• GoldCore
    05/25/2015 - 09:19
    China launches international gold fund with over 60 countries as members. The large fund, which expects to raise 100 billion yuan or $16 billion, will develop gold mining projects across the economic...

Italy

Tyler Durden's picture

De-Dollarization Accelerates As More Of Washington's "Allies" Defect To China-Led Bank





"Ignoring direct pleas from the Obama administration, Europe’s biggest economies have declared their desire to become founding members of a new Chinese-led Asian investment bank that the United States views as a rival to the World Bank and other institutions set up at the height of American power after World War II," The Times notes, in yet another indication of declining US influence.

 
GoldCore's picture

Gold Surges – Fed Loses “Patience” and Signals Loose Monetary Policies to Continue





Many analysts regard this as further evidence that the Fed is caught in a bind. What is yet to be appreciated by most analysts is that it is unlikely that the massively over-leveraged and debt-saturated financial system can weather increases in interest rates.

 
Tyler Durden's picture

Guest Post: How Putin Can Win The Economic War Against The West





Russia must get aggressive in the economic war. You can win this economic contest in 24 months, if certain special zones in Russia simply are allowed to copy Swiss banking rules and regulations, as wealth will always flow to secure locations where taxes are low. You know what banking privacy and security did for Switzerland, it made a poor country with few natural resources the wealthiest nation in the world.

 
Tyler Durden's picture

France Set To Ban Skinny Girls In Show Of EU Solidarity





Even as a Graccident becomes more likely by the day, there are still plenty of signs that EMU members are prepared to present a unified front in the face of uncertainty.

 
Tyler Durden's picture

It's Happening - More US Allies Join The Anti-Dollar Alliance





The United States government just went from “Please, baby, don’t leave me,” to frustrated threats and whining. After the UK announced it will join new China-led Asian Infrastructure Investment Bank (AIIB) as a founding member late last week, Germany, France and Italy decided yesterday to follow Britain’s lead and join as well. Welcome to the beginning of the end of the US dollar’s domination. It’s happening.

 
Tyler Durden's picture

How Far Will The Euro Fall?





What can strike a balance between the opposing forces operating on the euro-dollar exchange rate? No one can say for sure, but one thing is certain: Whereas the profits from playing transatlantic interest-rate differentials may run to 1% or 2% per year, investors can easily lose that amount in a single day – or even an hour – by buying the wrong currency when the trend turns. As we know from decades of Japanese and Swiss experience, selling a low-interest-rate currency simply to chase higher US yields is often a costly mistake.

 
Tyler Durden's picture

European Bond Risk Spikes Most Since 2011 As "Graccident" Looms





Despite the constant blather of how cheap European stocks are (they are not) and how Draghi's QE will create something positive (priced in?), the last 2 days have seen Italian, Spanish, and Portuguese bond risk explode higher. The 20%-plus surge in bond spreads is the biggest since the beginning of the EU crisis in 2011 as Grexit fears (and redenonimation risks) continue to spread.

 
Phoenix Capital Research's picture

Greece is Just the Tip of the Iceberg for the $100 Trillion Bond Bubble





This is why the Greek debt crisis continues without end. The minute Greek bondholders have to take a REAL haircut, the wheels come off the EU and the $100 trillion bond bubble finally blows up.

 
 
Tyler Durden's picture

It's Official: Americans R Stoopid





As Americans, we tend to be pretty full of ourselves, and this is especially true of our young people.  But do we really have reason for such pride?  According to a shocking new report from the Educational Testing Service, Americans between the ages of 20 and 34 are way behind young adults in other industrialized nations when it comes to literacy, mathematics and technological proficiency.  Even though more Americans than ever are going to college, we continue to fall farther and farther behind intellectually.  So what does this say about us?  Sadly, the truth is that Americans are stupid.

 
Tyler Durden's picture

America's European "Allies" Desert Obama, Join China-led Infrastructure Bank





It appears the sea of de-dollarization has reached the shores of Europe. With Australia and UK having already moved in the direction of joining the China-led AIIB, The FT reports that France, Germany, and Italy have now all agreed to join the development bank as 'pivot to Asia' appears to be Plan B for Europe. As Greg Sheridan previously noted, "the saga of the China Bank is almost a textbook case of the failure of Obama’s foreign policy," but as The FT concludes, the European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside. As Forbes notes, this leaves Obama with 3 uncomfortable options...

 
Tyler Durden's picture

Frontrunning: March 17





  • Israelis vote as 'King Bibi's' reign hangs in the balance (Reuters), Factbox: Main candidates in Israel's election (Reuters)
  • Iran Can Add Million Barrels a Day of Oil If Sanctions Halt (BBG)
  • Kremlin rules out handing back Crimea to Ukraine (Reuters)
  • Saudi Arabia Needs More Oil to Feed Local Refinery Expansion (BBG)
  • How Lafarge’s CEO Went From Holcim Merger Architect to Obstacle (BBG)
  • When Yellen Gets Less Predictable She’s Getting Back to Normal (BBG)
  • Iran nuclear talks intensify as sides face tough issues (Reuters)
  • Debunking $1.4 Trillion Europe Debt Myth in Post-Heta Age (BBG)
 
Tyler Durden's picture

S&P Futures Weak As Fed Meeting Begins, 10 Year Yield Drops; Oil Back Under $43





Following yesterday's inexplicable ramp in stocks, which perhaps was driven by the collapse in oil (which sent energy companies higher because a 30x energy forward PE is cheap), and by the latest battery of disappointing economic data which made it less likely the Fed will proceed with a tightening move, overnight futures have given up a portion of the gains, and were trading down 0.3% at last check. And yet, if yesterday's weakness was driven by USD weakness, today's jump in the EURUSD above 1.06 (on absolutely disastrous German ZEW investor index print) is now somehow responsible for risk offness? And, adding confusion to insult, the 10 Y is down to 2.05% and in danger of re-entering a 1% handle. Sadly, nothing makes sense any more and today's conclave of central planners in the Marriner Eccles building ahead of tomorrow's 2pm FOMC "impatient" announcement isn't going to make it any better.

 
Tyler Durden's picture

Italian Bad Debt Hits Record $197 Billion As Bank Lending Contracts For Unprecedented 33 Consecutive Months





For the third largest issuer of sovereign bonds in the world, Italy - the country all eyes will focus on once Greece and/or Spain exit the Eurozone - when it comes to NPLs things are going from bad to worse because as Reuters reported earlier, citing ABI, gross bad loans at Italian lenders continued to rise, totalling 185.5 billion euros ($196.5 billion) in January from 183.7 billion euros a month earlier.As the chart below shows, Italy now has over 10% of its  GDP in the form of bad debt.  And just as bad, even as NPLs rose, total debt issuance contracted once more, lending to families and businesses decreased 1.4 percent year-on-year in February, the 33rd consecutive monthly fall.

 
Tyler Durden's picture

The Week The Fed Loses "Patience" - Previewing This Week's Main Events





This week's main event will be the FOMC announcement on Wednesday at 2:00 pm and the subsequent press conference, the conclusion of the March 2-day Fed meeting, in which it is widely expected that Yellen will announce the end of the Fed's "Patience" with an economy in which resurgent waiters and bartenders continue to skew the job market even if it means consistently declining wages for 80% of the US labor force. Here is a summary of what else to expect this week.

 
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