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China Says It Will Never Support Sanctions Against Russia





"Russia is already more isolated than at any time since the Cold War" - President Obama, August 2014

"China will never support or join recently imposed sanctions against Russia" - China President Xi Jinping, September 2014

 
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Today's 3-Step Manipulation To S&P 2,000





The last couple of hours of today's US session were quite surreal for many cross-asset-class traders. As the following chart shows, the "need" for the S&P 500 to achieve 2,000 (and green post-FOMC) was evident in a 3-step process of manipulating VIX, USDJPY, and Gold. All they could achieve was 1,999.79 highs but not without an epic last minute VIXtermination effort...

 
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Humpday Humor: French Cops Await ISIS Suspects At Wrong Airport





Faux-pas, non? And these are the only airstrike-supporting Western "allies" America has in The Middle East?

 
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Meet The World's Largest Subprime Debtor





Do you have a friend who consistently borrows 30% of his income each year, is currently in debt about six times her annual income, and wanted to take advantage of short-term interest rates so that he needs to renegotiate with his banker about once every six years? Well, if Uncle Sam is your friend you do!

 
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It Could Be Worse





 
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Miracle Panic-Buyer Lifts Stocks Green From 50DMA





Do you believe in miracles? With death-crosses crossing, Hindenburgs Omening, bonds and credit diverging, breadth deteriorating, stocks on the verge of the worst run of thge year, and the S&P 500 testing the crucial 50-day moving average... it should be no surprise that a combination of VIX-slamming, USDJPY-ramping, PBOC-firing, Fed-speaking sent stocks to their biggest gains in 7-weeks after the worst selling in 5 weeks (and people think the BoJ is the only one buying stocks). Treasury yields rose but nothing like the exuberance in stocks. HY credit markets deteriorated notably (bounced with stocks but notably less so). The USD surged (apparently on PBOC rumors) early (+0.3% on the week). Gold & Silver dropped, copper rose modestly but WTI oil prices exploded higher with stocks' exuberance (and Benghazi headlines). VIX was banged from over 15 to under 13.5. S&P 500 2,000 (1,999.79 achieved) and getting back to green post-FOMC was all that mattered today - and Mission Accomplished... before a slightly weak close.

 
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Some Of The Dumbest Taxes Throughout History





Death and taxes... but mostly taxes...

 
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President Obama Dictates To UN Security Council "Resolutions Alone Won't Be Enough" - Live Feed





President Obama is explaining to The UN Security Council why actions are needed... not words...

  • *OBAMA SPEAKS AT UN SECURITY COUNCIL SUMMIT ON FOREIGN FIGHTERS
  • *ABOUT 15K FOREIGN FIGHTERS FROM 40 NATIONS IN SYRIA: OBAMA
  • *OBAMA SAYS POLITICAL SOLUTION IN SYRIA MUST BE SOUGHT
  • *OBAMA SAYS `RESOLUTIONS ALONE' WILL NOT BE ENOUGH ON TERROR
 
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Is This Why Stocks Are Soaring?





"At the moment then, we are reticent about owning equities..."

 
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The Chart No Fed-Loving Equity Bull Wants You To See





If tapering isn't tightening.. and it's about the stock not the flow... then equity bulls have nothing to worry about. However, this chart suggests both of those flawed assumptions are entirely incorrect...

 
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Household Net Worth Just Hit A Record High: Here Is Who Benefited





If the US economy had boosted everyone's income by $1.4 trillion in the past quarter, USD GDP would now be growing at a double digit pace. It did not. So to get a sense of just whose net worth rose by the noted amount, we go to Stone McCarthy which answers the question who benefited from holding stocks directly. Bottom line: the gains in net worth associated with holding stocks directly have been concentrated among a relatively small number of households.

 
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Bank Of Japan Buys A Record Amount Of Equities In August





Having totally killed the Japanese government bond market, Shinzo Abe has - unlike the much less transparent Federal Reserve, who allegedly use their proxy Citadel - gone full tilt into buying Japanese stocks (via ETFs). In May, we noted the BoJ's aggressive buying as the Nikkei dropped, and in June we pointed out the BoJ's plan tobuy Nikkei-400 ETFs and so, as Nikkei news reports, it is hardly surprising that the Bank of Japan bought a record JPY 123.6 billion worth of ETFs in August. The market 'knows' that the BoJ tends to buy JPY10-20 billion ETFs when stock prices fall in the morning. The BoJ now holds 1.5% of the entire Japanese equity market cap (or roughly JPY 480 trillion worth) and is set to surpass Nippon Life as the largest individual holder of Japanese stocks. And, since even record BoJ buying was not enough to do the job, Abe has now placed GPIF reform (i.e. legislating that Japan's pension fund buys stocks in much greater size) as a primary goal for his administration. The farce is almost complete as the Japanese ponzi teeters on the brink.

 
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Household Net Worth Hits Record $81.5 Trillion In Q2 Driven By Stock Market Surge





When earlier today, the Fed released its latest Z.1 (Flow of Funds report) for the second quarter, there were no surprises: thanks to the relentless liquidity injections by global central banks (charted here) resulting in record stock market levels, total household net worth rose once more, increasing by $1.4 trillion in the quarter (up from a downward revised $1.2 trillion in the previous quarter) to a new record high $81.5 trillion. This was the result of a $95.4 trillion in total assets, offset by $13.9 trillion in liabilities, mostly mortgage debt of $9.4 trillion, as well as some $3.2 trillion in consumer credit, which may or may not account entirely for the student debt bubble.

 
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On Our Failed Measures Of "Prosperity"





In the current GDP-based way we measure "prosperity" (i.e. "growth"), healthy living, low-cost lifestyles and capital accumulation are catastrophes for the economy rather than tremendous benefits. Clearly, we need an entirely new set of metrics and ways of measuring them. This will instantly create an entirely new set of agendas, priorities and incentives that change day-to-day choices without any central-state coercion, bureaucracies or top-down Central Planning.

 
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Cleveland Fed Head Unleashes The "C" Word





 
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