• Gold Standard I...
    07/07/2015 - 02:32
    In hyperinflation, the currency's purchasing power collapses. Many Fed critics have predicted this will come soon, though it hasn't happened yet. However all is not well with the dollar.

Australia

Tyler Durden's picture

Australia Wants To Tax Bank Deposits: Will The US Follow?





If the government of Australia is concerned that their well-capitalized banking system needs a safety net and wants to tax deposits for such purpose, how in the world can we possibly expect the US and Europe, with all of their banking system risk, won’t do the same?

 
Tyler Durden's picture

China Becomes Global Lender Of Last Resort With Bailout Of World's Most Indebted Oil Company





It appears Beijing isn’t opposed to throwing billions behind serving as a lender of last resort and we can’t help but wonder if the new round of Petrobras financing is indicative of where China will steer initial AIIB funding — that is, into oil and into Washington's backyard.

 
Tyler Durden's picture

Futures, Oil Slide As Surging Dollar Now Takes Window Dressing Stage





Did stocks window dressing come one day early in this volatile, bipolar, stop-hunting, HFT-infested market? Looking at futures this morning, which are down about 12 points already on yet another surge in the USD which has sent the EURUSD just above 1.07, the lowest since March 20 , and the USDJPY back under 120 now that the "strong dollar is bad for stocks after all" algo seems to be back from vacation, all those hedge funds who chased risk higher yesterday because their peers did the same, may find they are all selling on the way down. It will be oddly ironic if all of yesterday's widely touted gains evaporate comparably in the first 10 minutes of trading today, and lead to an end in the longest streak of quarterly increases in two decades.

 
Tyler Durden's picture

Japan "Wakes Up," Joins China-led Development Bank (And Then Backs Out)





In what FT correctly notes is the "biggest coup yet for China," Tokyo looks set to break ranks with Washington and join the China-led AIIB.

 
GoldCore's picture

‘Peak Gold’ in 2015? - Goldman Sachs Research Warns of Peak Gold Production





New report says there are only "20 years of known mineable reserves of gold." Most of the larger gold producing countries, not just Australia, the U.S. and South Africa but also Canada, Peru, Indonesia and others, have all seen production drops in recent years - see charts.

 
Tyler Durden's picture

Australia To Start Taxing Bank Deposits





Up until now, the world's descent into the NIRPy twilight of fiat currency was a function of failing monetary policy around the globe as central bank after desperate central bank implemented negative and even more negative (in the case of Denmark some four times rapid succession) rates, hoping to make saving so prohibitive consumers would have no choice but to spend the fruits of their labor, or better yet, take out massive loans which they would never be able to repay. However, nobody said it was only central banks who could be the executioners of the world's saver class: governments are perfectly capable too.  Such as Australia's.  According to Australia's ABC News, the "Federal Government looks set to introduce a tax on bank deposits in the May budget."

 
Tyler Durden's picture

De-Dollarization Continues As Russia Seeks AIIB Membership





As Moscow and Seoul throw their support behind China's Asian Infrastructure Investment Bank, the question is no longer about the end of dollar hegemony but rather about the extent to which the new venture will be used to institute a global shift towards the yuan. 

 
Tyler Durden's picture

Stockman: "The Bottom's Not In", Why This Market Is Dumber Than A Mule





"This market is dumber than a mule, and the nation’s central bank and its counterparts around the world have made it so."

 
Tyler Durden's picture

Frontrunning: March 27





  • Google's new CFO to make $70 million (WSJ)
  • Senate passes Republican budget with deep safety net cuts (Reuters)
  • With Yemen strikes, Saudis show growing independence from U.S. (Reuters)
  • Banks Slash Dividends as Loans Sour From Beijing To Pearl River (BBG)
  • North American Railroads Caught by Speed of Crude-Oil Collapse (BBG)
  • Japan’s Zero Inflation a Setback for Abenomics (WSJ)
  • Cooperman Says U.S. Seeks Information About Omega Trades (BBG)
 
Tyler Durden's picture

Futures Wipe Out Early Gains In Volatile Session As Dollar Resumes Climb; Oil Slides





After a few days of dollar weakness due to concerns that the Fed's rate hike intentions have been derailed following some undisputedly ugly economic data (perhaps the Fed should just make it clear there will never be rate hikes during the winter ever again) the USD has resumed its rise, and as a result risk assets, after surging early in the overnight session driven by the Nikkei225 and the Emini, the "strong dollar is bad for risk" trade has re-emerged, with the Nikkei dropping almost 500 points off its intraday highs, with US equity futures poised to open lower once more, sliding nearly 20 points in the overnight session, and surprising the BTFDers who have not seen five consecutive days of "risk-off" in a long time.

 
Tyler Durden's picture

Fortescue Has An Idea For Arresting Iron Ore Price Slide: Start A Cartel





Fortescue chairman suggests price collusion as a decent idea for driving up iron ore prices, drawing the attention of Australian regulators. Meanwhile, Morgan Stanley turns bearish citing a number of issues including cash flow and inability to refinance debt.

 
GoldCore's picture

HSBC Not Closing Gold Vaults – Safety Deposit Boxes of Clients Being Closed





Banks and insolvent governments desperate for cash likely also dislike safety deposit boxes as they are a means for people to protect and grow wealth and protect themselves from bail-ins and deposit confiscation. A percentage of box holders also store cash and bullion.

 
Tyler Durden's picture

Fortescue Explains Why Failed Refinancing Didn't Really Fail





Fortescue's refinancing effort, which many investors believe was hampered by collapsing commodity prices, wasn't actually a failure the company's CEO says. Besides, it was all Janet Yellen's fault.

 
Tyler Durden's picture

The New Order Emerges





China and Russia have taken the lead in establishing the Asian Infrastructure Investment Bank, seen as a rival organization to the World Bank and the Asian Development Bank, which are dominated by the United States with Europe and Japan. These banks do business at the behest of the old Bretton Woods order. The AIIB will dance to China and Russia's tune instead.

 
Tyler Durden's picture

US Officially Loses Battle Over China-Led Investment Bank





Washington picked a completely unnecessary fight with China over the ostensibly non-contentious topic of infrastructure development because the US can’t stand the fact that traditionally US-dominated multinational institutions are on the verge of being supplanted by sinocentric ambition — and lost.

 
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