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By Tyler Durden

Submitted by Michael Syder via The Economic Collapse blog,

Over the past 12 months, stock market investors around the planet have lost trillions of dollars. Since this time last June, stocks have crashed in 6 of the world’s 8 largest economies, and stocks in the other two are down as well. The charts that you are about to see are absolutely stunning, and they are clear evidence that a new global financial crisis has already begun. Of course it is true that we are still in the early chapters of this new crisis and that there is much, much more damage to be done, but let us not minimize the carnage that we have already witnessed.

In general, there have been three major waves of financial panic over the past 12 months. Late last August we saw the biggest financial shaking since the financial crisis of 2008, then in January and February there was an even bigger shaking, and now a third “wave” has begun in June. Not all areas around the globe have been affected equally by each wave, but without a doubt this new financial crisis is a global phenomenon.

Let’s talk about China first. The Chinese economy is the second largest on the entire planet, and since this time last year Chinese stocks are down an astounding 40 percent…

As things have started to unravel in China, the Chinese have been selling off U.S. debt and U.S. stocks like crazy. The following comes from Bloomberg…

For the past year, Chinese selling of Treasuries has vexed investors and served as a gauge of the health of the world’s second-largest economy.

The People’s Bank of China, owner of the world’s biggest foreign-exchange reserves, burnt through 20 percent of its war chest since 2014, dumping about $250 billion of U.S. government debt and using the funds to support the yuan and stem capital outflows.

While China’s sales of Treasuries have slowed, its holdings of U.S. equities are now showing steep declines.

Unfortunately for China, their economy just continues to slow down, and George Soros is so alarmed by this and a potential “Brexit” that he has been selling off stocks and buying enormous amounts of gold in anticipation of an even bigger global downturn.

Japan has the third largest economy in the world, and over the past year Japanese stocks are down a total of 26 percent from the peak…

Personally, I have been extremely alarmed by what has been happening in Japan lately. Japanese stocks were down almost 500 points last night, and overall the Nikkei is down a whopping 1,800 points so far in June.

Of course the Japanese economy as a whole is essentially a basket case at this point. For a detailed analysis of this, please see my previous article entitled “<a target=_blank rel="nofollow" href="http://theeconomiccollapseblog.com/archives/watch-japan-for-all-is-not-well-in-the-land-of-the-rising-sun" title="Watch Japan – …read more

Source: The Looming Crash Of 2016: Stocks Have Already Slumped In 6 Of The World’s 8 Largest Economies

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By Tyler Durden

Apple has been told by Beijing's intellectual property regulator to stop sales of the iPhone 6 and iPhone 6 Plus in the city.

The two iPhone models infringe on a Chinese patent for exterior design held by Shenzhen Baili for its 100C smartphone, the Beijing Intellectual Property Bureau wrote in a statement on its website according to the WSJ.

As we reported in May, China is now conducting security reviews of foreign tech products, and we remind everyone of what president Xi Jinping said about stopping its reliance on foreign technology:

According to the New York Times, Xi's outlined the direction in which he is planning to take China as it relates to technology and cyber security. “One viewpoint holds that we must close ourselves off, make a fresh start, thoroughly shake off reliance on foreign technology and rely on indigenous innovation to pursue development. Otherwise, we would always follow in the footsteps of others.” Xi said. Adding that China must find a middle ground and determine “which things can be imported but have to be secure and controllable; which things may be imported, digested and absorbed for re-innovation; which things can be developed in collaboration with others; and for which things we must rely on our own strength and indigenous innovation.”

From the WSJ

Beijing’s intellectual property regulator has ordered Apple Inc. to stop sales of the iPhone 6 and iPhone 6 Plus in the city, ruling that the design is too similar to a Chinese phone, in another setback for the company in a key overseas market.

It wasn’t immediately clear what impact the order would have. Some mobile-phone stores in the city said they had already stopped selling the two models months ago, switching to newer models. Apple will soon end production of both models, according to a person familiar with the production plans.

The two iPhone models infringe on a Chinese patent for exterior design held by Shenzhen Baili for its 100C smartphone, the Beijing Intellectual Property Bureau wrote in a statement on its website dated May 19.

An Apple spokeswoman in China didn’t immediately reply to phone calls and an email Friday. A phone operator at the Beijing Intellectual Property Bureau on Friday evening said no one was available to answer queries.

* * *

We will await the response from Apple, whether it's given in a statement or just discussed in the next 10-Q in regards to how this will impact the company.

Still we find this move by China fascinating given Tim Cook's recent 'peace-making' visit…

…read more

Source: Beijing Orders Apple To Stop Sales Of iPhone 6 Models

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By Tyler Durden

One month ago, Fred Ehrsam, co-founder of Coinbase in a sweeping, 2,500-word blog post, took aim at what he called a “stagnant” bitcoin community that he characterized as being outperformed by innovators working on the Ethereum network. In the post, Ehrsam sought to position Ethereum as a possible competitor to bitcoin, indicating his belief that the competing protocol could “blow past bitcoin entirely” (perhaps he was merely peeved at the lack of commission fees Coinbase was generating). In his post, Eshram said: “There is nothing that bitcoin can do which Ethereum can’t. While Ethereum is less battle tested, it is moving faster, has better leadership and has more developer mindshare. First mover advantage is challenging to overcome, but at current pace, it’s conceivable.”

Also, as Coindesk reported recently, those close to the project were beginning to see The DAO as Ethereum’s “flagship application”, one that they believe could hold the key to ensuring a lasting, favorable impression for Ethereum’s technology, or scar its reputation, with some comparing the DAO as the possible Ether equivalent of bitcoin’s once largest and now bankrupt exchange, Mt Gox.

As of this morning, however, it is decidedly the latter, because it turns out there was something else that bitcoin’s biggest emerging competitor could do: get hacked.

As Cryptcoinnews reports, Ethereum co-founder Vitalik Buterin has asked digital currency exchanges to “pause” ether and activity on the decentralized autonomous organization, or DAO, activity following a hack of the DAO smart contract address. As a reminder Ethereum is the blockchain platform that enabled the DAO’s creation.

The DAO is currently being drained of ethers in a still-ongoing breach (as of this morning) to the unknown attacker’s ETH address. The ongoing hack and possible theft, deemed as an “attack” on the DAO by Vitalik Buterin, has the co-founder of Ethereum issue a plea seeking digital currency exchanges to pause ether (ETH) and DAO transactions.

In a post on the Ethereum subreddit, Buterin wrote:

Exchanges please pause ETH and DAO trading, deposits and withdrawals until further notice. More info will be forthcoming ASAP.

The same message was also relayed via Ethereum’s social media account on Twitter.

Exchanges please pause ETH and DAO trading, deposits and withdrawals until further notice. More info coming ASAP. https://t.co/dYJhW2UhQZ

— Ethereum (@ethereumproject) June 17, 2016

Griff Green, spokesman for slockit, the creators of the Dao, stated on the DAO slack channel:

“The DAO is being attacked. It has been going on for 3-4 hours, it is draining ETH at a rapid rate. This is not a drill.

Amusingly, the attacker’s ETH address is still accumulating Ethereum’s token currency, with a balance of 3,559,374 ethers, currently valued at $59.05 million USD.

An interesting note from Etherium’s self-description:

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference

That may need to be revised soon.

As a result, the price of Ethereum took a drastic dive this morning as …read more

Source: Bitcoin’s Largest Competitor Hacked: Over $59 Million "Ethers" Stolen In Ongoing Attack

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By Tyler Durden

Traders are still stunned by the dramatic move in risk assets during yesterday’s US session. As a reminder, at the lows for the day in the mid-morning Eastern Time, we saw the DAX at -1.81%, FTSE -1.13%, S&P500 -1.03%, US 10y yield 1.516% (lowest since August 2012) and GBPUSD 1.401. By the various closes these rallied to -0.59%, -0.27%, +0.31%, 1.580% and 1.420 respectively!

What changed?

Unfortunately it had everything to do with the death of Jo Cox, which as even Deutsche Bank admits, “while it seems insensitive to talk about markets in relation to this event, unfortunately this story heavily influenced them yesterday. Before this news came out the two phone polls that the market had been waiting for both came out in favour of ‘leave’ (Ipsos-Mori 53%/47% and Survation 45%/42%).” The reason: BBC eyewitness reports (later questioned) suggesting the killer shouted ‘put Britain first’. As a result, campaigning has been suspended for now and it’s unclear when it will get going again. As we first noted, the immediate outcome of the shooting was a rumor that the Brexit vote next Thursday will be postponed, which in turn boosted “Remains” odds.

And, as Bloomberg also puts it, “Sterling rebounded from a two-month low as an opinion poll on voter intentions in next week’s referendum was delayed.“

Odds on the U.K. leaving the EU slid to 38 percent after hitting a record 44 percent on Thursday, according to Oddschecker calculations based on bookmakers’ quotes. “If you do see uncertainty, that typically will drive voters to the status quo,” said Karl Schamotta, director of foreign-exchange research and strategy in Toronto at Cambridge Global Payments, which hedges currencies for companies. “We’re seeing a trade that’s entirely too crowded — at the end of the day, the market expectation remains that we will see a stay vote.”

In short, as Bloomberg, DB and Reuters all admit, the tragic death of Jo Cox had a morbidly levitating effect on all risk assets. “The halt in campaigning may just take Brexit off the headlines momentarily, and that may have given an opportunity to just to see a little bit of a retracement in a comparatively quieter environment,” said Orlando Green, a rates strategist at Credit Agricole SA’s corporate and investment-banking unit in London. “We’ll see a choppy environment as we head toward the referendum.”

Ten-year bonds in Japan and the U.K. declined for the first time in more than a week. Global stocks rebounded from a four-week low and commodities advanced with the pound as campaigning in Britain’s referendum on European Union membership was suspended for a second day. Oil rose, paring its biggest weekly decline in more than two months.

German bonds fell for the first time in four days, ending a three-day rally that pushed the yield into negative territory for the first time. The yield was near-zero, from minus 0.02 percent on Thursday. Similar-maturity U.K. debt snapped an eight-day run of gains. Spanish and Italian debt rallied as investors snapped up higher-yielding assets.

Japan’s …read more

Source: Global Stocks Rebound As Brexit Odds Decline Following Tragic Death Of UK Lawmaker

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Global banking giant HSBC is shelling out $1.6 billion to put an end to a 14-year legal battle. …read more

Source: HSBC pays $1.6 billion to end 14-year legal battle

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By Tyler Durden

Submitted by Lewis Johnson via Capital Wealth Advisors,

“If you go then I’ll be blue cause breaking up is hard to do.”

Neil Sedaka

“France and Great Britain shall no longer be two nations, but one Franco-British Union. The constitution of the Union will provide for joint organs of defense, foreign, financial and economic policies. Every citizen of France will enjoy immediately citizenship of Great Britain, every British subject will become a citizen of France. “

Proposal from England’s War Cabinet to France in May of 1940 in the hope of keeping France fighting the Nazi invasion

“The greatest disappointment of my political career.”

French Prime Minister Paul Reynaud expressing his disappointment with the failure of the above initiative

“Hell is truth seen too late.”

Hobbes

“War is horrible…but slavery is worse.”

Churchill

“The end was contained in the beginning.”

George Orwell

“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

Thomas Jefferson

“All political parties eventually die choking on their own lies.”

Mark Twain

Among the best books we have read recently is the Last Lion series in three volumes by William Manchester chronicling the life of Winston Churchill. We are reading the final book of the series now, and are struck by the second quote above. In May of 1940, Churchill’s government, desperate to keep France in the fight against the Nazi invaders, outlined what in retrospect was the first step toward the European Union.

We cannot shake Orwell’s haunting comments from 1984 that “The end was contained in the beginning.” Somehow it strikes us as foreboding when we contemplate the upcoming English referendum (called “Brexit” by the media) on whether or not England should leave the European Union (EU). Will the EU’s end be contained in its beginning? Is it time to think more expansively about how far the cycle may run – in the opposite direction – from the near complete unification now manifest in the existing EU to what may come after?

In our experience, cycles generally overshoot from one extreme to the other. “Thinking the unthinkable” is often the hardest exercise of all in cyclical investing. If the EU’s intellectual genesis was forged in armed conflict, could a vote to leave the EU set in motion a cycle that may, in the fullness of time, complete the cycle and result once again in armed conflict? Surely, that possibility seems laughable – for now. But the ability to ask seemingly radical questions and consider their answers with an open mind are hallmarks of the best investors.

Europe has been …read more

Source: Brexit: All Eyes On European Banks

    

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