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The Hardest Job in the World
US Vice President, Joe Biden, currently has the toughest job in the world. He has gone to China, hat in hand, to convince the country’s leaders to buy even more US Treasury bonds than they already have. This he must do with ten year yields approaching 2.0%, delivering some of the largest negative yields in history. He is in effect saying, “give me a dollar, and I promise to give you 90 cents in ten years.” Such a deal!
I’m sure that Joe’s lifetime spent hobnobbing with local politicos in union halls, PTA’s, and Boy Scout troops in rural Delaware has left him ill prepared for the task at hand. They used to say you could walk through Joe’s deepest thoughts and not get your ankles wet. How he became the second most powerful man in the world, I will never know. Like string theory and Einstein’s theory of relativity, politics can be difficult to fathom. Yet, he is going up against some of the most brilliant technocrats the world’s oldest civilization has to offer.
China is already the planet’s largest buyer of Treasury bonds, taking down up to 50% of the monthly auctions, its total holdings approaching $1.3 trillion. It will continue on the bid. You can forget about all of those Armageddon scenarios where China dumps its holdings, sending interest rates soaring. There is simply nowhere else to go with adequate size and liquidity. China is going to have to recycle its $250 billion a year bilateral trade surplus into dollar instruments of every description. Its total reserve now exceed $3 trillion, the largest in history
However, new buying of alternative assets has already begun. The recent run up in gold has Chinese fingerprints all over it. The Middle Kingdom was also a major player of the European refi’s, no doubt attracted by sky high double digit yields. Much of the strength of hard assets last year, such as with copper, came from Chinese buying, not for consumption, but to use as a financial asset. It is also attempting to spread the wealth in a more subtle fashion through buying of minority stakes in many of the world’s multinational blue chips.
I wish Joe the best of luck in his venture. Just watch out for the Peking Duck state dinner. This is when the greatest number of elderly American visitors die of heart attacks, according to an embassy official I know there.
For those who wish to participate in Macro Millionaire, my highly innovative and successful trade mentoring program, please email John Thomas directly at madhedgefundtrader@yahoo.com . Please put “Macro Millionaire” in the subject line, as we are getting buried in emails.
To see the data, charts, and graphs that support this research piece, as well as more iconoclastic and out-of-consensus analysis, please visit me at www.madhedgefundtrader.com . There, you will find the conventional wisdom mercilessly flailed and tortured daily, and my last two years of research reports available for free. You can also listen to me on Hedge Fund Radio by clicking on “This Week on Hedge Fund Radio” in the upper right corner of my home page.
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Did you actually have Peking Duck with Joe Biden?
It was a typo. "Peking fucked with Joe Biden."
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"How he [VP biden] became the second most powerful man in the world, I will never know. "
PLEASE! MHFT... methinks you doth protest IGNORANCE too much !!
Biden is "United States" Vice President for one reason, and one reason only: he is a malleable, (relatively) uncontroversial PIMP/ho for the NEO-CON (israel) WAR LOBBY, and GS, jpm, Fed, wall st. big finance swindlers.... who are ONE and the SAME (and have been ever since the R's financed Wellington's victories over Napoleon in the Napoleonic wars, early 1800s), and CONTROL _both_ parties in Con-gress since at least the stolen election of 2000.
It's ALMOST amusing watching Biden be BITCH-SLAPPED by netanyahu every time biden tries to step up on world stage (much less make a trip to mideast)... and of course biden & obama's (and pelosi, AND the boehner Rethug's) PRETEND OBLIVIOUSNESS to TITANIC FINANICAL CRIMES on wall st has long ago wore thin...
ANY point of the above you care to contest ????
MHFT might be self serving and full of himself...but his market calls this year have been great....just because he is isnt ranting and raving about gold/HFT/theFed doesnt make him a fool....he has made himself and his clients a good amount of money this year if his trades follow anything he's talked about on his blog
I'm also suprised that ZH readers couldnt see the obvious sarcasm in his statements...hardest job in the world? its hardly a job at all...thats what MHFT is saying...its pathetic that he is sent over there to grovel...China has to buy our bonds lest they want to forget about the pegged yuan which has provided them with that trade balance for so long.
You are also out of your mind if you think that China is banking on gold as their asset of last resort...Chinas end game in almost every global transaction they participate in is to maintain their dominance over global trade by maintaining the best foreign exchange environment they can...do you really think they are buying PIIGS sov debt just because they the friendly global banker...nope..they want to make sure the Euro stabalizes so they can continue to dump their goods onto the market of their largest trading partner...China knows what will happen if they let the FX markets get away from them.
I had to log in just to give you the green arrow.
Now that I'm here.....
I suspect you will get plenty more red arrows, though not a whole lot of eyeballs come to MHFT posts. You'll get them for two reasons. First, you embarrass people because they missed MHFT's sarcasm, even though it wasn't all that subtle. Second, partly because of his advertisements, but largely because he takes the time to trade markets rather than constantly shout the warning of "sooner than most people think", he is disliked. Once the doom has taken over the soul, anything less than pure negativity is viewed as heresy.
I'm the farthest thing from a Pollyanna, but this pathological need to wallow in doom and even wish for the Apocalypse has been a revealing look into the minds of a certain segment of the population. Praise the internet! I'm not sure it allows a moment of happiness in life, despite the fact that no matter what happens, what we might face will still be better than what the vast majority of homo sapiens have experienced in their own brief time above ground. I prefer to lose the victimhood-woe is me-those elites are sticking it to me, and do what I can to immunize myself from whatever might come, then go about enjoying as best I can my moment of existence. I know that such behavior is anathema to many who have migrated to this site and helped make it what it did not use to be. I guess some find a support group here.
Finally, I think it galls some people that MHFT has a pretty darn good record.
Preach!...at least it's refreshing to see that not everyone in the world has completely given up on the future. IF uou really want to CHANGE things ZH readers (before you smash your keyboard at the nod to Obama, note that, this was...sarcastic) then go out and do something about it. Sitting at a computer wallowing in doom is what they want you to do, and by "they" I mean the people that you incessantly complain and shout about. Times do change, economies change, power shifts, but it doesn’t have to be accomplished through the fatalist fashion many of you believe it has to.
Cheer up ZH
Sounds like going to PTA meetings and visiting Boy scout troops--let alone infantry divisions of which his son is a member and in a leadership position i might add--doesn't hurt then. I'm sure you can't wait either. Anywho...rumor has it China--along with the USA, Russia and Brazil are "up to something."
I forgot to add India. My apologies. Now let's reverse engineer Colonialism-- and have fun while doing it! We'll call "the New York
Way" or something.
I thought being Blankfein's Brazil waxer was the hardest job.
Please don't Photoshop a graphic of that.
Kind of what this market is saying to anyone stupid enough to invest in it. Trade with caution, maybe, but invest? Definitely not.
China is going to get stuck with a LOT of worthless paper...that's all China is going to get.
you need to learn to differentiate between "hard" and "difficult" in order to keep from offending people who actually work "HARD" for a living and perhaps save yourself form a major ass beating one day.
Let me see if I can have a go at this MHFT blog post thingo.....
Whimsical story about nothing in particular ...name drop...name drop....name drop!
Little bit of market fluff...Dick pull....dick pull....dick pull.......dick pull!!
Name drop, name drop....dick pull, dick pull.....
aaaannnnndd we're done...
please hit subscribe suckers!!
“give me a dollar, and I promise to give you 90 cents in ten years.” In your douchebaggy's and Bidens fantasyland it will be 90c on a dollar in 10 yrs. In a real world of 10% inflation (according do shadowstat) in 10 yrs it will be just few cents on a dollar.
The hardest job in the world is being a US citizen and watching our country implode under the idiocy and graft of our government and special interests.
In case anyone here happens to have a screw loose and is considering the MHFT's "Macro Millionaire" program because of his recent lucky call on the Swissie, let me have an opportunity to dissuade you first. I forked over 2K for a year's subscription and I think the service went 3 straight months without putting out a single trade recommendation. Not that being in cash is a priori a bad strategy, but I don't need to pay for the advice to sit fully in cash especially when volatility is high. When I emailed John personally about this, his reply to me was "if you can't stand the heat get the hell out of the kitchen". I have no idea what he meant by that but it is not what you expect to here as a paid subscriber. I then went on to learn that he described his service as being "primarily educational in nature". As far as the politics of this article, it is as usual a total waste of anyone's time to read.
US Vice President, Joe Biden, currently has the toughest job in the world. He has gone to China, hat in hand, to convince the country’s leaders to buy even more US Treasury bonds than they already have. This he must do with ten year yields approaching 2.0%, delivering some of the largest negative yields in history. He is in effect saying, “give me a dollar, and I promise to give you 90 cents in ten years.” Such a deal!
The U.S. should hire Christian Bale to do this because what MHFT is describing is an acting job by Biden. The Fed will buy the bonds. This is show. A false cause-and-effect will be spun using Bidden's efforts as an example when the next auction comes around and the Fed buys. "See: our debt is still attractive. Joe did a great job on the road show."
Don't blame me: I voted for Pedro.
"The toughest job in the world."
Joe Biden's personal MD/F.A.A.D. -- hair restoration specialist.
About as successful as the two rounds of QE have been upon this denuded economy.
POS Joe Biden is a scratch golfer. Lots of free rounds of golf and booze on the taxpayers dime. The Repubs suck but the Dems like Joe are pure evil.
"How he became the second most powerful man in the world, I will never know." The other option was Hilary remember? The people who got in her way of her ambitions over the years had a serious habit of dying off. Obama may be may be a corrupt liar but he isn't stupid.
Isn't the second most powerful man in the world a banker? What was I thinking- so is the most powerful man in the world- a banker!!
'Hardest job in the world' to MHFT is a multi millionaire riding a chartered luxury jet to China to beg for money? Hey ass hat, try being an average person in america trying to get by under these INSANE LUNATICS that you supported!
'Hardest job in the world' lol youre such a nutsack MHFT.
SheepDog, I was going to ask you to sit next to me at the upcoming luncheon...have you bought your ticket yet?
I hope the Chinese do kill Joe Biden.
Whats the point of this article anyway MHFT? Biden begging for more money.. OH such a tough job yes we feel so sorry for him...so do you support it or what? You did booster club these people if I remember right...are you now trying to make a joke about it? I cant even really tell.
Your articles are so snobbish now I cant even tell. Youre getting flooded with Emails? From who, clients who want redemptions to bail out? Lets see the chart of your funds performance for all to see.
I hope the Chinese do kill Joe Biden.
Spit my coffee out on that one, Sheepy. Way to come strong.
Toughest job in the world? You just get more ridiculous every goddamned day.
Not one politician has a Tough Job, not one fucking one of them. They couldn't get a job in the real world. They live in a completely different universe, their penalty for abject failure is lifetime salaries, no social security for them, nosirree, they have their own retirement fund completely secure from all the slings and arrows. Not one person besides CEOs have it as great as a failed politician. 2nd most powerful man in the world, eh? Jesus H. Christ.
You are truly out of your mind and couldn't find your ass with both hands and a mirror.
I cannot understand why MHFT is such a Keynesian. With your idle being Robert Reich, I man who clearly doesn't understand economics, your opinions are highly suspect. You seem to completely miss the point of why the Chinese are buying gold. The do have thousands of years of civilization in their history. They clearly understand a fiat money system is a fools errand. The Chinese are focused on the end game. Something the US dare not do. This is not going to have a happy ending.
Biden's job would be a whole lot easier of he weren't such a buffoon!
Recycling toilet paper
The hardest job in the world is just trying to be a sane and honorable man in a corrupt, insane world. Some days I do better than others, some days I miss the mark - but I keep on firing at it.
And MHFT's self agrandizing BS on ZH is quickly becoming the hardest part of ZH to read....
The question is, why does ZH continue to put his BS in the top 3 across the top?....
+2
The only good thing about MHFT's BS is the post bashing him. Tyler(s) must be slipping. I think they just count the banner ad cash and shine their gold bars all day long.
Only thing more annoying on ZH is maybe RoboTraders pedantic ramblings about nothing in particular.
Don't forget Simon Black's ubiquitous missives on why everybody has to move somewhere else...
I think Madhedge IS Robo.
MHFT what's next...the second hardest job in the world?
Losing other people's money while making commissions!
Hardest job in the world? IN THE WORLD?
Give me that fucking job, with the salary and the crony connections to make sure that I will always be looked after by the elite in return for bailouts, bought influence etc.
Sorry, but it's nothing like the hardest job in the world and the fact that you think so makes you a complete dildo, in my opinion.
The hardest job in the world is reading your advertisements.
Why hate the stooges you voted for MHFT?