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S&P Raises Outlook On Greece Ahead Of Bond Sale, Keeps B- Rating

July 22, 2017 - 3:16am

Consider it a kiss to the bond investors who are expected to oversubscribe the upcoming latest "triumphal" Greek return to the bond markets, as soon as next week. Moments ago, rather unexpectedly, S&P raised its outlook on Greece from Stable to Positive, but reaffirmed the Greek rating at B-. The rating agency, said it believes that "recovering economic growth, alongside legislated fiscal reforms and further debt relief, should enable Greece to reduce its general government debt-to-GDP ratio and debt servicing costs through 2020."

Oil Rig Count Falls By 1 As Analyst Warns Permian Reserves Are Grossly Exaggerated

July 22, 2017 - 3:07am
Oil Rig Count Falls By 1 As Analyst Warns Permian Reserves Are Grossly Exaggerated

For only the second time in the last 27 weeks (and 4th in the last 56 weeks), the number of US oil rigs fell last week (down 1 to 764 rigs). There is a growing concern that the rising rig count has now outpaced the lagged response to pricing and is due to rollover further...

Notably the Canadian oil rig count rose by 12 last week.

El-Erian Exposes The Upside And Downside Of Liquidity-Driven Markets

July 22, 2017 - 1:30am
El-Erian Exposes The Upside And Downside Of Liquidity-Driven Markets

Authored by Mohamed El-Erian via Bloomberg.com,
Over the past few months, government bond yields have fallen, the dollar has weakened and financials have underperformed, yet the major stock indexes are at or very near record highs, as persistently supportive liquidity conditions have more than compensated for policy and growth disappointments.
By boosting returns and repressing volatility, ample liquidity is a gift for investors. It makes the investment journey pleasing, comfortable and lengthy. But it is not a destination.

Congress’ Radical Plan To End Illegal Money

July 22, 2017 - 12:50am

Authored by MN Gordon via EconomicPrism.com,
One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes.  There, on public display, is an overt record of a critical defect.  A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money.

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