I’m sure by now you’ve heard about the Greek bank holiday which went into effect today June 29, 2015. Greek citizens are only allowed to withdraw 60 Euros a day, and capital controls have been enforced. The Dow J fell -350.33 points today, but I wouldn’t be the least bit surprised if the Dow made the loss back in a month. The S&P was down -43.85, and the NASDAQ was down -122.04. In other negative market related news; Chinese stocks have taken a hit in the past few days, and are in the midst of a bear market, and Puerto Rico has just informed the U.S. they are calling for bankruptcy.
Well it’s been a busy week for news and for the news monkey, but I’m finally getting some time to sit down on a lazy warm Sunday afternoon to review some of the week’s events.
Let’s hop on my internet plane, and fly around the world wide web briefly touching upon some of the developing stories.
We first land in Chicago where the NATO summit is being held. NATO will have meetings on the 20th and 21st. The clash between protestors and the CPD still smolders on in some parts of the city. The protests weren’t as violent as “the powers that be” may have expected, or it could be the result of the massive clamp down in Chicago. Protesters clash at anti-Nato summit
Let’s take the internet plane over to the land of finance and stock market prediction and paranoia. I came across an article where Jim Cramer is predicting bank runs in Spain, Italy, and France. This prediction comes on the heels of the bank runs we saw in Greece this past week. www.businessinsider.com
I like watching Jim Cramer for entertainment value, but the man has lost credibility with me, especially after he said Bear Sterns was fine before they collapsed. I would say it’s safe to assume the opposite of what he said will happen, but in this case I feel he’s stating the obvious.
As we continue to enjoy our stay in finance land, we see JP Morgan still in trouble despite the propaganda and public relation spin coming from their leader Jamie Dimon. www.businessinsider.com article 2
Dimon assures us all will be okay soon, as they begin protecting their positions in the market.
We need to remember JP Morgan has many enemies that would enjoy kicking them while they are down and vulnerable. Let us not forget that JP Morgan has enjoyed kicking others while they were down in the past, so maybe karma will catch up with them.
If JP Morgan fails, I believe we’ll have an Armageddon like scenario on our hands.
Next stop is Europe. I don’t have confirmation or all the details, but there is a developing story being reported that NATO has made their missile interceptor system operational. The missile is now operation sir!
This is going to anger the Russians for sure, and we need to recall what Medvedev said would be the Russian response if this occurred.
Russian Response (you will have to turn on the captions unless you speak Russian)
Now we’ll take the internet plane to land of the Rising Sun, or the land of silicone implants, plastic surgery, and really cool movies (aka Hollywood), where we can also see the solar eclipse!
In other news…
The world lost Bee Gee co-founder Robin Gibb today, which increased the list of notable celebrity deaths this month. May hasn’t been kind to celebrities this year, as we also lost Junior Seau, Adam Yauch, and Donna Summer.
Next blog post (which should be tomorrow) we’ll get back to tackling the news in depth.
I bid you adieu.