- Israel PM Says Gaza Offensive to Intensify as Rockets Fly. Israeli Prime Minister Benjamin Netanyahu hinted at a possible ground incursion into the Hamas-controlled Gaza Strip as Palestinian casualties mounted from an intensified campaign of air strikes. “We have decided to intensify even further our attacks on Hamas and other terror organizations in Gaza,” Netanyahu said in a text message, as barrages of rockets from Gaza reached as far as 88 miles (142 kilometers) into Israeli territory. “The military is prepared for all options.”
- Obama Sanction Vows Against Russia Scoffed At in Congress. Warnings from U.S. officials that Russia faces the risk of additional sanctions if it doesn’t stop interfering in eastern Ukraine were mocked by lawmakers who said President Barack Obama’s administration has failed to deliver. “Sometimes I’m embarrassed for you, as you constantly talk about sanctions and yet, candidly, we never see them put in place,” Senator Bob Corker of Tennessee, the top Republican on the Senate Foreign Relations Committee, told administration officials testifying before the panel today. “I really feel like the sanctions threats have been very hollow.”
- Germany Cites Deep Rift With U.S. Amid Second Spy Case. German authorities announced the second investigation into espionage within a week as Chancellor Angela Merkel’s spokesman signaled an escalating rift between the U.S. and Germany over intelligence practices. The Federal Prosecutor’s office said it’s investigating a possible espionage case after the Sueddeutsche Zeitung reported that a German working in a military-related area was suspected of spying for the U.S. The chancellery is in contact with U.S. officials, said Steffen Seibert, Merkel’s press secretary.
- Wall Street Clashes Over Emerging-Market Bonds as UBS Says Sell. Strategists at UBS AG (UBSN)’s wealth management unit turned bearish on U.S. dollar debt of developing nations on June 26. Investors have grown hungrier for higher-yielding assets in far-flung parts of the world, even if they’re more volatile, as yields on junk bonds have fallen to new lows.
- European Stocks Little Changed as Espirito Santo Declines. European stocks were little changed as investors awaited minutes from the Federal Reserve’s most recent meeting and as Banco Espirito Santo SA led Portuguese stocks to this year’s low. Banco Espirito Santo dropped 4.7 percent after parent company Espirito Santo International SA delayed payment on short-term notes. Sodexo slid 1.8 percent after the world’s second-largest catering company cut its full-year revenue forecast. Admiral Group Plc tumbled the most since September after the U.K. car insurer forecast lower margins for business written this year. Seadrill Ltd. rose 1.2 percent after the biggest drilling-rig company canceled a $1 billion convertible-bond sale. The Stoxx Europe 600 Index slipped less than 0.1 percent to 339.96 at the close of trading, its lowest level since May 20.
- Some Fed Officials Saw Investors as Too Complacent on Risks. Some Federal Reserve policy makers were concerned investors may be growing too complacent about the economic outlook and the central bank should be on the lookout for excessive risk-taking, according to minutes of their June meeting. “Signs of increased risk-taking were viewed by some participants as an indication that market participants were not factoring in sufficient uncertainty about the path of the economy and monetary policy,” the minutes showed.
- Copper Seen by Goldman Grinding Lower as Demand in China Wanes. Copper prices will “grind lower” over the next six to 12 months as production costs decline and demand softens in China, the largest consumer, according to Goldman Sachs Group Inc.
- Corn Falls Below $4 First Time Since 2010 on Bumper Crop. Corn futures dropped below $4 a bushel for the first time in four years on bets that rain will boost yields for crops in the U.S., the world’s biggest grower. Soybeans extended the longest slump since 2009.
- CCTV Accuses Bank of China of Money Laundering. Broadcast Claims Bank Helps Clients Skirt the Controls on Cross-Border Fund Transfers.
- India FY15 Growth to Be on Lower Side of Projections. Inflation limits scope for RBI to cut rates, citing economic survey report.
Business Insider:
- Loan Growth 'Is Crazy, It's The Boom, It's The Gold Rush'. Bank lending has been setting new records since mid-2013. If the prior credit bubble — when too many loans were made helter-skelter by loosey-goosey loan officers before it all blew up in 2008 — was spectacular, this one is even more spectacular.
- BOJ may cut this fiscal year's growth forecast -sources. The Bank of Japan may slightly cut its economic forecast for the current fiscal year at a quarterly review of its estimates next week, sources familiar with its thinking said, reflecting soft exports and a bigger-than-expected slump in household spending after a sales tax hike in April.
- Abe Adviser Honda Says More BOJ Stimulus Unneeded. Economy on track to hit BOJ 2% inflation target next year.
- A weaker euro will not solve French problems. France is in trouble economically because it is uncompetitive relative to its eurozone partners, not just relative to non-euro countries.
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Bloomberg reports Draghi Says Brussels Needs Higher Powers as Leaders Quarrel. European Central Bank President Mario Draghi said the region needs more-centralized powers to push governments to overhaul their economies.
“There is a case for some form of common governance over structural reforms,” Draghi said in a speech in London yesterday. “This is because the outcome of structural reforms, a continuously high level of productivity and competitiveness, is not merely in a country’s own interest. It is in the interest of the union as a whole.”
Draghi has repeatedly said the ECB’s ultra-loose monetary policy isn’t sufficient to sustain the euro area’s fragile recovery if governments backslide. European Union finance ministers meeting in Brussels this week signaled a willingness to give politicians extra leeway so long as they take measures to fix their economies. They then clashed as Italian Prime Minister Matteo Renzi pushed back against austerity measures.
ECB Executive Board member Benoit Coeure said earlier yesterday that convergence could be complemented by action such as a European effort to increase investment by channeling private savings. It could culminate in the transfer of budgetary responsibilities to the European level, he said in Athens.
“But let me add an important note of caution,” Coeure said. “This can only occur once trust has been restored across countries and within countries, i.e. after growth has resumed, unemployment and inequalities have receded, and economies have sufficiently converged. What we are talking about is a new social contract among European countries.”
This inquiring mind asks do you want your savings channeled?
The July 8, 2014, Mario Draghi Call For EU Common Governance Over Structural Reforms, is a continuance of the June 5, 2014 Mario Draghi ECB Mandates for NIRP and Targeted LTRO, and the June 21, 2014, Mario Draghi ECB Press Announcement Calling For Shared Sovereignty, which addresses secular stagnation, defined as low growth, low employment, and low inflation.
Taken as whole, these series of Mario Draghi Mandates and Calls introduce a new global empire, that being the Ten Toed Kingdom, with a miry mixture of iron and clay, forming toes of diktat in regional governance and clay in totalitarian collectivism, as is foretold in Bible Prophecy of Daniel 2:25-45.
The Mario Draghi Calls and Mandates serve as the EU Economic Manifest, that is the Charter and Club, for Eurozone regional governance, and have birthed the debt serf and debt servitude, as the centerpiece of economic activity, and will become ever more apparent and defined, as the call for shared regional sovereignty becomes ever more trumpeted, as economic deflation worsens when investors increasingly derisk out of debt trade investments and deleverage out of currency carry trade investments.
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