Transparency

"Authenticity Is As Rare As A Unicorn In Today's Politically-Motivated Markets"

In the Golden Age of the Central Banker it is impossible to distinguish fundamental economic reasons for asset class price movements from politically-driven strategic reasons. When words are used for strategic effect rather than a genuine transmission of information you create a virtual stalking horse. It’s a focus on how something is said as opposed to what is described. It’s a focus on form rather than content, on truthiness rather than truth. It’s why authenticity is as rare as a unicorn in the public world today.

The Immorality Of Paper Money

One of today’s most common economic fallacies is that the soaring stock market is evidence of economic recovery. Nothing could be further from the truth. The Fed’s balance sheet has grown more than fourfold since 2008 — to $4.3 trillion — and was used to prop up the “too big to fails.” That money had to go somewhere.  Paper money promotes the “quick buck” syndrome like narcotics peddling and hookers on the streets. In a paper money society, the social order visibly deteriorates. Fiat promotes an illusory reality where non-substance like financial speculation and gambling replaces the substance of industrial production and long-term value.

What Happened To Barclays' Dark Pool Volume After It Got Caught

Barclays almost succeeded in its quest of becoming the top US dark pool at any cost, even criminal: in the week ending June 16 Barclays was second only to Credit Suisse' Crossfinder ATS with 312.1 million total shares traded on some 1.6 million in total trades. Unfortunately for Barclays it should put its ambitions on permanent halt, because as was revealed today by FINRA's new "ATS Transparency" database, Barclays total dark pool volume has plunged by a whopping 37% to under 200 million shares.

GoldCore's picture

We believe that a more transparent and reliable fixing could lead to higher gold prices as we suspect that prices are artificially low at this time and do not reflect the delicate supply demand balance in the physical gold market ... Nor do they capture the degree of systemic and geopolitical risk in the world today."

"Treasuries - As A Relative Asset Class - Look Cheap"

Long-duration Treasuries continue to look attractive; a view that Scotiabank's Guy Haselmann has unwaveringly maintained for the past six months for a variety of diverse reasons. Of all of the various reasons, private pension demand is the most interesting and compelling (and the least understood). The bottom line is that PBGC rule changes will cause persistent and incremental demand over time that overwhelms net visible secondary market supply.  Concerns about funding status will trump the private defined benefit plan manager’s fiduciary desire to ‘maximize return per unit of risk’. There are other factors, but the point is that Treasuries as a relative asset class looks attractive.

How Recession-Proof Is Your Job Sector?

History suggests that previously sound assumptions about financial security and recession-proof sectors may not apply in the next recession.

The Stunner From Today's Round Table Debate To "Fix" The London Gold Fix

The man who assisted and "consulted" Gordon Brown (a man so clueless about finance he didn't and still doesn't have any idea what a carry trade is, let alone one in gold) the man who was Chief Manager of the Bank of England's reserves (all reserves) when Britain commenced its gold dumping campaign intended to, as usual, bail the big banks whose gold shorting trades had gone horribly wrong, the man - John Nugee - is the same man tasked with making the London gold fix fair, efficient, transparent and unrigged. One can't make this up.

Sarajevo Is The Fulcrum Of Modern History: The Great War And Its Terrible Aftermath

One hundred years ago today the world was shook loose of its moorings. Every school boy knows that the assassination of the archduke of Austria at Sarajevo was the trigger that incited the bloody, destructive conflagration of the world’s nations known as the Great War. But this senseless eruption of unprecedented industrial state violence did not end with the armistice four years later. In fact, 1914 is the fulcrum of modern history. It is the year the Fed opened-up for business just as the carnage in northern France closed-down the prior magnificent half-century era of liberal internationalism and honest gold-backed money. So it was the Great War’s terrible aftermath - a century of drift toward statism, militarism and fiat money - that was actually triggered by the events at Sarajevo.

Networks Vs. Hierarchies: Which Will Win?

Many believe the most significant battle of our era is between the forces of Decentralization vs. Centralization. Niall Furguson takes that battle and looks at it from a historical perspective, describing it as Networks vs. Hierarchies, and warns we "need networks, for no political hierarchy, no matter how powerful, can plan all the clever things that networks spontaneously generate. But if the hierarchy comes to control the networks so much as to compromise their benign self-organizing capacities, then innovation is bound to wane."

Laugh Along With Darclays "Ongoing Commitment To Transparency" Presentation To Clients

Now that any credibility Barclays, pardon Darklays, may have had in the capital markets has drowned at the bottom of its (soon to be shuttered) dark pool, it is time to start making fun of the bank. To do that we bring our readers the British bank's "Ongoing Commitment to Transparency", and specifiically the "Equities Electronic Order Handling." Curiously, nowhere in said book does it say that the bank will route the vast majority of its trades to the most lucrative predatory HFT algos lurking deep in the bowels of LX, which incidentally is co-located in the Savvis NJ2 Data Center in Weehawken, New Jersey, may it rest in piece now that nobody on the buyside will ever use it again. What it does report are the following creative lies, which we reveal to the general public because after all remember: the biggest defense the HFT lobby makes is that "whatever HFT does it never hurt retail investors." We will let retail investors decide for themselves.

"The Gap Between Those With Money & Those With Knowledge Has Grown Catastrophic"

"The one unlimited resource we have on the planet is the human brain – the current strategy of 1% capitalism is failing because it is killing the Golden Goose at multiple levels. Unfortunately, the gap between those with money and power and those who actually know what they are talking about has grown catastrophic. The rich are surrounded by sycophants and pretenders whose continued employment demands that they not question the premises."