• Gold Standard I...
    07/28/2015 - 04:17
    Greece has no future, so long as it clings to the euro. The dollar won't servce you much better. A drachma will only harm the Greek people. That leaves one other option.

fixed

Reggie Middleton's picture

As I Promised, the Nordic States' Central Bank QE Program Slides Backwards and Starts To Collapse





If you jump off of a make believe cliff, don't be surprised when you hit the reality of the ground! Reggie Middleton

 
Tyler Durden's picture

The Biggest Threat To Chinese Stocks: "Shadow Lending" Crackdown





China's margin loan balance sits at around CNY2.2 trillion, and while that’s certainly impressive, there’s every reason to believe that at least another CNY500 billion in margin lending has been funneled into the Chinese stock market via the country’s shadow banking complex. As regulators tighten the screws on shadow margin lending, are stocks in for a rude awakening?

 
Tyler Durden's picture

Dijsselbloem Says 'Saturday Or Bust' On Greece Deal - Cancels Leaders Summit





It appears it is "Saturday or bust" to avoid Merkel's worst nightmare. Jerome Dijsselbloem just told EU leaders that "insufficent progress" has been made on the Greek deal and has cancelled the EU Leaders' Summit for today and tomorrow:

  • *EUROGROUP SATURDAY HAS TO GET THE DEAL DONE, EU OFFICIAL SAYS

Because, as Merkel said, this better be fixed Monday (or else).

 
Tyler Durden's picture

Investors Sue Wall Street, Markit For Conspiring To Monopolize CDS Market





With a DoJ probe having predictably gone nowhere, a group of pensioners and retirement funds are suing Wall Street and Markit for colluding to monopolize the CDS market. Amusingly, Citadel has been subpoenaed to discuss how it was shut out of creating a CDS trading platform by the "oligopolistic" activities of TBTF banks, even as the firm looks set to dominate the market for IR swaps.

 
Tyler Durden's picture

Final Q2 GDP Revision Confirms 3rd Negative GDP Quarter Of The "Recovery", Inventory Build Up Flashing Red





Just as consensus had expected, after printing at -0.7% in the first revision to Q1 GDP, the final revised GDP print for the March 31-ended quarter came in at -0.2%, confirming the third negative GDP quarter in one recovery cycle since 2011 (all of which have come in the first quarter of the year as global winter cooling fans will have you know)- the first time this has happened since the 1950s.

 
Tyler Durden's picture

Collapse Part 3: No Institutional Path To Contraction





Collapse is not an event, it is a process.

 
Tyler Durden's picture

Tsipras Faces Party Revolt In Bid To Push Debt Deal Through Parliament





With an agreement in principle on the table, Greek PM Alexis Tsipras now turns his weary eyes towards Syriza party hardliners whose support he will need in order to pass the new deal through parliament. Should the political stalemate prove intractable, Greece may need to call a referendum or snap elections.

 
Tyler Durden's picture

Frontrunning: June 22





  • Mood brightens after latest Greek offer to creditors (Reuters)
  • ECB's Nowotny - Greek banks have funding extension for today (Reuters)
  • Any Greece deal must match party manifesto, minister says (Reuters)
  • Greece says now up to lenders to move on an agreement (Reuters)
  • Greece sends wrong documents to monitors... Again (FT)
  • U.S. won't let Russia 'drag us back to the past': Pentagon chief (Reuters)
  • Belgium unblocks part of Russian diplomatic missions’ frozen accounts (Tass)
  • Fed Scoop Heralded Era of Closed Doors for $100,000 Newsletters (BBG)
 
Tyler Durden's picture

Stocks Soar, Germany's Dax Set For Biggest Gain In Three Years On Greek Deal "Optimism"





today is Friday taken to the nth degree, with the markets having already declared if not victory then the death of all Greek "contagion" leverage, following news that a new Greek proposal was sent yesterday (which as we summarized does not include any of the demanded by the Troika pension cuts), ignoring news that Greece had again sent Belgium the wrong proposal which the market has taken as a sign of capitulation by Tsipras, and as a result futures are surging higher by nearly 1%, the German DAX is up a whopping 3.1%, on track for the biggest one day gain in three years, Greek stocks up over 8%, German and US Treasurys sliding while Greek and peripheral bonds are surging.

 
Tyler Durden's picture

"It's Time To Hold Physical Cash", Fidelity Manager Warns Ahead Of "Systemic Event"





“Systemic risk is in the system [and] we are in uncharted territory. Think about holding other assets. That could mean precious metals, it could mean physical currencies.”

 
Tyler Durden's picture

Goldman And SocGen Unleash The "C"-Word: ECB Alone Can't Contain Grexit Risks





Unnamed "officials" have proclaimed a new set of Greek proposals received by Brussels tonight as "a good base," according to AFP, and thusly the Euro is very modestly bid. However, both Socgen (without a 3rd bailout of €60-80 billion over the next 3 years, Greek uncertainty remains high and leaves Grexit risk merely semi-stable) and Goldman (a deal will come only after the introduction of capital controls, a technical default on the IMF and issuance of IOUs/and a further build-up of arreas... and the damage resulting from a breaking of the integrity of the Euro would not be fixed by monetary policy alone) leave us wondering just who is buying Euros and US stocks and selling Swiss Francs as D(efault) Day looms and the 'C' word (contagion) spreads.

 
Tyler Durden's picture

Bond Trading Revenues Are Plunging On Wall Street, And Why It Is Going To Get Worse





Among the renewed Greek drama, many missed a key development in the past week, namely Jefferies Q2 earnings, and particularly the company's fixed income revenue: traditionally a harbinger of profitability for Wall Street's biggest source of profit (or at least biggest source of profit in the Old Normal). And while not as abysmal as the 56% collapse in the first quarter, in the three months ended May 31 what has traditionally been the bread and butter of Dick Handler's operation generated just $153 million in revenue. CEO Handler blamed that decline on a lack of trading in the market and fewer companies selling junk bonds.

 
Tyler Durden's picture

Credit Market Warning





There are large signs of stress now present in the credit markets. You might not know it from today's multi-generationally low interest rates, but other key measures such as liquidity and volatility are flashing worrying signs. While some may hope that rising yields are signaling a return to more rapid economic growth, or at least that the fear of outright deflation has lessened, the more likely explanation is that something is wrong and it’s about to get... wronger.

 
Tyler Durden's picture

Greek GDP: The Shocking Reality Vs IMF Forecasts; And Who Is To Blame For The Greek Implosion





With a Greek default, shortly followed by a Grexit, a collapse of the "irreversible union" (but... but... "political capital"), and ultimately the end of the latest European monetary union experiment (the latest in a long and illustrious series of prior failures) now seemingly imminent, the blame game has begun. As the NYT noted overnight "the recriminations that would then fly would be so bitter that they would inflict a second round of damage." But who is really to blame? Simple: anyone and everyone who willingly and voluntarily was complicit with the great "can kicking" bailout fiction of the past 5 years...

 
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