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Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as its state energy company, PDVSA.

Why Australia's Economy Is A House Of Cards

"For over a quarter of a century our economy mostly grew because of dumb luck... As a whole, the Australian economy has grown through a property bubble inflating on top of a mining bubble, built on top of a commodities bubble, driven by a China bubble....Unfortunately for Australia, that “lucky” free ride is just about to end..."

Frontrunning: November 15

  • GOP Seeks to Derail Moore, Salvage Senate Seat (WSJ)
  • Army takes control in Zimbabwe (Reuters)
  • Senate Tax Plan Guts Obamacare, Sunsets Many Middle-Class Cuts (BBG)
  • Senate Republicans tie tax plan to repeal of key Obamacare mandate (Reuters)
  • Trump’s Campaign Foreign Policy Team Under Mueller’s Microscope (BBG)

Axel Merk: Tax Reform Implications For Gold

"Last week, I got several calls asking me how U.S. tax reform will impact the price of gold. If you can answer this question, you might be able to answer how tax reform will impact other assets. Let me explain..."

The Unbearable Slowness Of Fourth Turnings, Part 1

"Don’t think you can escape the Fourth Turning the way you might today distance yourself from news, national politics, or even taxes you don’t feel like paying. History warns that a Crisis will reshape the basic social and economic environment that you now take for granted. The Fourth Turning necessitates the death and rebirth of the social order..."

Frontrunning: November 14

  • Top central bankers vow to talk investors out of easy money (Reuters)
  • Sessions Considers Probe to Evaluate Clinton-Russia Ties (WSJ)
  • Trump Jr. Exchanged Messages With WikiLeaks (WSJ)
  • German growth surprise lifts Europe as China subdues Asia (Reuters)
  • Kremlin tells companies to deliver good news (Reuters)