• 09/21/2014 - 14:52
    Dear Janet; If I may be so forward, as a concerned citizen of the Constitutional Republic of the United States, it is with great consternation that I feel compelled to write you this distressing...

Jaguar

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Frontrunning: August 25





  • Jackson Hole Theme: Labor Markets Can’t Take Higher Rates (BBG), or anything else for that matter
  • Kidnappers free American missing in Syria since 2012 (Reuters)
  • More unpatriots: Burger King in merger talks with Canada's Tim Hortons (Reuters)
  • California Quake to Cost Insurers Up to $1 Billion, Eqecat Says (BBG)
  • Congo declares Ebola outbreak in northern Equateur province (Reuters)
  • Missouri Governor Defends Ferguson Prosecutor (BBG)
  • Kuroda Douses Japan Stimulus Expectations (WSJ)
  • London Jihadi Call Vies With Banks in Canary Wharf Shadow (BBG)
  • Netanyahu Signals Expansion of Air Attacks in Gaza (WSJ)
  • Libya's Islamist Militias Claim Control of Tripoli (WSJ)
 
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Frontrunning: February 12





  • Anti-Euro Party’s Le Pen Gains Supporters, French Poll Shows (BBG)
  • Carney Renews BOE Low-Rate Pledge to Fight Slack in Economy (BBG)
  • Bank of England hints at 2015 rate rise (Reuters)
  • ECB bond-buying intact and ready after court decision-Coeure (Reuters)
  • Canada scraps millionaire visa scheme, dumps 46,000 Chinese applications (SCMP)
  • Scrap this then? Vancouver facing an influx of 45,000 more rich Chinese (SCMP)
  • China's January Exports Power Higher, Up 10.6% (WSJ) ... and nobody believes the number
  • Emerging-Market Shakeout Putting Reserves Into Focus (BBG)
  • Wall Street's most eligible banker Fleming waits for suitor (Reuters)
  • Kazakh Devaluation Shows Currency War Stirring as Ruble Dips (BBG)
 
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Frontrunning: January 13





  • Full onslaught 1: New Jersey Gov. Chris Christie's Aides Pressed Hard for Endorsements (WSJ)
  • Full onslaught 2: Feds investigating Christie's use of Sandy relief funds (CNN)
  • Iran nuclear deal to take effect on January 20 (Reuters), Iran to get first $550 million of blocked $4.2 billion on February 1 (Reuters)
  • Sen. McCaskill didn’t want to be in same elevator with Hillary Clinton (Hill)
  • The banks win again: Basel Regulators Ease Leverage-Ratio Rule for Banks (BBG)
  • Ireland's Rebound Is European Blarney (NYT)
  • Democrats prove barrier for Obama in quest for trade deals (FT)
  • Federal Reserve Said to Probe Banks Over Forex Fixing (BBG)
 
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Frontrunning: October 28





  • Budget deficit priorities people: U.S. NSA spied on 60 million Spanish phone calls in a month (Reuters)
  • Stuck in countless scandals, Obama does what he does best: speak. Obama To Speak At Installation Of FBI Director James Comey (TPM)
  • Five killed as car ploughs into crowd in Beijing's Tiananmen Square (Reuters)
  • U.K. Storm Brings Power Cuts, Snarls Transport in South (BBG)
  • China Signals ‘Unprecedented’ Policy Changes on Agenda at Plenum (BBG)
  • Sandy's Legacy: Higher Home Prices (WSJ)
  • Merkel Enters Concrete SPD Talks as Finance Post Looms (BBG)
  • Keep arming those Syrian al-qaeda rebels: Car bombs kill scores in Baghdad, in sign of crisis in Iraq (WaPo)
  • J.P. Morgan's Mortgage Troubles Ran Deep (WSJ)
  • Detroit’s public library contains story of city’s decline (FT)
  • Argentina elections: President loses in Buenos Aires province (BBC)
  • Phone-hacking: trial of Andy Coulson and Rebekah Brooks to begin (Guardian)
 
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Argentines Are Hoarding 1 Of Every 15 Cash Dollars In The World





With the shadow (or blue) market for Argentina Pesos already devalued by an incredible 50%, it is little surprise that the population is bidding for any store of value. Demand for luxury cars is soaring (BMW sales up 30% in the last 20 months) and Bitcoin activity is often discussed as the population transfer increasingly worthless Pesos into a fungible "currency" or domestic CPI protection; but it is USD that are the most-cherished item (despite a ban on buying USD) as hyperinflation hedges. But as Bloomberg Businessweek reports, a lot of US Dollar bills are tucked away somewhere in Argentina (in stacks of $100 bills since the number in circulation has risen from 58% of the total to 62% since 2008). One table is a 2012 Fed paper on demand abroad for US currency shows net inflows to Russia and Argentina has increased by 500% since 2006 (compared to US demand up around 10%). In fact, demand for large dollar transfers to Argentina since 2006 has outstripped demand for dollar cash overall in the world. It is safe to surmise from the data (that is relatively well guarded by the government) that over $50bn is being hoarded in Argentina (or well over one in every fifteen dollars). It is little wonder that the government is furiously digging at the country's undeclared (stashed under the mattress) wealth.

 
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Argentina Peso Gap Between Official And Black Market Rate Hits To 100%, BMWs Become Inflation Hedge





Despite efforts by the government to quell the black-market (or blue-dollar) for Argentina's foreign exchange, the unofficial rate surged yesterday to 10.45 Pesos per USD. This is now double the official rate of 5.22 Pesos per USD. This implicit 50% devaluation comes amid the growing realization that there is no savings option to maintain the purchasing power of the peso in the context of sustained high inflation (no matter what the officials say) and negative real interest rates. The government is not amused, suggesting the devaluation won't happen (just as Mexico did right up until the day before they devalued), "those who seek to make money at the expense of devaluations must wait for another government." Perhaps the government should be careful with their threats? And of course, this could never happen in the US or Japan, right?

 
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Frontrunning: March 22





  • Cyprus targets big depositors in bank plan  (FT)
  • Merkel Vents Anger at Cyprus Over Bailout Plan as Deadline Looms (BBG)
  • Russia rebuffs Cyprus, EU awaits bailout "Plan B" (Reuters)
  • Russia Rejects Cyprus Bid for Financial Rescue as Deadline Looms (BBG)
  • Cyprus unveils shake-up as the clock ticks (FT)
  • Remember Italy? Italy’s stalemate unnerves investors (FT)
  • Credit Suisse CEO pay jump to fuel banker bonus debate (Reuters)
  • Kuroda Rebuts Reflation Naysayers as BOJ Action Looms (BBG)
  • Fund Manager Says 'Whale' Trade Was a Bet (WSJ)
  • House averts government shutdown, backs Ryan budget (Reuters)
  • Hong Kong Homes Face 20% Price Drop as Banks Raise Rates (BBG)
 
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Frontrunning: February 6





  • Tunisian opposition politician shot dead, protests erupt (Reuters)
  • China says extremely concerned after latest North Korea threats (Reuters)
  • Postal Service to cut Saturday mail to trim costs (AP)
  • Debt Rise Colors Budget Talks (WSJ)
  • Obama proposes short-term budget fix, Republicans swiftly object (Reuters)
  • S&P Analyst Joked of Bringing Down the House Before Crash (BBG)
  • Dell’s Bigger Challenge Ahead in Turnaround After Buyout (BBG)
  • Some of the Mark Carney Gloss Is Coming Off (WSJ)
  • Japan Official Says BOJ Tools Sufficient as Shake-Up Looms (BBG)
  • S&P Lawsuit Undermined by SEC Rules That Impede Competition (BBG)
  • Heavy Clashes Erupt in Syrian Capital (WSJ)
 
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Frontrunning: December 12





  • Here come the low margin products: Apple Tests Designs for TV (WSJ)
  • Obama and Republicans Trade Offers to Avert Fiscal Crisis (BBG)
  • Carney broaches dumping inflation target (FT)
  • Bernanke Critics Can’t Fight Bonds Showing No Inflation (BBG)
  • Corporate Taxes on Table in Cliff Talks (WSJ)
  • US business chiefs back tax rise (FT)
  • Greece Confident Bond Buyback Needed for Aid Succeeded (BBG)
  • New Faith in Europe's Banks (WSJ)
  • European Bank Sees Little Room for Rate Cuts (WSJ)
  • North Korea Claims Success in Rocket Launch (WSJ)
 
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Frontrunning: September 10





  • China Output Growth Slows as Leadership Handover Looms (Bloomberg); Weak China trade data raises Beijing spending stakes (Reuters)
  • Italy Q2 GDP revised down to -0.8% year-on-year on weak domestic demand (Economic Times)
  • Troika disagreed with €2 billion in Greek "cuts" (Reuters)
  • No Greek bottom in sight yet: Greek IP, Manufacturing Output plunge compared to year earlier (WSJ)
  • France's Hollande sees 2013 growth forecast about 0.8 pct (Reuters), France plots tax hikes of up to 20 bln euros (Reuters)
  • Euro Crisis Faces Tests in German Court, Greek Infighting (Bloomberg)
  • Geithner sells more AIG stock (FT)
  • Japan infuriates China by agreeing to buy disputed isles (Reuters)
  • Euro crisis to worsen, Greece could exit euro: Swedish FinMin Anders Borg (Economic Times)
  • ‘Lead or leave euro’, Soros tells Germany (FT)
  • German MP makes new court complaint against euro plans (Reuters)
  • Obama super-Pac in push to raise $150m (FT)
 
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Frontrunning: July 16





  • Looks like the troops won't be steamrolled: JPMorgan Blaming Marks On Traders Baffles Ex-Employees (Bloomberg)
  • The Goldman "Huddle" goes to Blackrock - Surveys Give Big Investors an Early View From Analysts (NYT)
  • At least housing has bottomed: London House Prices Plunge As Supply Rise Adds To Lull (Bloomberg)
  • Christine Lagarde and Nicolas Sarkozy embroiled in new corruption inquiry (Telegraph)- at least that fraud they created: Others helped them create it.
  • Heat Leaves Ranchers a Stark Option: Sell (NYT)
  • Merkel Gives No Ground on Demands for Oversight in Debt Crisis (Bloomberg)
  • The euro skeptics have the best lines again (FT)
  • Wen Says China’s Economic Recovery yet to Show Momentum (Bloomberg)
  • Europe’s Banks Face Tougher Demands (FT)
  • Madrid Region To Sell 100 Office Buildings Amid Austerity (Bloomberg)
  • China eases taxes for foreign companies (FT)
 
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“We Are This Far From A Turnkey Totalitarian State" - Big Brother Goes Live September 2013





George Orwell was right. He was just 30 years early.

In its April cover story, Wired has an exclusive report on the NSA's Utah Data Center, which is a must read for anyone who believes any privacy is still a possibility in the United States: "A project of immense secrecy, it is the final piece in a complex puzzle assembled over the past decade. Its purpose: to intercept, decipher, analyze, and store vast swaths of the world’s communications as they zap down from satellites and zip through the underground and undersea cables of international, foreign, and domestic networks.... Flowing through its servers and routers and stored in near-bottomless databases will be all forms of communication, including the complete contents of private emails, cell phone calls, and Google searches, as well as all sorts of personal data trails—parking receipts, travel itineraries, bookstore purchases, and other digital “pocket litter.”... The heavily fortified $2 billion center should be up and running in September 2013." In other words, in just over 1 year, virtually anything one communicates through any traceable medium, or any record of one's existence in the electronic medium, which these days is everything, will unofficially be property of the US government to deal with as it sees fit... As former NSA operative William Binney who was a senior NSA crypto-mathematician, and is the basis for the Wired article (which we guess makes him merely the latest whistleblower to step up: is America suddenly experiencing an ethical revulsion?), and quit his job only after he realized that the NSA is now openly trampling the constitution, says as he holds his thumb and forefinger close together. "We are, like, that far from a turnkey totalitarian state."

 
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