Earlier this week, two people, a Pole and a German, said they may have found the legendary, long-lost Nazi train rumored to be full of gold, gems and guns, i.e., the prize possessions of years of Third Reich plunder, that disappeared just before the end of World War Two. As BBC first reported, the train was believed to have gone missing near what is now the Polish city of Wroclaw as Soviet forces approached in 1945.
The following story is guaranteed to make you sick. Once again, we’re shown that following trillions in taxpayer funded bailouts and backstops, TBTF Wall Street banks immediately went ahead and focused all their attention obtaining loopholes in order to transfer risk and make billions upon billions of dollars in the financial matrix, as opposed to adding any benefit whatsoever to society.
As the great EM unwind continues unabated, we’ve noted that in some hard-hit countries, the terrible trio of falling commodity prices, decelerating Chinese demand, and looming Fed hike has been exacerbated by political turmoil. Now, we turn to Malaysia where an already tenuous situation just got worse as PM Najib Razak is now facing calls for a no-confidence vote amid allegations he embezzled some $700 million from the country's development fund.
"It's born classified. If a foreign minister just told the secretary of state something in confidence, by U.S. rules that is classified at the moment it's in U.S. channels and U.S. possession. [To say otherwise is] blowing smoke."
Militants, allegedly acting on the orders of an Iranian commander, fired rockets into Israel on Thursday, prompting a swift response from the Israeli military which launched a series of airstrikes across the border in Syria killing at least four.
- No End in Sight for Oil Glut (WSJ)
- Dozens of Clinton emails were classified from the start, U.S. rules suggest (Reuters)
- China August Manufacturing Activity Hits Lowest Level Since 2009 (WSJ)
- German Manufacturing Strengthens as Economy Shifts Up a Gear (BBG)
- Israel responds to rocket attack with protest and air strikes (FT)
- ASX carnage: 2015 fast becoming a year to forget (Canberra Times)
- Hong Kong Stocks Enter Bear Market After Falling From April Peak (BBG)
The musings of the many wonderful minds who preach to goldbugs, contrarians, real anarchists, real patriots, conservatives and republicans, moralists, real believers in genuine free markets, solution seekers and a combination of them all, have had a significant impact on my worldview.
Husbands and wives across the world are waking up to their partners' extramarital affairs after, as AP calls it, a catastrophic leak at adultery website Ashley Madison spewed electronic evidence of infidelity across the Internet. Online forums were buzzing Thursday with users claiming to have found evidence that their significant others were on the site. But it's not all doom and gloom... as Reuters notes many professions stand to benefit from the unfolding saga, from lawyers to therapists to cyber security firms. Prominent divorce lawyer Raoul Felder said the release is the best thing to happen to his profession since the seventh Commandment forbade adultery in the Bible, "I've never had anything like this before." So hey, those cheating spouses are now helping the economy grow...
If there’s anything Brazil certainly does not need, it’s more bad news. The country is, in many ways, a symbol of the great EM unwind and the situation is made immeasurably worse by political instability. The economic outlook - which was already bad enough between a harrowing bout of staglflaton and dual deficits on the fiscal and current accounts - just got a lot worse as unemployment spiked to 7.5%, well ahead of consensus and the worst in five years. How bad is it you ask? Bad enough that BofAML now says the "key" stat to focus on is the number of participants in recurring street protests.
Update: GREEK PM TO HAND IN RESIGNATION TO PRESIDENT LATER ON THURSDAY -GOVT OFFICIALS
"Greek state broadcaster ERT is reporting that the embattled prime minister will announce the vote later today. The PM has been meeting with government officials this afternoon and could resign from office having called the vote. September 13 and 20 have been touted as possible dates."
- Crude prices fall towards $40 on global glut (Reuters)
- China Central Bank Injects Most Funds Since February as Money Rates Increase (BBG)
- Divided Fed Puts Yellen on Hot Seat (Hilsenrath)
- So Long September: Bond Traders Defer Their Date With the Fed (BBG)
- More Foods Boast Non-GMO Labels—Even Those Without GMO Varieties (WSJ)
- UN to let Iran inspect alleged nuke work site (AP)
- IAEA says access to Iran's Parchin military site meets demands (Reuters)
- Time to End Quarterly Reports, Law Firm Says (WSJ)
Gold’s reaction to China’s devaluation was impressive. Sure, it came at a time when gold was oversold and due a bounce, but, even so, a rise from $1,080 an ounce to $1,125 is not to be sniffed at – particularly as it went in the face of what other metals were doing.
The Next Leg Of The Commodity Carnage: Attention Shifts To Traders - Glencore Crashes, Noble Default Risk SoarsSubmitted by Tyler Durden on 08/19/2015 17:54 -0400
One month ago we asked: "Which will be first: Trafigura, Mercuria or Glencore." Today we got our answer.
Naysyers are warning that the recent plunge in Bitcoin prices - from almost $318 at its peak during the Greek crisis, to $221 yesterday - due to growing power struggle over the future of the cryptocurrency that is dividing its lead developers could spell the end of the cryptocurrency. On Saturday, a rival version of the current software was released by two bitcoin big guns. As Reuters reports, Bitcoin XT would increase the block size to 8 megabytes enabling more transactions to be processed every second. Those who oppose Bitcoin XT say the bigger block size jeopardizes the vision of a decentralized payments system that bitcoin is built and represents a "governance coup.". However, the turmoil in the price also coincides with some rather notable global macro events from Asia (where Bitcoin is extremely popular).