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Something Is Seriously Broken





Presented with no comment...

 
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China's Gold Strategy





China first delegated the management of gold policy to the People's Bank by regulations in 1983. To our knowledge this subject has not been properly addressed by any private-sector analysts, which might explain why it is commonly thought that China's gold policy is a more recent development, and why even industry specialists show so little understanding of the true position. But in the thirty-one years since China's gold regulations were enacted, global mine production has increased above-ground stocks from an estimated 92,000 tonnes to 163,000 tonnes today, or 71,000 tonnes; and while the west was also reducing its stocks in a prolonged bear market all that gold was hoarded somewhere.

 
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Most Transparent Administration Ever? Ferguson No-Fly Zone Was "To Keep The Media Out"





Three months ago when we questioned the FAA's decision to issue a no-fly zone over Ferguson "to provide a safe environment for law enforcement activities" because TV crews recording every incident put "law enforcement" in jeopardy? We were scoffed at by the usual suspects as conspiracy wonks who need to get out of our mom's basement. Sadly - for America and its citizenry - we have once again been proved 100% correct as yet another conspiracy theory becomes fact. As AP reports, audio recordings show that local authorities privately acknowledged the purpose was to keep away news helicopters during violent street protests. "They finally admitted it really was to keep the media out," said one FAA manager about the St. Louis County Police in a series of recorded telephone conversations obtained by AP.

 
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How Much Does It Cost To Keep JPMorgan FX-Riggers Out Of Jail?





More than originally estimated, apparently...

 
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An Open Letter To Janet Yellen





"For real world people, it is a simple common sense that wealth does not fall from the sky. It has to be produced. It is beyond me that such an obvious truth is so difficult for elite economists to comprehend. This is largely because they just sit in the ivy tower, imagining the magic golden touch such as monetary and fiscal policies, mocking practitioners. They are so ignorant and arrogant."

 

 
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This Is The Devastation That Follows When Stock Buybacks Grind To A Halt (Hint: Herbalife)





Herbalife: the harbinger of what happens when every stock buyback story inevitably turns very, very ugly.

 
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Stocks Pump (On 'Bad' Data) And Dump (On 'Good' Oil Price Cuts)





As we noted earlier, something is seriously broken in these 'markets' and when the head of Blackrock appears on CNBC and uses the "cash on the sidelines" meme to justify stocks going higher (which is unbridled idiocy remember), we suspect even the big boys are getting nervous about the decouplings, illiquidity, and BoJ-driven exuberance. The early pre-open ramp in stocks was quickly eviscerated as data missed (PMI & Construction Spending) and stocks retraced back to bond reality... but 'they' needed all-time highs to run some more stops as USDJPY burst to 114. Once those highs in US equyities were tagged and traders realized what the Saudi actions regarding oil prices meant, WTI plunged and dragged stocks with it. Bonds, oil, HY credit, and VIX all decoupled from stocks.

 
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Bubble Exit Rule: "You Only Get Out If You Panic Before Everyone Else Does"





The problem with what we call the Exit Rule for Bubbles - "you only get out if you panic before everyone else does" – is that you also have to decide whether to look like an idiot before the crash or an idiot after it.

 
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Japan's Monetary Pearl Harbor





The Bank of Japan's surprise expansion of financial stimulus strikes me as the monetary equivalent of Pearl Harbor --not in the sense of launching a pre-emptive war (though the move does raise the odds of a global currency war), but in the sense of a leadership pursuing a Grand Strategy to the point of self-destruction because they have no alternative within their intellectual and political framework. Trying to "fix" a sclerotic, inefficient state-cartel economy by boosting inflation--the ultimate goal of Japan's Monetary Pearl Harbor-- is a self-liquidating path to destruction.

 
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WTI Tumbles To 29-Month Lows After Saudi Price Cut





After initially jerking higher after Saudi Arabia released its new 'lower-prices-for-the-US' strategy, it appears the market began to realize that in fact - as we warned - Saudi Arabia may be willing to accept prices "lower for longer." WTI futures are trading below $78.50 - the lowest since June 2012 (and its dragging Trannies lower today)...

 
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Symbolic "Arbeit Macht Frei" Gate Stolen From Dachau





If "work set you free" in the Nazi concentration camps of WWII, then it appears in this consequence-less society in which we live, stealing is the new normal. As CBS reports, 5 years after a Swedish neo-Nazi was found gulity of stealing the symbolic concentration camp sign from Auschwitz; a wrought-iron gate bearing the Nazis' cynical slogan "Arbeit macht frei," or "Work sets you free," has been stolen from the former Dachau concentration camp, police said Sunday. "The theft of such a symbolic object is an offensive attack on the memory of the Holocaust," said Israel's Yad Vashem Holocaust memorial.

 
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Yellen Shocked After Fisher Again Reveals Fed Is Source Of Record Inequality





As Janet Yellen prepares to meet with President Obama this morning for the first time, it appears The Dallas Fed's Richard Fisher has planted a rather uncomfortable tape bomb for her to explain:

FISHER: QE3 WAS A GIFT TO THE RICH

So right before the Midterm elections, a week after Janet Yellen discussed inequality, she is summoned to meet with The 'fair' President to explain how her policy is keeping Obama's dream alive?

 
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Saudi Arabia Raises Asia, Europe Prices; Cuts US Prices





It appears, just as we warned two weeks ago, that the 'dumping strategy' designed to punish Obama's nemesis Putin could have morphed into a Saudi Arabian strategy to keep its foot on the neck of the US Shale Oil industry. In an awkward headline for mainstream media to explain, The Kingdom has raised prices of its Arab Light crude exports to Asia and Europe but cut prices to the USA significantly, potentially pressuring domestic suppliers with foreign 'cheap' imports. While not a primary course of US oil, we suspect the signaling of this move is more worrisome for Shale capex  (especially as we noted Saudi Arabia can survive 7.9 years at lower prices) Forget currency wars, meet oil wars...

 
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The Slaughter Continues: Hedge Funds Tumble In October, Turn Negative For 2014 Despite Central Bank Sticksave





Another month, and year, another confirmation that under a centrally-planned Central Banking put regime, there is simply no need for the 2 and 20 industry.

 
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USDJPY Tops 114 (+6 Handles) Sending Japanese Stocks Up 2000 Points Since FOMC





The trend is your friend... until it becomes a Venezuelan hyperinflation melt-up...

 
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