The Vacant Dead: The 50 US Cities With The Most "Zombie" Foreclosures

For those concerned if their city is among the top most frequented by this particular, and very unpleasant, breed of "zombies", here are the top 50 cities in the US in which zombie foreclosures represent the highest percentage of all properties in foreclosure. For those readers certainly located among the Top 10, now may be a great time to hit a bid, any bid and get out while the getting is good.

3 Things: Oversold Bounce, Relative Risk, More Downside Potential

"But aren't stocks "cheap relative to bonds"? Unfortunately, the evidence suggests exactly the opposite. Indeed, despite a yield to maturity of hardly more than 2% annually, Treasury bonds are still likely to outperform the total return of the S&P 500 over the coming decade... Frankly, history suggests that a rather ordinary completion to the present market cycle would involve the S&P 500 losing more than half of its value."

Pope Pissed After Feds Force FATCA Down Vatican City Bankers' Throats

While Pope Francis has called for an end of "the cult of money and the dictatorship of an economy," The Vatican City has been forced into sharing information with the US. Despite the oft-quoted Book of Proverbs prose that "[T]he borrower becomes the lender's slave," in the case of the world's largest borrower - the US government - it still acts like everyone’s master, including dictating the most ridiculous terms on financial agreements like this.

The Warren Buffet Economy, Part 2: Why Its Days Are Numbered

As we noted in Part 1, this central bank fueled boom will ultimately be paid for in the form of a prolonged deflationary contraction. On the morning after, of course, it will be asked why the central banks were permitted to engineer this fantastic financial and economic bubble. The short answer is that it was done so that monetary central planners could smooth and optimize the business cycle and save world capitalism from its purported tendency toward instability, underperformance and depressionary collapse. In Part 2, the whole case for this sweeping and unprecedented Keynesian demand management by the monetary authorities was a crock. Accordingly, the days of the Warren Buffet economy are indeed numbered.

Report From Russian Cybersecurity Firm Links Israel To Nuclear Talk Spy Virus

Moscow-based cybersecurity firm Kaspersky Lab has released a detailed report that outlines how spyware (which some suggest originated in Israel) was used to infiltrate the hotels that hosted the Iran nuclear negotiations. From the report: "Earlier this year, during a security sweep, Kaspersky Lab detected a cyber intrusion affecting several of its internal systems. Following this finding, we launched a large-scale investigation, which led to the discovery of a new malware platform. Notably, some of the new 2014-2015 infections are linked to the P5+1 events and venues related to the negotiations with Iran about a nuclear deal."

Gazprom Seeks A Way Around Ukraine By 2019

Gazprom has vowed to entirely cut out Ukraine as a transit hub for natural gas exports to Europe. “We will not export gas via Ukraine after 2019. The customers will get gas at (newly) agreed delivery points,” Gazprom’s Deputy CEO Alexander Medvedev said on June 9.

Why Bill Gross' Departure Did Not Roil The Bond Market: Pimco Sold To Itself

Back in October, following the shocking news that after building Pimco from the ground up, Bill Gross would depart the world's then biggest bond fund following internal infighting, there were concerns that as a result of a surge in redemptions and liquidation sales at the Gross-controlled Total Return Fund, the already illiquid bond market would suffer and potentially go bidless across various CUSIPs in order to extract the best price from the forced seller. This did not happen despite an unprecedented surge in redemptions which has seen PIMCO's AUM tumble by 60% from its peak holdings of $293 billion in April 2013. Why not?

Ukraine Bonds Plunge After 'American' FinMin Escalates Default Threat

In the last 3 days, Ukraine's short-term bond prices have crashed 9%. Specifically the 2017s are down 3.5 points today alone following Ukraine's (American) finance minister threats yesterday in Washington that it will default on its debt unless creditors (which include both Russia and the US taxpayer) acquiesce to their demands for more aid (more debt). As Bloomberg reports, the country will stop making payments on its debt if talks don’t make progress, Finance Minister Natalie Jaresko told reporters in Washington Wednesday. Bondholders are “deeply concerned” about Jaresko’s stance, a creditor group led by Franklin Templeton said in a statement today.

Did Greece's Time Just Run Out?

“There’s no more space for gambling, there’s no more time for gambling. The day is coming, I’m afraid, where someone says the game is over."

Smashing 30 Year Treasury Auction Courtesy Of Yet Another Short Squeeze

Sure enough, with the repo rate quite negative all day, moments ago the 30Y priced in what was likely the strongest auction of 2015 based on the the Bid to Cover, which soared from 2.2 to 2.54, the highest since December. The yield priced at 3.138%, 0.9 bps through the When Issued as a result of a jump in Indirect, who took down 52.0%, the most since last July's 53.2%, leaving 14.4% to Directs and just 33.6% to Dealers, the least since December.