recession In 2015
Having put Russia on review in mid-January, Moody’s has decided (somewhat unsurprisingly) to downgrade Russia’s sovereign debt rating to Ba1 (from Baa3) with continuing negative outlook. The reasons:...
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The EU’s Stalinesque “4 Year Plan”
Submitted by Pater Tenebrarum via Acting-Man blog, They Didn’t Want to Call it the “5 Year Plan” We have already commented on previous occasions on the EU’s “investment plan” (see: “EU Planning to...
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Putin And Tsipras Are Meeting: Here Are The Main Highlights
While Germany has pre-emptively, and somewhat defensively, come out proclaiming Russian aid to Greece as 'no big deal' – a "routine event" - As Bloomberg reports, the German government suggests...
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BRICS Bank Officially Launches As Sun Sets On US Hegemony
Before the Asian Infrastructure Investment Bank and, to a lesser extent, the Silk Road Fund became international symbols for the end of Western economic hegemony, there was the BRICS Bank. Or at least...
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Oil Market Showdown: Can Russia Outlast The Saudis?
Submitted by Dalan McEndree via OilPrice.com, "Two men enter, one man leaves, two men enter, one man leaves, two men enter…” Mad Max: Beyond Thunderdome November 27, oil consuming countries will...
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Fitch Downgrades Chicago After “Worst Possible Outcome” In State Supreme...
Last week, Rahm Emanuel got some bad news. The Illinois Supreme Court agreed with Cook County judge Rita Novak’s ruling that the Chicago mayor’s scheme to put worker pension plans on a sustainable path...
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Spain’s Social Security Program Will Go Bust In 2018
Submitted by Michael Shedlock via MishTalk.com, Spain’s Social Security system is expected to go broke by 2018. In the US, concerns over such matters are virtually nonexistent. But Spain cannot print...
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“This Is A Crisis Greater Than Any Government Can Handle”: The $400 Trillion...
Submitted by John Mauldin of Mauldin Economics Today we’ll continue to size up the bull market in governmental promises. As we do so, keep an old trader’s slogan in mind: “That which cannot go on...
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“This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming
Authored by John Mauldin via MauldinEconomics.com, I’ve written a lot about US public pension funds lately. Many of them are underfunded and will never be able to pay workers the promised benefits – at...
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Constitutional Law Attorney Says Mueller’s Seizure Of Transition Emails...
Over the weekend, reports surfaced that Special Counsel Robert Mueller may have inappropriately taken possession of “many tens of thousands” of emails from the Trump transition team, obtained through...
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