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Frontrunning: August 25

  • China’s Central Bank Cuts Interest Rates (WSJ)
  • Chinese Stocks Crash Again to Extend Biggest Plunge Since 1996 (BBG)
  • China cuts rates, reserve ratio to aid economy as stocks sink (Reuters)
  • Wall St. suffers worst day in four years, S&P confirms correction (Reuters)
  • Europe's Stocks Head for Best Day Since 2011 (BBG)
  • Market turmoil clouds Fed rate outlook (FT)
  • For All Its Heft, China’s Economy Is a Black Box (WSJ)
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Return To Junk Status "Only A Matter Of Time" For Latin America's Most Important Economy: Barclays

"We conclude that, under current circumstances, it is only a matter of time until Brazil loses its investment grade status."

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10 Things Every Economist Should Know About The Gold Standard

At the risk of sounding like a broken record we'd like to say a bit more about economists' tendency to get their monetary history wrong; in particular, the common myths about the gold standard. If there's one monetary history topic that tends to get handled especially sloppily by monetary economists, not to mention other sorts, this is it. Sure, the gold standard was hardly perfect, and gold bugs themselves sometimes make silly claims about their favorite former monetary standard. But these things don't excuse the errors many economists commit in their eagerness to find fault with that "barbarous relic." The point, in other words, isn't to make a pitch for gold.  It's to make a pitch for something - anything - that's better than our present, lousy money.

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New Snowden Leak Exposes AT&T's "Extreme Willingness To Help" NSA Spy On Americans

Newly disclosed NSA files expose the spy agency's relationship through the years with American telecoms companies. As NYTimes reports, The National Security Agency’s ability to spy on vast quantities of Internet traffic passing through the United States has relied on its extraordinary, decades-long partnership with a single company: the telecom giant AT&T. The documents, provided by the former agency contractor Edward Snowden, described the NSA-AT&T relationship as "highly collaborative," while another lauded the company’s "extreme willingness to help."

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Bad Timing: Japan Opens First Nuclear Plant Since Fukushima As Neighboring Volcano Erupts

In case last week’s deadly chemical explosion in the Chinese port of Tianjin wasn’t enough to satisfy your thirst for black swan-ish disasters that could serve to accelerate the ongoing global currency wars, Japan is now warning that Sakurajima, one of the country’s most active volcanos which sits just 50 kilometers from a recently restarted nuclear reactor, is poised for a "larger than usual" eruption.

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Turkish Lira Plunges To Record Low As Coalition Talks Break Down

It appears efforts to form a coalition has failed as local nes report both the AKP and CHP will make separate statements from their party HQs.

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Did The EPA Intentionally Poison Animas River To Secure SuperFund Money?

A week before The EPA disastrously leaked millions of gallons of toxic waste into The Animas River in Colorado, this letter to the editor was published in The Silverton Standard & The Miner local newspaper, authored by a retired geologist detailing verbatim, how EPA would foul the Animas River on purpose in order to secure superfund money...

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Hillary Clinton Turns Over E-mail Server To Feds As Bernie Sanders Surges Ahead In New Poll

Hillary Clinton, bowing to pressure from GOP lawmakers, has turned over her private e-mail server to the FBI. Meanwhile, Democratic voters look to be turning on the former First Lady as a new poll has Bernie Sanders surging ahead in New Hampshire.

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Frontrunning: August 12

  • China central bank under pressure to weaken yuan further (Reuters)
  • Currency Rout Goes Global as Jen Sees Risk of 50% Loss on China (BBG)
  • Europe Stocks Fall Most in Two Weeks as China Sparks Growth Fear (BBG)
  • German Yields Drop to Record as China Boosts Bonds Around World (BBG)
  • FT to Japan, Economist to Italy: Agnelli Family Raises Stake in Economist as Pearson Exits (BBG)
  • Goldman Sachs to Give Out ‘Secret Sauce’ on Trading (WSJ)
  • Greece's Preliminary Bailout Deal Faces German Turbulence (BBG)
Tyler Durden's picture

Brazil's President Dilma Rousseff Approval Rating Crashes To 8% - Worst Since Military Dictatorship

With the economy imploding, currency collapsing, and credit risk soaring, it is perhaps no surprise that just under a year since she was re-elected, Brazil's President Dilma Rousseff is now Brazil's most unpopular democratically elected president since a military dictatorship ended in 1985, with an approval rating of just 8%. In a recent poll, 71% said they disapprove of the way Rousseff is doing her job... and two-thirds would like to see her impeached.

Tyler Durden's picture

Emerging Market Mayhem: Gross Warns Of "Debacle" As Currencies, Bonds Collapse

Things are getting downright scary in emerging markets as a "triple unwind" in credit, Chinese leverage, and loose US monetary policy wreaks havoc across the space. Between a prolonged slump in commodity prices and a structural shift towards weaker global trade, the situation could worsen materially going forward.

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China Responds To US Declaration Of Cyber War

"The United States is on the brink of making another grave mistake under the name of protecting cyber security... If it stubbornly implements retaliatory measures against China in cyber space, it will be known for being a cyber bully and will have to shoulder responsibility for escalating confrontation and disrupting the peaceful order in the cyber space."

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China Is Spending 11.6 Million Annual Incomes Per Day Propping Up Stocks

For years now China has been heralded as an economic miracle that will drive the global economy towards growth and eventually eclipse the US as THE superpower in the world.

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