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JPM's $150 Billion FDIC Reality Adjustment

 Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion

It's easy to see on the PDF:
http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf

Go to page 9.  Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over.  Why... ? Because JPM says they would expect the FDIC to immediately writedown JPM's assets by an additional $150 billion.

Holy mark to bullshit.  Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.
It gets better. Go to page 10.  The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus 'the $150 billion fdic reality adjustment', which leaves them in a negative equity position of (-$16 billion).
So, we can extrapolate that without this phantom loss of $50 billion, JPM's real equity position is just $34 billion currently, not the $184 billion on their books.

http://dailybail.com/home/jpms-150-billion-fdic-reality-adjustment-jamie-dimon-just-ad.html

Germany Has "Reached Its Limit" On Greek Aid

 While Frau Merkel remains beach-bound somewhere, hence the lack of 'Neins' recently, her deputy chancellor Michael Fuchs made it unequivocally clear this morning in a Handelsblatt interview that Germany had "reached the limit of its capacity" over additional EFSF payments to Greece and reiterated the double-whammy that the ESM should NOT receive a banking license and that the ECB should NOT act as "money printing press in disguise" by extending emergency loans and bypassing EFSF/ESM. A decision about whether Greece should be given the second tranche of its loan will not be made until October, after the Troika finalizes its first review of the second rescue program in September. However, BNP Paribas notes that there have been a couple of developments worth noting over the past week and more are likely in the coming weeks.

http://www.zerohedge.com/news/germany-has-reached-its-limit-greek-aid

“Catch Me If You Can” JPMorgue Has 11+ State, Fed & Int’l Enforcement Bodies After It

 The Morgue is like Leonardo Dicaprio in the movie “Catch Me If You Can.”  The bank has amassed a laundry list of fraudulent activities that have burst onto the radars of numerous governmental agencies and into the public spotlight. Probably, we are looking at a similar outcome as in the movie. Instead of prosecutions, the bank, like Dicaprio’s character in the movie, will probably be merely asked to go to work for the Feds in some capacity to “pay off” their wrongdoings.

http://silvervigilante.com/catch-me-if-you-can-jpmorgue-has-11-state-fed-intl-enforcement-bodies-after-it/

Renegade Economist with Prof Matthew Watson

"The Beijing Conference": See How China Quietly Took Over Africa

Back in 1885, to much fanfare, the General Act of the Berlin Conference launched the Scramble for Africa which saw the partition of the continent, formerly a loose aggregation of various tribes, into the countries that currently make up the southern continent, by the dominant superpowers (all of them European) of the day. Subsequently Africa was pillaged, plundered, and in most places, left for dead. The fact that a credit system reliant on petrodollars never managed to take hold only precipitated the "developed world" disappointment with Africa, no matter what various enlightened, humanitarian singer/writer/poet/visionaries claim otherwise. And so the continent languished. Until what we have dubbed as the "Beijing Conference" quietly took place, and to which only Goldman Sachs, which too has been quietly but very aggressively expanding in Africa, was invited. As the map below from Stratfor shows, ever since 2010, when China pledged over $100 billion to develop commercial projects in Africa, the continent has now become de facto Chinese territory. Because where the infrastructure spending has taken place, next follow strategic sovereign investments, and other modernization pathways, until gradually Africa is nothing but an annexed territory for Beijing, full to the brim with critical raw materials, resources and supplies.

http://www.zerohedge.com/news/beijing-conference-see-how-china-quietly-took-over-africa

Europe's Scariest Chart In More Detail

While the surging unemployment rates across Europe are the most troublesome for politicians (and the extreme youth unemployment even more so), if we take a closer and more 'local' view of the stress, it is interestingly more regional than national. While Spain and Greece stand out, the unemployment rate, as analyzed in the chart below by Flute Thoughts blog, does not follow national borders. Northern Italy, for example, seems to have more in common with the German-speaking regions of Europe than with Southern Italy; France appears more peripheral than core; and the former eastern Germany still has not caught up with the west (so much for fiscal integration). Eastern Europe also has some striking differences as we suspect the ovals are slowly collapsing in on themselves as the reality of lower revenues from more unemployed procyclically pulls the euro-zone into depression.

http://www.zerohedge.com/news/europes-scariest-chart-more-detail

Robert Shiller Has A Chiller For Housing Recovery Hopes

Recent research by Robert Shiller indicates sounding the all-clear for a housing recovery is premature since the home-price rebound, if that's what it is, doesn't yet have momentum - which is the most powerful driver of home prices. As he notes in today's WSJ, momentum is a modestly weak force in the stock market but the most important driver of the 'feedback loop' in home-price increases (followed by unemployment). "It could be a bottom, I just don't know", he adds pointing to the large overhang of homes that are either in foreclosure of near it - which would push prices down further if they were ever released to the market (wanting to see momentum carry into the Spring to be convinced). Critically, he sees bubbles once again forming in some areas, commenting that investors have been "primed to think speculatively" adding that "There was a change in our mindset. Now we start thinking about the housing market as like the stock market." Our question is, if the increasingly speculative housing market is part of the CPI basket, why then is the stock market not also part of what is now an inflationary basket chock full of QE-sensitive assets.

http://www.zerohedge.com/news/robert-shiller-has-chiller-housing-recovery-hopes

Going to the Tape

Going to the tape

Zynga (znga) is a buy at $5.09 
  size 1000

Bitcoin is a a buy at $8.68 
  size 1000