EGYPT - At least 51 supporters of ousted Egyptian President Mohammed Morsi were killed outside a military facility and nearby mosque in Cairo, according to the Egyptian ministry of health. Two police and one army officer were also killed in the clashes. The ministry added that more than 430 people have been injured. The administration of Egypt interim president Adli Mansour sided with the military, saying the incident resulted from an attempt to storm the Republican Guard headquarters.
USA - Top terrorism experts say that mass spying on Americans doesn’t keep us safe. High-level American government officials have warned for 40 years that mass surveillance would lead to tyranny. They’ve warned that the government is using information gained through mass surveillance in order to go after anyone they take a dislike to. And a lieutenant colonel for the Stasi East German’s – based upon his experience – agrees.
USA - By gathering data on Americans in one place, the government is creating an attractive target for hackers. Everyone knows that there’s no such thing as a completely secure system. The danger from allowing the NSA to have deep access into the data systems of US companies is that that very system creates an enormous vulnerability that would not have existed. Hack into part of the NSA spy network and you have access to a mass of private data that would be near impossible to collect in any other way. It’s ironic that the NSA’s activities to improve the security of the US have created the nation’s largest security risk of them all.
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.