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Chinese Stocks Rally On Confusion Whether PBOC Finally Launched QE; US Futures Flat In Holiday Mode

With the "adult supervision" of US markets gone today as bond markets are closed for Columbus day, and the USDJPY tractor beam also missing with Japan also offline for Health and Sports day, stocks took their cues from China where speculation was rife that in lieu of cutting RRR, the PBOC has unleashed even more incremental QE by expanding its Collateral Asset Refinancing Program (CAR). Specifically, the central bank said this weekend it will expand a program allowing lenders to use loan assets as collateral for borrowing from the central bank, opening it up to nine more cities from the program's test in Shandong province and Guangdong. The new areas for the program include Beijing and Shanghai. According to some estimates released several trillions in liquidity into the market, and not only sent government bond futures to new highs, but pushed the Shanghai Composite up over 3% overnight.

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RANsquawk Week Ahead video: 12th October - BoJ minutes are released on Tuesday, while investment banks are in focus as earnings season reaches full...

  • BoJ minutes are due to be released on Tuesday with multiple central bank speakers on the slate to supplement the calendar
  • Investment Banks are in focus as earnings season starts in full swing, with analysts looking for whether the global slowdown had an impact on results

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Obama Defends The Failure Of His Syria Policy Before A Belligerent 60 Minutes

Steve Kroft: A year ago when we did this interview, there was some saber-rattling between the United States and Russia on the Ukrainian border. Now it's also going on in Syria. You said a year ago that the United States-- America leads. We're the indispensible nation. Mr. Putin seems to be challenging that leadership.

President Barack Obama: In what way? Let-- let's think about this-- let-- let...

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Moscow Demands Britain Explain "Green Light To Shoot Down Russian Jets"

The chances of escalation from a proxy war to outright war just went to 11 on the Spinal Tap amplifier of sabre-rattling. A day after British and NATO pilots were reportedly given the green light to take drastic action against Russian fighter jets if they come under threat during missions over Iraq, Interfax reports that the Russian Defense Ministry has demanded clarification. Senior defence sources say it is just a matter of time before our fighters are involved in a deadly confrontation with Russian jets.

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The Menace Of Egalitarianism

There are certain ideas and positions all Americans are supposed to believe in and salute. Near the top of the list is equality, an idea for which we are never given a precise definition, but to which everyone is expected to genuflect. A libertarian is perfectly at peace with the universal phenomenon of human difference. He does not wish it away, he does not shake his fist at it, he does not pretend not to notice it. It affords him another opportunity to marvel at a miracle of the market: its ability to incorporate just about anyone into the division of labor... with a place for everyone in the market economy.

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Ruble, Lira, & Ringgit Tumble On USD, Yuan Gains As PBOC States "China Correction Nearly Over"

After surging stronger for 2 weeks, EM FX is starting to lose ground in early Asia trading following Fischer's comments Friday. The biggest losers so far are Turkish Lira, Russian Ruble, and Malaysian Ringgit which has dropped over 1% in early Asia trading - its biggest drop in a month. China expanded its regulatory crackdown to 11 more firms for "illegal stock operations" - i.e. selling - bringing the total to 41 firms. The PBOC Deputy Governor tells anyone who will listen that "China's market correction is nearly over," following the IMF annual meetings - "China's economy is basically stable" - and Chinese stocks are modestly higher in the pre-open (with Dow futures -40pts). Yuan at 2mo highs after strengthening 7 days in a row.

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"Maybe It's Not The Guns... Maybe It's The People Holding The Guns"

If the only gun violence statistics you see are disseminated by the mainstream media or left-wing anti-Second Amendment groups, then in all likelihood you are horrified by America’s murder culture. But what if what we’re being sold as truth is merely a means to achieve an agenda focused on seeing the American people totally disarmed?

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What The "Real F**king News" Would Look Like

Tired of the same old government-directed, politically-correct mainstream media diatribe of 'everything is awesome', good-guy-bad-guy, "this is what to think" news? Well this angry 'reporter' exposes what the real news would sound like...

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Fed Quietly Revises Total US Debt From 330% To 350% Of GDP, After "Discovering" Another $2.7 Trillion In Debt

The Fed has managed to kill two birds with one stone: it no longer provides a simple, one-stop-shop way to reconcile the total US credit stock, and it quietly boosted total US consolidated credit by $2.7 trillion to $62.1 trillion as of June 30, 2015.

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Japanese Firms Admit Abenomics Failed, Government Now "Left Trying To Redistribute Wealth"

Do not believe in official statistics, Japanese retailers seem to be saying, as they cut earnings forecasts and warn of lackluster consumer spending, a key growth engine for Japan at a time when exports and factory output are stalling. Despite government statistics claining a 2.9% rise in household spending, Reuters reports Japanese retailers exclaimed "Consumer spending has ground to a halt," as Japan heads for a quintuple dip recession. Amid falling wages and higher costs, on apparel maker warned "shoppers are tightening their purse strings." The government's initial growth strategy did not really expand the pie, "now the government is simply left trying to redistribute wealth."

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The Mindless Stupidity Of Negative Interest Rates

"...pushing rates into negative territory works in many ways just like a regular decline in interest rates that we’re all used to." That’s false - Negative interest rate proponents ignore the basic tenets of double entry accounting. We know that it is categorically false the negative rates are working in Europe. So what has happened to European bank deposits since the ECB instituted negative rates? They have shrunken. Has one single mainstream economist or proponent of negative rates mentioned that, ever? I suspect not. But facts have a way of eluding mainstream economists and central bankers.

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Viral Video Claims To Prove US Support Of ISIS In Iraq

Hayder al-Khoei, an associate fellow at Chatham House, notes that "another 'U.S. supports ISIS' video is going viral in Iraq." In the video US "parachutes & supply crates" are seen in the area of Iraq's Baiji refinery, a site of recurring ISIS incursions and battles. He adds that "Vids like this & others of helos flying above Hashd/ISF positions towards ISIS-held areas reinforce narrative that US supports ISIS in #Iraq."

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Saudi Arabia Warns "Rumor-Mongers" On Facebook And Twitter Risk Execution

We have exasperated ourselves on the subject to a manipulated mass of deafened sycophants. Just because the veil is lifted doesn’t mean anyone will look. So we will leave you with strictly the facts...According to state-run Makkah Newspaper in Saudi Arabia, the wealthy Gulf-nation is threatening its citizens with the death penalty for spreading rumors about the government on social media.

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The Tragic Ending To Obama's Bay Of Pigs: CIA Hands Over Syria To Russia

Another sad chapter in the CIA's book of failed government overthrows comes to a close, leaving the Syria "rebels" that the CIA had supported for years, to fend for themselves, and handing over Syria to Putin, who has once again "won" or as the administration would prefer to spin it, "has hung himself."

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The G-30 Group Of Central Bankers Warn They Can "No Longer Save The World"

"Central banks alone cannot be relied upon to deliver all the policies necessary to achieve macroeconomic goals. Governments must also act and use the policy-making space provided by conventional and unconventional monetary policy measures. Failure to do so would be a serious error and would risk setting the stage for further economic disturbances and imbalances in the future."

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