- EU Said to Expand Russia Sanctions After Putin Holds Firm. European Union governments are set to impose their broadest sanctions yet against Russia, punishing President Vladimir Putin for flouting an ultimatum to end the rebellion in Ukraine, a draft document showed. EU leaders meeting in Brussels later today may agree to penalize Russian companies, halt lending for investment projects in Russia, stop bilateral cooperation programs and further clamp down on commerce with Crimea, according to the draft statement obtained by Bloomberg News. Calls on Russia to stop meddling in Ukraine and supporting separatist rebels “have not been fully met,” EU leaders said in the draft. The 28-nation bloc “condemns the continuation of illegal activities by armed militants in eastern Ukraine” and will “proceed with the expansion of restrictive measures.”
- Israel Renews Gaza Bombing After Hamas Rejects Truce Plan. Israel renewed its air raids on the Gaza Strip after a Palestinian rocket bombardment left an Egyptian truce proposal the Israelis accepted in tatters. Hamas, the militant movement that controls Gaza, said it wasn’t consulted on the Egyptian plan, and its military wing rejected it. Within six hours, the cease-fire efforts crumbled after Gaza militants barraged Israel with 50 rockets, according to the Israeli army’s count. The Palestinian death toll climbed above 200 in the fighting that followed, while an Israeli man became his country’s first fatality from fire since Israel ratcheted up its campaign against Gaza rocket squads last week.
- European Stocks Advance as Portuguese Lenders Lead Rally. European stocks advanced the most since April as Portuguese banks led a rally by euro-zone lenders and a report showed China’s economy expanded at a better-than-expected pace. Banco Espirito Santo SA jumped the most in at least 21 years after a Portuguese newspaper said the lender may raise 2 billion euros ($2.7 billion) from new shareholders to strengthen its capital ratios. Rio Tinto Group added 2.8 percent as the mining company said quarterly iron-ore production climbed 11 percent. Gtech SpA gained 4.1 percent after agreeing to buy International Game Technology for $4.7 billion. The Stoxx Europe 600 Index rose 1.3 percent to 342.97 at the close in London.
- Yellen Says Fed Won’t Rule Out Broker Support in Banking Crisis. Federal Reserve Chair Janet Yellen said she wouldn’t rule out expanding access to the central bank’s discount window to broker-dealers and other non-banks under certain circumstances during a financial crisis. “It depends what the circumstances are,” Yellen said today in response to questions from the House Financial Services Committee during her semi-annual testimony. “A broad- based scheme in a situation of systemic risk is a possibility but it is something that would have to be very serious to consider.”
- Druckenmiller: Fed policy 'fraught with unappreciated risk'. (video) Stan Druckenmiller, the retired founder of hedge fund firm Duquesne Capital Management, says the Federal Reserve is putting the economy at risk by continuing its aggressive market intervention.
- Time Warner(TWX) rebuffs Fox bid, but Murdoch determined. Rupert Murdoch's 21st Century Fox said on Wednesday it had offered to buy Time Warner, a move that would unite two of the world's most powerful media conglomerates, but Time Warner rebuffed its offer.
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Sovereign currency debasement is underway. The July 15, 2014, Fed Chairman’s served as an inflection point in mankind’s economic history, as investors no longer trust in the monetary policies of the US Fed, and as a result debasement of fiat investments and fiat currencies is underway.
Also fiat wealth debasement is underway on the failure of credit, a case in point is Portugal Telecom, PTI, and the Nation of Portugal, PGAL. Matt Clinch of CNBC reports Portugal's Bank Woes Just Got More Complicated. In video and print article Otto Dichtl, managing director at Stifel Nicolaus, relates that Portugal Telecom shares slip on credit concerns of merger. “The saga surrounding troubled Portuguese lender Banco Espirito Santo (BES) took another twist on Wednesday, with the fortunes of a telecoms merger shedding more light on the strength of the country's banking sector.” Portugal Telecom (PTC-PT) rushed Wednesday to salvage a possible tie-up with Oi, the Brazilian telecoms company, after a possible default by Rioforte, an investment unit of the Espirito Santo Group, called the deal into question. Yields on Portuguese debt rose and investors fled to lower-risk assets. BES' parent company, Espirito Santo International (ESI), was at the center of concerns after an audit by the country's central bank in May showed "irregularities" in its accounts. The flames were fanned once again last week when debt repayments to clients on commercial paper issued by ESI were delayed. Shares in another part of the conglomerate, Espirito Santo Financial Group (ESFG), were temporarily suspended on the news, after it cited "material.
The failure of credit, has commenced the explosion of credit bombs, which are causing debt deflation in unexpected places; the result of which can only result in ever widening waves of destructionism, manifesting as economic deflation in terms of corporations stumbling in providing goods and services, and in laying off employees as corporate balance sheets implode.
Out of the failure of credit, and the collapse of currencies, liberalism's dynamos of creditism, corporatism, and globalism are winding down.
And authoritarianism singular dynamo of regionalism is winding up.
Out of soon coming global credit bust and financial system breakdown known as Financial Armageddon, regional leaders will meet in summits to renounce national sovereignty and announced shared sovereignty, that is regional pooled sovereignty, where regional framework agreements will provide regional fascism for regional security, stability, and sustainability.
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