Those who thought the situation in Greece was solved after prime minister Alexis Tsipras suddenly caved in to creditors’ demands need think again. Greek tax revenues are running well under expectations. A default looms in July unless the creditors give more money to Greece so that Greece can pay back the creditors. As convoluted as that sounds, that’s precisely the way this madness works. The creditors demand still more austerity but Tsipras said “no”. Instead, Tsipras seeks an emergency meeting, but European Commission president Donald Tusk said “no” to that proposal.
If there was a sign that nothing else matters but central bank largess, this was it. The moment The Bank of Japan statement hit and proclaims "unchanged" a vacuum hit USDJPY and Japanese stocks. Reflecting that Japan's economy has "continued a moderate recovery trend" which is utter crap given the quintuple-dip recession, Kuroda and his cronies said they will "add easing if necessary" and apparently that is not now. Not so much as a higher ETF purchase or moar NIRP.. and the aftermath is carnage - NKY -1000 points and USDJPY crashed to a 108 handle!!
Venezuela is now so broke that it no longer has enough money to pay for its money.
"I had an apartment in Chicago. It was tiny and expensive. I was miserable. I moved back... My parents have done so much for me, and now they're letting me live here rent-free, so I try to help out. I pick up my sister from school, do the dishes or whatever chore needs to be done. My mom makes dinner. We all work as a team."
Deputies were called to the company's corporate headquarters on Wednesday morning after a person was found dead, but only few details were immediately available. Multiple police vehicles could be seen at the campus.
A new generation of revolutionary central bankers must be called to arms for all of our sake. Their battle cry: We commit to never returning rates to zero or below again, to never let be money be free and forever ensure there is a true cost associated with borrowing. Release the markets to set interest rates now and forever! Will it work? Stranger things have been known to succeed in capitalistic economies with competitive and freely functioning markets.
Net debt growth skyrocketing nearly 30% y/y, while EBITDA has been contracting for the past year. In fact, as SocGen shows below, the difference in the growth rate between these two most critical data series is now over 35% - the biggest deficit in over 20 years.
The biggest argument for a BOJ disappointment is that with the G7 meeting in Japan in on month on 26–27 May 2016, it’s unlikely that Japanese policymakers will want to draw attention yet again to the idea that they are in the business of manipulating the JPY lower. After all the most recent G20 meeting once again confirmed that absent "disorderly moves" in the Yen, the US would frown on any attempt to dramatically manipulate its currency lower.
The upper middle class is well and truly doomed by self-delusion and the pathology of entitlement.
It’s been about 15 years now since passenger airliners struck the World Trade Center towers on 9/11, and we are still suffering the consequences of that day, though perhaps not in the ways many Americans might believe. The 9/11 attacks were billed by the Bush Administration as a “wake-up call” for the U.S., and neocons called it the new Pearl Harbor. But instead of it being an awaking, the American public was led further into blind ignorance. Clearly, after 15 years of disastrous policy, it is time to admit that the U.S. response to 9/11 has damaged us far more than the actual attacks ever could.
Profit growth of Chinese industrial companies rebounded dramatically in March. Of course this should not be totally surprising given the trillion-dollar credit injection in Q1 and artificially-elevated commodity prices juicing the zombified industrial base but it does leave The Fed today with a problem - they're running out of excuses. So in being patriotic, we will help - first, as Goldman warns, this profit spike is unsustainabe given the surge in overcapacity; and second, nobody is paying - payment delays have surged to the highest in 17 years as the ponzi accelerates.
"The result of all of this was one of the most catastrophic periods of hedge fund performance that we can remember since the inception of this fund... There is no doubt that we are in the first innings of a washout in hedge funds and certain strategies."
"Our view that the VIX may remain low in the near term is at odds with the VIX ETP market, as investors seem to be pouring money into levered long VIX ETPs." - Goldman Sachs