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Crude Continues Slide, Ruble Stabilizes, US Futures Rebound As Global Stocks Slump: All Eyes On Yellen
Previewing today's market: near record low liquidity, with chance of ridiculous volatility in the Ruble, energy and equity markets.
While no doubt today's main event will be the "considerable" FOMC announcement and the Fed's downward-revised economic projections followed by Yellen's press conference, what traders will be most excited by is that, finally, Jim Bullard will no longer be bound by the blackout period surround FOMC decisions, and as such can hint of QE4 again at his leisure during key market inflection (i.e., selling) points.
FOMC aside, overnight markets were shaped by the now usual suspects: declining energy, with WTI trading again below $55 at last check, and Brent also back below $60. One of the drivers for today's weakness appears to be a late digestion of yesterday's story that Russia will race OPEC to the bottom with "plans to boost daily oil exports in the first quarter of 2015 by 6.6 percent to 52.32 million tonnes, quarter-on-quarter, according to Reuters. This follows WTI closing higher (even if literally by pennies) for the first time in a week yesterday, however today’s European session has so far seen both WTI and Brent crude back under selling pressure, with the stronger USD combined with yesterday’s API Crude Oil Inventories showing a build in crude stockpiles of 1.9mln weighing on oil ahead of DoE inventories.
As for the RUB, things appear to have stabilized a bit even if the intraday gyrations remain, and the USDRB was trading a little below 68 at last check, while more and more brokers simply refuse to trade the Russian currency, in line with what was first reported here yesterday. One of the factors leading to the stabilization is that the Russia finance ministry announced it would start selling its own FX reserves on market leading to a brief ruble rally vs USD. Also, PM Medvedev added that order must be brought to Russian FX market, while Kremlin economic aide Andrey Belousov said that Russia was working to stop ‘bacchanalia’ on FX market, according to Interfax. In other Russian news, Sberbank will raise FX, ruble deposits rates starting tomorrow, while president Putin plans no ‘special statements’ on markets, Kommersant says.
Over in Asia, equities traded mostly higher as oil prices saw a brief respite from the ongoing downturn during yesterday’s session. The Nikkei 225 (+0.4%) snapped its 2-day decline as JPY weakened ahead of the Fed rate decision although at last check it has reverted to trading back around the 117 USDJPY tractor beam moderating the zero liquidity exuberance in S&P futures.
Elsewhere, the Shanghai Comp (+1.31%) touched a 4yr high led by financials and brokerage names, following reports that China may loosen capital restrictions on brokerages. (read "Chinese Investors Bet This Time Is Different as Stocks Surge") Money market rates are also notably higher amid a liquidity shortage further stoking expectations of a PBoC intervention. The Hang Seng (-0.3%) fell on casino stocks weakness as Fitch said sees Macau gaming revenue negative in 2015 and reports of a possible China crackdown on Macau casinos. China’s central bank has issued short-term funds to some local banks to ease liquidity strains and has also renewed some banks medium-term lending facilities that have expired, according to sources familiar with the matter. (RTRS) This has prompted some analysts to suggest that this action reduces the probability of a RRR cut before year-end.
European equities trade in the red following from the negative Wall Street close as lower oil prices combined with the depressed economic climate in Russia weighs on stocks. In a relatively quiet session with all focus on the FOMC rate decision, position squaring has been observed boosting the USD-index back above the 88.00 handle with the market looking to see whether the Fed drop their ‘considerable time’ rhetoric. In Fixed income markets, Bunds have remained relatively flat due to a lack of major macro news.
Also of note, the Greek presidential vote begins today at 1700GMT/1100CST with the govt. expecting its candidate Stavros Dimas to receive at least 161 of 300 MP's votes, short of the 200 needed to be elected but a basis for a coalition to work for final ballot Dec 29th.
Looking ahead, all eyes will be on the FOMC rate decision, also we get US inflation data with CPI expected to print -0.1%, while CPI ex food and energy are expected to rise 0.1%, below last month's 0.2% increase.
Market wrap summary
European stocks drop lead by banks and industrial companies. Asian shares decline, U.S. stock index futures advance. Euro drops against dollar, WTI crude oil falls as Russia reiterates it will keep crude production steady. Fed to end 2-day meeting and economists expect it to drop a vow to keep interest rates low for a “considerable time.”
- S&P 500 futures up 0.6% to 1976
- Stoxx Europe 600 down 0.6% to 327.06
- US 10Y yield up 3bps to 2.09%
- German 10Y yield little changed at 0.59%
- MSCI Asia Pacific down 0.4% to 133.86
- Gold spot little changed at $1196.89/oz
Bulletin Headline Summary from Bloomberg and RanSquawk
- Dampened economic sentiment and a continued slide in oil prices weighs on European equities.
- USD-index strengthens as market participant position square ahead of the latest Fed policy announcement
- Treasuries decline, 10Y and 30Y yields retreat from YTD lows before FOMC statement and summary of economic projections at 2pm, Yellen press conference at 2:30pm.
- Fed seen likely to drop “considerable time” language, may address recent global market turmoil
- Russia struggled for a second straight day to reverse a rout in the ruble, with Finance Ministry selling its FX on the market; Sberbank, Russia’s largest lender, to raise FX and ruble deposit rates starting tomorrow
- Fallout from Russia’s crisis is spreading across markets: Pimco is facing mounting losses on its Russian bond holdings almost every bullish ruble option contract registered in the U.S. has been made worthless; and forex brokers in New York and London told clients they’re no longer taking ruble trades
- The Bank of Russia will probably intensify interventions and spend almost a sixth of its reserves ($70b) after its emergency increase of interest rates failed to stem the ruble’s worst crisis since 1998, according to a survey of economists
- The biggest causes for worry, according to SLJ Macro’s Stephen Jen, bigger than a recession in Russia or the oil-price plunge: the slowdown in China, which has already upended commodity prices, and likelihood U.S. growth will propel USD higher and suck assets out of emerging markets
- German govt to sell EU185.5b in bonds and bills in 2015, lowest level since 2002, Federal Finance Agency says in provisional calendar; may sell 30Y linkers for first time next year
- PBOC rolled over at least a portion of a three-month lending facility from September that was set to expire, according to a government official familiar with the matter
- A federal judge weighing whether an immigrant from Honduras should be deported said Obama’s executive order on immigration is unconstitutional and violates the principle of separation of powers
- Taliban militants vowed more strikes on Pakistan’s army if it doesn’t halt operations along the Afghan border, a threat that comes a day after the group slaughtered young students in one of the country’s deadliest attacks
- No IG or HY deals priced yesterday.
- Sovereign yields mostly higher. Asian stocks mixed, European stocks fall, U.S. equity-index futures gain. Brent crude falls 0.8%, trades below $60/bbl level; copper declines, gold little changed
US Event Calendar
- 7:00am: MBA Mortgage Applications, Dec. 12 (prior 7.3%)
- 8:30am: CPI m/m, Nov., est. -0.1% (prior 0.0%)
- CPI Ex Food and Energy m/m, Nov., est. 0.1% (prior 0.2%)
- CPI y/y, Nov., est. 1.4% (prior 1.7%)
- CPI Ex Food and Energy y/y, Nov., est. 1.8% (prior 1.8%)
- CPI Core Index SA, Nov., est. 239.485 (prior 239.162)
- 8:30am: Current Account Balance, 3Q, est. -$97.5b (prior - $98.5b)
Central Banks
- 4:30am: Bank of England issues minutes
- 2:00pm: FOMC seen maintaining overnight bank lending rate between 0% and 0.25%; release of summary of eco projections
- 2:30pm: Fed’s Yellen holds news conference
FX
In FX markets, AUD/USD initially reached June’10 lows of 0.8140 after tripping stops allied by the subsequent USD-index strength despite this AUD/USD has since come off worst levels. NZD was dragged lower in sympathy, further weighed on by comments from RBNZ assistant governor McDermott, who reiterated the exchange rate remains unjustifiable and unsustainable. Separately, GBP was relatively unmoved following the BoE minutes vote remained at 7-2 and a broadly in line UK jobs report. Elsewhere, Russian news agency Interfax reported that the Russian Finance Ministry would sell USD 7bln worth of FX stocks to the market, while the Russian government and Russian Central Bank announced that they have worked on packages of additional measures for the RUB.
COMMODITIES
In the energy complex, WTI and Brent crude remain under selling pressure with the stronger USD combined with yesterday’s API Crude Oil Inventories showing a build in crude stockpiles of 1.9mln. Looking ahead, the DoE Crude Inventories data release is expected to show a drawdown of -2.25mln/bbl. Elsewhere, copper prices traded lower overnight following the release of yesterday’s production figures from China which showed output of the red metal rose by 3.1% M/M to a record for its 4th consecutive month, while the benchmark China iron ore prices extended on its declines for the 8th day with prices near this year’s low
* * *
DB's Jim Reid shares his thought on the overnight even summary
The Fed, Greece, Oil, EM and Russia stole my Xmas. The European economics team and my team had their annual joint Xmas lunch yesterday (in collaboration terms think Aerosmith and Run D.M.C.) but because of the EMR and the above key themes I made a polite exit at around 5.30pm to keep a clear head to be able to try to make sense of everything that is going on. For all I know the lunch could still be in progress!!
Two of these stories see major developments today with the first round of the Greece presidential election and the much anticipated FOMC meeting. Indeed in just over 12 hours we may know a lot more about how brave the Fed actually are which will have a lot of pointers to their behaviour in 2015. One of the trillion dollar questions for 2015 is whether the Fed are going to try to ignore markets and attempt to start normalising rates. Alternatively are they going to have to acknowledge that they are now hostage to trillions of dollars of global investments that have been directed into various assets due largely to their (and other central bank's) extraordinary policy over the last few years. We'll get clues today and it will be fascinating to see the tone of the statement and Yellen's press conference. Overall we think they are still hostage to markets and will struggle to raise rates in 2015 but we might get some frights along the way as they do want to tighten. Given recent turmoil in global markets our gut feeling is that tonight will be a fairly dovish meeting. They might save the hawkish rhetoric for a meeting where markets are more stable.
If that isn’t enough we’ve also got the November CPI print in the US this afternoon to look forward to. Our US colleagues expect the headline reading to drop to -0.2% mom (vs. -0.1% expected) and the core to remain unchanged at +0.2% mom which is a tad above market expectations (+0.1%). They note that although inflation expectations have dropped - most obviously through the declines in the oil market and subsequent fall in the 5y/5y forward inflation rate to recent lows – recent macro data perhaps paints a more mixed picture with the University of Michigan survey showing a 0.3% rise in LT inflation expectations whilst the Philadelphia survey showed a slight decline in projected inflation forecasts. It’ll be interesting to see if today’s print causes any material changes to the language used around inflation in the FOMC statement.
It was a wild day for financial markets yesterday with volatility in most major equity benchmarks as oil prices swung back-and-forth and the Russian ruble traded with extreme volatility. Starting with the latter, following the overnight rate hike by the Central bank of Russia, markets opened with some hope in early trading as the ruble opened around 9.7% firmer and traded back below 60 in the first hour of trading. The better sentiment appeared to be short-lived however as by lunch-time the currency touched its lows of the day at 79.2, an intra-day day swing of nearly 36% with speculation over capital controls for the currency weighing on sentiment. The currency firmed up into the close however following comments from the Economy minister Ulyukayev who denied any potential controls but still closed 5.72% weaker at 67.91 to the Dollar. Russian government bonds didn’t fare much better, 10yr benchmark hard currency yields closing 40bps wider at 7.59% and local currency yields 286bps wider to 15.88%. The dollar-denominated RTS Index declined 12.41% - the biggest one day fall in six years and is now down nearly 57% YTD. The moves also came at the same time as the FT reporting that President Obama is due to sign a bill authorizing fresh sanctions on Russia – although the article suggests that the bill will have little immediate impact and instead allows Congress to impose tougher sanctions on Russia next year should we see further escalation in the Ukraine crisis. With the dramatic moves in the currency, Russian banks in particular suffered yesterday with Sberbank (-21.60%) and VTB Group (-13.48%) declining sharply in London trading. State-owned Gazprom closed 11.78% lower. The moves have also caused Apple to halt online sales in Russia.
Over in the US the S&P 500 finished -0.85% yesterday following a volatile day in oil markets in which WTI (+0.04%) and Brent (-1.96%) closed at $55.93/bbl and $60.01/bbl respectively. Both grades have declined 1-2% again this morning. The volatility in US equities was evident by a 2.2% intraday trading range which saw the index open some 0.6% weaker before paring those losses to trade at a high of 1.4% as energy stocks recovered, only to then retreat through the afternoon session and close in negative territory as oil backtracked. The initial weakness largely came about following a set of soft macro releases with housing market data largely disappointing. Both November housing starts (-1.6% mom vs. +3.1% expected) and November building permits (-5.2% mom vs. -2.5% expected) came in below consensus. The December flash manufacturing PMI also came in below expectations at 53.7 (vs. 55.2 expected) – marking the fifth consecutive fall since August's 3 year high. The energy component of the S&P 500 actually closed as the top performing sector (+0.7%) despite WTI trading from anywhere as low as $53.6/bbl to as high as $57.2/bbl intraday. Credit markets closed modestly softer whilst Treasuries ended firmer although they also swung around with moves in the ruble. Benchmark 10y yields closed 5.9bps tighter at 2.059% - having touched a low of 2.009% as the ruble traded at its intra-day lows.
Closer to home, European stocks also traded with notable volatility although the Stoxx 600 closed +1.73%, fuelled by a turn-around in energy stocks (+3.31%) over the last two hours of trading. This was before the late US sell-off started though. Data was modestly stronger which helped. Although both preliminary euro-area December PMI manufacturing (50.8 vs. 50.5 expected) and services (51.9 vs. 51.5 expected) prints came in ahead of expectations, on a regional basis the readings were more varied. In Germany manufacturing (51.2 vs. 50.3 expected) was stronger, however services (51.4 vs. 52.5) disappointed. In contrast, the French manufacturing print (47.9 vs. 48.6 expected) came in below consensus, but services (49.8 vs. 48.5) was a beat. UK CPI was soft, the core reading dropping to 1.2% yoy from 1.5% previously and back to levels last seen in 2008. Elsewhere the December German ZEW survey was strong, with expectations of 34.9 rising from 11.5 in November – the strongest reading since April. Bunds closed firmer, the 10y benchmark extending its record lows in yield to close 2.7bps tighter at 0.596%.
Staying in Europe and focusing on Greece, ahead of the presidential election today there was further pressure on Greek rates yesterday with 3y and 5y yields widening a further 57bps and 80bps to 10.83% and 9.90% respectively. The ASE closed 0.26% lower. With regards to today, voting starts at 5pm GMT and results will be known within the hour. In terms of the outcome to the vote, DB's George Saravelos is expecting around 165 yays, way short of the 200 required today and the 180 required in the third round on December 29th. George doesn't think that this would preclude a positive outcome in the third round (some MPs could easily change vote), but it would highlight how difficult it will be to get there. His baseline is that we don't and there being an 80% chance of an early general election.
Quickly refreshing our screens this morning, bourses in Asia are generally firmer. Having opened softer the Nikkei is now +0.36% as we type, supported by a smaller than expected November trade deficit print. The Shanghai Comp (+0.45%) has extended its 3-year highs although the Hang-Seng is 0.36% lower - dragged down by gaming names following news that China is set to crackdown on illicit money channeling in Macau.
Looking ahead to today’s calendar and away from the CPI print and FOMC meeting we’ve got the BOE minutes as well as various employment prints for the UK as well as the final November CPI reading for the Euro-area and trade data in Spain.
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Just blow up already...
And Obozo gets bitch slapped on immigration!
http://www.foxnews.com/politics/2014/12/17/federal-judge-obama-immigrati...
Nothing says "Stabilization" like a well used Emergency Crash cart...
https://en.wikipedia.org/wiki/Crash_cart
Slip sliding away, slip sliding away, oh the nearer your destination the more you slip sliding away.
The flux capacitor is.......fluxing nicely.
Sadly the GOp is owned by the same people who own Obama and the Democrats. The US has been taken over and Americans are serfs.
"All eyes on yellen"
WTF they trying to make us all go blind?
Soon. The longer this goes, the longer we can stack. I am ok with this going another year or so.
I hopw we have that long.
I plan on it happening anytime now.
There are no more rabbits in that hat.
Make no mistake: if this really blows up big time, we'll all be wishing it hadn't. Schadenfreude won't be an option IMO.
always option(s)
http://tinyurl.com/lhtsq5s
+1000
Man we're all wired up with no place to blow.
I don't think the heavy stuff is going to come down for quite a while.
https://www.youtube.com/watch?v=8A3M-d_eIqo
Bullard. his every word is bullish.
some people seem fated to their lives, by name alone.
So... business as usual apparently.
The Greeks won't even vote for anti-euro parties.
Sigh...
Why would you be surprised. People just vote for the best criminal to "represent"[1] them.
[1] Where "represent" has been redefined by the Oxford English Dictionary to the following:
represent:
newspeak word redefined August 15th 1971. cf. "fuck"
Greeks don't vote according to the FPTP system. they have... choice. just saying
Back from Greece very recently. Cities are fucked while small villages are ok. They grow food and trade black market. Saw cousin trade eggs for cheese for weed and wine. Three way trade with no tax man.
and? what did people tell you? to be frank, the Greek black market is no news to me, and the Greek's tax aversion neither. Goes back to Ottoman rule, and even before
"The Greeks won't even vote for anti-euro parties." Most probably they won't vote for anti-EUR parties, and also not for anti-EU parties. Public opinion is not there
but that is not the issue, in Greece
The Radical Left, aka SYRIZA, wants a rebargain or restructuring of the current sovereign debt
And since several selected EU countries were the last new creditors "riding to the rescue", it's also a question if it's about the old debt or the new debt
and for more details, we would have to wait until the party of Alexis Tsipras goes into election campaign mode. And even then, it makes no sense for him to outline too much his strategy
and so we have uncertainty. and markets hate uncertainty
Are we really to believe that any "country" would voluntarily cut themselves off from their only source of free money. The common theme for all country's survival is moar debt. The villain is the one who threatens to end credit and suggest repayment take precedence over lending. Greece understands to go it on their own means that THEY would be the only source of wealth and they KNOW that means austerity and hard work....something that has been successfully bred out of them over the years. Entitlements are not earned, they are owed, just like all other debt in today's reality. Like with any other pyramid scheme, the key is to get in early, and the Greeks were first in line for this one.
And I'm not sure about your comment that markets like certainty. It seems to me that markets are an inanimate thing that neither like or dislike much of anything. Rather I would suggest that market speculators LOVE uncertainty as it is the fire beneath their boiling pot of stew. This volatility is moving money around like mad and you can bet they are lined up to skim every oscillation. What would markets be if they were 100% stable? No one buying or selling...the stock market static...stuck at 17000 forever? Would anyone be buying or selling faced with that? What would be the point. Everyone who enters the market is PREYING for uncertainty, for instability, looking for movement either up or down. There is no poker game if all card faces are showing.
Oldwood, the EuroSystem as a "source of free money"... depends on what Greek banks accept as collateral. We are not in the US. Example: we have no student debt, here
austerity is the factual and official policy of the eurozone, of the EUR. one FT commentator just recently called us "Ultra-Libertarian", and I'm not joking
"market speculators LOVE uncertainty..." in a way we are trying to say the same thing, but yes, I think your way more accurate
My understanding of the Greek situation is that the ECB has been passing the hat amongst the members, creating new promissory notes that all EU members share a stake in, but mostly Germany, and it is this cash that has come to Greece's rescue, admittedly with huge debt attached. My point is that everyone is using debt to survive so Greece's circumstances are only the same but worse and no one wants to start throwing rocks in their glass houses. This debt will never be paid down and interest rates will be suppressed to make sure continued debt can pay the "interest". Isn't that a large part of what the ECB has been doing in lending Greece money anyway, so they can just turn around and use that cash to pay the interest on their debts? I'm not a financial person but the mechanization of all of this appear to me to be strictly a perpetual can kicking exercize. No one thinks they are fixing anything.
Washington's poodles in Brussels, are shocked, shocked I tell you, at the potential fallout from the Russian currency crisis for the EU economy! That's what happens when you are somebody's browbeaten bitch long enough you don't notice anything unusual until the very end.
why shocked? I remember lots of public discussions. including on ZH. though on ZH it was drowned by "I have a mancrush on Putin" counterarguments
re "browbeaten bitches", do you have an option to offer?
Does my crush on Anna Chapman count?
I'd say no, but you probably do know that she asked Snowden to marry her. Oh, the pains of unrequired love...
Fox tried to make that into an international incedent.....she was just making a joke.....and a pretty damn funny one at that.
It is well known that we have been printing the fuck out of our currencies at an unsustainable level around the world.
At some point there is going to be a collapse (in the "value" of these currencies).
Someone had to be first to collapse. It could have been Brazil, it could have been India, it could have been whomever.
In this event it was Russia. Maybe this isn't going to be a "Russia only" event. This could simply be the beginning (or at least an observable beginning) of a world wide Fiat currency collapse.
It had to start somewhere plebs! ;)
Nonsense. The ruble was attacked for geopolitical purposes. It's quite different.
The FED could crush the Swiss franc 60% in the next 6 months if it wanted to.
perhaps the attack was staged, yes, and there is some evidence on how the NOK was attacked as soon as the RUB went in hiding, yesterday (here ZH link)
nevertheless, lots of Russians holding RUBs were involved, too. unpatriotic but true
"The FED could crush the Swiss franc 60% in the next 6 months if it wanted to"
interesting question. The CHF is hiding under the skirts of the EUR. How do you attack a currency attached or semi-attached to the EUR alliance? Remember that this is the "purpose number one" for the EUR. Safety in size. The Swiss could just print a gazillion CHF and buy a gazillion EUR. At this stage, what is a number?
perhaps the attack was staged
Yeah....lots of that going around these days.
The Feds intention is to crush anything that doesn't agree with it's beliefs.
Seems like a good time to dump the Strategic Petroleum Reserves.
[edit: sp]
The fed board is nothing more than a complement of Krugmans. There will be no surprises same old shit, print, print and print.
I do not understand how anyone would expect some type of Ah-Ha moment from that cast of clowns. What? We now see the error of our ways, we want to put our financial system back on terra-firma. Not no way,not no how! Ain't gonna happen, the system has to implode on it's own accord. That it will do at some point in time.
So... QE to da moon and beyound!
Don't expect to be around after the implode, you seem to be excited about it's arrival, or clueless.
Yellen-"we too will raise rates 600 basis points"
J Hilsenrath
Lesson learned. Holding dollars in reserves is bad for your countries health.
Janet "What, Me Worry?" Yellen...All these furrowed brows, the gnashing of teeth, and the gripping of hands over our financial maelstoms are exercises in futility since the psychopaths and sociopaths in control live by the creed that "stolen meat is tastier". The only solution is the Chinese one - a bullet to the head....
Dr. Copper has come down with a case of reality, and AUS$ is being used for dredging the FX market. But who gives a fuck when Bullard says QE5uckme the markets will rocket to record levels in a week. Also, anyone notice the US$ had set "post crisis" highs recently?
Good day to buy, stack or fondle silver.
With all the shit going on, I made a mental note to do NOTHING (except buying more silver, maybe) financially until the New Year.
When the sun rises over the Eastern US on January 1, 2015, nothing will have changed in the lives of most people, except that they'll have more i-gadgets from Christmas and maybe more credit card debt to pay off.
I've wanted to buy puts on a variety of companies, and am still looking at puts on MCD and YUM, because they're both going to get a severe fucking from their former customers (Negroes for MCD and Chinese for YUM) who are getting tired of paying through the nose to eat what amounts to rehypothecated dung.
With any luck, a bank will fail, hopefully, BofA, but I'm probably not going to get that lucky. Got a call yesterday from their lawyer. They want to give me $9K to vacate "their" house by January 15. I'm thinking maybe March 1. Mind you, my father's estate supposedly owes them $82K and we've been around and around the courts (foreclosure vs. fraud lawsuits), and they still want to settle, so I figure I must have done something right along the way and they're scared of losing, besides having paid the property taxes for the past five years.
So, I'll sit this dance out, thank you, sip some champagne and watch the carnage. Meanwhile, other banks are tripping all over themselves, offering me up to 18 months at 0% interest on CCs and balance transfers. The way things are going, I might get enough free credit to make the bank a counter-offer, WITH THEIR 0% MONEY.
I do hope Mr. Yellen doesn't do anything stupid, because the way things have been going, I'm beginning to like financial repression. I've flourished since 2009, so another year or so of this stupidity suits me just fine.
Happy, Holidays, Hanukkah or Christmas or Festivus for the rest of us, to all. Thanks ZH and all the commentators for making me more aware every day.
Stay in the house. Assignment is bogus along with note, no doubt. Note and mortgage were securitized and intervening assignments are missing. Freddie or Frannie is the "owner" but never took delivery of mortgage docs as they used custodian, the servicer, to hold them. So bank lies to say "look, we hold the note". Perhaps, but with only the rights of a custodian or servicer. Look at uniform commercial code, all the parts about who can enforce a note and they have to have all the rights. Skank of America bank is a great victim, they pay out all the time to settle out of court. Death, by law, to banksters. Their attorneys are near idiots and are mainly bullies with crushing student debt and shitty home lifes. They hate their worthless lifestyle of scumbaggery.
Ban KKiller, for the record, I love you, man.
I know you've been through the wringer with a bank, just wondering if you'd be willing to impart some of your knowledge in a closed environment. I'll try the ZH relationships, though I'm not familiar with how it works.
Whether we ever get the chance to talk or not, I wish you the best. BTW: What's the status on your property?
Edit: I have you as a contact and I have chat enabled, though when I click on your name, I still have no way of contacting you. I'll keep checking back here for any response.
Additionally, and I know I shouldn't do this, follow this link to my website. My contact info is there.
Thanks for helping him brother. :-)
The more I look at what is going on the more I think that THEY realize the USD days are numbered so a "major event" is needed to reshuffle the deck...
And just in case anyone gets any ideas:
http://rt.com/usa/215111-military-us-dallas-helicopters/
Those pansies had better keep on flying during a real-deal SHTF event.
Their pretend war games won't mean squat when the people begin unloading on them in earnest.
Pretty much. My own area is pretty much armed heavily.
so now everyone hangs on the words of a bitch that looks like a retarted muskrat?!
in other news i just want you so called stackers to come clean if you are buying gold and silver arent you doing so to trade for another paper currency that will revalue them higher later? and then when that currency crashes you teach your kids and grandkids the same behavior stack crash trade after revalued?
or do you idiots honestly think that without a total and complete crash or hounding your state legislatures that you will actually have any kind of purchasing power with said PM? Walk in to local grocery store with your Oz of gold and see what it gets you skipper...
If you had half a brain and bothered to make work of setting up barter, exchange with others beforehand you would know that there are many places that will gladly take an oz. of gold or silver for goods.
Granted, the smaller mom and pops, locals, are likely your only options, but you have to go out and ask around. There are more folks than you may realize that whilst may not be gloom and doom "all I do is stack", are old enough to rememeber the junk silver coins that grandma slipped them for offering on Sunday morning at church, and still know what "money" sounds like.
You newbies that still haven't had your cherry popped are funny, to say the least.
Ya money seems to sound like whatever the hell they tell you it is! We are all guilty parties in this we are using an illegal product of a private corporation that is unconstitutional we shouldn't be using it at all quasimoto face!
Besides seems like to me this is the scenario: Talmudic overlord walks in to your house everyday at 5pm with a gun to your head and robs you...your response is "Well fuk him i'll show him ill stack some PM! ya that will show that satanic monstrous fuk who is boss!" Meanwhile said Overlord laughs all the way to the bank with your and your progeny's future and says i saw that nice Ar15 and that ammo you got in that backroom i'll be comin back for that soon to filthy goy!
Would you say I have a plethora of goy Pepe?
You are very short sighted. I don't go into supermarkets. My silver traded quite nicely last month for some beef last month. I also got it and some lumber in return for eggs, veggies, and homemade biodiesel. Get a clue, and start thinking outside of the box. While you opinine, some of us are creating our on economy with our own exchange rates.
Thats great for you but how many people do you actually think are engaging in that activity? just come clean already the paper system is a great sysytem when it is fair and balanced and in the hands of a self regulating system! backing of currency should not be PM or oil or any of that stuff the backing it needs is you! if you want sound currency fight for it if you dont then get ready to go to club fema and be sodomized by some sexy redhead CIA lady! Yellen's god daughter if you wear you lucky pants!
Sounds good but unless you're in some sort of closed-loop system how would that work? What do you do when you run out of silver? You have to buy more with dollars. So you're actually still using dollars. The only advantage I could possible see is if there were a spike in price after you had bought it. But then you would've already traded it away for some sort of goods and you wouldn't have the ridiculous amount of new dollars to buy more. I don't see much use in that unless you have big bux and can buy AND hold it, not spend it. Unless you're in some kind of oddball (sorry, but that's how it would be viewed) community and are also receiving silver for payment for whatever it is you do I think it's a total waste of time. Of course I guess it would be interesting if 'everyone' started doing this but that's like getting 'everyone' together for any cause in the US..........it just doesn't happen and we get fk'd everytime.
Rsnoble and fallen one,
The fact the I am participating in a pm/barter environment is a defacto statement that I believe paper fiat is a failed experiment. Clearly I am also using fiat. Point of my post is that some of us are unplugging from fiat and forming pm/barter economies. Thus, instead of judging whether fiat or stacking is preferred, Stupid, or foolish, I choose to change the game nearest to me by building and establishing a system that could emerge as a viable alternative to the shit show that most likely occur in my lifetime. As I have stated several times on ZH, I prefer to act instead of mentally masterbating about who is right and wrong with respect to the current system. Thus, I am hedging on all fronts, but the pm/barter system that is growing in my area of the world and teaching millennials sustainable practices is where I focus my energy. You all can debate while I choose to act in a manner that I feel is best for me.
I clearly do not have all the answers, nor do I believe my current path is perfect or preferred for everyone.
Peace.
Oh it's no surpirse the world would be fixed......again..........overnight. We just can't get any sustained action around here lol.
look how putin take avans. people this days spend money on everthing coz hiperinflation fears. but now CBR will take money out of circulation Sberbank will raise FX, ruble deposits rates starting tomorrow
russia did preper for this rubble chrash, the crash of the ruble was inevitably coz fed qe policy, russia invest in eu, take advantage of winter time and global slowdown to defolt, russia cant borrow money on the market so they take a avans from people
now russia defold on EU banks, eu push in recesion, eu bond market roll over, again eu project insecure, russia use oil and gas as a extra wepon,
russia give some demand to eu about countris on border with russia.
russia economic go in depresion, eu economic go in deflation,
russia get help from china so china inflating alot following reports that China may loosen capital restrictions on brokerages.
eu will be between russia demand and usa demand coz fed will start print again to sponsor eu banks master card and visa cover 90% of russian paymant sistem, will lost a big market share
Will Ruble-Crash trigger a new financial crisis?
A German business group Wednesday cautioned against "Schadenfreude" over Russia's currency woes, predicting a 20-per cent drop in German exports to the country this year and the risk of worse to come.
latest
http://tersee.com/#!q=ruble&t=text
When all eyes turn to Yellen it is time to pray. Markets are not always efficient and the idea that they are is a myth manufactured by so-called experts, such as Paul Krugman in the ivory towers of academia. Disconnected from the real world those responsible with guiding our banking institutions often fail to see potential second and third order effects of debt monetization. In many ways they pose one of the greatest threats to the stability of our economic system.
A policy of blindly trusting anyone who claims to be an expert has disaster written all over it. If the bond market is indeed a bubble ready to pop its collapse will be full of ugly ramifications that will not only effect bond holders but will test the economic foundations of both the country and the world. Not only would bond holders be stripped of wealth but soaring interest rates would magnify the nations debt service and rapidly impact our deficit in a negative way. The article below delves into the real possibility of this and just how big a problem it could cause.
http://brucewilds.blogspot.com/2014/12/bond-market-bubble-has-ugly.html
In the a-Freudian-slip-is-not-an-article-of-clothing department, noticed several TV hosts today pronounced ruble as “rubble”
Its funny how Obama can get Russian consumers to go out and spend their money in about 9 months but hasnt been able to get the American consumers to do that in almost as many years.
Maybe he needs to sanction america?
Rootin' for Putin, perhaps the US *needs"... wait for it.... EU sanctions?
One of these speech's I'm expecting to start hearing the word quadrillion thrown around like nothing. 'Let's print a quadrillion dollars' . Why not? There is no way of paying off 18 trillion, so might as well have no way of paying off 5 quadrillion. That'll save the stock market. I's say invest in the forestry industry, the amount of bills the U.S. will print should begin a tree scarcity. Wait, then they'd just manipulate the price of paper, never mind.
trees are safe (for now anyways) that quadrillion is just 1' and 0's no need to burn up ink and paper whirling digits in an everwhirling fake fucked up world where nothings really real now is it more crony debt for all thats why it's called "making" a living not "earning" a living now back to the land of make believe... is it 2:30 yet