White House

Tyler Durden's picture

"We Are Playing Economic Russian Roulette"





By any reasonable measure, we think it is safe to say that the last quarter of 2013 has been an insane game of economic Russian Roulette.  Even more unsettling is the fact that most of the American population still has little to no clue that the U.S. was on the verge of a catastrophic catalyst event at least three times in the past three months alone, and that we face an even greater acceleration next year. Economic collapse is not necessarily an event, it is a process, the most frightening elements of which usually do not become visible until it is too late for common people to react in a productive way.  All of the dangers covered in this article could very well set fires tomorrow, that is how close our nation is to the edge.  However, the culmination of events so far seems to be setting the stage for something, an important something, in 2014.

 
Tyler Durden's picture

Frontrunning: November 27





  • Winter storm lashes eastern U.S., threatens Thanksgiving travel (Reuters)
  • Fed Reveals New Concerns About Long-Term U.S. Slowdown (BBG)
  • Private equity keeps $789bn of powder dry (FT) - because they are "selling everything that is not nailed down"
  • Merkel and SPD clinch coalition deal two months after vote (Reuters)
  • Japan approves new state secrecy bill to combat leaks (BBC)
  • CLOs are the new black: Volatile Loan Securities Are Luring Fund Managers Again (WSJ)
  • Health website deadline nears (WSJ)
  • Norway Debates $800 Billion Wealth Fund’s Investment Options (BBG)
  • Set of global trade deals stalls (WSJ)
  • Berlusconi To Learn Fate In Senate  (Sky)
  • Silvio Berlusconi withdraws support from Italy’s government (FT)
 
Tyler Durden's picture

Yen Carry Lifts Risk Around The Globe In Quiet Overnight Trade





In a carry-trade driven world in which news and fundamentals no longer matter, the only relevant "variable" is whether the JPY is down (check) and the EUR is up (check) which always results in green equities around the globe and green futures in the US, with yesterday's sudden and sharp selloff on no liquidity and no news long forgotten. The conventional wisdom "reason" for the overnight JPY underperformance against all major FX is once again due to central bank rhetoric, when overnight BOJ's Kiuchi sees high uncertainty whether 2% CPI will be reached in 2 years, Shirai says bank should ease further if growth, CPI diverge from main scenario. Also the BOJ once again hinted at more QE, and since this has proven sufficient to keep the JPY selling momentum, for now, why not continue doing it until like in May it stops working. As a result EURJPY rose above the 4 year high resistance of 138.00, while USDJPY is bordering on 102.00. On the other hand, the EUR gained after German parties strike coalition accord, pushing the EURUSD over 1.36 and further making the ECB's life, now that it has to talk the currency down not up, impossible. This is especially true following reports in the German press that the ECB is looking at introducing an LTRO in order to help promote bank lending. Since that rumor made zero dent on the EUR, expect the ongoing daily litany of ECB rumors that the bank is "technically ready" for negative rates and even QE, although as has been shown in recent months this now has a half-life measured in minutes as the market largely is ignoring whatever "tools" Draghi and company believe they have left.

 
Pivotfarm's picture

The Stooges are Running the Show, Obama





It might have been the Republican shutdown (according to one person at the White House, at least). It might have been the fault of the Syrian leader Bachar Al-Assad gassing his people with chemical weapons.

 
Tyler Durden's picture

Stock Futures Rise To New Record Highs On Carry-Currency Driven Ramp





Another day, another carry currency-driven futures melt-up to daily record highs (the all important EURJPY soared overnight on the return of the now standard overnight Japanese jawboning of the JPY which sent the EURJPY just shy of a new 4 year high of 138 overnight), and another attempt by the ECB to have its record high market cake, and eat a lower Euro too (recall DB's said the "pain threshold" for the EUR/USD exchange rate - the level at which further appreciation impairs competitiveness and economic recovery - is $1.79 for Germany, $1.24 for France, and $1.17 for Italy) this time with ECB's Hansson repeating the generic talking point that the ECB is technically ready for negative deposit rates. However, with the halflife on such "threats" now measured in the minutes, and soon seconds, the European central bank will have to come up with something more original and creative soon, especially since the EURJPY can't really rise much more without really crushing European trade further.

 
Tyler Durden's picture

A Confused World Reacts To The Iran Nuclear Deal





"We, the German Fuhrer and Chancellor, and the British Prime Minister, have had a further meeting today and are agreed in recognizing that the question of Anglo-German relations is of the first importance for our two countries and for Europe. We regard the agreement signed last night and the Anglo-German Naval Agreement as symbolic of the desire of our two peoples never to go to war with one another again. We are resolved that the method of consultation shall be the method adopted to deal with any other questions that may concern our two countries, and we are determined to continue our efforts to remove possible sources of difference, and thus to contribute to assure the peace of Europe. My good friends, for the second time in our history, a British Prime Minister has returned from Germany bringing peace with honor. I believe it is "peace for our time." Go home and get a nice quiet sleep." - Neville Chamberlain, September 30, 1938

 
Tyler Durden's picture

White House Releases Iran Deal Fact Sheet - President Obama To Speak





The White House has released their (lengthy) fact sheet...

"During the six-month initial phase, the P5+1 will negotiate the contours of a comprehensive solution... Over the next six months, we will determine whether there is a solution that gives us sufficient confidence that the Iranian program is peaceful. If Iran cannot address our concerns, we are prepared to increase sanctions and pressure.

 

Suspend certain sanctions on gold and precious metals, Iran’s auto sector, and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue

Israelis, Saudis, and Republicans are already questioning the decision...

 
Tyler Durden's picture

With 1 Week Left Until November 30 Obama Scrambles To Boost Obamacare Enrollment; Propaganda Enters Overdrive Mode





With just a week to go until the Obama-promised "all clear" healthcare.gov date of November 30, the president is scrambling to boost enrollment in the 11th hour. As reported by Reuters, the administration announced a flurry of fixes to its troubled HealthCare.gov website on Friday that officials said would soon double its current capacity, a crucial step toward getting the system working by a November 30 deadline. It also pushed back a deadline for people to enroll in insurance plans for 2014 under President Barack Obama's Affordable Care Act in a nod to millions of applicants who have been unable to sign up because of technical glitches for nearly two months. The reason for the push is that consumers need to make decisions on healthcare plans in December if they want insurance in place by January.

 
Tyler Durden's picture

Experts Warn Healthcare.gov So Big And So Riddled With Security Flaws It Should Be Shut Down, Rebuilt From Scratch





While the abysmal rollout of Obamacare hardly needs any additional debacles, a recent hearing by technology experts in Congress added yet another, quite major, wrinkle to an already insurmountable problem: healthcare.gov is so fraught with security flaws, and so bloated with code, that it may easily expose the personal data of millions (we are being generous here) of users - it collects user names, birth dates, social security numbers, email addresses and much more - to even the least experienced of hackers. It gets worse: when asked "Do any of you think today that the site is secure?" the answer from the experts, which included two academics and two private sector technical researchers, was a unanimous "no."  And worse when the experts were asked "would you recommend today that this site be shut down until it is?" three of the experts said "yes," while a fourth said he did not have enough information to make the call. But the worst news of the day the experts said the site needed to be completely rebuilt to run more efficiently, making it easier to protect. Finally, should Obama finally do the right thing and scrap the three year project and start from scratch, "in written testimony, Kennedy said it would take a minimum of seven to 12 months to fix the problems with the site shut down, given the site's complexity and size."

 
Tyler Durden's picture

Frontrunning: November 21





  • When it fails, do more of it - Bank of Japan hints at extending ultra-loose monetary policy (FT)
  • PBOC Says No Longer in China’s Interest to Increase Reserves (BBG)
  • Fed casts about for endgame on easy-money policy  (Hilsenrath)
  • Big trucks still rule Detroit in energy-conscious era (Reuters)
  • Debt Limit Rise May Not Be Needed Until June, CBO Says (BBG)
  • Some Insurance Regulators Turn Down White House Invitation (WSJ)
  • Say Goodbye to the Car Salesman (WSJ)
  • U.S. drone kills senior militant in Pakistani seminary (Reuters)
  • French business sector contracts sharply (FT)
  • How Germany's taxman used stolen data to squeeze Switzerland (Reuters)
  • Fed casts about for endgame on easy-money policy (WSJ)
  • France, Italy call for full-time Eurogroup chief (Reuters)
 
Tyler Durden's picture

Here Come The Even Higher Insurance Premiums





 
Tyler Durden's picture

White House Says Story About White House Misleading, Is Misleading





Anyone expecting Obama to come out with his hands up following last night's story about the made up pre-election jobs numbers, and admit to everything... will be disappointed.

  • STORY ABOUT RIGGED JOBS NUMBERS WAS MISLEADING: WHITE HOUSE

Ok everyone, back to your 29.5 hours a week job, because as everyone knows the White House would never lie to anyone about anything.

 
Tyler Durden's picture

Frontrunning: November 19





  • J.P. Morgan, U.S. Reach Historic Settlement (WSJ)
  • OECD cuts global growth forecast (AP)
  • Guess the profit margin: Wal-Mart Touts $98 TV as Holiday Seen Weakest Since 2009 (BBG)
  • Republicans defy threat, block another Obama judicial pick (Reuters)
  • Fed Ponders How to Temper Tapering Without Rate Increase (BBG)
  • Wall Street uses 'merchant' workaround to cling to commodity assets (Reuters)
  • PBOC to ‘Basically’ End Normal Yuan Intervention, Zhou Says (BBG)
  • Italy’s leader warns Germany of rise of anti-European sentiment (FT)
  • Yellen Nomination for Fed Chairman to Get Vote This Week (BBG)
  • As U.S. default threatened, banks took extraordinary steps (Reuters)
  • NSA vowed repeatedly to fix its collection errors (AP)
 
Tyler Durden's picture

Bill Clinton Refuses To Criticize Edward Snowden, Says Next President Should Be A Woman





Lately Bill Clinton has not been doing the president many favors. First, the "is" definition-challenged former president had some harsh words about Obamacare, and most recently in an overnight question-and-answer session before a standing-room-only crowd in a Beijing hotel ballroom, Clinton who was in Beijing for meetings with China’s President Xi Jinping as well as to promote the work of his New York-based philanthropic organisation, the Clinton Foundation, while withholding comments on Obama - whose approval rating has plunged to an all time low - refused to criticise Edward Snowden. Instead he said he believed it was "perfectly legitimate" for the US government to search “big data pools… to see if there are patterns of communication between certain numbers or sites and others known to be in the possession of terrorist groups”. But he went on, via AFP: “The question is when, if ever, is the government justified in going beyond the patterns to listen to telephone calls, read emails, read text messages, and who’s supposed to decide that? Mr Snowden obviously thought that it was excessive.

 
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