• The Real Crisis in Health Care?
    Leo Kolivakis
    03/21/2010 - 09:53
    As the House gets ready to pass a "historic" bill on health care reform, let me introduce you to the real crisis in health care...
  • Jim Rogers on Chinese Currency and Trade War: My Thoughts
    asiablues
    03/20/2010 - 19:47
    My take on views expressed by Jim Rogers at a BBN interview on Mar. 18 about the recent currency and trade confrontation between the US and China, the Canadian loonie and the U.S. bond market.

Frontrunning: December 31

Tyler Durden's picture
Submitted by Tyler Durden on 12/31/2009 04:37 -0500



  • China Central Bank Zhou says 2010 is crucial for 'defeating' crisis (Bloomberg) in the meantime his subordinated are learning the intricacies of Treasury collateralized $19.95/pop reverse repos, in advance of withdrawing trillions in excess liquidity
  • Lawmakers want probe into aid for Fannie and Freddie - we'll spare you the Dan Brown suspense - the answer is the Federal Reserve in the 85 Broad lobby with a money printer
  • FDIC moves to seize slice of bank stock rallies (WSJ) - paging the worthless Mary Schapiro - when will the insider trading in New York Community Bancorp finally be investigated?
  • Speaking of worthless, regulatory-captured windbags, Wall Street waits as SEC fails to bring Madoff-inspired reforms (Bloomberg)
  • The end of Uncle Ben's unlimited piggybank means no more gains for those who benefited from taxpayer generosity to deadbeat homeowners (Bloomberg)
  • Do we need a new reserve currency? (Emirates Business)
  • So much for Wall Street sobering up (Fortune)
  • With Greece teetering the worst may not be over for Europe (NYT)
  • McKinsey's Anil Kumar preparing to plead guilty in Galleon case, bolster case against Raj Raj (WSJ)
  • Aiful debt swap sellers to pay $975 million to settle contracts (Bloomberg)
  • Kass: Squawking about the headwinds (Street)
  • Rusal, the biggest Hong Kong IPO in two years is just so indicative of the times: "If the company doesn’t come to the market to raise funds, it will go under a mountain of debt." (Bloomberg)

 

4.75
Your rating: None Average: 4.8 (4 votes)

»


by Renfield
on Thu, 12/31/2009 - 05:13
#178698

Happy New Year America!!

So much gratitude to you wonderful and intrepid Zero Hedge posters! So much love to you delicious and sexy Zero Hedge commentors! And to all you silent readership - you know who you are! - may 2010 see you decloak from the shadows and let us hear your strong voice!

Thank you for so much hard work all thru the year. Many of us, even in a larger global community, owe more to you than we can say. Everyone knows you have brains; but some of us think you have heart.

I hope that, even as the Old World Order crashes around us, 2010 keeps each of you safe, together with family and friends, and secure, with a strong hold on what is valuable and real. May the New World (NOT Order!) surprise you with freedom and clarity.

May there also be riches in this year, for you and some others of us. :-)

It is three hours to the first midnight 2010 here in Sydney, it is a perfect summer night, and from my balcony I can hear and see fireworks starting already. I am grateful for you guys who are on my list of blessings tonight. At midnight I will raise a champagne toast to your health and PROSPERITY in the coming year. And yes, we even have a weed bikky or two to make sure no-one gets...over-excitable.

Beating a kissy but hasty exit before some cheeky bastard comes on here and publicly chokes on all the hearts and flowers.

- Cat

by WaterWings
on Thu, 12/31/2009 - 11:13
#178909

And a cheerful, deep 'haaaaaaaay!' with my beer mug tipped atcha. 

Great post.

we'll spare you the Dan Brown suspense

Heeeeeeeeeeehaaaaaaaaaaw!

by Anonymous
on Thu, 12/31/2009 - 11:41
#178969

Go Wallabies!

by buzzsaw99
on Thu, 12/31/2009 - 05:18
#178701

paging the worthless Mary Schapiro...

 

not worthless, lubed up like a greased pig.

by Renfield
on Thu, 12/31/2009 - 05:51
#178705

All right, now in an effort to be on-topic.

'Wolf, who has honorary doctorates from three universities, bases his argument in part on the Triffin dilemma, an economic paradox named after economist Robert Triffin. The paradox shows that the US dollar's role as a global reserve currency leads to a conflict between US national monetary policy and global monetary policy." So I agree with this. And I'm absolutely convinced now, in a way that I was not three or four years ago, that we cannot continue with a genuinely global economy which relies on national money, and that's not sold by just adding another couple (of currencies). It actually means having a global money."'

There has been so much talk on this over the last year, from so many quarters, that it is a question not of IF but WHEN. 2010? AND, of course, asset-backed...I'd love to see a ZH thread on this sometime, on the possibility of a tripartite global currency within the next few years...an 'American' currency, a 'European' currency, and a 'Pacific' currency. I can't see a *single* currency in our near future, altho maybe longer term.

'Indeed, Wolf said he's in complete agreement with China's Central Bank Governor Zhou Xiaochuan, who has argued for a new global currency "most credibly and convincingly..."On the dollar, there is nothing to support this currency except the Chinese government and a few other governments that are prepared to buy it," said Wolf. "Anybody can look at the arithmetic of the fiscal deficit, the monetary policy, the external balance, which has improved but largely because of the recession, the dollar is not adequately supported."'

No shit. I'm happy to see articles like this not b/c they say anything new, but b/c they open up the mainstream discourse to these possibilities (or inevitabilities, depending on who you're reading). Bretton Woods is history. So, what's the next step...the Beijing Convention?

While a new reserve currency (standard) may not be the topic-du-jour in America, in other parts of the world it certainly is.

by Hacker
on Thu, 12/31/2009 - 08:47
#178739

Asset backed currencies are so last millenium. :)

Earth's assets are finite. Economies need to grow so that the wage slaves can believe that they'll be able to grow their way out and not revolt. Asset backed currencies do not allow for real growth.

Fiat currencies are broken. Just look at our current situation.

Energy backed currencies are the way to go. Energy is what gets things done.

 

by Unscarred
on Thu, 12/31/2009 - 10:10
#178774

+1

Out with the asset backed currencies, in with the
Al Gore backed currencies:

 

Peace, love, and Humptiness to all in 2010.

by Anonymous
on Thu, 12/31/2009 - 10:29
#178821

Was that you on "Do Whatcha Like"?

by Anonymous
on Thu, 12/31/2009 - 11:45
#178973

Unscarred=brains and good taste.

by Unscarred
on Thu, 12/31/2009 - 16:55
#179402

Sex Packets

by Hephasteus
on Thu, 12/31/2009 - 10:37
#178842

Energy=Money has been a long term mathematical tie in be it human energy or machine tools. It's always been the system it's just been turded up.

by loki
on Thu, 12/31/2009 - 05:54
#178706

OT:  I just so dig the goldbrick carryin' snow-dude up in the corner.

by Mongo
on Thu, 12/31/2009 - 06:13
#178709

Yes, says it all doesn't it!

by Mongo
on Thu, 12/31/2009 - 06:15
#178710

On behalf of the working class I would like to thank the Fed for fucking it all up!

by Screwball
on Thu, 12/31/2009 - 09:15
#178752

LOL! On behalf of the formally working class I agree totally.

by chindit13
on Thu, 12/31/2009 - 07:04
#178721

China's "crucial" goal for 2010 is passing Japan as the World's Second Largest Economy. The projected (already booked) 9.4% growth rate for 2010 should do the trick. The age old rivalry heats up.

by Anonymous
on Thu, 12/31/2009 - 08:41
#178734

Does the 9.4% have a basis in reality? Or does the Chinese government mostly only care about overtaking Japan on paper?

by ghostfaceinvestah
on Thu, 12/31/2009 - 08:15
#178729

Hmmm, what have I been saying for the past 9 months?

 

"The Fed has been buying at “way” narrower spreads than “where the private sector would be willing to” invest, said Doug Dachille, chief executive officer of New York-based First Principles Capital Management LLC, which oversees about $8 billion of fixed-income investments."

by nonclaim
on Thu, 12/31/2009 - 08:23
#178731

Thank you all Tylers and Marla(s) out there for this small and blessed source of reality shining strong among the filth and insane lies of MSM and Govs everywhere.

2010 will be even worse, but for those seeking the truth above monetary gains there will be both.

Have a great party tonight everyone!

by Anonymous
on Thu, 12/31/2009 - 08:41
#178733

..."when will the insider trading in New York Community Bancorp finally be investigated?"

Maybe they were told 'stand down'? Now who is capable of giving that order?

Selective investigation will be the way.

by Anonymous
on Thu, 12/31/2009 - 08:42
#178736

“If there are fears now that a breakup of the euro zone will lead to weakening of the euro, then that is good news,” said Paul De Grauwe, an economist based in Brussels who advises the president of the European Commission, José Manuel Barroso. “So we should congratulate Greece for getting us out of this anomaly of having a euro that is too overvalued.”

Could this be the quote of the year?

by Veteran
on Thu, 12/31/2009 - 09:15
#178753

Stiglitz.  interesting

 

http://www.chinadaily.com.cn/opinion/2009-12/31/content_9249981.htm

by loki
on Thu, 12/31/2009 - 09:21
#178757

Am I going senile or did the thread regarding the Health Care Bill go missing??  WTF?

by Daedal
on Thu, 12/31/2009 - 09:34
#178763

You mean GW's post? http://www.zerohedge.com/article/economist-health-care-bill-just-another-bailout-financial-system

If not, then maybe you are going senile. Don't worry, a politician will write you an appropriate prescription.

by loki
on Thu, 12/31/2009 - 10:19
#178806

thanks..... now where did I put my gingko biloba? 

by Cognitive Dissonance
on Thu, 12/31/2009 - 09:34
#178764

Your question is not an "or" question but rather an "and" question.

Happy Holidays. :>)

by Anton LaVey
on Thu, 12/31/2009 - 09:55
#178778

Recommended article:

Do we need a new reserve currency?

Short answer: Yes.

Wolf said Triffin believed that the host nation of a global reserve currency will inevitably run up a huge current account deficit that would consequently undermine the credibility of its currency and adversely impact the global economy.

No sh*t, Sherlock.

Apart from the economic risks posed by the decline of the US dollar, China's devaluation of its currency is causing "a real problem" for Europe. The "very perverse currency adjustment" is highly destabilising for the euro zone economy and could create a crisis, said Wolf.

Ditto.

"This is simply the American way of shifting the recession from them(selves) to their trading partners," said Wolf.

Again, no big surprise there.

"The Americans no longer have the means to save themselves, this is what I think people don't understand. There is no credible American policy," said Wolf.

And that, Ladies and Gentlemen, may well be the number one story in 2010. When even the "chief economics commentator of the Financial Times" (Wolf official title) says this, you know the sh*t is about to hit the fan. Big time.

Happy New Year to everyone on ZH.

by WaterWings
on Thu, 12/31/2009 - 11:17
#178916

Three claps for Satan!

+no sh*t, Sherlock.

by Anonymous
on Thu, 12/31/2009 - 11:06
#178896

I have no idea as to the veracity of this Chinese blog post:

http://www.voc.com.cn/article/200912/200912291448138630.html

If it is true then it means China has more to do in solving internal infrastructure problems than simple dollar decoupling and switching to a consumer economy.

A picture is worth a thousand words, or is that kanji? Regardless, its a cracked bridge made of trash and styrafoam.

More pictures from a Japanese blog.

http://blog.livedoor.jp/dqnplus/archives/1369463.html

And you thought lead on your toys and poison in your pet food was bad.

by Anonymous
on Sat, 01/02/2010 - 15:24
#180737

Where is the post on the overnight ES rig?

by Anonymous
on Sat, 01/02/2010 - 15:26
#180740

What happened to the overnight chart on the ES rig? thanks

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.