Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-57320 Wed, 29 Jul 2015 23:04:14 GMT What You've Heard About Gold and Interest Rates is Dead Wrong http://implode-explode.com/viewnews/2015-07-29_WhatYouveHeardAboutGoldandInterestRatesisDeadWrong.html real inflation rate....]]> iehi-feed-57319 Wed, 29 Jul 2015 23:02:04 GMT Stocks End Higher After Fed Keeps Interest Rates Unchanged http://implode-explode.com/viewnews/2015-07-29_StocksEndHigherAfterFedKeepsInterestRatesUnchanged.html iehi-feed-57318 Wed, 29 Jul 2015 22:57:50 GMT US, EU May 'Give Up' Ukraine to Seek Russian Political Support http://implode-explode.com/viewnews/2015-07-29_USEUMayGiveUpUkrainetoSeekRussianPoliticalSupport.html iehi-feed-57317 Wed, 29 Jul 2015 22:55:38 GMT If Varoufakis Is Charged With Treason, Then Dijsselbloem Should Be As Well http://implode-explode.com/viewnews/2015-07-29_IfVaroufakisIsChargedWithTreasonThenDijsselbloemShouldBeAsWell.html iehi-feed-57316 Mon, 27 Jul 2015 19:02:22 GMT Poland in no rush to join the euro http://implode-explode.com/viewnews/2015-07-27_Polandinnorushtojointheeuro.html iehi-feed-57315 Mon, 27 Jul 2015 19:01:26 GMT Wolfgang Schäuble backs euro fiscal budget proposal http://implode-explode.com/viewnews/2015-07-27_WolfgangSchublebackseurofiscalbudgetproposal.html iehi-feed-57314 Mon, 27 Jul 2015 16:12:12 GMT The Italian Job Market Is So Bad That Workers Are Giving Up in Droves http://implode-explode.com/viewnews/2015-07-27_TheItalianJobMarketIsSoBadThatWorkersAreGivingUpinDroves.html ``For every 100 working Italians, there are 15 people seeking a job and another 20 willing to work but not actively searching, the highest level among the 28 EU countries, according to statistics agency Eurostat.

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The main reason pushing up the Italian number seems to be discouragement: After seeking and not finding work, many Italians lose hope of securing a decent occupation and retreat toward family tasks or activities in the informal economy

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"I got tired of looking for work and started turning to volunteer activities and politics with the Five Star Movement in the town where I live," said Lavinia Montanini, who tried in vain to get a job in the arts preservation area. "At the same time, since I didn't find a job, I decided to enroll again at university for an advanced degree." Some potential employers may have seen her as being overqualified.

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iehi-feed-57313 Mon, 27 Jul 2015 16:08:44 GMT French farmers block Spanish and German borders in foreign food protest http://implode-explode.com/viewnews/2015-07-27_FrenchfarmersblockSpanishandGermanbordersinforeignfoodprotest.html iehi-feed-57312 Mon, 27 Jul 2015 16:06:31 GMT Varoufakis reveals cloak and dagger 'Plan B' for Greece: Had To Hack Into "Occupied" Tax Ministry http://implode-explode.com/viewnews/2015-07-27_VaroufakisrevealscloakanddaggerPlanBforGreeceHadToHackIntoOccupi.html Mr Varoufakis recruited a technology specialist from Columbia University to help handle the logistics. Faced with a wall of obstacles, the expert broke into the software systems of the tax office - then under the control of the EU-IMF 'Troika' - in order to obtain the reserve accounts and file numbers of every taxpayer. "We decided to hack into my ministry's own software programme," he said.

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The goal of the computer hacking was to enable the finance ministry to make digital transfers at "the touch of a button". The payments would be 'IOUs' based on an experiment by California after the Lehman banking crisis.

A parallel banking system of this kind would allow the government to create euro liquidity and circumvent what Syriza called "financial strangulation" by the ECB.

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Mr Varoufakis claimed the cloak and dagger methods were necessary since the Troika had taken charge of the public revenue office within the finance ministry. "It's like the Inland Revenue in the UK being controlled by Brussels. I am sure as you are hearing these words your hair is standing on end," he said in the leaked transcripts.

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iehi-feed-57311 Mon, 27 Jul 2015 16:01:44 GMT There Is No Exit: Why China's Plunge Protection Is Here To Stay http://implode-explode.com/viewnews/2015-07-27_ThereIsNoExitWhyChinasPlungeProtectionIsHereToStay.html ... the unwind has probably just begun and as BofAML notes, "most leveraged positions may suffer from losses likely in Rmb trillions'' That is unless Beijing moves to "take on substantially all of the leverage." This harkens back to comments made on July 18 by Finance vice-minister Zhu Guangyao who noted that "the key is what step the financial regulator should take after the stock market is stabilised, including the withdrawal of the intervention methods."

... there really is no right answer here and indeed the PBoC may now be in a position that's become all too familiar for DM central banks. That is, an exit simply isn't possible.

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iehi-feed-57310 Mon, 27 Jul 2015 13:43:10 GMT China's market meddling could do more harm than good; Market Plunges Again http://implode-explode.com/viewnews/2015-07-27_ChinasmarketmeddlingcoulddomoreharmthangoodMarketPlungesAgain.html iehi-feed-57309 Mon, 27 Jul 2015 02:49:10 GMT "Junk" Silver Premium/Discount Index Hits 2008-Crisis Highs http://implode-explode.com/viewnews/2015-07-26_JunkSilverPremiumDiscountIndexHits2008CrisisHighs.html iehi-feed-57308 Sun, 26 Jul 2015 14:02:37 GMT Judge finds Chicago's changes to pension funds unconstitutional http://implode-explode.com/viewnews/2015-07-26_JudgefindsChicagoschangestopensionfundsunconstitutional.html Mayor Rahm Emanuel's administration said it will appeal a Cook County judge's decision Friday that ruled unconstitutional a state law reducing municipal worker pension benefits in exchange for a city guarantee to fix their underfunded retirement systems.

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Novak's ruling was not unexpected because of a decision in May by the Illinois Supreme Court on a similar pension case. The state's high court unanimously struck down a law changing state pensions, saying the Illinois Constitution's protection against "diminished or impaired" pension benefits for public workers and current retirees was absolute.

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iehi-feed-57307 Sun, 26 Jul 2015 13:58:28 GMT Why Greece's ritual humiliation won't kill off Europe's revolutionary Left http://implode-explode.com/viewnews/2015-07-26_WhyGreecesritualhumiliationwontkilloffEuropesrevolutionaryLeft.html It is the wildfire of political contagion that spooks Europe's federalists. Greece's humiliation, rather than cowing the revolutionary Left, is set to embolden the southern calls for mass debt relief and cease the enforcement of the euro's contractionary dogma.

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Podemos are in line to become the kingmakers come elections at the end of the year.

"Iglesias understands that you need to get into power to change things", says Miguel Otero of the Elcano Institute in Madrid.

"He knows you need to drop the dogmatic discourse of the old Left in favour of courting allies and seeking compromise."

This practical attitude to power makes the current crop of Europe's young leftists a departure from their intellectual forefathers in Europe's traditional Marxist and Communist parties.

"Syriza's hardliners have just dropped out now, but in Podemos, the ideologues, including one of the intellectual inspirations, have already left complaining the party has become too institutionalised already," says Otero.

Podemos are now ripe to form a coalition with Spain's traditional Socialist party (PSOE), revived by their own young, telegenic leader, Pedro Sanchez. The Socialists are currently neck and neck with the incumbent conservative Partido Popular party of prime minister Mariano Rajoy.

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iehi-feed-57306 Sun, 26 Jul 2015 13:52:26 GMT Gov't braces for talks with creditors amid upheaval in SYRIZA http://implode-explode.com/viewnews/2015-07-26_GovtbracesfortalkswithcreditorsamidupheavalinSYRIZA.html iehi-feed-57305 Sun, 26 Jul 2015 13:50:00 GMT Puerto Rico debt crisis: austerity for residents, but tax breaks for hedge funds http://implode-explode.com/viewnews/2015-07-26_PuertoRicodebtcrisisausterityforresidentsbuttaxbreaksforhedgefun.html In its search for solutions Puerto Rico has tried to rebrand itself as a tax haven for the super rich. Laws enacted in 2012 can exempt residents from tax on nearly all investment income, which with Puerto Rico's exemption from federal income tax makes the island especially attractive.

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"People think we pay no taxes, but you know if a company makes $10m, a 4% tax rate still means $400,000 by itself," Rill said. "And that has nothing to do with the regulation fees, relocation and other costs we pay."

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But experts say it's not clear whether the plan will create jobs and prompt investment -- or simply divide the haves and have nots.

"These folks are preying upon distressed economies to try to gain maximum amount of return," said Javier Valdés, core executive director of Latino advocacy group Make the Road New York. "They should not just continue to expect the same return on their investment. Everyone needs to take a cut."

By Valdés's count, more than 200 people joined him last week at a protest against the funds at one investor's home in the Hamptons. "The same politics cannot continue," Valdés said. "They need to come to the negotiating table and be more lenient."

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iehi-feed-57304 Sun, 26 Jul 2015 13:36:26 GMT The Last Bubble Standing: Amazon's Same Day Trip Through The Casino | David Stockman http://implode-explode.com/viewnews/2015-07-26_TheLastBubbleStandingAmazonsSameDayTripThroughTheCasinoDavidStoc.html iehi-feed-57303 Sun, 26 Jul 2015 13:32:57 GMT Greece bailout negotiations facing delay, minister confirms http://implode-explode.com/viewnews/2015-07-26_Greecebailoutnegotiationsfacingdelayministerconfirms.html iehi-feed-57302 Sun, 26 Jul 2015 13:30:10 GMT Abenomics End Game: Thousands Protest In Downtown Tokyo, Demand Abe's Resignation As PM Disapproval Soars http://implode-explode.com/viewnews/2015-07-26_AbenomicsEndGameThousandsProtestInDowntownTokyoDemandAbesResigna.html iehi-feed-57301 Sun, 26 Jul 2015 13:21:38 GMT Pepe Escobar, The Eurasian Big Bang http://implode-explode.com/viewnews/2015-07-26_PepeEscobarTheEurasianBigBang.html