• Sprott Money
    03/05/2015 - 04:16
    One interpretation is that we are living in the best of all possible worlds. Another is that we are being led to financial slaughter.
  • EconMatters
    03/04/2015 - 17:16
    The RIG Count has dropped also but this is a misnomer because unlike in ‘old fashioned drilling times’ where one Rig represented One well, now one RIG often represents multiple wells attached to the...
  • 03/04/2015 - 16:46
    What people and central bankers do not understand, is that you can't devalue your way to prosperity. Absolutely nothing has changed since the last crisis. The same too big too fail banks have only...

Sovereign Debt

Phoenix Capital Research's picture

The Biggest Bubble in History is About to Pop





 THE bubble, the biggest bubble in financial history: an incredible $100 trillion monster that is now growing by trillions of dollars every few months.

 
Tyler Durden's picture

Freefalling Yen Levitates Equities Around The World





Confused why in the lack of any horrible economic news (unless of course someone leaked a worse than expected November payrolls print which would put QE4 right back on the table) futures are higher, especially in the aftermath of yesterday's disappointing ECB conference? Then look no further than the Yen which has now lost pretty much all control and is in freeplunge mode, rising some 25 pips moments ago on no news, but merely as wave after wave of momentum ignition algos now make a joke of the Japanese currency, whose redline of 123 (as defined by SocGen)is now just 240 pips away. At this pace, Japan's economy, which as reported yesterday has just seen a record number of corporate bankruptcies due to the plummeting yen, may well be dead some time next week. Which, with Paul Krugman as its new and improved economic advisor, is precisely as expected. RIP Japan.

 
Tyler Durden's picture

Goldman Explains What Draghi Really Said





The ECB left its policy rates unchanged at today’s meeting and made no announcement of further non-conventional measures. The main innovation in today’s press conference was the shift in the language regarding the expansion of the ECB's balance sheet: an increase towards the size of its balance sheet at the beginning of 2012 is now “intended”, rather than simply an “expectation” of the Governing Council (as in the November statement). We read this as implying a higher degree of commitment to balance sheet expansion and thus as a further signal towards additional asset purchases. As made clear by ECB President Draghi, some members of the Governing Council remain sceptical about the introduction of further measures. An assessment of whether further stimulus is needed will be made “early next year”. Having emphasised that he does not need to achieve unanimity on the Governing Council to proceed with further easing (including purchases of sovereign debt), we expect Mr Draghi to announce and implement a sovereign debt QE programme during the first half of next year.

 
Tyler Durden's picture

Here Comes The Stick Save: ECB "QE Coming" Headline Sends Stocks To New Record High





Who could have seen that coming!!??? Apparently Draghi could not clarify exactly what he meant in 90 minutes, 3 hours ago!!!!

*ECB SAID TO PREPARE BROAD-BASED QE PACKAGE FOR JANUARY MEETING

So, despite telling us earlier than not January and not ready, we get this spurious headline just as EURUSD crossed 1.2450... Fun-durr-mentals indeed. And now Bloomberg is retracting!!

 
Tyler Durden's picture

"We Are All In A Ponzi-World Right Now, Hoping To Get Bailed-Out By The Next Person"





"We all are in a Ponzi world right now. Hoping to be bailed out by the next person. The problem is that demographics alone have to tell us, that there are fewer people entering the scheme then leaving. More people get out than in. Which means, by definition, that the scheme is at an end. The Minsky moment is the crash. Like all crashes it is easier to explain it afterwards than to time it before. But I think it is obvious that the endgame is near."

"Today central banks give money to institutions, which are not solvent, against doubtful collateral for zero interest. This is not capitalism."

 
Tyler Durden's picture

The Oil-Drenched Black Swan, Part 3: Multiple Risks, Multiple Unknowns





The Power of Black Swans lie in the unanticipated consequences of the unknown unknowns. Some of the consequences of lower oil prices are known, but some are unknown. It is these unforeseeable and uncontrollable consequences that are poised to wreak havoc on the global financial system. Here's the thing about risk: it bursts out of whatever is deemed "safe."
 
Tyler Durden's picture

It's Muppet-Slaughtering Time - Goldman Unveils 2015 Global Equity Themes





Goldman Sachs' 2015 global equity views and themes note is out and its title "The Long Grind Higher Continues" says it all... it's muppet slaughtering time...

 
Reggie Middleton's picture

Using A Bitcoin Wallet To Take Inexpensive Positions On Goldman Sachs 2015 Recommended Global Macro Trades





First we discuss whether Goldman Is Giving Real Advice or Muppet Fodder, then we learn how to monetize our position on said Fodder... eh... Advice using just a bitcoin wallet and not Goldman itself.

 
Tyler Durden's picture

Central Bank Credibility, The Equity Markets, And Gold





Central bank credibility is at all-time highs. As a consequence, we suggest, equities are near all-time highs too while gold is scraping multi-year lows. A change though may be in the offing with all three. Not today, nor tomorrow. But perhaps sooner than most think. Here’s how we see it...

 
Tyler Durden's picture

Prosperity Amidst the Ruins





All the blather about "growth" and GDP is just propaganda to misdirect our attention from the real problem: the total domination of governance and finance by a class of vested interests and mega-wealthy cartels/oligarchies.

 
Tyler Durden's picture

"Failed" Bund Auction At Record Low Yield And All Other Key Overnight Events





While there has been no global economic outlook cut today, or no further pre-revision hints of "decoupling" by the appartchiks at the US Bureau of Economic Analysis,  both European and US equities are pointing at a higher open, because - you guessed it - there were more "suggestions" of "imminent" QE by a central bank, in this case it was again ECB's Constancio dropping further hints over a potential ECB QE programme, something the ECB has become the undisputed world champion in. The constant ECB jawboning, and relentless central bank interventions over the past 6 years, led to this:

  • GERMANY SELLS 10-YEAR BUNDS AT RECORD-LOW YIELD OF 0.74%

The punchline: this was another technically "failed" auction as it was uncovered, the 10th of the year, as there was not enough investor demand at this low yield, and so the Buba had to retain a whopping 18.8% - the most since May - with just €3.250Bn of the €4Bn target sold, after receiving €3.67Bn in bids.

 
Tyler Durden's picture

Another Keynesian Debt Boondoggle: How Brussels Plans To Turn $26 Billion Into $390 Billion





Long ago, Keynes himself pointed out, perhaps inadvertently, the profound difference between GDP and wealth. If we merely want a higher GDP print - which measures spending, not wealth - governments should handout spoons so that millions of citizens can dig holes and millions more refill them. It would appear that the statesmen of Brussels are fixing to try the modern day equivalent of just that.

 
Reggie Middleton's picture

Faith, Math and Circular Logic: Why Bitcoin is More Valuable Than ANY Fiat Currency Today!





Why is Bitcoin dangerous and of little intrinsic value? Because my local Central Banker Told Me So! - OR - The lasting message from the highly Centralized, Centrally Planned, Central Banks of the World? "We think, so you don't have to!"

 
Tim Knight from Slope of Hope's picture

Pity the Sub-Genius





They say be careful what you wish for. And, as is often the case, "they" are right.

 
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