The single biggest event overnight was the PBOC's devaluation of the Yuan to the lowest since March 2011, setting the fixing at 6.5693, the highest in over 5 years and in direct response to a stronger dollar, which however if one looks at the DXY remains well below the recent highs in the 100 range, suggesting for China this is only just beginning.
Submitted by Michael Shedlock via MishTalk.com,
Greece remains in an economic depression interrupted by a few quarters of anemic growth.
Hiking taxes in a depression is one of the stupidest thing one can do, but Greece is set for another vote to do just that.
Prime minister Alexis Tsipras is once again prepared to kiss German Chancellor Angela Merkel’s behind, and his party will likely go along for the ride.
The wildcard IMF has yet to chime in on the economic stupidity of this hike.
Artists in Germany have projected images onto the Turkish and Saudi Arabian embassies in Berlin comparing Turkey’s Erdogan to Hitler and implicating the Saudis as supporting terrorism. The artists projected a large picture of Turkish president Recep Erdoğan wearing a Nazi armband and Hitler’s toothbrush moustache in protest against the recent imprisonment of two journalists in Turkey. Beside the picture on the walls of the Turkish embassy were the words “He’s back”.
Over the past year, Germany has gone to great lengths in its attempt to culturally integrate the hundreds of thousands of middle-eastern refugees that entered the nation as a result of Angela Markel's now defunct overly welcoming immigrant policies.
Submitted by Michael Snyder via The End of The American Dream blog,