In "Very Unusual" Move, Avenue Capital's Junk Bond Fund Stops Reporting Asset Levels
Submitted by Tyler Durden on 01/11/2016 - 22:15
A month after we first noted the major redemptions at Avenue Capital Group's credit fund (note this is a different fund from Third Avenue), and just one trading day after CEO Marc Lasry strolled arrogantly on to CNBC and told the public that "I don't think it's a time to panic, I think it's actually a time where you've got opportunities out there," Morningstar reports the Avenue Credit Strategies Fund has failed to report asset levels since about mid-December.
Record Numbers Of Retired Americans Are Working Part-Time Jobs
Submitted by Tyler Durden on 01/11/2016 - 22:13
Welcome to the recovery: a record number of Americans who are retired, or are collecting Social Security, worked part-time last month.
"Neo-Nazis" Attack German Muslim Businesses As Ghost Of 1939 Beckons
Submitted by Tyler Durden on 01/11/2016 - 21:50
"We are the people" "Resistance!" and "Deport them!" chanted the sign and flag-toting LEGIDA crowd. "Refugees not welcome!" read one sign, showing a silhouette of three men armed with knives pursuing a woman, while another declared "Islam = terror".
"Unprecedented Demand" - US Mint Sells Nearly As Much Gold On First Day Of 2016 As All Of January 2015
Submitted by Tyler Durden on 01/11/2016 - 21:35
According to the Mint, more than half of the week's allocation of silver sold on Monday, the first day of 2016 sales, a sign that demand entering 2016 is literally off the charts. Putting the silver demand in context, the 2.76 million ounces of silver bullion coins sold today is exactly half of the 5.53 million ounces that sold in all of January 2015. Gold too: first-day sales of American Eagle gold bullion coins was also unprecedented, with the 60,000 ounces sold equal to roughly 75% of the 81,000 that sold in the entire month of January 2015.
Chicago Schools In "Dramatic Trouble": "They're Looking At A Disaster," Illinois Governor Warns
Submitted by Tyler Durden on 01/11/2016 - 20:35
“For them to say ‘hey you owe it to us, it’s Springfield’s fault, pick up our pension liability and let us kick the can in the rest of our pension liability, no, no, not happening.”
Rand Paul Rages "The Fed Is Crippling America"
Submitted by Tyler Durden on 01/11/2016 - 19:55
The Fed is, indeed, a political, oligarchic force, and a key part of what looks and functions like a banking cartel. During the 2007-08 financial crisis, the Fed’s true nature was clear to anyone paying attention. We can’t really know what we don’t know until we look. We owe it to the “swindled futurity” of the next generation to take a long, hard look through a full and independent audit of the Fed.
The Cost Of China's "Neutron Bomb" Exploding: $7.7 Trillion And Higher
Submitted by Tyler Durden on 01/11/2016 - 19:33
... if analysts, like those at Autonomous are to be believed, China’s banks could require up to $7.7tn of new capital and funding over the next three years. State bailouts could send the government debt to GDP ratio spiralling from 22 per cent to 122 per cent. That kind of shock would be a challenge for any country, even one of China’s vast might.
Meet Manifa (And Other Giant Oil Projects) That Will Add To The Global Oil Glut
Submitted by Tyler Durden on 01/11/2016 - 19:10
While the media attention was directed to the shale oil boom in the US, the Saudis created a giant offshore oil project called Manifa. With one single project Manifa added 1 million barrels a day to the world oil glut. Manifa will expand its capacity the coming year, adding a further 500 million barrels a day to world markets.
Why The Powerball Jackpot Is Nothing But Another Tax On America's Poor
Submitted by Tyler Durden on 01/11/2016 - 18:47
American adults spent an average of $251 on lottery tickets. With a return of 53 cents on the dollar, this means the average person threw away $118 on unsuccessful lotto tickets – not a great investment. So why are we spending so much? Well, lotteries are a fun, cheap opportunity to daydream about the possibility of becoming an overnight millionaire (or in this case billionaire), but on the flip side people tend to overestimate the odds of winning. Lower-income demographics spend a much greater portion of their annual earnings on lottery tickets than do wealthier ones.
The (Uncensored) 2016 State Of The Union
Submitted by Tyler Durden on 01/11/2016 - 18:25
While the President will do his best to put a positive spin on the current economic environment, and the success of his policies, when he gives his “State of the Union” address, it would be worth remembering whom he is actually addressing. It is also worth considering that much of this is likely the reason that Donald Trump is surging in Conservative polling. As with all things – it is the lens from which you view the world that defines what you see. For Wall Street, things could not be better. For Main Street, most everything could be better. The President has a lot of “convincing” to do if he expects to change voter’s attitudes between now and the 2016 Presidential election.
What Makes The World Go Around (In 2 Uncomfortably Truthful Charts)
Submitted by Tyler Durden on 01/11/2016 - 18:00
It's not the economy (or fundamentals), stupid - It's The Fed!
The China Syndrome: The Coming Global Financial Meltdown
Submitted by Tyler Durden on 01/11/2016 - 17:35
This decline is inevitable in fast-expanding economies that play fast and loose with credit/debt and leverage. All the phantom wealth piled up in China's boost phase is now melting down, and the China Syndrome will trigger a meltdown in global phantom assets.
"Panic Is Building" BofA Admits; Asks "How Bad Could This Get?"
Submitted by Tyler Durden on 01/11/2016 - 17:15
"Panic is building, most likely setting the stage for a rally, but the missing ingredient here is growth. With analysts cutting estimates at an accelerating rate, increasing China risks and no apparent floor for oil prices, we remain cautious on our near term outlook for stocks."
In Latest Escalation, Oregon Militia Tears Down Government Fence, Demands Freedom For Ranchers
Submitted by Tyler Durden on 01/11/2016 - 17:10
Ammon Bundy and the armed militiamen holed up at a remote bird sanctuary in Orgeon tore down a government fence on Monday in a move they say will give local ranchers access to federal pastureland. The group also doubled down on their pledge to remain at the wildlife refuge until the government frees Dwight Hammon and his son Steven, who were sent back to jail last week on arson charges.
Despite TurmOIL Stocks Stage Furious Last-Hour Comeback
Submitted by Tyler Durden on 01/11/2016 - 17:04
