Archive - Jun 13, 2013 - Blog entry

Bloodied, but here to help...

What you hear is a giant hissing sound. And what you get is capital destruction and wealth transfer.

NSA Leaks Help – Rather than Hurt – the United States

$1.4 trillion in QE bought a bear market for Japan. Good luck to the rest of the QE crowd.

What do NYU Stern School of Business, world renknown professors of risk and analytics, and BoomBustBlog have in common? Wild horses couldn't drag a penny of our money through the French banking system!

This past March, Jeroen Dijsselbloem, the head of the finance ministers of the eurozone, shocked the markets with seemingly off-the-cuff comments suggesting that the Cyprus banking solution will, “serve as a model for dealing with future banking crises.”¹ Depositors across Europe took a collective gasp of horror – could banks possibly confiscate depositors’ funds in a form of daylight robbery? Indeed they could, and last week the Bank for International Settlements (“BIS”), the Central Bank's Central Bank, published what we have referred to as ‘the template’; a blueprint outlining the steps to handle the failure of a major bank and the conditions to be met before ‘bailing-in’ deposits.

Repossessions! Home repossessions in the USA increased by 11% in May. Foreclosure filings (default notices and scheduled auctions as well as repossessions) were also up by 2.3% (148, 054) according to a report just published today by RealtyTrac.

Apple bond buyers, after paying a premium to bathe in the Steve Jobs RDF (Reality Distortion Field), consequently get bathed with a 9% loss within weeks. I suppose an "I told you so" would be inappropriate here?

This week, the US Ministry of Propaganda presented a patently absurd gem of a news article in which it equated a growing percentage of US workers quitting their jobs in April as a sign that Americans’ confidence in the US economy is returning.