Archive

November 24th, 2014

Tyler Durden's picture

Presenting North America's Most Frustrating Airports





 

Tyler Durden's picture

The Rand-ian Writing On The Wall





"When you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal, not in goods, but in favors; when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you; when you see corruption being rewarded and honesty becoming a self-sacrifice; you may know that your society is doomed." – Ayn Rand; Atlas Shrugged, 1957

 

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Currency Wars Reignite As Yuan Tumbles Most In 2 Months And Chinese Bond Market Freezes





Did China just re-enter the currency wars? The Chinese Yuan dropped 0.29% overnight - its biggest drop since September and 2nd biggest devaluation since March - as the currency tumbles back in line with the PBOC's fixing for the first time in over 3 months. Despite 'hopes', S&P confirms the recent (and reconfirmed) rate cut doesn’t signal renewed government intentions to resort to aggressive stimulus to prop up economy. More troubling is the fact that China's huge corporate debt market appears to be freezing as over $1.2 billion in bond sales were scrapped or delayed last week suggesting wall of maturing debt will find it increasingly difficult to roll-over and keep the dream alive (especially in light of Haixin's bankruptcy last week).

 

Tyler Durden's picture

Liquidity Does Not Create Solvency





The actions of central bankers around the globe which have been driving stock prices higher are not a sign of control. They are signs of desperation. They are losing control. Their academic theories have failed. Their bosses insist they turn it up to eleven. Something is going to blow. You can feel it. John Hussman knows what will happen. Do you?

 

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Just 8 Numbers





Here's 8 simple numbers to consider...

 

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Twitter "Hedge Fund Manager" Anthony Davian Sentenced To 4 Years 9 Months In Federal Prison





Over a year ago we reported that one of Twitter early and most aggressive self-promoters, Anthony Davian, was busted for what was at the time financial Twitters' the first Ponzi Scheme.  Today, we can close the case on Athony Davian. As SIRF reports, "Anthony Davian, a once-prolific presence on social media who held himself out as a iconoclastic hedge fund manager prior to his August 2013 indictment on a series of fraud charges, was sentenced several hours ago in a Cleveland courtroom to four years and nine months in federal prison."

 

GoldCore's picture

Swiss Gold "Fire and Smoke" - "Sermons On the Mount" and "Sorcerers Apprentices"





Central bankers reached a new low overnight when Swiss National Bank President Thomas Jordan warned of "disastrous consequences" from a pulpit in a church on a historic hill in the town of Uster, Switzerland, which Bloomberg dubbed the 'sermon on the hill.' "Hungry people don't stay hungry for long, they get hope from fire and smoke as they reach for the dawn..."

 

Tyler Durden's picture

Did This New Bill Really Get Passed In The The Land Of The Free?





Abraham Lincoln famously said at Gettysburg in 1863 that a government of the people, by the people, for the people, shall not perish from the earth. The system we have today is none of those things.

 

Tyler Durden's picture

US Stocks Surge To 'Best' Streak In 86 years





The last few weeks have been the strongest and most consistent rallies in US equity market history. US equity markets have traded above their 5-day moving average for 27 days - the longest such streak since March 1928 (h/t MKM's John Krinsky) and all amid  GDP downgrades, missed PMIs, and downward earnings outlook revisions. Given the holiday week, it is hardly surprising volume was weak today. Stocks were very mixed today with Russell 2000 and Nasdaq leading the way (along with Trannies) as Dow and S&P showed very small gains - to record highs though. Bonds were also bid with a strong 2Y auction extending the drops in yields (0-2bps) led by 7Y. The USDollar fell 0.4% - led by EUR strength - as JPY, CAD, and AUD all weakened. Despite USD weakness, oil (big drop intraday), copper, and gold also dropped on the day with silver ending +0.25%. VIX dropped to 12.66 - its lowest close in over 2 months.

 

Tyler Durden's picture

Explosive Excrement Topples Building In China, 15 Injured





Despite the best efforts of central planners, shit still happens (even in China). In an 'Onion-esque' story, China.org reports a cesspool filled with excrement exploded in a central Chinese city, injuring 15 residents and toppling a building on Saturday, police said. But this is not the only excrement-enthused event in China...

 

Tyler Durden's picture

Deutsche Bank's Modest Proposal To Central Banks: "Purchase The Gold Held By Private Households"





"... the idea of gold purchases has merit because of the possible sellers. Much gold is held in private households, especially in countries like Germany. In some cases these are unwanted remnants of crisis-driven investments five years ago. A program that targeted these holdings would liberate dormant liquidity, some of which might even flow into consumption."

 

Tyler Durden's picture

Who’s Ready For $30 Oil?





All the stimulus, all $50 trillion or so globally, has been thrown into the fire, and look at where we are. There’s nothing left, and there won’t be another $50 trillion. Sure, stock markets set records. But who cares with oil at $40? Calling for more QE, from Japan and/or Europe or even grandma Yellen, is either entirely useless or will work only to prop up stock markets for a very short time. Diminishing returns. The one word that comes to mind here is bloodbath.

 

Tyler Durden's picture

Auto Loan Delinquencies Surge 18% Among Young Americans





Auto loan delinquency rates jumped nearly 13% in the last year, according to a new report by Transunion, with young (under-30) Americans seeing a 17.8% surge in 60+ day delinquency rates, as auto loan debt rose for the 14th straight quarter to $17,352. While these are notable rises, the overall levels remain low for now, but subprime-loan-delinquencies rose notably to 5.31%. However, in a somewhat stunningly blinkered conclusion, Transunion's Peter Terek notes "the uptick in delinquency reflects a healthy and thriving auto finance industry where credit is more broadly available to all consumers." So delinquencies are great news...

 
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