Greece

Former Fed President: "All My Very Rich Friends Are Hoarding Cash"

Fisher’s most telling comment came during the Q&A session when he was asked how his personal portfolio was positioned. Fisher’s response: “In the fetal position.” Moreover, he also said that “all my very rich friends are hoarding cash.” 

Sterling Volatility Explodes To Record High As Brexit Looms

With two polls being unleashed on the markets today indicating the largest lead for Brexit over Bremain yet with regard the UK referendum, it seems FX traders at least have begun to wake up to the short-term uncertainties a "leave" vote may entail. A short-term measure of expected price swings for the pound climbed for a third week as traders sought protection as two-week implied volatility, a period that covers the June 23 voting date, closed at its highest on record today.

"Deliberately Overblown" Brexit Fears Backfire

As the June 23rd BREXIT (the UK-wide referendum to leave the EU) vote draws near, the polls indicate a close result. Those urging a vote for the UK to remain inside the EU are suggesting increasingly dire economic consequences that would follow a yes vote by the British people to leave. Voices from London, Brussels, and Washington have all put immense pressure on British voters to bend to the will of the elites. To listen to their commentary one would think that apocalypse was just around the corner. But is there any substance to their warnings?

Soros Returns To Trading With "Big, Bearish" Bets On Economic Turmoil

After a nearly decade-long hiatus, not only has George Soros returned to trading, "lured by opportunities to profit from what he sees as coming economic troubles", but that he has personally directed "a series of big, bearish investments", meant to profit from the coming economic turmoil. The last time Soros became closely involved in his firm’s trading: 2007, "when he became worried about housing and placed bearish wagers." Over the next two years the bets netted more than $1 billion of gains.

Obama Administration Protectionism Goes "Nuclear" - Seeks "Total Ban" On Chinese Steel

A huge global trade war is on the horizon, regardless of whether Hillary or Trump wins the election, as the Obama administration's own protectionists are on the cusp of a “Pyrrhic victory” over China. In 2011, the US put huge tariffs on Chinese-made tires (to the detriment of consumers and the auto industry). China responded with anti-dumping tariffs on GM.

Paris Becomes Massive Camp For Illegal Migrants

Paris Mayor Anne Hidalgo has announced plans to build a "humanitarian camp" next to one of the busiest train stations in the city, so that thousands of illegal migrants bound for Britain can "live with dignity." Hidalgo, who has often sparred with French President François Hollande for his refusal to accept more migrants, says her plan to help illegal migrants from Africa, Asia and the Middle East is a "duty of humanism." The National Front party has accused her of putting the concerns of migrants ahead of those of French citizens, as part of a cynical political ploy aimed at positioning herself to the left of the current president.

This Financial Bubble Is 8 Times Bigger Than The 2008 Subprime Crisis

This isn’t a cause for panic or to assume that the financial system is going to crash tomorrow. But it’s clearly a disturbing trend... the proverbial powder keg in search of a match. And when future pundits write the history of the financial crisis to come, whether it happens today, tomorrow, or years from now, you can bet they’ll wonder how the entire system failed once again to see something so dangerous... and so obvious.

The Equal Sign Can Be A Real Bitch

On a long enough timeline, consumption equals production. Understand that equality, and the future comes into stark relief.

Frontrunning: June 3

  • World stocks edge toward one-month high; U.S. jobs data eyed for Fed clues (Reuters)
  • Commodities Stand on Brink of Bull Market After Oil’s Recovery (BBG)
  • Brent crude oil holds above $50 on signs of rebalance (Reuters)
  • Clinton attacks Trump's foreign policy as a threat to U.S. safety (Reuters)
  • Trump strikes back at Clinton's 'phony' speech (Hill)
  • "We want food!', Venezuelans cry at protest near presidency (Reuters)

Exposing The ECB's Illusory Independence

"...the pretense of independence serves as a fig leaf for interventions that are not only politically driven, but that are also utterly inconsistent with the principles of liberal democracy."

Mafia Expert Calls Great Britain The "Most Corrupt Place On Earth"

“If I asked you what is the most corrupt place on Earth you might tell me well it’s Afghanistan, maybe Greece, Nigeria, the South of Italy and I will tell you it’s the UK... It’s not the bureaucracy, it’s not the police, it’s not the politics but what is corrupt is the financial capital. 90 per cent of the owners of capital in London have their headquarters offshore."