Europe

Earlier this week we observed that in what may be Europe's latest mistake, the European Union is about to grant visa-gree travel to 80 million Turks: a key concession that Erdogan obtained as a result of the ongoing negotiations over Europe's refugee crisis which has pushed Turkey into the key player spotlight. And then, overnight, the European Commission officially granted its support to a visa-free travel deal with Turkey after Ankara threatened to back out of a landmark migration deal. It proposed to lift visa requirements by the end of June.

Submitted by David Stockman via Contra Corner blog,

The central bank war on savers is rooted in a monumental case of the Big Lie. Here is what a retired worker who managed to save $5,000 per year over a 40 year’s lifetime of toil and sweat in a steel factory now earns in daily interest on a bank CD. To wit, a single cup of cappuccino.

Yet the central bankers claim they have absolutely nothing to do with this flaming economic injustice.

While there was no unexpected overnight central bank announcement unlike yesterday's surprise by the RBA which unleashed volatility havoc in the FX market, which promptly spilled over into all asset classes, overnight stocks around the world saw another leg lower without a tangible catalyst, while EM currencies fell to a one-month low after two Fed presidents raised concern investors had become too complacent in their belief that U.S. interest rate raises will stay on hold.

A German politician had to flee a Labor Day celebration speech on Sunday after he was loudly booed and chased off the stage by members of the public.  German Federal Minister of Justice, Heiko Maas, is one of Germany’s biggest supporters of expanding censorship laws and advocates the imprisonment of anybody who posts “hate speech” on social media.

The European project was a CIA-inspired operation from its outset, and citizens in the UK ought to vote for a Brexit in the upcoming referendum, according to journalist Ambrose Evans-Pritchard.  Evans-Pritchard recently wrote a piece for The Telegraph in which she commented on President Obama’s attempts to convince Brits to vote against Brexit, saying, “Brexiteers should have been prepared for the shattering intervention of the US,” since “the European Union always was an American project.” Sputniknews.com reports: In fact, the journalist recalled, taking a look back through archival histor