- Mood brightens after latest Greek offer to creditors (Reuters)
- ECB's Nowotny - Greek banks have funding extension for today (Reuters)
- Any Greece deal must match party manifesto, minister says (Reuters)
- Greece says now up to lenders to move on an agreement (Reuters)
- Greece sends wrong documents to monitors... Again (FT)
- U.S. won't let Russia 'drag us back to the past': Pentagon chief (Reuters)
- Belgium unblocks part of Russian diplomatic missions’ frozen accounts (Tass)
- Fed Scoop Heralded Era of Closed Doors for $100,000 Newsletters (BBG)
Greek 10Y yields are breaking back above 13%, bonds ar trading at 50 cents on the dollar, Greek stocks are near multi-decade lows, and Greek bank bonds have collapsed amid the ever-more-likely Grexit (or at least redenomination amid capital controls). But, there are some very smart chaps who must know something Tsipras, Merkel, and the rest of the world does not... because they are spending "Other People's Money" to buy the dip in Greek stocks and bonds. From Allianz and PIMCO (the world's lagest Greek bondholder ex-ECB) to Putnam and Wilbur Ross, it seems more than a few American investors will be impacted should Greece really implode.
China Market Cap to GDP at 118% and Margin Debt at 3.6%, after 130% Stock Market Yearly Rise. What Follows?Submitted by octafinance on 06/16/2015 13:11 -0500
Chinese Margin Debt to Stock Market Cap Hit 3.6% or more than the US 2.2% despite record margin debt highs. The Stock market cap to GDP, Buffet favorites stock warning indicator is at 118% for China. Is China a secular bull market one we should ride for decades or just a bubble mania?
"This is what happens when you let money run riot and you allow industries to police themselves. This is what happens when the rich and powerful are endlessly granted special privileges, celebrated and permitted or even encouraged to place themselves above the law. And this is what happens when ordinary people feel bored by and excluded from politics, largely because their voices matter so little..."
"We have a problem with this, and that is central bank hubris. They now think that they are omnipotent, because, essentially the government has said we are going to pass over all control of the economy to the central banks, they say to everybody else including financial market participants that “you don’t know, you don’t understand, we have our models and they are right”. And that kind of hubristic approach is when you sow the seeds of your own destruction."
How Accredited Investors Can Beat The Institutions In Monetizing The Unfolding, Misunderstood Paradigm Shift In FinTechSubmitted by Reggie Middleton on 06/12/2015 10:50 -0500
Step by step instructions on how to make money the old fashioned way in a new fangled technology world!
- Greece Said to Submit Revised Budget Plan in Bid for Funding (BBG)
- Protesters seek firing of Texas officer who threw girl to ground (Reuters)
- HSBC to cut 50,000 jobs in quest for higher dividends (Reuters)
- U.S. base shipped live anthrax to 19 states plus D.C.: Pentagon (Reuters)
- Obama Administration Opens Door for More Student-Debt Forgiveness (WSJ)
- China Said to Weigh Margin Finance Rule Change Amid Stock Boom (BBG)
- Doctor who trained U.S. troops suspended for macabre techniques (Reuters)
- Exxon to Face Regulators’ Questions Over Quakes (WSJ)
- Europe shares set for worst week of 2015 (Reuters)
- Jobs Report Not Likely to Trigger June Rate Hike (Hilsenrath)
- U.S. jobs market seen firming despite lackluster growth (Reuters)
- Gross Says Bond Rout Scary as Hell Even Without Bear Market (BBG)
- Apple Is the New Pimco, and Tim Cook Is the New King of Bonds (BBG), which ZH said in 2013
- In 'year of Apple Pay', many top retailers remain skeptical (Reuters)
- OPEC Nations Signal Few Prospects for Oil-Production Change (BBG)
- China regulator says amending rules on margin trading, short selling (Reuters)
"Bernanke & Greenspan Have Destroyed America" Schiff & Maloney Warn "People Don't Realize What Is Coming"Submitted by Tyler Durden on 06/03/2015 16:00 -0500
Ali and Frazier, Laurel and Hardy, Mayweather and Pacquiao, Liesman and Santelli, and now Schiff and Maloney. Peter and Mike join clash of the titan-like to discuss their investment strategies and expose the charts the government doesn't want you to seeas "people like Bernanke are taken seriously still and the people that did predict [the crisis] are dismissed as lunatics half the time." The wide-reaching conversation covers everything from gold and stocks to The Fed and The Dollar - Bernanke "took the coward’s way out because all he did was exacerbate the problems to postpone the day of reckoning." The air is coming out of the bubble, they warn, "Bernanke and Greenspan have absolutely destroyed America. People don’t realize what is coming..."
Two years ago, bank analyst Mike Mayo asked JPM chief Jamie Dimon a simple question: why should affluent customers not pick UBS over JPM due to a mismatch in capital ratios, to which Dimon's response was even simpler: "that's why I'm richer than you." To which we then added: "No logic, no rationale: all about the bottom line, which to Jamie at least is all that matters. The bottom line was indeed all, because as Bloomberg calculated overnight, over the past several years, Jamie Dimon quietly became not just "richer than you", but "much" richer: his net worth is now well over $1 billion!
"Japanese day traders, colloquially and collectively known as 'Mrs Watanabe', are buying the yen as it nears eight-year lows," Nikkei reports. For their part, private equity firms are cashing out at what they figure may be the top for Japanese stocks.
Overnight saw yet another dip at the open that was ripped by the close in Chinese markets as Year-to-Date gains for China's Shenzhen Composite now top 105%. With IPOs rising 500% with no down days, Charles Hugh-Smith unleashes his satirical sword to 'explain' just how idiotic this situation has become, and (as we detailed here) it will get worse...
Smart money continues to maintain allocations or accumulate positions. U.S. mining financier Oskar Lewnowski is preparing to launch a base and precious metals fund. The 50 year old New Yorker has already invested almost $1 billion and hired a physical metals trader to handle supply.
- U.S. vows to continue patrols after China warns spy plane (Reuters)
- Bank of Japan Chief Cheers On Tokyo’s Surging Stocks (WSJ)
- Merkel Stamps Out Optimism on Greece After Tsipras Talks (BBG)
- Greece sees reforms deal with lenders in next 10 days (Reuters)
- Why Greece’s Syriza party is not sticking to the script on an IMF deal (Channel4)
- Why Does Putin Care Who Runs a Tiny Balkan Nation? Gas Pipelines (BBG)
- U.S. Stock-Index Futures Are Little Changed Before Yellen Speech (BBG)
- German Business Confidence Declines as Risks Cloud Outlook (BBG)
- Once-Unthinkable Criminal Pleas by U.S. Banks Get Investor ‘Meh’ (BBG)
- The E-Mail That Helped Catch Barclays: ‘ISDAfix Is Manipulated’ (BBG)
- CFTC Said Preparing ISDAfix Probe Talks in Weeks: Credit Markets (BBG)
- Islamic State takes control of Syria's Palmyra in westward advance (Reuters)
- Tensions High as Greece Gets Smallest Aid Rise Yet (BBG)
- The Rise of the $50,000 Rental (BBG)
- U.S. says South China Sea reclamations stoke instability (Reuters)
- First Hanergy Now Goldin: Hong Kong Stocks Drop Like Stones (BBG)