Switzerland

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Why The 'Sultan Of Chaos' Is Freaking Out





The only leverage the ‘Sultan’ may enjoy at the moment. From Brussels to Berlin, sound minds are terrified that the EU is now actually hostage to Erdogan’s Kurd “priority”, while Ankara is doing next to nothing to fight massive migrant smuggling. And that explains German Chancellor Angela Merkel’s own desperation. How could the alleged most powerful politician in Europe falls for such a crude extortion racket? The ‘Sultan’ wants a lot of cash, a lot of concessions, and even a further shot at entering the EU. Otherwise, he won’t turn off the tap on the grim refugee flood. No wonder the regime change rumor mill is frantic. In Ankara? No; in Berlin.

 
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Steve Keen Exposes Our Dysfunctional Monetary System





We are hostage to a dysfunctional monetary system, run by people who don’t understand how it works in the first place. No wonder the global economy is in the doldrums, and finance markets are having dyspeptic attacks.

 
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Another Exponential Chart: Record Numbers Renounce Their U.S. Citizenship In 2015





Few charts do the topic of US citizenship renunciation justice, like the one shown below.

 
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Ukraine Bonds Crash After Economy Minister Resigns Over "High-Level Corruption"





While the rest of the world's bond yields are collapsing and prices soaring (as NIRP sweeps the globe), Ukraine's 'young' implicitly-US-taxpayer-backed bonds have plunged to record lows. The reason - aside from simply disturbing economics - is, as The FT reports, the dramatic resignation of the economy minister accusing a senior presidential ally of blocking his attempts to root out graft and stymieing his plans for reform. Abromavicius exclaimed, of the Washington-installed elite at Kiev's heart, "I realised there is an intention to unwind the process of making all of this transparent."

 
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The Mechanics Of NIRP: How The Fed Will Bring Negative Rates To The U.S.





Now that talking about NIRP in the US is no longer anathema but a matter of survival for market participants for whom frontrunning the Fed's policy failure has emerged as a prerequisite trade, the question is: what are the mechanics of NIRP, what are the implications of negative rates for US markets. Here is the handy answer

 
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The Swiss National Bank Doubled Its Holdings Of AAPL Stock In 2015





In a year in which AAPL not only entered a bear market, but dropped to multi-year lows, the SNB almost doubled its total AAPL holdings, which as of December 31, 2015 amounted to 10.4 million shares, up from 5.6 million a year earlier

 
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The War On Savers And The 200 Rulers Of World Finance





There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers. Unlike Senator Joseph McCarthy, we actually do have a list of their names. They need to be exposed, denounced, ridiculed, rebuked and removed.

 
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Credit Suisse Plunges To 25 Year Lows After Posting Enormous $5.8 Billion Q4 Loss





"The environment has deteriorated materially during the fourth quarter of 2015 and it is not clear when some of the current negative trends in financial markets and in the world economy may start to abate."

 
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Frontrunning: February 3





  • Oil lifts stocks off lows, yen and low-risk debt in favor (Reuters)
  • Yes, this agaim: Oil gains after Russia says open to talking with OPEC (Reuters)
  • More forecasts: Oil Prices Could Jump 50% by the End of 2016 (BBG)
  • New Risks for Trump After Iowa Loss (WSJ)
  • Yuan Gap Widens Again as Depreciation Bets Swamp PBOC Fightback (BBG)
 
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Europe Falls, U.S. Futures Rise As Oil Halts Two-Day Plunge





While the biggest news of the night had nothing to do with either oil or China, all that mattered to US equity futures trading also was oil and China, and since WTI managed to rebound modestly from their biggest 2-day drop in years, rising back over $30, and with China falling only 0.4% overnight after the National Team made a rare, for 2016, appearance and pushed stocks to close at the day's high, US E-minis were able to rebound from overnight lows in the mid-1880s, and levitate above 1900. Whether they sustain this level remains to be seen.

 
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Negative Interest Rates Already In Fed’s Official Scenario





"The severely adverse scenario is characterized by a severe global recession, accompanied by a period of heightened corporate financial stress and negative yields for short-term U.S. Treasury securities.... As a result of the severe decline in real activity and subdued inflation, short-term Treasury rates fall to negative ½ percent by mid-2016 and remain at that level through the end of the scenario."

 
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"This Is Much Larger Than Subprime" - Here Are The Legendary Hedge Funds Fighting The Chinese Central Bank





Who are the brave souls who have decided to very openly fight the People's Bank of China? Here is a sample: Soros, Bass, Ackman, Druckenmiller, Tepper, Schreiber, Einhorn, Scogging, and Carlyle, Nexus and many more.

 
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Who Warned "Be Careful What You Wish For... If Interest Rates Go Negative"





"... if interest rates go negative, the incentives reverse: people receiving payments will prefer checks (which can be held back from collection) to electronic transfers. Such a reversal could impose novel burdens on payment systems that have evolved in an environment of positive interest rates.... that if interest rates go negative, we may see an epochal outburst of socially unproductive—even if individually beneficial—financial innovation."

 
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A Norwegian Gold Allocation Would Counter Sovereign Incompetence Risk





Many believed that the NOK was backed by oil, not requiring a gold reserve. However, oil is no longer a scarce resource but an abundant commodity. Switzerland, Germany, America and other first world nations have gold reserves. Norway should have one too.

 
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