Late Labor Links

Tyler Durden's picture
  • Ron Paul: End The Fed (Ludwig Von Mises Institute)
  • Evans-Pritchard doubleheader: Does the world have the courage to deal with its debts (Telegraph) and China, Bernanke, and the price of gold (Telegraph, h/t Steve)
  • Gold advances to $1,000 an ounce as Bernanke dances on dollar's grave (Bloomberg)
  • "Everyone is guilty" of aid means U.S. WTO wins may be harder (Bloomberg)
  • Russia oil production overtakes Saudi Arabia (Global Research, h/t Washington)
  • Syringe stabbings roil China as ethnic tensions rise (Bloomberg)
  • Huntsman seeks consolation prize, deals in China (FT)
  • Adam Smith would not be optimistic in today's economic world (Telegraph)
  • Investors never know when to say enough, especially with permabankrupt Global Crossing: the fiber optic specialist is back on the uberleverage track with $650 MM new bond issuance (PR)
  • Lehman is now the HFTs pick for ionosphere gunnery practice (FT)
  • China says "Stuff it": the sequel (EconomicPolicyJournal, h/t Janet Tavakoli)
  • The last temptation of risk (National Interest)
  • Russian tycoon's fall spurs money hunt (WSJ)
  • No economic recovery in sight: more financial chaos ahead (Global Research)
  • The massive manipulation and speculation in Fannie stock pays off: will not be delisted from NYSE (PR)
  • Carefree hipsters go for funemployment, starve-cation (Iowahawk)
  • Nial Ferguson and James Fallows on "Chimerca" (Fora TV link)



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Anonymous's picture

Some interesting details on the China 'stuff it' issue over at the Fundamental View blog (not my blog, not hyping it - just thought the info was interesting)

Bob's picture

I'm not hyping a competitor's blog ( either, but the China Says Stuff It story linked above it about as lame as it gets.  I'm not the only one who finds this story alarming with massive downside potential and would dearly appreciate a comprehensive examination of the issues by ZH.

chumbawamba's picture

In gold we trust, mother fuckers.

I am Chumbawamba.

ShankyS's picture

Welcome back! Thank goodness no more meaningful holidays till Thanksgiving.

The dance we play with China will determine how quickly it all ends. Good thing Timmay speaks Chinese fluently, so when they tell us to fuck off there will not be any language barriers to understanding exactly what they are saying.

Dixie Normous's picture has had this headline up for hours without a story:

Stocks Cheapest Since ‘89 Show Why Analysts Dismiss Economists


MinnesotaNice's picture

But now the headline has morphed to:

Stocks Cheapest Since '89 Show Why Analysts Say Economists Wrong on Growth

I was also waiting so see why they thought that earlier this evening when it first went up... I think they must be really slow writers... and if they just reworked the title don't get your hopes up on the story until morning...

Steak's picture

What the fudge is a hipster and why have i been hearing about them more lately?  Friggin kids n their fads...what ever happened to putting on a hip hop record and smoking a blunt?

Anonymous's picture

So, the inverse of China buying gold and increasing its price is China selling dollars, and decreasing its price.

Or is China buying currency swaps or managing their risk using derivatives?

Comrade de Chaos's picture

Wow, the FUNEMPLOYMENT is one of the best and the most provocative articles describing consumerism out there. By the way, consuming fun as much as possible or 16 hr out of 24 is consumerism as well, those kids just don't realize it.

Cheeky Bastard's picture

Russia oil production overtakes Saudi Arabia


Without any exaggeration; the most important piece of data in the last 20 yrs. I will let you; ZH'ers train you brain curves; and find yourself why that is so. Responses would be good.

TumblingDice's picture

Could it have something to do with the Saudi Arabian 66.5 year Reserve/Production ratio being three times greater than Russia's 21.8 years?

(according to BP )

Russia pumping out oil at a torrid pace may be an indication of their opinion of future price. Production usually spikes with price. If these determined bankers are willing to buy oil by the tanker when there is diminishing demand everywhere else then Russia will gladly sell it to them at an inflated price. Russia is probably trying to play the angle of forcing future deflation by creating all the supply of oil they can, knowing that eventually it will have to be unleashed. They got really hurt by falling oil prices in 2008 but now they are securing oil trade in dirrect currency exchange with China and some other countries that are escaping my head at the moment so they are hedged in that regard.

They may just be more net net better for US dollar deflation now, if they are so eager to take advantage of the current inflation.

JohnKing's picture

It has to do with oil bourses being dollar denominated. I think it was Kissinger/Nixon that did some deal with the Saudis that made oil forever tradeable in dollars only, it (the deal) coincided with the gold standard being junked for US dollars. It was really a new oil/dollar standard, enforced by OPEC nations trading oil only in DOLLARS.

This is very bad news for the dollar. If Russia wil take zlotys or whatever for oil, who really cares about the dollar? It was the oil that made the dollar the reserve currency, always a demand for dollars if that was the only way to get the black stuff.


Steak's picture

I wholeheartedly disagree as to the significance of this event.  IF (big) Russia will now and forever surpass Saudi then its big.  But Saudi still has the most oil reserves, and still produces oil cheaper than almost anywhere on earth.  On top of that Saudi has some of the best oilfield engineers in the world while Russia's oil industry is rotting at the core.  So Russia can pump from new wells, but it is exceedingly likely they will mismanage their reserves (allowing oil fields to collapse thru poor extraction techniques, etc).

This to me is like Japan almost surpassing US GDP a couple decades ago...interesting, relevant, but temporary.

BorisTheBlade's picture

Russia is the biggest oil-producer now and ... it is outside of OPEC. Not that OPEC was very effective in manipulating oil prices, but the fact that the biggest oil-producer is outside of the cartel seriously cripples its attempts to manipulate prices.

And maybe it's not just about fact that Russia surpassed Saudi as #1, but also about the moment when it happened.

velobabe's picture

cute code cheeky.

took me a while, thought my area code or 970AM aapl.

aspen institute is where i always stay now a days.

my daughter is the health club manager at this facility.

beautiful campus of 50 acres includes the wonderful music festival tent.

your kind of music, damn your good with numbers.





Sabibaby's picture

It's ironic actually. OPEC with the encouragement of the US, dropped oil prices so low back in the 80's (toward the end of the Cold War) that it no longer became profitable for USSR to produce oil. This contributed to the collapse of the USSR. Now two or three decades later Saudi Arabia is unable to keep the price of oil low and Russia with oil prices at $50+ bbl can produce and be profitable. During the 20 years of little to no oil action in the region, OPEC countries have produced past peak and are well into decline while Russia is just entering decline, their reserves are far greater.

Anonymous's picture

Thanks for the link to the Ron Paul article at the Mises Institute. That was a good read. Can't wait to get the book.

Anonymous's picture

usd pwnage in real-time, down another .3% in last hr

go WATCH now!

Project Mayhem's picture

Spot gold just broke $1000 overnight in Hong Kong





Project Mayhem's picture


wow okay wayyyy overbought-- ppl are going to get freaked out if this corrects haha



jerv's picture

You know what ATH is? 102x?

Project Mayhem's picture

yeah ath around $1030. the problem is not so much gold as silver... silver is WAY overbought...the big commercials (cough JPMorgan +HSBC cough) were piling on the shorts last week. since gold and silver are connected at the hip i'm starting to think there's gonna be a big washout of leveraged paper longs.

I highly recommend following Clive Maund, in my opinion he does the best technical analysis of the precious metals markets.



Gilgamesh's picture

DXY just bounced off of yearly lows, after some crazy parabolic moves on the London open.  This will, of course, lead to similarly crazy gains in SPY.


Edit:  Violated.  No PPT for the Dollar.  Hello 75.9.

Bearish Spirits's picture

This is extremely concerning.  I'm watching the DXY bounce off 77.1.  Will this morning's futures fool people into buying the market? 

Bernanke has to defend the dollar or let the bottom drop out.  My bet is the dollar will be defended...maybe a conveniently placed spike after the Beige Book release tomorrow?

Barring that, a lot of bulls may be trampled if the dollar rises.

Hephasteus's picture

Just watch for the margin squeezing. You can see when it's manipulatable and when it's not.

When Hal plays this tune too much.

Gold/Silver plays this one.

Just look at the gold chart the cone at the far right. Even with rapid spread manipulation it's wanting to break the compression and spring up.

Ben_the_Bald's picture
LSE backs high-frequency traders

By Jeremy Grant in London

Published: September 7 2009 20:55 | Last updated: September 7 2009 20:55

High-frequency traders, the controversial market participants who have come under regulatory scrutiny in the US, were backed on Monday by the London Stock Exchange.

Hephasteus's picture

Model airplane economies for everyone. I mean modeled economies for everyone.

lizzy36's picture

So far i have counted about 10 headlines that all say "stock futures higher as recession eases" and "oil above $69 as rising stock boost confidence".

Amusingly, not one headline read "USD getting killed as bernanke continues to carpet bomb the dollar in an attempt to create inflation". 



AN0NYM0US's picture

I think we are approaching the point where the reluctant $ on the sidelines are about to start pouring in -  JPM just out with a buy reco on GE: targer $17 -  it's the lambs to the slaughter

Dixie Normous's picture

It's embarrassing how the media has become nothing more than cheerleaders. (I used to think Bloomberg would never go the way of CNBS, but .....)

No digging, no questioning, no fight.

Thank God for blogs.

JohnKing's picture

Kamikaze Ben is flooding the wrong river with dollars, all of his efforts are going into junker-momo-algo trading accounts.

Anonymous's picture

From: BChikvash@aol.comTo:, lorimer.wilson@live.comDate: Sat, 5 Sep 2009 05:27:32 EDTSubject: Notice Of violation of copyright
Dear Lorimer,Dear Henry
Please note that your recent articles at
and at
use the original research conducted myself, at,

providing for the first time , as best as , I know the DXY*SPX versus Nikkey I ask you to immediately publish on your respective sites and at safehaven a corrective article, that shall point out that this is an original research by boris chikvashvili of http://www.borisc.blogspot/ (Anti-Sopitalist) and not original research of Merrill Lynch. I understand , that this is simply an ovesight on your part, and no other actions are required from you to rememdy this case. Thank you very much. Please provide as soon as you can the email contacts of the Merrill Lynch Researchers, so that I can advise them , as well, that theirs is not the original reserach.

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