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Frontrunning: April 7





  • The counter-HFT-attack begins with first target - dark pools: Dark markets may be more harmful than high-frequency trading (Reuters)
  • Malaysia Jet Team Hears Pings Consistent With Black Box (BBG)
  • At Toyota as Humans Steal Jobs From Robots (BBG)
  • ‘Reverse Auctions’ Draw Scrutiny (NYT)
  • Death knell sounds for Brazil’s economic strategy (FT)
  • Technology Traders Head for the Exit as Put Trades Surge (BBG)
  • NSA Uses Corporate News to Spread Propaganda and Silence Dissent (TruthDig)
  • Holcim, Lafarge agree to merger to create cement giant (Reuters)
  • Any minute now: Investment Jump Seen From Macy’s to Berkshire After 2013 Fizzle (BBG)
  • India kicks off world's biggest election in remote northeast (Reuters)
 
Tyler Durden's picture

ECB "Models" €1 Trillion QE





Update: in direct flashback from the summer of 2011 when the ECB leaked news only to retract it within minutes, this just happened: CONSTANCIO: DOESN'T KNOW ABOUT 1 TLN-EURO QE MODEL REPORT

When in desperate need to crush your currency (being bought hand over fist by the Chinese), so urgently need to boost German exports, since you are unable to actually do QE as per your charter, what do you do if you are Mario Draghi? Well, you leak, leak, leak that you are contemplating QE, and then you leak some more. Such as today.

  • ECB HAS MODELED BOND PURCHASES UP TO 1 TLN EUROS, FAZ SAYS
  • ECB TESTS SHOW INFLATION COULD BE BOOSTED 0.2% TO 0.8%: FAZ

Like US inflation soared on the $1 trillion QEternity? Can't wait. In other news, expect zero reaction from gold on this latest news that another $1.4 trillion in fiat is about to flood the market. If only inbetween Mario Draghi's jaw bones.

 
Tyler Durden's picture

"They Never Learn" - Russia's Take On The "West" And The Shifting Geopolitical Balance Of Power





Over the past month, there has been a lot of "Hilsenrathing", or the biased media urgently "explaining" to the Western world, just what Russia's actions mean both tactically in response to Ukraine developments, and strategically as part of Putin's global perspective. So instead of relying on the broken media narrative which serves merely to perpetuate US corporate interests and rally the public behind this or that company's geopolitical interests, here, straight from the horse's mouth, in this case Russian foreign minister Sergey Lavrov, how Russia sees itself in a world in which it is allegedly "isolated", and "threatening Ukraine" with further invasion but more importantly, how the Russians view the rapidly changing global balance of power, in which post-USSR Russia has emerged from the backwood of slighted nations and stormed to the stage of nations who dare defy the former global hegemon, the US.

 
testosteronepit's picture

German Industry Goes To See Uncle Putin





The intricate and convoluted connections between Germany and Russia exude a peculiar aroma.

 
Tyler Durden's picture

Probably The Most Important Chart In The World





Having discussed the links between economic growth and energy resource constraints, and with the current geo-political fireworks as much about energy (costs, supply, and demand) as they are human rights, it would appear the following chart may well become the most-important indicator of future tensions...

 
Tyler Durden's picture

Meet The Brand New, And Shocking, Third Largest Foreign Holder Of US Treasurys





Something very strange is going on at the US treasury.

 
Tyler Durden's picture

Deluded Currency Cultists Believe The Dollar Is Invincible





At the onset of the derivatives collapse in 2007/2008 it would have been easy to assume that most of America was receiving a valuable education in normalcy bias. As much as we are for people waking up to the nature of the crisis, there comes a point when those who are going to figure it out will figure it out, and the rest are essentially hopeless. The cultism surrounding the U.S. economy and the U.S. dollar is truly mind boggling, and by “cultism” we mean a blind faith in the fiat currency mechanism that goes beyond all logic, reason and evidence.

 
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EU Must Have Energy-Independence





Globalization is certainly at the heart of what it means to become a trading partner with another country. I’ll scratch your back if you scratch mine. But, what happens when the itching continues or the scratcher starts scratching himself in an unlikely place rather than where he’s supposed to?

 
Tyler Durden's picture

In 2013 The Fed Bought 150% More Treasurys Than All Foreigners Combined





Now that we have the full history of foreign Treasury purchases in 2013, we know the following: in December 2012 total US paper held by foreigners was $5,573.8 billion; one year later it rose to $5.794.9 billion or a $221 billion increase. So how does this look in the context of QE? In the past year, courtesy of the Fed's $1 trillion in TSY and MBS purchases, Ben Bernanke purchases some $552 billion in Treasurys, or about 150% more than all foreigners combined! Suddenly the need for MyRA is becoming all too clear...

 
Tyler Durden's picture

China Sold Second-Largest Amount Ever Of US Treasurys In December: And Guess Who Comes To The Rescue





While we will have more to say about the disastrous December TIC data shortly, which was released early today, and which showed a dramatic plunge in foreign purchases of US securities in December - the month when the S&P soared to all time highs and when everyone was panicking about the 3% barrier in the 10 Year being breached and resulting in a selloff in Tsy paper - one thing stands out. The chart below shows holdings of Chinese Treasurys (pending revision of course, as the Treasury department is quite fond of ajdusting this data series with annual regularity): in a nutshell, Chinese Treasury holdings plunged by the most in years, after China offloaded some $48 billion in paper, bringing its total to only $1268.9 billion, down from $1316.7 billion, and back to a level last seen in March 2013! This was the second largest dump by China in history with the sole exception of December 2011.

 
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If America Continues To Go Down This Path, This Is What Life Will Be Like...





Becoming more like Europe is not a good thing.  But that is the path that we are currently on.  For the most part, Europeans live in a socialist “Big Brother” system in which the government completely dominates your life from the cradle to the grave.  Of course there are differences from country to country, but generally speaking the lives of most Europeans are very tightly regulated.  You see, the truth is that high levels of individual liberty and freedom are considered to be “dangerous” by the European elite.  They believe that if we are all allowed to just do whatever we want that it would result in utter chaos.  They are convinced that life is better when those that are smarter (them) control the lives of everyone else.

 
Tyler Durden's picture

Approval Of EU Leadership Plunges To Record Low In Spain, Greece





No surprises here: hours after we reported that youth unemployment in Spain soared to fresh record highs (surpassing the already nosebleeding number of jobless people under 25 in Greece), here comes Gallup with a poll showing the approval rating of the (unelected) EU Leadership across the peripheral countries. And while there was a slight uptick in approval among respondents in Italy - the country that has so far benefited the most from the Italian central banker at the helm of the ECB - the EU's lack of approval just rose to all time highs in the two countries that continue to see their youth employment hopes crushed by the European experiment, with approval in Spain sliding to 27% (from 55% in 2010), while Greece, plunged to only 19%, which makes one wonder: just who has an interest in keeping Greece in Europe?

 
Tyler Durden's picture

Saxo Bank CEO Fears The Broad Relevance Of Ayn Rand In Today's Society





One of the biggest mistakes we can make, Saxo Bank's CEO warns, is to assume that rationality will prevail, that just through superior economic performance, freedom will capture enough peoples' hearts in a democracy to win the day. In the last of his three-part series (part 1 and part 2), Lars Seier Christensen focuses on the broader relevance of Ayn Rand in society today, noting that she remains among the few that recognised with crystal clarity, that we will not win the battle through just proving that freedom and capitalism works. This, he warns, creates a major problem for those of us that like to argue rationally, rather than emotionally.

 
Tyler Durden's picture

Frontrunning: January 3





  • Heavy snowstorm hammers northeastern U.S. (Reuters)
  • Coins Remain a Bright Spot for Gold (WSJ)
  • Gross’s Mistake on Fed Taper Echoes Across Pimco Funds (BBG)
  • China December services PMI falls to four-month low (Reuters)
  • General Mills Starts Making Some Cheerios Without GMOs (WSJ)
  • U.S. considers flammability risk of Bakken crude after accidents (Reuters)
  • China Mobile’s Costly iPhone Deal with Apple (WSJ)
  • Hezbollah Upgrades Missile Threat to Israel (WSJ)
  • UK House Prices Cap Best Year Since 2006 as Mortgages Surge (BBG)
  • China tells police to be loyal to party amid graft crackdown (Reuters)
 
Tyler Durden's picture

French Constitutional Court Approves 75% Tax On High Earners





Almost a year ago, the French constitutional court ruled against Francois Hollande's triumphal blast into socialist wealth redistribution, with his proposed 75% tax rate on high earners, and so indefinitely delayed the exodus of the bulk of French high earners (even if some, like Obelix, aka Gerard Depardieu, promptly made their way to the country that has become the land of solace for all oppressed people everywhere, Russia) into more tax-hospitable  climes. That delay is now over, when earlier today the same court approved a 75% tax on all those earning over €1 million. The proposal passed after the government modified it to make employers liable for the 75% tax. As BBC reports, the levy will last two years, affecting income earned this year and in 2014.

 
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