After a sudden rout in financial markets that wiped $2 trillion in global market cap over the past week showed signs of easing, overnight stocks tried to stage another "BTFD-type" comeback with European stocks climbing for the first time in five days as oil and metals prices gained. S&P futures were modestly in green, although they faded earlier gains, on the back of a slide in the USDJPY which initially spiked to 103.31 only to fade back to the mid 102-range.
Dr. Ted Noel, an anesthesiologist with 36 years of experience as a medical doctor, explains why events surrounding Hillary's "medical episode" on 9/11 are more consistent with Parkinson's disease than pneumonia
Beyond the incredible torrent of factual revelations that have emerged which should disqualify her from being considered President, there’s something else going on. That something else is the mainstream media.
After yesterday's torrid rally, which sent stocks higher the most in 2 months on the back of Lael Brainard surprisingly dovish comments, we have seen an unexpected profit-taking session overnight in ES, with US equity futures down 0.6%, driven largely by a renewed drop in oil prices which slid after the IEA said a surplus in global markets will last longer than initially estimated, persisting well into 2017 as reported previously.
"Big bills are a curse... understand this: Cash is not forever... in fifty years there will be no cash... it’s one very important step towards enabling central banks to have much more effective tools in fighting a financial crisis and in particular to use negative interest rates in an effective way... people who are older need to think about having a larger share of stocks than the traditional wisdom..."
"Indeed, the Fed is waging an insensible and outrageous war on savers, workers and future taxpayers - even as it pleasures the 1% with fantastic financial windfalls from the Wall Street casino. Now that is a rigged system. And that is a beltway evil that merits the Donald’s unrelenting attack on behalf of the citizens of Flyover America who have been left behind in their tens of millions."
Moody's has caught up to what readers of Zero Hedge knew half a year ago. According to the rating agency, creditors of energy exploration and production companies that went bankrupt last year recouped less than half the usual amount for their claims, and 2016 is shaping up just as bad. Moody's even went so far as to even use the "C" word: "Recovery rates for 15 U.S. E&P bankruptcies averaged a “catastrophic” 21 percent last year, well below the historical average of 59 percent."
Major bond markets sold off last week, led by the UK and Japan. Goldman Sachs expects the increase in long-dated yields to extend into Q4, with US Treasuries reaching 2% by year-end. Their views are based on three considerations...
Governments and central banks would very much like to frighten people away from cash, but that only underlines its value under the current circumstances. Cash is king in a deflation. The powers-that-be know that, and would like the available cash to end up concentrated in their own hands rather than spread out to act as seed capital for a bottom-up recovery. Holding on to cash under one’s own control is still going to be a very important option for maintaining freedom of action in an uncertain future.
Looking for group think, extrapolation of extreme silliness, linear thinking, and belief in absurd models? Then look no further than Fed presidents, their advisors, and academia loaded charlatan professors.
"The time for treating the EUR-peg as a taboo may soon be past us, and an open discussion become the dominant narrative, in pursuit of a long-term durable solution to economic stagnation, in an attempt to save the European Union, so to orderly drive the process as opposed to end up being overwhelmed by the trending course of events."