There’s something quite contradictory about telling governments to tighten their belts while promising to buy any and every piece of paper their treasury departments care to issue. In fact, it’s probably fair to say that a €1.1 trillion QE program simply cannot peacefully coexist with a strict, currency bloc-wide austerity policy. This glaring contraction was on full display at the ECB’s April 14-15 policy meeting, minutes show.
The current consternation among global equity markets is centered around the recent considerable rise in bond yields globally. Historical precedents, or the lessons they contain, which bear some resemblance to present market conditions suggest the recent spike in bond yields would appear to have historical evidence to back up those who harbor concerns about its potential negative impact on stocks – a negative impact that may be of a long-term nature.
While apparently the US does not have its hands full already with orchestrating (and profiting from) two proxy regional wars, one in Ukraine and one in the Middle East, and feels compelled (by shareholders of US "defense" companies) to prove to the world it has long since lost its globocop status when China roundly ignores American threats, China wasted no time to do just that and overnight Beijing strongly condemned a proposed U.S. military plan to send aircraft and Navy ships near disputed South China Sea islands to contest Chinese territorial claims over the area. It didn't end there and China escalated verbally to a near breaking point when Beijing urged “relevant countries to refrain from taking risky and provocative action.”
Instead of collapsing quietly, the US has decided to pick a fight with Russia. It appears to have already lost the fight, but a question remains: How many more countries will the US manage to destroy before the reality of its inevitable defeat and disintegration finally catches up with it? As Putin said last summer when speaking at the Seliger youth forum, “I get the feeling that no matter what the Americans touch, they end up with Libya or Iraq.” But there is another question that deserves to be asked: Do the Americans “touch” themselves? Because if they do, then the next candidate for extreme makeover into a bombed-out wasteland might be the United States itself...
Having explained to the general public that there was nothing to be concerned about, when an exploding transformer shut down at least one unit of the Indian River nuclear power plant, noting "no danger to public safety," it appears the situation is not as 'contained' as officials hoped. As Sputnik News reports, thousands of gallons of oil that leaked into the Hudson River after the explosion has formed a gigantic oil sheen on the waterway. NY Governor Andrew Cuomo has demanded a probe into the incident, adding that Entergy and contractors will clean up the spill.
In the coming months, however many hours Clinton spends introducing herself to voters in small-town America, she will spend hundreds more raising money in four-star hotels and multimillion-dollar homes around the nation. The question is: "Can Clinton claim to stand for 'everyday Americans,' while hauling in huge sums of cash from the very wealthiest of us?" This much cannot be disputed: Clinton's connections to the financiers and bankers of this country - and this country's campaigns - run deep. As Nomi Prins questions, who counts more to such a candidate, the person you met over that chicken burrito bowl or the Citigroup partner you met over crudités and caviar?
Yesterday, around 7 pm, dozens of people were at a contest hosted by New York-based American freedom Defense Initiative at the Curtis Culwell Center in Garland, Texas when police said two men pulled up in a vehicle and shot a Garland Independent School District Security guard in the ankle at about 7 p.m. The men were then shot and killed by Garland police. While the FBI did not have any immediate comments or speculation on the reason behind the attac, according to the Site intel group, overnight it was Islamic State supporters who took "credit" for the bungled shooting attack.
- Clinton charities will refile tax returns, audit for other errors (Reuters)
- China Warns North Korean Nuclear Threat Is Rising (WSJ), or another country realizes war is the only "exit"
- Shares, euro sag after euro zone PMIs disappoint (Reuters)
- China Manufacturing Gauge Drops to Lowest Level in 12 Months (BBG)
- Deutsche Bank Said to Pay $2.14 Billion in Libor Case (BBG), or roughly a €20,000 per banker "get out of jail" fee
- Brazil’s Petrobras Reports Nearly $17 Billion in Asset and Corruption Charges (WSJ)
- Can This Oil Baron’s Company Withstand Another Quake? (BBG)
- Bad for Q1 GDP: Raytheon sales fall amid weak U.S. defense spending (Reuters)
While life is not always fair, here's an elegant way to avoid unfairness when it comes to your investments
The Russian President tops TIME's 100 most influential people list even as 60% of voters were Americans. Guess where President Obama landed...
With the Fed supposedly steeling itself at last to remove a little of its emergency ‘accommodation’, it has suddenly become fashionable to warn of the awful parallels with 1937 as an excuse The Fed must not act today. We strongly refute the analogy. Instead, the real Ghost of ’37 takes the form of mean-spirited and, counter-productive 'pitchfork populism' politics and the spectre should not be conjured up to excuse the central bank from further delaying its overdue embarkation on the long road back to normality and policy minimalism.
Barron’s should have published its gushing cover story on Jamie Dimon’s stewardship of JPMorgan today – as an April Fool’s joke.
Update, and just as expected: IRAN NUCLEAR NEGOTIATORS MAY MISS 3RD DEADLINE: U.S. OFFICIAL
"The United States and Europe reportedly want the UN Security Council (UNSC) sanctions on Iran to be automatically reversible, meaning that if Iran violates the deal at any point, the UNSC sanctions will automatically be re-imposed on Tehran. Russia opposes such a scenario, saying in such a case the UNSC should decide what to do. Moscow says automatic imposition of sanctions goes against the mechanism of the Security Council. China also reportedly shares Russia’s viewpoint and is against the imposition of automatically reversible sanctions on Iran."
While fear still lingers of a nuclear catastrophe on a similar scale as Fukushima, or earlier accidents such as Three Mile Island or Chernobyl, that hasn’t stopped a slew of countries from moving forward on plans to develop nuclear plants as an adjunct to existing power sources like hydro, coal, natural gas and good ol’ oil. Especially in developing countries that lack access to fossil fuels, nuclear is seen as a viable and cost-effective form of baseload power.