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Frontrunning: November 11
- Irish borrowing costs hit high, EU says has tools to act (Reuters)
- Obama Presses Hu on Yuan as Trade Imbalances Divide G-20 (Bloomberg)
- Irish bank chief eyes foreign buyers (FT),
which means after Greece and Portugal, the PBoC will soon add Ireland
to its European holdings, and further reduce the Fed's European sphere
of influence - Geithner Moves to Soothe G20 Currency Tensions (Reuters)
- G-20 Nears Pact but Tensions Still Fester (WSJ)
- Asia's Central Banks Face a Policy Dilemma (BusinessWeek)
- Makeovers on Hold as Consumer Caution Validates Bernanke (Bloomberg)
- "Jersey Shore" lifts Viacom profit (Reuters)
- Why the Fed's QEII Will Not Work (RCM)
- The Global War over Currencies (FT)
- Western Union, MoneyGram May Lose as Fed Sets Remittance Rules (Bloomberg)
- U.K. Regulator Adopts Mobile-Phone Taping Rules Over Protests From Banks (Bloomberg)
- Deficit Panel Leaders Propose Curbs On Social Security, Major Cuts In Spending, Tax Breaks (WaPo)
- SEC Asked to End S&P's `Chilling' Fees for Security ID Numbers (Bloomberg)
- Li: China to deepen trade ties with UK (China Daily)
ddd
- Sweden CPI Level for October 305.57 – in line with expectations.Consensus 305.57. Previous 304.6.
- Sweden CPI - Headline Rate for October 0.3% m/m 1.5% y/y – in line with expectations.Consensus 0.3% m/m 1.5% y/y. Previous 0.8% m/m 1.4% y/y.
- Sweden SW CPI - CPIF for October 0.3% m/m 1.8% y/y – in line with expectations.Consensus 0.3% m/m 1.8% y/y. Previous 0.8% m/m 1.8% y/y.
- Sweden AMV Unemployment Rate for October 4.5% – in line with expectations.Consensus 4.5%. Previous 4.7%.
- Australia Consumer Inflation Expectation 3.1%. Previous 3.8%.
- Australia Employment Change 29.7K – higher than expected. Consensus 20.0K. Previous 49.6K.
- Australia Unemployment Rate 5.4% - higher than expected. Consensus 5.0%. Previous 5.1%.
- Australia Full Time Employment Change -14.1K. Previous 59.4K.
- Australia Part Time Employment Change 43.8K. Previous -9.8K.
- Australia Participation Rate 65.9% - higher than expected. Consensus 65.6%. Previous 65.6%.
- Japan Domestic CGPI 0.2% m/m 0.9% y/y – higher than expected. Consensus -0.2% m/m 0.5% y/y. Previous 0.0% m/m -0.1% y/y.
- Japan Buying Foreign Bonds¥404.8B. Previous ¥566.3B.
- Japan Buying Foreign Stocks ¥19.8B. Previous ¥28.8B.
- Foreign Buying Japan Bonds -¥306.6B. Previous ¥374.1B.
- Foreign Buying Japan Stocks ¥191.8B. Previous -¥51.0B.
- Japan Tokyo Avg.Office Vacancies 8.9%. Previous 9.0%.
»
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It's 11-11 folks.
Get ready for some fireworks today.
Up and down and around and around.
The Oh Gee 20 will need a special reason to pass some previously agreed upon "solution"!
ORI
http://aadivaahan.wordpress.com
You have, of course, seen this: Jane Austen's Fight Club.
that's my kind of C L U B †
I will never play poker against Timmah...anyone who can tell bald-faced lies like that is dangerous.
http://www.cnbc.com/id/40122177
"In sum, Tim Geithner is a gigantic fool, the IMF the gun that can't shoot straight, Alan Greenspan a bungler..."
http://hotair.com/archives/2009/03/06/why-the-aussies-could-have-predict...
http://www.smh.com.au/opinion/obamas-economic-saviour-savaged-as-keating...
Yes, such wholesome programming as "Jersey Shore" lifts profits. They don't care however. The destruction of the culture is their main goal. Included in the fine print that is not told to anyone who watches this show and laughs at the sick behavior of the young people involved is that this sort of behavior has consequences that can be life altering and life threatening.
http://www.thefrisky.com/post/246-jersey-shore-house-is-std-central/
For the woman , it can cause cervical cancer, a extremely dangerous form of cancer. For the man, he becomes a std carrier for the rest of his life and he has to deal with this, when and if he decides to quit this sick behavior and find a nice girl to get married to for you see he can give it to his wife as well. Risky behavior has consequences but I guess it is ok to show garbage like this and appeal to the baseness of the human condition, all in the name of the profits and money.
@ tort
timmay would be the sucker at the poker table. here'e the guy u want to avoid:
http://media.mlive.com/deadmoney/photo/9032305-large.jpg
The good people at Viacom are probably "fist pumping" all over themselves...
Congrats, America.
Give us an update on the Baltic Dry please Tyler, looks to have been dropping faster than building 7 recently.
Which is to say not fast at all, apparently: http://investmenttools.com/futures/bdi_baltic_dry_index.htm
I see a tiny, totally normal drop. Where are you seeing a precipitous decline?
I have a followup observation on the L.A. missile. http://cryptogon.com/?p=18669 is a good link for bringing the stories together. It appears to be a joint US-Japan operation and my observation is based on a Navy spokesman possibly telling the truth.
Adm. Gary Roughead, chief of naval operations, told reporters and editors at The Washington Post that it “wasn’t a Navy missile.” He declined to go into more detail. He did, however, appear to be smiling when he said it. (Ital and bold added)
Could it have been a Japanese missile shot from a Japanese sub? Is this the beginning of Japan not having nuclear weapons the same way that Israel does not have nuclear weapons?
I could be way off, just saying based on what I have read to now this may be a plausible scenario.
But why there? Why in the open? They knew there would be questions...and possibly answers. Did they WANT China to figure it out? Maybe give them something to think about...not that nukes aren't already there with all the bases we have in Japan. I don't get the "why" in their doing it there/then.
Good points. Before and after, it was not handled like a normal Navy missile launch in terms of notification and press. If it wasn't for a news copter you would not of heard anything, it could be they thought they were in a good spot to fire one off without notifying anyone. The waffling after says they didn't have anything in place for that contingency, so they wanted it to be kept secret or there was a breakdown in communication. Wouldn't it have been easy to go, "Crap, we messed up, didn't follow our procedures while firing a potential nuclear weapon" ........ Mmmmmm of course they wouldn't say that if it really happened. HAHA
It's called, hey china, you remember japan right? Yeah, pwnt. You keep in check or we unleash the fury and you haven't even seen our/their good stuff yet.
PS, quit buying PMs, it's making it hard on us to keep the price down.
Jeremy Grantham w Shrill Moll Maria Bartiromo. 28 minutes
http://www.businessinsider.com/jeremy-grantham-interview-bubble-2010-11
"the ice is thin"
i want that on my t-shirt
thanks for the link
Im tired of hearing QE2 wont work. Its working now, On the stock market. Thats what its there for. All this crap that QE2 is supposed to help the economy and UE is bullshit. There is no economy. QE2 is here to make stock prices go higher. For the rest of us who are non club members, We get to pay the bill. Economy, Thats so 90's . Remember, " Its a big club, And we aint in it".... George Carlin
But, but , but, Ben said that helping the stock market averages go up will help main street. Ha ha ha
..
..
http://www.zerohedge.com/article/bernanke-confirms-key-goal-fed-and-qe2-...
R.I.P. George, funny bastard.
I'm not tired of hearing that, necessarily, but I am frustrated that more people are not hammering the Fed for paying interest on reserves.
As I have stated time and time again, the Fed could have restarted this economy easily under QE 1.0 by giving banks the incentive to make loans, versus stashing reserves on the balance sheet. The Fed flatly lied about the intention of QE 1.0 (making loans), as banks were essentially getting paid by the Fed to keep the reserves in house.
And it is still happening today, with an implied 1-day interest on reserves (0.25%) paying above the 1-year T-Bill rate (0.22%). Put that on a yield curve chart, and it just looks bizarre. It's little wonder banks are not making loans. The message here is that improved money velocity is there for the taking-- but the Fed wants nothing to do with it.
And equally, QE 2.0 amounts to what is essentially a farce. It's intended effects are to provide another huge bailout an insolvent banking system, and as a mechanism to keep Treasury funding needs at an artifically low all-in cost.
If interest on reserves were closer on what Treasury market rates should be (or removed altogether) the money market multiplier and money velocity would move higher, resltung in an increase economic activity, induce hiring and lower unemployment... and spark inflation (which seems to be what the Fed is seeking).
I encourage others who have read the last article in Real Clear Markets to give it a good look. People should be screaming at the FED to lower or eliminate the IOR. Loan demand may still not be great if IOR disappeared, but banks now have almost NO incentive to make loans if they are getting paid above market rates to stash it away.
"Imagine a bus packed with passengers. The driver has the gas pedal floored and his left foot hard on the brakes at the same time. The engine is roaring. The bus is vibrating. The transmission is overheating. And, the bus is going nowhere."
that's a great article assetman, thanks for encouraging me to read it. it definitely brings some clarity.
the question one might ask is WHY the FED is stepping on the accelerator and the brake pedal at the same time when it's just wasting fuel? this would be a great question for RP to ask BB in their chats.
Obama Presses Hu on Yuan as Trade Imbalances Divide G-20 (Bloomberg)
Who is China's finance minister ?
When did Obama press him on the Yuan for 20 G's ?
Well, that's what I been asking, Who ?
What ? Why do you say When ?
What do ya mean How !
Look, all I wanted to know is:
Who is China's Finance minister ?
That's what I've been asking You !
Who ?
It would be wise if someone could muzzle
Bushobama, preaching democracy in Asia,
while the statistics of air strikes in Af / Pak
hit the record number of 1000 strikes last month.
From El Pais, from the bag of lies:
"But I think we have a choice: we choose to define ourselves by our differences and go for a future of suspicion and mistrust, or we can choose the hard work of finding common ground and go for a future of progress. "
"I can assure you," he said to a young and enthusiastic, "the U.S. is committed to human progress, that's what we are, that's what we have done and that is what we will."
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