Transaction Tax

"An Unusual Number Of Known Unknowns" - These Are The Key Event Risks In June

In June there will be "an unusual number of known unknowns from several sources. June 2016 is a month in which the number of event risks is particularly high. In our baseline scenarios we do not see market upsets, but the potential is there: Japanese fiscal policy; meetings of the ECB, Fed and BoJ; new ECB policy implementation; a German Constitutional Court ruling; the UK referendum; elections in Spain; and a decision on the FTT are all thrown into the mix."

George Soros Warns Europe: Absorb 500k Refugees Costing $34Bn, Or Risk "Existential Threat"

The asylum policy that emerged from last month’s EU-Turkey negotiations has four fundamental flaws, according to Billionaire puppet-master George Soros, which combined pose an "existential threat to Europe." His solution is 'simple' - Accept 500,000 refugees per year costing $34 billion year (via "surge" funding through more borrowing, and a newly-created refugee crisis fund from increased VAT on member states) or else, in his words, "the European Union is in mortal danger?"

China's Housing Bubble Is Back: Locals Wait In Line For Days To Flip Houses

Nowhere is the return of the Chinese housing bubble more ovious than in Beijing where scalpers are charging up to ?3000 for service numbers at the government office where property transfers are recorded, due to long wait times in the wake of the recent transaction tax cuts launched by the government to spur the housing market. The result is peole paying thousands of Yuan to get a better place in line as they scramble to "flip that house."

Hillary Pushes HFT Tax (A Day After BlackRock Warns Of "Wild Price Swings")

Following yesterday's flip-flop on TPP, Hillary Clinton has unleashed some new financial system 'policies' this morning, the most crucial of which includes the provision of a transaction tax which will dramatically penalize high-frequency traders (gratifying critics of HFT's instability-creating market structure). The question is, who is she trying to appease with this 'policy'? The answer is simple - Follow the money... once again.

NSA Leak Reveals Both Merkel And Schauble Saw Greek Debt As Unsustainable Even After Haircut

"Merkel's fear was that Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt... Within the German cabinet, Finance Minister Wolfgang Schnaeuble alone continued to strongly back another haircut... with IMF Managing Director Christine Lagarde described as undecided on the issue."

The Zombie System: How Capitalism Has Gone Off The Rails

"Solutions to the world's problems are not produced in a meeting between Bill Gates and George Soros... Renewal has to come from below... Limiting the influence [of the richest] is of the utmost importance... so that today's upper-class, high-finance capitalism can once again revert to being a capitalism of the real economy and the societal center."

Flooded By Gold Smuggling, India's New Cabinet Prepares To Lift Gold Capital Controls

It's the same old story: in order to make its economy appear healthier than it is, India attempted to centrally-plan and force a country of 1.2 billion to stop buying gold, going against centuries of, pardon the pun, tradition. It failed, and the result was an epic surge in gold smuggling. So now, with a new government in place, India is considering lifting the world's most draconian gold capital controls since FDR issued Executive Order 6102. Will it? And what will that mean for the price of gold? Find out soon enough.

Algos Concerned By Sudden USDJPY Tumble, But Then They Remember It Is Tuesday

In this brave New Normal world, a Chinese contraction is somehow expected to be offset by a rebound in Europe's worst economies, because following China's latest PMI miss, overnight we were told of beats in the Service PMI in Spain (56.5, vs Exp. 54.0, a 7 year high sending the Spanish 10 Year to fresh sub 3% lows), Italy at 51.1, vs Exp. 50.5, also pushing Italian yields to record lows, and France 50.4 (Exp. 50.3). We would speculate that macro events such as these, as fabricated as they may be, are relevant or even market-moving, but they aren't - all that matters is what the JPY and VIX traders at the NY Fed do in a low volume tape, usually in the last 30 minutes of the trading day. And since the trading day today happens to be a Tuesday, and nothing ever goes down on a Tuesday, the outcome is pretty much clear, and not even the absolutely abysmal Barclays earnings report has any chance of denting the latest rigged and manufactured low-volume levitation.