Apple

Moron Madness

There is much to enjoy and savor, but it is overwhelmed by moron madness. We’ve come to believe that Aldous Huxley’s fears have been manifested on the boardwalk of Wildwood and across our entire nation. The masses don’t read books. We are inundated with so much useless information, we have been reduced to passivity and egotism. The truth is buried in a sea of irrelevance and our culture is based upon triviality. Our almost infinite desire for distractions and pleasure have produced a profoundly abnormal society. The ignorant masses are acting normally only in the context of living in a sick, demented, abnormal society.

Frontrunning: July 6

  • Greece Bailout Referendum: They Voted ‘No’. Now What? (BBG)
  • Varoufakis Quits as Greece Enters New Showdown With Europe (BBG)
  • Merkel to Meet Hollande as Greece Told to Make Next Move (BBG)
  • German line hardens after Greek referendum 'No' (Reuters)
  • BOJ keeps rosy view of regional Japan, watching markets after Greek upset (Reuters)
  • Oil falls on Greece vote, China stock market turmoil (Reuters)
  • China Urges U.S.-Iran Compromise 36 Hours to Nuclear Deadline (BBG)
  • U.S. and Iran: the unbearable awkwardness of defending your enemy (Reuters)

Do Share Buybacks Create Value? (Spoiler Alert: No)

Stock buybacks have been in the news lately, as their growing size has lead to criticism, especially from politicians who believe they contribute to economic inequality. But the simplest critique of the practice of buybacks can be made on economic grounds, in terms of value created or destroyed.

"Of What Use Is A Gun With No Bullets?", BIS Says Central Banks Defenseless Against Coming Crisis

Risk-taking in financial markets has gone on for too long. And the illusion that markets will remain liquid under stress has been too pervasive. But the likelihood of turbulence will increase further if current extraordinary conditions are spun out. The more one stretches an elastic band, the more violently it snaps back. Restoring more normal conditions will also be essential for facing the next recession, which will no doubt materialise at some point. Of what use is a gun with no bullets left?

Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)

At the open, Europe looked in the abyss, and with no help coming from China, it did not like what it saw: And then the answer came from the Swiss National Bank, which stepped in to prevent the collapse just as Europe was opening. Because seemingly out of nowhere, a tremendous bid came in to life the EURCHF, buying Euros (against the CHF and the USD) and selling Europe's last left safety currency. We now know that it was the SNB, the same central bank which is the proud owner of well over $1 billion in Apple stock.

Frontrunning: June 26

  • Chinese Stock Plunge Leaves State Media Speechless (BBG)
  • China’s Market Selloff Accelerates (WSJ)
  • Any Deal on New Greek Bailout Funds Put Off Until Weekend (WSJ)
  • ECB keeps ELA funding limit for Greece unchanged for third day in a row (Reuters)
  • Impoverished Greek City Stands With Alexis Tsipras (WSJ)
  • Why It Won’t Be a Default If Greece Misses IMF Payment Next Week (BBG)
  • Valeant Makes Takeover Approach to Zoetis (WSJ) - or how Ackman assures himself another good T+3 quarter
  • Obamacare ruling puts Supreme Court on hot seat in U.S. presidential race (Reuters)

Apple Pulls All Civil War Games From The App Store

Moments ago we learned that none other than that ultimate "arbiter" on all things moral and ethical, Apple itself, entered the fray with a decision to remove all Civil War games from its App Store! According to MacRumors, "Apple has removed seemingly all Civil War games from the App Store for displaying the Confederate Flag in "offensive and mean-spirited ways," our sister website TouchArcade has learned. Apple has sent a removal letter to affected developers to inform them that their app does not comply with Section 19.1 of the App Store Review Guidelines."

GoldCore's picture

- We need a free market in currencies, not bail-ins and a war on cash and gold - People blindly trust “experts” so welcome that some of them giving prudent advice regarding diversification - Currencies of creditor nations – Norway, Switzerland, Singapore, Hong Kong will outperform in long term

Frontrunning: June 24

  • Greece Handed New Terms as Tsipras Approaches Decision Time (BBG)
  • As U.S. Probes $12.7 Trillion Treasury Market, Trader Talk Is a Good Place to Start (BBG)
  • Signs Swedish QE Backfiring as Liquidity Evaporates (BBG)
  • ECB approves ELA funding requested by Greece- banking source (Reuters)
  • Greek Millennials Can't Find Work But Actually Want to Keep the Euro (BBG)
  • Greek deal or not, the euro is now a different beast (Reuters)
  • Promoter’s Arrest Sheds Light on Cynk’s $6 Billion Surge (BBG)
  • The World's Biggest Economies Are About to Feel the Impact of China's Slowdown (BBG)
  • Senate Clears Trade Bill’s Way to Passage (WSJ)

Frontrunning: June 23

  • Greek offer to creditors runs into angry backlash at home (Reuters)
  • Tsipras Seeks to Stave Off Greek Defections Over Aid Plan (BBG)
  • Austria finmin says no agreement on Greek proposals without concrete plan (Reuters)
  • Another ELA raise, this time under €1 billion: ECB raises emergency funding for Greek banks (Reuters)
  • Greek energy, foreign ministers divided on Russia gas deal (Reuters)
  • China’s Plan for Local Debt Amounts to a Bailout (WSJ)
  • Key Democratic senators back plan for trade legislation (Reuters)
  • South Carolina Governor: Time to Furl Flag (WSJ)

Frontrunning: June 22

  • Mood brightens after latest Greek offer to creditors (Reuters)
  • ECB's Nowotny - Greek banks have funding extension for today (Reuters)
  • Any Greece deal must match party manifesto, minister says (Reuters)
  • Greece says now up to lenders to move on an agreement (Reuters)
  • Greece sends wrong documents to monitors... Again (FT)
  • U.S. won't let Russia 'drag us back to the past': Pentagon chief (Reuters)
  • Belgium unblocks part of Russian diplomatic missions’ frozen accounts (Tass)
  • Fed Scoop Heralded Era of Closed Doors for $100,000 Newsletters (BBG)