What is there in this world that is transparent? Is there anything left? You just need to take a look around you. The growing number of corruption cases, the people that embezzle, fraudulently take, borrow, beg and steal at whim.
- 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)
These are indeed scary times for the corrupt kleptocrats of China.
There is a gloriously simple solution to all the world's TBTF problems, one that could be enacted in a HFT millisecond by pulling the trigger, so to speak. The solution comes from none other than that historic US nemesis, Vietnam, where unscrupulous financiers don't just go to jail. Sometimes, they get death row.
Is there any hope that we might actually elect a president with the mandate and courage to take down Wall Street instead of kissing its rear end in humiliating obeisance? The 2016 presidential election may be far away to those obsessed with the news cycle, but it's not too early to express one single hope: that we finally elect a president who doesn't kiss Wall Street's rear end every single day for four/eight years running. Either the next president issues an executive order (or whatever it takes) to enact these four administrative rules, or he/she is kissing Wall Street's rear end every single day of his/her administration.
The most common pushback from any China bull, industrial commodity bull, US equity market bull, or in fact any risk market in general "bull" is "won't the authorities just pull the trigger? Won't they just stimulate?" As UBS Commodities group notes, the debate is most advanced for China and for industrial commodities, where the weakness in the economy, and the sharp commodity price falls of recent weeks, has consensus looking for a stimulus driven bounce. UBS does not think so - the authorities in China and the US have become increasingly focused on structural issues - which, simply put, means they are less willing to act than before. It appears last night's mini (railway-focused) stimulus supports the expectations of no "bazooka".
As the Ukrainian crisis festers and other dangers in the Pacific and the Mideast grow, an odd consensus among alternative analysts is taking hold — namely the belief that President Vladimir Putin and Russia represent some kind of opposition to globalization and the rule of corporate financiers. Perhaps moments in Putin’s rhetoric have seduced elements of the Liberty Movement into assuming that Russia is a “victim” in the grand schemes of Western oligarchy and that Russia is truly the "white knight", the underdog willing to stand up against the New World Order. We're sorry to say that nothing could be further from the truth. Russia is just as much a tool of the global elite today as it was after the Bolshevik Revolution, and Vladimir Putin is just as much a socialist puppet as Barack Obama.
Having successfully negotiated the exposure of a potential "false flag" attack on Syria, corruption probes, financial system chaos, court rulings of the ban's unconstitutionality, and a "successful" election, Turkey's Erdogan has decided to lift the ban on Twitter...
The Single Most Important Issue For the Power Elite In China… And What It Means For the Global EconomySubmitted by Phoenix Capital Research on 04/02/2014 23:13 -0400
The reason for the economic gimmicking pertains the political perspective of China’s economic data. As a communist regime, China’s government has one focus and one focus only. It’s not economic growth for growth’s sake, nor is it improving the quality of life for China’s population...
If The West really wants to 'win', turning Russian public opinion against Vladimir Putin should be the goal. Here’s how to do it.
Given our understanding that the number of large avalanches is positively correlated to the number of small avalanches, it seems pretty clear that (as Nanex and Zerohedge has been saying) the damaged market microstructure is mirrored in the increasing number of flash crashes since Reg NMS. Unfortunately, our murky understanding of how the microstructure causes the macrostructural changes can be used by the regulatory authorities to avoid investigation. They can't see a smoking gun. Accordingly, our modest proposal for dealing with HFT is this--nothing. Don't bust trades--let them stand. We'd be curious to see the response of the various Ivy-League endowment funds and pension funds when they suffer brutal, near-instantaneous, multi-billion-dollar losses. How would real companies, producing real products, react to a sudden monkey-hammering of their stock price, especially if it triggered debt covenants? Maybe they would all exit the market en masse. It might even force a real change.
The purpose of Quantitative Easing is to support the balance sheets of a few over-sized banks and to finance the federal budget deficit at an artificially low rate of interest. In other words, QE supports failed banks and federal fiscal irresponsibility. In order to successfully carry off this blatant misuse of public policy, the price of gold, a measure of the dollar’s value, must be suppressed. The Federal Reserve’s lack of integrity speaks volumes about the corruption of the US government.
Suleyman Aslan is the CEO of Turkey's second largest bank; so imagine how shocked police were when, as Bloomberg reports, they raided his home and found $4.5 million cash stashed in shoeboxes and bookshelves. When asked why the funds weren't deposited at the bank he ran, he said that would mean declaring their origin and registering them officially...something he clearly preferred not to do. Add to this a massive 44% surge in non-monetary gold exports (and who knows how much gold smuggled - once again preferring not to explain its origin) and it appears increasingly clear 'wealth' is being extricated from the increasingly totalitarian nation before confiscations begin following the 'successful' elections this weekend for the ruling AKP party.
UPDATE: Abenomics double #fail - Japanese Base Labor Earnings dropped YoY for the 21st straight month...
Another night, another disaster for Abe. Japan's all-important Tankan Business conditions forecast dropped to a one-year low and missed by the most since Lehman (but apart from that Abenomics is "nailing it"). China's "official" Manufacturing PMI beat expectations modestly and printed at a stimulus-busting 50.3 (expanding) as imports and new export orders jumped rather cough-notably-cough given external conditions and all other economic data. Rather remarkably, the New Order sub index of the Steel Industry PMI report showed a huge surge from 32.4 to 46.1 as New Export orders tumbled - this is the biggest jump in new Steel orders in.. well as far back as we have data...Then HSBC's PMI hit. Printing at 48.0 - worse than the flash print at 48.1 and still firmly in contraction territory leaving China once again in Schrodinger baffle 'em with bullshit economic growth mode.
Demonizing “the 1%” is mathematically incorrect; rather it is the oligarchs - which refers a small handful of people who benefit most disproportionately from Federal Reserve handouts, D.C. corruption, tax code loopholes and the destructive trend of financialization generally - that should be kept a close eye on. Thanks to The Atlantic, we now have two charts that show what we have been writing about for many years now. It is not the 1% that is the problem, it’s actually a much smaller slice within that group that is thieving and pillaging at will from the rest of American society.