- Swiss National Bank Starts Negative Interest Rate of 0.25% to Stave Off Inflows (BBG)
- Putin Strikes Uncompromising Stance Over Crisis Gripping Russia (BBG)
- Sony cancels North Korea movie in apparent win for Pyongyang hackers (Reuters)
- U.S. Said Set to Blame North Korea for Sony Cyber Attack (BBG)
- China’s Short-Term Borrowing Costs Surge as Demand for Money Grows (WSJ)
- Russia Currency Market Bends But Doesn’t Break (BBG)
- Jeb Bush Puts Pressure on Chris Christie for 2016 (WSJ)
- From joy to outrage, Florida's Cuban-Americans greet new U.S. policy (Reuters)
- Russians Quit London Luxury Homes as Only Super-Rich Stay (BBG)
Russia is trying to provoke the West once again...
The largest economy of the Eurozone is showing important signs of fatigue...
- Oil slide hits European stocks, safe-haven assets sought (Reuters)
- IEA Cuts Global Oil Demand Forecast for 4th Time in Five Months (BBG)
- Cue constant pro-Abe propaganda out of Japan: Japan’s Secrecy Law Takes Effect as Abe Seeks Fair Vote Coverage (BBG)
- As if it has a choice: Japan’s GPIF Bets on Abenomics-Driven Recovery (WSJ)
- Heather Capital: How a $600 Million Hedge Fund Disappeared (WSJ)
- Senate Panel Votes to Authorize U.S. War on Islamic State (BBG)
- Japan’s 28 IPOs in 11 Days Give Abe a Lift as Startups Boom (BBG)
- U.S. authorities face new fallout from insider trading ruling (Reuters)
- Greek Stock Rout Means ASE Is 2014 Worst After Russia (BBG)
The only thing that saves us from the bureaucracy is its inefficiency
If the US has become the undisputed world leader in sending non-lethal "military advisors" to the middle east, then Russia is learning fast, and as Interfax just reported, the head of the Russian Armed Forces chief of staff Gerasimov just confirmed that Russian "military specialists" are now working in the Donetsk region, although not to support the separatist army, but to promote "conflict de-escalation." One just has to admire politically correct war talk. But the punchline, from both Interfax and Bloomberg which also just reported this news, is that Russia is doing so at the "request of Ukraine's head of general staff." In other words, Ukraine actually invited the Russians.
Amid the collapse of the global carry trade, no nation on earth has benefited more (and is now suffering more) from the dash-for-trash, buy-the-pig-sty trade than Greek stocks and bonds. Combining carry unwinds with uncertainty over snap Presidential elections (which could usher in a left-wing anti-EU party into power) and a 'technical-only' extension of its handouts from Troika and Greek capital markets are in freefalll. The Athens Stock Index is down over 11% on the day, destroying 3 weeks of gains; the Greek 3Y bond price has collapsed (as the carry-traders pile out through small doors) inverting the yield curve - never a good sign.
Germans can’t get their gold reserves. Do how did the Dutch get their 122 tonnes of gold?
Is Germany being prevented from holding gold to prevent independent foreign policy action?
Congress Desperately Tries to Stir Up War ... Even Though Public Doesn't Want It
"This small group of horrible people are willing to put the world on the line so their lineage can continue to rule the world while the rest of us struggle to simply stop the financial bleeding that has become a 15 year epidemic. This all sounds like the stuff of fiction novels but unfortunately the facts tell us this is all too real. What is hard for me to believe is that we so readily ignore and deny the most essential lessons of history. Perhaps the foremost being that the political class will always be willing to sacrifice the working class in order to retain its power."
The Federal Reserve and its owners print and party, while the rest of us work and weep..................
Yesterday the US House passed what I consider to be one of the worst pieces of legislation ever. H. Res. 758 was billed as a resolution “strongly condemning the actions of the Russian Federation, under President Vladimir Putin, which has carried out a policy of aggression against neighboring countries aimed at political and economic domination.” In fact, the bill was 16 pages of war propaganda that should have made even neocons blush, if they were capable of such a thing.
Claims that the new government in Ukraine is nothing more than a Western puppet Parliament have been swirling around consistently since February. Nevertheless, we think it’s very significant that the takeover is now overt, undeniable and completely out in the open.
Meet American, Natalie Jaresko, who runs private equity fund Horizon Capital, and just became Ukraine’s Finance Minister.
It has been centuries since the Portuguese last dominated the world's seaways, but in glancing over recent headlines one would be forgiven for thinking that their pirates are still running around. With the economy still reeling from the effects of the devastating financial crisis in 2010-11, Portugal has been rocked by a series of corruption scandals which go to the very core of the political and financial establishments. Portugal's economic divergence relative to Europe’s core is striking; it has even been overtaken by an average of the newcomers that joined the European Union in 2004, many of which are former communist countries. This in spite of Portugal receiving billions in structural reform funds from Brussels for almost three decades now – a process which is still ongoing. So how did this significant underperformance come about?
- Fall of the Bond King: How Gross Lost Empire as Pimco Cracked (BBG)
- Hong Kong 'Occupy' leaders surrender as pro-democracy protests appear to wither (Reuters)
- Ashton Carter, Ex-Pentagon No. 2, Emerges as Obama Favorite for Defense Secretary (WSJ)
- Oil, the Ruble and Putin Are All Headed for 63. A Russian Joke -- for the Moment (BBG)
- New U.S. oil and gas well November permits tumble nearly 40 percent (Reuters)
- Swedish government on brink of collapse (AJ)
- China says Britain has no moral responsibility for Hong Kong (Reuters)
- Indian Labs Deleted Test Results for U.S. Drugs, Documents Show (BBG)