Europe

Submitted by Guy Manno via Crush the Market

The Aussie apartment boom that has turned into an epic bubble with record, sky-high prices, is showing all the signs for the perfect storm which will ultimately pop. With the popping of the apartment boom, it will simultaneously bring down the Australian economy, as the apartment market is set to have a sizeable correction in 2017 and 2018.

A short Look At Australia's Real Estate Market

German Chancellor Angela Merkel has now jumped on the bandwagon, warning against the power of ‘fake news’ on social media. EU bureaucrats voted on a non-legislative resolution Wednesday that calls for a response to counter Russian propaganda threats, equating RT and Sputnik news agencies to Daesh (ISIS) propaganda outlets.

Submitted by Tom Luego via PlanetFreeWeil.com,

The EU Parliament has approved a Polish MP’s bill to counter Russian news sources’ “propaganda.”  Among those listed are RT and Sputnik news agency.  This is yet another example of push-back from Western elites over the loss of the U.S. presidency and potential thawing of Russian / European relations under a Trump administration.

The vote passed with less than a majority of the EU Parliament’s 691 members, thanks to 208 abstentions.  The bill garnered only 304 votes.

It was another painful day for Turkish Lira longs.

Earlier today, in response to the broader USD strength overnight, the Turkish currency dropped to new record lows, sliding to 3.4214 and losing 10% of its value since the central bank's last meeting in October, before the Turkey’s central bank unexpectedly raised its one-week repurchase and overnight lending rates for the first time in almost three years, prompted by the crashing lira's impact on inflation, overriding Erdogan's recurring demands for lower borrowing costs.

One week after the BIS issued an unexpectedly stern, if completely ignored warning, that the surge in the USD is leading to an abrupt tightening in financial conditions around the globe, making the repayment of trillions in USD-denominated cross-border debt increasingly more difficult and suggesting that the Dollar index itself is the new "fear indicator", overnight another central bank, the European Central Bank warned that the risk of "abrupt" global asset market corrections "have intensified" on the back of rising political uncertainty, posing a threat to banks, stability and economi