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By EconMatters The Greek Referendum ended on Sunday with 61.3% of the 6.16 million Greeks voting No to reject creditors’ demands for more austerity. Yanis Varoufakis, Greece‘s finance minister, has announced his resignation in his blog (see below) only hours after the No vote that he urged (read the 6-bullet-point by Varoufakis here).
Minister No More!    
Posted on July 6, 2015

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Martin Weiss
Just in his first round of quantitative easing (money printing), launched soon after Lehman Brothers collapsed in September 2008, Fed Chairman Ben Bernanke increased the nation’s monetary base (cash and reserves in the banking system) from $850 billion to $2.1 trillion. That was an insane increase of 2.5 times in just 18 months — by far, the greatest monetary expansion…

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By EconMatters Greece missed a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF). The country’s current bailout then expired on Tuesday. On Sunday, Greece will vote on a landmark referendum: “Yes” or “No” (“Nai” or “Oxi” in Greek) to the new bail out package currently on the table from the creditor. Sunday’s vote will be watched closely around the world,…

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Here’s a quick, executive summary of stories from this abbreviated trading week, with a link to the full articles online. Friday was a market holiday in the U.S. Sovereign Debt Bust Looming The great asset bubble of our time is none other than bonds, especially government bonds. And not just bonds issued by countries on the brink of default. Get…

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We’re taking today off to celebrate America’s independence with our family and friends. And we hope you’re enjoying this national holiday as well. Our regular Money and Markets columns — both morning and afternoon — will return on Monday. Until then, all the best wishes for a happy Fourth! The Money and Markets Team The post Happy Fourth! appeared first…

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Market Roundup 3 p.m.
Dow -53.55 to 17,704.36
S&P -4.50 to 2,073.33
NASDAQ -14.11 to 4,999.07
10-YR Yield -0.04 to 2.384%
Gold -$6.00 to $1,163.30
Oil +$0.23 to $57.24
The U.S. added another chunk of jobs last month … just not enough to signal that we’re firing on all cylinders. First, the numbers … Arrow America added 223,000 jobs in June,…

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Mike Burnick
I just returned from a two-week vacation to Italy and Greece, where the topic of a potential Grexit from the European Union (EU) and what that could mean for other deeply indebted EU countries was a hot topic of conversation for tourists and locals alike. Our tour guide, Tomasso, is from Italy, another country with shaky finances. The people of…

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This is tonight’s Daily Wrap and Market Forecast from our members’ site, DAILY WRAP POSTED BY: BRANDT Wednesday, July 1st 2015 Today was one of those days I’ve spoke of recently in which objective evidence has to trump emotion or gut feeling and while it wasn’t easy to understand right off the open as signals that didn’t make a lot…

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Pull up a chart of the Vanguard Extended Duration Treasury ETF (EDV) on your favorite trading platform. Or just look here …
EDV2 Source: Bloomberg
Doesn’t look pretty, does it? This ETF that owns long-term U.S. government bonds is getting routed – down to around $108 from a high of almost $142. That puts it almost all the way back to where it…

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By EconMatters Greece missed a payment to the The International Monetary Fund (IMF) of about 1.5 billion euros, or $1.7 billion, on Tuesday which officially put the country in the ranks of Sudan, Somalia and Zimbabwe. Although the IMF is not considered as a commercial lender, and the Fund does not use the term ‘default’, the inescapable conclusion is that…

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Larry Edelson
The Greek default is merely the opening act of the worst sovereign-debt crisis in history. By the time it comes to its conclusion, roughly five years from now, the crisis will have enveloped — and destroyed — the Western world governments of Europe, Japan and the United States. Government (sovereign) bond markets will be destroyed. So much so that in…

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Market Roundup
Dow +23.16 to 17,619.51
S&P +5.47 to 2,063.11
NASDAQ +28.40 to 4,986.46
10-YR Yield +0.004 to 2.335%
Gold -$7.50 to $1,172.60
Oil +$1.08 to $59.41
I couldn’t help but wonder yesterday as the markets melted down thanks to multiple debt crises if there are any governments out there NOT going broke? Greece is the biggest basket case, and…

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