Just two days ago, a veteran executive of Turkey's ruling Justice and Development Party (AKP) party said that neither an early election nor an extraordinary party congress is on the agenda amid rising speculation over the party’s highest decision-making body’s move to remove the authority to appoint provincial party officials from Prime Minister Ahmet Davutoglu.
As a result of the dramatic surge in the S&P500 from its February lows, which erased the worst ever start to a year, and nearly regained the all time highs in the US stock market on a combination of a central bank scramble to reflate, the "Shanghai Accord", and the most violent short squeeze in history, coupled with a historic credit injection by China which as we first reported amounted to a record $1 trillion in just the first three months of the year...
... economists have shelved discussions about the threat of a US recession.
That is a mistake.
Following the denial in February that this action is in any way about reducing cash, The ECB has made its decision on the EUR500 Bill:
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.