In medicine, they have something called the Hippocratic Oath. It requires physicians to swear to uphold certain ethical standards. In modern fund management, there is no Hippocratic Oath. Whereas doctors are expected to “First, do no harm”, in modern fund management, iatrogenic illnesses hold sway. An iatrogenic illness is one that is caused by the physician himself. Fund management doctors seem to be doing the best they can to kill their own patients. Science has a word for this, too. It’s called parasite. There is a solution to all this insanity.
"The Biggest Protest This Country Has Seen In Years" - Quarter Million Germans Protest Obama "Free Trade" DealSubmitted by Tyler Durden on 10/10/2015 10:56 -0400
250,000 Germans marched in Berlin today in protest against the planned "free trade" deal between Europe and the United States which they say is anti-democratic and will lower food safety, labor and environmental standards. "This is the biggest protest that this country has seen for many, many years," Christoph Bautz, director of citizens' movement Campact told protesters in a speech.
The latest BAC credit and debit card spending data is out and it is not pretty, and not just for the mid-level consumer who, as documented previously, has been tapping out ever since April as the following Gallup consumer spending chart shows but also for the high-end.
"Thanks to President Obama’s leadership and the determination and sacrifice of the American people, we’ve worked our way out of that ditch and put our economy on sounder footing. Now we have to keep going.
To prevent irresponsible behavior on Wall Street from ever again devastating Main Street, we need more accountability, tougher rules and stronger enforcement. I have a plan to build on the progress we’ve made under President Obama and do just that."
Frequent followers of the German public campaign “Repatriate our Gold“ already know how intensively we have been struggling since 2011 (and longer) with Deutsche Bundesbank to finally – after more than 50 years of external storage of Germany’s gold – get credible transparency regarding this matter. Some progress was brought about recently (2012 disclosure of the whereabouts of Germany´s gold by BuBa; 2013 partial repatriation plan announced by BuBa; 2013 and ongoing through 2015 alleged physical repatriation of approximately 200 tons to date – equaling approximately 10% of Germany’s gold abroad). But real proof and transparency is still lacking from Bundesbank’s side!
Like other banks, Deutsche has been caught up in the Libor-rigging scandal, and faces another investigation in Switzerland for suspected price-fixing in the precious metal market.
Gillian Tett, ourselves and many others have warned that Deutsche and its massive derivative book has the potential to be a ”European Lehman Brothers”. Is Deutsche Bank, the largest holder of Warren Buffett’s “financial weapons of mass destruction” derivatives in trouble?
It is erroneous to believe that free traders have been historically in favor of free trade agreements between governments. Paradoxically, the opposite is true. Curiously, many laissez-faire advocates fall into the government-made trap by supporting “free-trade” treaties. The very fact that governments are negotiating in the name of free trade should be suspicious for any libertarian or true advocate of free trade. It’s time for genuine free trade.
Having government control over the levers of the economy can have advantages. For example, by taking prompt action, the Chinese government was able to pull the economy out of the recession remarkably fast, basically by fire-housing the stimulus package that was equivalent to 12% GDP. That’s the advantage. The only problem is that these kinds of short-term advantages come with long-term, painful consequences.
As the following org chart of Glencore shows, the company - at least on the surface - appears to be far "simpler" than Enron was in the days preceding its biggest, for the time, and quite unexpected, bankruptcy.
If circumstances of any incident appear not to add up, it’s pertinent to thoroughly examine the current narrative for signs the State is attempting to mold public opinion — because it is there you will find the truth that you’re not being told. In the case of MSF, a massive treaty cum trade deal involving U.S. interests in another part of the world from the tragedy in Kunduz can offer, perhaps, insight which might otherwise seem unrelated. As it turns out, MSF have been particularly vocal critics of the impending Trans-Pacific Partnership — and their criticism hasn’t gone unnoticed.
Given that the oil market itself has around 2 million barrels per day of excess supply, Chinese SPR demand is providing a cushion, but not a huge one. Prices may drop when these imports are completed; however, it will not be catastrophic to the market. Considerations of the SPR in China seem overblown when compared to decreases in overall Chinese, Asian, and global demand, which should be the focal points of any investor’s analysis, and not just China’s SPR.
Whereas some central banks have become more forthcoming on where they claim their official gold reserves are stored, many of the world’s central banks remain secretive in this regard, with some central bank staff saying that they are not allowed to provide this information, and some central banks just ignoring the question when asked.
Every SINGLE Big Wall Street Bank Got Stocks AND Rates Horribly Wrong, Except for... Here's Why It Will Always Happen!Submitted by Reggie Middleton on 09/30/2015 10:44 -0400
This is a damn shame. You can't be upset if your banker calls you a muppet if you hand him the marrionette strings... The tools to cut the strings are just around the corner. Let's see if regulators do the right thing, or if will they stilfe innovation to protect status quo.
China boosted central bank gold holdings 1 percent as the country that rivals India as the world’s largest bullion consumer seeks to diversify its foreign exchange reserves.
The Fed’s policy of forward guidance and radical transparency is not working. It turns out that letting the market peer over its shoulder as it makes monetary policy sausage is, in some ways, worse than the opaque process that existed prior to the arrival of Bernanke and Yellen. It pulls back the curtain and shows the human, error prone side of the Fed. Every time the Fed’s dots move, it is an admission of failure and undermines the very confidence it was trying to inspire.