Oct 122016
 
 October 12, 2016  Posted by at 9:28 am Finance Tagged with: , , , , , , , , , ,


NPC “Largest electric locomotive and Congressman John C. Schafer” 1924

October 14 Is A $7 Trillion Moment of Truth in Markets (BBG)
Pound Sterling Behaves Like An Emerging Market Currency (Ind.)
Royal Bank of Scotland’s Vampire Unit Guilty Of Financial Terrorism (Fraser)
China Weakens Yuan Fixing for Sixth Day, Fuels Depreciation Talk (BBG)
China Banks May Need $1.7 Trillion Capital Injection To Cover Bad Loans (R.)
China Cities Face End of Fairy Tale as Default Risks Rise (BBG)
Tokyo Apartment Prices To Fall 20% Or More: Deutsche (BBG)
Are Rising House Prices Good For The Economy? (Ahuri)
Bank of Russia Governor Says Oil Rally Can Mean Much Faster Easing (BBG)
The Truth About the War in Aleppo (David Stockman)
Oops! – A World War! (Dmitry Orlov)
Wounded Elephant (Jim Kunstler)
Neoliberalism Is Creating Loneliness That’s Wrenching Society Apart (Monbiot)
Obituary: Great Barrier Reef – 25 Million BC-2016 – (OO)
More Than 11,200 Migrants Stranded On Aegean Islands (Kath.)

 

 

The return of LIBOR.

October 14 Is A $7 Trillion Moment of Truth in Markets (BBG)

If the London Interbank Borrowing Rate was a musical artist, or an actor, or a sports team, we’d be calling 2016 its comeback year. Not since the financial crisis of 2008 has Libor, to which almost $7 trillion of debt including mortgages, student loans and corporate borrowings, is pegged – experienced such a surge. The three-month U.S. dollar Libor rate has jumped from 0.61% at the start of the year to 0.87% currently – a 42% rise – ahead of money market reform that’s due to come into effect on Oct. 14. The new rules require prime money market funds – an important source of short-term funding for banks and companies – to build up liquidity buffers, install redemption gates, and use ‘floating’ net asset values instead of a fixed $1-per-share price.

While the changes are aimed at reinforcing a $2.7 trillion industry that exacerbated the financial crisis, they are also causing turmoil in money markets as big banks adjust to the new reality of a shrinking pool of available funding. Some $1 trillion worth of assets have shifted from prime money market funds into government money market funds that invest in safer assets such as short-term U.S. debts. The exodus has driven up Libor rates as banks and other corporate entities compete to replace the lost funding. Now, analysts are debating whether the looming Oct. 14 deadline will mark a turning point for the interbank borrowing rate, as money markets acclimatize to a new reality.

While analysts at Deutsche Bank believe that Libor may be poised to tighten when compared to other benchmark interest rates after Oct. 14, their counterparts at TD Securities speculate that Libor will “head higher” and the spreads won’t “compress anytime soon.”

Read more …

But Britons just keep fighting and blaming each other.

Pound Sterling Behaves Like An Emerging Market Currency (Ind.)

Is the British pound the Mexican peso? Amid rising fears that the UK will take a big economic hit from its move to leave the European Union, the correlation between the pound and an index of emerging-market currencies has jumped to levels last seen in the run-up to the Brexit vote. “Investors are increasingly casting UK assets in an emerging-market light, amid a fundamental re-appraisal of the country’s medium- to long-term economic fortunes,” Chris Scicluna, London-based strategist at Daiwa Capital Markets, said. On Tuesday, the pound fell for a fourth day, tumbling 0.49% to below $1.23, bringing its year-to-date fall against the dollar to 17% — the worst among 16 major peers.

“The pound is the purest expression of investors’ fears about political risk in developed markets,” Nicholas Spiro at Lauressa Advisory wrote in a note to clients on Monday. “While the Mexican peso — the most liquid emerging market currency and the most reliable gauge of ‘Trump risk’ — has given sterling a run for its money this year, it’s the pound that has become a proxy for politically-driven volatility in markets.” While developed-country government bonds typically benefit from safe-haven buying during bouts of market nerves, the dynamic is now in reverse, with the pound and government bonds falling in tandem, and the UK 10-year note yielding 0.98% compared with 0.52% in mid-August. While global bond markets have sold off this month, amid expectations of tighter monetary policies, UK yields have outpaced rises in the US and euro-area countries.

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This story is fast moving beyond belief. A state owned bank that kills off 1000s of businesses to make a quick buck?!

Royal Bank of Scotland’s Vampire Unit Guilty Of Financial Terrorism (Fraser)

We all know that the Royal Bank of Scotland went rogue under Fred Goodwin. What was less clear – until yesterday anyway – was that, eight years after it was saved from oblivion thanks to Gordon Brown and Alistair Darling’s £850 billion bailout package, the bank appears be no less of a rogue institution today. A data dump of thousands of RBS documents leaked to Buzzfeed News and the BBC has demonstrated that the bank had a policy of pushing small business customer firms to the wall in order to grow its own profits, increase bonuses for staff and rebuild its tattered balance sheet in the wake of its near collapse. There have been many, many credible reports of such activity – essentially killing viable businesses for profit – over the past five years or so but, as the former business secretary Vince Cable told Newsnight last night, “there is now a smoking gun”.

What Kremlinologists of the bank knew before yesterday was that RBS, today 73% owned by UK taxpayers, together with its sister banks NatWest and Ulster Bank, had left a trail of destruction which some have described as a corporate holocaust across the UK’s and Ireland’s small and medium-sized company base, that they had been seeking to save their own skins at their customer firms’ expense, and that tens of thousands of business customers had been affected. For example, I revealed in my book Shredded: Inside RBS The Bank That Broke Britain how RBS was engaged in a form of “financial terrorism” with a view to bolstering its own balance sheet from August 2008 onwards.

In the book, I revealed that, in May 2009, RBS instituted a policy of cherry-picking businesses from across its UK and Irish customer base operating in sectors including care homes, pubs, nurseries, nightclubs, hotels, retail units, industrial units and farms etc. – for referral to its “vampire unit”, global restructuring group. The referrals often followed what I called “manufactured defaults”, which meant the bank engineered a covenant breach or an LTV breach either through a phoney “drive by” valuation of the customer’s property assets delivered by a tame firm of chartered surveyors or in some instances a missold swap.

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“They do want the depreciation; they just don’t want it to happen quickly..”

China Weakens Yuan Fixing for Sixth Day, Fuels Depreciation Talk (BBG)

China’s central bank weakened the yuan’s reference rate for a sixth day, the longest run of cuts in nine months, amid speculation policy makers will allow further declines as the dollar rises. The next possible target is 6.83 against the greenback, with a potential Federal Reserve interest-rate increase supporting the dollar, said Shaun Osborne at Bank of Nova Scotia in Toronto. The People’s Bank of China may need to step up efforts to prevent market fears over any sharp depreciation, according to a Scotiabank report written by Singapore-based foreign-exchange strategist Qi Gao. The PBOC set its daily fixing at 6.7258 against the dollar, extending a six-day weakening run to 0.9%.

The onshore yuan extended declines from a six-year low to drop 0.06% to 6.7228 as of 9:49 a.m. in Shanghai, while the offshore rate climbed 0.07%. The Chinese currency has fallen 6.5% against a 13-currency index this year. “The yuan’s depreciation against the dollar and versus a trade-weighted basket are both intentional policy choice,” said Cliff Tan, a currency strategist in Hong Kong at Bank of Tokyo-Mitsubishi UFJ. “They do want the depreciation; they just don’t want it to happen quickly. Our forecast is still 6.80 at the end of this year, and it looks like the currency is headed there.”

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“S&P expects Beijing will continue to allow rapid credit growth over the next 12-18 months before attempting to rein it in…”

China Banks May Need $1.7 Trillion Capital Injection To Cover Bad Loans (R.)

Rising debt levels will worsen the credit profiles of China’s top 200 companies this year, requiring the country’s banks to raise as much as $1.7 trillion in capital to cover a likely surge in bad loans, S&P Global said in reports on Tuesday. The study sees little scope for improvement in 2017 amid worsening leverage and excess capacity in almost all sectors. Debt has emerged as one of China’s biggest challenges, with the country’s debt load rising to 250% of GDP. Excessive credit growth is signaling an increasing risk of a banking crisis in the next three years, the Bank of International Settlements (BIS) warned recently. 70% of the companies in the S&P survey were state owned, and they accounted for $2.8 trillion or 90% of the total respondents’ debt.

S&P estimated the problem credit ratio at Chinese banks was already at 5.6% at end-2015. In a downside scenario of unabated credit growth, that could worsen to 11-17%. In such a situation, banks would need as much as $1.7 trillion in recapitalization by 2020, S&P estimated. Even under a base case scenario, they would require $500 billion. That compares with China’s last big bank debt cleanup some two decades ago, when an estimated 4 trillion yuan ($600 billion) was spent on restructuring as of late 2005, according to a report for French economics thinktank CEPII. S&P expects Beijing will continue to allow rapid credit growth over the next 12-18 months before attempting to rein it in, implying risks would heighten in one to two years.

The IMF has warned China its credit growth is unsustainable, with companies sitting on $18 trillion in debt, equivalent to about 169% of GDP. Chinese banks’ non-performing loans are already at nearly 2%, the highest since the global financial crisis in 2009, according to the China Banking Regulatory Commission (CBRC). But some analysts believe the ratio could be as high as between 15 and 35%, as many banks are slow to recognize problem loans or park them off balance sheet, and as lenders come under political pressure from local governments to roll over bad loans to prevent job losses and defaults.

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LGFVs are the domain of shadow banks.

China Cities Face End of Fairy Tale as Default Risks Rise (BBG)

Finance firms that help keep cash flowing to China’s towns, cities and provinces face rising risks of landmark bond defaults just as they turn to global markets for funds. China’s economic slowdown is weighing on revenue at regional governments, hampering their ability to support the 5.3 trillion yuan ($789 billion) of outstanding onshore notes from local-government financing vehicles, which have yet to suffer nonpayments. Such issuance fell 18% last quarter as regulators curbed sales, forcing some to seek funds overseas. Financing units in provinces including Hunan, Jiangsu, Hubei and Sichuan are considering or planning U.S. currency notes, people familiar with the matters have said.

Warning signs are spreading. In the nation’s northeast, Changchun Urban Development & Investment Holdings Group was downgraded by Fitch Ratings last month. In the once-booming coal town of Ordos in Inner Mongolia, Yijinhuoluoqi Hongtai City Construction Investment & Development Co. had 189.5 million yuan of borrowings overdue as of March 31, according to Pengyuan Credit Rating, which downgraded it to A+ from AA- in May. “I don’t believe in the fairy tale that no LGFV will default,” said Terence Cheng, chief investment officer in at HuaAn Asset Management in Hong Kong. “Even China’s state-owned enterprises have been allowed to default. There is no absolute guarantee that an LGFV will not default.”

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Japan’s a big risk for bursting bubbles.

Tokyo Apartment Prices To Fall 20% Or More: Deutsche (BBG)

The Bank of Japan’s shift to controlling bond yields is driving up mortgage rates, prompting Deutsche Bank to predict Tokyo apartment prices may fall 20% or more by 2018. The BOJ’s negative-rate policy was already hurting buyer sentiment, and its move to boost longer-term yields is a double-blow to the industry, according to Yoji Otani, a real estate analyst at Deutsche Bank in Tokyo. The 35-year fixed mortgage rate has climbed for two straight months after touching a record low of 0.9% in August, and sales of new condominiums in Tokyo this year have fallen to the lowest since the nation’s property bubble collapse in the early 1990s.

“The one positive thing about negative rates was that it lowered borrowing costs, and now that is going to end,” said Otani, who expects prices to fall 20% to 30% by the end of 2018. “The collapse of this silent bubble has begun.” Banks have already started raising fixed-mortgage interest rates and some lenders may be charging customers 2% or more within two years under the BOJ’s current yield policy, according to Credit Suisse. The adoption of the new monetary policy is in effect a form of tapering and the cost of home loans will rise as the central bank becomes less aggressive in its bond purchase program, according Masahiro Mochizuki, a real estate analyst at the Swiss bank.

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Interesting findings on how Australia is the nation full of ATMs. Perverse consequences (“why Australian multi-factor productivity stopped growing at the turn of the millennium.”). h/t Yves

Are Rising House Prices Good For The Economy? (Ahuri)

Overall, the results indicate that a $1,000 increase in housing wealth is associated with an increase in debt of approximately $240 per annum. This is a large response compared to the magnitudes found in studies in the United States and United Kingdom… House price increases are associated with larger increases in total indebtedness for home owners with higher initial loan-to-value (LTV) ratios. Home owners with larger values of non-mortgage debt as well as higher LTV ratios are more sensitive to house price movements compared to other home owners… The take-up of further mortgage debt among vulnerable highly leveraged households exposes them to income, housing and financial market shocks.

The results are in contrast to the general belief in Australia that debt is held by those most able to service it—higher income and high-wealth households. Macroeconomic policy-makers should interpret high levels of debt and rising household debt-to-income ratios in Australia carefully. Overall, the findings show that house price changes influence household debt through two channels: a direct wealth effect and an indirect collateral effect via the household’s borrowing capacity. That is, some households face borrowing constraints and, for these households, rising house prices increase the value of their property that may be used as security for a loan and thereby loosen the borrowing constraints… Our results indicate that in response to increasing house prices, some home owners, especially home owners with low debt, engage in debt financing of consumption (involving extracting equity from their home).

Other home owners, especially those with relatively high debt levels refinance existing mortgages or adjust existing debt portfolios. The most important responses are in labour participation and hours of work by women, both partnered and single. The effect is strongest among the older cohort of women and is associated with early retirement for those experiencing above average housing wealth gains. Younger partnered men and women exhibit a reduction in hours of work in response to the gain in housing wealth. That is, these gains in wealth effectively fund time away from work to undertake non-market activities such as providing household care for children, ageing parents, undertaking volunteer work or enjoying more leisure.

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Putin and his people are talking up the price of oil. So far, it works to an extent.

Bank of Russia Governor Says Oil Rally Can Mean Much Faster Easing (BBG)

Russian central bank Governor Elvira Nabiullina is growing confident that her country’s biggest vulnerability can turn into an asset. The Bank of Russia, which last month issued an unprecedented commitment to leave borrowing costs unchanged the rest of the year, will face an easier path to interest-rate cuts if oil prices rise further, Nabiullina said in a Bloomberg Television interview in Moscow on Tuesday. While Brent crude has almost doubled from a 12-year low in January, the central bank’s “moderately tight” stance allowed for only two reductions in 2016 before policy makers all but shut the door on more monetary easing this year.

“If there is a higher oil price, then it can lead to a stronger ruble, and – through the foreign-exchange channel – that in turn can cause a more rapid decline in inflation expectations, slowing inflation,” Nabiullina said. “Then we can ease monetary policy much faster.” The outlook marks a rare signal by the central bank that it’s open to deeper monetary easing as its chase of an inflation goal enters the final stretch. Policy makers are targeting price growth of 4% by end-2017 and see it reaching 5.5% to 6% in 2016 after overshooting their forecasts for a fourth consecutive year in 2015. Oil traded near a 15-month high after rising 3.1% Monday, when Putin said at a conference in Istanbul that his country is willing to join efforts by OPEC to stabilize the market through a production freeze or cut.

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The War Party. Read. Time to venture outside the narrative machine.

The Truth About the War in Aleppo (David Stockman)

This is starting to sound pretty ominous. The Washington War Party is coming unhinged and appears to be leaving no stone unturned when it comes to provoking Putin’s Russia and numerous others. The recent collapse of cooperation in Syria – based on the false claim that Assad and his Russian allies are waging genocide in Aleppo – is only the latest example. So now comes the U.S. Army’s chief of staff, General Mark Milley, doing his best imitation of Curtis LeMay in a recent speech dripping with bellicosity. While America has no industrial state enemy left on the planet that can even remotely challenge its economic might, technological superiority and overwhelming military power, General Milley unloaded a fusillade of bluster at the Association of the United States Army’s annual meeting in Washington DC:

“The strategic resolve of our nation, the United States, is being challenged and our alliances tested in ways that we haven’t faced in many, many decades,” Army Chief of Staff Gen. Mark Milley told the audience. “I want to be clear to those who wish to do us harm … the United States military – despite all of our challenges, despite our [operational] tempo, despite everything we have been doing – we will stop you and we will beat you harder than you have ever been beaten before. Make no mistake about that.” That is rank nonsense. We are not being “tested” by anyone. To the contrary, Imperial Washington is provoking tensions and confrontations everywhere – from the South China Sea to Syria, Iraq, Yemen, Libya, the Black Sea, the Baltics and Ukraine – that have no bearing whatsoever on the safety and security of the citizens of Spokane WA, Topeka KS and Springfield MA.

Indeed, the clear and present danger to peace and freedom in the homeland lies not in the machinations of foreign capitals, but in the arrogant and bombastic groupthink that has overtaken the denizens of the Imperial City. The latter is again on display in the full-throated fulminations about the siege of Aleppo being emitted by the Washington War Party and its trained poodles in the establishment media – most especially the New York Times. We are told that the Russian Air Force and Assad’s military are targeting schools, hospitals and the 200,000 or so civilians of Eastern Aleppo for indiscriminate bombing and slaughter.

It’s shades of Benghazi 2011 all over again – an incipient genocide that Washington must stop in the name of R2P (Responsibility to Protect). No it’s not! What is happening in Aleppo is a raging sectarian civil war and a proxy battleground for the regional political maneuvers of Turkey, Saudi Arabia and Iran. They are none of America’s business and haven’t been since the so-called Arab spring uprising spread to Syria in 2011. Indeed, Syria is a lawless, bombed-out, economically decimated failed state today owing to Washington’s heavy-handed intervention at the behest of the War Party’s bloody twin sisters. That is, the neocons and the R2P liberal interventionist claque around Hillary Clinton, including UN Ambassador Samantha Powers and National Security Council head Susan Rice.

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Does Dmitry rely too much on Russian rationalism as the main factor?

Oops! – A World War! (Dmitry Orlov)

Over the past week or so I’ve been receiving a steady stream of emails demanding to know whether an all-out nuclear war is about to erupt between the US and Russia. I’ve been watching the situation develop more or less carefully, and have been offering my opinion, briefly, one on one, to a few people’s great relief, and now I will attempt to spread the cheer far and wide. In short, on the one hand, all-out nuclear annihilation remains quite unlikely, barring an accident. But, on the other hand, such an accident is by no means impossible, because when it comes to US foreign policy “Oops!” seems to be the operative term.

One reason to be cheerful is that any plan to attack Russia is bound to become mired in bureaucracy. Battle plans are developed by mid-rank people within the US military establishment, approved and forwarded up the chain of command by higher-rank people and finally signed off on by the Pentagon’s top brass and their civilian political accomplices. The top brass and the politicians may be delusional, megalomaniacal and inadvertently suicidal, but the mid-rank people who develop the battle plans are rarely suicidal. If a particular plan has no conceivable chance of victory but is quite likely to lead to them and their families and friends becoming vaporized in a nuclear blast, they are unlikely to recommend it.

Another reason to be cheerful is that Russia has carefully limited the Pentagon’s options. One plan that, in the popular imagination, could lead to an all-out war with Russia, would be the imposition of a no-fly zone over Syria. What many people miss is that it is not possible to impose a no-fly zone on a country with a sufficiently powerful air defense system, such as Syria. As a first step, the air defense system would have to be taken out, and the air campaign to do so would be very expensive and incur massive losses in both equipment and personnel. But then the Russians made this step significantly worse by introducing their S-300 system. This is an autonomous, tracked, mobile system that can blow objects out of the sky over much of Syria and some of Turkey. It is very difficult to keep track of, because it can use “shoot and scoot” tactics, launching an attack and crawling away in a random direction over rough terrain.

Last on my list of reasons why war with Russia remains unlikely is that there isn’t much of a reason to start one, assuming the US behaves rationally. Currently, the biggest reason to start a war is that the Syrian army is winning the conflict in Aleppo. Once Aleppo is back in government hands and the US-supported jihadis are on the run, the Syrian civil war will largely be over, and the rebuilding will begin.

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“..who will emerge from the rubble? I suspect it will be someone we haven’t heard of before, just as Bonaparte was unheard of in France in 1792..”

Wounded Elephant (Jim Kunstler)

It is getting to be too late to sort out all the confusion sown by this horrific campaign. From here on its really more a matter of the dust settling. In background of it all looms the train-wreck of global finance, which will be the true determinant of what the American people will have to do in the years ahead. During the weeks of the election distraction, the European banks struggle to conceal their insolvency while the politicians of Euro-land desperately try to paper over the cracks in these fracturing institutions. Few can tell what is actually happening in China’s banking system, but it’s sending out ominous tremors that are hard to ignore.

But be sure it is all daisy-chained right into Wall Street and the US banks. The potential for wrecking markets and currencies around the world is extreme at this moment. It may only be a matter of whether it happens before or after the election. Then we’ll see what happens when financial institutions can’t trust each other. Trade stops. Economies crumble. Pretenses evaporate. If it gets bad enough, the shelves of the supermarkets go bare in three days and you’re living in a permanent hurricane disaster without the wind and rain. Believe me, that will be bad enough. Hillary, if elected, will not get to play FDR-2. Rather, she’ll be stuck in the role of Hoover, the Return, presiding over a freight elevator of an economy with a broken cable.

Expect problems with the US dollar. Expect “emergency” actions. Expect the unintended consequences of those actions. If there is one outstanding upshot of these “debates” it must be their staggering failure to reassure the American public that they can expect effective leadership through the hardships ahead. There must be many others out there like myself wondering who will emerge from the rubble? I suspect it will be someone we haven’t heard of before, just as Bonaparte was unheard of in France in 1792. This is not entirely a nation of clowns, though it feels like that lately.

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Uh, no, George; that’s quite a big miss. The process of loneliness emerging as a result of breaking social ties goes back way further than neoliberalism. Try the nuclear family. Try how we design our homes and cities.

Neoliberalism Is Creating Loneliness That’s Wrenching Society Apart (Monbiot)

What greater indictment of a system could there be than an epidemic of mental illness? Yet plagues of anxiety, stress, depression, social phobia, eating disorders, self-harm and loneliness now strike people down all over the world. The latest, catastrophic figures for children’s mental health in England reflect a global crisis. There are plenty of secondary reasons for this distress, but it seems to me that the underlying cause is everywhere the same: human beings, the ultrasocial mammals, whose brains are wired to respond to other people, are being peeled apart. Economic and technological change play a major role, but so does ideology. Though our wellbeing is inextricably linked to the lives of others, everywhere we are told that we will prosper through competitive self-interest and extreme individualism.

In Britain, men who have spent their entire lives in quadrangles – at school, at college, at the bar, in parliament – instruct us to stand on our own two feet. The education system becomes more brutally competitive by the year. Employment is a fight to the near-death with a multitude of other desperate people chasing ever fewer jobs. The modern overseers of the poor ascribe individual blame to economic circumstance. Endless competitions on television feed impossible aspirations as real opportunities contract. Consumerism fills the social void. But far from curing the disease of isolation, it intensifies social comparison to the point at which, having consumed all else, we start to prey upon ourselves.

Social media brings us together and drives us apart, allowing us precisely to quantify our social standing, and to see that other people have more friends and followers than we do. As Rhiannon Lucy Cosslett has brilliantly documented, girls and young women routinely alter the photos they post to make themselves look smoother and slimmer. Some phones, using their “beauty” settings, do it for you without asking; now you can become your own thinspiration. Welcome to the post-Hobbesian dystopia: a war of everyone against themselves. Is it any wonder, in these lonely inner worlds, in which touching has been replaced by retouching, that young women are drowning in mental distress?

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One in a long line of obituaries, but a significant one. Many thousands of spcies will die with the reef.

Obituary: Great Barrier Reef : 25 Million BC-2016 (OO)

The Great Barrier Reef of Australia passed away in 2016 after a long illness. It was 25 million years old. For most of its life, the reef was the world’s largest living structure, and the only one visible from space. It was 1,400 miles long, with 2,900 individual reefs and 1,050 islands. In total area, it was larger than the United Kingdom, and it contained more biodiversity than all of Europe combined. It harbored 1,625 species of fish, 3,000 species of mollusk, 450 species of coral, 220 species of birds, and 30 species of whales and dolphins. Among its many other achievements, the reef was home to one of the world’s largest populations of dugong and the largest breeding ground of green turtles.

The reef was born on the eastern coast of the continent of Australia during the Miocene epoch. Its first 24.99 million years were seemingly happy ones, marked by overall growth. It was formed by corals, which are tiny anemone-like animals that secrete shell to form colonies of millions of individuals. Its complex, sheltered structure came to comprise the most important habit in the ocean. As sea levels rose and fell through the ages, the reef built itself into a vast labyrinth of shallow-water reefs and atolls extending 140 miles off the Australian coast and ending in an outer wall that plunged half a mile into the abyss. With such extraordinary diversity of life and landscape, it provided some of the most thrilling marine adventures on earth to humans who visited. Its otherworldly colors and patterns will be sorely missed.

[..] The Great Barrier Reef was predeceased by the South Pacific’s Coral Triangle, the Florida Reef off the Florida Keys, and most other coral reefs on earth. It is survived by the remnants of the Belize Barrier Reef and some deepwater corals.

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And winter is coming, also in Greece.

More Than 11,200 Migrants Stranded On Aegean Islands (Kath.)

Authorities say 162 migrants and refugees have arrived on Greece’s Aegean islands in the past 24 hours, raising the total number to 11,215. Authorities say 38 arrivals were reported on Samos, 38 on Chios and 22 on Lesvos. The number of individuals sheltered on Samos has increased by about 40% over the past 10 days, officials say. On Tuesday, State Minister Alekos Flabouraris chaired a meeting on immigration strategy where it was decided that migrants will be gradually moved out of an overcrowded facility on the island, while there are plans to build a second facility to detain migrants who commit violations.

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Home Forums Debt Rattle October 12 2016

This topic contains 3 replies, has 3 voices, and was last updated by  Raúl Ilargi Meijer 2 years, 2 months ago.

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  • #30899

    NPC “Largest electric locomotive and Congressman John C. Schafer” 1924 • October 14 Is A $7 Trillion Moment of Truth in Markets (BBG) • Pound Sterling
    [See the full post at: Debt Rattle October 12 2016]

    #30900

    E. Swanson
    Participant

    Here’s why Trump must not be elected President:

    Trump and the Nuclear Keys

    He’s a man who reportedly thinks that using nuclear weapons is a reasonable alternative to a crisis. His clear lack of understanding of the realities of nuclear weapons could place the US on a course toward the annihilation of the human race.

    #30902

    Valley Don
    Participant

    Thanks, Raul. Your website is always the best …

    #30993

    thanks, Don!

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