Here Comes The Yuantervention
Submitted by Tyler Durden on 01/10/2016 - 21:24
Somebody had to do something...
Noble Group's "Margin Call" Part II: The Enron Moment
Submitted by Tyler Durden on 01/10/2016 - 21:17
Our balance sheet - the strongest in recent history - represents a significant advantage as we continue to identify high value growth opportunities across the products and geographies we operate in. Maintaining out investment grade rating with the international rating agencies is a vital part of this strategy.
- Noble Group 2014 Annual Report, p. 27
Germany Erupts Into Chaos As Protesters Declare "Rapefugees Not Welcome"
Submitted by Tyler Durden on 01/10/2016 - 20:59
Germany is rapidly descending into chaos on the heels of a wave of attacks allegedly perpetrated by refugees in Cologne on New Year's Eve. A PEGIDA protest had to be broken up by water cannon-wielding riot police on Saturday and in an eerie twist of fate, the seven decade ban on publication of "Mein Kampf" expired this month.
Oregon Standoff: Isolated Event Or Sign Of Things To Come?
Submitted by Tyler Durden on 01/10/2016 - 20:50
One thing my years in Washington taught me is that most politicians are followers, not leaders. Therefore we should not waste time and resources trying to educate politicians. Politicians will not support individual liberty and limited government unless and until they are forced to do so by the people.
Fed's Williams: "We Got It Wrong"
Submitted by Tyler Durden on 01/10/2016 - 19:57
"The Fed got it wrong when it predicted a drop in oil prices would be a big boon for the economy. It turned out the world had changed; the US has a lot of jobs connected to the oil industry."
- SF Fed President John Williams
The EU Bail-In Directive: Dark Clouds Are Gathering
Submitted by Tyler Durden on 01/10/2016 - 19:30
In principle, the BRRD, or “bail-in directive” as it is also known, is quite a good idea. The fact that lending money to fractionally reserved banks or even merely depositing it with them, involves risks needed to be firmly reestablished. One simply cannot expect that banks and their creditors will be bailed out by taxpayers at every opportunity. Besides, the admission that there are risks in banking that have hitherto been glossed over or have even been lied about was long overdue. However, Europe’s governments are now likely to find out that the current monetary system with its fractionally reserved banks is actually incompatible with this admission, so to speak.
Shared Sacrifice? 1 In 3 Americans Slash Staples Spending To 'Afford' Obamacare
Submitted by Tyler Durden on 01/10/2016 - 18:55
Health insurers are in panic mode as the Obama administration, ever eager maximize coverage optics for Obamacare, has, as The NY Times reports, allowed large numbers of people to sign up for insurance after the deadlines in the last two years, destabilizing insurance markets and driving up premiums. This surge in costs, from unintended consequences, has left 1 in 5 Americans with health insurance is having problems paying medical bills; and, as a new poll finds, more than one in three Americans, or 35 percent, said they were unable to pay for basic necessities such as food, heat, and housing because of medical bill problems...
MacroStrategy Explains Why Most Stocks Have Already "Crossed The Rubicon"
Submitted by Tyler Durden on 01/10/2016 - 18:38
"As more companies cross the Rubicon out of the buyback zone, the bid for their equity shrivels. For the 2013 financial year, 60% of stocks in my sample were in good shape to gear-up for buybacks. By the end of 2015, just 35% of the sample were in good shape to do buybacks."
This Is What Gold Does In A Currency Crisis, China Edition
Submitted by Tyler Durden on 01/10/2016 - 17:50
As China’s leaders figure out that pegging the yuan to the dollar while quintupling their debt in five years was a colossal mistake, they are, apparently, concluding that the only way out is a sudden, sharp currency devaluation...
The Other (More Worrisome) "H" Bomb
Submitted by Tyler Durden on 01/10/2016 - 17:22
Presented with no comment...
The Biggest (And Possibly Most Terrifying) Company You've Never Heard Of
Submitted by Tyler Durden on 01/10/2016 - 16:55
Chances are you’ve never heard of the company. If you have heard of the company, chances are you misunderstand the shear enormity of the global company and their contracts. From transport to air traffic control, getting your license in Canada, to running all 7 immigration detention centers in Australia, private prisons in the UK, military base presence, running nuclear arsenals, and running all state schools in Bradford, Serco, somewhere, has played a part in moving, educating, or detaining people.
Meanwhile In Shanghai Residents Form Lines To Sell Yuan, Buy Dollars
Submitted by Tyler Durden on 01/10/2016 - 16:27
Ming Pao, the most influential Chinese newspaper in Hong Kong, reports that Shanghai residents are lining up at local banks to sell Yuan for Dollars over fears of even more Yuan devaluation.
ISIS Attacks On Libyan Oil Facilities Visible from Space
Submitted by Tyler Durden on 01/10/2016 - 16:05
Libya is "crying for help" as its oil infrastructure is under attack by Islamic State. The fires burning at Es Sider and Ras Lanuf are so large, NASA spotted them from space.
It Begins: FXCM Doubles Yuan Margins, Warns Of Market "Disruption And Highly Illiquid Conditions"
Submitted by Tyler Durden on 01/10/2016 - 15:58
Dear Client,
We believe there is a chance of disruption and highly illiquid conditions in the forex market during the coming weeks (and/or months). Please be aware that market gaps tend to occur over the weekend – that is, currencies trade at prices considerably distant from previous levels.
If The High-Yield Bond Market Is "Fixed", Explain This...?
Submitted by Tyler Durden on 01/10/2016 - 15:40
Remember a week ago when every TV anchor, pundit, asset-gatherer, and commission-taker stormed onto mainstream media and proclaimed the credit market collapse "fixed" because prices had 'stabilized' over the holiday period "proving that 3rd Avenue was a one off" and this dip was a buying opportunity? Yeah, well that was all complete crap... as Investment-Grade cost of funding hits a 3-year high, HY bond spreads blew out to cycle wides, 'triple-hooks' soared to their worst levels in almost 7 years, and credit protection costs rose by the most in years.
