SOROS: Europe Has 3 Days To Avoid A Fiasco That Could Turn Fatal

“As we wrote about last night, investor George Soros is out with a new proposal on how to fix the Eurozone crisis.

The basic idea is: A new “debt redemption fund” would be launched, which would have the ability to buy up sovereign debt funding itself via ECB backed Treasuries with the safest risk weighting. In exchange for countries being able to fund itself via that fund, they would have to agree to various structural reforms. Any failure to deliver on reforms would get a penalty, but not a fatal one. Eventually after all the reforms were made, a more complete fiscal union/Eurobonds scheme could be enacted.

Today he’s done a big interview with Bloomberg TV promoting the idea.”

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Despite recent aid being given to Spain..or at least being committed to be given, Spain has officially asked for a bailout of its banking system. This has gotten the markets on edge. No official amount has been announced, but rumors suggest $100 billion or more.

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Cyprus has been on and off the radar for investors in relation to the debt crisis; going forward it seems they will be more center stage ads their debt rating was cut to junk status.

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An important debt solving summit in Brussels will go on without the Greek prime minister as he is recovering from eye surgery.

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The markets finally get it. Stimulus does promote growth, but you can still have a Japan style malaise for a decade or more. Only this time it is different since Japan had their lost decade during a global credit expansion; today the world is going through credit deflation.

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World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

 

 

 

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Here are Friday’s hybrid movers priced under $10, click here for all 92 charts.

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Source: Mashable

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“I was earning $11.25 an hour,” he said. “Part of me was thinking, ‘This is great. I’m an Apple fan, the store is doing really well.’ But when you look at the amount of money the company is making and then you look at your paycheck, it’s kind of tough.”

America’s love affair with the smartphone has helped create tens of thousands of jobs at places like Best Buy and Verizon Wireless and will this year pump billions into the economy.

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Ole’ Sandusky will be in a world of butt-hurt tonight. Let’s hope it goes on for weeks. Perhaps some broom handles and stolen cafeteria silverware will be involved.

BELLEFONTE, Pa. (CBS/AP) —The jury in Jerry Sandusky’s child sex abuse trial has found him “guilty” on 45 counts and “not guilty” on three counts. His bail has been revoked and he was handcuffed and sent to the Center County Correctional Facility

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The office of Turkish Prime Minister Recep Tayyip Erdogan says it is “understood” that Syria shot down a Turkish military jet. The Syrian military confirmed that it downed the plane “over Syrian territorial waters.”

The office’s statement says Turkey will “decisively” take the necessary measures once all details of the incident come to light, Reuters reports. The search and rescue operation for the missing parts is still underway, the statement says.

“As a result of information obtained from the evaluation of our concerned institutions and from within the joint search and rescue operations with Syria, it is understood that our plane was brought down by Syria,” The Prime Minister’s office stated.

The statement was issued after a two-hour meeting between Erdogan, members of the cabinet and the military.
Rescuers have already found an ejector seat and a parachute in the sea, though there were no signs of the plane itself, Turkish state television reported.

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Cairo (CNN) — Egypt’s military rulers said they won’t reverse their widely deplored constitutional and judicial changes and warned politicians to keep a lid on election-related unrest on Friday.

The Supreme Council of the Armed Forces issued a stern statement as citizens awaited the results of last week’s run-off election between Ahmed Shafik, the last prime minister to serve under former Egyptian ruler Hosni Mubarak, and Mohamed Morsi, the Muslim Brotherhood candidate. Thousands of those civilians gathered in Tahrir Square, the center of last year’s revolution that led to the toppling of Mubarak.

“We will face anyone who will pose a challenge to the public and private sectors with an iron fist,” SCAF’s statement said.

Military rulers dissolved the lower house of parliament last week, extending their power and sparking accusations of a coup.

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Kabul, Afghanistan (CNN) — Taliban militants attacked a hotel near Kabul on Friday and seized dozens of hostages, sparking a fierce gunbattle with Afghan and NATO troops that left 26 people dead, authorities said.

The standoff, which lasted 11 hours, ended with the deaths of all seven militants, police said. The militants killed 15 civilians, a police officer and three security guards, Kabul police Chief Mohammad Ayoub Salangi said.

By the end of the siege, police had rescued all the remaining 50 civilians held hostage in the hotel, according to Salangi.

Earlier, he had said there were five militants but revised the number as more details emerged.

Police said they found burqas in the vehicle the attackers used to bring in explosives to the hotel, an indication that some were dressed as women. A burqa is an outer garment worn by Muslim women to cover their bodies.

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It’s very important, sometimes, to remind N Korea just who it is that can’t grow enough food to sustain their own population…

U.S. and South Korean forces on Friday conducted what they called their largest live-fire military exercise since the end of the Korean War, according to reports from South Korea.

More than 2,000 troops plus fighter jets, helicopters and armor from both nations participated in the hourlong exercise, conducted as about 4,000 spectators looked on, according to a report from Stars and Stripes.

The exercise took place in Pocheon, about 20 miles (32 kilometers) southeast of the Demilitarized Zone that marks the border between North and South Korea.

Enemy territory during the exercise was marked by a large North Korean flag unfurled on a hillside, according to the report. After it was obscured by smoke during the U.S. and South Korean attacks, the North Korean flag was replaced by one from the South to signal victory.

“We train together to ensure we are ready to stand shoulder-to-shoulder with our (South Korean) army partners if called upon,” said Lt. Col. Joe Scrocca, a spokesman for the U.S. Army’s 2nd Infantry Division. “We are a more lethal force together than we would ever be separate.”

Meanwhile, the U.S. aircraft carrier George Washington was to lead a large naval drill off South Korea beginning Saturday, according to a report from the Yonhap News Agency. About 8,000 military personnel, along with about 10 ships and submarines, were to participate.

“Throughout the joint military exercises, South Korean and U.S. forces will show off their resolute capabilities,” Yonhap quoted South Korean Navy Brig. Gen. Park Seong-bae as saying.

He warned North Korea not to react in a hostile manner.

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Spanish Prime Minister Mariano Rajoy has spent much of the political capital he won seven months ago in the biggest landslide in 30 years, floundering against a crisis that risks making Spain the first $1 trillion economy to need a sovereign bailout, investors and analysts say.

Rajoy, singled out by leaders at the Group of 20 summit, has been taunted by opposition lawmakers and commentators as borrowing costs soared to a euro-era record even after Spain’s banks received a 100 billion-euro ($127 billion) lifeline. Rajoy called the rescue a victory that solved lenders’ problems.

“He clearly doesn’t get it,” said Gary Jenkins, founder of Swordfish Research Ltd. near London, who has tracked bond markets for more than 15 years. “Spain needs someone who can come in and grasp the seriousness of the situation and react to that, not just pretend everything’s okay.”

The Spanish-bank bailout made Italy the next potential investor target. Together, they could overwhelm the sums committed to safeguard the 17-nation currency bloc. Southern Europe’s two major economies have 2.8 trillion euros of government debt, four times the total of Greece, Portugal and Ireland.

“A rescue for Italy is pretty much impossible without a major change in German borrowing costs, a major change in overall euro-zone levels of inflation, a major change in the level of the euro, or a major change in the structure of the euro zone,” Jamie Stuttard, Fidelity Investments’s head of international bond portfolio management in London, said in a telephone interview on June 19.

Rome Summit
Rajoy, 57, who was told by Germany’s Angela Merkel at the G-20 in Mexico June 19 to spell out the depth of his banks’ needs “as soon as possible,” will be under scrutiny today when he faces Merkel and French President Francois Hollande at a meeting in Rome hosted by Italy’s Mario Monti.

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MADRID (AP) — Spain says the size of the bank bailout it requests from the other eurozone countries will be determined and published July 9.

Economy Minister Luis de Guindos says that on that day Spain and its single currency partners will reach agreement on the terms of the loan, such as the interest rate. He estimated the rate would be around 3-4 percent.

De Guindos spoke in Luxembourg after a meeting with other eurozone ministers. He said a letter formally requesting the loan will be delivered Monday but it will be only two paragraphs long, with no mention of terms or amount.

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Oil fell to its lowest levels in a year and a half on Thursday as a glut in supply and weak demand weighed on prices. But while Brent crude recovered some of those losses on Friday, the outlook for oil remains weak and sanctions imposed on Iran are likely to make matters worse, Dan Yergin, co-founder and chairman of energy research consultancy Cambridge Energy Research Associates (IHS CERA) told CNBC.

Speaking to CNBC from St Petersburg’s International Economic Forum, Yergin said that crude oil prices had dropped sharply because of a large build-up of supply and a lack of demand for the commodity, despite the oil security threat from Iran.

“Basically the Iranian security bid is gone from the price…and what’s dominating the market right now is this very large build-up of supply that’s occurred. Partly from Saudi Arabia very consistently putting oil out into the market, a build-up in Iraq and Libya and an astonishing increase in U.S. oil production which is up 25 percent since 2008” he said.

The U.S. believes that Iran is using funds from oil sales to fund its nuclear program and is leading a total of 18 countries that are cutting down or phasing out crude oil contracts from Iran in an attempt to stymie the Iranian oil economy and to force a change of policy. The EU is phasing out contracts by July 1 and similar measures go into force in June in the U.S at the end of June.

“Set all of that against the weak economic situation, weak demand on a global basis, worry about China and Europe and all of that means you have an oil price that is basically showing weakness and shrugging off the sanctions- even though we are only 2 weeks away from [the U.S putting into force] these very powerful sanctions on Iran.”

But Yergin told CNBC that producers would respond to the drop in oil price by cutting back and taking oil off the market. “It doesn’t work overnight, there’s skepticism” he said. “But then eventually it does work.”

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Cheers on your weekend !

[youtube://http://www.youtube.com/watch?v=ezTIYd5UFRY 450 300]

Charlotte Thompson Iserbyt served as the head of policy at the Department of Education during the first administration of Ronald Reagan. While working there she discovered a long term strategic plan by the tax exempt foundations to transform America from a nation of rugged individualists and problem solvers to a country of servile, brainwashed minions who simply regurgitate whatever they’re told.

Part one of our exclusive interview with Iserbyt breaks down how conditioning/training under a corporate agenda has replaced traditional education, leading to a deliberate dumbing down of Americans. Iserbyt further explains how Reagan signed agreements merging the U.S. and Soviet systems under the United Nations banner, turning over education and many other areas of public policy to global control.

This 74 minute exposé is a must see for anyone who wants to truly know why the education system is deliberately crafted to produce human drones with no critical thinking whose only skills are to be subservient, trust authority and follow orders.

 

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