Switzerland

Tyler Durden's picture

Central Banks Have Lost Control Of The World





With the world's oldest central bank - Sweden's Riksbank - taking the plunge into negative rates, there have been 19 'eases' by central banks this year, Morgan Stanley warns of "ghosts of the 1930s." With competitive 'easing' stoking fears of international currency wars, The Telegraph notes however that looser monetary policy is not the order of the day everywhere in the world, and herein lies potential danger for the world economy.

 
GoldCore's picture

NSA Trojan Firmware Widespread, U.S. International Tech Reputation May Suffer. Tech Privacy Has Been a Myth.





The global economy is thoroughly integrated and processes and knowhow are increasingly delivered on distributed architecture made up of lattices of public and private networks. This approach has wonderful benefits and can deliver scale and flexibility and speed in equal measure. But therein lies the risk, the physical spying infrastructure with engineered back doors must remain hidden in order to be effective and useful to the spies who placed them there. What the intelligence community has done has created the mother of all “single point of failures” and the potential for calamity and social disintegration is almost too great to countenance. They assume that with adequate controls these systems can be kept safe and used effectively. They said the same about nuclear procurement and weaponised viruses.

 
GoldCore's picture

International Hacking Group Steals $300 Million – Global Digital Banking System Not Secure





The attacks demonstrate a shocking vulnerability in the highly interconnected global banking system. The Kaspersky Lab report gives a fascinating insight into the hackers operation.

 
Tyler Durden's picture

"The World's Most Sophisticated Cyber Attack" - How Hackers Infiltrated The Banks & Stole Millions





Since late 2013, The NY Times reports that an unknown group of hackers has reportedly stolen $300 million ­- possibly as much as triple that amount - from banks across the world, with the majority of the victims in Russia. The attacks continue, all using roughly the same modus operandi...

 
Tyler Durden's picture

Gold In A Negative Interest Rate World





Gold and government bonds now cost about the same to own, but governments actively trying to lower the value of their bonds and bank accounts while gold is rising wherever trouble erupts. The logical conclusion is that if gold and cash both cost the same to own, then maybe gold — which has held its value over millennia while every previous fiat currency has evaporated — is the better bet.

 
Tyler Durden's picture

World Press Freedom Index Plunges – USA Now Ranked #49 Globally





The 2015 World Press Freedom Index highlights the worldwide drastic decline in freedom of information in 2014. The rise in overall violations of freedom of information was evident in all continents, but for America - the bastion of press freedom in the land of the free and "the most transparenet administration ever" - fell once again... to 49th!!

 
Tyler Durden's picture

Goldman Asks If Negative Rates Are Coming To The US





Now that Europe has demonstrated that one can go NIRP and not crash the system, will the Fed - once its silly obsession with hiking rates in the summer only to launch even more easing and/or QE as the ECB did in 2008 and 2011 - follow suit and join a rising tide of "developed" world central banks in punishing savers for hoarding cash? In a note released last night titled "Revisiting Negative Interest Rates in the US", Goldman shares its thought on the matter. It goes without saying that Goldman is important, because whatever Goldman's econ team shares with Goldman's Bill Dudley over at the NY Fed, usually tends to become official policy with a 3-6 month lag.

 
Tyler Durden's picture

Frontrunning: February 13





  • Greece will do 'whatever it can' to reach deal with EU (Reuters)
  • ECB Urges Greek Political Deal as Emergency Cash Is Tight (BBG)
  • Fighting rages in run-up to Ukraine ceasefire (Reuters)
  • Eurozone GDP Picks Up, Thanks to Germany (WSJ)
  • Two J. P. Morgan Executives Connected to Asia Hiring Probe Pushed Out (WSJ)
  • Putin's High Tolerance for Pain and Europe's Reluctance to Inflict It (BBG)
  • Indigestion Hits Top U.S. Food Firms (WSJ)
  • Alibaba's Jack Ma seeks to reassure employees over U.S. lawsuits (Reuters)
 
Tyler Durden's picture

German DAX Rises Above 11,000 For First Time After European GDP Surprises To Upside





Who would have thought all it takes for Eurozone Q4 GDP to print above expectations, even if by the smallest of possible margins - one which even the Chinese goalseek-o-tron bows its head down to in respect - which at 0.3% Q/Q was above the 0.2% expected and above Q3's 0.2%, was for Europe to admit it has finally succumbed to deflation. Oh, and for the ECB to admit the situation has never been more serious by launching Q€. Oh, and add the "estimated contribution" to GDP from hookers and drugs. Put all that together and on an annualized basis, the European economy grew by 1.4%. Whatever the reason, Q4 GDP was the best print since Q1, even as Germany blew not only consensus of 0.3%, but the highest GDP estimate of 0.6% out of the water when it reported that courtesy of a spike in spending, its economy grew by 0.7% in the fourth quarter, up from the near-recessionary 0.1% in Q3. That, together with QE and ZIRP now raging across the continent, was enough to push the DAX above 11,000 for the first time ever.

 
Tyler Durden's picture

Market Wrap: Whirlwind Manic-Depressive Session Sees Futures Slide Then Surge





So far it has been an overnight session which clearly forgot to take its lithium, with futures first tumbling after CNBC's "leak" that a Greek deal had been reached was refuted, only to surge subsequently on both the Riskbank's foray into NIRP and QE which crushed the Swedish currency and sent its stocks to recorder highs, and more importantly, on the latest ceasefire out of Minsk which has pushed Russian and European assets substantially higher. While only the most naive believe that any palpable end to Ukraine hostilities will emerge as a result of today's delay, expect for Greek headlines to return with a vengeance as today it is Tsipras' turn to speak at a summit of the 28 European Union leaders set to begin momentarily.

 
Tyler Durden's picture

The Keys To The Gold Vaults At The New York Fed ‘Coin Bars’, ‘Melts’ And The Bundesbank





 

‘Coin bars’ is a bullion industry term referring to bars that were made by melting gold coins in a process that did not refine the gold nor remove the other metals or metal alloys that were in the coins. The molten metal was just recast directly into bar form. Because it’s a concept critical to the FRBNY stored gold, the concept of US Assay Office / Mint gold bar ‘Melts’ is also highlighted below. Melts are batches of gold bars, usually between 18 and 22 bars, that when produced, were stamped with a melt number and a fineness, but were weight-listed as one unit. The US Assay Office produced both 0.995 fine gold bars and coin bars as Melts. The gold bars in a Melt are usually stored together unless that melt has been ‘broken’.

 
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How Dan Loeb Thinks The Greek Crisis Plays Out





As reported yesterday in his Q4 letter to investors, Third Point's Dan Loeb took down his net leverage going into 2015 for one simple reason: a "haunted house market" as he described it, where "a new scary event lurks around each corner", and no event is scarier than a worst-case outcome to the Greek situation. So how does Loeb see the latest Greek crisis ending? Read on for this thoughts.

 
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