• ilene
    01/28/2015 - 19:33
    Suppose you could print up counterfeit dollars, euros or yen that were identical to the real things. Fun, you think? Here's how it plays out. 

Mortgage Backed Securities

Tyler Durden's picture

Real Estate 2015: "Unlikely To Be What The Market Is Looking For"





No reason to sell.  No reason to buy.  That about sums it up.  Unfortunately, that is about as optimistic a scenario as we can come up with, supported by equally optimistic growth expectations. In reality, the market has no support.  We can only hope that it will not crash at the first sign of trouble. There are always good reasons to own a home, a place to raise a family. However, home ownership via extremely leveraged financing carries enormous and unprecedented risk. We think many potential buyers recognize the risk and are correctly staying out of the market. The new normal in real estate terms is unlikely to be what the market is hoping for.

 
Tyler Durden's picture

Sayonara Global Economy





The surreal nature of this world as we enter 2015 feels like being trapped in a Fellini movie. The .1% party like it’s 1999, central bankers not only don’t take away the punch bowl – they spike it with 200% grain alcohol, the purveyors of propaganda in the mainstream media encourage the party to reach Caligula orgy levels, the captured political class and their government apparatchiks propagate manipulated and massaged economic data to convince the masses their standard of living isn’t really deteriorating, and the entire façade is supposedly validated by all-time highs in the stock market. It’s nothing but mass delusion perpetuated by the issuance of prodigious amounts of debt by central bankers around the globe. But now, the year of consequences may have finally arrived.

 
Tyler Durden's picture

Axel Merk: Why The Swiss Should Vote "Yes" On The Gold Initiative





With gold already moving today on rumors of an increasingly positive tone towards Switzerland's referendum on the Gold Initiative, Axel Merk notes that it appears widely misunderstood and discusses implications for gold, the Swiss franc and Switzerland as a whole. "Gold is the people’s money, not the government’s money to splurge...gold is a store of value that ought to back the currency in circulation." Ultimately, people should never rely on their government to pursue a gold standard, but consider pursuing their own, personal gold standard.

 
Tyler Durden's picture

Bubble Exit Rule: "You Only Get Out If You Panic Before Everyone Else Does"





The problem with what we call the Exit Rule for Bubbles - "you only get out if you panic before everyone else does" – is that you also have to decide whether to look like an idiot before the crash or an idiot after it.

 
GoldCore's picture

"Gold Is A Good Place To Put Money These Days" - Greenspan





Greenspan told the CFR that "gold is a good place to put money these days given it's value as a currency outside of the policies conducted by governments." "Gold has always been accepted without reference to any other guarantee." When asked where the price of gold was headed in the next five years he said “higher --- measurably" ...

 

 
EconMatters's picture

The Fed Has to Sell Treasury Holdings Back to Marketplace





Maybe overzealous bond investors might want to rethink that Yield Chasing Strategy for 2015. 

 
Gold Standard Institute's picture

Perception vs. Reality at the Fed





Carmen Segarra said, “I come from the world of legal and compliance, we deal with hard evidence. It’s like, we don’t deal with, you know, perceptions.”

How ironic. Segarra worked at the Fed.

 
Phoenix Capital Research's picture

The Financial System is Primed For a Crisis Worse Than 2008





The market is extremely tired and the systemic risks underlying the Financial Crisis are in no way resolved. With investor complacency (as measured by the VIX) at record lows, the Fed withdrawing several of its more significant market props, and low participation coming from the larger institutions, this market is ripe for a serious correction.

 
Phoenix Capital Research's picture

There Will Be No Warning When the Next Crisis Hits





Central Banks, Bank CEOs, politicians… all of these people are focused primarily on maintaining CONFIDENCE in the system, NOT on fixing the system’s problems. Indeed, they cannot even openly discuss the system’s problems because it would quickly reveal that they are a primary cause of them.

 
Tyler Durden's picture

Frontrunning: July 24





  • EU to weigh extensive sanctions on Russia (FT)
  • U.S. lifts flight ban to Israel (Reuters)
  • Russia says will cooperate with MH17 probe led by Netherlands (Reuters)
  • Norway faces ‘concrete and credible’ terrorist threat (FT)
  • Don’t Tell Anybody About This Story on HFT Power Jump Trading (BBG)
  • But... but... PMI: Unilever Sales Growth Misses Estimates on Asian Slowdown (BBG)
  • World’s Biggest Wealth Fund Reviews $8 Billion Russian Stake (BBG)
  • Qualcomm latest US tech company to reverse in China (FT)
  • Hamptons Home Sales Rise as Buyers Find More Inventory (BBG)
 
bmoreland's picture

What If The Federal Reserve Has It All Backwards?





The Fed spends an inordinate amount of time focusing on increasing Lending with the idea that loan growth increases economic activity. Is it possible that it is Interest Income derived from Savings that is more important to economic growth?

 
tedbits's picture

Edge of a knife! Eurozone: Countdown to Crisis? Yes or No?









TedBits - Newsletter

 
Phoenix Capital Research's picture

Inflation is Percolating Throughout the Financial System





As the cost of living increases around the globe, wage protests and strikes have become commonplace, particularly in the emerging market space:

 
 
Tyler Durden's picture

How The Government Will Eliminate Fannie & Freddie (In One Simple Chart)





On Sunday, Senate lawmakers unveiled the 442-page plan that will eliminate the mortgage-finance giants; replacing them with a new system in which the government would continue to play a potentially significant role insuring U.S. home loans. The Johnson-Crapo bill would, as WSJ reports, construct an elaborate new platform by which a number of private-sector entities, together with a privately held but federally regulated utility, would replace key roles long played by Fannie and Freddie.

 
Tyler Durden's picture

Expect No Real (Forward) Guidance From Your Leaders





“Guidance” is the new organizing credo of US financial life with Janet Yellen officially installed as the new Wizard of Oz at the Federal Reserve. Guidance refers to periodic cryptic utterances made by the Wizard in staged appearances before congress or in the “minutes” (i.e. transcribed notes) from meetings of the Fed’s Open Market Committee. The cryptic utterances don’t necessarily have any bearing on reality, but are issued with the hope that they will be mistaken for it, especially by managers in the financial markets where assets are priced and traded. 

 
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