In the past, readers have been alerted to numerous “impossible” trends in our markets and economies, all manufactured by the Western banking crime syndicate. Here are just a few of those highlights (low-lights?)
"Time is now rapidly running out," warns The Telegraph's John Ficenec as the British paper takes a deep dive into the dark realities behind the mainstream media headlines continued faith in central planning. Sounding very "Zero Hedge", Ficenec warns that from China to Brazil, the central banks have lost control and at the same time the global economy is grinding to a halt. It is only a matter of time before stock markets collapse under the weight of their lofty expectations and record valuations.
Earlier today, one of the biggest farces of 2015 was remedied when a UK judge granted Sarao a bail reduction from £5m to £50,000 and was allowed to leave prison as soon as today. As profiled before, Sarao had been at the infamous Wandsworth prison - Britain's worst - since his arrest. As the FT reports, at a court hearing at Westminster Magistrates Court in London today, a lawyer for the US said he would not oppose the bail reduction.
To help remind readers of what happens when the entire world engages in wholesale currency war, here is a complete list of all the recent FX interventions, courtesy of Stone McCarthy.
"It is our natural right to reflect our interest in the libor fixing process."
"Yes, ok mate, I am heading out for a run, enjoy, talk tom, get those fixings down."
In 2012 we asked whether the fact that stigmatized LIBOR traders were accepted with open arms at various hedge funds after being "fired" from the bulge bracket meant that there may, just may have been, some quid pro quo in the past. Now we know the answer.
"You wake up one morning and think 'I’m in prison.' And that’s when it hits you, and you suddenly realize that you are no longer in control of your life."
- Turkey says coalition to launch 'comprehensive battle' against Islamic State (Reuters)
- Buffett’s Celebration Tempered by 50th Anniversary Stock Slump (BBG)
- SEC Set to Approve CEO Pay-Gap Disclosure Rule (WSJ)
- Greece wants full bailout, not bridge loan, ruling party says (Reuters)
- Stocks Rise Fueled by Strong European Corporate Earnings and Chinese Data (WSJ)
- JPMorgan Reclaims Place Among U.S.'s Top 10 Biggest Stocks (BBG)
- Eurozone retail sales fall sharply in June (MW)
Just days after WSJ revealed that Deutsche Bank's $2.5 billion LIBOR settlement could be in jeopardy due to the apparent mishandling of chat records dating back to 2005, Bloomberg says Loretta Lynch’s Justice Department has launched a criminal probe into the bank’s alleged role in facilitating a series of trades which may have allowed Russian clients to launder billions through the bank's trading desks.
- Unhappy Voters Shake Up Presidential Race (WSJ)
- China stock exchanges step up crackdown on short-selling (Reuters)
- China Dethroned as World’s Most Liquid Stock Market After Curbs (BBG)
- Xiaomi retakes the smartphone lead in China as Apple slips (Engadget)
- Impact of EPA’s Emissions Rule on Industry to Vary (WSJ)
- Citadel’s Ken Griffin Leaves 2008 Tumble Far Behind (WSJ)
- Greece says expects bailout deal by Aug 18 (Reuters)
Update: JUDGE SENTENCES HAYES TO 14 YEARS IN JAIL FOR LIBOR CRIME
Former UBS Group AG and Citigroup Inc. trader Tom Hayes, the first person to stand trial for manipulating Libor, was found guilty of eight counts of conspiracy to rig the benchmark rate.
Deutsche Bank says a "software glitch" caused an "unknown" number of electronic chats dating back to 2005 to be deleted (possibly forever), a "mistake" that could endanger the bank's record $2.5 billion LIBOR settlement with regulators.
- U.S. stock futures slip amid lukewarm earnings, fall in commodities (Reuters)
- Stressful times for low-polling Republicans who may miss debate stage (Reuters)
- Trump shows staying power with surge ahead of first debate (Reuters)
- China Market Manipulation Probe Targets Spoofers After Crash (BBG)
- Beijing Chosen to Host 2022 Winter Olympics (WSJ)
- Obama Warns Support on Iran Deal ’Getting Squishy’ Amid Pressure (BBG)
- Pacific trade negotiators chase elusive final deal in tough talks (Reuters)
Having exposed the reality that the world's capital markets are a manipulated shell game, Janus' Bill Gross has a message for the perpetual bulls in his latest letter to investors - "say a little prayer." Gross continues, "low interest rates are not the cure – they are part of the problem," warning that ZIRP has enabled, "a host of zombie and future zombie corporations now roam the real economy. Schumpeter’s 'creative destruction' – the supposed heart of capitalistic progress – has been neutered. The old remains in place, and new investment is stifled." As he previously warned, when the central bank manipulation is removed the likely trajectory of prices is downward...
"German banking regulator Bafin cleared former Deutsche Bank AG co-Chief Executive Officer Anshu Jain of misleading the Bundesbank about his knowledge of the company’s role in attempts to manipulate benchmark interest rates," Bloomberg reports. This comes just three months after the very same regulator said that "Mr. Jain has been proven to have learned about discussion in the market concerning the susceptibility of the LIBOR to manipulation in 2008."