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Greek Deposit Outflows Soar In Run-Up To Syriza Victory

Despite all the fear-mongering by Nea Demokratia (ND), Syriza's victory over the incumbent is dramatically larger than expected (exit polls indicate a potential 12 point margin vs 7 point spreads in the run-up). However, as JPMorgan details, the fear-mongery was very evident in bank deposit runs as proxied outflows surge EUR8 billion last week - more than all of December and the rest of January combined...



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Blowout Victory For Syriza In Greek Elections: Live Webcasts

UPDATE: Greek Government official admits electoral defeat by Syriza

According to the initial exit polls, in first place, with some 35.5%-39.5% of the vote is Syriza, a huge lead over the second placing New Democracy which has 23-27% of the vote - far more than polls had indicated previously 0 and a place which practically assures Tsipras' party an absolute majority.



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Did Goldman Just Call The Top Of The "Strong Dollar" Trade

This is what Goldman has to say in order to assure that clients flood Goldman's prop pardon flow traders with "Buy USD" orders: orders which Goldman, being on the other side, will be delighted to fill.



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Ekloges 2015: Greece Votes In Historic For Europe Election

Will today be the beginning of the end of the Eurozone? The answer, as of this moment, is in the hands of some 9.8 million eligible to vote Greeks whose choice will determine the shape of the Eurozone in the coming days and months.



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David Stockman: Woodrow Wilson's War & Why The Entire 20th Century Was A Mistake

"My humble thesis tonight is that the entire 20th Century was a giant mistake. And that you can put the blame for this monumental error squarely on Thomas Woodrow Wilson - a megalomaniacal madman who was the very worst President in American history... well, except for the last two."



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"Cheerful" Dutch Financier Becomes 4th ABN Amro Banker Suicide

Following the deaths of 36 bankers last year, 2015 has got off to an inauspicious start with the reported suicide of Chris Van Eeghen - the 4th ABN Amro banker suicide in the last few years. As Quotenet reports, the death of Van Eghen  - the head of ABN's corporate finance and capital markets -"startled" friends and colleagues as the 42-year-old "had a great reputation" at work, came from an "illustrious family," and enjoyed national fame briefly as the boyfriend of a famous actress/model. As one colleague noted, "he was always cheerful, good mood, and apparently he had everything your heart desired. He never sat in the pit, never was down, so I was extremely surprised. I can not understand." Most believe that the suicide is not related to his work at the bank, but a former colleague had noticed that on his Facebook recently changed its job title to "former." Chris leaves behind a son - who had recently been cleared of cancer.



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A Bunch Of Criminals

When you read about female doctors feeling forced to prostitute themselves to feed their children, about the number of miscarriages doubling, and about the overall sense of helplessness and destitution among the Greek population, especially the young, who see no way of even starting to build a family, then I can only say: Brussels is a bunch of criminals. And Draghi’s QE announcement is a criminal act. It’s a good thing the bond-buying doesn’t start until March, and that it’s on a monthly basis: that means it can still be stopped.



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Get Ready For Negative Interest Rates In The US

With Fed mouthpiece Jon Hilsenrath warning - in no lesser status-quo narrative-deliverer than The Wall Street Journal - that The ECB's actions (and pre-emptive collapse in the EUR) means the U.S. economy must deal with a rapidly strengthening dollar that will make American goods more expensive abroad, potentially slowing both U.S. growth and inflation; and Treasury Secretary Lew coming out his crypt to mention "unfair FX moves," it appears The Fed (and powers that be) are worrying about King Dollar. This suggests, as Mises Canada's Patrick Barron predicts, the Fed will start charging negative interest rates on bank reserve accounts as the final tool in the war on savings and wealth in order to spur the Keynesian goal of increasing “aggregate demand”. If savers won’t spend their money, the government will take it from them.



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The US-Saudi Relationship (Summed Up In 1 Cartoon)

With President Obama shunning Bibi and cutting short his India trip (along with Michelle) to meet new Saudi Arabian King Salman (dementia and all), we thought this cartoon summed up the relationship between America and its oil-exporting ally...



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How Mario Draghi Unleashed A $1.4 Trillion Negative Interest Rate Tsunami

The ECB may have failed at everything else but it has certainly achieved one thing: sending 20% of Europe's universe of government bonds,  some €1.4 trillion, into negative territory.



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Repeat After Us: "Correlation Isn't Causation"

But if it walks like an idiot, and talks like an idiot...?



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What Crispin Odey, And His $12.4 Billion In AUM, Thinks Are The 6 Risks Underpriced By The Market

  1. Sovereign QE not working in Europe
  2. Emerging market capital flight
  3. Political risk/popularist governments
  4. US wage inflation
  5. Increased currency volatility
  6. Insurance against natural catastrophes


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"Oil Drillers Are Going To Die" In Q2, Conway Mackenzie Warns "Expect Outright Liquidations"

"The second quarter is going to be devastating for the service companies," warns Conway Mackenzie - the largest U.S. restructuring firm - adding that, despite slashing thousands of jobs, delaying (or scrapping) billions in capex amid the prolonged rout in oil prices, "there are certainly companies that are going to die." As Bloomberg reports, oil drillers will begin collapsing under the weight of lower crude prices during the second quarter and energy explorers who employ them will shortly follow with oilfield-service providers are facing a "double-whammy." As we noted here, there are more than a few candidates for this 'death' list as it appears increasingly clear that what was considered an "unambiguously good" narrative for the nation is anything but...



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With Syriza Leading By 7 Points, Greek Incumbents Fear-Monger Looming "Toilet-Paper-Run"

Left-wing anti-EU party Syriza has extended its lead over incumbent Nea Dimokratia (ND) to 7 percentage points in the polls ahead of tomorrow's crucial Greek election. As Keep Talking Greece reports, To Potami and Golden Dawn (the neo-Nazi party that is facing charges for being a "criminal organization") are running 3rd with 6-7% of the vote (Syriza 33.5%, ND 26.5%) and with 20% admitting they had changed their opinion about which party to vote for in the pre-election period, it appears ND incumbents have taken up the "Scotland" strategy - fearmongery. Speaking on Greek TV, just 48 hours before the elections, ND-candidate Sofia Voultepsi implied that if Syriza wins the elections and forms a government on Monday Greeks will run out of toilet paper... and with JPMorgan noting that deposit outflows hit EUR8bn last week (double the previous 2 weeks combined), the "bank run" could easily morph into Venezuelan "toilet paper runs."



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