• 09/21/2014 - 14:52
    Dear Janet; If I may be so forward, as a concerned citizen of the Constitutional Republic of the United States, it is with great consternation that I feel compelled to write you this distressing...

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Liquidations Continue: Stocks, Dollar Slide, Precious Metals Pounded In Asia Trading

Markets are very active in the early Asian trading session (following the G-20-'s warnings over excess risk-taking). Precious metal liquidations continue with silver bearing the brunt (back below pre-Lehman levels) and gold down modestly. Stocks from China to US are all down notably too. The USD is weakening as EUR strengthens on the back of ECB comments about the possibility of no more stimulus and chatter that the PBOC may be selling USDs. Treasury yields are down (having retraced all FOMC losses). Iron Ore futures in Singapore just hit a record low below $80.



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We Are Living In A State Of Keynesian "Bliss"

Back in 1930, Keynes looked out into the future and saw that with the proper management of the economy, monetary policy and the like, the world could attain a type of utopian stasis: Keynes expected growth to come to an end within two to three generations, and the economy to plateau. He referred to this imaginary state of equilibrium as "bliss," noting “thus for the first time since his creation man will be faced with his real, his permanent problem - how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won for him, to live wisely and agreeably and well." However, Keynes did say this would happen if mankind avoided any calamitous wars and if there was no appreciable increase in population. Two more flawed base assumptions there could not have been.



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Presenting The Two-Tier Market: Mapping Europe's Microwave Tower Network

The image below is a screen capture of the Google Earth map file which will be released officially tomorrow on his blog, with public documents linking each tower to its owner. The creator of the map thinks that it "should make some noise," although considering the vast financial resources and power over politicians the HFT lobby has, we wouldn't be surprised if, quite quickly, this latest story is promptly disappeared. After all, the last thing retail investors need to be reminder of every day, is that there is a rigged market for frontrunning, predator HFTs, and then a market for everyone else, i.e., the prey.



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The PetroYuan Cometh: China Docks Navy Destroyer In Iran's Strait Of Hormuz Port

Since China fired its first 'official' shot across the Petrodollar bow a year ago, there has been an increasing groundswell of de-dollarization across the world's energy trade (despite Washington's exclamations of 'isolated' non-dollar transactors). The rise of the PetroYuan has not been far from our headlines in the last year, with China increasingly leveraging its rise as an economic power and as the most important incremental market for hydrocarbon exporters, in the Persian Gulf and the former Soviet Union, to circumscribe dollar dominance in global energy - with potentially profound ramifications for America’s strategic position. And now, as AP reports, for the first time in history, China has docked a Navy Destroyer in the Southern Iranian port of Bandar-Abbas - right across the Straits of Hormuz from 'US stronghold-for-now' Bahrain and UAE.



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ISIS Slams "Mule Of The Jews" Obama, Demands Killing Of "Disbelievers" Especially "Filthy French"

Having released the Turkish hostages, because "Turkey refused to agree to the US demand for 'active support of the coalition'," ISIS have come out swinging (in its first 'official' statement since President Obama unveiled his 'strategy' for "degrading and destroying" them), with a call for all followers of Allah to make the coalition campaign the "last crusader campaign," and calls Obama "vile", more foolish than Bush, and a "mule of the Jews." Warning Americans and Europeans that "you will pay a great price, when your economies collapse," ISIS blasts Kerry, "the uncircumcised old geezer," for his "false arguments." The statement concludes by telling ISIS followers, "if you can kill a disbelieving American or European - especially the spiteful and filthy French - or an Australian, or a Canadian, or any other disbeliever from the disbelievers waging war, including the citizens of the countries that entered into a coalition against the Islamic State, then rely upon Allah, and kill him in any manner or way however it may be."



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Global Leading Indicator Plunges To Economic "Slowdown", Goldman Warns

Just two short months ago, Goldman Sachs was exuberant over the 'expansion' signals that the firm's Global Leading Indicator Swirlogram was exhibiting as it confirmed their 'economists' expectations that the Keynesian hockey-stick of hope would once again re-appear majestically in H2 2014 and lift America (and the world) to escape velocity. That dream is over. Confirming the collapse of world GDP expectations, Goldman's GLI has plunged into 'slowdown' with momentum starting to slow. Perhaps, just perhaps, as we noted previously, this time is not different and the annual cycle of extrapolating early-year hope is rapidly turning to late-year disappointment.



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The Fallacy Of US Dollar "Strength"



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The Difference Between Scotland And Catalonia (In 1 Cartoon)

Democracy...?



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The US Ponzi Economy

When the most persistent, most aggressive, and most sizeable actions of policymakers are those that discourage saving, promote debt-financed consumption, and encourage the diversion of scarce savings to yield-seeking financial speculation rather than productive investment, the backbone that supports a rising standard of living is broken.



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Chart Of The Day: 150 Years Of Global Monetary Policy

While everyone debates if the Fed will, once again, be wrong in its forecasts about a rate hike cycle starting some time in mid-2015 (spoiler alert: it will be), we decided to take a look in the other direction.



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USDJPY Opens At 6-Year Highs, Extreme 'Relative Strength' Signals 30% Drop Potential

USDJPY has been on a tear in recent weeks. Since China unleashed QE-lite, JPY and CNY have greatly diverged with USDJPY breaking above 109 and pushing six-year highs. This recent 'relative strength' is the most extreme overbought for the currency pair since early 2001 - which saw USDJPY plunge 30% in the following six months. The tick-for-tick rise in Japan's stock market also broke a 9-month almost-perfect analog with the last time the nation raised its consumption tax. Perhaps even more worrying in the world of FX trading, ECB Governing Council member Ignazio Visco told the G-20 that it may not need to add stimulus measures after steps in the past three months pushed down the euro.



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The 4C’s That Never Happened - And Those That Did

We didn’t get what we first postulated yet: Crisis became calm. Contagion became cured. And last but not least catastrophe morphed into an even grander state of complacency. What we did might be even more illuminating. Here’s what a few of us also know that we are not “wrong” about:"When a monkey throwing darts can outperform most of today's so-called 'best of the best'  hedge funds – we’re going to put our money on the monkey, rather than putting it anywhere close to where these people can put their hands on it for their own personal self-serving monkey business." What we don’t need – nor want – is another bowl of the 2008ish tripe washed down with this years new flavored Kool-aid.



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The Inconvenient Truths Of Dictators



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Knife-Wielding Veteran Sniper Rushes White House, Wants To Warn Obama "Atmosphere Is Collapsing"

Of the stories in the past two days, there is hardly anything more bizarre than that of Omar J. Gonzalez, 42, of Copperas Cove, a veteran had served three tours in Iraq — and relatives said served as a sniper — managed to jump over the White House fence, sprinted more than 70 yards across the Northern Lawn, got to the front double doors of the North Portico, turned the brass knob and stepped inside the vestibule. "There he was grabbed and subdued by an officer standing post inside the door." He war carrying a folding knife with a serrated blade and was located just feet away from where Obama would have normally been, if only Obama had not just minutes ago taken the wife and kids for yet another weekend mini getaway.



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