"There were too many wounded, tens of dead, body pieces scattered around, and people screaming. The state wasn’t able to prevent a massacre right in the middle of Ankara. Instead, it enabled it."
For the first time since October 2010, VIX has fallen for 10 straight days (crashing from over 28 to under 17). The collapse in the 'fear' index has also broken it back below its 200-day moving-average for the first time since breaking above on August 19th.
- September 2013: EVANS; NO RATE HIKE UNTIL LATE 2015 (source)
- March 2014: EVANS: NO RATE HIKE UNTIL EARLY 2016 (source)
- October 2015: EVANS: MID-2016 BEST CHOICE FOR LIFTOFF
It appears Chinese authorities want to be the monopoly manipulator of their stock markets. Just a week after BlackRock suggested (and Hillary spewed) plans for transaction taxes in US markets to effectively kill high-frequency-trading (and all its ills), China's Securities Regulator Commission (CSRC) has proposed limiting the use of automated trading programs in the stock market. Of course, just as we saw last nght in China futures, we assume CSRC only wants to ban "selling" algos and not "spoofers" pushing stocks higher.
Since the economic downturn of 2008, the critics of capitalism have redoubled their efforts to persuade the American people and many others around the world that the system of individual freedom and free enterprise has failed. These critics have insisted that it is unbridled capitalism, set loose on the world, which is the source of all of our personal and society misfortunes. The political and economic crises through which the world suffers is not the crisis or failure of the free market. No, it is the crisis and failure of the interventionist-welfare state, and its anti-free market capitalist ideology.
"We don’t ask anyone’s permission to enhance our defense power or missile capability and will firmly pursue our defense plans, particularly in the field of missiles."
If it wasn't for Ben "the Hero" Bernanke's courage to print like a drunken Keynesian madman, none of this would have been possible, and by "this" we of course mean that the net worth of the top 0.1% of Americans is about to surpass the wealth of the bottom 90% of US households.
While the US bond market, if not equities, is enjoying the day off on a day in which there is no economic data just more Fed speakers including the Fed's Evans who on Friday uttered what may be the dumbest thing a central planner has ever said, the week's macro docket starts in earnest on Tuesday when China releases much anticipated September trade data. Here are the key events for the rest of the week.
Saudi Arabia, the recently crowned head of a UN human rights panel and close U.S. government ally, has now bombed two wedding parties in Yemen in just over a week. Yes, you read that right.
On Friday we said that "it is certain that any volume reductions by Glencore will be promptly taken advantage of by Glencore's competitors, because in a global deleveraging and commodity supercycle repricing, he who cooperates while others defect, always loses the game theory."And just as expected, overnight the world's second biggest mining company, Rio Tinto, warned that it will not cut copper production, saying it would be illogical to hold back output and leave space in the market for higher-cost rivals.
Despite its dubious track record, oil prices are stumbling after Goldman Sachs releases a report calling for oil prices to remain lower for even longer, calling for a drop to $50 within the next 6 months.
Greek Cash Ban Escalates: 'Permanent' Stricter "Capital Controls" On 3 Million Pensioners, Civil Servants ImposedSubmitted by Tyler Durden on 10/12/2015 - 09:19
In a stunning move towards the elites' endgame of 'banning cash', Greek authorities unveiled stricter capital controls for civil servants and pensioners this weekend. By drastically limiting cash withdrawals and forcing the more 'controllable' compulsory use of plastic money, Greek authorities hope to stop tax evasion through the use of 'fake cash registers'.
Last week, we said the following about the next stage of Syria’s civil war: “In case it wasn’t clear enough what was set to happen soon after the Russian air force had spent a few days softening up anti-regime positions on the ground, allow us to spell it out: with the opposition on the run thanks to days of aerial bombardment, Iran will now send in the Hezbollah/Shiite militia/Quds clean up crew, who will personally ensure that whoever is left in the wake of the Su-34 strikes is swiftly eliminated at close range." As Retuers reports, that is exactly what's unfolding.
We would argue the main reason for Blackrock’s attempt to persuade the exchanges to adopt its recommendations on trading halts is that Blackrock itself is inconvenienced by downside volatility. Presumably the company is no stranger to leverage (how else can it squeeze out large returns with a portfolio this large in a ZIRP world?) and is therefore forced to exercise stop loss orders itself when the market declines fast. Such attempts to “regulate” everything, even the price swings markets are allowed to make, are attempts to stem oneself against nature.