• Pivotfarm
    05/26/2015 - 16:54
    We have fast-paced lives, we pay to get fast-tracked, we eat fast-food and we fast-forward on a film that bores us. Our lives are fast. We even have fast fashion; our clothes are fast these days from...

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Tyler Durden's picture

What Bernanke's New Employer Had To Say About Him Just 2 Years Ago





Having previously explained the 175,846,629,768 reasons why former Fed Chair Ben Bernanke would join Citadel - the most-levered hedge fund in the world and alleged conduit of fed put protection; we thought it intriguing to note what billionaire Citadel Ken Griffin had to say about Bernanke and his policies just 2 years ago...

 
Tyler Durden's picture

The Global Liquidity Squeeze Has Begun





The entire global financial system resembles a colossal spiral of debt. Just about all economic activity involves the flow of credit in some way, and so the only way to have “economic growth” is to introduce even more debt into the system. Unfortunately, any system based on debt is going to break down eventually, and there are signs that it is starting to happen once again.

 
Tyler Durden's picture

When The ECB Starts Buying Corporate Bonds And Stocks Here's Where It Should Look





When the ECB is finally forced, by distortions of its own making, to dive into the corporate bond market, and when, after that, Mario Draghi goes full-Kuroda and throws the ECB’s balance sheet behind European equities, the central bank may want to check in the following places for relative value because according to Bloomberg, these are the countries where the “bargains” are to be found in equities and fixed income...

 
Tyler Durden's picture

Greece Is About To Be 'Fixed' For Good





 
Tyler Durden's picture

Global Futures Slide After Worldwide Bloomberg Outage, China Tumbles On Short Selling Boost





Just as China was closing for trade and Europe was opening, something previously unseen happened: no, not another another GPIF or Virtu inspired marketwide stop squeeze, those are quite recurring these days. It was virtually every Bloomberg terminal around the globe suddenly going dark.

 
Tyler Durden's picture

Greek Bank "Quarantine" Abroad Sparks European Selloff





A large number of European countries have effectively quarantined Greece in a bid to minimize the consequences on their credit systems in case of a Greek "accident." As ekathimerini reports, the actions are being taken in order to shield themselves and minimize the danger of contagion in case the negotiations between the Greek government and the eurozone do not bear fruit. This has sparked broad-based selling across global risk assets but particularly in Europe. Stocks from Germany to Spain are having their worst day of the year, European sovereign bond risk is exploding higher (contagion Mr. Schaeuble?), and Greek bank bonds and stocks are getting crushed.

 
Sprott Money's picture

The Minimum Price for Gold, Part II





In the first part of this series; several fundamental principles of economics (and markets) were stressed. Supply/demand analysis is not merely objective, and logically/mathematically irrefutable; it is the only basis upon which the market for any hard asset can be analyzed. Conversely the price-analysis constantly parroted by the Corporate media is utterly devoid of any significance or legitimacy – in the corrupted crime-scenes of today which we call our markets.

 
Tyler Durden's picture

So You Want Bridgewater To Manage Your Money? There Is One Small Condition





"Bridgewater’s assets under management increased from $150 billion as of 12/31/13 to approximately $154 billion as of 12/31/14."... "Bridgewater generally requires that its Clients have a minimum of $5 billion of investable assets."... "For new client relationships, Bridgewater’s standard minimum fee is expected to be $500,000 for its All Weather strategy, $1,000,000 for its Pure Alpha and Pure Alpha Major Markets strategies, and $4,750,000 for Optimal Portfolio."

 
Tyler Durden's picture

Citigroup's Gold "Expert" Demands A Cash Ban





Late last year, Grexit "expert" Willem Buiter decided that he was a greater expert on the topic of monetary metals than on geopolitics by stating that "Gold Is A 6,000 Year Old Bubble." Now, he has decided that after gold, it is best to just do away with any physical currency altogether and the time to ban cash has arrived.

 
Tyler Durden's picture

Citadel Head Bond Trader (And TBAC Member) "Leaves" After Losing $1 Billion





It is almost too coincidental to be a coincidence: on the day Ben Bernanke, who until a year ago was the biggest fixed income portfolio manager in the world courtesy of the Fed's $4.5 trillion in assets, joins Citadel as an advisor, the massively levered "market-neutral" hedge fund which as we showed earlier has $176 billion in regulatory assets, "loses" its global head of fixed income, senior managing director Derek Kaufman. Well not exactly loses. The reason for his "voluntary" departure: according to Bloomberg Kaufman is leaving Citadel not because he is about to be replaced by the former Fed chairman but because last year he lost $1 billion "in a variety of trades."

 
Reggie Middleton's picture

The Pop Media Is In Love With Goldman Again, Probably Because They Don't Read The Fine Print





Surprise! Surprise! Five years ago I said the only way Goldman would ever break $200 again was to ratchet up risk. Guess who broke $200 this morning. Better yet, guess how they did it! Every financial rag and business blog should read this BEFORE writing another word about GS blowout earnings!

 
Tyler Durden's picture

With Futures On The Verge Of A Major Breakout, Greece Drags Them Back Down; German 10Y Under 0.1%





Just as the S&P appeared set to blast off to a forward GAAP PE > 21.0x, here comes Greece and drags it back down to a far more somber 20.0x. The catalyst this time is an FT article according to which officials of now openly insolvent Greece have made an informal approach to the International Monetary Fund to delay repayments of loans to the international lender, but were told that no rescheduling was possible.  The result if a drop in not only US equity futures which are down 8 points at last check, but also yields across the board with the German 10Y Bund now just single basis points above 0.00% (the German 9Y is now < 0), on its way to -0.20% at which point it will lead to a very awkward "crossing the streams" moment for the ECB.

 
Tyler Durden's picture

The Collapse Of The Petrodollar: Oil Exporters Are Dumping US Assets At A Record Pace





Back in November we chronicled the (quiet) death of the Petrodollar, the system that has buttressed USD hegemony for decades by ensuring that oil producers recycled their dollar proceeds into still more USD assets creating a very convenient (if your printing press mints dollars) self-fulfilling prophecy that has effectively underwritten the dollar’s reserve status in the post WWII era. Now, with oil prices still in the doldrums, oil producers are selling off their USD assets in a frenzy threatening the viability of petrocurrency mercantilism and effectively extracting billions in liquidity from the system just as the Fed prepares to hike rates.

 
Tyler Durden's picture

"Bonds Don't Bring Breakups, Banks Do"; UBS Says Europe Risks Bank Runs On Grexit





"Financial markets are treating the risks around Greek exit with too little regard for the probable dangers," UBS says. Put simply, bond yields don't matter, meaning that ECB-controlled sovereign spreads can't possibly be taken as a serious indicator when it comes to assessing the contagion risk from a possible Grexit. What matters are bank runs because to the degree depositors feel that redenomination risk is real, everything else goes out the window and the lines start to form at the doors of periphery banks.

 
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