• 09/21/2014 - 14:52
    Dear Janet; If I may be so forward, as a concerned citizen of the Constitutional Republic of the United States, it is with great consternation that I feel compelled to write you this distressing...

European Union

Tyler Durden's picture

Lower Oil Prices: Good News Or Bad News?





Oil and other commodity prices have recently been dropping. Is this good news, or bad? Many people have the impression that falling oil prices mean that the cost of production is falling, and thus that the feared "peak oil" is far in the distance. This is not the correct interpretation, especially when many types of commodities are decreasing in price at the same time. We would argue that falling commodity prices are bad news. It likely means that the debt bubble which has been holding up the world economy for a very long time – since World War II, at least – is failing to expand sufficiently. If the debt bubble collapses, we will be in huge difficulty.

 
Tyler Durden's picture

Frontrunning: September 22





  • Quid pro quo Clarice: Iran seeks give and take on Islamic State militants, nuclear program (Reuters)
  • Alibaba’s Banks Said to Boost IPO Size to Record $25 Billion (BBG)
  • European Stocks Fall Amid China Concern as Tesco Slides (BBG)
  • Tesco Suspends Executives, Probes Error That Triggers New Profit Warning (WSJ)
  • Kurds say they have halted Islamic State advance on Syrian town (Reuters)
  • Because luck and managing money is genetic: Financial Elite's Offspring Start Their Own Hedge Funds (WSJ)
  • Islamic State Onslaught Spurs Mass Exodus of Syrian Kurds (BBG)
  • Rockefellers, Heirs to an Oil Fortune, Will Divest Charity From Fossil Fuels (NYT)
 
Bruno de Landevoisin's picture

Beware of Int’l Financiers and Global Dirigisme





Our degenerate Central Bankers have tossed up yet another asset air-ball into the debt financed Bubblenomics Millennium. The only remaining question is why?

 
Tyler Durden's picture

Frontrunning: September 17





  • -0.07%: Germany Secures Record Low Funding Cost at Bond Auction (WSJ)
  • Pentagon Sees Possible Role for U.S. Ground Forces Against Islamic State Militants (WSJ)
  • China Joins ECB in Adding Stimulus as Fed Scales Back (BBG)
  • Stealthy or Normal? Analysts Diverge on PBOC’s Action (BBG)
  • Sony Forecasts Massive $2B Loss as Smartphones Lag (AP)
  • Islamic State campaign tests Obama's commitment to Mideast allies (Reuters)
  • Brent Crude Rebounds as Libya’s Sharara Oilfield Shut (BBG)
  • Market calm over Scottish vote at odds with disaster warnings (Reuters)
 
Tyler Durden's picture

Record Beheadings And The Mass Arrest Of Christians – ISIS? Or Saudi Arabia!





In the past month, a group of radical Islamic extremists based in the Middle East beheaded at least 23 people and enforced a ban on Christianity by arresting a group of people for practicing the faith in a private home. No, we're not talking about ISIS. The real culprit is the Kingdom of Saudi Arabia, one of the America’s closest global allies.

 
Tyler Durden's picture

Petrodollar Panic: EU Officials Admit Buying Oil From ISIS





We recently explained how ISIS remains so well funded but what was unclear was who exactly what purchasing their 'recently-provisioned' oil reserves? The assumption being some desperate third-world nation or some scheming offshore hedge-fund arbitrageur; however, as Sott.net reports, a senior European Union official has revealed that some EU member states have purchased oil from ISIL Takfiri militants despite their rhetoric against the group. The official declined to disclose any names but Turkey remains a front-runner (having already shunned President Obama) and potentially France (after their recent anti-Petrodollar comments).

 
Tyler Durden's picture

Ukraine President's Days Numbered After Broad Accusations Of "Betraying National Interests"





 Ukrainian President Petro Poroshenko faces rising criticism for his decision to delay implementation of part of a European Union deal to avoid threatened Russian retaliation. And this is why neither side can afford to blink, because the moment one side folds, its domestic support collapses. And blinking is precisely what Ukraine just did and with that it set in motion the events that will likely terminate prematurely the brief, irrelevant presidency of Ukraine's "Chocolate Baron" Poroshenko. It got so bad over the weekend, that former Prime Minister Yulia Tymoshenko, who was the person least actively supported by the CIA and US state department in Ukraine's less than peaceful transition in February, and thus lost a May presidential election to Mr. Poroshenko, said the delay in implementing the EU free-trade part of the pact until 2016 was "a betrayal of national interests."

 
Tyler Durden's picture

What Happens When "Scotland" Comes To Spain?





Friday saw the largest demonstration in the history of Barcelona with 1.8 million people showing up, exceeding all previous records, calling for Catalan independence... and as Deutsche Bank warns "Catalonia matters!" seeing four key scenarios.

 
Tyler Durden's picture

The One Company Most At Risk From Russian Sanctions Is Actually American





"We always encourage the people who are making those decisions to consider the very broad collateral damage of who are they really harming with sanctions."

- Rex Tillerson, CEO Exxon Mobil

 
Tyler Durden's picture

Europe Folds To Russian Demands, Delays Ukraine Free Trade Deal By Over A Year





While the world was poring through the details of the latest round of preannounced western sanctions against Russia - a round which Russia commented would have little actual impact - and just as excitedly awaiting the Kremlin's retaliation, which Putin warned is coming shortly, far from the glare of the center stage Europe quietly folded to a bigger Russian demand namely to delay the implementation of a Ukraine free trade deal by more than one year until the end of 2015 and likely beyond.

 
Tyler Durden's picture

US Unveils Latest Russian Sanctions, Putin Immediately Responds That Russia Drafting Retaliation





Moments ago, as was widely preannounced, the US Treasury unveiled its latest round of Russian sanctions. While the bigger picture was well-known, here are some of the highlights:

  • U.S. SANCTIONS FOCUS ON FINANCIAL, ENERGY, DEFENSE SECTORS
  • U.S. TREASURY ADDS SBERBANK TO SANCTIONS LIST,
  • U.S. TREASURY SANCTIONS AFFECTS GAZPROM, GAZPROM NEFT, LUKOIL, ROSNEFT, AND SURGUTNEFTGAZ
  • U.S. TIGHTENS DEBT FINANCING RESTRICTIONS TO 30 DAYS

And instantly: PUTIN: GOVT DRAFTING PROPOSALS TO RETALIATE AGAINST SANCTIONS

 
Tyler Durden's picture

Russia Responds To The Latest European Sanctions: "You Leave Us No Choice"





As usual, every European snaction (sic) has an equal and opposite Russian reaction. Here is how the Russian Foreign ministry responded to what van Rompuy announced earlier today would be a new round of Russian sanctions, which wil finally be enforced tomorrow. First from the Russian foreign ministry:

  • NEW EU SANCTIONS AGAINST RUSSIA LEAVE RUSSIA NO OTHER CHOICE BUT TO GO FOR CERTAIN COUNTER-MEASURES - RUSSIA'S PERMANENT REP TO THE EU CHIZHOV

And the punchline from the foreign ministry statement: "Finally, give people a chance for peace." So Obama channels Dubya and Putin channels John Lennon. The New Normal sure is strange.

 
Tyler Durden's picture

Frontrunning: September 11





  • Obama orders U.S. airstrikes in Syria against Islamic State (Reuters)
  • Obama Relying on Mideast Allies to Counter Islamic State (BBG)
  • Scotland Nationalists Claim U.K. Oil in 40-Year Campaign (BBG)
  • Scottish Polls Embolden Catalans Pushing Rajoy for Vote (BBG)
  • Royal Bank of Scotland: RBS will leave Scotland if voters back independence (Guardian)
  • Most Hedge-Fund Managers Are Overpaid, Unigestion Says (BBG)
  • China Inflation Softens to Four-Month Low (WSJ)
  • Munger Hosts Groupies, Mocks Wall Street, Praises Buffett (BBG)
 
Tyler Durden's picture

Futures Slide On Renewed Catalan Independence Jitters, Disappointing Chinese Inflation





Following yesterday's confusing exuberance, which saw the sluggish market rise in the last hours of trading as the latest Scottish poll showed a reverse of the "Yes" momentum (and fading Gartman's latest reco of course), overnight European jitters have re-emerged once more following a speech by Catalonia's Artur Mas, who has long pushed for independence of the region, and who said that while there are different ways Catalonia can vote, the important issue is that Catalans vote somehow. Mas says Spanish govt will likely try to block Catalan vote "the reasons why the central government is blocking the vote are political not legal", which in turn has once again brought attention to Europe's artificial, unstable and temporary political and monetary union, which threatens a reversion of the nightmare days from 2012 when Mario Draghi was promising he would do everything in his power to send the EUR higher (as opposed to now).

 
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