SWIFT

Dennis Gartman: "We Are Entering The “Zimbabwe-isation” Of The Global Capital Markets"

"We are, it seems to us, entering the period we shall call the “Zimbabwe-isation” of the global capital markets and we say that with all sincerity… and requisite trepidation.  This will end badly of course. These things always do, but until they end… until the music finally stops… the game has to be played and the music, as it plays, has to be enjoyed."

US Futures, European Stocks Rebound, Bonds Fall Ahead Of US Data Deluge

The overnight session started with more weakness out of Asia, where chatter that the BOJ may end up doing nothing despite all the trial balloons (as we hinted yesterday), sent the USDJPY sliding, pushing the Nikkei lower, leading to a 7th consecutive decline in the Topix, the longest such stretch since 2014 even though the BOJ is now actively buying a record amount of ETFs. However, the modest dip in S&P futures and European stocks proved too much for BTFD algos, and risk promptly rebounded.

European Leaders Discuss Plan For European Army

"We are going to move towards an EU army much faster than people believe." But the creation of a European army, a long-held goal of European federalists, would entail an unprecedented transfer of sovereignty from European nation states to unelected bureaucrats in Brussels, the de facto capital of the EU.

Paul Singer Warns It Is A "Very Dangerous Time" For Stocks, Prefers Gold

Having previously warned that "the ultimate breakdown from this environment is likely to be surprising, sudden, intense, and large," Elliott Management's Paul Singer slammed the "amazing arrogance" of policy-makers who have "created a tremendous increase in hidden risk, risk that investors don't exactly know." As CNBC notes, Singer issued cautionary words for the path ahead, "it's a very dangerous time in the global economy and global financial markets," adding that gold was "under-represented" in investors' portfolios.

Bob Farrell's (Illustrated) 10-Investment Rules

Regardless of how many times we discuss these issues, quote successful investors, or warn of the dangers – the response from both individuals and investment professionals is always the same... “I am a long term, fundamental value, investor.  So these rules don’t really apply to me.” No, you’re not. Yes, they do. Individuals are long term investors only as long as the markets are rising.

GoldCore's picture

As some of you may know, in a previous life I wrote a lot about gold and silver. I took the perspective of someone who was new and curious to the precious metals. I wanted to know more than just how the Fed announcements affected the prices, why demand and supply weren’t enough to predict movements and why history didn’t seem to have taught us any lessons.

Magical Thinking

... the more we embrace and encourage state-directed magical thinking, whether it’s of the monetary or fiscal policy sort, what we are actually doing is opening the city gates to the old evil magic and the alt-priests of fascism and totalitarianism.

Frontrunning: August 31

  • Treasuries Extend Drop in August on Fed Outlook as Dollar Gains (BBG)
  • Oil slips on dollar strength, still set for monthly gain (Reuters)
  • Trump to make dramatic trip to Mexico before immigration speech (Reuters)
  • Rep. Debbie Wasserman Schultz Beats Back Florida Primary Challenge (WSJ)
  • Ban cash because... SWIFT discloses more cyber thefts, pressures banks on security (Reuters)

After Its "Predatory Tax Grab", Europe Prepares Crackdown On Amazon, McDonald's

With Europe desperate to boost its dwindling public coffers and only starting tits anti-tax avoidance campaign, AAPL is only the start in the European Commission's crackdown.  As the WSJ writes, following today's ruling that Apple got an unfair advantage over its competitors because of help it got from Ireland government’s, the EU’s antitrust regulator is likely next to turn to two other ongoing tax investigations on its docket: Amazon.com and McDonald's.