• Tim Knight from...
    11/26/2014 - 19:43
    I read your post Pity the Sub Genius and agreed with a lot of what you wrote. However you missed what I think is the biggest killer of middle class jobs, and that is technological...

Credit-Default Swaps

Tyler Durden's picture

Guest Post: Obama The Great, The One True Indispensable Chief Of The NWO





Contrary to the opinion of Obama the Great, The One True Indispensable Chief of the NWO, the three principal threats we currently face are not Ebola, but QE-bola; not the locally disruptive Islamic State but the globally detrimental Interventionist State; and definitely not the Kremlin’s alleged (though highly disputable) revanchism being played out on Europe’s ‘fringe’ but the Kafkaesque reality of stifling and undeniable regulationism at work throughout its length and breadth. We might end by reminding the would-be wearer of the One Ring, as He lurks warily, watching the opinion polls from His lair in the White House, that in being so active in propagating each one of these genuinely existential threats to our common well-being, he will not so much ‘help light the world’ as help extinguish what little light there still remains to us poor, downtrodden masses.

 
Tyler Durden's picture

Argentina Stuns Bondholders With Scorched-Earth "Cramdown" Plan





With the impasse over the latest Argentina default going nowhere fast, late last night president Kirchner stunned its creditors when she announced what amounts to a cramdown plan for holdouts, in which all bonds would be stripped of their existing indentures and converted to local law bonds. Or, as some would call it, a "scorched earth" transaction that burns all bridges, and goodwill, with the international creditor community and likely leaves Argentina unable to access global capital markets for the foreseeable future.

 
Reggie Middleton's picture

Create Your Own Argentine Default Swap For As Little As $5 & Watch It Outperform the Big Boys!





Watch what happens when new tech is used to create better products, cheaper than the incumbents could ever have dreamt of...

 
Tyler Durden's picture

Bonds & Peso Slide As Fernandez Slams Holdouts For "True Aggression Against Argentina"





With hours to go until Argentina's grace period runs out and default occurs, investors are less than frantically selling Argentine bonds and pesos. They are lower but do not appear in full panic mode as we presume investors cling to hope that Argentina folds and pays off the holdouts (though there has been no sign of that so far). ARG 2033 bonds are down 3 points to 81 and the black-market peso is modestly weaker at 13.0 (near its record lows). Argentine CDS tightened modestly (as BofA warns the facts surrounding Argentina’s bond payments continue to be unique and deciding if CDS are triggered could take longer than expected) but 1Y CDS are holding at 4600bps (equivalent) - a 52% probability of default. Paul singer continues to defend himself (and the holdouts) from claims they are "dangerous fundamentalists" hell-bent on making it impossible for foreign sovereigns to restructure their debts.

 
Tyler Durden's picture

Frontrunning: June 23





  • The Man Who Broke the Middle East (Politico)
  • Kerry presses Maliki as Iraq loses control of Syrian, Jordanian borders (Reuters)
  • Hank Paulson takes on global warming next: The Coming Climate Crash - Lessons for Climate Change in the 2008 Recession (NYT)
  • In Yellen We Trust Is Bond Mantra as Inflation Threats Dismissed (BBG)
  • After port fraud, China's vast warehouse sector under scrutiny (Reuters)
  • Draghi Says Unlimited Cash Through 2016 Is Rate Signal (BBG)
  • Tapes Said to Reveal Polish Minister Disparaging U.S. Ties (NYT)
  • CDC reassigns director of lab behind anthrax blunder (Reuters)
  • BNP set to receive ban to transact in USD as part of $9 billion settlement (WSJ)
  • GE Clears Last French Hurdle to Clinch Alstom Deal (BBG)
  • Al Jazeera journalists jailed in Egypt, supporters stunned (Reuters)
  • ISDA Asked to Rule If Argentina Credit-Default Swaps Triggered (BBG)
 
Tyler Durden's picture

Frontrunning: December 2





  • America’s Role as Consumer of Last Resort Goes Missing (BBG)
  • Holiday sales sag despite blitz of deals (WSJ)
  • Abe Support Falls Below 50% for First Time Amid Secrecy Drive (BBG)
  • U.S. airlines give China flight plans for defense zone (Reuters), while Japan: no change to airlines' notification policy when flying in East China Sea zone (Reuters)
  • Thai protesters seek to topple PM after clashes (Reuters)
  • Hilton Seeks as Much as $2.4 Billion in Biggest Hotel IPO (BBG)
  • Biden on delicate mission to defuse tensions in East Asia (Reuters)
  • Fed eyes financial system weak link (WSJ)
  • Pentagon in line of fire in US budget war (FT)
  • China’s monetary squeeze collides with housing bubble (FT)
 
Tyler Durden's picture

All The Overnight Action Ahead Of Today's Nonfarm Payroll (Non) Typhoon





While today's big event is the October Non-farm payrolls print, which consensus has at 120K and unemployment rising from 7.2% to 7.3%, there was a spate of events overnight worth noting, starting with Chinese exports and imports both rising more than expected (5.6% and 7.6% vs expectations of 1.9% and 7.4% respectively), leading to an October trade surplus of $31.1 billion double the $15.2 billion reported in August. This led to a brief jump in Asian regional market which however was promptly faded. Germany also reported a greater trade surplus than expected at €20.4bn vs €15.4 bn expected, which begs the question just where are all these excess exports going to? Perhaps France, whose trade deficit rose from €5.1 billion to €5.8 billion, more than the €4.8 billion expected. Of note also was the French downgrade from AA+ to AA by S&P, citing weak economic prospects, with fiscal constraints throughout 2014. The agency added that the country has limited room to maneuver and sees an inability to significantly cut government spending. The downgrade, however, was largely a buy the EURUSD dip event as rating agencies' opinions fade into irrelevance.

 
Tyler Durden's picture

Guest Post: We've Dug A Pretty Damn Big Hole For Ourselves





“Recovery” has become the shibboleth constantly invoked by people running things after the crisis of 2008. Unfortunately, no such recovery was underway. It was papered over by the twin Federal Reserve policies of quantitative easing and financial repression – a combination of the nation’s central bank loaning vast new amounts of money into existence at ultra-low interest rates (hardly any interest to pay back) and creating steady monetary inflation to reduce the burden of existing debt by shrinking the dollar value of the debt. The program was a racket in the sense that it was fundamentally dishonest. The presumed purpose of these shenanigans from the point of view of the Federal Reserve and the White House was to keep the financial system stable and afloat, and therefore to keep “normal” American daily life going. Unfortunately, it was based on the unreal assumption that the financial norms of, say, 2006 could be ginned back up again, and this premise was just inconsistent with the reality of a post-Peak-Cheap-Oil world. Unfortunately, there was no organized counter-view to this wishful thinking anywhere within the boundaries of the political establishment.

 
Tyler Durden's picture

Frontrunning: November 16





  • Israel Mobilizes Troops as Hostilities Escalate (WSJ)
  • FHA Sets Stage for Taxpayer Subsidy With 2012 Deficit (Bloomberg)
  • On eve of fiscal cliff talks, positions harden (Reuters)
  • Japan PM Noda contradicts challenger Abe on BOJ (Reuters)
  • Regulators cut JPMorgan's ability to trade power (Reuters)
  • EU Should Reach Agreement on Greek Aid Next Week, Grilli Says (BBG)
  • Moscovici rejects talk of French crisis (FT)
  • Egypt Urges Push for Gaza Peace as Rockets Hit Israel (BBG)
  • Leading Japan politicians draw election battle lines (Reuters)
  • Fed Push to Tie Zero-Rate to Economic Goals Faces Doubts (BBG)
  • China’s commerce minister voted out in rare congress snub (Reuters)
  • China’s new leaders could have reform thrust upon them (Reuters)
  • Both Sides of Gaza Border Brace for Further Conflict (WSJ)
  • Fed Sees Hurdles in Housing Rebound (Hilsenrath)
  • The Complete 2012 Business Schools Ranking (Bloomberg)
 
Tyler Durden's picture

September And November Best Months To Own Gold





Gold’s seasonality is seen in the above charts which show how March, June and October are gold’s weakest months with actual losses being incurred on average in these months. Buying gold during the so-called summer doldrums has been a winning trade for most of the last 34 years. This is especially the case in the last eight years as gold averaged a gain of nearly 14% in just six months after the summer low. We tend to advise a buy and hold strategy for the majority of clients. For those who have a bit more of a risk appetite, an interesting strategy would be to buy at the start of September, sell at end of September and then buy back in on  October 31st. 

 
Tyler Durden's picture

Chris Martenson: "We Are About To Have Another 2008-Style Crisis"





Well, my hat is off to the global central planners for averting the next stage of the unfolding financial crisis for as long as they have. I guess there’s some solace in having had a nice break between the events of 2008/09 and today, which afforded us all the opportunity to attend to our various preparations and enjoy our lives.

Alas, all good things come to an end, and a crisis rooted in ‘too much debt’ with a nice undercurrent of ‘persistently high and rising energy costs’ was never going to be solved by providing cheap liquidity to the largest and most reckless financial institutions. And it has not.

 
Tyler Durden's picture

"Pied Piper Always Gets Paid And Hamelin Still Rests On German Soil"





Each day then that passes, as the cash river runs dry, will change the dynamics of the investment world. The biggest change that I see forthcoming on the landscape, beyond those which I have noted, I believe will take place in Germany. China is heading towards some sort of landing and most of Europe is now officially in a recession. The bite of the austerity measures will deepen the process and between the two I think we will begin to see a decline in the finances of Germany which will bring all manner of howls and screams. Germany cannot keep heading in one direction while the rest of its partners founder all around them. The demands of Berlin are self-defeating eventually as demand falls off and I think we are just at the cusp of deterioration in Germany. The problem, all along, has been that Eurobonds or other measures representing a transfer union will cause the averaging of all of the economies in Europe so that the periphery countries benefit with a higher standard of living while the wealthier nations have standards of living that decline as the result of accumulated debts for the troubled nations. This will bring out nationalism again in force as the grand dream succumbs to the grim reality of the costs for nations that have lived beyond their means. The Pied Piper always gets paid and Hamelin still rests upon German soil.
 

 
Syndicate content
Do NOT follow this link or you will be banned from the site!