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Here Is The Exchange That Left A Stunned Janet Yellen Looking Like A Deer In Headlights

"if you're not going to give me the documents, exert your privilege, tell me your legal authority, why you're not going to provide this to us."

 


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"Bloodbath" In Black Gold - Buffett's Phillips 66 Dumps Oil In Cushing, Crashes Crude Spreads To 5 Year Lows

The canary in the coalmine of an increasingly desperate energy industry just croaked. With "unusual timing" and at "distressed prices," Reuters reports that Phillips 66 - the major US refiner owned by Warren Buffett - dumped crude oil for immediate delivery into Cushing storage tonight. This sparked heavy selling of the front-month WTI contract (to a $26 handle) and crashed the 1st-2nd month spread to 5 year lows.


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Is The US Leading Saudi Arabia Down The Kuwaiti Invasion Road?

Saudi Arabia and Turkey are both pushed into a corner over the shifting power base in the Middle East. The paranoia and desperation, like Saddam in 1990, could very well cause both countries to commit to the very act of aggression which will lead to their ultimate demise and removal from a position of influence within the region. Are we on the verge of another war?


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This "Stunning" Chart Shows How Quickly Europe's Refugee Crisis Is Accelerating

Earlier today, we reported that European officials are considering a two year Schengen suspension to help stem the inexorable flow of Mid-East migrants into Western Europe. To understand just how acute the problem is, consider the following chart from The Washington Post which shows how many more asylum seekers fled to Europe from January 1 through February 7 of this year compared to the number arriving from January 1 to February 28 of 2015.


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Putin Uses the Refugee Crisis to Weaken Merkel

Putin’s continuing support to keep Assad in power has a direct correlation with Merkel’s weakening support at home. The longer the war in Syria endures, the weaker it could make Merkel. This has consequences for the rest of the EU. A weakened Merkel means a weakened, more divided Europe. The bloc will be in no shape to deal with the ever-mounting security challenges it faces, not least the ongoing political crisis in Ukraine, where on February 3 the economy minister resigned in disgust and frustration over corruption.


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Why Ron Paul Is Hopeful

We’re living in a time when people - especially young people - can see that the old ideas aren’t working any more. The young generation has inherited a mess from the older generations, and the young can see that what they’ve been told isn’t true. It’s not true that you can just go to college, run up a bunch of student debt, and then get a good job. The young can see that the middle class is being destroyed by our current economic system. And they can see that our foreign policy is failing. Whether we like it or not, change will come.


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Why Trump Thinks Unemployment Is 42%

"If we had 5% unemployment, do you think we'd have these gatherings?"


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"It's Probably Something" - Gold Surges Above $1200; USDJPY, Oil, Stocks Plunge

Hong Kong traders are back from vacation, and with few options on the table, they are buying the one asset that provides the best cover to central banks losing faith, demonstrated most vividly by the total failure of the BOJ, and as a result just as Yen soars above 113, gold has taken out the numerous $1,200 stops and is currently surging to levels not seen in almost a year.


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Good News: Hookers Aren't Planning To Hike Rates

"This is a very price elastic market. The only reason price hikes held last year was that all escorts raised their prices; customers had little choice. But it’s also a testimony to income growth: customers had the available disposable income."


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"Fasten Your Seatbelts": Kyle Bass Previews The Collapse Of China's $34 Trillion Banking Sector

"We believe the epicenter of the problem is the Chinese banking system and its coming losses. Once analysts, politicians, and investors alike realize the sheer size of the impending losses and how they compare to the current levels of reserves, all focus will swing to the banking system."


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"Negative Rates Are Dangerous" OECD Chair Warns "Our Entire System Is Unstable"

"There is excessive debt everywhere and negative interest rates are dangerous... My number one fear? That’s the same as asking me where it will start. When you view the economy as a complex, adaptive system, like many other systems, one of the clear findings from the literature is that the trigger doesn’t matter; it’s the system that’s unstable. And I think our system is unstable... Central Bank models are just wrong"


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Thousands Of Americans "Demand" Obama Be Convicted Of War Crimes

"One of the most dreadful prisons in history – Guantanamo - continues to function. Libya was destroyed as a result of Obama’s aggression. In Syria, Obama’s agents train, fund and organize terrorist groups, deceitfully naming them 'moderate opposition', who, among other things, bear a relation to Al-Qaeda, implicated in crimes against the American people."


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The Physics Of Energy & The Economy

When the economy collapses, it will collapse down to a lower sustainable level. Much of the world’s infrastructure was built when oil could be extracted for $20 per barrel. That time is long gone. So, it looks like the world will need to collapse back to a level before fossil fuels - perhaps much before fossil fuels.


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Agency Bond Rigging Probe Expands As Europe Grills Banks On SSA Debt

EU regulators have joined their counterparts in the US and Britain in probing the SSA market where banks may have colluded on price quotes. The big question is whether Deutsche Bank, which is struggling to reassure a nervous market, will find itself in the European Commission's crosshairs.


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