It was back in June 2011 when we first hinted that the time of Odious Debt is rapidly approaching. Today, nearly four years later, Odious Debt is now a reality in Greece, where Zoi Konstantopoulou, the head of the Greek parliament and a SYRIZA member, released two videos which have promptly gone viral, designed to promote the investigative parliamentary committee to look into the circumstances surrounding the signing of the country’s two bailout agreements that led Greece to implement its austerity measures. According to Greek Reporter, Konstantopoulou has said that the newly established “Debt Truth Committee,” will investigate how much of the debt is “illegal” with a view to writing it off.
With many of the world's nations drawing closer to the China-led AIIB, and The Greeks in Moscow today, the news that Vietnam has agreed all of the principle aspects in creating a free trade zone between the countries of the Russia-led Eurasian Economic Union, will likely come as yet another blow to Washington.
To the 99%: Choose your poison: death or unemployment.
"The world-beating surge in Chinese technology stocks is making the heady days of the dot-com bubble look tame by comparison...the industry is leading gains in China’s $6.9 trillion stock market, sending valuations to an average 220 times reported profits," Bloomberg reports, in yet another example of how stretched the margin-driven rally in Chinese stocks has become. We present the only chart you need to understand how this will end.
The future is upon us. JP Morgan, in an effort to stop its employees from rigging markets, aiding criminals, and generally doing all of the things that appear on the unofficial global investment bank perks of employment list, is going into full-on Minority Report mode by deploying algorithms designed to predict which employees will go rogue before it actually happens.
Just as we predicted five short days ago, US-armed, Iran-backed, Houthi rebels are set to stage a repeat of the ISIS Mosul central bank plunder as local residents report "suspicious" activity outside the Aden branch of Yemen's central bank.
Earlier today we suggested that while paying 67x for the BG Group is an exercise in sheer desperation and will cost Shell's shareholders dearly, one group stood to profit handsomely: the bankers who were handed the deal on a silver platter, and who stand to make hundreds of millions in M&A fees without even loading up a merger model: the deal was predetermined from the moment the CEO of Shell called his counterpart at BG. It turns out we were wrong, and there is one person who stand to reap even more massive benefits than the banks who are just there for window dressing. That person is BG Group's CEO Helge Lund who, according to Bloomberg calculations, stands to pocket as much as $43 million less than two months after joining the company on February 9 from Norway's Statoil.
Smart meters are now being used by authorities to crack down on “water wasters” in the state of California, but this is just the tip of the iceberg as far as what they can be used for. Ultimately, smart meters are designed to be part of an entire “smart grid” that will enable government bureaucrats “to control everything from your dishwasher to thermostat“. And in recent years, there has been a massive push to install smart meters in as many homes in the United States and Europe as possible.
It had to happen sooner or later... in the new normal of yield-reaching, collateral-shortage-ing, money-printing economalypse, the Swiss government has become the first ever to issue a 10Y sovereign bond at a negative yield. As WSJ notes, while several European countries have sold government debt at negative yields up to five years of maturity - which means investors effectively pay for the privilege of buying it - no other country has previously stretched this out as long as 10 years. Mission Accomplished Central Bankers?
In a new study, the IMF asks whether there's a global slump in real private investment (spoiler alert: yes there is and it's broad-based and endemic in advanced economies) and also suggests that productivity growth across the globe is likely to remain constrained for the foreseeable future.
California is suffering from a shortage because the government foolishly sets limits on the price of water (and imposes all sorts of other restrictions on the distribution infrastructure). In a free market for water, the price would adjust to balance supply and demand, allowing people to ration it according to their own tastes. If someone really loved long showers, he could still take them, he would just pay a lot more and we would be spared the absurdity of Jerry Brown telling people they can’t water their lawns or wash their cars.
Some companies are notorious for buying back billions in stock in order to mask the decline in their earnings by reducing the number of shares outstanding. Alcoa, which still has a major debt overhang from the last financial crisis, is unable to do that as it simply does not have the free cash flow to dedicate to shareholder friendly activities. Instead, Klaus Kleinfeld's company is forced to resort to an even more primitive form of EPS fudging: massive quarterly EPS addbacks.
Stocks Gyrate Wildly Following Two Consecutive Stop Hunts, Close With A Whimper Despite More Fed DovishnessSubmitted by Tyler Durden on 04/08/2015 16:08 -0400
If there is one word to describe today's market, as well as the market of the past week, past month, and perhaps all of 2015, it is "stop hunts." Well, technically it's two words.
At this point 15 years ought to count for something. After all, we have now used up one-seventh of this century. So you can’t say its too early to tell what’s going on or to identify the underlying trends. So, after another Jobs Friday: here is the tally: The number of breadwinner jobs in the US economy is still 2 million below where it was when Bill Clinton still had his hands on matters in the Oval Office.