German HIgh Court and the ECB
Sometime after the German elections in September, the German high court will make a ruling that may rock the European Union. They have recently heard arguments, for and against, the ECB OMT program — basically a program that allows the ECB to buy an unlimited amount of government bonds of any Euroblock member.
Should the court rule against the ECB, then we could see volatile trading of the Euro and European stocks. Besides causing the global markets to boil and bubble, such a ruling could finally result in a break up and reformation of the European Union. Though most pundits would say that the German high court has a record of supporting EU related programs, there is a chance that Brussels will not like the eventual court ruling. (http://www.spiegel.de/international/europe/german-high-court-skeptical-of-ecb-bond-buying-a-905246.html).
California Home Prices up 25%
Rising home prices is generally thought to be a good thing, especially given the dismal market for the past few years. However a jump of 25% has to make you wonder. With all the talk of Wall Street buying up property (borrowing cheap money from Bernanke and the Fed), one has to wonder if this spike in prices is healthy.
I guess enjoy the ride if you can. Maybe a good time to sell and move to Texas?
(http://money.msn.com/business-news/article.aspx?feed=AP&date=20130614&id=16596641)
The Federal government is listening
NSA admits that it can listen to any private phone conversation, read any email or text, of any person in America, without a court order. (http://news.cnet.com/8301-13578_3-57589495-38/nsa-admits-listening-to-u.s-phone-calls-without-warrants/)
The federal government continues to increase its powers, this time taking away the right to privacy from every person in America. Not so long ago, the government needed justification for a ‘wire tap’, and needed a court order. Not any more. The tide that is eroding the foundation of democracy is increasing in its power.
For a European view on Prism (a related topic) — http://www.spiegel.de/international/world/german-press-us-spying-program-attacks-basic-civil-rights-a-905089.html