This page has been archived and commenting is disabled.

Tyler Durden's picture

France Crushes Socialist Welfare Dream, Admits "Living Beyond Its Means" For 40 Years





Facing up to the pressures of responsibility as a member of the European Union - having been told their treaty-busting budget plan was unacceptable - it seems France is resorting to the worst case scenario - cut spending! As Bloomberg reports, the glory days of France’s welfare model may be behind it, as France, which hasn't had a balanced budget since 1974, admits "for 40 years we have lived beyond our means," but French PM Valls is "convinced [France] can make up for lost time." His plan - streamlining unemployment benefits, cutting bonuses for newborns, and pegging family allowances to household income (all of which amount to a de facto re-writing of France’s welfare rules), are being spun positively: "It's not the end of a generous system,” government spokesman Stephane Le Foll said yesterday. "It's the end of spending that wasn't useful - and that's in order to preserve a system that is a costly one." We wonder how much those 'slightly used' guillotines are going for on eBay now?

 
Tyler Durden's picture

Curious Why You Lost All Your Money On GTAT? Sorry, The Bankrupt Company Won't Tell You





Earlier today, in addition to insult and injury, what everyone - and especially GTAT's shareholders - got was nothing short of a slap in the face, when the company argued it could not reveal why it filed for bankruptcy and asked a court to keep crucial documents sealed, something even Reuters dubbed a highly unusual move that may keep investors in the dark about its unexpected, and very spectacular implosion. 

 
Tyler Durden's picture

Asian De-Dollarization Explodes: South Korean Renminbi Deposits Surge 55-Fold In A Year





The Bank of Korea - South Korea’s central bank - released data that says South Korean domestic deposits have reached 16.19 billion Chinese renminbi in July this year, which is a 55-fold increase from the same period last year when renminbi deposits accounted for only 290 million. The signs are clearly all there. Everyone realizes that the present system is on its way out and are taking appropriate measures. The Russians, the Germans, the French, the Brits, the Canadians, the Koreans…

 
Tyler Durden's picture

Meet The World's First "Undercover, Super-Secret Central Banker"





First a secret "Doomsday book", and now this?

 
Tyler Durden's picture

Worried About "Ebolas On A Plane"? Five Things To Know





Given our previous comments that "air traffic is the driver," it is perhaps not surprising that the Obama administration announced Wednesday that airline passengers arriving from the three West African countries experiencing an unprecedented Ebola outbreak will now be screened for potential exposure to the deadly disease when they arrive at five major U.S. airports. The screening will include having their temperatures taken. As AP's Alicia Caldwell explains, here are five things you need to know about the screenings...

 
Tyler Durden's picture

Carl Icahn Is Hedging, Warns A Big Correction Is "Definitely Coming"





While he still holds many stocks, Billionaire investor Carl Icahn joins the ranks of many of his billionaire market-watchers and is "hedging with S&P Puts," because he is "concerned about the whole economy." As he explains in this brief clip, "you can't keep an economy up just from The Fed," and with The Fed withdrawing from its money-printing largesse, Icahn concludes, a big correction "is definitely coming, it's just a matter of when."

 
Tyler Durden's picture

NYC Mayor Says "No Cause For Alarm" As Ebola Action Plan Prepared





Holding the line of America's political leaders with regard the risk of an Ebola outbreak in the US, NY Mayor Bill de Blasio explained today "there is no cause for alarm." However, in his next breath, as Bloomberg reports, he announced that America's most-populous US city is increasing vigilance against the Ebola virus by involving every agency that interacts with the public. De Blasio called the meeting after the death yesterday in Dallas of Thomas Eric Duncan, "to make sure that if anyone does present themselves with symptoms, we have a clear protocol on how to handle the situation." Meanwhile, New Jersey Governor Chris Christie told reporters today in Trenton, "we're not ready at airports yet but we will be."

 
Tyler Durden's picture

30% Of Americans Support Property Seizure





Following yesterday's diuscussion of the fact in the Land of The Free, Property Rights rank 36th in the world, we thought it fascinating that, as Rasmussen finds, 70% Oppose Police Seizure of Property Without A Criminal Conviction - Americans strongly believe someone needs to be convicted of a crime before their property can be seized, even though that’s contrary to current federal law and police practice. Which means a rather stunning 30% of Americans believe it is fine...

 
Tyler Durden's picture

On The Failure Of The Narrative Of ECB Omnipotence





"Global growth is really bad! Hooray!" That was the verdict of US markets yesterday, as the Fed minutes “revealed” (to use the breathless phrasing of mainstream financial media) a “growing concern” with the damaging impact of European torpor and a stronger dollar on US growth, and it’s a perfect example of why I’ve called a top in the Narrative of Central Bank Omnipotence. What’s interesting to us though is not this latest success of the Narrative of Fed Omnipotence. No, what’s interesting to me is this week’s failure of the Narrative of ECB Omnipotence.

 
Tyler Durden's picture

Crude Enters Bear Market As Gold Posts Longest Winning Streak In 7 Months





WTI Crude oil has now entered a bear market, down over 20% from its June highs (and energy stocks are not off the lows) edging closer and closer to 28 month lows. Meanwhile, gold prices have risen for 4 days in a row - the longest winning streak in 7 months...

 
Tyler Durden's picture

60 People Locked In Building After 4 Suspected Ebola Cases Near Paris





UPDATE: Nevache confirmed that the "suspicion was over" and the people were allowed to leave

Following news of the death of a British man in Macedonia from Ebola, RTL reports that 60 people are locked inside a Department of Medical and Social Coordination (DASS) building in Cergy-Pontoise (on the northeast edge of Paris) following Ebola-like symptoms in 4 people who returned from Guinea.

 
Tyler Durden's picture

Why This Sell-Off Is Different





It's different this time... and not in a good way. Real intraday range volatility over the last 2 weeks is breaking out - at its highest in 3 years...

 
Tyler Durden's picture

There Is No Mystery To Today's Selloff





Regarding the two violent selloffs this week: there is no mystery. Recall that Deutsche Bank warned late in the summer this would happen for one simple reason: there are just three more weeks of POMO left after which the Fed's balance sheet flatlines, and with it, the S&P500. The only question is whether those who "sell ahead of everyone else", manage to take the S&P far below "unchanged", as prior QE ends have done, proving once again that it is all about the flow not the stock, and as a result the Fed will once again have to resort to even more QE.

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