Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-60072 Fri, 24 Jun 2016 22:31:40 GMT AEP: Eurocrats Bred Splittist "Terroir-ists", Not Terrorists; Post-Brexit Ground Fraught, But Manageable http://implode-explode.com/viewnews/2016-06-24_AEPEurocratsBredSplittistTerroiristsNotTerroristsPostBrexitGroun.html threatening emanations out of Brussels and from remaining EU members, the case for optimally managing the Brexit doesn't look great... hopefully cooler heads will ultimately prevail...]]> iehi-feed-60071 Fri, 24 Jun 2016 19:59:26 GMT In Brexit victory, a defiant protest against globalization http://implode-explode.com/viewnews/2016-06-24_InBrexitvictoryadefiantprotestagainstglobalization.html "People are waking up to realize that, look, this is potentially a misguided protest vote, but it is a protest vote, and politics is not working for a lot of people," says Brian Klaas, a fellow in comparative politics at the London School of Economics. He says the results will demand greater responsiveness from politicians, so that frustrations do not drive greater nationalism and isolation.

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The immediate shocks are still not known. But German Chancellor Angela Merkel spoke for many when she said, "There is no point beating about the bush: today is a watershed for Europe, it is a watershed for the European unification process."

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or British society, this was much more than a response from the far-right, says Robert Colls, professor of cultural history at De Montfort University in Leicester, who was calling for a "Lexit," or a socialist response to Brexit, ahead of the vote. He says the choice to leave is a "late response to globalization" that has dislocated too many people and not been addressed by the Labour party, the majority of whose members backed the Remain camp.

The referendum itself, and the way it played out amid fear and falsifications, is also indicative of a broken system. "We haven't got a really good system for dealing with complicated matters," he says. "It has not been necessary for either side to say what will happen next. No one has had to spell it out. We just have to frighten each other."

For that reason he says he, like the majority who voted for Brexit, have no idea what to expect now. But they believe that they've actually made the more prudent choice with an EU they say simply does not work.

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iehi-feed-60069 Fri, 24 Jun 2016 16:17:47 GMT Brexit: The System Cannot Hold http://implode-explode.com/viewnews/2016-06-24_BrexitTheSystemCannotHold.html iehi-feed-60065 Fri, 24 Jun 2016 14:47:18 GMT 'Explosive shock' as Britain votes to leave EU, Cameron quits (EU ITSELF NOW TESTED) http://implode-explode.com/viewnews/2016-06-24_ExplosiveshockasBritainvotestoleaveEUCameronquitsEUITSELFNOWTEST.html Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow since World War Two to the European project of forging greater unity.

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World stocks saw more than $2 trillion wiped off their value, with indices across Europe heading for their sharpest one-day drops ever. Britain's big banks took a $100 billion battering, with Lloyds, Barclays and RBS falling as much as 30 percent at one point.

The United Kingdom itself could now break apart, with the leader of Scotland - where nearly two-thirds of voters wanted to stay in the EU - saying a new referendum on independence from the rest of Britain was "highly likely".

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The EU for its part will be economically and politically damaged, facing the departure of a member with its biggest financial centre, a U.N. Security Council veto, a powerful army and nuclear weapons. The world's biggest trading bloc -- which rose out of the ashes of two world wars, fascist and communist totalitarianism to unite a continent of prosperous democracies -- will lose around a sixth of its economic output.

"It's an explosive shock. At stake is the break up pure and simple of the union," French Prime Minister Manuel Valls said. "Now is the time to invent another Europe."

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iehi-feed-60062 Thu, 23 Jun 2016 22:08:49 GMT ECB restores bond waiver, lets Greek banks tap credit http://implode-explode.com/viewnews/2016-06-23_ECBrestoresbondwaiverletsGreekbankstapcredit.html iehi-feed-60060 Thu, 23 Jun 2016 22:05:19 GMT Exclusive: European Commission to freeze payments to Greece http://implode-explode.com/viewnews/2016-06-23_ExclusiveEuropeanCommissiontofreezepaymentstoGreece.html iehi-feed-60051 Thu, 23 Jun 2016 00:55:01 GMT Increase in migrants reaching Aegean islands fuels concern http://implode-explode.com/viewnews/2016-06-22_IncreaseinmigrantsreachingAegeanislandsfuelsconcern.html The influx of would-be migrants into Greece from neighboring Turkey is decisively on the increase following several months during which the flow had been staunched thanks to a European Union deal with Ankara to crack down on people smuggling.

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In an apparent bid to curb the number of rulings upholding appeals, the government passed a legislative amendment last week which removes the representative of the Hellenic League for Human Rights from the appeal committees, which feature two judges and a representative of the United Nations refugee agency.

The HLHR rapped the government for changing the composition of the committees instead of applying pressure to ensure that Turkey becomes a safe country to make migrant returns viable.

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iehi-feed-60047 Tue, 21 Jun 2016 23:25:32 GMT Thanks to the Fed, $1300 Gold Is Just the Start http://implode-explode.com/viewnews/2016-06-21_ThankstotheFed1300GoldIsJusttheStart.html iehi-feed-60044 Tue, 21 Jun 2016 21:17:28 GMT German Constitutional court capitulates to imperial ECJ in landmark ruling  http://implode-explode.com/viewnews/2016-06-21_GermanConstitutionalcourtcapitulatestoimperialECJinlandmarkrulin.html ``The ruling by the German constitutional court in Karlsruhe reiterates a long-standing position that Germany does not accept claims of judicial supremacy by the European Court of Justice (ECJ). But the wording is weaker than its explosive ruling on Lisbon Treaty in 2009 and marks a climb-down. "The court has asserted its residual right to review EU law but in practice it has submitted," said Gunnar Beck, a constitutional lawyer at the University of London, SOAS.''

Well, another take on this is that the court simply lacks an enforcement mechanism. Because the EU is a supra-state body of recent minting, no mechanism was ever put in place (let alone comprehended) to allow a national state to judicially enjoin it (order it to do something or stop it from doing something). So the German Constitutional Court's rulings are exactly what you'd expect: a fairly hard line on constitutional limits to the EU's actions, but no word on enforcement mechanism to constrain the EU -- because none exist.

In other words, it is up to the people themselves, watching this judicial tête-à-tête, to come up with the enforcement themselves (either politically or through civil activism...)

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iehi-feed-60041 Tue, 21 Jun 2016 16:46:22 GMT Doug Noland - Reminiscing about 2012 (EVALUATING "DO WHATEVER IT TAKES") http://implode-explode.com/viewnews/2016-06-21_DougNolandReminiscingabout2012EVALUATINGDOWHATEVERITTAKES.html Bond manager Jeffrey Gundlach made headlines this week with his comment that "central banks are losing control." I would suggest that central bankers actually lost control back in 2012. Mario Draghi's "whatever it takes" pledge was the cornerstone of desperate measures to save the euro. Yet "whatever it takes" actually amounted to concerted central bank intervention to shield global markets and economies from the intensifying forces of the downside of a historic Credit Cycle. The global Credit boom persevered for a few more years, right along with epic market distortions and economic maladjustment. Downside risks have grown significantly.

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"Whatever it takes" became a global phenomenon, both from the standpoint of central bank policies and securities market inflation. Replicating Draghi, BOJ head Haruhiko Kuroda unleashed shock and awe monetization and currency devaluation.

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Despite shoring up reflationary efforts earlier in the year, extraordinary ECB and BOJ monetary stimulus has not been successful. Underlying economic and inflation trends remain problematic in the face of major securities markets inflations. Indeed, the wide divergence between securities market prices and economic prospects ensures acute vulnerability to market risk aversion and risk-off speculative dynamics.

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Back in 2012, Mario Draghi recognized how even the notion that a country might exit the euro could unleash market dynamics that would rather quickly place Europe's markets and banking system in peril. "Whatever it takes" was orchestrated specifically to expel any market doubt with regard to the viability and sustainability of European monetary integration. On the back of a wall of liquidity and attendant inflating securities markets, Draghi's gambit held things together for a few years. That said, the ECB bet the ranch -- and was compelled to further ante up in response to market instability earlier this year. The outcome of the game is very much in doubt.

While Britain is not even a member of the euro, Brexit provides a test of ECB policymaking. Is Europe robust or fragile? Has relative financial stability been nothing more than a brittle ECB-fabricated façade? Are the forces mounted against integration and cooperation now too powerful to disregard? Is European integration -- along with the euro currency - viable long-term? It's an untimely test, with confidence in Europe's banks already waning. This test is furthermore untimely because of faltering confidence in the ECB and contemporary global central banking more generally. Global market instability has again resurfaced and there will be no resolution next week.

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iehi-feed-60037 Mon, 20 Jun 2016 14:26:58 GMT Leonardo DiCaprio is ordered deposed over 'Wolf of Wall Street' http://implode-explode.com/viewnews/2016-06-20_LeonardoDiCaprioisordereddeposedoverWolfofWallStreet.html A federal judge has ordered actor Leonardo DiCaprio to be deposed in a defamation lawsuit brought by a former Stratton Oakmont executive over his alleged depiction in the 2013 Martin Scorsese film "The Wolf of Wall Street."

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The plaintiff, Andrew Greene, sued in 2014 for more than $50 million, claiming that he was defamed in the film through the portrayal by actor P.J. Byrne of a morally and ethically challenged character named Nicky "Rugrat" Koskoff.

Paramount has said Koskoff was a "composite character" inspired by multiple individuals, including Greene.

Litigious Stratton-Oakmont alums get up to it again (for those unawares, their famous lawsuit against Prodigy back in 1995 for not censoring frank discussion of Stratton's boilerroom tactics is what provoked ISPs to push for "common carrier" immunity from libel, Section 230 of the Communications Decency Act. This shield law has, happily, protected ML-Implode from more than a few frivolous "SLAPP" libel suits).

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iehi-feed-60036 Mon, 20 Jun 2016 14:21:38 GMT Blow for Italy's PM as 5-Star makes breakthrough in regional, mayoral votes http://implode-explode.com/viewnews/2016-06-20_BlowforItalysPMas5Starmakesbreakthroughinregionalmayoralvotes.html The anti-establishment 5-Star Movement trounced Italian Prime Minister Matteo Renzi in local elections this weekend, clouding his chances of completing a five-year term and winning a referendum he has called on constitutional reform.

Five-Star, which feeds off popular anger over widespread graft, won in 19 of the 20 towns or cities where it had advanced to the run-offs, including Turin and Rome, where Virginia Raggi, a 37-year-old lawyer, became the first woman mayor.

The party has so far controlled just a handful of medium-sized towns. Success in Rome and Turin could prove a springboard to victory in national elections due in 2018.

Protest parties have made inroads in a number of European countries in recent years and 5-Star's advances in Italy this weekend mean a major European Union capital will be governed by a party which wants Italy to drop the euro.

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iehi-feed-60031 Sun, 19 Jun 2016 19:46:41 GMT Regardless of ‘Brexit' Vote, Experts Say, E.U. Must Rethink Status Quo http://implode-explode.com/viewnews/2016-06-19_RegardlessofBrexitVoteExpertsSayEUMustRethinkStatusQuo.html if Britain does leave, the European Union can also blame its own handling of the crises of the past decade -- the tribulations of the euro, the debt standoff with Greece and a flawed approach to migration. Each time, the bloc rammed through ugly, short-term fixes that only inflamed the angry nationalism now spreading across the Continent and Britain.

The result was almost a decade of ad hoc crisis management that even many admirers agree has left the European Union badly wounded and its reputation badly damaged. Idealism has given way to disillusionment. The bloc's elite technocrats are often perceived as out of touch, while European institutions are not fully equipped to address problems like unemployment and economic stagnation. Political solidarity is dissolving into regional divisions of east and west, north and south....

many experts agree that regardless of how the British vote, politics across Europe must change. The structure of the euro currency zone is still considered fragile. The bloc's German-dominated economic policy has meant nearly a decade lost in much of debt-ridden southern Europe, which is still struggling to recover from its economic crisis.

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iehi-feed-60028 Sat, 18 Jun 2016 14:18:50 GMT The Fed and other central banks have lost their magic powers - Das http://implode-explode.com/viewnews/2016-06-18_TheFedandothercentralbankshavelosttheirmagicpowersDas.html ``Markets do not believe that NIRP will create the borrowing-driven consumption and investment that generates economic activity. Existing high-debt levels, poor employment prospects, low rates of wage growth, and overcapacity have lowered potential growth rates, sometimes substantially. NIRP is unlikely to create inflation for the same reasons, despite the stubborn belief among economic clergy that increasing money supply can and will ultimately always create large changes in price levels.

There are toxic by-products to this policy. Low- and negative rates threaten the ability of insurance companies and pension funds to meet contracted retirement payments. Bank profitability also has been adversely affected. Potential erosion of deposits may reduce banks' ability to lend and also reduce the stability of funding.

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Policymakers are unable to defend their actions. They rely on contra-factual arguments, asserting that their policies are successful because in their absence things would have been worse. What is clear is that the loss of faith in central banks poses a significant threat to the stability of the global economy and markets.

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iehi-feed-60024 Sat, 18 Jun 2016 01:12:11 GMT Angelo Mozilo Will Not Face U.S. Charges for Mortgage Fraud http://implode-explode.com/viewnews/2016-06-17_AngeloMoziloWillNotFaceUSChargesforMortgageFraud.html The Justice Department's pursuit of Angelo R. Mozilo, one of Wall Street's most recognizable names tied to the subprime mortgage crisis, is ending with a whimper.

After dropping a criminal investigation of Mr. Mozilo earlier, federal prosecutors recently decided against filing a civil fraud case against him, his lawyer, David Siegel, confirmed on Friday.

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The decision by federal prosecutors to not proceed with a civil fraud case under the Financial Institutions Reform, Recovery and Enforcement Act is not too surprising, given the length of the review process.

The possibility of the Justice Department filing a so-called Firrea lawsuit against Mr. Mozilo came to light when Bank of America reached a $16.65 billion settlement of its own Firrea case in August 2014. The inquiry by the Justice Department of Mr. Mozilo was seen by some legal critics as a way for prosecutors to address complaints that little had been done to hold individuals accountable for the financial crisis.

Bank of America acquired Countrywide and assumed its liabilities in 2008, as the financial crisis erupted.

But lawyers for Mr. Mozilo argued a civil fraud case would duplicate the efforts of the Securities and Exchange Commission, which sued Mr. Mozilo and two other former Countrywide executives in 2009. On the eve of the trial in 2010, Mr. Mozilo and the other defendants reached a settlement that required the mortgage financier to pay $67.5 million in fines and restitution.

Over the last few years, federal prosecutors used the threat of a Firrea civil fraud lawsuit to extract tens of billions of dollars in settlements from other big banks. The law proved to a be a useful tool for prosecutors because of its 10-year statute of limitations for bringing a case -- much longer than the standard three- or five-year statute of limitations for most civil fraud lawsuits.

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iehi-feed-60023 Fri, 17 Jun 2016 14:53:06 GMT Establishment Signals Brexit Vote Will Be Rigged http://implode-explode.com/viewnews/2016-06-17_EstablishmentSignalsBrexitVoteWillBeRigged.html The three polls released on June 6th all indicated majority support for Brexit, and all were statistically significant. With the two polls released on June 7 th, which supposedly showed support to "remain", both were just razor-thin 1% margins, and thus neither result was statistically significant. Yet the Corporate media reported the "noise" on equal terms with the actual statistically decisive polls from the previous day. Note also that both of the polls which showed supposed support to remain in the EU were manufactured by known mouthpieces of the Establishment: the Daily Telegraph and the London Times.

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the two polls from June 7th were extreme anomalies -- poll results which were so improbable as to raise immediate suspicion in the minds of those with statistical inclinations. We know the oligarchs have rigged elections. We know they intend to rig the Brexit vote (just like they rigged the UK's last, national election). Now they appear to be rigging the political polls, as well.

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iehi-feed-60021 Fri, 17 Jun 2016 14:23:29 GMT Austerity Kills! Bank of Greece reports "Greek's health deteriorating, life expectancy shrinks" http://implode-explode.com/viewnews/2016-06-17_AusterityKillsBankofGreecereportsGreekshealthdeterioratinglifeex.html iehi-feed-60017 Fri, 17 Jun 2016 00:01:51 GMT 'It's time to call time on the EU experiment' - Steve Keen http://implode-explode.com/viewnews/2016-06-16_ItstimetocalltimeontheEUexperimentSteveKeen.html Brexit is the only way the working class can change anything.]]> iehi-feed-60016 Fri, 17 Jun 2016 00:00:07 GMT JPMorgan CIO Crushes Cameron's Scaremongery on Brexit http://implode-explode.com/viewnews/2016-06-16_JPMorganCIOCrushesCameronsScaremongeryonBrexit.html iehi-feed-60014 Thu, 16 Jun 2016 16:30:15 GMT Why Did the FBI Stop Probe of Orlando Shooter+Remove From Watchlist? (HELP FROM CIA-ASSET DADDY, MAYBE??) http://implode-explode.com/viewnews/2016-06-16_WhyDidtheFBIStopProbeofOrlandoShooterRemoveFromWatchlistHELPFROM.html BREAKING: Father of Orlando shooter a CIA asset......]]>