If Edward Snowden's patriotic exposure of all things 'super secret surveillance state' in America were not enough, Newsweek reports that, as 10s of millions of hungry PC users download the free upgrade, Windows 10 is watching - and logging and sharing - everything users do... and we mean everything.
Lately, a varied chorus of powerful union bosses, politicians and candidates, an asset management company executive, and a few ivory tower types have asserted that activism is short term in nature, engaged in by “hit and run” investors who care only about making a quick buck while leaving a company and its employees in ruins. It might surprise people to hear that we agree completely that the sort of activism they describe is abominable. Luckily, it does not really exist, and certainly not at Third Point. Activists today are very different from corporate raiders of the ‘80’s (about whom these criticisms might have been leveled fairly).
Earlier today, the SNB which is perhaps the most transparent hedge fund of all central banks and actually lays out its financial statements in a respectable manner every quarter, released its results for the second quarter (and first half) of 2015. The result: another absolutely epic loss, amounting to €50.1 billion ($51.8 billion) of which €47.2 billion on currency positions - a whopping 7% of Swiss GDP - meaning that in Q2 the SNB lost another €20 billion. This happened despite the SNB having invested 17%, or $94 billion, in foreign - mostly US -stocks.
Lerner then asks whether OCS is automatically archived. When informed it was not, Lerner responded “Perfect.”
“To arrive at a contradiction is to confess an error in one’s thinking; to maintain a contradiction is to abdicate one’s mind and to evict oneself from the realm of reality” ? Ayn Rand
Fed Reporter Pedro Da Costa Is Leaving The Wall Street Journal After Asking Yellen "Uncomfortable" QuestionsSubmitted by Tyler Durden on 07/30/2015 11:44 -0500
"In the past 12 months investors traded $18.2 trillion worth of ETF shares. For perspective, that means the amount of dollars exchanging hands through ETFs is now more than the U.S. gross domestic product, which stands at $17.4 trillion," Bloomberg reports. Or, put differently, the financial apocalypse draws near.
When people think about Social Security, they think that all the problems are decades away. Wrong. The Disability Insurance (DI) fund reserves are expected to be depleted by next year. The other trust fund, OAS, is projected to “become depleted and unable to pay scheduled benefits in full on a timely basis in 2034.” Which means that if you’re 47 or younger, you can kiss Social Security goodbye. Not to worry, though. Congress is on the case... the only problem with their solution - it's fraud!
Many investors still view gold as a safe-haven investment, but there remains much confusion regarding the extent to which the gold market is vulnerable to manipulation through short-term rigged market trades, and long-arm central bank interventions. First, much of the gold that is being sold as shares, in certificates, or for physical hoarding in dubious "vaults" just isn't there. Second, paper gold can be printed into infinity just like regular currency. Third, new electronic gold pricing — replacing, as of this past February, the traditional five-bank phone-call of the London Gold Fix in place since 1919 — has not necessarily proved a more trustworthy model. Fourth, there looms the specter of the central bank, particularly in the form of volume trading discounts that commodity exchanges offer them.Today, there is no “official” price for gold, nor any “gold-exchange standard” competing with a semi-underground free gold market. There is, however, a material legacy of “real versus pseudo” gold that remains a terrible menace. Buyer beware of the pivotal difference between the two.
We always keep a weather eye on the state of retail investing in the U.S. There is, of course, the old saw that this batch of buyers doesn’t get involved until the top; therefore, it makes sense to see if they are getting too “Bulled up”. Then there is the fact that retail “Cult” stocks can hold premium valuations far longer than those without such sponsorship.
Despite the imploring of Greek bankers for Greeks to "take your money out of your chests and houses – which are not safe in any case – and deposit at banks," it appears the Greek bank deposit run continues. As The ECB just announced another €900 million increase in Emergency Liquidity Assistance, strongly suggesting that in the 2 days since the last increase, banks are once again insolvent facing a liquidity crunch as the "banks are trustworthy" propaganda falls on very deaf Greek ears.
President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV, “Let’s all help our economy... If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.” Katseli’s appeal triggered laughter among Greeks with one exclaiming “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”
"Now that the spell is broken, we expect that many holders may want to sell to the forced buyers in the market. In addition, although difficult to assess accurately, due to a lack of data, we estimate that around 1/5 of the free float is still carried on margin. The high margin cost means that selling pressure is high as long as investors do not expect the market to go up significantly.we expect the market to experience another leg down, possibly within months."