Typhoon Death Count Surpasses 10,000; People "Walk Like Zombies Looking For Food; Martial Law ImminentSubmitted by Tyler Durden on 11/10/2013 09:53 -0500
With over 10,000 dead in the Philippines, here is a selection of what the survivors in the aftermath of the tragic hurricane saw: "The devastation is so big."... "I don't know how to describe what I saw. It's horrific."..."People are walking like zombies looking for food," said Jenny Chu, a medical student in Leyte. "It's like a movie."..."It's like the end of the world."
It wasn’t “disenchantment,” explained Euro Disney CEO Philippe Gas, but an “economic problem.”
As reported yesterday, Typhoon Haiyan - potentially the strongest storm to ever make landfall, and stronger than Katrina and Sandy combined - has come and left the Philippines (currently heading for Vietnam), and now the time has come to evaluate the damage and count the dead. Sadly, as Reuters reports, the devastation is absolutely massive and especially in the hardest hit city of Tacloban in the central Leyte province, may match the aftermath of the Fukushima tsunami: "This is destruction on a massive scale. There are cars thrown like tumbleweed and the streets are strewn with debris." Airport manager Efren Nagrama, 47, said water levels rose up to four metres (13 ft) in the airport. "It was like a tsunami. We escaped through the windows and I held on to a pole for about an hour as rain, seawater and wind swept through the airport. Some of my staff survived by clinging to trees. I prayed hard all throughout until the water subsided."
Venezuela's relatively new government has adopted arguably the best and brightest socialist policy wielded by both Hollande and Obama, namely the "fairness doctrine." However, in this case it is not about what is a "fair" tax for the wealthy (as taxes in Venezuela's socialist paradise will hardly do much to build up the desperately needed foreign currency reserves), but what is a "fair" price for electronic appliances like flat screen TVs, toasters, and ACs. The result is that Maduro's government now determines what equilibrium pricing should be. The reason for this latest socialist victory over the tyranny of supply and demand is that overnight Venezuela's President Nicolas Maduro ordered the "occupation" of a chain of electronic goods stores in a crackdown on what the socialist government views as price-gouging hobbling the country's economy. Various managers of the five-store, 500-employee Daka chain have been arrested, and the company will now be forced to sell products at "fair prices," Maduro said late on Friday.
If Anything Goes Wrong, the Whole World Could Be Affected For a Long Time
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- Twitter's IPO to Make Market Debut (WSJ); Twitter Raises $1.82 Billion, Pricier Value Than Facebook (BBG)
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- China Grants U.S. Investors Indirect Access to Its Stock Markets (WSJ)
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Ah Silvio, never change or, if possible, resign: the comedic world of Italian politics will never be the same without you. The latest soundbite by the billionaire with a penchant for easy, underage women comes by way of an interview conducted by Italian television journalist Bruno Vespa for his latest book, and summarized by Reuters. To wit: "Former Italian prime minister Silvio Berlusconi said his children feel persecuted just as Jewish families did in Nazi Germany because he is being hounded by the country's magistrates who want to eliminate him politically."
And so another conspiracy theory, that Palestinian leader Yasser Arafat was poisoned with Polonium, becomes non-conspiracy fact.
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- De Blasio Elected Next New York City Mayor in Landslide (WSJ)
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- MF Global Customers Will Recover All They Lost (NYT) - amazing what happens when you look under the rug
- Virginia, Alabama Voter Choices Show Tea Party Declining (BBG)
- Explosions kill 1, injure 8 in north China city (Reuters)
- Toyota boosts full-year guidance as weak yen drives revenues (FT)
- Starbucks wants to recruit 10,000 vets, spouses to its ranks (Reuters)
- U.S. Economy Slack Justifies Stimulus, Top Fed Staff Papers Show (BBG)
- Israel set to become major gas exporter (FT)
It was the deep of illiquid night when the momentum ignition trading algos struck. Out of the blue, a liftathon in all JPY crosses without any accompanying news sent the all important ES leading EURJPY surging by 50 pips, which in turn sent both the Nikkei up over 1% in minutes, and led to an E-Mini futures melt up of just about 8 points just when everyone was going to sleep. All of this happened completely independent of the actual data, which was chiefly European retail sales which missed (-0.6%, Exp. 0.4%, prior revised lower to 0.5%), Eurozone Service PMI which dropped (from 52.2 to 51.6) but beat expectations of 50.9 (notably the Spanish Service PMI of 49.6, up from 49.0 saw its employment index drop from 46.5 to 45.3, the lowest print since June), and finally, German Factory Orders which surged from last month's -0.3% to +3.3% in September. And while all this impacted the EUR modestly stronger, it had little if any residual effect on the ES. The bigger question is whether these slightly stronger than expected data point will offset the ECB's expected dovishness when Mario takes to the mic tomorrow).
Global stock markets are soaring and near record highs. Credit markets are exuberant and near record tight spreads and low yields; and volatility (bond, FX, and stock) has been suppressed to the point of non-existence. So why is it that just 3 months after Nigeria issued debt (in an oversubscribed auction) at a yield below that of Portugal's, Nigerian lender Diamond Bank has suspended the launch of its seven-year $550 million bond? It appears it's the Fed's fault! as the bond's marketers noted "pricing turbulence in the international debt market," in a presentation seen by Reuters on Tuesday. Still think the Fed will ever actually exit?
With Twitter's pre-IPO price range rising by the hour and its oversubscription levels growing exponentially - matched only by the volume of "why you must buy Twitter" discussions on CNBC, Reuters created the following simple interactive calculator to enable the retail investor to 'judge' whether buying it out of the gate is the best use of your 401(k)...
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- The One Thing People Still Really Like About BlackBerry (BusinessWeek)