• williambanzai7
    01/25/2015 - 14:27
    A Banzai7 salute to the Greeks for signaling the bankster $hitheads of the world (and their Eurocrat enablers) to shove it where the sun don't shine.

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Swiss Yields Plunge To New Record Low, 1Y -1.05%

1-Year Swiss interest rates have now crashed 75bps in the last week since the SNB decision to un-peg from the Euro. As the world awaits Draghi's big moment, Swiss rates are sliding more and investors seek the 'safety' of Francs - even if it costs them 1.05% per year for that 'safety'.



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ECB Keeps Rates Unchanged, No QE Announcement Yet

As expected by most analysts, the ECB kept its rates unchanged for all three facilities.  This is hardly surprising, although as HSBC accurately observed, if the ECB really wants to incentivize banks to sell their government bond holdings, it should have actually pushed rates higher. In any event, as the ECB also noted, "Further monetary policy measures will be communicated by the President of the ECB at a press conference starting at 2.30 p.m. CET today" ?which is a signal that a much bigger announcement is coming in 45 minutes when Draghi begins to speak.

 



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Frontrunning: January 22

  • ECB to decide on bond-buying plan to revive euro zone (Reuters)
  • Draghi Is Pushing Boundaries of Euro Region with QE Program (BBG)
  • Investors Wonder Whether ECB Will Do Enough (WSJ)
  • Treasuries Drop With Bunds Before ECB; U.S. Futures Rise (BBG)
  • European shares hit seven-year high (Reuters)
  • At least eight civilians killed in shelling of Ukrainian trolleybus (Reuters), both sides blame each other
  • OPEC Will Blink First in Battle With Shale Drillers, Poll Shows (BBG)
  • China Injects $8 Billion Into Banking System (WSJ)
  • New York says Barclays not cooperating in 'dark pool' probe (Reuters)


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Market Wrap: Futures Unchanged As Algos Patiently Await The ECB's "Monumental Decision"

With less than two hours until the ECB unveils its first official quantitative easing program, the markets appear to be in a unchanged daze. Well, not all markets: the Japanese bond market overnight suffered its worst sell off in months on a jump in volume, although for context this means the 10Year dropping from 0.25% to 0.32%. Whether this is a hint of the "sell the news" that may follow Draghi's announcement is unclear, although Europe has seen comparable weakness across its bond space as well and the US 10 Year has sold off all the way to 1.91%, which is impressive considering it was trading under 1.80% just a few days ago. Stocks for now are largely unchanged with futures barely budging and tracking the USDJPY which after rising above 118 again overnight, has seen active selling ever since the close of the Japanese session.



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What 4th Amendment? Police Across America Are Using Radars To See Inside People's Homes

The intentional erosion of public privacy is no accident. It’s not merely a simplistically stupid overreaction to the dangerous world we live in either. It is a very deliberate and nefarious plan being intentionally implemented by the American oligarchy; i.e., the super rich and the super powerful. This is precisely why the establishment freaked out about the Edward Snowden revelations, and it is why every single minor event is immediately manipulated into an excuse to give the government and intelligence agencies more power. While we already know a lot about the NSA’s unconstitutional and fascist policies when it comes to the web, the decimation of the 4th Amendment is also being eagerly practiced at a more local level by police departments across the country.



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The Most Economically-Correlated Commodity Is Flashing Red

While Crude Oil and Dr. Copper are often cited as economic indicators, as @Not_Jim_Cramer notes, in fact Lumber prices are the most correlated with ISM and GDP of all industrial commodities. That is a problem. Lumber prices are tumbling and are breaking the 6-year up-trend that has 'proved' the recovery. With no CCFD manipulation and less financialization than crude, perhaps Lumber is the real canary in the economic collapse coalmine...



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Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is "Sorry" For "Overzealousness"

Day after day, mainstream media proclaimed December the month to be in stocks: seasonals, Santa Claus rally, and performance-chasing funds would 'guarantee' upside. For Owen Li, former Raj Rajaratnam's Galleon Group trader, and the clients of his Canarsie Capital hedge fund, December 2014 will never be forgotten. According to CNBC, from around $100 million in AUM in March 2014, Li told investors in a letter, the fund had lost all but $200,000 and he was "truly sorry," for "acting overzealously" in the last 3 weeks.



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It's A 1% World And You're Not In It - Christie's Sales Hit Record

Led by first-time-buyers from The Middle East (up 23% year-over-year), the London-based auctioneer Christie's saw full-year sales hit record highs in 2014. As The FT reports, Christie's saw total sales rise 16%, topping $5bn for the first time driven by a 30% in 'new buyers' as central bank largesse leaked out of the 1% pockets. The Americas remained the primary driver of growth, accounting for 38% of sales and the largest proportion of new buyers. Thank you Mr. Yellen...



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Greece - By The Numbers

Greece is reeling from the effects of the biggest economic crisis in its recent history. Here are 12 statistics, via The Wall Street Journal, underscoring the severity of the crisis now reaching into all aspects of Greek life...



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The Ghost In The Machine, Part 1

Everyone who lost money on the SNB’s decision to reverse course on their three and a half year policy to cap the exchange rate between the CHF and the Euro made a category error. Simply put, the rules always change as the Golden Age of the Central Banker begins to fade. The SNB decision was a wake-up call, whether or not you were directly impacted, to re-examine portfolios and investment behavior for category errors. We all have them. It’s only human. The question, as always, is whether we’re prepared to do anything about it.



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Kaisa Default Contagion: China's $245bn Corporate Bond Market "Is Too Complacent"

As we detailed previously, the first USD-denominated Chinese corporate bond default last week - of developer Kaisa Group - signals considerably deeper problems in China's economy as one manager noted, "everyone is rethinking risk right now." As Bloomberg reports, Chinese companies comprised 62% of all U.S. dollar bond sales in the Asia-Pacific region ex Japan last year, issuing $244.4 billion and that huge (and illiquid) market "has been too complacent," according to one credit strategist who warned, investors would be “rational to adopt a cautious approach in view of the fact that anything can happen, anywhere, anytime. It would be irrational to continue thinking that after Kaisa none of the companies will see a similar fate."



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12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs

The gravy train is over for oil workers. All over North America, people that felt very secure about their jobs just a few weeks ago are now getting pink slips. Since 2003, drilling and extraction jobs in the United States have doubled. And these jobs typically pay very well. It is not uncommon for oil patch workers to make well over $100,000 a year, and these are precisely the types of jobs that we cannot afford to be losing. The middle class is struggling mightily as it is. And just like we witnessed in 2008, oil industry layoffs usually come before a downturn in employment for the overall economy.



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Bill Proposed To Allow Voting Without US Citizenship

Once upon a time, there was a saying "no taxation without representation." Well, in America's transition to an utopia of French or even Venezuelan caliber, for half the population taxation became an anachronism from a bygone era, which in turn meant that representation likewise lost its charm. However, in order to preserve a political system in which the votes of the many are bought with the money of the few or, as the case may be these days, with money printed out of thin air by the Federal Reserve, there was one bureaucratic hurdle: one still needed a US passport in order to vote. However if a newly introduced bill in Washington D.C. passes, one won't even need to be a citizen in order to vote in local elections.



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Japan Bought The Most Foreign Stocks Since Records Began Last Week

The Ministry of Finance just reported that Japan bought JPY 657 billion (over $5.6 billion) of foreign stocks last week. That is the biggest weekly purchase of foreign equities since records began in 2001. The huge size of the purchases- more than double the average size of recent weekly purchases - appears to have been 'spent' on European stocks (and perhaps some Chinese). It is unclear whether this is direct buying by the banks as a proxy for The BoJ's quid pro quo or merely front-running this week's exuberance from Draghi by Mrs.Watanabe now that her Swissy trade exploded...



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The Only Road Out Of Davos

After 6+ years of deepening poverty and rising stock markets, of creative accounting, of QE and ultra-low interest rates, of extend and pretend and outright propaganda and of what have you, all of which have led us to where we are today, facing yet more rounds of stumbling from crisis into multiple crises, it would seem clear that the model, if not the mold, is broken. In order to fix it, let alone replace it altogether, we need to understand to what extent it is broken. And to do that, we first need to know what exactly the model is. However, the rich-and-powerful in Davos believe in one model only, the one of ever increasing centralization and globalization, because that’s the model that got them where they are.



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