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Obama On The "Sacrifice" Of "No Vacations" In His Own Words

"You give me this office, and in turn, my fears, doubts, insecurities, foibles, need for sleep, family life, vacations, leisure is gone. I am giving myself to you. The American people should have no patience for whatever is going through your head because you have a job to do. You don't make that decision unless you are prepared to make that sacrifice, that tradeoff. Those who make mistakes in the president's office make them because they haven't fully thought through the dimensions of that choice."

- Barack Hussein Obama

Tyler Durden's picture

Trannies Top But Dow Pumps-And-Dumps

Despite the early volumeless lift, helped by USDJPY, it appears stock investors began to get the hint that the US economy (Stan Fischer), Iraq (coup), Ukraine (Russian will do it anyway), and Israel are not all fixed. Bonds rallied modestly early on ignoring the equity bounce and then as Europe closed (and a few Ukraine and Iraq headlines of reality hit), stocks leaked back off their highs. Treasuries end the day unchanged (5Y -1bps), Silver popped 0.75% back above $20, copper and oil modestly higher and gold down small to $1310. FX markets appeared quiet (USD ended practically unchanged) but EUR weakness was offset by CAD and SEK strength. S&P futures volume was 40% below average.

GoldCore's picture

"World Insecurity” May Have “Positive Impact On Gold" - King, Ex BOE

He also warned that all countries would have to face up to mounting debt levels and said that central bank’s ultra loose monetary policies were not the answer. King echoed the IMF’s Lagarde recent declaration that the world needs a “global economic reset”.

Tyler Durden's picture

Frontrunning: August 11

  • Maliki digs in as U.S. pushes for new Iraq government (Reuters)
  • Ukraine's forces say close to taking rebel-held Donetsk (Reuters)
  • Anger Over Michael Brown Shooting Leads to Looting (WSJ)
  • German Economy Backbone Bending From Lost Russia Sales (BBG)
  • Kinder Morgan to Consolidate Empire (WSJ)
  • Early Failure to Detect Gaza Tunnel Network Triggers Recriminations in Israel (WSJ)
  • You’ll never guess how much BuzzFeed raised from Horowitz (FT)
  • The dumb money is now chasing Chinese oligarchs: Norway’s Wealth Fund Buys $576 Million of Mayfair Area (BBG)
  • Clinical trial to start soon on GSK Ebola vaccine (Reuters)
  • No drone skeet shooting any time soon (WSJ)
Tyler Durden's picture

Futures Higher On Geopolitical Tensions Which Are Either Easing Or Looming

Since there is nothing on today's data docket, it will be all about, you guessed it, geopolitical risks, where "consensus" is best summarized by these two Bloomberg headlines:

  • Stay USD Long as Geopolitical Risks Loom
  • USD is mixed and world stock markets rise as concerns over geopolitical risks ease

That pretty much covers it, although in addition to the Ukraine civil war one can now add an Iraq coup to the list of geopolitical fiascoes instigated by US foreign policy.

Tyler Durden's picture

What Countries Are Currently At War? The Complete List

A month ago we explained that 11.7% of the world's population was at war and mapped out the key global geopolitical hotspots. However, while Israel, Palestine, Ukraine, and Iraq monopolize the headlines nowadays, they are not the only groups currently at war. Serious armed conflicts are happening all over the world - we just don't hear about them. Here's our complete list of the wars happening right now...

Tyler Durden's picture

Muddled Messaging Ripe For Opposition

One can’t help when looking at all the geopolitical as well as threats of non-containment of the deadly Ebola virus and wonder: Who’s in control here? Here’s a hint – it’s not the people lining up to give the message via oratory salvos. One thing has now been shown in vivid detail: The more messaging put out along these same lines will only make it abundantly clear to any and all opposition that those in charge haven’t a clue.

Tyler Durden's picture

US Foreign Policy Is "A Combination Of Naive Denial & Incoherent Mumbling"

"The U.S. Administration in particular has passionately thrown off the mantle of leadership and replaced it with a combination of naïve denial and incoherent mumbling... if the world perceives a superpower as strong, reliable and willing to take action to back its promises, that perception can and does preserve stability, and the opposite can encourage mischief and danger. The world is currently experiencing a surfeit of the latter. There is no way to tell how deep and consequential the danger, or the surprising ways and places in which this interconnected problem will be resolved. The range of potential outcomes, however, is negative to very bad."

GoldCore's picture

Gold Breaks Out As Tensions In Middle East, With Russia Intensify - Technicals and Fundamentals Positive

Gold is nearly 2% higher this week and its technical position has further improved (see key charts). On Wednesday, gold broke out of bullish descending wedge chart pattern that has formed in recent months. Another buy signal for gold came when gold rose above the 20 EMA and 50 EMA (exponential moving averages). Also positive is the fact that the price momentum oscillator (PMO) has turned up, indicating that a positive momentum shift has occurred.

Tyler Durden's picture

In Which We Read That The "Proper Role Of A Central Bank Is To Counteract Market Turbulence Before It Happens"

Want to read a really terrifying article? Take a look at this August 6th Op-Ed piece in the FT by Draghi’s former colleague, Lorenzo Bini Smaghi: “The ECB Must Move to Counteract Market Turbulence”. Are you kidding me? This is what we have come to … that the proper role of a central bank is to counteract “market turbulence” before it happens? I’d laugh, but then I remember that Yellen means exactly the same thing when she refers to “macroprudential policy”, and I want to cry.

Tyler Durden's picture

First BRICS Bank, Now BRICS Food Bank

Despite President Obama's dictating that Russia is increasingly "isolated," it appears they have found a whole new set of friends to play with in the global trade sandpit. In retaliation to Western sanctions, Putin yesterday unveiled a total food import ban from all sanctioning nations, and, just as the BRICS created their own 'IMF-lite' away from Washington's prying eyes, Russia plans to substitute banned goods with not just domestic supplies but imports from Latin America, China, and several other nations. Agriculture Minister Nikolai Fedorov said "no food shortages are expected," but more isolation for the West...

Tyler Durden's picture

Frontrunning: August 7

  • Russia bans all U.S. food, EU fruit and vegetables in sanctions response (Reuters)
  • Snowden receives three-year Russian residence permit (Reuters)
  • Headline of the day: Europe's Recovery Menaced by Putin as Ukraine Crisis Bites (BBG)
  • Americans worry that illegal migrants threaten way of life, economy (Reuters)
  • Almost 90% of Uninsured Won't Pay Penalty Under the Affordable Care Act in 2016 (WSJ)
  • Germany’s Bond Advance Sends 2-Year Note Yield Below Zero (BBG)
  • Gaza War’s Critics in Crosshairs as Israelis Back Offensive (BBG)
  • The 1% May Be Richer Than You Think, Research Shows (BBG)
  • Bank of America Near $16 Billion to $17 Billion Settlement (WSJ)
  • Deep Water Fracking Next Frontier for Offshore Drilling (BBG)
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