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Frontrunning: March 9
- Merkel urges ‘quick’ regulation as Greece takes plea to U.S. (Bloomberg)
- Eaton Vance dumps dirt bonds as Florida land districts default (Bloomberg)
- Collapse of the American Empire: swift, silent, certain (MarketWatch)
- Gold "unlikely" to be main China reserve investment (Bloomberg)
- M&A target IRRs lowered, what does it say for CapEx IRRs: Exxon lowers bar, buys assets previously deemed unattractive (Bloomberg)
- China committed to US debt, wary on gold (Reuters)
- Worries rebound on bull's birthday (WSJ)
- Unemployment benefits: in it for the long term - 11.4 million Americans collecting $10 billion a month (WaPo)
- The best way to measure company performance (Bloomberg)
- Why the SEC sued me and why you should care (Daily Reckoning)
- Greece seeks US help regulating speculators (WaPo)
- Nakheel bonds rise as JPM see repayment at par (Bloomberg)
- Shorting US Treasuries could be a mistake (FT)
- Market defies fear of real estate bubble in China (NYT)
- Why every nation cooks its book (MSN)
- Disgusted (Alhambra Investments)
- And the token puff piece on Tim Geithner (New Yorker)
»
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Re. New Yorker:
They may have saved finance but haven't saved the economy. Unless you define economy to be finance.
http://zeropointfield.wordpress.com/2010/03/09/frbsf-okun%E2%80%99s-law-...
"March 9 (Bloomberg) -- Thomas Metzold, Eaton Vance Corp.’s co-head of municipals, sold all his defaulted bonds of Tison’s Landing, an unfinished housing development in Jacksonville, Florida, as the debt fell to a third of face value last year.
Dumping the so-called dirt bonds at a discount was a better bet, the Boston-based Metzold said, than taking over 218 empty acres (88 hectares) from the project’s builder and waiting for a real-estate rebound that may not come until the early 2030s, according to a Moody’s Economy.com forecast. "
rebound by 2030 WTF..new hot money target
Dirt Bonds..cheap at 30% face..gotta get some
LOL..my new motto rebound by 2030.
Regarding "Collapse of the American Empire", Thomas Cole's paintings 'The Course of Empire':
http://en.wikipedia.org/wiki/The_Course_of_Empire
Quote of the Day
All war is based on deception.
--Sun Tsu, The Art of War
Perfect quote for today.
Read the headlines. Then read both stories, and show me exactly where Yi is quoted as saying China is not interested in buying more gold.
Today's excuse for COMEX manipulation.
If China was really interested in buying and accumulating more gold, this is exactly what you would expect them to say, correct?
To think otherwise would be akin to someone walking in to a used car lot and boldly stating, "Please let it be known that I'm not leaving here without purchasing this particular POS. Prices be damned!!!"
Whenever you hear one of these "official statements" always remember your Sun Tzu as stated in one of the above comments.
My point is that the mainstream financial press misrepresents the facts in articles like these to make them sound negative about gold investing.
Thank you Trader Dan. Once again the voice of sanity:
"Gold put in an impressive performance today from where I sit battling back from a barrage of selling linked to the ridiculous story circulating around the market today that China was not interested in buying gold. That initially emboldened the raiders at the Comex and sent the lemmings packing and heading for the hills before saner minds prevailed who began buying into the weakness."
http://jsmineset.com/2010/03/09/hourly-action-in-gold-from-trader-dan-231/
Good point. What would it take for china to have their "main reserve investment" be gold? Considering gold is a paltry 5% of their current reserves, it would take mountains of gold.
I don't think it makes any sense at all for China to put money in gold. If they want to horde commodities, it would serve them better to horde the useful ones like copper.
They are hording oil in their SPR, but storing a trillion dollars in oil is much harder than storing a trillion dollars in base metals.
Yeah, cuz 134 million tons fits in your big mouth...
PAPANDREOU speaks: http://williambanzai7.blogspot.com/2010/03/stop-evil-doers-before-it-is-...
It will be interesting to see if China was told to say what they said (about gold), so as to be sold the gold, or maybe someone told them the gold is going elsewhere and China reacted like a rejected school girl. "I didn't want to date you anyway! Hmmph."
China, we all know you need that gold. I mean what, you are going to unpeg without diversifying into the common currentsea that the oligarchs use? Does anybody really think a billion dolla oligarch has ever used cash? Do you think David Rockefeller carries paper?
"Collapse of the American Empire: swift, silent, certain" +100 good read
Sadly, I have sensed that we hard entering the 4th stage for a couple of years....
I hope not, but look at the irresponsible, arrogant, idiots in DC
That being said, the "idiots in D.C." are just a symptom. Maybe Jeffersonian Democracy was right, at least I like the symetry with this article's assertion to obtain a farm in the mountains and Jeffersonian Democracy', "The yeoman farmer best exemplifies civic virtue and independence from corrupting city influences; government policy should be for his benefit. Financiers, bankers and industrialists make cities the cesspools of corruption, and should be avoided". Love it.
Is it possible that China has doubts about the quality of the IMF gold and wishes to avoid any confrontation on the issue?
This crossed my mind too....but they would test it before the sale went through right?
What I find interesting is the possibility of a purchaser getting stuck with tungsten and keeping quiet about it, for obvious reasons.
By going forward it does turn into a he said she said situation. "We got bad gold!" "No we sent good gold and they substituted it with bad gold!". So not much gets accomplished. Now a result could be seen in political pressure when you know one party sold a bad product to the other and when confronted privately denies it or won't make it right.
I'm not saying it happened, but what could China really do if they got salted bars? They could make a scene about it and the seller could shrug or they could pursue their own quiet war against them financially for payback.
Keiser Report – Markets! Finance! Scandal!
@14 minutes listen to Greg Palast to explain why the game continues....
http://tinyurl.com/yd27fdg
is the wsj too bullish to make frontrun on zh now?
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