And Now The Bad News: Millennials Will Need To Withdraw $270K Per Year From Their Retirement Accounts

As Allianz latest survey notes, 61% of all middle-class Americans, across all income levels included in the survey, admit "they are not sacrificing 'a lot' to save for retirement," which is a major problem as, assuming 2% inflation (the Fed's current target) when millennials enter retirement, they will need to withdraw about $270,000 per year from their retirement plans.

These Are The 50 "Most Hated" NYSE And Nasdaq Stocks

We were curious to observe what the traditionally far more rational, and skeptical, bearish community had to say about the real "quality" of the worst stocks on both the NYSE and the Nasdaq in those two brief weeks when things seemed to be getting back to normal: the stocks which if and when the Fed does lose control, would be the first to "go." Here is the answer.

FATCA: The Dumbest Law In History Just Went To The Next Level

“I can’t even say with conviction that I’m sure, looking strictly on a cost-benefit basis, that FATCA’s... benefits are going to outweigh the cost.” FATCA constitutes theft. The US government is generating a little bit of revenue and the great expense of foreign banks and governments (not to mention the thousands of Americans who have had to renounce their citizenship because of FATCA’s idiotic rules).

By This Metric, We Are Already In A Global Recession," HSBC Warns

"Global trade is also declining at an alarming pace. According to the latest data available in June the year on year change is -8.4%. To find periods of equivalent declines we only really find recessionary periods. This is an interesting point. On one metric we are already in a recession."

Buy The Fear (And You Will Be Protected From The Horror)

Global central banks have made a Faustian bargain with our economic soul selling our future for a false stability today. At this stage, absent continuous intervention, a large deflationary crash in the global economy is inevitable. The next Lehman brothers will be a country. The real ‘shadow convexity’ will not come from markets but political unrest or war. Peace is not the absence of conflict. Global Central Banks have set up the greatest long volatility trade in history. Buy the fear and you will be protected from the horror.

"There's No More Fat To Be Cut:" Desperate Oil Producers Cut Salaries To Save Mission Critical Jobs

In the face of stubbornly low crude prices, it's starting to look like the end of the road in the O&G space. As WSJ reports, all of the proverbial fat that can be trimmed has already been trimmed in terms of layoffs and capex. This means further cost savings will have to come from salary cuts because going forward, cutting jobs altogether would imperil companies’ ability to operate.  

Axel Merk: Got Gold?

We think the market may have gotten ahead of itself, accepting the narrative that the Fed will raise rates as many other countries ease. We believe the market is gradually realizing that the Fed is far less flexible than it hoped it would be, thus causing a re-pricing of expectations. We don't think this will necessarily change the Fed's "desire" to pursue an exit. This re-pricing of expectations may have profound implications for the U.S. dollar, and with it, the price of gold.

Market Expectations Of A Stock Market Crash Have Never Been Higher

With VIX collapsing 10 days straight (for the first time since October 2010), one might be forgiven for thinking "everything is awesome." However, as always, the real news is in the nuance that the mainstream often misses. As VIX has plunged (complacency about 'normal' risk), Skew (which measures extreme tail risk) has exploded to its highest ever...

The "1%" Own Half The World's Assets: The Stunning Chart

Credit Suisse is out with the latest edition of its Global Wealth report and although the results are not entirely surprising, they are worth highlighting. Three standouts: i) the rise in the value of financial assets is most certainly contributing to an increase in global inequality, ii) dollar strength led to the first decline in total global wealth (which fell by $12.4 trillion to $250.1 trillion) since 2007-2008, iii) 0.7% of the world's population own nearly half of the world's wealth while the bottom 71% of the population own just 3%.

Short Squeeze, Liquidity, Margin Debt & Deflation

Some things you CAN see coming, in life and certainly in finance. Quite a few things, actually. Once you understand we’re on a long term downward path, also both in life and in finance, and you’re not exclusively looking at short term gains, it all sort of falls into place. Of course, the entire global economy has been hanging together with strands of duct tape for decades now, but hey, it looks good as long as you don’t take a peek behind the facade, right?