And so it begins …
Greek Prime Minister Alexis Tsipras has announced that all banks and the stock market will be shuttered on Monday after panic gripped the country.
The Greek Financial “Stability” Council have recommended that the banks stay shut for a total of six days. This is all in prelude to a Greek referendum on bail out terms.
Adding to the the hysteria, capital controls have been rolled out with a 60-euro limit on cash withdrawals from cash machines per day. The ATMs will reopen on Tuesday. According to Reuters, capital controls are likely to last for many months at least.
The euro was trading sharply weaker ahead of the Monday market open for Asia, shedding 2 full US cents. Read more ›
So French to ‘spontaneously hand themselves in’ to police. And so Silicon Valley free marketing to get free publicity.
Uber France said in a statement that its director general Thibaud Simphal and director for Western Europe Pierre-Dimitri Gore Coty were being interrogated by police after “spontaneously handing themselves in” to police.
“Both of them were taken into custody,” said Uber.
A 1,176 page Pentagon war manual was recently released that hasn’t received the attention it deserves. The book of combat instructions, titled “Department of Defense Law of War Manual,” apparently covers rules of war for all branches of the U.S. military.
One passage in particular is generating controversy, where journalists seem to be thrown into a convoluted and opaque category, in which they could be seen as “unprivileged belligerents” as opposed to civilians. Naturally, this has sparked concern that journalists the U.S. government doesn’t like could be lumped into the “unprivileged belligerents” category and subsequently murdered at will. The Washington Times covered this story, here are a few excerpts…
Read the rest here.
BITCOIN AND THE BLOCKCHAIN PRESENT HONG KONG WITH A SECOND CHANCE TO MAKE THINGS RIGHT
The Second Coming
Bitcoin is the greatest technological advancement since the Internet. As an entrepreneur, there have been only two moments in my life when I saw something that has the potential to transform our world. First was the Internet, the second is Bitcoin. Hong Kong missed out on the Internet revolution and is lagging behind in the current Mobile revolution. Local startups are failing to make a name globally, while startups from Silicon Valley (Facebook) and even tiny Luxembourg (Skype) dominate. Hong Kong is yet to produce a Billion Dollar Unicorn startup while tech hubs in Asia such as Seoul and Shenzhen already have several to boast of.
Bitcoin and the Blockchain present Hong Kong with a second chance to make things right and become the innovation hub for FinTech & Startups — a dream the Government has been imagining since long time ago. The most promising applications of this new technology have yet been built. This presents Hong Kong with a golden opportunity to create a favorable environment for local entrepreneurs, allowing them to develop an ecosystem which can create the first Killer Apps, in turn attracting international investors and creating jobs in rewarding careers.
Simon Dixon, founder of BNK To The Future, an equity crowdfunding platform, recently raised over HK$12 million on the platform for his venture capital firm Bitcoin Capital. It is to be headquartered in Hong Kong to invest in the most promising local Bitcoin & Blockchain startups. When asked why he chose Hong Kong when his current company is based in London, he says he is confident about Hong Kong and believes it will learn from other countries and adopt regulations to gain a competitive edge on a global level.
Read the full article at Harbour Times where StartCOIN, Bitcoin Capital & Max Keiser are featured.
Alexis Tspiras has declared a bank holiday and capital controls. Grexit begins.
The only way to prevent financial Armageddon is to declare all markets on holiday. However, the most interesting market to watch will be the re-pricing of the market for physical precious metals. Even if they suspend the trading of fraudulent paper futures trading, an over-the-counter – or even “black” market – for physical bullion will develop. This is because, unlike futures contracts, buyers and sellers can effectuate an exchange of physical for fiat paper.
Of course, I believe that this market would open up “bid without,” meaning buyers will stick bids out looking for offers.
There’s nothing more terrifying in the markets than trading a market that goes “bid without” when you are short.
The short position will cause heart attacks and Bill Murphy’s prediction that they will carry gold shorts out of the Comex on stretchers will come to fruition.
Click here for more from Fund Manager Dave Kranzler on Why Gold & Silver May Go Bid Without on a Greek Default:
I am of the opinion that some of the Greek banks will not open Monday and those that remain open will shut down with a day of opening or at least by June 30. The ECB and IMF are looking at June 30 as the absolutely deadline for full on default, no concealing it any more.
The ELA must protect its position and will likely order a bank holiday and full on capital controls because the bank deposits are now less than what is owned. Collateral is going to be worth ZERO in short order as a Greek default shoots rates to 50-90% on 2 year bonds, just like the last time Greece took the haircut that avoided a full default 2 years ago.
This will precipitate a bail-in as the ELA, along with the troika, will demand full deposit theft to protect this 100 billion euro assets still within reach. Bank holiday will give the troika and ELA provisions time to extract everything they can reach in these accounts. If the Greek central bank does not nationalize the banks sometime between Sunday and Wednesday, the banks will fail and crash, throwing the entire system into chaos.
Click here for more on the BIG GREEK WEEKEND from AGXIIK: