LIBOR

JPMorgan, HSBC, Credit Agricole "Bank Cartel" Fined $521 Million For Euribor Rigging

The European Commission has fined Crédit Agricole, HSBC and JPMorgan Chase, a total of €485m for participating in a cartel concerning the pricing of interest rate derivatives denominated in euros. “The aim of the cartel was to distort” Euribor, said EU competition policy chief Vestager. The traders involved "tried to submit quotes to move the Euribor rate up or down."

The Most Important Market In The World (That You've Never Heard Of)

That so few investors know about this enormous market, its importance, and relevance is frankly pretty shocking. Understanding it goes a long way to understanding why, despite the greatest monetary intervention we’ve ever seen by central banks, we’ve remained in a contractionary environment.

Weak Links In The "Trump Rally"

This is the first time, within the last three years, the markets have pushed a 3-standard deviation move from the 50-day moving average. Such a move is not sustainable and a correction to resolve this extreme deviation will occur before a further advance can be mounted.

Trumpflation Takes A Breather As Global Stocks Rise, Oil Jumps On Renewed OPEC "Deal Optimism"

With the Trumpflation euphoria easing back slightly overnight, leading to a modest paring in the USD index and US Treasury yields, Asian and European stocks rose, while US equity futures rebounded to just shy of new all time highs, as crude jumped on renewed optimism that OPEC will agree to cut output; metals rebounded from last week’s losses as yields dropped and the dollar halted its longest winning streak versus the euro.

The Fallacy Of Central Planning (Exposed By South Park's Underpants Gnomes)

In the 1980s, the Fed decided that economists had learned sufficiently from the grave, global mistakes of the Great Inflation such that they would compensate for the evolution of money by controlling just a single interest rate. It was, essentially, an underpants gnome schematic: "1. Target federal funds rate. 2. .... 3. Control Economy."

Don’t Sweat The Election. The Next Crisis Is Already Baked Into The Cake

From here on out politics are only relevant at the extremes - major war, corruption scandal, martial law etc. Short of that, the fiat currency/fractional reserve banking world has such institutional momentum that it really won’t matter whether Trump is picking on bankers and building his wall or Clinton is protecting Wall Street and raising taxes. Debt will keep soaring as it has under every president since Reagan and jobs will disappear as machines replace people, thus bringing the end of the current system inexorably closer.