• GoldCore
    07/23/2014 - 07:21
    Ukraine, Gaza, Iran, Isis, Syria and Turkey are all just pawns in a grotesque geopolitical game. All sides have their narratives. But in all cases, innocents must die ...

Fail

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Is The Cloward-Piven Strategy Being Used To Destroy America?





In the mid-sixties at the height of the “social revolution” the line between democratic benevolence and outright communism became rather blurry. The Democratic Party, which controlled the presidency and both houses of Congress, was used as the springboard by social engineers to introduce a new era of welfare initiatives enacted in the name of “defending the poor”, also known as the “Great Society Programs”. These initiatives, however, were driven by far more subversive and extreme motivations, and have been expanded on by every presidency since, Republican and Democrat alike.At Columbia University, sociologist professors Richard Cloward and Francis Fox Piven introduced a political strategy in 1966 that they believed would eventually lead to the total transmutation of America into a full-fledged centralized welfare state (in other words, a collectivist enclave). The spearpoint of the Cloward-Piven strategy involved nothing less than economic sabotage against the U.S..

 
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What Analysts Are Looking For In Draghi's Announcement Today





There is far less on the ECB table today compared to a month ago when expectations were massive and Draghi didn't fail to satisfy (with the usual set of half-baked, non-existant programs a la the OMT which still doesn't technically exist, 2 years after it was first revealed) and nobody expects any major announcements out of Mario Draghi. If anything, the market hopes the ECB head will use the press conference today to elaborate on the missing technicalities of the TLTRO. With inflation printing at 0.5% again, concerns of deflation will likely be mentioned once again. When it comes to the EUR reaction, the most bearish case would be for Draghi to discuss QE, and providing details of how a bond monetization operation would look like. More than the EURUSD, a bigger risk lies for peripheral bonds which are at risk if Draghi unveils details of TLTRO today that could hurt the periphery carry trade.

 
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The US Government Tells The Whole World To Go FATCA Themselves





If you want to gather honey, don’t kick over the beehive. This was how Dale Carnegie titled the first chapter of his 1936 personal development masterpiece—How to Win Friends and Influence People. But based on the way the US is acting, you’d think they were test-driving an entirely different manuscript - How to Lose Friends and Alienate People. Between FATCA and the BNP debacle, it appears politicians fail to realize how important the US banking system is to holding together the US economy. With all of its debt and all of its money printing, the US banking system was one of America’s last economic competitive advantages; but now we are going to see more and more foreigners curtailing their use of the US banking system... and by extension... the dollar. Without that mass of people to export dollars to, inflation will really kick in back home.

 
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The Inevitable Stock Market Reversal: The New Normal Is Just Another Bubble Awaiting A Pop





Is the New Normal of ever-higher stock valuations sustainable, or will low volatility lead to higher volatility, and intervention to instability? Though we're constantly reassured by financial pundits and the Federal Reserve that the stock market is not a bubble and that valuations are fair, there is substantial evidence that suggests the contrary.

 
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Frontrunning: July 2





  • France's Sarkozy faces corruption probe in blow to comeback hopes (Reuters)
  • Ukraine Says Military Offensive Against Rebels Yielding Results (WSJ)
  • JPMorgan Investors Show Support for Dimon in Cancer Fight (BBG)
  • World’s ATM Moves to Frankfurt as Yellen’s Fed Slows Cash (BBG)
  • Argentina Seen Backtracking on Fernandez Vows as Legacy at Risk (BBG)
  • Palestinian teen killed in possible revenge attack (Reuters)
  • The Bill and Hillary Clinton Money Machine Taps Corporate Cash (WSJ)
  • London House Prices Surge the Most Since 1987, Nationwide Says (BBG)
  • Last Jew in Afghanistan faces ruin as kebabs fail to sell (Reuters)
 
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18 Signs That The Global Economic Crisis Is Accelerating As We Enter H2 2014





We live in a world that is becoming increasingly unstable, and people need to understand that the period of relative stability that we are enjoying right now is extremely vulnerable and will not last long. The following are 18 signs that the global economic crisis is accelerating as we enter the last half of 2014...

 
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The Next Global Meltdown Is Baked In: Connecting The Dots Between Oil, Debt, Interest Rates And Risk





The bottom line is the Fed can only keep the machine duct-taped together by suppressing the market's pricing of risk. Suppressing the market's ability to price risk is throwing common-sense fiscal caution to the winds; when risk arises from its drugged slumber despite the Fed's best efforts to eliminate it, we will all reap what the Fed has sown.

 
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Draghi Disaster: European Household Loans Plunge By Most On Record





here is the punchline, and proof that anything the ECB can and will try to do, will be a complete disaster: Loans to households fell by €42.8bn (its largest decline on record), having risen by €5.1bn in April. This was mainly related to lending for house purchases (which do not count towards banks' allotment in the TLTRO) and took place almost entirely in France.

 
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Q2 Rebound Fail: Chicago PMI Drops, Misses By Most Since March





Following last month's "see, the Q2 rebound is a real thing"  exuberance, Chicago PMI re-tumbled in June to 62.5, its biggest miss in 3 months. This is the biggest headline drop since March as inventories rose, order backlogs fell, and new orders fell. On the bright side (despite the fall in new orders, employment rose). It seems the hopes and dreams of Q2 are fading.

 
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Sarajevo Is The Fulcrum Of Modern History: The Great War And Its Terrible Aftermath





One hundred years ago today the world was shook loose of its moorings. Every school boy knows that the assassination of the archduke of Austria at Sarajevo was the trigger that incited the bloody, destructive conflagration of the world’s nations known as the Great War. But this senseless eruption of unprecedented industrial state violence did not end with the armistice four years later. In fact, 1914 is the fulcrum of modern history. It is the year the Fed opened-up for business just as the carnage in northern France closed-down the prior magnificent half-century era of liberal internationalism and honest gold-backed money. So it was the Great War’s terrible aftermath - a century of drift toward statism, militarism and fiat money - that was actually triggered by the events at Sarajevo.

 
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Mexican Military Chopper Shoots At US Border Guards After Entering American Airspace; Mexico Denies





Late last week, Mexico appears to have taken the US "border-crossing" issue to a whole new level even if it was really a case of a drug bust gone horribly wrong,  when as AP reported, on Thursday Mexican law enforcement crossed into Arizona by helicopter and fired two shots at U.S. border agents, a border patrol union leader says.  According to the Customs and Border Protection: "At approximately 5:45 a.m. Thursday morning, a Mexican law-enforcement helicopter crossed approximately 100 yards north into Arizona nearly 8 miles southwest of the Village of San Miguel on the Tohono O'odham Indian Nation while on a law-enforcement operation near the border. Two shots were fired from the helicopter, but no injuries or damage to U.S. property were reported. The incident is currently under investigation." Art del Cueto, president of the local border patrol union, said four agents were in a marked patrol vehicle when they were shot at. "They could say they didn't fire at the agents intentionally. But for them to say that they were no shots fired within the United States, toward the United States Border Patrol, is a lie. They got in contact with our managers and apologized for the incident," del Cueto said.

 
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Networks Vs. Hierarchies: Which Will Win?





Many believe the most significant battle of our era is between the forces of Decentralization vs. Centralization. Niall Furguson takes that battle and looks at it from a historical perspective, describing it as Networks vs. Hierarchies, and warns we "need networks, for no political hierarchy, no matter how powerful, can plan all the clever things that networks spontaneously generate. But if the hierarchy comes to control the networks so much as to compromise their benign self-organizing capacities, then innovation is bound to wane."

 
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The Panic Behind The Propaganda: Why The Fed Wants You To Sell Your Bonds





As Barclays Joe Abate warns, delivery fails in the Treasury market have surged recently. Whil enot at the scale of the 2008 crisis, we suspect the spike is what is paniccing the Fed to say "the market is wrong", talk up short-end rates, and implore the public to sell-sell-sell their bonds. The Fed's market domination has meant massive collateral shortages (as we have detailed previously) and now more even that during last year's taper-tantrum, the repo market is trouble. But why do I care about some archaic money-market malarkey? Simple, Without collateral to fund repo, there is no repo; without repo, there is no leveraged positioning in financial markets; without leverage and the constant hypothecation there is nothing to maintain the stock market's exuberance (as we are already seeing in JPY and bonds). Q.E.D.

 
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Why "Margin Debt" Is Meaningless In The New Shadow Banking Normal





Pundits enjoy pointing to NYSE margin debt as an indication of overall system leverage, and how prone to margin calls and liquidations the investor class may be at any given moment. However, in the new normal, in which sophsiticated investors fund themselves via completely different mechanism - mostly involving repo and other shadow banking conduits - margin debt has become a very much irrelevant indicator of overall leverage.

 
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