• GoldCore
    07/25/2014 - 09:41
    The EU and global drive toward bail-ins continues unabated. Bail-ins are coming to financial institutions and banks in the EU, UK, U.S. and much of the western world - with painful consequences for...

SWIFT

Tyler Durden's picture

Fed Admits It Is Caught In A Reflexive Catch 22





"... the announcement of a reduction in asset purchases at this meeting might trigger an additional, unwarranted tightening of financial conditions, perhaps because markets would read such an announcement as signaling the Committee’s willingness, notwithstanding mixed recent data, to take an initial step toward exit from its highly accommodative policy...the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market...  it was noted that if the Committee did not pare back its purchases in these circumstances, it might be difficult to explain a cut in coming months, absent clearly stronger data on the economy and a swift resolution of federal fiscal uncertainties.... postponing the reduction in the pace of asset purchases would also allow time for the Committee to further discuss and to implement a clarification or strengthening of its forward guidance for the federal funds rate, which could temper the risk that a future downward adjustment in asset purchases would cause an undesirable tightening of financial conditions."

 
Tyler Durden's picture

FOMC Minutes Reveal "Most Fed Officials Saw QE Tapering In 2013"





In what had already been exposed as a 'contentious' meeting the minutes of the last Un-Taper FOMC meeting show a Fed in turmoil...

  • *MOST FED OFFICIALS SAW QE TAPERING THIS YEAR, HALTING MID-2014
  • *FOMC FORECAST `GRADUAL ABATEMENT' OF HEADWINDS SLOWING GROWTH
  • *A NUMBER OF FOMC PARTICIPANTS SAW RISING FISCAL POLICY RISK
  • *SEVERAL FOMC PARTICIPANTS SAW FINANCIAL CONDITIONS AS TIGHTER

Of course, the question is - will Yellen be a consensus-seeker or dictator?

Pre - S&P 500 Futs 1653, 10Y 2.66%, 10/17 bill 40bps, EUR 1.3515, Gold $1310

 
Tyler Durden's picture

Mr.Ben S. Bernanke Would Like To Wire You Some Money (From Nigeria)





With Chairsatan Ben's days at the Fed officially numbered, it seems some enterprising Nigerian businessmen have already found a new (and far more reputable many would say) position for the man who never once in his Chairman tenure initiated a tightening cycle, and single-handedly exploded the Fed's balance sheet over threefold.

 
George Washington's picture

Government Lies About Spying Again and Again … Here’s What’s REALLY Going On





“Spies … Can Now, For The First Time, Monitor Everything About Us, And They Can Do So With A Few Clicks Of A Mouse And – To Placate The Lawyers – A Drop-Down Menu Of Justifications”

 
Tyler Durden's picture

BitCoin Plunges Following US Government Seizure Of Silk Road Website, "Dread Pirate Roberts" In Custody





Earlier today, one of the most popular websites that use and promote the use of BitCoin, Silk Road, was shut down by the US government. As Reuters reports, U.S. law enforcement authorities raided an Internet site that served as a marketplace for illegal drugs, including heroin and cocaine, and arrested its owner, the Federal Bureau of Investigation said on Wednesday. The FBI arrested Ross William Ulbricht, known as "Dread Pirate Roberts," in San Francisco on Tuesday, according to court filings. Federal prosecutors charged Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing. Anyone visiting the site would be greeted with the following "game over" screen.

 
Tyler Durden's picture

Saudi Arabia "Outraged" At Obama's Peace Overtures With Syria, Iran





Back in August, just after the false flag chemical weapon attack in Syria, we showed that despite all the posturing by the Obama administration (and, of course, France's belligerent, socialist leader Francois Hollande), the nation behind the entire Syrian campaign was not one of the "democratic", Western nations but none other than close neighbor Saudi Arabia, and the brain orchestrating every move of the western puppets was one Bandar bin Sultan, the nation's influential intelligence chief. We also explained the plethora of geopolitical and mostly energy-related issues that Saudi and Qatar had at stake, which they were eager to launch a regional war over, just to promote their particular set of selfish interests. A month later, in clear confirmation that this was precisely the case, the WSJ reported that the recent overtures by Obama, brilliantly checkmated by Putin, to push for a peaceful resolution with not only Syria, but suddenly Iran as well, has managed to infuriate Saudi Arabia: traditionally one of the US' closest allies in the region and the key source of crude oil to the western world.

 
Tyler Durden's picture

When Bubbles Fail: Albert Edwards Explains What Happens When The Fed Can No Longer Contain The Fury Of The "99%"





"They’re at it again! US inequality is surging and the Fed has created another house price boom. Does this matter? Well I think so. But who cares what I think. Warren Buffet, Bill Gross and Stanley Druckenmiller think it matters. Clients marvel at how the US profits’ share of GDP remains so high and that labour remains so weak. Marc Faber said recently that in postponing the QE taper, we have merely climbed to a higher diving board. I go further. I see growing inequality draining the swimming pool dry. The crunch, when it comes, will be ugly"...  Investors should make no mistake. The anger of the 99% will ultimately not be bought off by yet another central bank inspired housing bubble, engineered to pacify them and divert their attention as their real incomes fall and inequality continues to grow." - Albert Edwards

 
Capitalist Exploits's picture

Al-Qaeda's Wet Dream





Imagine for a second you're a terrorist intent on inflicting unimaginable harm on your enemy. Now let's further imagine that your enemy is the United States...

 
Tyler Durden's picture

The Complete FOMC Announcement Preview





  • Expectations for Fed to begin to taper asset purchases by USD 10-15bln
  • Ranges for pace of Treasury purchases: high USD 45bln, low USD 25bln
  • Ranges for pace of MBS purchases: high USD 45bln, low USD 30bln
  • Some see FOMC lowering unemployment threshold from current 6.5%
  • Summary of Economic Projections and Press Conference from Fed Chairman Bernanke follow the announcement
 
Tyler Durden's picture

The SWIFT Takeover: With "Follow The Money", NSA Knows All About Your Spending Habits





With the NSA already tracking and recording every form of communication and electronic data exchange, it would hardly come as a surprise that the final piece of the puzzle was also actively being intercepted and collected by General Keith Alexander's superspy army: money, or rather tracking the global flow thereof. Which is why we were not surprised to learn just this, following the latest report from Germany's Spiegel that "The National Security Agency (NSA) widely monitors international payments, banking and credit card transactions" and has even created an internal branch titled appropriately enough "Follow The Money" (FTM). Once collected, the data then flows into the NSA's own financial databank, called "Tracfin," which in 2011 contained 180 million records. Some 84 percent of the data is from credit card transactions. But while collecting credit card data was to be expected, what is even worse is that the NSA has also secretly planted itself in the nexus of the entire global USD-intermediated financial transactions system courtesy of SWIFT.  In other words, America's unsupervised uber spies, when not checking in on their former significant others, spend the bulk of their time tracking who is buying what, where, and with whose money.

 
Tyler Durden's picture

Futures Drift Sideways On Lack Of Syria, Liquidity Clarity





As macro news continues to trickle in better than expected, the latest batch being benign (if completely fake) Chinese inflation data (CPI 2.6%, Exp. 2.6%, Last 2.7%) and trade data released overnight which saw ahigher than expected trade balance ($28.5bn vs Exp. $20.0; as exports rose from 5.1% to 7.2%, and imports dipped from 10.9% to 7.0%, missing expectations), markets remain confused: is good news better or does it mean even more global liquidity will be pulled.  As a result, the release of an encouraging set of macroeconomic data from China failed to have a meaningful impact on the sentiment in Europe this morning and instead stocks traded lower, with the Spanish IBEX-35 index underperforming after Madrid lost out to Tokyo to win rights to host 2020 Olympic Games. Even though the news buoyed USD/JPY overnight, the pair faced downside pressure stemming from interest rate differential flows amid better bid USTs. The price action in the US curve was partly driven by the latest article from a prolific Fed watcher Jon Hilsenrath who said many Fed officials are undecided on whether to scale back bond purchases in September. Hilsenrath added that the Fed could wait or reduce the programme by a small amount at the upcoming meeting. Going forward, there are no major macroeconomic data releases scheduled for the second half of the session, but Fed’s Williams is due to speak.

 
Reggie Middleton's picture

Intel's Haswell Processor Killed Microsoft's Windows RT Before It Even Grew Legs





This stillbirth portends more than just bad news for Microsoft ARM products. Pundits, inveestors and consumers should be paying closer attention.

 
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