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The Founding Fathers Warned Of This





These developments in terrorism are textbook Hegelian Dialectic, using problem-reaction-solution to justify a greater military presence in Syria and Iraq, despite nearly a decade and a half of fighting jihad, civil war and supporting “frenemies” across the region with arms, training and financial support. The founding fathers warned of this, but could scarcely foresee the cynical nature of today’s police state – where the terrorists created by the state have become the population’s worst nightmare.

 
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It Might Be A "Services Economy" But Manufacturing Drives Recessions





While it is hoped that the economy can continue to expand on the back of the "service" sector alone, history suggests that "manufacturing" continues to play a much more important dynamic that it is given credit for.

 
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What Recovery? Spanish Wages Tumble To Weakest Since 2007





Amid all the singing and dancing over Spain's miraculous recovery and Europe's renaissance on the back of Draghi's money-printing machine, it appears - just like in America - that below the glossy veneer of engineered equity and bond prices, all is not well. As Xinhua reports, the average wage in Spain has fallen to its lowest level since 2007, according to figures released by the Spanish Ministry of Finance, and after peaking at 19.3 million in 2009, the number of workers is also collapsing. It appears Catalan is righty to want out...

 
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Trump Tops Clinton As Cruz Crushes Crashing "Clueless" Carson





The latest poll following the attacks in Paris, by Fox News, shows Donald Trump moving ahead of Democrat-front-runner Hillary Clinton (in a head-to-head match up if the election were held today), but it is the turmoiling below the surface of the GOP nominations that is garnering most headlines. After a week or two of hope for GOP leadership, as Ben Carson appeared to catch up to Trump, the retired neurosurgon's lies and weakness on foreign policy ("he clearly has no idea what he's talking about," as one Iowa GOP insider noted), have sent his poll numbers reeling... and Cruz surging.

 
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Global Trade Just Snapped: Container Freight Rates Plummet 70% In 3 Weeks





Spot rates for transporting containers from Asia to Northern Europe have crashed a stunning 70% in the last 3 weeks alone. This almost unprecedented divergence from seasonality has only occurred at this scale once before 2008! 

 
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Even The 1% Is Hurting: Swiss Watch Exports Plunge Most Since Financial Crisis





As the poor get poorer, so the saying goes, the rich get richer; and until recently that was not just true, but apparently mandated so by The Fed. However, the last few months have seen the so-called "1%" appearing to struggle a little in their largesse. As we noted previously, not only are luxury jet values dropping for the first time since 2009, London mansion prices plunging, San Francisco home sales collapsing, fine-wine and diamond prices at 2009 crisis lows, and Sotheby's laying people off, but now, as Bloomberg reports, Swiss watches - the ultimate in luxury extravagance - have seen exports crash by the most since the financial crisis.

 
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The Beginning Of The End For The Affordable Care Act? Largest US Health Insurer May Exit ObamaCare





Today we got confirmation that the spinning plates of the Affordable Care Act are finally falling down, when none other than the U.S.’s biggest health insurer, UnitedHealth, cut its 2015 earnings forecast with a warning that it was considering pulling out of Obamacare, just one month after saying it would expand its presence in the program. 

 
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Global Markets Surge Overnight On Fed Minutes Optimism; ECB Minutes Set To Keep Rally Going





While it is still unclear just why the FOMC Minutes which are said to have made a December liftoff "more likely" unleashed a dramatic market rally, one which sent both stocks and TSYs higher, the sentiment continued overnight, with both Asian stocks surging on the US momentum, as well as Europe, where the DAX gapped solidly above the 200 DMA as most European shares advanced, led by resources, travel stocks. U.S. futures continue their ramp higher, and at last check were another 8 points, or 0.4%, in the green.  But if the Fed Minutes were enough to unleash the latest leg in this rally, than the ECB's own minutes due also today, should send futures back over 2100 without much difficult, regardless of their actual content.

 
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The 1% Is Rolling Over





Today’s financial world is a tough place for the average person but paradise for rich guys. As easy money raises asset prices, the owners of those assets make effortless profits. Then they buy expensive toys and trophy properties. Hence the recent boom in fine art, high-end real estate, yachts and private jets. But like all financial trends, this one has a limit, and that limit is now in sight. The 1%, it seems, is rolling over...

 
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Global Stocks Tread Water After Two Consecutive Terrorist Scares; Oil Rises, Industrial Metals Tumble





If this weekend's gruesome terrorist attack on Paris ended up being hugely bullish for stocks, then two subsequent events, a stadium-evacuation scare in Hannover (where Angela Merkel was supposed to be present) and a raid in north Paris which left several dead in the ongoing manhunt against the alleged ISIS mastermind, appear to have but some question into if not stocks then algos whether a rising wave of terrorist hatred across Europe is truly what central bankers need to unleash more QE. That said, we expect the current weakness to last only until the traditional USDJPY carry ramp pushes stocks traditionally higher.

 
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To France From A Post-9/11 America: Lessons We Learned Too Late





Here are some of the lessons we in the United States learned too late about allowing our freedoms to be eviscerated in exchange for the phantom promise of security. The over-arching principle is simply this: once you start down the road towards a police state, it will be very difficult to turn back.

 
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Stocks Jump On Hope For More Central Bank Intervention After Japan's Quintuple Recession, Syrian Strikes





As so often happens in these upside down days, was the best thing that could happen to the market, because another economic slowdown means the BOJ, even without sellers of JGBs, will have no choice but to expand its "stimulus" program (the same one that led Japan to its current predicament of course) and buy up if not government bonds, then corporate bonds, more ETFs (of which it already own 50%) and ultimately stocks. Because there is nothing better for the richest asset owners than total economic collapse.

 
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Mid-East Stocks, US Futures Slide As Goldman Warns Of Paris Attacks' Negative Implications For Markets





Following the weakness in the few minutes of after-hours trading on Friday's US session that overlapped with the first headlines from France, we are getting a first glimpse at the posible fallout from the Paris terror attacks. The Middle Eastern stock markets tumbled significantly with Saudi Arabia's Tadawul All Share index down 3% (biggest drop in 3 months) to its lowest since December 2012, and Dubai's FMG Index plunged 3.7% to its lowest since 2014. Short-run implication for the equity market is likely to be negative according to Goldman, with a notably higher risk premium regarding uncertainties about the medium-term political implications.

 
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This All Has A Familiar Ring To It





The recent new highs on the Nasdaq accompanying the surge off the August and September lows have been accompanied by bullish headlines, and it is true the action in some stocks is truly awe inspiring. Yet all the action has an oddly familiar ring to it and it may not be bullish. While most traders today haven't really lived through the 2000 bubble, older hats have institutional memory.

 
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Copper Plunges To Fresh 6 Years Low After Goldman Warns More Pain Ahead, Glencore Slides Back Under 100p





Overnight Goldman released a report titled simply enough "Copper poised to move even lower" which confirmed everything we said a month ago when we warned that the latest "production cut" initiatives by Glencore would have absolutely no impact on the longer-term price dynamics of the metal which has achieved "doctor" status. We were right:

COPPER FALLS 1.8% TO $4,856/TON, REACHING LOWEST SINCE 2009

 
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