USA - If you’ve been too busy to keep up with the spying scandal, here’s an overview:
VATICAN - The Vatican on Friday issued an unprecedented religious text co-written by Pope Francis and his predecessor Benedict XVI in which the two popes said faith should serve the "common good" but restated their opposition to gay marriage.
UK - The Archbishop of Canterbury has warned the Church of England that it has to face up to a “revolution” in attitudes to homosexuality. In his most widely anticipated address since taking over the leadership of the Church, the Most Reverend Justin Welby insisted that it was now “absurd and impossible” to ignore an “overwhelming” change in social attitudes.
BANGLADESH - On April 24, a textile factory collapsed in Dhaka, Bangladesh, killing over 1,100. A government investigator has presented his results to Spiegel. They tell a harrowing story of a disaster caused by greed and the pressures of globalization.
CANADA - Canada’s banks are considering a plan to make Toronto the first North American trading hub for China’s yuan, joining a global race for a share of trading in the currency of the world’s second-largest economy.
TEHRAN, IRAN - Iran's central bank is allowing most importers to buy local currency at half the former official price as part of attempts to attract investors to an economy battered by Western sanctions. The effective devaluation of the Iranian rial comes as other proposals are being floated to boost commerce, including possibly waiving taxes for foreign companies. Sanctions over Iran's nuclear program have hit the country's vital oil exports and blocked transactions on international banking networks. Inflation is running at more than 25 percent.
EUROPE - Our reality has changed in the last twenty-four hours. The Bank of England and the European Central Bank have re-affirmed their old positions since the Fed has changed tacks.
EGYPT - The same newspapers and media outlets that are lamenting the fall of Egypt's first democratically-elected president and charge that it was a coup did not care about the sanctity of democratic institutions when the US almost pulled off a coup in Venezuela more than a decade ago but was rebuffed by a vigilant and aware Venezuelan nation.
GERMANY - Advertising to go further than ever before in mimicking the symptoms of paranoid schizophrenia, the Telegraph reports: Passengers leaning their head against the window will “hear” adverts “coming from inside the user’s head”, urging them to download the Sky Go app.
CARIBBEAN - Newly formed Tropical Storm Chantal is taking aim at the Caribbean this week. The Atlantic Basin has been void of a tropical depression or storm since mid-June, until Sunday evening that is. Tropical Storm Chantal developed in the Atlantic Ocean and is currently 470 miles east-southeast of Barbados. The AccuWeather.com Hurricane Center has been keeping a close eye on this tropical system over the past few days as it has been moving from near Africa across the Atlantic Ocean.
USA - Are the central banks of the world starting to lose control of the financial markets? Could we be facing a situation where the bond bubble is going to inevitably implode no matter what the central bankers do?
RUSSIA/CHINA - Western economic commentary on China and Russia is usually coloured by monetarist assumptions not necessarily shared in Moscow and Beijing. For this reason, Russian and Chinese fiscal and monetary policies are misunderstood in financial markets, as well as the reasons their governments buy gold.
UK - As the rampant criminality in bullion markets becomes more and more apparent (even to outside observers); we get another anecdote from the Corporate Media illustrating the level of fraud/manipulation in unequivocal terms. We’re told that bullion-buyers in London must now wait more than 100 days to take delivery of the bullion for which they have already paid.
UK - The comment was the sort that most people would have found deeply shocking, but it was all too typical of attitudes in the part of South London where I was brought up. Talking about her future, a young woman neighbour told me: ‘Everyone is going to be a single mother in the end — you just have to find the right donor.’
EUROPE - The European Parliament has called for the scrapping of two agreements granting the US access to European financial and travel data, unless Washington reveals the full extent of its spying on Europe.