• ilene
    01/28/2015 - 19:33
    Suppose you could print up counterfeit dollars, euros or yen that were identical to the real things. Fun, you think? Here's how it plays out. 

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Worry-Warts Agenda For The FOMC

"Can Fed policy ever be local again?" asks Bloomberg's Richard Breslow ahead of this week's meeting, as there are plenty of things to focus on if you want to be worried about the world...



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Art Cashin On The Anniversary Of The Unsolved Murder Of A Banker With "Too Many Enemies"

On this day in 1955, the police were called to the five story, Fifth Avenue, mansion of Serge Rubenstein. There they found the corpse of the controversial 46 year-old "Financier." He had been strangled with a curtain cord. Rubenstein embodied in one man everything that would later be called "the sins of the eighties." He was greedy. He was flashy. He was a raider. His operations were shrouded in mystery and covered by dummy companies. And he used the press to exaggerate his wealth, so that he could bump up his credit with gullible bankers. He had been the guest of presidents and potentates. And through it all most folks thought he was a real slime ball. In covering his murder, Time magazine felt he had so many enemies that, with only a little tongue in cheek, Time congratulated the New York City police on having "....narrowed the list of suspects down to 10,000." It never got narrower.



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The Full Breakdown Of Greece's New Cabinet

Alexis Tsipras has announced his new cabinet to lead Greece forward - with or without Europe. As was expected the economist Yanis Varoufakis was given the key position of Finance Minister, and another influential economist, Nikos Dragasakis was appointed Deputy Prime Minister...



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Edward Snowden Won't Use An iPhone – Here’s Why

A succinct description of modern civilization: a place where global connectivity has never been greater, but neither has warrantless surveillance.



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Greece's New FinMin Explains "This Is What Happens When You Humiliate A Nation & Give It No Hope"

"This is not blackmail," explains new Greek Finance Minister Yanis Varoufakis, "we simply want to end this seemingly never-ending Greek Crisis." In what must be worryingly calm and simple to comprehend words for Brussels, Varoufakis tells CNBC's Michelle Caruso-Cabrera, "this is what happens when you humilate a nation and don't give it any hope." Carefully noting that membership in the Euro is not imperative, Varoufakis concludes "bankruptcy cannot be dealt with by borrowing more," asking rhetorically, "how can I look the German and Finnish taxpayer in the eye and tell them you know I can't really pay you the money I have already borrowed from you..." but lend me more so I can pay back the ECB?

 



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The Next "Tom Stolper" Has An FX Reco For You: Buy USDJPY

We are happy to report that the P&L drought may have finally ended, and we have none other than the man many have suggested could be next in line for the title of honorary "Tom Stolper" of the FX realm: BofA's technical strategist MacNeill Curry. Moments ago, Curry came out with a trade reco which is, not surprisingly, just in line with what the vast consensus, and not to mention the Bank of Japan, thinks: long USDJPY.



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France 'Proves' Q€ Is Entirely Useless

According to the doctrine of central planners, the idea of Q€ is to lower rates to encourage borrowing (and credit creation) to spark growth and kickstart a virtuous recovery. As the following chart shows, that is total and utter crap... French jobseekers just hit a fresh record high and French rates just hit a record low - and that has been the story for 6 years. So  - just as The Fed was finally forced to admit, Q€ is nothing more than wealth redistribution from all taxpayers to the ultra-rich asset owners who - it is hoped- will bless the plebeians with some trickle-down-ness... with every asset under the moon already at record highs, once again we ask - just what do you think this will achieve Draghi.



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How Capitalism Dies

In the early 1970s, there were about 200,000 new US businesses created each year (net of closures). Now, the number is negative. Why are Americans getting poorer? Look no further. No new businesses (net). No new jobs (again net). No new wealth. Under Obama and Draghi, crony capitalism flourishes. Real capitalism dies.



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WTI Crude Jumps As Saudi Oil Minister Meets With Russian, Finnish, And Norwegian Ambassadors

The Swiss-Franc-inspired spike in crude oil (crazy but true) as Europe opened has seen its highs broken as WTI Crude tests $46 once again following reports of Saudi Oil Minister Ali Al-Naimi meeting with Rolf Willy Hansen - ambassador of Norway, Oleg Ozerov - ambassador of Russia, and Pekka Voutilainen, ambassador of Finland; to discuss "market stability." Why would that spike oil prices? Because the three are plotting the final destruction of US shale... just as Obama makes an appearance at Abdullah's funeral?



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The Bonds Of The Third Largest Austrian Bank Are Crashing

Last year Austria's largest bank, Erste Bank, sent shudders of Credit Anstalt through the European Banking System. This year it is Austria's 3rd largest bank that is scaring investors senseless. On the heels of the Swiss National Bank's decision to un-peg from the Euro, Raiffeisen Bank's Swiss-Franc-Denominated mortgage worries have resurfaced (along with Russian/Ukraine writedowns) and nowhere is that more evident than the total collapse of the bank's bonds (from over 95c to 65c today). Even after the ECB Q€ (and some apparent intervention to weaken the Swissy) bonds kept free-falling. Perhaps, The Freedom Party's demands for a bailout will grow louder as the contagion concerns across Europe's banking system explode...



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Russian Ruble Extends Gains, Stocks Erase All Post-Downgrade Losses

"That'll teach them Russians" - oh wait... The kneejerk selling of Russian Rubles and stocks post-downgrade has almost entirely been erased and dip-buyers appear to be greatly rotating from US to Russian stocks today...



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EURUSD Surges Above 1.14 As EU Inflation Expectations Tumble To Lowest Since Q€

Draghi, we have a problem. EURUSD is back above 1.14 - having retraced over half the post-Q€ collapse. More troubling though - and the entire raison d'etre of Q€ (according to officials) - forward inflation expectations are now dramatically lower than pre Q€ levels...



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Dow Plunges 360 Points, Erases All Post-QE Gains

The Dow is now down 360 points on the day - its biggest point drop in 19 months. Perhaps more notable is that since the End of QE3, The Dow is now down 0.4% - but the fundamentals we hear you cry...



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Seven Consecutive Downward Reivisions To New Home Sales Data Place Serious Doubts On Report Accuracy

You will pardon us if we don't "buy" the latest attempt by the Census Department to telegraph housing euphoria with the just reported number of 481K new December home sales, a surge of 11.6% compared to November, an increase which was expected by the consensus to be only  2.7%. In fact, the 481K print is now the "highest" since June of 2008. The reason for our disbelief? Because as we have been tracking for the past 6, and now 7 months, every single such euphoric print since May of 2014 has been revised substantially lower after the fact (and after the headline-scanning algos promptly gobbled up stocks on the initial "beat"), and sure enough, the November print of 438K, was also just "revised" downward to 431K.



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