• Marc To Market
    11/22/2014 - 10:16
    Contrary to the death of the dollar chatter, the US currency continues to appreciate.  Here's why there is still punch left in the bowl.  
  • Tim Knight from...
    11/21/2014 - 21:06
    As you can see by this view of the NQ, this massively bullish news has not, as of yet, represented any kind of sea-change in the markets. Before the day was even out (again, in some, not all markets...

Illinois

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Top Doctors: Ebola May Become Airborne … And May ALREADY Be Transmissible Via Aerosols





We CAN Stop the Ebola Epidemic ... But ONLY If We Understand How It’s Spread

 
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Frontrunning: October 1





  • European Bond Yields Go Negative (WSJ)
  • Traveler from Liberia is first Ebola patient diagnosed in U.S. (Reuters)
  • Hong Kong Protesters Step up Pressure on Leung to Quit (BBG)
  • JPMorgan to face U.S. class action in $10 billion MBS case (Reuters)
  • Turkey mulls military action against Islamic State (Reuters)
  • Singapore Home Prices Fall for Fourth Straight Quarter on Curbs (BBG)
  • Italy's Economic Woes Highlight Dilemma for European Central Bank (WSJ)
  • Advanced iOS virus targeting Hong Kong protestors (Reuters)
  • Fed Scrutiny of Leveraged Loans Grows Along With Bubble Concern (BBG)
  •  Mosquito Virus That Walloped Caribbean Spreads in U.S. (BBG)
 
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Public Pension Funds Face $2 Trillion Shortfall, Moodys Warns





"Despite the robust investment returns since 2004, annual growth in unfunded pension liabilities has outstripped these returns," Moody's warns in its latest report on the state of public pension systems. As Bloomberg reports, the 25 biggest systems by assets averaged a 7.45% return from 2004 to 2013, but liabilities tripled over the same period leaving them facing a $2 trillion shortfall as investment returns can’t keep up with ballooning obligations. The top 25 funds account for 40% of the entire US public pension system with Illinois, Kentucky, Connecticut, and Louisiana at the top of the 'most underfunded' list.

 
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Caught On Tape: What Happens When You Try To Exercise Your Constitutional Rights In Illinois





What follows is the most powerful recorded police checkpoint scene we have witnessed...

 
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1 In 4 Americans Want Their State To Secede From The US





With all eyes firmly fixed on Europe's secessionist movements (most notably Scotland and Catalan), the growing tensions in America took a back seat for a moment. But, as Reuters reports, a recent poll found one-in-four Americans want their state to secede from The US with men more secessionist than women and the Southwest most aggrieved. By the evidence of the poll data as well as these anecdotal conversations, the sense of aggrievement is comprehensive, bipartisan, somewhat incoherent, but deeply felt. As Martin Armstrong warns, "Civil unrest is coming to America sooner than you think. This will ignite old feelings of discontent across both religion and race in America."

 
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Must Read: Fear And Loathing On The Marketing Trail





Today, everyone believes that market price levels are largely driven by monetary policy and that we are all being played by politicians and central bankers using their words for effect rather than direct communication. No one requires convincing that market price levels are unsupported by real world economic activity. Everyone believes that this will all end badly, and the only real question is when.... There’s absolutely nothing sincere about the public sphere today, in its politics or its economics, and as a result we have lost faith in our public institutions, including public markets. It’s not the first time in the history of the Western world this has happened … the last time was in the 1930’s … and over time, perhaps a very long period of time, a modicum of faith will return. This, too, shall pass... It’s the public markets where faith has been lost, and that’s why the Golden Age of the Central Banker poses existential risks for firms and business strategies based on trading activity within those public markets.

 
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Another Settlement – JP Morgan Receives Slap On The Wrist Despite Years Of Fraudulent CFTC Data





The Commodities Futures Trading Commission (CFTC) has been long viewed as one of the most corrupt of American institutions – and that’s saying a lot... when a retiring judge accuses the other remaining judge of being a total bought and paid for Wall Street crony, you know something is wrong. And sure enough, today we learn the CFTC will impose a meager $650,000 fine on JP Morgan, despite years of warnings about fraudulent data reports. You gotta love American justice. In the same week that an NYPD officer’s illegal and fatal chokehold was ruled a homicide (incredibly the man who shot the video has now been arrested), JP Morgan gets off with another slap on the wrist. As Glenn Greenwald noted, it’s Liberty and Justice for Some.

 
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"US Will Feel Tangible Losses," Russia Prepares To Unleash Retaliatory Trade Wars





"It's a troubling continuation/expansion of trade as a geopolitical tool," warns one Washington-based consulting firm as Russia prepares to unleash retaliatory actions to US and European sanctions. As Bloomberg reports, Russia said yesterday it may ban imports of chicken from the U.S. and fruit from Europe and is investigating McDonald's cheese for safety. In addition, a Russian lawmaker has drafted legislation that might result in U.S. accounting firms being barred from doing business in his country. All of this is odd given Jack "trust me" Lew's reassurance that Russian sanctions would have no impact on the US economy. Russia's response, US will feel 'tangible losses' from 'destructive, myopic' sanctions.

 
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Please Don't Blame The Fed: Alan Greenspan Says "Bubbles Are A Function Of Human Nature"





After all this time Greenspan still insists on blaming the people for the economic and financial havoc that he engendered from his perch in the Eccles Building. Indeed, posturing himself as some kind of latter day monetary Calvinist, he made it crystal clear in yesterday’s interview that the blame cannot be placed at his feet where it belongs:

"I have come to the conclusion that bubbles, as I noted, are a function of human nature."

C’mon.

 
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Phoenix Housing Market Hit By Unprecedented Plunge In Demand





The Phoenix housing market has a special place in the heart of housing bubble watchers: together with Las Vegas and various California MSAs, this is the place where the last housing bubble was born and subsequently died a gruesome death which nearly brought down the entire financial system. Which is why the monthly WP Carey report on the Greater Phoenix Housing Market is of peculiar interest for those who want to catch a leading glimpse into the overall state of the bubble US housing market. As hoped, this month's letter does not disappoint. What we find is that while equilibrium prices have been largely flat month over month, and are up 6% on an average square foot basis from a year ago, something very bad is happening with a key component of the pricing calculation: demand has fallen off a cliff.

 
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Frontrunning: July 14





  • Secret Path Revealed for Chinese Billions Overseas (BBG)
  • Traders Flood U.S. With $3.4 Trillion of Bond-Auction Demand (BBG)
  • Just in time to cover bad earnings in a massive $3.8 billion "one-time charge": Citi says to pay $7 billion to settle securities investigation (Reuters)
  • Troubled Epirito Santo family loosens grip on Portugal's BES (Reuters)
  • BES puts in place new executives after central bank push (Reuters)
  • Bank of China-CCTV drama may reveal power struggle in Beijing (SCMP)
  • Portugal speeds up Banco Espírito Santo management changes (FT)
  • Dark pool probe builds pressure on Barclays boss (Reuters)
  • Russia Vows to Respond After Shelling From Ukraine (BBG)
  • Ukraine forces end rebel airport blockade (Reuters)
  • Obama Contends With Arc of Instability Unseen Since '70s (WSJ)
 
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These Are The "Worst Possible States To Live In" As Ranked By Their Residents





It should come as no surprise that when Gallup recently conducted a poll asking residents to rank if their state is the "worst possible to live in" a whopping 25% of its residents, by far the most of any states, responded Illinois. Which were the other "worst possible" states? The table below ranks them all.

 
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The Death Of The Rust Belt





Their names are familiar to all of us: Cleveland, Flint, Youngstown, Saginaw, Gary, Toledo, Reading, Akron, Flint and Buffalo were all once booming manufacturing cities that were absolutely packed with thriving middle class families. But now most of the manufacturing jobs are gone and all of those cities are just shadows of their former selves.

 
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