"The growing size of the asset management industry may have increased the risk of liquidity illusion: market liquidity seems to be ample in normal times, but vanishes quickly during market stress. This liquidity may be artificial and less robust in the event of market turbulence." So what's the solution? Unfortunately there isn't one. Instead, fund managers are simply resorting to emergency liquidity lines with banks which is just another manifestation of using cheap cash to delay the Schumpeterian endgame scenario which, if ever allowed to play out, will finally purge capital markets, reset the system, and free the world from the nefarious clutches of central bankers gone mad with delusions of Keynesian grandeur.
Less than two weeks after Bank of China became the first Chinese bank to join the list of participants in the London gold auction, The Shanghai Gold Exchange confirms that a yuan-denominated gold fix will be in place by the end of 2015.
President Barack Obama in 2014 said Mr. Gruber was “some adviser who never worked on our staff.” And then there's this:
“Thank you for being an integral part of getting us to this historic moment,” according to Sept. 9, 2009 email to Mr. Gruber from Jeanne Lambrew, a top Obama administration health adviser who worked at HHS and the White House. In a November 2009 email, she called Mr. Gruber “our hero.”
Arguably, labor markets are stronger today than they have been in the past 20 years, but expectations of financial security for many of us are virtually non-existent. As ZH readers are no doubt aware, despite job numbers being “up” 280,000 last May, and average annual wages increasing 2.3 percent, Americans are still having a difficult time finding full-time work that pays a livable wage.
... the long-term deficit and debt that we have accumulated is unsustainable. We can't keep on just borrowing from China, or borrowing from other countries because part of it is, we have to pay interest on that debt. And that means that we're mortgaging our children's future with more and more debt, but what's also true is that at some point they're just going to get tired of buying our debt. And when that happens, we will really have to raise interest rates to be able to borrow...
We want to highlight today's absolute failure at investigative reporting, and the worst example of journalistic capture by the Federal Reserve that we have ever seen because at stake is the criminality, competence and corruption of that most important of organizations in modern society, the US Federal Reserve.
- WSJ urges Fed to blow uberest of all bubbles: Memo to Fed: Let the Economy Overheat (WSJ)
- Gunman at large after killing nine at black South Carolina church (Reuters)
- Nine Dead in Charleston Shooting Labeled a 'Hate Crime' (BBG)
- Hong Kong Votes Down Beijing-Backed Election Plan (WSJ)
- Greece Has Already Cost Investors $897 Billion This Year (BBG)
- Merkel Maintains Tough Stance on Greece as Deadline Looms (WSJ)
- Small U.S. frackers face extinction amid drilling drought (Reuters)
- Brian Williams to Stay at NBC, but Lester Holt Will Be Anchor (WSJ)
What’s the connection between the G7 summit in Germany, President Putin’s visit to Italy, the Bilderberg club meeting in Austria, and the TTIP – the US-EU free trade deal – negotiations in Washington?
It seems like there's an ETF for everything nowadays. From global warming ETFs to fertilizer ETFs, Wall Street has neatly packaged nearly every type of investment to attract your cash. One thing they forgot to package was corruption. Considering how they are already overflowing in it, perhaps they just took it for granted. However, for many investors, corruption is worth taking a second look.
When it came to the highly confidential TPP, it was unclear just which corporations were dominant in pulling the strings. Now thanks to more documents published by Wikileaks, and analyzed by the NYT, it appears that "big pharma" is the mastermind behind the Trans Pacific Partnership, which if passed will "empower big pharmaceutical firms to command higher reimbursement rates in the United States and abroad, at the expense of consumers" according to "public health professionals, generic-drug makers and activists opposed to the trade deal."
“Until they become conscious, they will never rebel, and until after they have rebelled, they cannot become conscious.” - George Orwell
It’s a shell game intended to keep us focused on and distracted by all of the politically expedient things that are being said - about militarized police, surveillance, and government corruption - while the government continues to frogmarch us down the road toward outright tyranny.
- Pressing for Greek concessions, Merkel and Hollande keep Tsipras waiting (Reuters)
- Treasuries Extend Slump as Pimco Dumps Two-Thirds of Holdings (BBG)
- U.S. prepares plans for more troops, new base in Iraq: officials (Reuters)
- Texas policeman resigns after video shows him toppling teen (Reuters)
- Kuroda Says Hard to See Yen Dropping More, Spurring Surge (BBG)
- Tech Startups Woo Investors With Unconventional Financial Terms — but Do Numbers Add Up? (WSJ)
- Putin is a 'bully', U.S. needs to respond resolutely: Jeb Bush (Reuters)
Beyond intentional misrepresentations on the part of Beijing, China’s GDP data may suffer from a calculation error that at least one firm claims is endemic across emerging markets thanks to data collection limitations.