• Tim Knight from...
    09/29/2014 - 19:50
    Which brings us to Clinkle, which is a firm founded by a 22 year old with no business successes behind him (which at least Color.com's founder could claim, as he sold his firm to Apple for...

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US Regulators Fear "Runs" From PIMCO's Systemic Risk As Outflows Soar To 12.5% Of Assets





Things are rapidly shifting from bad to worse for PIMCO. In a triple whammy this morning, Bloomberg reports the Total Return Fund ETF (managed previously by Bill Gross) has suffered $446 million outflows (or over 12.5% of assets) so far; Morningstar downgrades the fund from 'gold' to 'bronze' citing "uncertainty regarding outflows and the reshuffling of management responsibilities"; and perhaps most concerning - given our previous warnings over bond market illiquidity - The FT reports, US regulators are monitoring trading and fund flows surrounding PIMCO's Total Return Bond fund warning investors they should contemplate the unintended consequences of pulling their money and the possibility of systemic risk disruptions, fearful of "runs."

 
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Frontrunning: September 30





  • Hong Kong protesters stockpile supplies, fear fresh police advance (Reuters)
  • Protesters stay out on Hong Kong streets, defying Beijing (Reuters)
  • Traders Turn Up Grilling Sausages at Hong Kong Protests (BBG)
  • Ukraine Army Sees Worst Day Since Truce as Battles Flare (BBG)
  • Islamic State uses grain to tighten grip in Iraq (Reuters)
  • For Putin Ally, U.S. Sanctions Only Add to Anti-Russia Conspiracy Theory (WSJ)
  • Coinbase Leads Move to Bring Bitcoin to Masses (BBG) - good luck
  • Austria Cracks Down on Spies -- and Jihadis (BBG)
  • EU Believes Apple, Fiat Tax Deals Broke Rules (WSJ); Apple’s Irish Tax Deal ‘Engineered’ to Boost Employment, EU Says (BBG)
 
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Carl Icahn Wins Again: eBay To Spin Off PayPal, CEO John Donahoe Is Out





And so Carl Icahn wins again, this time with his demand that eBay spin off PayPal. As a reminder, eBay swore up and down it would never spin off its best performing asset, then swore again, and swore some more. And then 3 minutes ago, revealed it was only kidding, because eBay just reported PayPal will be spun off in a move that will cost CEO John Donahoe his job: "Neither Donahoe nor Swan will have an executive management role in the new eBay and PayPal companies. But to provide continuity, they each expect to serve on one or both of the boards of the two companies. Oh, and another winner: "Goldman, Sachs & Co. and Allen & Company LLC are serving as financial advisors to eBay Inc."

 
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A Day Of Global Economic Disappointments Is Just What The Stock Ramp Algo Ordered





It has been a night of relentless and pervasive disappointing economic data from just about every point on the globe: first the Chinese HSBC manufacturing data was well short of expectations (50.2 vs. Exp. 50.5), which was promptly spun as bullish and a reason for more stimulus by the PBOC even though the central bank has been constantly repeating it will not engage in western-style shotgun easing. Then Japanese wages, household spending and industrial production came in far below expectations - in fact at levels which suggest Japan is once again in a recession - which once again was spun as bullish, because the BOJ has no choice but to do more of the same failed policies that have made Abenomics the laughing stock of the world. Finally, moments ago Europe reported the lowest inflation data in 5 years, as well as core CPI sliding to just 0.7%, and which was, wait for it, immediately spun as bullish for risk as once again the local central bank would have "no choice but to ease." In other words, thank god for horrible news: because how else will the rich get even richer?

 
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Eurozone Inflation Drops To Fresh 5 Year Low, EURUSD Tumbles





Anyone confused why futures are doing their best to surge in the overnight session, the answer is simple: first it was Japan reporting the latest batch of atrocious economic data, which an hour ago was followed by Europe own abysmal econofreakshow, where Eurostat just reported that in September Eurozone inflation rose a meager 0.3% from a year ago, the lowest annual increase since October 2009.This marks the 12th straight month that Euro inflation has been below 1%, and far below the ECB's goal of 2% inflation.

 
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The Difference Between Nominal And Real, In One Chart Courtesy Of Japan





As the great Keynesian priests of Japan distract the world by pointing out repeatedly the modest and now declining rise in nominal wages, as testament of the "success"of Abenomics, what they want everyone to ignore is what is going on with real wages. So, without further ado, here is the difference between Nominal and Real wages, as demonstrates best by that sinking Keynesian titanic, which has already returned to recession as confirmed by the upcoming negative GDP print, Japan.

 
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Presenting ISIS-Beating "Mad Max" Battle Tanks And Buses





When it comes to fighting the barbaric beheaders formerly known as ISIS, Kurdish fighters appear to have gone to the 1979 movie "Mad Max" for inspiration. As The Daily Mail notes, while significantly outgunned by Islamic State, the Kurds have created a fleet of well-armored, elaborately-designed, ominous-looking battle-buses by converting tractors and trucks into tanks...

 
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The Hong Kong Protest: What It's All About





Considering that as recently as 3 weeks ago the leader of the Occupy Central movement in Hong Kong decided to throw in the towel, after admitting that his civil disobedience movement’s pursuit of democracy had “failed” as a result of waning public support, many are shocked by how aggressively Hong Kong's students took up the baton: almost as if the mystery sponsor behind the ISIS blitz-ascent from obscurity had decided to "destabilize" yet another region. Tongue-in-cheek kidding aside, for everyone confused about the context of this weekend's at time very violent student protests, here is Evergreen GaveKal with its wrap up of the "Hong Kong Democracy Protests."

 
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Europe & China Start Direct Trading In Euros & Yuan As De-Dollarization Expands





De-dollarization has been an ongoing theme hidden just below the surface of the mainstream media for more than a year as Russia and China slowly but surely attempt to "isolate" the US Dollar. Until very recently, direct trade agreements with China (in other words, bypassing the US Dollar exchange in bilateral trade) had been with smaller trade partners. On the heels of Western pressure, Russia and China were forced closer together and de-dollarization accelerated from Turkey to Argentina as an increasing number of countries around the world realize the importance of this chart. However, things are about to get even more dramatic. As Bloomberg reports, China will start direct trading between the yuan and the euro tomorrow as the world’s second-largest economy seeks to spur global use of its currency in a "fresh step forward in China’s yuan internationalization." With civil unrest growing on every continent and wars (proxy or other) at tipping points, perhaps, just perhaps, the US really does want rid of the weight of the USD as a reserve currency after all (as championed here by Obama's former right hand economist)... now that would be an intriguing 'strategy'.

 
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Senate Sponsor Exposes The Real Reason For The Fed





...Funding War!

 
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China In A Nutshell





We have explained the complications of China's monetary policy efforts, trade-financing shenanigans, 'peculiarly stable' headline macro data in the face of collapsing real data, and the 'hangover' effect of China's seemingly-terrified-for-reality-to-peek-through credit injections... but sometimes, a brief 30 second clip is all that is needed to explain just how it all works in China...

 
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Artist's Impression Of The Difference Between ISIS & America's Strategy In The Middle East





Presented with no comment...

 
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No, America Isn't Communist; It's Only 70% Communist





Within his 1848 Communist Manifesto, Marx outlined a list of ten short-term demands. These, he thought, would be the precursor to the ideal stateless, classless communist society. Ironically in today’s world, Marx’s demands look pretty much mainstream. That is because nearly every single item on the list has been implemented to varying degrees in the United States. Think that couldn’t be possible in the Land of the Free? Just take a look.

 
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Asian Stocks Are Sliding Following Data Disappointments Across The Region





Following dismal data from South Korea (industrial production plunged most since 2008), Japan (household spending missed again and dropped 4.7% YoY), and China (HSBC Manufacturing PMI missed for the 11th month in a row and dropped to 50.2 - barely expansion), and Hong Kong's ongoing protests, Asian stocks are all down hard. Japan's Nikkei 225 is 300 points off Friday's highs (ignoring USDJPY's relative weakness), South Korea's KOSPI is holding at 10-week lows, and Hong Kong's Hang Seng is back under 23,000 at 4-month lows (negative year-to-date), and the China Enterprise Index is down at 2-month lows (negative year-to-date). For now the Shanghai Composite is modestly lower (but up 15% in Q3 following QE-lite) and the broader MSCI Asia-Pac is down around 1% to unchanged for 2014.

 
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Ron Paul Explains Why The "Scottish Referendum Gives Reasons To Be Hopeful"





Even though it ultimately failed at the ballot box, the recent campaign for Scottish independence should cheer supporters of the numerous secession movements springing up around the globe. The growth of support for secession should cheer all supporters of freedom, as devolving power to smaller units of government is one of the best ways to guarantee peace, property, liberty — and even cheap whiskey!

 
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