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"Nobody Could Have Possibly Seen This Coming"

Tyler Durden's picture




 

We have been watching the market's "sudden panic" about the implosion in the junk bond space with bemused detachment because, for the better part of the past year, we have been warning that this is about to take place. Here is a modest sample of articles from the past year commenting on the dangers from junk:

And so on.

All this culminated with a recent piece titled simply: "How To Profit From The Coming High Yield Meltdown."

To be sure, now that the carnage has been finally appreciated, everyone is on it. Cue Bloomberg:

Debt of struggling companies has slumped, with one market gauge falling to a six-year low, as declining energy and commodity prices hit producers just as the Federal Reserve prepares to raise borrowing costs for the first time in almost a decade. Scott Minerd, global chief investment officer at Guggenheim Partners, predicts 10 percent to 15 percent of junk bond funds may face high withdrawals as more investors worry about getting their money back. He joins money managers Jeffrey Gundlach, Carl Icahn, Bill Gross and Wilbur Ross in warning of more high-yield trouble ahead.

However, in all honesty the warnings were there for those who cared long ago and not just on this website. Back in July, the WSJ wrote:

Reef Road Capital LLC, led by former J.P. Morgan Chase & Co. proprietary trader Eric Rosen, has been betting against, or shorting, exchange-traded funds that hold junk bonds and buying options that will pay off if the value of these high-yield securities falls.

 

“They are going to be toast,” David Tawil, president of hedge fund Maglan Capital LP, said of the funds holding hard-to-sell assets like emerging-market debt and small-capitalization stocks. “It will be one of our first levels of shorting the moment we start to see cracks, because it’s ripe with retail, emotional investors.”

 

In a way, the moves resemble efforts by some hedge funds to find a way to wager against the U.S. housing market ahead of the financial crisis. At the time, the country brimmed with highly indebted homeowners who had been encouraged to borrow more in a low-interest-rate environment... The risk now is that this latest era of low interest rates has made risky junk bonds, which pay relatively high returns, disproportionately attractive for investors.

And then there was everyone else.

Here is an extensive selection of various warnings noted over the past year which cautioned everyone that a rout in junk is coming courtesy of Deutsche Bank.

Here are the hedge fund suggestions to go short the high yield space:

  • April 2015, Pacific Alternative, Ross associate director, "Although ‘bank-run’ risk exists in all mutual fund structures because the investors in them have daily liquidity, the risk is heightened with liquid alts due to the relative novelty of the strategy to the retail investor"
  • July 2015, Apollo, "ETFs and similar vehicles increase ease of access to the high yield market, leading to the potential for a quick ‘hot money’ exit"
  • July 2015, Maglan Capital, Tawil President, "They (the funds holding hard-to-sell assets) are going to be toast“ “It will be one of our first levels of shorting the moment we start to see cracks, because it’s ripe with retail, emotional investors"
  • 8 December 2015, DoubleLine, Gundlach co-founder, "We’re looking at some real carnage in the junkbond market" "This is a little bit disconcerting that we’re talking about raising interest rates with the credit markets in corporate credit absolutely tanking. They’re falling apart"
  • December 2015, Legal & General Investment Management, Roe head of multi asset funds, "The problem dates back to the financial crisis, as there is not the liquidity in the market to cope with a wave of redemptions and investors know this" "We saw this kind of thing before in 2008-09 in the property market, when a number of funds had to be closed because of liquidity problems"
  • December 2015, USAA Mutual Funds, Freund CIO and portfolio manager, "A precursor of a period of substantial defaults"
  • December 2015, Lehmann Livian Fridson Advisors, Fridson money manager, "It’s significantly bad news for the market, and another straw on the camel’s back" "It’s not typical, but it raises the question: Can this happen to the next-worst fund? You just don’t know. It certainly doesn’t encourage people to put money in, and that just exacerbates the liquidity problem there"
  • 10 December 2015, Carl Icahn, "The meltdown in High Yield is just beginning"

Here are official regulators warning about "run risk":

  • 8 October 2014, IMF, "Capital markets have become more significant providers of credit since the crisis, shifting the locus of risks to the shadow banking system. The share of credit instruments held in mutual fund portfolios has been growing, doubling since 2007, and now amounts to 27 percent of global high-yield debt. At the same time, the fund management industry has become more concentrated. The top 10 global asset management firms now account for more than $19 trillion in assets under management. The combination of asset concentration, extended portfolio positions and valuations, flightprone investors, and vulnerable liquidity structures have increased the sensitivity of key credit markets, increasing market and liquidity risks" ... Redemption fees that benefit remaining shareholders are one option; however, the calibration of such a fee is challenging and to the extent possible, should not be time varying, as this could encourage asset flight. Similarly, gates to limit redemptions appear to solve some incentive problems, but may simply accelerate redemptions ahead of potential imposition and lead to contagion"
  • 10 October 2014, IMF, Lagarde Managing Director, "There is too little economic risk taking, and too much financial risk taking" "One side effect is the danger, once again, of a rush toward reckless risk taking. While there are a number of warning signs, the risks are particularly acute in the nonbank sector. One example: mutual funds now account for 27 percent of global high-yield debt, twice as much as in 2007. This is larger than the world’s largest economy—the United States. History teaches us a clear lesson—the bigger the boom, the bigger the bust. A sudden shift in sentiment could easily cascade across the entire globe"
  • 18 February 2015, FRB, Powell Governor, "Caution on the part of supervisors is certainly understandable here. It is worth  remembering that the destructive potential of the subprime mortgage market was not obvious in advance and not fully reflected in real-time measures of balance sheet exposure" "Mutual funds that invest in fixed income assets have seen large inflows and have become more significant investors in this market. Some of these funds, including those holding syndicated leveraged loans and high-yield bonds, provide investors with what is called "liquidity transformation"--providing daily liquidity even when the underlying assets are relatively illiquid. The risk is that, in the event of a shock or a panic, investors will demand all of their money back at the exact time when the liquidity of the already illiquid underlying assets deteriorates even further. Investors may not anticipate or recognize this problem until it is too late--the so-called liquidity illusion" "Bank loan funds, which attract retail investors and offer daily liquidity, now total about $150 billion, or 20 percent of institutional leveraged loans outstanding.... supervisors and market participants have raised valid concerns that stressful times could well bring large-scale redemptions and threaten runs.
  • 2 June 2015, Goldman Sachs, Cohn COO, "I am concerned like many others that there's a rather large imbalance being created between the daily liquidity in the AUM (investment trust) world and the broker-dealer liquidity available to that world" "The industry as a whole has been shrinking their balance sheets because of regulatory constraints and the ability for dealers to create liquidity because of other regulatory constraints that are not balance sheet are kicking in, and we're implementing those too. And I think there's a relatively large disconnect happening there. And you don't see it most days. If you ask me how liquidity is on a normal day, I would say normal day liquidity is quite normal. The problem is on the days when you need liquidity, it probably won't be there"
  • 3 September 2015, FAC (Federal Advisory Council), "Under normal conditions in well-functioning markets, banks will provide necessary liquidity, but under stress, liquidity shortage may be very problematic. Liquidity constraints may become more apparent as interest rates rise in the coming months and years to more normal levels" "High-yield bonds, in particular, are prospectively the asset class where illiquidity will become most acute in a downturn"
  • 7 October 2015, IMF, "Changes in market structures appear to have increased the fragility of liquidity. Larger holdings of corporate bonds by mutual funds, and a higher concentration of holdings among mutual funds, pension funds, and insurance companies, are associated with less resilient liquidity"
  • 3 December 2015, FRB, Fischer Vice Chairman, "Valuation pressures had been high for a while, before risk spreads widened and issuance slowed over the past year" "The high issuance of corporate debt in recent years is evident in the near-record-high debt-to-asset ratios at speculative-grade and unrated corporations, making this sector vulnerable to adverse shocks"

And even the regulators chimed in about the quality of underlying "junk" assets and levered loans:

  • 21 May 2013, U.S. Treasury Secretary Lew, "The issuance of high-yield bonds reached a historical high in the fourth quarter of 2012. While underwriting standards remain conservative in many markets, there are some examples of loosening standards"
  • 25 February 2014, FRB, Tarullo Governor, "High-yield corporate bond and leveraged loan funds, for instance, have seen strong inflows, reflecting greater investor appetite for risky corporate credits, while underwriting standards have deteriorated, raising the possibility of large losses going forward"
  • 18 June 2014, FRB, Yellen chair, "With respect to financial stability, we monitor potential threats to financial stability very, very carefully, and we have spoken about some - I’ve spoken in recent congressional testimonies and speeches about some threats to financial stability that are on our radar screen that we are monitoring, trends in leverage lending and the underwriting standards there, diminished risk spreads in lower-grade corporate bonds. High-yield bonds have certainly caught our attention. There is some evidence of reach for yield behavior. That’s one of the reasons I mentioned that this environment of low volatility is very much on my radar screen and would be a concern to me if it prompted an increase in leverage or other kinds of risk-taking behavior that could unwind in a sharp way and provoke a sharp, for example, jump in interest rates."
  • 7 October 2014, NY fed, Federal Reserve Bank of New York, Dudley President, "We are following up with those banks to see how closely they are following the guidance (regarding standard of leveraged loan)" "We think the market is a bit frothy"
  • 18 February 2015, FRB, Powell Governor, "Investors may take highly leveraged positions in leveraged loans through total return swaps and secured funding transactions, and a substantial buildup of these positions could present run and fire-sale risks if asset values started to fall.... "Another issue to consider when contemplating such intervention is that, particularly in the United States, activity is free to migrate outside the commercial banking system into less regulated entities. As supervisory scrutiny has increased in recent years, a growing number of nonbanks have become involved in the distribution of leveraged loans."
  • 6 May 2015, FRB, Yellen chair, "I would highlight that equity market valuations at this point generally are quite high" "There are potential dangers there" "Long-term interest rates are at very low levels, and that would appear to embody low term premiums, which can move, and can move very rapidly" "When the Fed decides it’s time to begin raising rates, these term premiums could move up and we could see a sharp jump in long-term rates"
  • 22 October 2015, Bank of England, Cunliffe Deputy Governor: Challenge for the market: "A particular concern occupying both the (BoE's) Financial Policy Committee and authorities internationally is that simultaneous redemptions from open-ended funds offering short-term redemptions could test the resilience of market liquidity" "It is quite conceivable that given the range and speed of regulatory reforms, there are parts of the framework that might not work in the way we intended"

Finally, ETFs:

"ETFs are another form of financial engineering that have grown rapidly over the past decade or so – from a small base in the early 2000s to more than US$2 trillion today. Equity funds still comprise the majority of ETFs. But the share of fixed income ETFs, in which the underlying assets are much less liquid, has grown substantially – in Europe, from around 5% in the early 2000s to around 25% today” “In times of stress not only can their liquidity characteristics revert back to that of their underlying assets, they can also trade at a discount to the value of these assets. We saw some of this effect in the market turmoil last summer. We need to understand better why these effects happened and the circumstances in which they could reoccur"

* * *

All of the above? Ignore, as our friend Eddie Morra sarcastically remarks:

Bottom line, if junk bonds end up being the precursor to a wholesale market swoon or something even more serious, one can be certain that the common refrain from all the financial "experts" will be a very well known one:

"nobody could have possibly seen this coming."

 

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Mon, 12/14/2015 - 17:37 | 6923195 Oracle 911
Oracle 911's picture

How it will be shinned by talking heads when it finally collapses?

(It is a rhetoric question.)

Mon, 12/14/2015 - 17:40 | 6923212 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

At this point I am so mentaly worn out, that I will have to see the implosion in order to believe it. They got a hold on this stuff more than we'd like to admit. 

Mon, 12/14/2015 - 17:50 | 6923228 agstacks
agstacks's picture

Yup, I am fully expecting a +.25% hike followed by a +200 point rally in the DOW that same day.  Janet will have her picture on the cover of The Economist with a halo, etc..

 

 

Mon, 12/14/2015 - 18:00 | 6923249 I AM SULLY
I AM SULLY's picture

Then she will do a nude spread in Hustler.

Mon, 12/14/2015 - 18:11 | 6923278 foodstampbarry
foodstampbarry's picture

dude....

Mon, 12/14/2015 - 18:13 | 6923286 johngaltfla
johngaltfla's picture

Ya know, I heard that "nobody could have possibly seen this coming" in 1998, September 2001, February 2008, September/October 2008, etc.

It's not that "nobody could have" it's that the fools and asswipes refuse to believe anything from anyone outside their little circle of self-important pricks on Wall Street.

Mon, 12/14/2015 - 18:23 | 6923314 Squid-puppets a...
Squid-puppets a-go-go's picture

this one is more foreseeable than the last 2 downturns. we're a year past the 6 year cycle average for a start, and the last 12 months feels like every month theres been some metric come in 'worst since lehman'

combine that with the commodity drubbing and evidence that even endless QE is no lnger lifting the (ex-stawx) economy off the mat and who the hell expects anything less?

Mon, 12/14/2015 - 18:28 | 6923335 McMolotov
McMolotov's picture

"When burying one's head in the sand, one should expect to be ass-raped."

ancient Chinese proverb (not really, but should be)

Mon, 12/14/2015 - 19:27 | 6923545 Oldwood
Oldwood's picture

and you never saw it coming....but I think I can hear footsteps...

Tue, 12/15/2015 - 06:54 | 6924999 Squid-puppets a...
Squid-puppets a-go-go's picture

"nobody could have possibly seen this coming."

is actually perfectly apt. Because if you didnt see this one coming, you really are a nobody

Tue, 12/15/2015 - 10:17 | 6925399 kralizec
kralizec's picture

Plenty is being seen and has been seen...what is missing is the bottom.

Mon, 12/14/2015 - 20:08 | 6923708 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

Rear-End bonus?

Tue, 12/15/2015 - 00:34 | 6924614 OregonGrown
OregonGrown's picture

Dude.....

Tue, 12/15/2015 - 03:45 | 6924865 Tyler Durderian
Tyler Durderian's picture

That means the Wall Street hacks won't get Christmas bonuses? 

 Let's hope to see them begging for food stamps by the next year's end.

I'll even open up a soup kitchen for them:


http://goo.gl/UjTdrR

 

Tue, 12/15/2015 - 04:07 | 6924884 Arnold
Arnold's picture

Enough with the sex porn links

Other porn links ok

 

http://motorcycleporn.tumblr.com/

Mon, 12/14/2015 - 18:55 | 6923428 G.O.O.D
G.O.O.D's picture

John, how are they to know the light at the end of the tunnel is a freight train? Nobody told them.

 

They are innocent..

It is all so confusing.

nobody coulda knowed..

honest.. dont you trust them?

Mon, 12/14/2015 - 20:06 | 6923698 johngaltfla
johngaltfla's picture

The fact they have their heads laying on fucking railroad tracks becaues their bosses "told them to" should be a clue.

Mon, 12/14/2015 - 22:18 | 6924182 1033eruth
1033eruth's picture

Not quite - The media and Uncle Fraud have an incestuous relationship.  Uncle Fraud tells the media to put on a happy face because consumer confidence is paramount.  

As long as the stock market is soaring to new highs, consumer confidence is also maintained and more than likely they will vote for the status quo.  TO WIT, there are, and I'm not making this up, millions of liberals that attribute the success of the stock market to.......Obama because it is occurring during his shift (you can't make shit up, like this).

Yes absolutely they KNOW what is occurring but it is there JOB to lie and pretend nothing is wrong because we don't want to spread fear about how fraudulent and corrupt our economic fraud happens to be.  

16 thumbs up and zero thumbs down as I type this.  Disgusting ignorance.  Its amazing how little the general public knows about Uncle Frauds policies and gimmicks.   

Mon, 12/14/2015 - 23:56 | 6924523 jomama
jomama's picture

I once had a wild imagination as well!

And yes, you can make shit up like this. You just did.

Tue, 12/15/2015 - 14:55 | 6926816 nofluer
nofluer's picture

Anybody know what the stock markets of Zimbabwe and Weimar were at the end of the line? (Gotta have good data for an effective short play!)

Mon, 12/14/2015 - 18:20 | 6923307 Implied Violins
Implied Violins's picture

'dude' -

I guess we will get an answer to that question then, won't we?

Mon, 12/14/2015 - 18:49 | 6923401 ajax
ajax's picture

 

 

"Year end bonus" or "Rear end bonus"? According to the photo I'd expect the latter.

Mon, 12/14/2015 - 22:00 | 6924109 nosam
nosam's picture

When they do well in the market, bankers get a big bonus for their brilliance.

When they do badlly, they say "who could have knowd" and somehow still end up with a bonus.

Heads I win, Tails you lose.

Mon, 12/14/2015 - 22:01 | 6924110 nosam
nosam's picture

dupe

Mon, 12/14/2015 - 22:28 | 6924226 FreeNewEnergy
FreeNewEnergy's picture

Sully gets my vote for post of the week, but, it's only Monday. Still, pretty awesome, if not utterly grotesque (morons say gross).

Tue, 12/15/2015 - 07:18 | 6925011 Vendetta
Vendetta's picture

"Then she will do a nude spread in Hustler."

And people will buy the mag in droves

Mon, 12/14/2015 - 18:00 | 6923251 Cognitive Dissonance
Cognitive Dissonance's picture

"You're gonna have to pry the markets from my cold dead hands." - Janet Yellen

Mon, 12/14/2015 - 18:16 | 6923295 back to basics
back to basics's picture

Finally,  a  ZH vintage piece instead of the click magnet "as we predicred" stuff. Well done Tylers, kudos.

Tue, 12/15/2015 - 01:47 | 6924756 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

That is a curious sentiment coming from someone who boasts a semi-pornographic avatar.

Mon, 12/14/2015 - 19:14 | 6923486 brockhardman
brockhardman's picture

Sure thing.  Do you want this to be done before or after your next stroke?

Mon, 12/14/2015 - 19:15 | 6923494 Crocodile
Crocodile's picture

It was just a head fake to cover the wet farting.

Mon, 12/14/2015 - 20:14 | 6923727 Cognitive Dissonance
Cognitive Dissonance's picture

That's gonna leave a mark.

Mon, 12/14/2015 - 19:14 | 6923489 Crocodile
Crocodile's picture

Jihad style??

Mon, 12/14/2015 - 19:12 | 6923475 Crocodile
Crocodile's picture

When she or he, well "old Yeller" gets the Nobel Prize in Economics, the everything collapses.  So that will be the catalyst that came out of nowhere.  Look for that Nobel Prize; could be given to Ben or perhaps both, but that will be the catalyst.

 

I just Googled this and look what I came up with.

Title: The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2015 to

Angus Deaton
Princeton University, NJ, USA

"for his analysis of consumption, poverty, and welfare".

 

Excerpt: "To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices. More than anyone else, Angus Deaton has enhanced this understanding. By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics."

 

You cannot make this crap up and it is CRAP!!

 

Mon, 12/14/2015 - 20:43 | 6923811 Berspankme
Berspankme's picture

I heard next year he is studying the relationship between food and hunger. Very complex stuff, you wouldn't understand

Tue, 12/15/2015 - 02:49 | 6924824 A Nanny Moose
A Nanny Moose's picture

Followed by the cover of time for Hobbit of the Year

Mon, 12/14/2015 - 18:07 | 6923270 seek
seek's picture

Indeed they do have a tight hold. It's why I keep saying the collapse is years away when people think it's weeks. It's when they lose the hold -- i.e. when people reject the dollar -- that everything unwinds very, very rapidly. It'll be slow until it isn't.

Mon, 12/14/2015 - 18:58 | 6923435 847328_3527
847328_3527's picture

I agree. despite hundreds of thousands of firings in the enegery industry of highly paid engineers, you barely see a dent in the stawk or house prices. The market is so heavily manipulated there will be no rash for awhile.

Maybe when and if the Fed ever raises rates to a near normal level (6-8%) we'll see some free market reaction.

Maybe if Barry can layoff another 95 million people in addition to the 95 million jobless we have now and push the BLS "Jobless Rate" down to 3%...maybe then we'll see some reversion to the mean.

Mon, 12/14/2015 - 18:59 | 6923440 G.O.O.D
G.O.O.D's picture

Q: senator, just exactly how did the nation go broke?

Senator: 2 ways, first quite slowly, and then all of a sudden.

https://www.youtube.com/watch?time_continue=3&v=6Ejga4kJUts

Mon, 12/14/2015 - 22:09 | 6924146 cheeseheader
cheeseheader's picture

Dang, I was sure your youtube was going to be those two Ozzies doing a Bob and Ray thing.

Mon, 12/14/2015 - 23:55 | 6924522 Loanman26
Loanman26's picture

Surely you mean Neal & Bob.

 

Mon, 12/14/2015 - 19:02 | 6923448 Crocodile
Crocodile's picture

It will happen when GOD allows it to, for a man plans his ways, but the LORD has the final say.

Mon, 12/14/2015 - 19:25 | 6923525 Crocodile
Crocodile's picture

Many people really do hate the Lord of whom they know nothing; bigots??  God said that would be the case and man is he right as always.

 

PROVERS 16:9 "A man's heart plans his way, But the Lord determines his steps."

 

PROVERBS 16:25 "There is a way that seems right to a man, but in the end it is the way of death."

Mon, 12/14/2015 - 19:40 | 6923607 SuperRay
SuperRay's picture

PROVERBS 13:22  "Persist in believing the bullshit offered by religion, for you are a moron who can't think for yourself."

Mon, 12/14/2015 - 20:50 | 6923846 Tall Tom
Tall Tom's picture

May you receive exactly what you deserve.

Mon, 12/14/2015 - 23:07 | 6924355 Crisismode
Crisismode's picture

 

 

TT,

 

Much as it may surprise and shock you . . .

 

WE ALL get Exactly what we deserve.

 

 

Mon, 12/14/2015 - 22:33 | 6924243 FreeNewEnergy
FreeNewEnergy's picture

Marx (Karl, not Groucho) 101: "Religion is the opiate of the masses."

Mon, 12/14/2015 - 23:42 | 6924479 jomama
jomama's picture

They have a hard time admitting it because it's all they have left.

Tue, 12/15/2015 - 07:38 | 6925031 Vendetta
Vendetta's picture

It seems your Proverbs 16:25 quote is saying those who seek righteousness are dead meat and most likely it is those who care not for righteousness or falsely believe in their own righteousness will be the ones killing them.  The ambiguity of Proverbs and the plethora of other books is its power by those who use religion to manipulate people of good conscience to do the bidding of that of evil rulers and their conscripts/ministers/priests seeking control of masses through the churches.

Tue, 12/15/2015 - 00:02 | 6924546 Max Cynical
Max Cynical's picture

How big ($) is the HY market? Billions/Trillions?

Tue, 12/15/2015 - 06:33 | 6924974 Global Observer
Global Observer's picture

It's when they lose the hold -- i.e. when people reject the dollar

US residents cannot reject the US$, since it is legal tender within the US. As for the foreigners stopping their US$ accumulation, it takes an alternative international currency to be created first, since all of the existing domestic/regional currencies have the same problems as the US$. I think the currency and the necessary infrastructire for it have already been created. The switch needs a trigger, political or economic, to justify it and timing. I think it will happen after the 2016 US elections and before the next President/Congress take office. The US will provide the trigger to justify it, but it will happen even if they don't. It is not in the interests of Russia and China to prop up the US economy and if they don't destroy the US$ and economy before the next US President takes office, they may have to wait another 8 years for that opportunity which may not even exist after 8 years.

Mon, 12/14/2015 - 21:16 | 6923935 RiverRoad
RiverRoad's picture

Wake me up when we get to   666.

Mon, 12/14/2015 - 23:42 | 6924481 ghengiskhan
ghengiskhan's picture

There is no reason they won't increase the scope of manipulation since that is always the answer.  I picture them furiously turning knobs and flipping switches while the junk unwinds.  Now can they manipulate fast enough ... I mean that's really what we are talking about here.  Can they possibly hope to flip those switches and turn those knobs faster than cascade failure stemming from junk unwinding?  Since fundamentals, benchmarks and any other form of validation are completely meaningless they have a lot of options.  This ends with hundreds of billions handed out yet again.  The only question is what kind of gift wrap will they use.

Tue, 12/15/2015 - 07:45 | 6925040 Vendetta
Vendetta's picture

Or they are just turning the knobs and flipping the switches with full knowledge that the system is finished but they just want to get those last massive 'trade' agreements signed off before letting the system crash and burn and Amerika has no way of recovering from the destruction due to its manufacturing being gutted.

Mon, 12/14/2015 - 23:50 | 6924504 PutinLover
PutinLover's picture

As a sign of good faith and cheer to my fellow Zero Hedge Soviet comrades, I will gift the first 100 of you that respond with an authentic Russian one ounce silver bar.  All I ask is that you provide me with your full name and physical street address (please, no P.O. boxes).

Ochen Shasti Pradznikov, Bratya!!

Tue, 12/15/2015 - 05:18 | 6924935 die standing
die standing's picture

"At this point I am so mentaly worn out, that I will have to see the implosion in order to believe it. They got a hold on this stuff more than we'd like to admit. "

They've got power alright..

POWER JELLO.

Mon, 12/14/2015 - 18:08 | 6923274 junction
junction's picture

These insiders all complain about impending doom and how bad things will get, then they take off in Gulfstream jets on a vacation to a five star hotel in Polynesia or wherever,  claim the trip as a business expense and then check to see if their Cayman Island off shore account got its most recent infusion of tax-dodging funds. 

Mon, 12/14/2015 - 19:42 | 6923615 SuperRay
SuperRay's picture

And if you complain about it they'll just say that's how the world is arranged.  They're just playing their role as financial criminals.

Mon, 12/14/2015 - 17:38 | 6923204 Rainman
Rainman's picture

Break out that old Chuckie Prince tune ...' While the music's playin, you gotta dance '

Mon, 12/14/2015 - 18:53 | 6923416 ajax
ajax's picture

 

@Rainman Re Charles Prince:

https://www.youtube.com/watch?v=duWR61W_gjM

"No harm no foul"?

 

Mon, 12/14/2015 - 18:59 | 6923439 Crocodile
Crocodile's picture

That was worthless.  It is the thought that counts.  :)

Mon, 12/14/2015 - 22:59 | 6924330 Farqued Up
Farqued Up's picture

Better, break out Chuckie the doll and that sweet bride of his and rent him a dollhouse on Wall Street.

Mon, 12/14/2015 - 17:38 | 6923206 GRDguy
GRDguy's picture

Facts? We don't need no stinkin' facts.

Mon, 12/14/2015 - 17:40 | 6923210 Omega_Man
Omega_Man's picture

WOW a rate hike coming??? Who knew?

Mon, 12/14/2015 - 18:27 | 6923336 I-am-not-one-of-them
I-am-not-one-of-them's picture

WOW, bailouts coming???  Who knew?

Mon, 12/14/2015 - 17:40 | 6923213 More Ammo
More Ammo's picture

You can ignore reality

But you can't escape the consequences of ignoring reality.

Mon, 12/14/2015 - 17:47 | 6923223 Miffed Microbio...
Miffed Microbiologist's picture

Well I'm not in the market nor do I get a bone ass so does that mean I'm safe? Oh yeah, I work in Sick Care.

Miffed

Mon, 12/14/2015 - 17:55 | 6923234 New_Meat
New_Meat's picture

Hi Miffed, you're safe, you're very very safe.

- Ned

Mon, 12/14/2015 - 18:30 | 6923341 Implied Violins
Implied Violins's picture

You may soon be conscripted to work for free via executive order during the upcoming crisis...but you can enjoy serving humanity selflessly, especially if you send all bankers and politicians you treat to the infectious ward - even if they are healthy.

Mon, 12/14/2015 - 19:31 | 6923558 Oldwood
Oldwood's picture

But are we still being fucked if it is for the good of the collective? They told me they loved me.....

Mon, 12/14/2015 - 19:39 | 6923603 Miffed Microbio...
Miffed Microbiologist's picture

We once received a man who had been shot in the crotch. The nurses were taking wonderful care of the man realizing how terrible this was for him. Then it came out he was caught raping a woman and her husband had shot him.

We were short handed so I went to ICU to draw his blood. I asked if the nurse would draw it from his arterial line and she shrugged and said she didn't think it was working. I told her I didn't know how to draw an arterial blood gas. She just smiled enthusiastically. " This is a great day to learn how!" I never plunged a needle so deep and fished around in someone's arm for so long in my life. He just glared at me wild eyed.

I've learned to appreciate the small justice we get in life.

Miffed;-)

Mon, 12/14/2015 - 19:42 | 6923616 Ms No
Ms No's picture

Your effing awesome.  I hope you get a pedophile someday.

Mon, 12/14/2015 - 20:05 | 6923693 nightshiftsucks
nightshiftsucks's picture

You're quite the woman Miffed,do you have any sisters ?

Mon, 12/14/2015 - 21:00 | 6923879 WillyGroper
WillyGroper's picture

Was is name Schottchurkrochov?

Mon, 12/14/2015 - 22:16 | 6924173 RaceToTheBottom
RaceToTheBottom's picture

I wish that you get some WS fucktards to treat....

Mon, 12/14/2015 - 22:38 | 6924264 Geezer Oil Trader
Geezer Oil Trader's picture

A Midland, TX, oilman found out his wife was fucking a local country club's golf pro.   Enraged, the oilman hired a hitman to kill both parties for $50,000 each.   

The hitman and the oilman met up on a moonless west Texas night and approached the golf pro's condo from a nearby fairway.

The hitman soon pulled out a deer rifle with a powerful scope and viewed the golf pro's condo from across the fairway.  "I can see both of them......" said the hitman to the oilman.

The oilman said, "Shoot his dick off and then shoot her in the head!"

The hitman sighted in and waited for what seemed like a long time.  Exasperated the oilman said, "What are you waiting for??"

The hitman said, "I think I can save you $50,000........."

 

 

 

Mon, 12/14/2015 - 18:54 | 6923420 Crocodile
Crocodile's picture

I'm sick; do you care? :)

Mon, 12/14/2015 - 17:57 | 6923236 Peter Pan
Peter Pan's picture

There will definitely be a collapse at some point but in the meantime there will be plenty of twists and turns each of which will be milked for profit.

In other words the fluctuation is as much a source of profit as is the general upward trend.

Mon, 12/14/2015 - 17:59 | 6923245 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

the courage to act, Mr. Yellen, your serve.

Mon, 12/14/2015 - 18:00 | 6923250 cheech_wizard
cheech_wizard's picture

"nobody-could-have-possibly-seen-coming"

Did you mean the 3:30 ramp?

Standard Disclaimer: No crystal ball required.

Mon, 12/14/2015 - 18:52 | 6923414 Crocodile
Crocodile's picture

The 3:30 ramp is a tough day, but on the easy days it is the 3:50 ramp.

Mon, 12/14/2015 - 18:10 | 6923276 PoasterToaster
PoasterToaster's picture

The point being that there is always another bear market.  You don't need a collapse of civilization to experience this, it's a regular occurance.

When did people start accepting the idea that the Fed-induced cycle had been overcome?

Mon, 12/14/2015 - 18:18 | 6923300 Crocodile
Crocodile's picture

Were at or near the end of the USD based fiat system whose end game on a long enough timeline is ZERO....that sounds familiar. 

 

Both the Bull and the Bear dies and is replaced by who knows what...the Chinese will let us know or WWIII will.

Mon, 12/14/2015 - 18:12 | 6923282 moonmac
moonmac's picture

Who cares what the Fed does? My work has been so slow I haven’t had to use deodorant in months and nothing will change that fact barring trillions more in stimulus and if that’s happens I’m quitting!

Mon, 12/14/2015 - 18:13 | 6923283 fiftybagger
Mon, 12/14/2015 - 18:15 | 6923290 Crocodile
Crocodile's picture

Nothing unwinds until it ALL unwinds; "The "Shadow(s) Know".

 

https://www.youtube.com/watch?v=uMlRpN8ANrU

 

or

 

https://www.youtube.com/watch?v=lzMNZGNBGWU

Mon, 12/14/2015 - 18:24 | 6923319 Kirk2NCC1701
Kirk2NCC1701's picture

My name is Bond.  Junk Bond.  Licensed to Kill.

Mon, 12/14/2015 - 18:32 | 6923348 Implied Violins
Implied Violins's picture

That 007 just got a few extra zeros in front of it - and a period.

Mon, 12/14/2015 - 19:17 | 6923510 waterwitch
waterwitch's picture

I think you meant "E6 after it"=> 007E6

Has a nice ring to it.

Mon, 12/14/2015 - 18:28 | 6923326 Lumberjack
Lumberjack's picture
Texas plumber wants $1 million from dealership that sold his truck to jihadists

 

A Texas plumber has dealt with death threats and abusive phone calls after the Ford truck he sold to a local dealership showed up in the hands of jihadists in Syria ? with his company sign intact. Now he is suing for at least $1 million in damages.

Mark Oberholtzer, who runs Mark-1 Plumbing in Galveston, Texas, says that Autonation Ford Gulf Freeway, a dealership in Houston, resold his 2005 Ford F-250 pick-up without removing the decal with his company’s name and phone number. After the truck ended up in the hands of a Syrian rebel group, a photo of it showed up on Twitter and was featured on the final episode of Comedy Central’s ‘Colbert Report’.

Colbert joked that Syria “is going down the toilet, but for the first time, they know who to call to unclog it.”

By the end of that day, “Mark-1's office, Mark-1's business phone, and Mark's personal cell phone had received over 1,000 phone calls from around the nation,” ranging from degrading to expletive-laced death threats, according to the lawsuit filed in Harris County by Oberholtzer’s attorneys. Up to 200 calls per day continued to come in over the next three weeks, and the plumber still gets calls to this day, especially after Islamic State (IS, formerly ISIS/ISIL) commits an atrocity somewhere, the lawsuit said.

Mon, 12/14/2015 - 18:50 | 6923404 Crocodile
Crocodile's picture

I wonder how it got from Texas to Syria?  Calling Mr. Putin; we have another revelation. 

 

Calling the mentally ill liberals; how does a F-250 (assuming you know what that is) get from Texas to Syria and directly to ISIS?  I know that is a tough question for the mentally challenged.  Say it with me real slow "O-B-U-M-M-E-R"; your beloved Muslim in Chief.

Mon, 12/14/2015 - 19:19 | 6923515 Duc888
Duc888's picture

 

 

Calling the mentally ill liberals; how does a F-250 (assuming you know what that is) get from Texas to Syria and directly to ISIS?  I know that is a tough question for the mentally challenged.  Say it with me real slow "O-B-U-M-M-E-R"; your beloved Muslim in Chief."

 

I won't cross post... but it is STILL happening today... x 10.  I've seen it.,

Mon, 12/14/2015 - 20:50 | 6923845 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

Because this was filmed in the "desert" you assume it was in Syria.

I bet his truck was sold to a local and the filming was done in some Texas outback.

After all, if NASA gets away with it...

Why can't you people get it through your heads, everything the government says and does since the Warren Commission coverup is a fuckin' LIE?

Mon, 12/14/2015 - 23:35 | 6924445 jomama
jomama's picture

First off:

'Liberals' is an imaginary demographic.

GET IT? THIS FICTIONAL GROUP OF PEOPLE DESTROYING YOUR WORLD DOESN'T EXIST. KIND OF LIKE YOUR FAIRY TALE SATAN, WHO HAS RUINED YOUR LIFE.

Second, OBAMA ISN'T FUCKING MUSLIM YOU GOD DAMNED IDIOT.

Finally, it isn't the responsibility of any of the plebes, regardless of how they feel about gays or abortion that the US - vassal state of Israel is propping up ISIS. HOW IN THE FUCK CAN ANYONE WITH AN IQ OVER 100 THINK THAT?!

Do us all a favor and change your fucking handle to Parrot, and that's a compliment.

Tue, 12/15/2015 - 00:58 | 6924689 Arthur Schopenhauer
Arthur Schopenhauer's picture

Lighten up, dude.  You need to respect the right of people to practice their religion.

Tue, 12/15/2015 - 14:09 | 6926581 jomama
jomama's picture

practice it, yes.

Shove it down my throat, FUCK NO.

Mon, 12/14/2015 - 22:07 | 6924136 Celotex
Celotex's picture

Couldn't the plumber have removed his own sign instead of blaming the buyer for not doing so? This precious snowflake is simply refusing to accept responsibility.

Mon, 12/14/2015 - 18:27 | 6923334 Herdee
Herdee's picture

Countries in the European Union are the ones that are the most highly exposed to emerging markets.Especially Germany with their large banks highly leveraged with derivatives.Traders should be very careful going into the rate decision.

Mon, 12/14/2015 - 18:28 | 6923339 blindman
blindman's picture

after no one could see it they will say,
and their followers will ape,
it was the regulation and restriction on
the "free" market that is the problem and cause
of the crisis, ignoring all history and individual
sovereignty in the political and corporate failed
paradigm.
so, we must define the domain/s
of money, time and law truthfully. for the first time,
ever; who is up to it?
anyway...

Mon, 12/14/2015 - 18:30 | 6923343 Truth Eater
Truth Eater's picture

You woulda thought that junkbonds could possibly be... well... uh.. junk?

Mon, 12/14/2015 - 19:00 | 6923409 blindman
blindman's picture

a number of people have said it throughout history; it is a failure of imagination. "we" failed to imagine that this thing or event or plan could be possible. yet, the thing happens. regarding the junk bond market, the theme applies. if they want this derivative and associated junk to survive they need to grow it and in a big, off world, way. they need to sell shares or options for martian selenium and shit like that. maybe c02 from pluto to be sequestered? you get the idea, no? that , they surmise, may right the crony crooked fatal flaw of usury they religiously believe in and pray.

Mon, 12/14/2015 - 18:44 | 6923379 scatha
scatha's picture

After 6 years of FED pushing all MF, Pension funds, 401k into insane gambling parlor of junk bonds or penny stocks for yield most to support thieving fund managers nobody asked what's next?

It's because so much concentrated capital was guarantied to get their money back and profit no matter what i.e. by printing the profit and principal needs be. And every one outside the FED crony circle was to be fuck up hard.

And the time has come. We will see outrageous bailouts bail-ins, concocted FED facilities and programs for cronies and utter carnage for the little fishes (up to 1 Billion  worth) not to mention another tsunami of foreclosures, jobless indebted students, fired oil workers and all the proud owners of new cars bought with ninja loans being fired from their minimum wage jobs of abandoned by UBER.

With all the analysis of what FED is doing i.e. a command and control over the global capital, it is an instrument of world oligarchs to accumulate as much capital as they possible can, that's what capitalists do even via destroying competition and denying capitalism to others. 

It does not matter what the system is, it is serving the elite to consolidate power and accumulate wealth under whatever explanation or ideology the sheeple will swallow.

https://contrarianopinion.wordpress.com/economy-update/

and 

https://contrarianopinion.wordpress.com/2015/01/06/pools-and-propaganda-...

 

Mon, 12/14/2015 - 18:46 | 6923392 assistedliving
assistedliving's picture

just look at all that 'evidence'.  just missing a few charts.

Do ya think they're nervous?

Mon, 12/14/2015 - 19:05 | 6923464 Lost in translation
Lost in translation's picture

Year after year I fail to see winter coming.

Mon, 12/14/2015 - 20:00 | 6923675 Crocodile
Crocodile's picture

A good calendar will solve your problem (sarc0.

Mon, 12/14/2015 - 19:06 | 6923465 LawsofPhysics
LawsofPhysics's picture

Go ahead, fuck with the money markets, I triple dog dare you!

Mon, 12/14/2015 - 19:12 | 6923478 Fuku Ben
Fuku Ben's picture

It's a disgrace that on this whole planet there isn't anything other than the crash and burn plan with the ensuing chaos. Boring, planned, predictable and not even close to creative. No matter how long or complex the plans they are short-sighted and counter productive. Anyone could do it. The SF Hole in the Wall Gang's rental for $500/mo. was comparably far more creative and far less unlawful. And that was from Millenials poisoned to the hilt with new vaccines, a lifetime full of GMO's and whose father was probably Jeff Spicoli.

My prior offers for contributions towards productive financial solutions are still on the table even though we're so close to the triple witching hour. I've included the ZH Junk Bond Heat Map post as well. My comment is linked.

http://www.zerohedge.com/news/2015-07-25/junk-bond-heatmap-has-not-been-...

Mon, 12/14/2015 - 19:48 | 6923636 Crocodile
Crocodile's picture

"Absolute futility," says the Teacher. "Absolute futility. Everything is futile."

 

The eye is not satisfied by seeing or the ear filled with hearing. What has been is what will be, and what has been done is what will be done; there is nothing new under the sun.  Can one say about anything, "Look, this is new"? It has already existed in the ages before us.

There is no memory of those who came before; and of those who will come after there will also be no memory among those who follow them.

 

For, just like the fool, there is no lasting remembrance of the wise man, since in the days to come both will be forgotten. How is it that the wise man dies just like the fool?

 

I applied my mind to know wisdom and knowledge, madness and folly; I learned that this too is a pursuit of the wind.  For with much wisdom is much sorrow; as knowledge increases, grief increases.

Mon, 12/14/2015 - 19:58 | 6923668 Crocodile
Crocodile's picture

Hi FUKU BEN

 

Please read the first, second and last chapter; you seem to be a person of understanding and I think you will find much in common with Solomon in the Book of Ecclesiastes.

 

Chapter 1 http://www.biblestudytools.com/csb/ecclesiastes/1.html

Chapter 2 http://www.biblestudytools.com/csb/ecclesiastes/1.html

Chapter 12 http://www.biblestudytools.com/csb/ecclesiastes/12.html

 

Chapters 1 & 2 give an overview and chapter 12 gives the conclusion and remember; Solomon "did it all & had it all" (no sodomy, beastiality or pedophile - the exceptions thankfully) and more; would make the top 1% of the .0001% envious.

Mon, 12/14/2015 - 19:16 | 6923497 Amish FinEng
Amish FinEng's picture

Que Slumpy the high yield debt monster.

Mon, 12/14/2015 - 19:17 | 6923504 Duc888
Duc888's picture

 

 

Laughing my ballz off.  Fake markets, ponzi and skim from top to bottom.

 

Mon, 12/14/2015 - 19:35 | 6923589 Oldwood
Oldwood's picture

It al looks fake enough until it stabs you in the heart because the dumb fuck gamblers have burned the whole economy to the ground trying to get one more shot at something for nothing.

I won't be laughing.

Mon, 12/14/2015 - 19:35 | 6923590 mosfet
mosfet's picture

Not seeing any "market" panic yet.  Maybe some bond holders are panicing but the Dow's up 100 today...how's that a panic?  Maybe in time it'll impact the "market" but betting the rate hike (or lack of one) will be first in line for any upcoming panics.

 

// Market drops 50 points...Oh No'es markets are Plunging...Here why (insert any topic here)!

// Market gains 50 points...Oh No'es stocks are Plunging...Here why (insert any topic here)!

 

Mon, 12/14/2015 - 19:38 | 6923601 stateside
stateside's picture

US junk bonds overvalued?  Please. Child's play when you consider you have to pay the Italian govt for them to take your money. Those doing research in the 22nd century will have to conclude that all investors were high on opium knowing the crooked Italians were issuing debt at negative interest rates.....and people were still buying that shit. 

 

 

Mon, 12/14/2015 - 20:10 | 6923632 V for ...
V for ...'s picture

It should be crystal clear by now that the failed State and failed banks are terrified of the imploding junk bonds. Why else would Fed whisperer Hissy of the WSJ write every excuse for the Fed to raise rates. After CCC implodes, junk bonds are the only new implosion LAST WEEK, and Hissy fit WSJ is scared.

Junk bonds are blowing up, and the Fed needs an excuse to lie again.

Meanwhile, the Ratchild cabal continue more war and theft in the Middle East, using idiot USA as its shield, sword and Treasury.

The USA Treasury is also a foreign thing, domiciled in Puerto Rico, not a servant of the American people or the world. We have been bamboozled, cheated, lied to.

Funny ol' world. The junk bond failure highlighted by ZH  is kicked off by Bear Stearns traders who made deals with...Puerto Rico .gov thieves, not the people of Puerto Rico.

Sovereign defaults are the next stage in this world wide theft by hateful moneychangers led by Rothschilds and their mobsters who care nothing for any trader, any person.

 

End the Fed, and its whore mother Bank of England, and its homocidal maniac owner, the BIS.

Steady, aim...fire.

Mon, 12/14/2015 - 22:45 | 6924294 FreeNewEnergy
FreeNewEnergy's picture

V, I'm all in on sovereign defaults, especially if they have domino effects, like, US Fed, NY State, Wayne County, Town of Sodus.

That means I will be able to declare myself king of 5.7 acres and nobody can object. Nude sunbathing now legal, RIGHT HERE, RIGHT NOW!

Crap, it's December. Well, I am dreaming.

Bring it, BRING IT, BRING IT!

Mon, 12/14/2015 - 20:00 | 6923665 falak pema
falak pema's picture

There is a 99% correlation between the meteoric rise of Trump's fortunes and the similar fall of the price of the Oil barrel.

In fact one could say that if Donald gets elected the Barrel will head to 10$.

Now that does pose a problem. The lower the barrel of oil the more mad get the Texas longhorns of Frack and the Jihadist kalachnikovists of Raqa.

In fact the Raqa head hackers have a similar inclination as Texan frackers; they both believe that high oil prices does God's work; just like their respective sponsors of petro-o akbar and the WS oil cannibals.

Objectively speaking the Raqa toads and the Shale jailbirds sing the same song : give me an oil price hike or give me death !

Only way Trump can trump Raqa skunk is to pump oil with Putin in Siberia.That way the price of oil goes down to below zero. Imagine NIRP oil pricing!

hahaha! Camel dung earns more money than a barrel of sticky black goo.

That way the Arab territory goes back to being a camel caravan route and Raqa becomes as destitute as Palmyra's ruins. The Sauds eat stale dates and the rest of the world lives off shell fish as the waters of the ocean rise to cover the Empire State.

Thats my plan to make Trump the elephant who reconquered the desert and flooded America.

Halleluiah ! And we all sail the seas looking for neo-Atlantis called Florida lost in a whirpool sucked into the Bermuda triangle!

Some riddle wrapped in an engima that the climate deniers say is "impossible" to accept as fact; blaming it on a "marxist conspiracy" hatched in Havana by a bunch of cigar smoking geeks who only speak a moronic cyber language taught in a manual:  "how I stopped loving Keynes and went back to Karl".

Disneyland sleeps with the sharks and barracuda! And Von Mises reads his treatise about gold to the remains of a Spanish Galion lying under the sunken tax haven island, hidden by a coral reef that sank another 1000 feet when all the banks of Caymans got hit by a tidal wave.

Oh well, Branson must be kite flying on Mars along with Krugman.

Black matter and dark holes need their enlightenment more than poor ole world of homo sapiens.

 

Mon, 12/14/2015 - 20:12 | 6923691 V for ...
V for ...'s picture

Tramp is a mobster, a huckster, beholden to those who own his debt, and his paedophile child sex trafficker friend, billionaire  Jeffrey Epstein of Florida  who has the photos and the videos.

Tramp will do whatever money whore mad zionist Sheldon Adelson tells him to do.

The world is more wicked than my children or compatriots  could ever imagine.

You are clever. You are not worldly wise.

Mon, 12/14/2015 - 21:42 | 6924001 RiverRoad
RiverRoad's picture

The barrel was $10 before Geo. W Bush #1 got elected by US big oil. Texas and CT folks danced the night away together at their inaugural ball. The snow and the traffic was a mess.  Texans landed on the hotel roof in their helicopters.                           Fur coats thrown in a heap all over wood folding tables.  Biggest jeweler in NYC said he never saw so much real jewelry being worn at a ball anywhere before.

Tue, 12/15/2015 - 02:07 | 6924775 Sir John Bagot Glubb
Sir John Bagot Glubb's picture

Oil is low because the Saudis are protecting the investment they have made in already trying to bust our oil producers and the frackers in particular. I don't think it has much to do with our elections. It is pure business.

Mon, 12/14/2015 - 20:28 | 6923747 V for ...
V for ...'s picture

Well timed.

Paraphrasing Oscar Wilde: cynics know the price of everything, and the value of nothing.

We have this most wonderful world. Moneychangers want to dominate it instead of cooperate. Every good person deserves a good famiy. Happy Christmas. Values are greater than price.

https://www.youtube.com/watch?v=BXtBm5B2y2E

I saw three ships come sailing in on Christmas Day in the morning.

Mon, 12/14/2015 - 20:49 | 6923837 FrankHerbert
FrankHerbert's picture

year end bonus... hahahaaa... HAHAHAHAHAAAA.... BAHAHAHAAAAAHAHAHAAAAAAH!

Mon, 12/14/2015 - 21:05 | 6923852 V for ...
V for ...'s picture

Keep on, ZH. You own this story. Follow through. No fear. No surrender. Facts be told.

Mon, 12/14/2015 - 21:24 | 6923964 maxamus
maxamus's picture

Just think, if the DOW were to only drop TEN THOUSAND more points, ZH can finally say "I told you so".

Mon, 12/14/2015 - 22:07 | 6924134 22winmag
22winmag's picture

The ratings agencies still say AAA.

Mon, 12/14/2015 - 22:37 | 6924260 TheBeatles
TheBeatles's picture

All 1oz Silver coins are €12 @ EurGold

https://www.eurgold.de/silver/silver-coins/

Mon, 12/14/2015 - 22:48 | 6924305 FreeNewEnergy
FreeNewEnergy's picture

I thought about going to the ATM today. Definitely tomorrow...

and Wednesday MORNING...

and, well you know the rest.

Mon, 12/14/2015 - 22:51 | 6924316 Able Ape
Able Ape's picture

If everybody is IN the game, it's NO longer a game...and that's where we are now and will be for some time....

Mon, 12/14/2015 - 23:09 | 6924367 yogibear
yogibear's picture

It's blinders on until that nice year-end bonus shows up in the bank account. 

Sunshine and happy days until payout next year.

Mon, 12/14/2015 - 23:25 | 6924429 Janet Shalom Be...
Janet Shalom Bernanke's picture

We at the Fed are monitoring developments in all markets and all economic indicators, and we see no cause for panic or concern.

Afterall, as long as foreign central banks keep buying our wall paper, and as long as we are unaudited, we can pretty much

manipulate any market we want, by as much as we want.  If we are ever caught, we will claim that our actions were in the best interest of the public, and if it were'nt for our actions, the country would have already gone into depression.    So BTFD because one way or another, I will have the S&P 500 at new highs, so I can keep the illusion that the economy is functioning. 

Mon, 12/14/2015 - 23:29 | 6924440 jomama
jomama's picture

On the plus side, it's a night without those annoying asshole Trump Trolls.

Mon, 12/14/2015 - 23:41 | 6924469 PutinLover
PutinLover's picture

When I saw the title of this article, "Nobody Could Have Possibly Seen This Coming", I quite naturally assumed the article dealt with the topic of precious metals prices going down for the past 4-5 years.  Let's face it, it would have confounded the Zero Hedge sensibility and all the various commenters assembled here 4-5 years ago to contemplate the outrageous possibility that gold today would have lost its luster in dollar terms and instead fallen into the toilet.  To hear Zero Hedge's various Tylers and the assorted oddballs in the comment section tell it, gold and silver in 2015 ought to be almost to the moon by now.

Instead, gold and silver are drooping wearily and on the cusp of falling into the abyss.  My Christmas wish for each of you sad sacks is that you didn't put all of your family's dollars in these ridiculous metals, but instead invested something in the stock market, which has gone up 200-300% since the recession.

Tue, 12/15/2015 - 00:56 | 6924678 IridiumRebel
IridiumRebel's picture

Gold is insurance. People invest all over the place and ZH has articles that cover all sorts of news. Take your broad brush and shove it up your ass with that state dept paycheck you fucking loser.

Tue, 12/15/2015 - 01:29 | 6924735 r00t61
r00t61's picture

PutinLover is just the multi-banned Amerikan Patriot having returned under yet another new handle.

Tue, 12/15/2015 - 01:45 | 6924752 Sir John Bagot Glubb
Sir John Bagot Glubb's picture

Bravo! The government has simply perpetuated their frauds longer than we all thought. Helps when they can print $15 billion from a computer at the Fed and just credit a member bank's account. Hard to fight that. You just have to wait it out.

Tue, 12/15/2015 - 05:01 | 6924912 . . . _ _ _ . . .
. . . _ _ _ . . .'s picture

Gold was $600/oz Cdn in 2006

It has been going sideways since early 2013 at about $1450 Cdn

up about 250%

The US dollar is the problem, not gold.

An ounce of gold could buy you a really nice suit in 1900. Today an ounce of gold can buy you a really nice suit.

Stability.

Tue, 12/15/2015 - 20:39 | 6927874 blindman
blindman's picture

at the cross of growth and stability,
there you find yourself.
anyway.

Tue, 12/15/2015 - 01:02 | 6924697 DeusHedge
DeusHedge's picture

ahaha, i'm a nonbeliever and a capitalist. I know that millions have lost their money by visiting this site, and that's what I'm bemused at. How the government can apparently continue it's slave gimp game whilst keeping the old basket of stocks unaltered. In reality, everyone in the real world knows, except some on zh.

Tue, 12/15/2015 - 01:07 | 6924708 DeusHedge
DeusHedge's picture

http://finance.yahoo.com/q/op?s=SDOW&date=1458259200

1000 * 1000 - (.35 * 1000 + $20 fees) = plenty to golf and buy jambalaya or steak

Tue, 12/15/2015 - 01:51 | 6924760 alfbell
alfbell's picture

 

 

James Rickards, after months of asserting in articles and on TV that, "The Fed won't and can't raise rates" and giving all of his reasons. Now has an article on The Daily Reckoning stating that The Fed will raise rates. What a douche. Someone should track all of these "experts" "pundits", "forecasters" (or whatever you want to call them) on their forecasts over the years and then show a tally of all of their right and wrong calls. If someone did so most all of them would lose their credibility and hopefully crawl off to the hole from whence they came. These guys just prey on people during times of uncertainty and crisis with their worthless subscription newsletters and investment consultation fees. Guys like this are mostly or only in it for the $$$$$.  

Tue, 12/15/2015 - 03:20 | 6924839 GoldenDonuts
GoldenDonuts's picture

He is right however because even if the fed raises rates by .25% that will be it and the fuse is lit for QE4.

Tue, 12/15/2015 - 05:26 | 6924943 Grouchy Marx
Grouchy Marx's picture

I listen to the experts for the comedy. Never disappointed. 

Tue, 12/15/2015 - 08:18 | 6925083 JailBanksters
JailBanksters's picture

If the picture is supposed to represent life, then shouldn't he be looking up his own um, you know.

Do NOT follow this link or you will be banned from the site!