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Tyler Durden's picture

7 More Years Of Low Rates.. And Then War?





While chart analogs provide optically pleasing (and often far too shockingly correct) indications of the human herd tendencies towards fear and greed, a glance through the headlines and reporting of prior periods can provide just as much of a concerning 'analog' as any chart. In this case, while these 3 pictures can paint a thousand words; a thousand words may also paint the biggest picture of all. It seems, socially and empirically, it is never different this time as these 1936 Wall Street Journal archives read only too well... from devaluations lifting stocks to inflationary side-effects of money flow and from short-covering, money-on-the-sidelines, Jobs, Europe, low-volume ramps, BTFD, and profit-taking, to brokers advising stocks for the long-run before a 40% decline.

 
Tyler Durden's picture

Frontrunning: November 12





  • China Pledges Greater Role for Market in Economy (WSJ), China vows 'decisive' role for markets, results by 2020 (Reuters)
  • China expected to cut growth target to 7% (FT)
  • World Trade Center Tower Debuts in Manhattan Leasing Test (BBG)
  • Job Gap Widens in Uneven Recovery (WSJ)
  • Khamenei’s conglomerate thrived as sanctions squeezed Iran (Reuters)
  • Swiss referendum on wages of high earners stirs debate (FT)
  • Obama to Nominate Massad to Head CFTC (WSJ)
  • Japan readies additional $30 billion for Fukushima clean-up (Reuters)
  • Target Fills Its Cart With Amazon Ideas (WSJ)
  • Shadow banks reap Fed rate reward (FT)
 
Tyler Durden's picture

"Beggar Thy Neighbor" Is Back: Goldman's Five Things To Watch As Currency Wars Return





"We’re seeing a new era of currency wars," Neil Mellor, a foreign-exchange strategist at Bank of New York Mellon in London. This is what Bloomberg reported today in a piece titled "Race to Bottom Resumes as Central Bankers Ease Anew." For the most part Bloomberg's account is accurate, although it has one fundamental flaw: currency wars never left, but were merely put on hiatus as the liquidity tsunami resulting from the BOJ's mega easing lifted all boats for a few months. And now that the world has habituated to nearly $200 billion in new flow every month (and much more when adding China's monthly new loan creation), the time to extract marginal gains from a world in which global trade continues to contract despite the ongoing surge in global liquidity, central banks are back to doing the one thing they can - printing more. So what should one watch for now that even the MSM admits the currency wars are "back"? Goldman lists the 5 key areas to watch as central banks resume beggar thy neighbor policies with never before seen vigor.

 
Tyler Durden's picture

Keith Alexander Speaks: "The NSA Protects America's Privacy And Civil Liberties"





"We now rely on social structures that barely existed 150 years ago. The order and functioning of modern societies, economies and militaries depend upon tight coordination of logistics and operations. Disrupt the synchronization, and the whole system of systems becomes unreliable—thus diminishing the nation’s power and influence."

"The century-old dream and nightmare of crippling a modern society by wrecking its infrastructure—or just by disturbing its synchronization of functions—is now a reality others are dreaming of employing against the United States"

"The NSA and USCYBERCOM operate under multiple layers of institutional oversight that reinforce our commitment to privacy and civil liberties."

"Far from imperiling civil liberties and privacy, the tight links between the NSA and our growing cybercapabilities help to ensure professional, sober and accountable consideration of potential impacts from our operations."

"Building that extended cyberenterprise now is indispensable to our ability to deter and defeat enemies in cyberspace so that they do not threaten our security, prosperity and way of life."

 
Asia Confidential's picture

Unlike America, China Is Embracing Bold Reform





The Chinese yuan has reached 20-year highs versus the U.S. dollar. It's a significant development with potentially huge ramifications for China and the world.

 
Tyler Durden's picture

Hilarious Charts Of The Day: IMF's "Growth Forecasts" Over Time





The chart below, showing the historical change in the IMF's periodic revisions of world growth and revised for today's just released latest World Economic Outlook, shows that much taxpayer money can be saved if the monetary fund's staff was replaced with dart-throwing chimps.

 
George Washington's picture

Chief DHS Privacy Officer: Government Called Privacy Office "Terrorists"





DHS Pretends It Still Has Privacy Officers ... When They've All Quit In Disgust

 
Tyler Durden's picture

NYPD Searching For Parachutists Who Landed Near Goldman's New York Headquarters





Just in case you thought the surreality of the US political debacle we are witnessing was too much, the NYPD releases a statement that stokes the fire of confusion. The New York Police Department is looking for two unidentified people who may (or may not) have parachuted on to a lower Manhattan Street. Private security guards reported seeing the skydivers land in front of the Goldman Sachs HQ at around 3am (which we could not help but note was the highs of the European session for Gold). The police noted it was unclear if they jumped from a plane or from a high-rise building (or from Bernanke's helicopter).

 
Tyler Durden's picture

China's Ghost Cities... Are Multiplying





Nowhere is China's historic misallocation of capital (resulting from a pace of credit creation that makes even the most fervent Keynesian western central banker green with envy) more evident and tangible, than in videos showing the tumbleweeds floating down the main streets of its ghost cities. We did that first in 2009, then followed up two years later only to find nothing has changed. Today, on yet another "two years later" anniversary, we go back to the scene of the excess capacity crime, to find out if thing may have finally normalized. For that we follow SBS' Adrian Brown who back in 2011 did an extensive report on what were some of the then unknown ghost cities dispersed across the mainland. What we find is that not only is the overcapacity problem nowhere close to being resolved, but that 20 new "ghost" cities are taking shape in this year alone.

 
Asia Confidential's picture

A Wake-Up Call For Asia





Recent problems in Asia ex-Japan appear solvable. But the time for reform is now if the region's to take the next leap forward in its economic development.

 
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