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Frontrunning: August 18
- The end of Germany export miracle confirmed? Germany Current Account (Euro) for June -1943MM Previous 250MM
- Mortgage Applications Rise 13% As Refinancings Soar (Bond Buyer)
- Siegel and Schwartz: The Great American Bond Bubble (WSJ)
- China Doubles Korea Bond Holdings as Asia Switches From Dollar (Bloomberg)
- China Asks Banks to Study Mortgage Loan Defaults, 21stReports (Business Week)
- China Drains Obama Stimulus Meant for U.S. Economy: Andy Xie (Bloomberg)
- Ukraine set to halve grain exports (FT)
- Geithner Sees U.S. Role in Mortgage Market (WSJ)
- Mortgage Market Knocked By 'Mega-Refi' Talk (WSJ)
- Bill Gross: Refinance Wave Could Lift Home Prices (WSJ)
- Chavez signs law barring Venezuela brokers from fx, govt debt (Reuters)
- China: #2 or #102? (Fundmastery)
- Basel Committee Says Proposed Bank Rules to Have ‘Modest’ Impact on Growth (Bloomberg)
- Tax Cuts Are Only Way to Economic Growth: David G. Blanchflower (Bloomberg)
- From the Ashes: The most dynamic economies rely on creative destruction to grow (Newsweek)
- Fed wavers as the world gets the sweats (FT)
- Funny: Setting Pessimists Straight - The recession has ended, growth has returned and signs point to an acceleration in growth (Forbes)
Economic Data:
- Australia Westpac Leading Index for June 0.00% m/m. Previous 0.20% m/m.
- Australia DEWR Skilled Vacancies for August -0.30% m/m. Previous 0.30% m/m.
- Australia CBAHIA House Affordability for Q2 108.3. Previous 118.8.
- Australia Wage Cost Index for Q2 0.80% q/q 3.00% y/y – lower than expected. Consensus 0.90% q/q 3.10% y/y. Previous 0.90% q/q 3.00% y/y.
- Japan Leading Index CI for June 99. Previous 98.9.
- Japan Coincident Index CI for June 101.3. Previous 101.3.
- Sweden Industry Capacity for Q2 84.2% Previous 84.9% Revised 94.7%
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That's a big 10-4 little buddy. Looks like we got us a convoy.
http://www.youtube.com/watch?v=I1t6zQsjzYE
Isn't that Greek not Germany on Ransquawk?
duplicate, sorry
Cognitive Dissonance: Please see article below. I think you would enjoy.
Some great thoughts on instinctive knowledge. The comment sections is nearly as good as ZH.
Ne schoni tag
http://www.thedailybell.com/1298/Tibor-Machan-Infanticide-and-Instincts.html
From the article.
As I talked about in my series, we have been, are and will continue to be, so distorted by the constant overt and covert bombardment of propaganda and mind control that it doesn't surprise me in the least that some people step off the deep end. It happens daily with hundreds of people, of which only a few actually make it to the news. We as a social order are terribly screwed up and I contend is has much to do with the conflicting and anti human pressures we are burdened with by the powers that be in order to control, manipulate and herd.
As far as instinctual knowledge, particualrly from birth (or even before "birth" during development in the womb) I have some views on the subject and have been considering writing an article about it. But I have begun to wonder how far off the beaten path (of financial centered articles) I should travel here on ZH. Any thoughts?
Thanks for the article. I love that others here on ZH feed my this stuff. Thank you.
CD, economics is the shotgun marriage of mathematics and psychology. As a result, I think a great deal of psychology would be very much on point. It also helps to bridge the gap and walk us from psychology to its economic consequence... but I don't think that it would be necessary.
hey cogg y found your articles, self search. did you know my library has
F I G H T C L U B book under Sci Fi / Fantasy. well, i guess that is what (rock and flat irons, hint hint) thinks of fight club. so much reading, so little time left in life. wish i would of started sooner.
Never too late to start. After all, you could have never started in the first place.
It's the journey itself that counts, not the destination nor the distance traveled nor the time spent travelling.
Convoy? More like a slo-mo car crash.
Just like the trucks in Matrix Reloaded:
http://www.youtube.com/watch?v=qr4JkceC_PQ
Except when Ben-Neo-nanke picks them up, he screams in dismay as the dollar bills shooting out of his shoeheels (quantitative thrust) are rapidly consumed by the fiery explosion (ballooning debt).
A quick cut to his anguished face as he is consumed by the flames.
Fade to black...
a little nerve racking, liked the black chevy though, chevelle? dumb ZH word checker doesn't have chevelle in it's line up.
The CIA World Fact Book Current Account Balance Ranking Table needs updating as soon as possible....,
Ok.Our long-standing bronze champion holder Germany moves from 3rd to 148th(above Cyprus).....
.... vaw!....vay faw duwn!...duwn!.
Greek Current Account (Jun) M/M -1943mln vs. Prev. 250mln
EU ECONOMIC DATA
10:35 18-08-2010
hmmm, typo?
LOL
Nice catch!
just as heads up on my bloomberg it says that these numbers are from Greece...
Nice catch.
Same convoy to hell, just different country......this time. Everyone will eventually be slimmed by this shit storm. Everyone!
From my post above.
Bill Gross: Refinance Wave Could Lift Home Prices
Yeah baby!!! Push'em up to the moon, and then build a few million more homes. We love derivatives, all hail MBS. Forget price mechanisms that might allow some existing homes to be bought at lower prices by those that were more responsible.
There can be no doubt anymore that we have entered the realm of full frontal fascism where the insane are running the asylum.
Yet because the change happens incrementally, it all sort of seems......well......you know.......normal, quite sane in fact, reasonable even. Yeah, that's the ticket. What's wrong with you. This is all a reasonable response to a serious problem.
Bill Gross for President.
<sarcasm off>
They won’t let the economy reset. It’s government-created monopolists (Bill Gross) testifying to a monopolist-created government (Geithner and Congress) that uses liquid balloon latex as a medium of exchange, who gamble other people’s finances as casino chips to game the American economy. It’s an assault on sound money and the fair rules of supply and demand. They are tipping the economy into a deeper recession and they and we are going to pay for it, because they won’t stop. Gross isn't testifying before Congress because he cares about American citizens. He's there to make money for Pimco.
As Peter Cohan, a venture capitalist said in 2009, Pimco has too much sway over Washington to “dictate policy choices that might be good for Pimco but bad for taxpayers. This is a bilateral monopoly with one big seller and one big buyer.”
In Pimco’s dual roles as private investor and manager of government bailout programs, Josh Rosner of Research firm Grahan Fishcer, said in Fortune Magazine that “Gross is a deeply conflicted player given undue sway in matters of public interest that are potentially at odds with his positions.”
Fortune Magazine agreed: “Indeed, Pimco’s success stems from shrewd bets on government intervention,” such as in the housing market and GMAC.
“In a way, we've partnered with the government," said Pimco CEO and co-CIO Mohamed El-Erian,. "We looked for assets that we felt the government would eventually have to own or support."
Then, as the world's largest and most influential bond investment house with its sovereign wealth fund and central bank counterparts,” Pimco breaks the knees of taxpayers, producers and investors who are forced to play and live in rigged markets.
Gross netted U.S. $1.7 billion after the Federal takeover of Fannie Mae and Freddie Mac for which he had lobbied.
As for the American “homeowner,” over 85% of personal debt is mortgage debt, according to Kirk MacKenizie in Money: Defending Your Prosperity.
“Over 95% of all homes are under mortgage, and the same homes are paid for over and over agains, seemingly in perpetuity. The banks effectively own all private and commercial land in ths country, and have liens on all public property. Imagine! We rent from the banks the land we live on, walk on, and work on. The estate tax assures this will continue.”
Check out this new webpage from the new york fed!
http://www.newyorkfed.org/newsevents/news/regional_outreach/2010/an100817.html
Looks like Florida is going to the scrapyard :)
What really ails the West is declining competitiveness. Globalization is pitting the Wangs in China or Gandhis in India against the Smiths Johnson's in the U.S. or Gonzalezes in Spain.
From the BB piece "China Drains"
so, if China buys Korean and Japanese bonds ... they have to do it with USD right?
No they buy them in JPYs or KRWs!?!
I guess your question is will they sell USTs. China has already sold 10% of their UST holdings.
Many thanks to Tyler for the pointer to Andy Xie. Love Andy, glad Bloomberg has picked him up as a columnist. A rare man who defied the cheer-leading, pump-and-dump sell-side mentality to the point that the major banks dumped and shunned him.
A note on China's Treasuries position: be cautious of reports that they're reducing. Treasury also reported a $20 bill + reduction in June 2009. Then when the annual revision came out, it turned out Treasury had missed $140 billion of Chinese purchases of Treasuries between June 2008 and June 2009. UK and Caribbean were adjusted down. So apparently, a lot of China's buying of Treasuries is through UK and Caribbean proxies and not recognized as Chinese until the annual revisions. Which makes Treasury's monthly numbers for China's Treasuries holdings almost worthless.
Great catch Hellboy, appreciate that. Listen Durden, your site has, in aggregate, become shaky at best; you have been shedding readership on my desk for a little while now, and you have now lost me. You've got great insight, you break some excellent news, but your agenda is getting in your way. An agenda is an integral part of a balanced breakfast. Lose control of it and you're nothing more than that which you confront on your site. Ridiculous this hasn't been edited yet, ridiculous that the "is this possibly right?" alarms didn't sound.