• Steve H. Hanke
    02/11/2016 - 16:08
    The burgeoning literature contains a great deal of hype, which validates the 95% Rule: 95% of what is written about economics and finance is either wrong or irrelevant.

Italy

Tyler Durden's picture

George Soros Accused Of Stoking Europe's Refugee Crisis By Hungarian PM





"His name is perhaps the strongest example of those who support anything that weakens nation states, they support everything that changes the traditional European lifestyle. These activists who support immigrants inadvertently become part of this international human-smuggling network."

 
Tyler Durden's picture

Futures Fade Overnight Ramp After BOJ Disappoints, Attention Returns To Hawkish Fed





Back in September we explained why, contrary to both conventional wisdom and the BOJ's endless protests to the contrary, neither the BOJ nor the ECB have any interest in boosting QE at this - or any other point - simply because with every incremental bond they buy, the time when the two central banks run out of monetizable debt comes closer. Since then the ECB has jawboned that it may boost QE (but it has not done so), and overnight as reported previously, the BOJ likewise did not expand QE despite many, including Goldman Sachs, expecting it would do just that.

 
Tyler Durden's picture

Futures Fade As Hawkish Fed Deemed Not So Bullish After All





Based on the overnight market prints which are an oddly reddish shade of green, it took algos about 12 hours to realize that the reason they soared for most of October, namely hopes of an easier Fed which were launched with the terrible September jobs report and continued with increasingly worse US economic report in the past month, can not be the same reason they also soared yesterday after the announcement of a more hawkish than expected Fed statement which envisioned a stronger US economy and a removal of foreign considerations, which even more curiously took place on even worse data than the Fed's far more dovish September statement.

 
Tyler Durden's picture

NIRP Panic: Over Half Of European 2-Year Bonds Trade At Record Negative Yields; Italy Paid To Issue Debt





Europe has unleashed yet another monetary panic, and nowhere is it more visible than in what happened today across the short end of Europe's government curve.  As the table below shows, more than half of European sovereign issuers just saw the yield on their 2 Year Notes trade not only below zero, but hit never before seen negative yields!

 
Tyler Durden's picture

Varoufakis Releases Full List Of Public Speaking Fees To Mute "Greek Outrage" At "Self-Enrichment Drive"





In order put an end to the "Greek outrage" that Yanis Varoufakis may be doing what Hillary and Bill Clinton have been so good at, namely engaging in a "self-enrichment drive" and profiting from speeches made after his political departure (which in the Clintons' case was merely a tacit way of purchasing influence and future favors, i.e., bribing), and laid out all his public speeches and the associated fees since August 2015.

 
Tyler Durden's picture

Markets On Hold Awaiting The Fed's Non-Announcement As Central Banks Ramp Up Currency Wars





We would say today's main event is the culmination of the Fed's two-day meeting and the announcement slated for 2 pm this afternoon, however with the 90 economists polled by Bloomberg all expecting no rate hike, today's Fed decision also happens to be the least anticipated in years (which may be just the time for the Fed to prove it is not driven by market considerations and shock everybody, alas that will not happen). And considering how bad the economic data has gone in recent months, not to mention the recent easing, hints of easing, and outright return to currency war by other banks, the Fed is once again trapped and may not be able to hike in December or perhaps ever, now that the USD is again surging not due to its actions but due to what other central banks are doing.

 
Tyler Durden's picture

Europe's On A Road To A Very Bleak Nowhere





It will become clearer, fast, what an awful mess Brussels and Berlin have created here, because with winter approaching more refugees will fall victim to the conditions under which they’re forced to live once they’ve entered Europe. Which, in their own eyes, will still be preferable to the conditions in their homelands. And then what will we do, when dozens start dying from cold and diseases? Send in more police and military? This is a road to a very bleak nowhere.

 
Tyler Durden's picture

Europe "Crosses Rubicon" As Portugal Usurps Democracy, Bans Leftist Government





"It is my duty, within my constitutional powers, to do everything possible to prevent false signals being sent to financial institutions, investors and markets"...

 
Phoenix Capital Research's picture

More and More Countries Are Beginning to Outlaw Cash For Certain Transactions





Spain, France., Italy, Uruguay, have all begun implementing laws to ban physical cash for certain transactions. This is just the start.

 
Tyler Durden's picture

Futures Continue Surge On Global Draghi Euphoria, Tech Earnings





Yesterday morning, when previewing the day's tumultuous events, we said that "Futures Are Firm On Hope Draghi Will Give Green Light To BTFD." And boy did Draghi give a green light, that and then some, when his press conference unleashed one of the biggest one-day US equity rallies in 2015. This morning it has been more of the same, with global market momentum on the heels of Draghi's confirmation that Europe's economy is again backsliding (it's a good thing, if only for stocks), leading to momentum for US equity futures, which together with soaring tech/cloud, earnings if no other, are on their way to take out recent all time highs.

 

 
Tyler Durden's picture

In "Manifest Waste Of Time," Portugal Reappoints PM In Defiance Of Anti-Euro Left Coalition





In what amounts to a slap in the face for a coalition of Leftist lawmakers who are opposed to the austerity programs that some believe are responsible for painful economic adjustments, Portugal has reappointed PM Pedro Passos Coelho. This sets the country up for an intractable political stalemate and will serve to embed an enormous amount of uncertainty in markets going forward.

 
Tyler Durden's picture

Going Nowhere Fast - The Median US Stock Is Flat Year-To-Date





Despite today's ridiculous melt-up in US equities - all driven by USDJPY-correlated algos - after the completion of over 9 months of this year, the median stock in the United States has officially gone nowhere.

 
Tyler Durden's picture

WTF Chart Of The Day - Italian 2Y Bond Yields Collapse Below Zero For First Time Ever





Presented with little comment aside to say... WTF!!!

 
Tyler Durden's picture

Italian Central Bank Chief (And ECB Council Member) Probed Over Corruption, Fraud, & Abuse Of Office





As the world places its 'life' in the hands of a few unelected members of ivory tower trusting them to centrally plan the global utopia, that faith may be shattered by Bank of Italy Governor Ignazio Visco. As Bloomberg reports, Visco and seven other people were place under investigation according to chief prosecutor. While the statement does not list allegations, court documents reveal alleged corruption, fraud, and abuse of office.

 
Tyler Durden's picture

It's Back To The Future As Stocks, Futures Jump On The Latest Abysmal Economic News; China Tremors Return





26 years ago, today was envisioned as day when cars flew, holographic movies were box office hits, hoverboards roamed, and people were fired by fax. None of the happened. Instead the only "back to the future" moment this morning is a deja vu one we have seen every day for the past 7 years: bad economic news leading to surging stocks.

 
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