Archive - Feb 20, 2015

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Germany Gives Greece Just Enough Rope: Varoufakis Says If Troika Rejects Reforms "The Deal Is Dead And Buried"





Here is what Schauble meant when he said that the "Greeks Certainly Will Have A Difficult Time To Explain The Deal To Their Voters": under the conditionality of the Troika's approval, the Tsipras government now has to walk back essentially all the promises it made to the Greek people - promises which by some accounts amount to over €20 billion in additional spending - or the Troika, pardon Institutions, will yank the entire deal and the Grexit can then commence. And that's the bottom line. It's also the reason Schauble was gloating: because he gave the Greek government just enough rope with which to hang itself.

 

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The "War On Terror" Turns Inward – DHS Report Warns Of Right Wing Terror Threat





And so it begins... the intentional demonization of a growing segment of the U.S. population that rightly believes the government is run by a collective of thieving, corrupt, immoral sociopaths. Commingling dissent, violence and “right wing” ideology will be key in the ultimate division of government critics in these United States, and a successful attempt to scare people away from questioning a clearly degraded and parasitic status quo.

 

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Europe "Isolates" Putin? Considers "Reframing" Energy Relations With Russia





It appears President Obama's "costs" imposed on Russia have boomerang'd just too much for Europe to take. As Reuters reports, The EU is seeking to create a single energy market, based on cross-border connections to improve security of supply and reduce dependence on Russia, which supplies roughly one third of EU energy. The headline pivot away from Putin, likely misses the fact that there is very little a stagnating Europe can do, even in the medium term, to 'reduce' dependence on Washington's nemesis.

 

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Why European Bondholders Refuse To Sell To The ECB





Just weeks before Mario Draghi's "whatever it takes" trillion-euro Q€ bond-buying-fest is set to come true, The ECB faces a problem they likely never expected - unwilling sellers. On the heels of our analysis showing central banks will monetize over 100% of government bond issuance this year, Reuters reports that mere weeks before the ECB begins their program, banks, pension funds and insurers across the continent are hoarding them for regulatory or accounting reasons. "We prefer to hold on to them," said Antoine Lissowski, deputy CEO at French insurer CNP Assurances. "The ECB's policy ... is reaching its limits now."

 

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Are You Ready For Total Currency War?





Right now there is a world war taking place right in front of us but all we see on cable news are the nightly military skirmishes on the periphery of the conflict. The real war is economic, financial and currency related and the empire is already over-extended in debt, military operations and financial manipulation. Surely the near-term dollar strength is evidence that while defeat is not imminent and that all markets can be manipulated for a season, ultimately real global market forces will prevail. Just remember that all empires eventually become over-extended financially, economically or militarily and the consequences of retribution and blowback are real and deadly to innocent populations.

 

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The 7 Deadly Sins Of America





Remember The Meltdown of 2008? It's different this time...

 

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A Nation Of Truckers





 

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Where America's Homeless Live





Nearly one-third of all the homeless people in America live in these ten cities...

 

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The Signals Are Clear





The signals are clear: the world has already entered a downturn in economic activity. Therefore we can expect accelerated money-printing and the imposition of more negative interest rates in a forlorn attempt to avert economic reality.

 

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The Lack Of Volume Is Deafening





We know, we know... volume doesn't matter... but if "There Is No Alternative" and there is mountains of "money on the sidelines" then why is average trade size plunging (cough algos cough) and volume collapsing in lockstep with each and every new record high in stocks?

 

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How Greece Folded To Germany: The Complete Breakdown





Having, as we previously explained, been given 'just enough rope' by the Germans, we thought it worth looking at just what Greece capitulated on (or perhaps a shorter version - what they did not capitulate on) and how Tsipras and Varoufakis will sell this to their fellow politicians... and most of all people.

 

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The Are Two Big Problems With Deutsche Bank Failing The Fed's Stress Test





A bank which has €54.7 trillion, or a little over $62 trillion at today's exchange rate, in derivatives - a number that is 20 times greater than the GDP of Germany -  just failed a central bank stress test due to lacking governance and risk management controls and, just maybe, has insufficient capital? What can possibly go wrong.

 

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Why The "1%" Hates The Gold Standard





The following chart should clarify just why to the "1%", including their protectors in the "developed market" central banking system, their tenured economist lackeys, their purchased politicians and their captured media outlets, the topic of a return to a gold standard is the biggest threat conceivable.

 

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5 Things To Ponder: Salmagundi Introspections





This past week has been a virtual tennis match watching the evolution of the Greek bailout negotiations. No Deal, Deal, No Deal, Deal. However, despite the fallout that would likely come from a Greek "exit," the markets have largely managed to ignore the risk and hit an all-time high this week. Market valuations, bullish sentiment and complacency are all pushing higher as the focus remains on the ignition of the ECB's QE program as a stimulus for the markets. In fact, this is so much the case that the net percentage of managers overweight Eurozone equities is at the highest level on record.

 

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Moody's "Junks" Russia, Expects Deep Recession In 2015





Having put Russia on review in mid-January, Moody's has decided (somewhat unsurprisingly) to downgrade Russia's sovereign debt rating to Ba1 (from Baa3) with continuing negative outlook. The reasons:

*MOODY'S SAYS RUSSIA EXPECTED TO HAVE DEEP RECESSION IN '15, CONTINUED CONTRACTION IN '16
*MOODY'S SEE RUSSIA DEBT METRICS LIKELY DETERIORATING COMING YRS

We assume the low external debt, considerable reserves, lack of exposure to US Treasuries, and major gold backing were not considered useful? Moody's concludes the full statement (below) by noting that they are unlikely to raise Russian sovereign debt rating in the near-term.

 
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