• Sprott Money
    01/26/2015 - 08:30
    Making New Year “predictions” used to be an automatic, beginning-of-the-year exercise, to the point where readers generally expected such pieces from the pundits they follow. However, it is an...

goldman sachs

goldman sachs
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The Morality and Legality of Debt Jubilee, Part II





Part I of this series demonstrated how/why all of our government debts incurred in recent decades are the result of obvious and egregious fraud. These debts currently cripple our economies (and societies) with roughly 25% of every revenue dollar taken in by our corrupt governments being utterly wasted, making interest payments to financial parasites – criminal parasites.

 

This means that not only is it morally defensible (and imperative) that we wipe away these recent, fraudulent debts, it can be justified legally, in clear and unequivocal terms. But the question which remained from the opening installment of this series was with respect to the morality/legality of our historical debts. Could we, should we also erase the debts incurred by past generations, after we wipe away all of the recent years of debt-via-fraud?

 

 
Tyler Durden's picture

Western Banks Cut Off Liquidity To Russian Entities





Unfortunately for the bulls, various falling knife-catchers, and those who hope the Russian situation will stabilize imminently with or without capital controls, it appears things in Russia are about to get a whole lot worse because as the WSJ reports, the next driver of the Russian crisis is likely to come from within the banking system itself because "global banks are curtailing the flow of cash to Russian entities, a response to the ruble’s sharpest selloff since the 1998 financial crisis."

 
Tyler Durden's picture

Frontrunning: December 16





  • Ruble Sinks to 80 a Dollar Defying Surprise Russia Rate Increase (BBG)
  • Oil slumps near $59 for first time since 2009 on oversupply (Reuters)
  • Oil sinks, Russian moves fail to quell nerves (Reuters)
  • Fed Seen Looking Past Low Inflation to Drop ‘Considerable Time (BBG)
  • Students Among Dead as Pakistan Gunmen Kill 126 at Army School (BBG)
  • Repsol to buy Talisman Energy for $13 billion (Reuters)
  • Indonesia’s Rupiah Erases Decline After Central Bank Intervenes (BBG)
  • Anti-Islam Rally Grows as Immigrant Backlash Hits Europe (BBG)
  • Saudi Arabia is playing chicken with its oil (Reuters)
 
Tyler Durden's picture

Frontrunning: December 15





  • Sydney Siege Sparks Muslim Call for Calm Amid Backlash Fear (BBG)
  • Oil Spilling Over Into Central Bank Policy as Fed Enters Fray (BBG)
  • Biggest LBO of 2014: BC Partners to acquire PetSmart for $8.7 billion (Reuters)
  • Tremble algos: the SEC has hired... "QUANTS" (WSJ)
  • When the bubble just isn't bubbly enough: There’s $1.7 Trillion Locked Out of China’s Stock Rally (BBG)
  • Oil price slide roils emerging markets, yen rises (Reuters) - may want to hit F5 on that
  • Libya Imposes Force Majeure on 2 Oil Ports After Clashes (BBG) ... and will resume production in days
  • Amid Crisis, Pimco Steadies Itself (WSJ)
 
Tyler Durden's picture

Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For





Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street's blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts.

 
Tyler Durden's picture

Evil Booze Deflation Got Your Keynesian Spirits Down? Then Rejoice In The Biggest Surge In Beef Prices Since 2003





Remember: deflation is bad, evil, horrible...  except when it involves tumbling crude oil prices: then it is "unambiguously good" for the consumer and a "tax cut." Which is why we are moritifed to report that for the second month in a row, alcohol prices have dropped, and are down 0.1% from a year ago. Surely, time for more QE to reset US consumer inflation expectations?  Or maybe not, because if said Keynesian US consumer is drowning his sorrows from declining alcohol prices in, well, alcohol, all shall be well if on the side said consumer orders some steak: with a price increase of 28.6% from a year ago, this is the biggest annual jump in beef prices since 2003.

 
Tyler Durden's picture

Goldman Warns Greeks Of "Cyprus-Style Prolonged Bank Holiday" If They "Vote Wrong"





Overnight the bank with the $58 trillion in derivative exposure issued a note "From GRecovery to GRelapse" which is quite absent on the usual optimism, cheerfulness and happy-ending we have grown to expect from the bank whose former employee is in charge of the European printing press. Here is the punchline: "In the event of a severe Greek government clash with international lenders, interruption of liquidity provision to Greek banks by the ECB could potentially even lead to a Cyprus-style prolonged “bank holiday”. And market fears for potential Euro-exit risks could rise at that point." Dear Greeks, you have been warned, and "don't vote wrong" as EU's Juncker urges the Greeks.

 
Tyler Durden's picture

Frontrunning: December 12





  • Oil slide hits European stocks, safe-haven assets sought (Reuters)
  • IEA Cuts Global Oil Demand Forecast for 4th Time in Five Months (BBG)
  • Cue constant pro-Abe propaganda out of Japan: Japan’s Secrecy Law Takes Effect as Abe Seeks Fair Vote Coverage (BBG)
  • As if it has a choice: Japan’s GPIF Bets on Abenomics-Driven Recovery (WSJ)
  • Heather Capital: How a $600 Million Hedge Fund Disappeared (WSJ)
  • Senate Panel Votes to Authorize U.S. War on Islamic State (BBG)
  • Japan’s 28 IPOs in 11 Days Give Abe a Lift as Startups Boom (BBG)
  • U.S. authorities face new fallout from insider trading ruling (Reuters)
  • Greek Stock Rout Means ASE Is 2014 Worst After Russia (BBG)
 
Tyler Durden's picture

Duck And Cover - The Lull Is Breaking, The Storm Is Nigh





The central banks are now out of dry powder - impaled on the zero-bound. That means any resort to a massive new round of money printing can not be disguised as an effort to “stimulate” the macro-economy by temporarily driving interest rates to “extraordinarily” low levels. They are already there. Instead, a Bernanke style balance sheet explosion like that which stopped the financial meltdown in the fall and winter of 2008-2009 will be seen for exactly what it is—-an exercise in pure monetary desperation and quackery. So duck and cover. This storm could be a monster.

 
Tyler Durden's picture

For Anyone That Still Believes Collapsing Oil Prices Are Good For The Economy





Are much lower oil prices good news for the U.S. economy?  Only if you like collapsing capital expenditures, rising unemployment and a potential financial implosion on Wall Street.

 
Tyler Durden's picture

Frontrunning: December 10





  • New Normal headlines: Global stocks up on hopes of China policy easing (Reuters)
  • China inflation eases to five-year low (BBC)
  • U.S. Lawmakers Agree on $1.1 Trillion Spending Bill (WSJ)
  • U.S. Braced for Blowback as CIA Report Lays Bare Abuses (BBG)
  • CIA tortured, misled, U.S. report finds, drawing calls for action (Reuters)
  • CIA Made False Claims Torture Prevented Heathrow Attacks (BBG)
  • Oil Resumes Drop as Iran Sees $40 If There’s OPEC Discord (BBG)
  • OPEC Says 2015 Demand for Its Crude Will Be Weakest in 12 Years (BBG)
  • Greek yield curve inverted as politics raise default fears (Reuters)
 
Tyler Durden's picture

Willem "Gold-Is-A-6000-Year-Bubble" Buiter Joins Council on Foreign Relations As Senior Fellow





"Distinguished Economist Willem Buiter Joins CFR as Senior Fellow

Willem H. Buiter, a renowned macroeconomist and global chief economist at Citigroup, has joined the Council on Foreign Relations (CFR) as an adjunct senior fellow. His work will focus on geoeconomics, deglobalization, international financial institutions, and global economic governance. “We are thrilled to have someone of Willem Buiter’s experience and reputation joining CFR,” said CFR President Richard N. Haass. “His presence will make an already strong economics program that much stronger.” Buiter is the newest addition to CFR’s Maurice R. Greenberg Center for Geoeconomic Studies, which provides analysis on how economic and geopolitical forces interact to influence world affairs."

 
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