• Tim Knight from...
    10/21/2014 - 18:16
    Want to live near the 0.1% and their problems? May I present to you 258 Middlefield Road, Palo Alto, California, which is located within walking distance from my house and is a mere $1,800,000 (well...

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Stunning Scenes From California's Central Valley Drought

No matter what you have read or seen so far on California’s historic Central Valley drought, you probably haven’t been touched by it as much as you will be by the following video from the New Yorker. Terribly sad.



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The Pentagon Will Use 30 Person "Quick-Strike Team" To Deal With Domestic Ebola Patients

President Obama may have been busy golfing this weekend, and his brand new Ebola Czar may have had more pressing matters to attend than the White House's Saturday evening meeting on the US "response to domestic Ebola cases" (because clearly the Ebola Czar is superfluous at such Ebola-related events), but that doesn't mean that the administration will once again be caught with its pants down the next time an Ebola index patient is unveiled on US soil. Nope. In taking a page right out of America's response to the Ebola pandemic in... West Africa, where the US has dispatched several thousands troops to do, something, unclear what, earlier today, it was revealed that the U.S. military is forming a 30-person "quick-strike team", which according to CNN is "equipped to provide direct treatment to Ebola patients inside the United States, a Defense Department official told CNN's Barbara Starr on Sunday."



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Three Of The Four JPMorgan "Market Bottom" Indicators Are All Flashing "Oversold" Green

some such as JPM, are already rushing to the defense of their clients (i.e., the people to whom JPM's prop desk may have some selling left to do) by providing a handy backtest of which key technical indicators proved useful in the past when determining market bottoms (if not tops - that one JPM will probably never, ever disclose), and what these are saying at this moment. So for all those who need convincing that the "bottom is now in", and are desperate to BTFD because other, greater fools will also BTFD and so on, here it is, straight from Jamie Dimon's mouth.



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The Chart That Explains Why Fed's Bullard Wants To Restart The QE Flow

Remember when the Fed (and their Liesman-esque lackies) tried to convince the world that it was all about the 'stock' - and not the 'flow' - of Federal Reserve Assets that kept the world afloat on easy monetary policy (despite even Bullard admitting that was not the case after Goldman exposed the ugly truth). Having first explained to the world that it's all about the flow over 2 years ago, it appears that, as every equity asset manager knows deep down (but is loathed to admit for fear of losing AUM), of course "tapering is tightening" - as the following chart shows, equity markets are waking up abruptly to that reality. So no wonder Bullard is now calling for moar QE - he knows it's all there is to fill the gap between economic reality and market fiction.



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The Crowded "Long-Dollar" Train Just Got Even More Crowded

With two weeks of weakness, one might be forgiven for thinking the crowded "long-dollar" train had let off a few passengers (after its post-Bretton Woods record-breaking streak of gains). But no, as Goldman notes, that train just got even more crowded... as overall USD speculative net positioning is now the most long it has been in recent memory.



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Equity Futures Open Higher, Retrace 50% Of Losses On USDJPY Kneejerk

UPDATE: A little early to call yet but Fed's Rosengren quoted in FT "QE will end in October unless something dramatic happens" has knocked USDJPY and S&P lower...

More incoherent chatter from Japan about raising Japan's GPIF allocation to "more than 20%, or around 25%" on the basis of Prime Minister Shinzo Abe's 'expert views' have sent USDJPY higher out of the gate and thus S&P 500 futures are tracking - just as they did Friday afternoon - higher. Treasury futures prices are 6 ticks lower (+2.5bps yield) - retraced all the bond-short capitulation gains from Wednesday. S&P futures are 9pts higher - retracing 50% of last week's losses.



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When Confidence Crumbles

The confidence in the people who are supposedly, as well as supposed to be “in charge” is doing more than just dwindling. It’s crumbling in Humpty Dumpty like fashion. For no matter how they try – it too may never go back together. Once confidence wanes, or is lost, regaining it can be just as monumental of a task than the actual crisis itself.



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After Golfing, Obama Holds Late Ebola Meeting - Guess Who Missed It (Again)!

Given the pressure to act and apparent urgency to calm the public over the Ebola pandemic, it is likely no surprise to hear that President Obama decided to play a quick round of golf (for 5 hours) Saturday morning before arranging a late evening meeting convening "members of his national security and public health teams to update him on the response to the domestic Ebola cases," according to The Daily News. "The meeting concluded with a discussion of broader steps to increase the preparedness of our health sector nationwide," which one would imagine the newly appointed Ebola Czar would be directing - think again!



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The Commodities Trading Cheat-Sheet

With commodity prices tumbling to 2009 lows, comprehending between the differing risks to Soybeans and Silver or Copper and Cocoa is crucial. Deutsche Bank has created just that 'cheat-sheet' - just how vulnerable is Gold to Ebola? or Silver to China growth?



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Sweden Deploys Army, Air Force, Navy Near Stockholm Over Reported Damaged Russian Sub; Moscow Denies

Over the weekend, while the world was focusing on the threat of Ebola contagion in the US and around the globe, Sweden's otherwise sleepy capital Stockholm found itself the location of a blitz military operation involving the Swedish Armed Forces, Navy, Army and Air Force, when late on Saturday, Swedish armed forces stepped up an operation -- involving more than 200 men, stealth ships, minesweepers and helicopters -- in an area about 50 kilometres (30 miles) east of the Swedish capital. The operation was initiated on Friday after the armed forces said they had been informed of a "man made object" in the water.



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The ECB Changes Its Mind Which Bonds It Will Monetize, Then It Changes It Again

To get a sense of just how chaotic, unprepared, confused and in a word, clueless the ECB is about just its "private QE", aka purchases of ABS, which should begin in the "next few days" (but certainly don't hold your breath) - let alone the monetization of public sovereign debt - here is Exhibit A. Because if you were confused about what is about to happen, don't worry: it appears the ECB hardly has any idea either, because it was just on October 7 when 40 ABS bonds were dropped from the ECB's "eligible for purchasing" list. And then, just a week later, the ECB changed its mind about changing it mind, and reinstated 19 of the ineligible bonds right back!



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"We Have Everything Under Control"

Phew... what a relief...



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Our New Robot Overlords & The Third Type Of Capital

One systemic source of rising inequality is crony-capitalism/crony socialism: the vast array of insider deals, collusion, winners being picked by the central state, too big to fail banks bailed out with taxpayer money, etc. People are increasingly aware the Status Quo is rigged, and the playing field is tilted to favor the few inside the crony-capitalist castle (what we call the New Nobility in a Neofeudal economy). As a society, we will have to deal with the reality that the nature of work is fundamentally changing, and wages are no longer an adequate means of distributing the surplus of an economy.



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Prepare For GDP Downgrades: Eurasian Snow Flashes Polar Vortex 2.0 Warning

Just when you thought it was safe to believe in escape velocity GDP growth for the US economy... the weather ruins the party. As Bloomberg reports, the snow in Siberia is piling up, and if it keeps coming, people in New York may have to bundle up this winter as theory suggests that the amount of snow covering Eurasia in October is an indication of how much icy air will sweep down from the Arctic in December and January, pouring over parts of North America. "It's still early in the game," says one forecaster, but warns "the snow has gotten off to an incredible start." Polar Vortex 2.0 here we come... and down goes US GDP...



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Europe’s Fatal Flaw Laid Bare For All To See. Again.

The lofty leaders at the ECB, and Berlin, Paris, Brussels, pretend they can make everything right that’s wrong inside their toy monetary union through asset purchases, sovereign bond purchases, and anything that falls in the ‘whatever it takes’ category. But it’s all just bluff. Because, what it all boils down to, they can’t keep buying Greek bonds with German taxpayer money until the end of time. And the markets know this.



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