• Pivotfarm
    05/26/2015 - 16:54
    We have fast-paced lives, we pay to get fast-tracked, we eat fast-food and we fast-forward on a film that bores us. Our lives are fast. We even have fast fashion; our clothes are fast these days from...

Federal Reserve Bank of New York

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Nomi Prins: The Clintons & Their Banker Friends





In the coming months, however many hours Clinton spends introducing herself to voters in small-town America, she will spend hundreds more raising money in four-star hotels and multimillion-dollar homes around the nation. The question is: "Can Clinton claim to stand for 'everyday Americans,' while hauling in huge sums of cash from the very wealthiest of us?" This much cannot be disputed: Clinton's connections to the financiers and bankers of this country - and this country's campaigns - run deep. As Nomi Prins questions, who counts more to such a candidate, the person you met over that chicken burrito bowl or the Citigroup partner you met over crudités and caviar?

 
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16 Signs That The Economy Has Stalled Out And The Next Economic Downturn Is Here





The past few years have been a period of relative stability for the U.S. economy.  A lot of people have been lulled into a false sense of security during that time.  These people have become convinced that our problems have been fixed.  But they haven’t been fixed at all.  In fact, our problems are far, far worse than they were just prior to the last financial crisis. Don’t let this next recession take you by surprise.

 
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NY Fed Head Of Banking Supervision, And Person Who Handed Over Billions In AIG Profits To Goldman, Resigns





Just three questions here about Sarah Dahlgren's "resignation":

1. Why is she resigning now: is there a crackdown on just how corrupt the Goldman Sachs branch office at Liberty 33 truly is?
2. What will her salary at Goldman Sachs be once she joins the 200 West firm?
3. Which Goldman partner will replace her.

 

 
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Volatility Is The Square Root Of Time & Fat Tails





The trio of macro-prudential policy, the onset and evolution of shadow banking, and the nebulous concept of financial stability may have become a toxic cocktail which can be instrumental in moving forward the Federal Reserve’s timeline for lift-off zero bound rates.  The intuition here is stooped in concepts of volatility and how market structure evolution may contribute or detract from asset volatility. Volatility is the square root of time. Financial repression times time equals volatility. Financial repression and/or macro-prudential policy times time equals the inverse of financial stability. Financial stability inverted equals volatility squared.

 
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The Global Liquidity Squeeze Has Begun





The entire global financial system resembles a colossal spiral of debt. Just about all economic activity involves the flow of credit in some way, and so the only way to have “economic growth” is to introduce even more debt into the system. Unfortunately, any system based on debt is going to break down eventually, and there are signs that it is starting to happen once again.

 
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NY Fed's "Plunge Protection Team" Starts Chicago Trading Floor "In Case Of Disaster Or Other Eventuality"





We have known for quite some time now that the NY Fed's market group, aka the Plunge Protection Team, is opening a second office in HFT-capital Chicago. What was not known is what is the official reasoning behind the Fed's move to be even closer to its Citadel executions arm. Overnight, courtesy of Reuters we found that the "The New York branch of the U.S. Federal Reserve, wary that a natural disaster or other eventuality could shut down its market operations as it approaches an interest rate hike, has added staff and bulked up its satellite office in Chicago."

 
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Here Is Why The Fed Can't Hike Rates By Even 0.25%





the next time someone asks "why is Yellen so terrified of even the smallest possible rate hike", show them this chart above and explain that the Fed vividly remembers what heppened when LTCM blew up. What the Fed doesn't want, is not one but one thousand LTCMs going off at exactly the same time in what is now the world's most levered trade...

 
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Goldman Confirms Subprime Responsible For Collapse In Auto Sales





Goldman confirms precisely what we’ve been saying all along which is that the risks inherent in subprime lending are materializing and at the margin, growth in US auto sales has all been created by lowering credit standards and extending terms to a whole load of 'new' auto buyers.

 
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Here's Why WSJ's Fed "Power Shift" Is Meaningless





"Secret" documents and power struggles aside, regulators are just as inept now as ever and bank stress tests are completely meaningless, as the Fed neither then, nor now, has any methodology for how to calculate capital in case of the same kind of counterparty failure chain as happened during Lehman, and when no amount of capital would have been sufficient to preserve the financial sector.

 
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Breaking Bad (Debt) - Episode One





The average American benefited in no way from the government/banker bailout. Their wages have deteriorated, their daily living expenses have risen, Obamacare has resulted in higher healthcare premiums, higher co-pays, more part-time jobs, less full-time jobs, and less healthcare choices for the working class, while Wall Street generates billions in risk free profits, bankers and corporate executives reap massive million dollar bonuses, and the .1% parties like its 1999. Rising wealth inequality has been systematically programmed into our economic system by bankers and their bought off puppet politicians in Washington D.C. – Corporate fascism at its finest.

 
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Second Thoughts On US Official Gold Reserves Audits





What is not often covered in the media are the audits of the US official gold reserves stored at the US Mint, which is the custodian for 95 % (7716 tonnes) of the stash – nowadays also referred to as custodial deep storage, and at the Federal Reserve Bank Of New York that safeguards the remaining 5 % (418 tonnes). The lawful owner of the US official gold reserves is the US TreasuryPart one covered the most recent records I could find published by the US government, in this post we’ll examine more historical records and approach this matter from a more critical angle.

 
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Fed Links To Paper Extremely Critical Of Monetary Intervention... Then Pulls Link





The Federal Reserve Bank of Cleveland earlier this week tweeted out a notice of a working paper titled: U.S. Intervention during the Bretton Woods Era:1962-1973... a detailed report on the massive interventions in currency markets that the Treasury and the Federal Reserve conducted and is exceptionally critical of the market manipulations that took place during that period. It is probably no surprise then that the paper is no longer featured at the Cleveland Fed, and the tweet was quickly deleted.

 
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The Keys To The Gold Vaults At The New York Fed ‘Coin Bars’, ‘Melts’ And The Bundesbank





 

‘Coin bars’ is a bullion industry term referring to bars that were made by melting gold coins in a process that did not refine the gold nor remove the other metals or metal alloys that were in the coins. The molten metal was just recast directly into bar form. Because it’s a concept critical to the FRBNY stored gold, the concept of US Assay Office / Mint gold bar ‘Melts’ is also highlighted below. Melts are batches of gold bars, usually between 18 and 22 bars, that when produced, were stamped with a melt number and a fineness, but were weight-listed as one unit. The US Assay Office produced both 0.995 fine gold bars and coin bars as Melts. The gold bars in a Melt are usually stored together unless that melt has been ‘broken’.

 
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Middle-Class Spending Expectations Crash, NY Fed Reports





It appears someone forgot to tell The Federal Reserve Bank of New York (FRBNY) how to 'seasonally-adjust' its data to meet the narrative. In Februrary's survey of consumer expectations, FRBNY reports a collapse in consumer spending growth expectations in January. Even more worrying for President Obama's "middle-class economic" strategy is that the biggest plunge is among the $50-100k income cohort. Not exactly the picture of the 'wreckovery' Americans are supposed to be buying right now. All those jobs, all that wealth created, all the low-gas-price-tax-cut, and spending expectations collapse...

 
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