New York Times
If We Don’t Learn Our History … We May Very Well Blow Off Our Own Foot
It has been a very quiet session so far, and despite the slow-mo levitation in the USDJPY, its impact on US equity futures has been minimal if not negative. In fact, following yesterday's latest late day tumble, which Goldman summarized as follows, "Equities tried and failed again to break 1885, it continues to be the level that we can’t escape"... it would appear we are increasingly changing the trading regime, and as Guy Haselmann explained simply, markets are slowly but surely coming to the realization that the Fed's crutches are being taken away (that they may well return following a 20%, 30%, or more drop in the S&P is a different matter entirely) and that the economy will not grow fast enough to make up for this. Perhaps the most notable "event" is the sheer avalanche of banks pushing up their forecasts for an ECB rate cut (and or QE start) to June following Draghi's yesterday comments. And so the 1 month countdown begins until the end of forward guidance, or until the ECB "shatters" its credibility as expained yesteday.
Four Facts Which NEITHER Mainstream Democrats Or Republicans Want You To Know About
Virtually everything that you do is being watched. Do you drive a car? Do you watch television? Do you use a cell phone? As you do any of those things, information about you is being recorded and tracked. We live at a time when personal privacy is dying. And it is not just governments that are doing this. In fact, sometimes private companies are the biggest offenders. It turns out that gathering information about all of us is very, very profitable. And both government entities and private companies are going to continue to push the envelope when it comes to high tech surveillance until people start objecting to what they are trying to do. If we continue down the path that we are currently on, it is inevitable that we will end up living in an extremely restrictive “Big Brother” police state where basically everything that we do is very closely watched, monitored, tracked and controlled. And such a day may be much closer than you think. The following are 10 examples of how “Big Brother” is steadily creeping into our daily lives…
The following story by David Sirota at PandoDaily is simply excellent. It zeros in on the secretive and rapidly expanding relationship between private equity firms and the public pensions that invest in them. It shows a crony capitalist love affair greased by lobbyist influence peddlers known as “placement agents”, as well as non-public agreements between PE firms and public pensions chock full of conflicts of interest, extremely high fees and underperformance. Unbelievably, in many instances the trustees of the public pensions are not allowed to know what funds the “fund of funds” invest in. This makes due diligence impossible, and in one particularly egregious example it led the Kentucky Retirement Systems to unknowingly invest in SAC Capital despite the fact it was under SEC investigation at the time.The chief villain in this article will be no stranger to readers of this site. It is Blackstone...
There comes a point in the destiny of a failing nation when official lying is no longer distinct from official stupidity. We’ve crossed that boundary in the USA. It pays to remember that societies get what they deserve, not what they expect.
Whatever You Think of Putin, You Should Understand How Russia Thinks
“Rarely Does A Monthly Report On The United States Job Market Look So Terrific On The Surface While Being So Disappointing Underneath”
It appears the status quo may be finally making its moves to getting control over the heretofore free and open internet. As we and many others have noted previously, the internet is one of the most powerful tools humanity has ever devised. It frees information in a way that was simply unimaginable decades ago and empowers each of us to be as informed or uninformed as we desire. Just last week, we mused, that in so-called “first world” countries like the U.S. the illusion of freedom must be maintained even as civil liberties are eroded. Thus censorship must be administered surreptitiously and slowly. The following plan to implement an “Internet ID” will initially only be rolled out as a pilot program in two states (Michigan and Pennsylvania), and will only deal with government services. That said, we can see where all of this is ultimately headed, and the program, called the National Strategy for Trusted Identities in Cyberspace, should be monitored closely going forward.
The joint naval drill is another example of the growing military, economic and political ties between China and Russia.
Journalism and investment research have a lot in common, notes ConvergEx's Nick Colas; after all, both essentially ask the customer to freely part with three scarce resources: time, attention and money. It’s been a tough decade or two for both the newsroom and the research department in that effort, but at least one prominent venture capitalist, Marc Andreessen, thinks there is a future for the news business, however, due to a rising middle class in emerging markets and mobile Internet distribution. While this audience may not (yet/ever) be hankering to read Buy-Sell-Hold reports on their smartphones, Andreessen’s recently published 8-fold strategy for journalism has lessons for investment research as well. The big takeaway: sell-side research needs to change a lot – and quickly - to survive as anything more than an advertising vehicle for brokerage firms.
Two very important cases related to the 4th Amendment protection of cellphone data went before the Supreme Court yesterday. At issue here is whether or not police can search someone’s cellphone upon arrest. As usual, the Obama administration’s Justice Department is arguing against the citizenry, and in favor of the (police) state. Oh yeah, destroy privacy rights for 320 million people because a phone could potentially trigger a bomb. You can’t get much more stupid and pathetic than that argument.
It’s one thing to read an academic study showing how cancerous the political system is, it’s quite another to hear a description of how things work from one of the biggest crony weapons of mass societal destruction himself, Mr. Larry Summers..."I had a choice. I could be an insider or I could be an outsider. Outsiders can say whatever they want. But people on the inside don’t listen to them. Insiders, however, get lots of access and a chance to push their ideas. People — powerful people — listen to what they have to say. But insiders also understand one unbreakable rule: They don’t criticize other insiders." Until the status quo gets the boot, this nation will continue to decline. Forget reforms, the entire status quo needs to be tossed aside once and for all. The insiders must be turned into outsiders.
The debate over Thomas Piketty’s new book Capital in the Twenty-First Century is as dumb as every other issue-set in the public arena these days - a product of failed mental models, historical blindness, hubris, and wishful thinking... We doubt that the Warren Buffets and Jamie Dimons of the world will see their wealth confiscated via some new policy of the Internal Revenue Service - e.g. the proposed “tax on wealth.” Rather, its more likely that they’ll be strung up on lampposts or dragged over three miles of pavement behind their own limousines. After all, the second leading delusion in our culture these days, after the wish for a something-for-nothing magic energy rescue remedy, is the idea that we can politically organize our way out of the epochal predicament of civilization that we face. Piketty just feeds that secondary delusion.
The US State Department announced the launch of its third annual "Free the Press" campaign today, which will purportedly highlight "journalists or media outlets that are censored, attacked, threatened, or otherwise oppressed because of their reporting." A noble mission for sure. But maybe they should kick off the campaign by criticizing their own Justice Department, which on the very same day, has asked the Supreme Court to help them force Pulitzer Prize winning New York Times reporter James Risen into jail.