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Frontrunning: August 9
- Systemic Regulator Risk: Does the Fed of New York Need a Haircut? (Institutional Risk Analytics), also Zero Hedge will have much more to say on the persona of Sarah Dalgren shortly
- U.S. Investors Regain Majority Holding of Treasuries (Bloomberg)
- Here comes Big Brother: US to Pay Big Sums For Wall St Tip-offs (FT)
- Fed debates winding road to more easing (Reuters)
- Trichet Market Rally May Let Bernanke Hold Off on Bond Buying (BusinessWeek)
- Bank of Japan Expected to Hold Rate Steady (WSJ)
- One Chart To Rule Them All, One Chart To Find Them (Out) (Fistful of Euros)
- The end of responsibility: From homeowners to government, the buck stops nowhere (Post)
- China Buys $5.3 Billion of Japanese Bonds in June, Set for Annual Record (Bloomberg)
- Commodity spike queers the pitch for Bernanke's QE2 (Telegraph)
- German Exports To Be At Pre-Crisis Levels In 2011-DIHK (WSJ)
- Housing Policy’s Third Rail (NYT)
- The Federal Reserve and Quantitative Easing (FX Solutions)
- Wheat Speculators Slow Bets on Gain After Best Month Since 1973 (Bloomberg)
- Drought Doubles Price Of Barley In Six Weeks (FT)
- Swedish Earnings Signal Biggest Economic Rebound in EU Region (BusinessWeek)
- U.S. Economy to Improve Slowly, Former Treasury Secretaries Say (BusinessWeek)
- Regulators Plan First Steps on Credit Rating (WSJ)
- Krugman: America Goes Dark (NYT)
European economic data:
- Eurozone Sentix Investor Confidence for August 8.5 higher than expected Consensus 1.6 Previous -1.3
- Germany Trade Balance for June 14.1B - wider than expected Consensus 12.0B Previous 9.8B (Revised from 9.7B)
- Germany Imports SA for June 1.9% higher than expected Consensus -2.0% Previous 13.7% (Revised from 14.8%)
- Germany Current Account (EURO) for June 12.9B lower than expected Consensus 13.6B Previous 1.8B (Revised from 2.2B)
- Germany Exports SA for June 3.8% higher than expected Consensus 1.5% Previous 7.9% (Revised from 9.2%)
- Bank of France Bus. Sentiment for July 101 as expected Consensus 101 Previous 101 (Revised from 100)
Aian economic data:
- Australia Home Loans for June -3.9% - lower than expected. Consensus -2.00%. Previous 1.9%. (Revised 3.0%).
- Australia ANZ Job Advertisements m/m for July 1.3%. Previous 2.7%. (Revised 2.8%).
- Australia Value of Loans m/m for June -1.0%. Previous -0.3%. (Revised 0.9%).
- Australia Investment lending for June-3.6%. Previous 2.6%. (Revised 3.0%).
- Australia Foreign Reserves for July 47.5B. Previous 43.7B.
- New Zealand QV House Prices y/y% for July 4.1%. Previous 5.2%.
- Japan Money Stock M2 y/y for July 2.7% - lower than expected. Consensus 2.9%. Previous 2.9%.
- Japan Money Stock M3 y/y for July 2.0% - lower than expected. Consensus 2.2%. Previous 2.2%.
- Japan Current Account Total for June ¥1047.1B - lower than expected. Consensus ¥1311.6B. Previous ¥1205.3B.
- Japan Adjusted Current Account Total for June ¥1362.1B - lower than expected. Consensus ¥1447.0B. Previous ¥904.8B.
- Japan Trade Balance (BoP Basis) for June ¥769.0B – lower than expected. Consensus ¥784.0B. Previous ¥391.0B.
- Japan Bank Lending Banks Adjusted y/y for July -1.7%. Previous -1.9%.
- Japan Bank Lending Ex-Trusts y/y for July -1.9%. Previous -2.1%.
- Japan Bank Lending including Trusts y/y for July -1.8%. Previous -2.0%.
- Japan Bankruptcies y/y for July -23.1%.Previous -19.3%.
- Japan Eco Watchers Survey:Current for July 49.8 – higher than expected. Consensus 48. Previous 47.5.
- Japan Eco Watchers Survey:Outlook for July 46.6 – lower than expected. Consensus 48.8. Previous 48.3.
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lakshman (ECRI) coming up on Bloomberg radio after 830am et
http://noir.bloomberg.com/audioplayers/playr_owm.html?clipName=Bloomberg...
I find China's purchases of Japanese debt very interesting. Economic invasion and take over? Japan, in my mind is very vulnerable, and long term is on a demographic death spiral.
Japan is very much the tinker's shop which can't afford the lease anymore because the city grew up around it while it was puttering away.
China looking for a way out for their dollar reserves or some subtle way to continue fucking with the Yuan when necessary?
Economic invasion and takeover through purchase of Japanese debt is way too difficult considering the amount held internally.
Buying Japanese stocks would be a much more easy and cost efficient way of invading and taking over the economy.
Also, China has been getting rid of US and European debt recently.
Since China doesn't have much Japanese debt, this is more likely a basic diversification, especially in this environment where the Yen is strong.
If this trend continues for a long period, then it gets interesting.
Even if it didn't, Japan's economic collapse caused by its demographic death spiral would eventually come, which will be interesting anyways.
Could be prep work for the day when we switch to SDRs as the one currency to rule them all!
papa,
China is on the verge of a major bubble..............
Dig on this...........and we think WE had a bubble?........at least they are not broke.
http://theburningplatform.com/blog/2010/08/08/the-mother-of-all-bubbles/
I can't decide what is more disturbing- US debt levels, or the US public's willing to finance the debt, despite what it knows is coming?
There's a major disconnect here.
And I won't even mention the lousy yield for the risk they are taking.
US Public? No.
Monetizing self-dealing assholes on Wall St, at Liberty 33, and in DC? Yes.
the US public's willing to finance the debt, despite what it knows is coming
US Public? What do 90% of the US Public know about it? Zero.
Oh, P-Krug, you simple fop...
"And the federal government, which can sell inflation-protected long-term bonds at an interest rate of only 1.04 percent, isn’t cash-strapped at all."
i would just L U V to fu*k the editor of
F R O N T R U N N I G
you know what i mean, in the morning and all
running
the front
the globalness of it all.
t o t a l TURN ON
f o r e
Velo, is that niagra kickin' in agin'?
Y E P †
And so it began.......Third Anniversary of the Credit Crunch:
ECB Lends 94.8 Billion Euros as Money Rates Surge (Update3) By Christian Vits and Gabi Thesing - August 9, 2007 08:32 EDT Borrowing rates are rising on concern banks face growing losses on investments linked to U.S. mortgages. BNP Paribas, France's biggest bank, today halted withdrawals from three investment funds, saying a lack of liquidity meant it couldn't ``fairly'' value the holdings. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aCWlglzLiJNo&refer=homeYou mean that stress test wasn't on the level?!
Well I declare.
Yep, now they screaming BUY DOLLARS!!!!!!!.
The Fix is SO in.
I liked this article...sorry if it's already been posted, especially in light of news that the Wyoming Governor is planning on selling part of the Grand Tetons:
Requiem for Barron's
by Howard Katz
excerpt:
" The (Al) Abelson trashing of gold
“…gold, in keeping with its hoary tradition revels in the world’s misery.”
“A Contrarian’s View of Gold,”
Barron’s, 7-26-10, p. 7.
is simply one more example that we live in a society which is single-mindedly devoted to taking our wealth. It used to be the case that Americans recognized that cooperating with one’s fellow man and creating more wealth was the way to go. Redistributing (stealing) the wealth was something that the Russians did. But do you know what also happened last week? On Wednesday, just one day after the Abelson gold break, Russian Prime Minister Vladimir Putin,
“…approved a wide-ranging plan on Wednesday to sell off state property…”
“there are rumors that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth.”
This would be fine if they also stipulated that any future capital gains on those same properties were taxed at 100% until the forgiven portion is paid back. Of course that wont happen though, that wont buy as many votes as a free ride.