VeRA

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Frontrunning: September 11





  • Obama orders U.S. airstrikes in Syria against Islamic State (Reuters)
  • Obama Relying on Mideast Allies to Counter Islamic State (BBG)
  • Scotland Nationalists Claim U.K. Oil in 40-Year Campaign (BBG)
  • Scottish Polls Embolden Catalans Pushing Rajoy for Vote (BBG)
  • Royal Bank of Scotland: RBS will leave Scotland if voters back independence (Guardian)
  • Most Hedge-Fund Managers Are Overpaid, Unigestion Says (BBG)
  • China Inflation Softens to Four-Month Low (WSJ)
  • Munger Hosts Groupies, Mocks Wall Street, Praises Buffett (BBG)
 
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Meet The New Leadership Of Europe: Presenting The "Juncker Commission"





As reported ealier this morning, here, courtesy of Bloomberg, are the nominees for the next European Commission under the presidency of Jean-Claude "If Serioues Then lie" Juncker, with one from each of the European Union’s 28 countries. Job assignments were announced today by the incoming president, Jean-Claude Juncker of Luxembourg. What do these appointments mean for the European Union? The attached flash analysis from Open Europe should answer most initial questions.

 
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Two Thirds Of Gen X Households Have Less Wealth Than Their Parents Did At The Same Age





Just how badly is Generation X doing? Bad enough to turn around the entire concept of middle-class prosperity in America - one where every next generation should do better than the preceding one - on its head. "Only one-third of Generation X households had more wealth than their parents held at the same age, even though most earn more, The Pew Charitable Trusts found." And there, in a nutshell, is your so-called recovery: two thirds of an entire generation - one which is in its prime working years - doing worse than the one before them!

 
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Central Bankers: Inflation is God’s Work





Inflation is always somebody else’s fault. Ludwig von Mises called out finger pointing central bankers and politicians decades ago in his book, Economic Policy. “The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.” Don’t expect the printing to stop any time soon. Central bankers believe they are doing God’s work. “To ensure that my people survive, I had to print money,” Zimbabwe's Gideon Gono told Newsweek. “I found myself doing extraordinary things that aren’t in the textbooks. Then the IMF asked the U.S. to please print money. The whole world is now practicing what they have been saying I should not. I decided that God had been on my side and had come to vindicate me.”

 
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Two Dead As Venezuela's Anti-Goverment Protests Turn Bloody - Live Feed





It appears it's not enough to have a record year on your stock market? Economic hardship, socialism, starvation, and not enough toilet paper have apparently led to the bloodiest riots in Caracas in years. As AP reports, at least 2 people were killed as large anti-Maduro protests engulfed the nation's capital.

 
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Frontrunning: December 12





  • J.P. Morgan to Pay Over $1 Billion to Settle U.S. Criminal Probe Related to Madoff (WSJ)
  • Ford board aims to pin down CEO Mulally's plans (Reuters)
  • Raising Minimum Wage Is a Bad Way to Help People (BBG)
  • Japan Lawmakers Demand Speedy Pension Reform (WSJ)
  • EU reaches landmark deal on failed banks (FT)
  • In which Hilsenrath repeats what we said in August: Fed Moves Toward New Tool for Setting Rates (WSJ)
  • Senators Vow to Add to Iran Economic Sanctions in 2014 (BBG)
  • Centerbridge in $3.3bn LightSquared bid (FT)
  • Banks, Agencies Draw Battle Lines Over 'Volcker Rule' (WSJ)
 
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How Brazil's Middle Class Dream Became A Debt-Fuelled Nightmare





Quick: which BRIC nation has the highest consumer loan default rate?

If you said China, India or Russia, you are wrong. Actually, if you said China you are probably right, but since absolutely all economic "data" in China is worthless, manipulated propaganda, only a retrospective post-mortem after the Chinese credit, housing, commodity, consumption bubbles have all burst will we know the answer. So excluding China, which country's consumers after a multi-year shopping spree funded entirely on credit, are suddenly suffering the epic hangover of soaring non-performing loans as they suddenly find themselves unable to even pay the interest on the debt? Just ask former billionaire Eike Batista whose OGX oil corporation is days away from filing bankruptcy. The answer, with 5.6% of all loans in default, above Russia, South Africa, Mexico, Turkey and India, is Brazil.

 
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Frontrunning: September 12





  • Syrian Rebels Hurt by Delay (WSJ), U.S. seeks quick proof Syria ready to abandon chemical weapons (Reuters)
  • Lavrov Brings Acerbic Pragmatism to Syria Meet With Kerry (BBG)
  • Five years after Lehman, risk moves into the shadows (Reuters)
  • U.S. shares raw intelligence data with Israel, leaked document shows  (LA Times)
  • Japan to raise sales tax, launch $50 bln stimulus (AFP) - so 1) lower debt by sales tax, then 2) raise debt through stimulus.
  • Blackstone’s Hilton Files for $1.25 Billion U.S. Initial Offer (BBG)
  • Second Life Bankers Thrive in Dubai as Boutiques Boost Fees (BBG)
  • Brussels probes multinationals’ tax deals (FT)
  • Wall Street's Top Cop: SEC Tries to Rebuild Its Reputation (WSJ) ... and fails
  • Tablet sales set to overtake PCs (FT)
  • The end of angst? Prosperous Germans in no mood for change (Reuters)
 
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Frontrunning: June 10





  • In Hong Kong, ex-CIA man may not escape U.S. reach (Reuters)
  • Backlash over US snooping intensifies (FT)
  • Apple to Revamp IPhone Software, Ending Product Funk (BBG)
  • Nothing like revising history: Japan revises up Q1 growth to annual 4.1% (FT), just don't look at the trade deficit
  • Coffee Exports From Indonesia Seen Slumping to Two-Year Low (BBG)
  • Euro bailout Troika nears end of road with patchy record (Reuters)
  • Treasuries Little Changed Before Bullard Speaks Amid QE Debate (BBG)
  • Schwab Topping Goldman Sachs Presages Return to Stocks (BBG)
  • Hedge funds take over another city: London’s Forced Renters Fuel Apartment Investing Boom (BBG)
 
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Frontrunning: June 7





  • Reports on surveillance of Americans fuel debate over privacy, security (Reuters)
  • Apple to Yahoo Deny Providing Direct Access to Spy Agency (Bloomberg)
  • Misfired 2010 email alerted IRS officials in Washington of targeting (Reuters)
  • Spy vs Spy: Cyber disputes loom large as Obama meets China's Xi (Reuters)
  • When NSA Calls, Companies Answer (WSJ)
  • How the Robots Lost: High-Frequency Trading's Rise and Fall (BBG)
  • Japan's Pension Fund to Buy More Stocks  (WSJ)
  • ‘Frankenstein’ CDOs twitch back to life (FT)
  • China’s ‘great power’ call to the US could stir friction (FT)
  • Toyota Tries on Corolla Look That’s Just Different Enough (BBG)
 
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Frontrunning: June 6





  • Global Stocks Tumble as Treasuries Rally, Yen Strengthens (BBG)
  • China Export Gains Seen Halved With Fake-Data Crackdown (BBG) - so a crash in the GDP to follow?
  • FBI and Microsoft take down botnet group  (FT)
  • Quant hedge funds hit by bonds sell-off  (FT)
  • Russia's Syria diplomacy, a game of smoke and mirrors (Reuters)
  • Obama Confidantes Get Key Security Jobs (WSJ)
  • BMW to Mercedes Skip Summer Breaks to Keep Plants Rolling even as European auto demand slides to a 20-year low (BBG) - thank you cheap credit
  • Paris threat to block EU-US trade talks  (FT)
 
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Frontrunning: March 14





  • Dimon’s ‘Harpooned’ Whale Resurfaces With Senate Findings (BBG)
  • Greece and lenders fall out over firings (FT) - as predicted 48 hours ago
  • Dallas Fed Cap Seen Shrinking U.S. Banking Units by Half (BBG) - which is why it will never happen
  • Xi elected Chinese president (Xinhua)
  • Russia Bond Auction Bombs as ING Awaits Central Bank Clarity (BBG)
  • U.S. and U.K. in Tussle Over Libor-manipulating Trader (WSJ)
  • Chinese firm puts millions into U.S. natural gas stations (Reuters)
  • In Rare Move, Apple Goes on the Defensive Against Samsung (WSJ)
  • Berlin Airport Fiasco Shows Chinks in German Engineering Armor (BBG)
  • Ex-PIMCO executive sues firm, says was fired for reporting misdeeds (Reuters)
  • Bank of Italy Tells Banks in the Red Not to Pay Bonuses, Dividends (Reuters)
 
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Frontrunning: March 4





  • Must defend against Chinese colonial expansion and get the Nigerian oil: U. S. Boosts War Role in Africa (WSJ)
  • BOJ nominee Kuroda sets out aggressive policy ideas (Reuters)
  • China becomes world’s top oil importer (FT)
  • Baby Cured of HIV for the First Time, Researchers Say (WSJ)
  • Obama to nominate Walmart's Burwell as White House budget chief (Reuters)
  • Wal-Mart Anxious to Combat Amazon’s Lead in Web Vendors (BBG)
  • Nasdaq executing trades at a loss (FT)
  • Spending cut debate casts pall over Obama's second-term agenda (Reuters)
  • Russell Indexes to Reclassify Greece as Emerging Market (BBG)
  • Bond Bears Collide With Swaps Showing Low Rates (BBG)
  • Buffett Deputies Leaving Billionaire in the Dust Get More Funds (BBG)
  • Brazil's leftist president fights to win back business (Reuters)
  • U.S. Special Forces train Syrian Rebels in Jordan (Le Figaro)
  • Carlos Slim Risks Losing World’s Richest Person Title as Troubles Mount (BBG)
 
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