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Documentary: Freedom, A Complete Picture

While the research, information, and remedies provided herein are largely based on the Canadian system my reasearch indicates that this applies to all G-8 nations. A truly shocking reality!

Cheers on your weekend!

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Bilderberg at 60: Inside the World’s Most Secretive Conference

“It’s been a week of celebrations for Henry Kissinger. On Tuesday he turned 91, on Wednesday he broke his personal best in the 400m hurdles, and on Thursday in Copenhagen, he’ll be clinking champagne flutes with the secretary general of Nato and the queen of Spain, as they celebrate 60 glorious years of Bilderberg. I just hope George Osborne remembered to pack a party hat.

Thursday is the opening day of the influential three-day summit and it’s also the 60th anniversary of the Bilderberg Group’s first meeting, which took place in Holland on 29 May 1954. So this year’s event is a red-letter occasion, and the official participant list shows that the 2014 conference is a peculiarly high-powered affair.

The chancellor, at his seventh Bilderberg, is spending the next three days deep in conference with the heads of MI6, Nato, the International Monetary Fund, HSBC, Shell, BP and Goldman Sachs International, along with dozens of other chief executives, billionaires and high-ranking politicians from around Europe. This year also includes a visit from the supreme allied commander Europe, and a return of royalty – Queen Sofia of Spain and Princess Beatrix of the Netherlands, the daughter of the Bilderberg founder Prince Bernhard.

Back in the 1950s, when Bernhard sent out the invitations, it was to discuss “a number of problems facing western civilization”. These days, the Bilderberg Group prefers to call them “megatrends”. The megatrends on this year’s agenda include: “What next for Europe?”, “Ukraine”, “Intelligence sharing” and “Does privacy exist?”

That’s an exquisite irony: the world’s most secretive conference discussing whether privacy exists. Certainly for some it does. It’s not just birthday bunting that’s gone up in Copenhagen: there’s also a double ring of three-metre (10ft) high security fencing. The hotel is teeming with security: lithe gentlemen in loose slacks and dark glasses, trying not to kill the birthday vibe. Or anyone else.

Already, two reporters have been arrested trying to interview the organisers of the conference in the Marriott hotel bar. It’s easy enough to keep your privacy intact when you’re employing so many people to guard it.

There’s something distinctly chilling about the existence of privacy being debated, in extreme privacy, by people such as the executive chairman of Google, Eric Schmidt, and the board member of Facebook Peter Thiel: exactly the people who know how radically transparent the general public has become.

And to have them discussing it with the head of MI6, Sir John Sawers, and Keith Alexander, the recently replaced head of the National Security Agency. And with people such as the head of AXA, the insurance and investment conglomerate – Henri de Castries. Perhaps no one is more interested in data collection and public surveillance than the insurance giants. For them, privacy is the enemy. Public transparency is a goldmine.

Back in 2010, Osborne proudly launched “the most radical transparency agenda the country has ever seen”. However, this transparency agenda doesn’t seem to extend to Osborne himself making a public statement about what he has discussed at this meeting. And with whom.

We know, from the agenda and list, that Osborne will be there with the foreign affairs ministers from Spain and Sweden, and the deputy secretary general of the French presidency. And from closer to home, the international development secretary, Justine Greening, and fellow Bilderberg veteran and shadow chancellor, Ed Balls.

We know that he’s scheduled to discuss the situation in Ukraine…..”

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Study: Half of All US Adults Hacked in the Last 12 Months

“Online computer hackers have infiltrated and exposed the personal information of 110 million Americans – nearly half of the US adult population – over the last year alone, according to an alarming new report.

The study – formulated by researchers at the Ponemon Institute, which measures data collection and information security in the public and private sectors – also determined that the number of hacked accounts belonging to those individuals numbered at or near 432 million.

Many of the people victimized may have inadvertently made available to hackers their names, debit or credit card information, email addresses, phone numbers, birth dates, passwords, security questions, and possibly their physical home addresses, according to CNN Money, which commissioned the study.

The news that so many people have been hacked comes on the heels of a series of vast security flubs at popular companies like Target and eBay. Target was the victim of a malware attack that compromised no less than 40 million credit card numbers (along with 70 million addresses, phone numbers, and other identifying materials) through the height of the holiday shopping season.

Snapchat admitted that five million user accounts were hacked, and 33 million Adobe users’ credentials were also taken …..”

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Article V: Amendments or Changing the U.S. Constitution ?

“The deceptive Left-Right coalition to rewrite the Constitution by means of an Article V convention threatens our personal rights and freedoms.

Despite war, social upheaval, dem­ographic shifts, and economic ups and downs, the U.S. Constitution has endured for more than two centuries, securing the blessings of liberty for Americans. Now, however, a new threat emerges that seeks to radically alter the Constitution under the guise of amending it. Those seeking radical change to the Constitution look to co-opt it by invoking an Article V “convention for proposing amendments,” otherwise known as a constitutional convention.

Given out-of-control spending by Congress and a national debt of $17.5 trillion — and another estimated $129 trillion in unfunded liabilities — many Americans, especially conservatives, believe that adding a balanced budget amendment to the Constitution would restrain federal spending. Having little confidence in the ability of Congress to correct these financial woes, advocates for a balanced budget amendment (BBA) have once more turned their efforts to what the states can do, specifically the Article V convention process.

However, conservatives seeking a constitutional convention to propose a BBA would be surprised to learn that others, including extreme leftists, also want a convention to advance their own agendas, proposing radical changes with which conservatives would vigorously disagree. Leading convention advocates from both the Left and Right are actually working together to bring about a constitutional convention, even as key advocates on the Left publicly call for a “runaway” convention in order to make multiple and far-reaching changes to the Constitution.

Amending the Constitution

Article V is a one-paragraph article in the Constitution that includes two methods for proposing amendments. The first and only method used so far empowers Congress to propose an amendment “whenever two thirds of the both houses shall deem it necessary.”

The second method for proposing amendments, which has never been employed since the original Constitutional Convention of 1787, is through a constitutional convention called by Congress “on the application of the legislatures of two thirds of the several states.” Once the applications from 34 states are received, Congress is constitutionally bound to “call a convention for proposing amendments.”

Article V also outlines two modes of ratification. The amendments proposed, either by Congress or at a constitutional convention, can only become part of the Constitution once they have been “ratified by the legislatures of three fourths of the several states, or by conventions in three fourths thereof, as the one or the other mode of ratification may be proposed by the Congress.”

Back to the Future

Well-meaning conservatives who advocate for a constitutional convention fail to recognize that once Congress convenes a convention it cannot be undone and no predetermined rules or limitations, adopted by either Congress or the states, will have any bearing on what the convention delegates may choose to do or propose. As the representatives of the sovereign will of the people-at-large in each state, convention delegates would have free latitude to propose any changes they see fit, including the writing of an entirely new constitution, along with changes to the mode of ratification, so as to guarantee the adoption of their amendments. This scenario is known as a “runaway” convention, and it is not without historical precedent.

The Continental Congress originally tasked the delegates assembled at the Philadelphia Constitutional Convention of 1787 with “the sole and express purpose of revising the Articles of Confederation.” At the time, the Articles of Confederation (AOC) was the law of the land. Article XIII of the Articles of Confederation specifically stipulated that “any alterations” made to them must be unanimously “confirmed by the legislatures of every State.” (Emphasis added.)

Both of these mandates were clearly exceeded. The delegates chose to replace the Articles with an entirely new federal constitution. They also altered the mode of ratification from being “confirmed by the legislatures of every State,” in Article XIII of the AOC, to “the legislatures of three fourths of the several states, or by conventions in three fourths thereof,” in Article V of the new Constitution. (Emphasis added.)

On September 13, 1788, with only 11 of the 13 states having ratified the new Constitution, the Continental Congress passed a resolution declaring that it “had been ratified.” North Carolina and Rhode Island had not yet ratified and would not do so until nearly a year and a half later. On May 29, 1790, Rhode Island became the 13th and final state to ratify the Constitution. The new Constitution replacing the AOC was adopted before being “confirmed by the legislatures of every State,” as Article XIII required. With such precedent, who can say it will not happen again?

Call a Convention….”

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Meet Your Strawman

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Watching the Walls of Jericho Come…..

“Let’s take another look at debt. We’ve probably all gotten so used to huge debt numbers that we’re losing sight of what they actually mean. In the following article, Tyler Durden made me rethink both the debt issue and the perverse consequences of 7 years of zero interest policies (ZIRP) and/or ultra low interest rates. The destruction to society is far greater than anyone seems to be willing to let on. But that doesn’t make it any less real. Here goes:

According to the most recent CapitalIQ data, the single biggest buyer of stocks in the first quarter were none other than the companies of the S&P500 itself, which cumulatively repurchased a whopping $160 billion of their own stock in the first quarter! Should the Q1 pace of buybacks persist into Q2 which has just one month left before it too enters the history books, the LTM period as of June 30, 2014 will be the greatest annual buyback tally in market history. And now for the twist. Unlike traditional investors who at least pretend to try to buy low and sell high, companies, who are simply buying back their own stock to reduce their outstanding stock float, have virtually zero cost considerations: if the corner office knows sales and Net Income (not EPS) will be weak in the quarter, they will tell their favorite broker to purchase $X billion of their shares with no regard for price.

The only prerogative is to reduce the amount of shares outstanding and make the S in EPS lower, thus boosting the overall fraction in order to beat estimates for one more quarter. Compounding this indiscriminate buying frenzy is that ever more companies (coughaaplecough… and IBM of course) are forced to issue debt in order to fund their repurchases. So since the cash flow statement merely acts as a pass-through vehicle and under ZIRP companies with Crap balance sheets are in fact rewarded (as even Bloomberg noted earlier) the actual risk of the company mispricing its stock buyback entry point is borne by the bond buyer who in chasing yield (with other people’s money) serves as the funding source for these buybacks.

Corporations buy back their own shares in order to fool investors about their performance numbers. It’s a profitable undertaking for them because they can borrow at next to nothing. A very simple calculation: if we buy and borrow $1 billion worth, what’s the effect on our balance sheet? How about $10 billion? The essence: there is a reason junk bonds are so popular: there are no ‘normal’ yields left because of central banks’ ZIRP. That’s not to say Apple issues junk, but the principle is the same. Bond buyers, e.g. money market funds, will buy anything. VIX volatility is ultra low, everyone’s doing it, what could go wrong? Well, the answer to that question might to a large extent lie in private and public debt numbers. If only because much of the money corporations borrow to do buybacks has in turn also been borrowed.

When you follow the dots, you must wonder where there is still any ‘money’ left that has not been borrowed. You may even want to wonder whether you have any of it. And you might ask how it is possible that while any and all borrowing is supposed to be collateralized, it’s hard to find ‘hard’ collateral anywhere in the cycle. We can understand that when a Chinese state owned enterprise uses one load of iron ore, bought with credit, as collateral for the next one, something’s amiss. But do we also understand that in our own economies, despite the huge existing debt, and because of ZIRP policies, there is more borrowing instead of less, as would seem to be the smart thing to do. ZIRP thus leads to more debt, and – inevitably – exponentially more bad debt. You can’t heal a sick economy with more debt if it already has historically high levels of it, but that’s still exactly what central bankers claim they try to do.

First, a Daily Mail graph from 2012 gives an indication of total debt numbers for a handful of countries

And if you think that looks bad (not that it doesn’t, mind you), there’s this 2011 Haver/Morgan Stanley one we’ve seen before here:

In which total debt for the US, but even more for Japan and especially the UK, are much higher than in the first graph. This may largely be due to underestimating debts in the financial sector, though it’s hard to say. And for the argument I’m trying to make, it doesn’t even matter all that much. Though I would like to say that it’s crazy that we have no better insight in bank debt than we have. We’re asked to recognize that some of our banks are so big they could bring down our entire economies, but we’re not supposed to know how close they are to doing just that. Honesty would kill us, apparently. The 2nd graph shows a huge, 600% of GDP, debt for the UK, but only perhaps 100% for the US. Oh, really? Let’s see the books.

What’s a little easier to figure out concerning all this debt are the household and government parts. Here’s a comparison:

Let’s take the US as an example. There are 300 million Americans, so about 100 million families…..”

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U.S. GDP Growth Contracts for the First Time in Three Years

“The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.

The Commerce Department on Thursday revised down its growth estimate to show gross domestic product shrinking at a 1.0 annual rate.

It was the worst performance since the first quarter of 2011 and reflected a far slower pace of inventory accumulation and a bigger than previously estimated trade deficit.

The government had previously estimated GDP growth expanding at a 0.1 percent rate. It is not unusual for the government to make sharp revisions to GDP numbers as it does not have complete data when it makes its initial estimates.

The decline in output, which also reflected a plunge in business spending on nonresidential structures, was sharper than Wall Street’s expectations. Economists had expected the revision to show GDP contracting at a 0.5 percent rate.

The economy grew at a 2.6 percent pace in the fourth quarter. U.S. financial markets are likely to shrug off the report, given the temporary factors that weighed down on growth and the fact that economic activity is rebounding.

Data ranging from employment to manufacturing suggests growth will accelerate sharply in the second quarter.

Economists estimate severe weather could have chopped off as much as 1.5 percentage points from GDP growth. The government, however, gave no details on the impact of the weather.

Businesses accumulated $49.0 billion worth of inventories, far less than the $87.4 billion estimated last month…..”

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Catholic Jesuit Superior Resigns after Charged with Black Mass Child Sacrifices

“Look at that photo, my friends. Things are not right on this planet and it’s long past when something should have been done about it, but as you’ll see from the article below, those who speak out in truth are intimidated and worse. It’s not going to be easy to take down these sickos, but we will.

As shocking as it is, the public will have to abandon their denial and accept the painful evidence. There is more than enough of it as more and more witnesses and victims come forward.  Humans simply don’t do this. There is no justification.

The following is a recap, of sorts, of recent activity on this front, as well as a little history.

More is available at ITCCS.org and HiddenNoLonger.com  ~ BP

car-ratzinger

Catholic Jesuit head Adolfo Panchon announced his resignation this week after the International Common Law Court of Justice in Brussels linked him to Ninth Circle Satanic Child Sacrifice Cult ceremonies. For the last month five judges have “examined numerous eyewitnesses and Vatican archival documentation that clearly link Pachon, Pope Francis, former Pope Ratzinger and Archbishop of Canterbury Justin Welby to the ritual rape and killing of children as recently as 2010″ according to yesterday’s bulletin from the International Tribunal into Crimes of Church and State. Last month the ITCCS began prosecuting the case before the five international judges and 27 jury members.

“Pope Francis’ bizarre remarks during last week’s Mid East tour that ‘Sex abuse is like a Satanic Mass’ reveals that he understands that the rape of children within his church are linked to Satanic rituals in which he himself participates” the prosecutor said from Brussels. “We consider the Pope’s remarks a tacit admission of guilt and more evidence of his involvement in this monstrous crime.”

A Catholic Jesuit Order called the “Magisterial Privilege” dated Dec. 25 1967 concerning the Black Mass has been provided to the court from Vatican archives. The document was said to show that every new Pope was required to participate in Ninth Circle Satanic Black Mass ritual sacrifices of newborn children, including drinking their blood.

“Vatican documents clearly indicate that for centuries the Jesuits had a premeditated plan to ritually murder kidnapped newborn babies and then consume their blood,” the Chief Prosecutor told the court. “The plan was born of a twisted notion to derive spiritual power from the lifeblood of the innocent, thereby assuring political stability of the Papacy in Rome. These acts are not only genocidal but systemic and institutionalized in nature. Since at least 1773, they appear to have been performed by the Roman Catholic Church, Jesuits and every Pope.”

“The Pope’s remarks about Satanic Black Masses are the lowest kind of sadistic insensitivity” agreed Ruth Leopold, a 51 year-old American who claimed to be a survivor of Catholic Satanic Black Mass torture. “Any idiot knows that even mentioning trigger words like ‘Satanic Mass’ will re-traumatize victims of Satanic torture. Maybe his words were deliberately designed since we are accusing him of taking part in Ninth Circle Satanic Child Sacrifice killings. It’s time he stepped down.”

Leopold’s Against Church Terror survivors’ network headed a witness delegation to the Brussels court. The 2014 court was prosecuting global elite members of the Ninth Circle Satanic Child Sacrifice Cult said to include Pope Francis, Pachon and Welby. At least eight witnesses have testified that either Pope Francis, former Pope Ratzinger or Panchon were present with them as children at child sacrifices….”

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More on Common Core

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Greywolf’s Newton: Market Highs Being Made by Fewer Stocks is an Ominous Sign

“The fact the market is making new highs on the backs of fewer and fewer stocks is a huge sign of distress that investors should beware of, according to Mark Newton, chief technical analyst at Greywolf Execution Partners.

That kind of top-heavy upward trajectory often leads to trouble, he told CNBC and Yahoo’s Talking Numbers. In fact, the one-month daily average of stocks hitting 52-week highs is approximately 26, down sharply from about 101 at the same time in 2013.

“If you look at the breadth, we’ve seen a pretty amazing amount of deterioration just since last May,” Newton noted. “It’s dramatically down from what we’ve seen over the last year. And, that is a concern.”

Newton said he is looking for a summer pullback in the market because stocks are “the most overbought we’ve been since 2007.”

“We could have a pullback between the months of July and September/October. That historically is a seasonal time of weakness.”

Steve Cortes, founder of Veracruz TJM, also urged caution on grounds that fundamentals are weak.

“Total stock market capitalization — the value of all stocks put together — as a percentage of total U.S. GDP are right back near the highs last seen in the year 2000,” Cortes told Talking Numbers. “Stocks as a percentage of the economy are incredibly expensive.”

Anthony Mirhaydari, founder of Mirhaydari Capital Management, predicted in a column for Investor Place that the current stock market rally will not last.

He said housing looks good, but other fundamentals in the economy look weak….”

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Large Banks Warn Trading Profits May Continue to Dwindle

“Executives from some of the biggest U.S. financial firms said a slump in trading that has hammered bank results for more than a year is likely to continue to weigh on profits.

Large investors are retreating from the market, big trades are rare and price swings are shrinking, executives told investors at an industry conference in New York on Tuesday. Those factors have combined to reduce trading revenue, particularly in fixed-income, currencies and commodities trading, traditionally a profit engine for large banks.

Citigroup Inc. C +0.59% Chief Financial Officer John Gerspach told investors the bank expects the slide it has reported in markets revenue to deepen in the second quarter. “People lack direction,” Mr. Gerspach said, speaking about investor behavior at the conference sponsored by Deutsche Bank AG. “People are uncertain. There just isn’t a lot of movement.”

His words echoed the comments of J.P. Morgan Chase JPM +1.12% & Co.’s head of investment banking, Daniel Pinto, who said volatility levels were at 10- to 15-year lows. He said that even if trading volumes rise, it is hard to make money if volatility is low. “If the market doesn’t move, it’s really difficult,” he said.

The comments follow several quarters of disappointing results in trading. Aside from Citigroup and J.P. Morgan, Goldman Sachs Group Inc. GS +1.01% and Bank of AmericaCorp. BAC +0.72% also have struggled as trading slowed. Some investors have begun to worry that the slowdown may be more than a temporary phenomenon. Some have expressed concern that the decline could be more permanent as regulators limit banks’ own trading and risk-taking in general.

“Until you see volatility increase, trading revenues in general will be challenged,” said Barclays analyst Jason Goldberg. He said the second quarter is shaping up to be tough in part because commodities-trading revenue likely won’t be as high as in the first quarter.

J.P. Morgan’s Mr. Pinto said he believed the decline likely would be temporary, or cyclical, rather than part of a long-term trend.

Stocks of big banks rallied Tuesday after Bank of America said it would press ahead with scaled back plans for a dividend, despite an error in calculating its capital disclosed last month…..”

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S&P 500 Companies Purchase $160 Billion Worth of Company Stock in Q1

“With the Fed having tapered its liquidity injections into the stock market from $85 billion to “only” $45 billion per month, retail investors getting burned by the recent high beta and momentum stock flame out and “greatly unrotating” into the renewed safety of bonds, not to mention a churning market that until last week was unchanged for the year, and hedge funds ever shorter into this latest ramp, many are asking themselves: who is buying?

Here is the answer.

According to the most recent CapitalIQ data, the single biggest buyer of stocks in the first quarter were none other than the companies of the S&P500 itself, which cumulatively repurchased a whopping $160 billion of their own stock in the first quarter!

Should the Q1 pace of buybacks persist into Q2 which has just one month left before it too enters the history books, the LTM period as of June 30, 2014 will be the greatest annual buyback tally in market history.

And now for the twist.

Unlike traditional investors who at least pretend to try to buy low and sell high, companies, who are simply buying back their own stock to reduce their outstanding stock float, have virtually zero cost considerations….”

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Bond Market’s Message to Fed: Your 4 Percent Rate Forecast Is Too High

“The bond market, unparalleled in predicting shifts in the U.S. economy over the decades, has a message: interest rates aren’t going to rise as high as even the Federal Reserve’s own forecast.

From bond yields to futures and swaps, traders see little chance the economy will strengthen enough over the course of its expansion to compel the Fed to lift its overnight rate beyond about 3.3 percent. That’s less than the historical average of 4.25 percent that New York Fed President William Dudley said would be consistent with the central bank’s current target for inflation and compares with its long-term estimate of 4 percent.

The divergence reflects deepening concern among bond investors that tepid wage growth and a lack of inflation will persist for years to come, and hold back growth as the Fed moves to end its unprecedented monetary stimulus. Lower peak rates will also reduce the likelihood of any selloff in longer-term Treasurys, which have rewarded holders this year with the biggest returns in two decades.

“The market’s pricing in an extraordinarily slow Fed,” Margaret Kerins, the Chicago-based head of fixed-income strategy at Bank of Montreal, one of 22 primary dealers that trade with the central bank, said by telephone on May 20. “Potential growth is a huge determinant of that long-term rate and most people are buying into the idea of lower potential growth.”

BMO forecasts the central bank’s benchmark Federal funds target rate will peak at 3.75 percent. The Montreal-based bank’s estimate for the terminal rate, as it’s known in the bond market, was 4 percent at the start of 2014.

Mixed Signals

While economists say the Fed will keep its benchmark rate between zero and 0.25 percent until 2015, traders are already weighing in on how high it will ultimately go.

In the Fed’s “dot plot” of interest-rate projections released on March 19, the median year-end estimate was 1 percent for 2015 and 2.25 percent for 2016.

The market’s view is about 0.63 percent and 1.64 percent, based on the implied yield premium of Eurodollars, the world’s most actively traded short-term interest rate futures, over swaps priced to the Fed funds effective rate in those years.

The Fed’s “long-run” forecast is also 0.7 percentage points higher than traders foresee by 2019. The rate on a one-year interest-rate swap traded five years forward, another proxy for short-term rates, fell to 3.4 percent this month, data compiled by Bloomberg show.

“The market clearly doesn’t believe in the Fed’s forecasts,” Thomas Costerg, an economist at Standard Chartered Plc, said in a May 21 telephone interview from New York.

Fed Skeptics…”

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NATO Scrambles F-16 Jets Over Lithuania After Russian Warplanes Allegedly Enter Airspace

“The Ukraine conflict continues to simmer, with the conclusive presidential election perceived as a positive even as the fighting in the eastern part of the nation intensifies, but it is NATO member Lithuania where today’s action was, where according to the Lithuanian Defense Ministry,NATO sent two fighter jets from Estonia after Lithuania said Russian vessel disturbed civilian shipping in Baltic Sea, and two Russian warplanes flew over Lithuanian airspace.

According to Bloomberg citing the Lithuanian press release, a Lithuanian warship and helicopter also deployed…..”

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World Markets Linger at New Highs, ECB Installs Confidence for Continued Liquidity

“(Reuters) – World shares hovered just off an all-time high and the euro was steady on Tuesday, as the European Central Bank made sure there was little doubt in investors minds that global liquidity will continue.

Britain’s FTSE 100 .FTSE opened up 0.3 percent as it played catch-up after a holiday. The rest of Europe’s main bourses .FTEU3, which saw mostly steady starts, had made gains on Monday following European election results.

Asian trading had been timid too, but another solid session for Japan’s Nikkei .N225 and shares in China, nudged MSCI’s 45-country all-world index up to 420 points leaving it just below its 2007 record high of 428.63 points.

Asset markets around the world continue to be supported by record-low interest rates in most of the world’s big economies.

ECB chief Mario Draghi on Monday bolstered the already-strong expectation that the bank will cut euro zone interest rates again next week and dip back into its unconventional policy cupboard.

Draghi said the ECB needed to be “particularly watchful” for any negative price spiral in theeuro zone, and that “more pre-emptive action may be warranted,” citing broad-based asset purchases as one of the ultimate options.

He is set speak again later in an ‘armchair’ discussion in the final day of the ECB forum underway in Portugal, along with a handful of the bank’s other policymakers.

The easing expectations kept plenty of downward pressure on euro zone government borrowing costs in the region’s buoyant bond markets….”

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