Europe

Banks have been lobbying intensively against Brexit. Among those leading the charge is Goldman Sachs. For three years, the bank’s executives have publicly warned about the downsides of leaving the EU... and now we know why (hint - it's not concern for the common man).

As The Wall Street Journal reports, about a decade ago, Goldman launched project “Armada,” a plan for a hulking European headquarters on the site of an old telephone exchange in London.

• Global shares reach four-month high, forex hit by Singapore sting (Reuters)
• Dollar Rally Hits Commodities as Europe Halts Global Stock Gains (BBG)
• Currencies Across Asia Fall Sharply Against U.S. Dollar (WSJ)
• IEA expects limited impact from oil output freeze at Doha (Reuters)
• IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop (BBG)
• BofA Profit Declines 13% on Trading Slump, Energy Reserves (BBG)
• BlackRock quarterly profit falls 20 percent (Reuters)

In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt.

If Gold Is Dead Money, What Does That Make Fiat?

Written by Nathan McDonald (CLICK FOR ORIGINAL)

NIRP (Negative Interest Rate Policy) is an often shocking term, and has been the woe of many in retirement. It is a plague that European policy makers have unleashed on many of their citizens, and it very well could be coming to North America before you know it.

Submitted by John Rubino via DollarCollapse.com,

After three decades of epic deficit spending and three years of extraordinary money creation, Japan’s economy is enjoying a rollicking inflationary boom. Just kidding. Exactly the opposite is happening:

Japan households’ inflation expectations hit three-year low – BOJ