Albania Central Bank Governor Arrested Over Theft Of $7 Million From Bank Vaults - (www.zerohedge.com) As it turns out, since there is a central bank involved, there is once again more than meets the eye, and the story has since mutated into something far more grotesque than even we could imagine, with news coming out late last week and over the weekend that not only was the theft by "two employees" a misdirection, but that the guilty party was none other than the Albanian version of Janet Yellen, the governor of the central bank himself Ardian Fullani. From Reuters: Albania's central bank governor Ardian Fullani was arrested on Friday evening in his office on charges of abuse of office over the theft of 713 million lek (6.63 million US dollar) from the bank's vaults, the prosecutor's office told Reuters. Fullani had refused to step down despite protests by citizens who started a petition to demand his dismissal. He had won a confidence vote in the supervisory board by a landslide. Fullani is the 17th bank employee to be arrested in the case.
Draghi
Plea for ABS Support Rebuffed by France, Germany - (www.bloomberg.com) Mario Draghi asked European governments to help him
help them. The answer so far is “no.” France and Germany, the euro area’s two largest economies, will
say they’re not interested in providing state guarantees for the European
Central Bank president’s asset-purchase program announced last week, according
to a draft document obtained by Bloomberg
News.
Draghi asked governments to guarantee some elements of asset-backed securities,
bundled loans that the ECB plans to purchase to unlock funding in the region’s
stalling economy. After rolling out interest-rate cuts and long-term loans to
banks, the ECB is now turning up the pressure on political leaders to put their
own money on the table. “Some actors have called for a public intervention, to
facilitate the development of the securitization market, notably to improve the
economics of securitization,” the French and German governments wrote in a
paper that may be presented at a meeting of the region’s finance ministers in
Milan this week. “An intervention in the form of a public guarantee would be
problematic.” The German and French finance ministries declined to comment on
the subject of guarantees today.
The
American family makes $200 more a year than it did in 1989 - (www.marketwatch.com) As of a year ago, typical U.S. households still
hadn’t recovered all of the wealth they lost in the Great Recession of 2008-09,
according to the latest Survey of Consumer Finances released by the Federal
Reserve on Thursday. Median net worth fell 2% (inflation-adjusted) between 2010
and 2013 to $81,200 per family, down about 40% from the $135,400 they had in
2007, just before home prices and stock prices plunged, the Fed reported. (The
median means that half of families had more wealth, and half had less. Net
worth is the value of all assets minus the value of all liabilities or debts.).
The Survey of Consumer Finances is considered one of the most comprehensive
studies on income, wealth and debt. Unfortunately, it’s only produced every
third year, and it’s published about 18 months after the survey. A lot can
change in that 18 months, including a 14% increase in home prices and a 30%
gain in the stock market.
"Why
This Stock Market Will Never Go Down" - (www.zerohedge.com) Presenting: "Why this stock market will never go down" which contains such stunning pearls of
financial insight as the following: Everyone believes the U.S. stock
market has reached a permanently high plateau. Everyone, that
is, but the bears. Last week’s Investors Intelligence survey showed bearish
sentiment at its lowest since 1987 (13.3%). In fact, short-sellers have nearly
disappeared along with the few remaining bears. In addition, the VIX is at
historic lows (near 12), which reflects investor complacency. Put another
way, almost no one believes this market will go down. Wait, "permanently
high plateau"? When was the last time we heard that line. Oh wait,
nevermind. That said, the author does point out the clear inherent falacy in
his premise, namely that there no longer is any retail participation in a
market which everyone realizes is too rigged, too manipulated and too broken to
hope to even break even: Ironically, retail investors are not as gung-ho
about the market as in the past. Viewership of financial television programs is
at 20-year lows, especially in the coveted 25-to-54 age group. It’s a sign that
even as the market climbs higher, interest in the stock market is falling along
with volatility.
Consumer
Credit in U.S. Surges on More Loans for Automobiles - (www.bloomberg.com) Consumer
borrowing in the U.S. rose more than forecast in July as non-revolving loans
including those for cars climbed by the most in three years. The $26 billion
increase in credit and
exceeded the highest forecast in a Bloomberg survey and followed an $18.8
billion advance in June that was more than previously estimated, a report from
the Federal Reserve in Washington showed today. Non-revolving loans, which
include borrowing for autos and college tuition, climbed $20.6 billion, the
biggest gain since July 2011. Credit-card lending rose for a fifth straight
month. A stronger job market and rising home values are giving households the
confidence to take on debt to buy big-ticket items such as motor vehicles.
Banks are also becoming more willing to lend, which could encourage more
consumers to boost their spending, which makes up the biggest part of the
economy.
Italy
says wants deficit, debt targets eased for whole euro zone - (www.reuters.com)
Poll shows rival Scottish independence camps neck-and-neck - (www.reuters.com)
Poll shows rival Scottish independence camps neck-and-neck - (www.reuters.com)
Kentucky
Man Arrested For "Terroristic Threatening" After Posting Song Lyrics
To Facebook - (www.zerohedge.com)
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