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Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves

While ridiculous, Venezuela's decision to liquidate some of its gold is perhaps understandable under the circumstances: Venezulea relies on crude oil for 95% of its export revenue, and with prices refusing to rebound, the only question is when do all those CDS which price in a Venezuela default finally get paid. What is even more understandable is what Venezuela should have done in the first place before dumping a fifth of its gold, but got to do eventually, namely raiding all of the IMF capital held under its name in a special SDR reserve account.

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The Refugee Crisis Risks Straining Europe To The Point Of Military Conflict

The EU expects 3 million refugees in 2016. This year, there will be ‘only’ 1 million. Of which resettlement deals have been made for 160,000, and at last count 116 have actually been resettled. The 1 million refugees in 2015 have already strained resources, international relationships and indeed entire governments to such an extent, wars could start just because of that. Add another 3 million, and the chances of a peaceful 2016 in Europe grow terribly slim.. The fact is that Europe risks being strained to the point of military conflict.

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Demand 'Stimulus' Has Not Worked - It's Time To Tell The Truth About Debt

Repeated dosages of quantitative easing to kick-start economic recovery have proved totally ineffective everywhere. Yet central bankers are talking about doing it again – in larger amounts. The obsession with spending rather than saving has led governments everywhere to suppress interest rates to near zero. Under this destructive economic model governments are the worst offenders. In their craze to spend cheap money they allocate resources blindly into projects of dubious viability, for which there was no public demand in the first place. Result: huge taxpayer-borne losses.

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A Fifth Of Spain's GDP Just Voted To Secede - What Now?

Rajoy's warning: “Catalonia isn’t separating from anywhere."

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Black Swan Lands In Portugal As Socialists Move To Overthrow Government

The Socialists are coming! Just about the last thing Europe needs amid the bloc's worsening migrant crisis is a rerun of the Greek bailout negotiations, but that looks increasingly likely now that a coalition of leftists is moving to take control of the government in Portugal. 

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Frontrunning: November 9

  • Global Stocks Slip Lower (WSJ)
  • Dollar sits pretty, bond yields rise as Fed bets firm (Reuters)
  • Takeover Loans Have Few Takers on Wall Street (WSJ)
  • Chinese Buyers Seek Dollar Assets as Promise of Yuan Gains Fades (BBG)
  • Banking Giants Learn Cost of Preventing Another Lehman Moment (BBG)
  • Eurozone Finance Ministers Won’t Release $2.15 billion Loan to Greece (WSJ)
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Greece May Open Border Fence With Turkey, Accept Refugees In Exchange For Release Of Bailout Cash

Perhaps realizing that another wave of social unrest and failure to obtain creditor cash may well lead to a violent social upheaval, Tsipras seems to be contemplating a Plan B, one which would see Greece accept thousands of refugees destined for Europe in exchange for getting the earmarked cash without any reform.

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Caught On Tape: Neo-Nazis Maul Greek Politician In Front Of Parliament

At least some very angry Greeks still have not gotten the memo that they are now "fixed"...

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The Most Devious Liars In The Room

There were a few different stories coming out over the last few days that reveal the true nature of government and the apparatchiks who use disinformation, devious machinations, fraudulent accounting, and taxpayer money to cover up their criminality, lies, and the true state of the American economy. The use of government accounting tricks to obscure the truth about our dire financial straits is designed to keep the masses sedated and confused.

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2.1 Million Greeks Face Blackout As Public Power Company Unpaid Bills Soars

Greece’s Public Power Company is angry. The amount of unpaid bills by its customers has reached the astronomic EUR 2.5 billion. The PPC is so angry that it plans to cut the power to those without outstanding debts as soon as possible - a whopping 2.1 million Greeks face darkness.


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The Last Time The 2 Year Auction Was This Ugly, Greece Was About To Have Its First Bailout

Following today's mauiling of the short end, few were expecting a strong 2 Year auction. They did not get it. As widely expected, the yield of 0.824% jumped from 0.699% a month ago to a level seen in April of 2010. The good news: it wasn't as bad as it could have been: the When Issued was trading at 0.825% at 1pm. The Bid to Cover was ugly too, because at 3.013 this was the lowest implied demand for 2Y paper since May of 2010.

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Frontrunning: November 4

  • Euro zone growth weak in October, China services rally (Reuters)
  • Stocks Rise With European Bonds on Stimulus Outlook; Euro Falls (BBG)
  • VW Sinks Deeper Into Crisis as Scandal Spreads to More Cars (BBG)
  • Republicans ask IRS to audit Clinton charity's finances (Reuters)
  • PBOC Inadvertently Boosts Stocks With Dated Zhou Comments (BBG)
  • As China’s Economy Slows, Consumers Pick Up Some of the Slack (WSJ)
  • Plane crashes in South Sudan, witnesses say dozens killed (Reuters)
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Greek Island Runs Out Of Burial Ground Amid Flood Of Dead Refugees

"Yesterday we held five funerals, but there are still 55 bodies at the morgue," exclaims Lesbos' mayor Spyros Galinos, adding "Who could have anticipated such a carnage in the Aegean?"

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Hugh Hendry: "Today We Would Advise You That You Don't Panic!"

"It is ironic that we are perhaps best known for advising “that you panic”. However, if you are anxious at the wrong time it can prove very painful. Today, we would advise that you don’t panic!
... by withdrawing the “Greenspan put” and using their asset purchase schemes to eviscerate any notion of value, the authorities have paradoxically created a safer yet more paranoid market."

- Hugh Hendry

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