• GoldCore
    07/30/2014 - 18:58
    “But long term...and economic law says, if you keep printing a lot of paper money, the value of the dollar and currency will go down, and things and most prices will go up and indeed gold always goes...

Bank of Japan

Tyler Durden's picture

On The Third Day Of Shutdown, Equity Futures Are Still Largely Unfazed Despite Obama's Warning





Despite the president's tongue-in-cheek warning to Wall Street that this time it's different, and it that "it should be concerned", that same Wall Street continues to roundly mock his attempts to talk it lower on the third day of America's "shutdown", knowing very well that if things ever turn bad, Mr. Chairman, aka the S&P chief risk officer, will get to work, and rescue everyone from that pesky thing known as losses. Whether the offsetting optimism was driven by made up China non-manufacturing PMI rising from 53.9 to 55.4, the highest in six months, or just as made up non-core European PMI data which also beat expectations despite Germany Services PMI continuing to telegraph a weakness, dropping from 54.4 to 53.7, is unknown and once again not important. So while futures are modestly lower if only until such time as the daily 3:58pm VIX slam takes place just before market close, do not expect any major moves in stocks until either the GOP finally folds and lets Obama have his way, or bundles all shutdown legislation into the debt ceiling negotiation, and careens the US right into the debt ceiling deadline on October 17 without any legislation in place.

 
Tyler Durden's picture

Ongoing Deterioration In Core Europe Pushes Dollar Higher, Risk Lower





Everything was proceeding according to central-plan with a gradual rise in risk and a decline in the USD until 4 am Eastern, when the German IFO Business Climate data was released and missed across the board (107.7 vs Exp. 108.0; Current assessment 111.4 vs Exp. 112.5; Expectations 104.2 Exp.104.0), reminding everyone now that Merkel is cemented for the near future, the immediate prerogative for Europe is to get the EUR lower, one way or another. A returning bid to the dollar also has pushed 10 Year yields under 2.70%, while once again sending various EM currencies sliding, and bringing back cross asset volatility to a world whose Sharpe ratio over the past several months has plummeted into negative territory. Increasing concerns about a government shutdown (misplaced) will likely prevent a solid bid from developing under markets.

 
Tyler Durden's picture

Jim Grant Defines Deflation





Deflation - A derangement of money or credit, a symptom of which is falling prices. Not to be confused with a benign, i.e., downward shift in the composite supply curve, a symptom of which is also falling prices. In a genuine deflation, banks stop lending. Prices tumble because overextended businesses and consumers confront the necessity of selling assets in order to raise cash. When prices fall because efficient producers are competing to deliver lower-priced goods and services to the marketplace, that is called “progress.”  In 2013, central bankers the world over define deflation as a fall in prices, no matter what the cause. Nowadays, to forestall what is popularly called deflation, the world’s monetary authorities are seemingly prepared to pull out every radical policy stop. Where it all ends is one of the great questions of contemporary finance.

 
testosteronepit's picture

Revenge of the Japanese Zombie Banks





Plowed $2 trillion of their Japanese deposit base into investments overseas then wondered why the economy at home languished

 
testosteronepit's picture

“We Don’t Feel Any Impact Of Abenomics Here”





Japan’s vast network of local banks: caught between slack loan demand from businesses and the treacherous currents of Abenomics

 
GoldCore's picture

Silver Imports Double In India - Bullion Coin, Bar and ETF Demand Surging





The U.S. Mint’s sales of silver coins are heading for a record again this year, with sales of 33 million ounces (1,026 tonnes) to late August already matching the level of the whole of 2012.

Many other mints including the Perth Mint, the Royal Canadian Mint and the Austrian Mint have also seen a fall in sales recently but are set for record or near record sales again this year.

 
Tyler Durden's picture

Frontrunning: September 4





  • Yes: Support Builds in Congress for U.S. Strike Against Syria (WSJ)
  • No: Boehner backs Obama on Syria, but House leaning toward ‘no’ (The Hill)
  • U.S. Congress fight over Syria pits establishment versus upstarts (Reuters)
  • Wednesday humor: Japan’s Abe Says Fukushima Will Be Resolved Before 2020 Olympics (BBG)
  • Bank of Japan to Consider Further Easing if Sales Tax Hike Goes Ahead (Reuters)
  • S&P accuses U.S. Justice Department of filing $5 billion lawsuit against it in "retaliation" for the company's downgrade of America's debt in 2011 (WSJ)
  • German Candidates Spar Over Records (WSJ)
  • Emerging Nations Save $2.9 Trillion Reserves in Rout (BBG)
  • Split Congress Mulls Denial of Military Force Request (BBG)
  • Sharp Fall in Overseas Investment By Chinese Firms (WSJ)
  • Jorge Lemann: He Is...the World's Most Interesting Billionaire (BusinessWeek)
  • Why Amazon Is on a Warehouse Building Spree (BW)
 
Eugen Bohm-Bawerk's picture

A Complete Guide to European Bail-Out Facilities - Part 1: ECB





This is our first out of four series where we look at all the various bail-out schemes concocted by Eurocrats.

Today we look at how the ECB has evolved since 2007. In the next three posts we will look at the Target2 system, various fiscal transfer mechanisms and last, but not least the emergence of a full banking union.

 
Pivotfarm's picture

Japan and US: Much of a Sameness





There’s too much of a sameness about Japan and the USA today. The Land of the Rising Sun and good old Uncle Sam have been copying each other far too much and now it seems as if they are railroading on the same train to the Land of Debt.

 
Pivotfarm's picture

Big Mistake: the Fed’s Quantitative Teasing





It’s a big mistake. Maybe some might say that the Fed altogether is a mistake itself. But, it’s made some big, ugly mistakes that don’t bare thinking about and yet there’s no understanding why they took those decisions.

 
testosteronepit's picture

When “QE Infinity” Turns Into A Pipedream: Hot Money Evaporates, Rout Follows – See Emerging Markets





The Fed and other central banks have accomplished a huge feat: a worldwide tsunami of hot money. Which is now receding.

 
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