Europe

Turkish President Recep Tayyip Erdogan has threatened Europe that unless it provides Turkey more money to tackle the migrant crisis, Turkey would be opening the floodgates for migrants to enter Europe. “In the past we have stopped people at the gates to Europe, in Edirne [in northwest Turkey] we stopped their buses. This can happen once or twice, and then we’ll open the gates and wish them a safe journey,” Erdogan said during an address to the Young Businessmen Confederation of Turkey.

“Forget it.”

That’s Turkish ambassador to the EU Selim Yenel’s message to Europe in response to a Dutch plan that would resettle 250,000 refugees per year directly from Turkey if Ankara can manage to close off the Aegean sea route to Greece.

It appears by the total lack of coverage that the utter collapse of Europe's banking system is entirely irrelevant to the "fortress-like" balance sheets of US banks... but it is not. Once again today, US financials saw bonds dumped across the senior and subordinated segments...

...and while US financial stocks have fallen hard year-to-date, if credit is right - and it usually is on a cyclical basis - US bank stocks have a long way to go (as believe in book values is battered).

A Nobel prize winning economist, former chief economist and senior vice president of the World Bank, and chairman of the President’s council of economic advisers (Joseph Stiglitz) says that the International Monetary Fund and World Bank loan money to third world countries as a way to force them to open up their markets and resources for looting by the West.

Do central banks do something similar?

Via Dana Lyons' Tumblr,

The stock markets of the so-called PIIGS are breaking down on an absolute and relative basis – not a positive development for global markets.