• Marc To Market
    08/29/2015 - 10:18
    Dollar recovered from the exaggerated panic at the start of last week.  Outlook is still constructive.  Here is an overview of the technical condition of currencies, bonds, oil , and S&...

Corruption

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Mass Protests Sweep Malaysian Capital As Anger At Goldman-Backed Slush Fund Boils Over





Tens of thousands of demonstrators poured into the streets of Kuala Lumpur on Saturday to call for the resignation of Prime Minister Najib Razak whose government has been accused of obstructing an investigation into how some $700 million from the Goldman-backed 1Malaysia Development Berhad mysteriously ended up in Najib’s personal bank account. Meanwhile, the country stands on the precipice of an outright financial meltdown.

 
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The Corruption Of American Freedom





Our form of government today allows revolution (theoretically) through the ballot box rather than on the battlefield. But nonetheless, the message for our political elites today is much the same as it was in 1776: They ignore the people’s contempt at their own risk.

 
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"No Recovery For You!" Brazil Officially Enters Recession, Goldman Calls Numbers "Disquieting"





You know what they say: when it rains it pours, especially when you’re the poster child for an epic emerging market unwind and you’re suffering through the worst inflation-growth outcome in over a decade while trying to combat dual deficits and ward off political and social upheaval.

 
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Remembering The Summer Of 1929





The Summer of 1929 was unusually hot, with the stock market going up and down like a roller coaster, making investors and pundits almost dizzy. That is, until the great push up to the very height of the market in early September. It was the laissez-faire abuses of the 1920’s, the reign of supply side economics, the institutionalized political corruption of easy money, an oversized, overly influential and powerful financial/industrial sector that set the stage for the terrible Depression of the 1930’s. It also gave rise to the many reforms introduced by the FDR administration. Most of which have been steadily overturned, one by one, by the big money interests who care for nothing but themselves, and would do it again, and again, if allowed to do so.

 
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Japan's Kuroda Denies Existence Of Currency War As China Devalues Yuan To Fresh 4 Year Lows, Injects CNY150bn Liquidity





The night began much like any other morning in Asia - with pure comedy gold from Japanese leadership with BOJ's Kuroda saying he is "not concerned about currency wars, there is no currency war," adding that he has "no plans for further easing." That coincided with a drift lower in Japanese stocks from the US close - but mots of Asian stock markets were green buoyed by America's victory against malicious sellers for the first time in a week. Meanwhile, in China, margin debt drops to a 7-month lows (but is still up 133% YoY). But as rumor-mongers face death squads and any broker caught not buying with both hands and feet faces prison, it is no surprise that Chinese stocks are higher in the pre-open (A50 +5%, CSI +2.7%) but large corporate bond issues are being canceled willy nilly even as China devalues Yuan to fresh 4-year lows (6.4085) and adds CNY150bn liquidity.

 
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China & The Return Of The "Yellow Peril" - The Muddled Economics Of Scapegoating





Too big to control, too volatile to be predictable, and too full of contradictions to achieve stability, China is a society that is on the edge of coming completely unglued. And so, appealing to the typical American conceit that nothing that ever happens to us is our own fault, scapegoating is a reflection of widespread economic ignorance. For the reality is that the policies of our own rulers limn those of the Chinese: pump-priming the currency, flooding the US economy with money, and creating massive bubbles is something they learned from us. And those policies are having the same effect here as they are having in China.

 
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1000s Of Political Figures Are Stashing Cash In Swiss Accounts, Foreign Ministry Admits





In spite of all the attention the nation has received in recent years, SCMP reports that thousands of so-called "politically exposed persons”, or PEPs - a category that includes heads of state and other top officials - hold Swiss bank accounts, a Swiss foreign ministry official said. But, perhaps not for much longer as Bern aims to finalize a law aimed at simplifying the process of freezing and unblocking such funds.

 
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This Could Be Very Bad News Ahead Of China's Open Tonight





"China halts intervention in stock market so far this week as policy makers debate merits of an unprecedented government campaign to prop up share prices and what to do next, according to people familiar with situation. Some leaders support argument that stock market is too small relative to broader economy to cause crisis, says one of the people, who asked not to be identified as deliberations are private Leaders also believe intervention is too costly, person says."

 
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Brazil's Economy Is Now A Job Destruction Machine





Brazil's flagging economy, which is mired in stagflation and remains a slave both to China and to what looks like intractable political turmoil, has destroyed nearly 550,000 jobs YTD. As Barclays notes, " [the July] print is compatible with 140,939 job eliminations, pretty close to the historical low of -154,355 in June."

 
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Paul Craig Roberts: Central Banks Have Become A Corrupting Force





As asset bubbles are in the way of the Fed’s policy, a decline in stock prices removes the equity market bubble and enables the Fed to print more money and start the process up again. On the other hand, the stock market decline could indicate that the players in the market have comprehended that the stock market is an artificially inflated bubble that has no real basis. Once the psychology is destroyed, flight sets in.

 
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Return To Junk Status "Only A Matter Of Time" For Latin America's Most Important Economy: Barclays





"We conclude that, under current circumstances, it is only a matter of time until Brazil loses its investment grade status."

 
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Joe "Ridin' With" Biden Gears Up For White House Run





At a certain point, we suppose Joe Biden took a look at the state of the 2016 race for The White House and thought: "why not me?"

 
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Mal-Asia: Politcal, Currency Crises Converge As Stocks Head For Bear Market





As the great EM unwind continues unabated, we’ve noted that in some hard-hit countries, the terrible trio of falling commodity prices, decelerating Chinese demand, and looming Fed hike has been exacerbated by political turmoil. Now, we turn to Malaysia where an already tenuous situation just got worse as PM Najib Razak is now facing calls for a no-confidence vote amid allegations he embezzled some $700 million from the country's development fund.

 
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