• Pivotfarm
    04/18/2014 - 12:44
    Peering in from the outside or through the looking glass at what’s going down on the other side is always a distortion of reality. We sit here in the west looking at the development, the changes and...

Bear Stearns

Phoenix Capital Research's picture

By Printing Money Central Banks Have Already Begun the Next Stage of Warfare





Collectively, the world’s Central Banks have pumped over $10 trillion into the financial system since 2007. This money printing has resulted in a massive expansion of Central Bank balance sheets, spread inflation into the system, and done nothing to address the key solvency issues that lead up to the great crisis.

 


Tyler Durden's picture

Art Cashin On The Only Sane Voice At The Fed





We have discussed Dallas Fed's Richard Fisher's money-where-his-mouth-is perspective on the world before and the (sadly) non-voting member is among UBS' Art Cashin's most respected and candid of the FOMC. A glance through the transcripts that Art highlights below should both make readers sick at the constant pollyanna-ish nature of Fisher's comrades and perhaps more confident that his insights will be listened to more astutely 'the next time' as he noted at the time "No amount of rewriting of history will exonerate us". Once again, after reading these transcripts, do we really believe that central bankers are omnipotent? or incompetent?

 


4closureFraud's picture

The Untouchables: Why No One On Wall Street has Been Prosecuted





“I think there was a level of greed, a level of excessive risk taking in this situation that I find abominable and very upsetting,” says Breuer. “But that is not what makes a criminal case.”

 


Reggie Middleton's picture

How To Profit From The Impending Bursting Of The Education Bubble, pt 2 - "Knowledge How" & Diplomas As Fictitious Assets





A complete & thorough explanation of how many (if not most) levered college diplomas are overvalued assets with fictitious values - that's including you too HBS and the ivy league! No wonder the education bubble in the US is about to collapse.

 


Tyler Durden's picture

More Un-Predictions: Deutsche's 13 Outliers For '13





Following on the heels of Byron Wien, Morgan Stanley's Surprises, and Saxo's Outrageous Predictions, Deutsche Bank's FX strategy team has created a who's who of 13 outliers for 2013. Quite frankly, given the extreme nature of monetary (and now fiscal) policy, asset allocation decisions, and bankers' and politicians' willingness to go into the media and lie directly to our faces, the comprehension of the possible (no matter how improbable) is far more important for risk management than the faith in the centrally-planned unreality our markets (and therefore ourselves) currently find themselves in. As they note, all too often, the tendency to not stray too far from a self-anchoring recent-history-extrapolated consensus (while apparently highly profitable for some for a microcosm of time) leads to unrecoverable drawdowns exactly when career-risk was the limiting factor. From Malaysian elections and EM bubbles bursting to Fed monetizing equities and South China Sea escalation, these outliers seem all to 'normal' in our brave new world.

 


testosteronepit's picture

Small Business Apocalypse Or Political Vendetta?





Not the sudden apocalypse that the headline number promised, but of a depression that started in 2005

 


Tyler Durden's picture

Head Of The Fed's Trading Desk Speaks On Role Of Fed's "Interactions With Financial Markets"





In what is the first formal speech of Simon "Harry" Potter since taking over the magic ALL-LIFTvander wand from one Brian Sack, and who is best known for launching the Levitatus spell just when the market is about to plunge and end the insolvent S&P500-supported status quo as we know it, as well as hiring such sturdy understudies as Kevin Henry, the former UCLA economist in charge of the S&P discuss the "role of central bank interactions with financial markets." He describes the fed "Desk" of which he is in charge of as follows: "The Markets Group interacts with financial markets in several important capacities... As most of you probably know, in an OMO the central bank purchases or sells securities in the market in order to influence the level of central bank reserves available to the banking system... The Markets Group also provides important payment, custody and investment services for the dollar holdings of foreign central banks and international institutions." In other words: if the SPX plunging, send trade ticket to Citadel to buy tons of SPOOSs, levered ETFs and ES outright. That the Fed manipulates all markets: equities most certainly included, is well-known, and largely priced in by most, especially by the shorts, who have been all but annihilated by the Fed. But where it gets hilarious, is the section titled "Lessons Learned on Market Interactions through Prism of an Economist" and in which he explains why the Efficient Market Hypothesis is applicable to the market. If anyone wanted to know why the US equity, and overall capital markets, are doomed, now that they have a central planning economist in charge of trading, read only that and weep...

 


Reggie Middleton's picture

The Beginning Of The Great French Unwind?!?!?!...





The French banking problem is woefully unrecognized, although I'm sure the rating agencies will pick up on it this time next year, after the collapse and/or bank run.

 


Tyler Durden's picture

Frontrunning: November 7





  • Obama Wins Re-election With Romney Defeated in Key States (Bloomberg, Reuters)
  • Romney's last, greatest 'turnaround' falls short (Reuters)
  • Control of Congress set to remain split (FT)
  • Republicans to Hold Most Governor Offices Since 2000 (Bloomberg)
  • Economic Unease Looms After Win (WSJ)
  • Storm-lashed New York, New Jersey scramble as weather threatens (Reuters)
  • Democrats Assured of Keeping U.S. Senate Majority (Bloomberg)
  • Greece to vote on austerity, protests intensify (Reuters)
  • France offers businesses €20bn tax break (FT) ... Wait, what?
  • Putin Fires Defense Chief in Rare Move (WSJ)
  • China premier Wen calls for deeper cooperation on disasters (China Daily)
  • China wrestles over democratic reform (FT)
  • Top-Performing Won Threatens to Hurt Korea Export Rebound (Bloomberg)
 


Tyler Durden's picture

Charles Ferguson: "Standing Behind Every Great Con Artist Is Someone Like Glenn Hubbard "





Mitt Romney has a credibility problem. He changes his beliefs like laundry (abortion, medical insurance, whether Bin Laden was worth killing, attacking Iran), refuses to disclose his tax returns, and won't explain how he could possibly pay for the tax cuts he proposes. But there is another scandal in Romney's campaign -- namely Glenn Hubbard, Romney's chief economic advisor, who was chairman of the Council of Economic Advisors under George W. Bush, and is now Dean of Columbia Business School. I interviewed Hubbard for my documentary film Inside Job, and analyzed his record again for my book Predator Nation. The film interview became famous because Hubbard blew his cool after I interrogated him about his conflicts of interest: "This isn't a deposition, sir. I was polite enough to give you time, foolishly I now see, but you have three more minutes. Give it your best shot." But the really important thing about Hubbard isn't his personality; it's that as an economist and an advisor, he is a total, unmitigated disaster.

 


rcwhalen's picture

Large Bank Mortgage Cartels and Fed Economists





The Fed has never met a large bank merger that it did not like and has never been willing to deny such an application by a bank holding company, especialy a BHC that houses a primary dealer. 

 


Phoenix Capital Research's picture

Where Should Gold Be Based on Inflation?





So with world central banks printing paper money day and night it is no surprise that Gold is now emerging as the ultimate currency: one that cannot be printed. Indeed, Gold has broken out against ALL major world currencies in the last ten years. The below chart prices Gold in Dollars (Gold), Euros (Blue), Japanese Yen (Red) and Swiss Francs (Purple):

 


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