• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

Budget Deficit

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New Jersey In Fiscal Peril As David Tepper Departs





First it was Connecticut, now another state is in the crosshairs following the imminent "exstatiation" of another prominent hedge fund billionaire, David Tepper.  The decision by billionaire hedge-fund manager David Tepper to quit New Jersey for tax-friendly Florida has put the Garden State in fiscal peril, and  could complicate estimates of how much tax money the struggling state will collect, the head of the Legislature’s nonpartisan research branch warned lawmakers.

 
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Olympics In Doubt As Brazil Sports Minister Quits, Rio Governor Says "This Is The Worst Situation I've Ever Seen"





At this juncture, the only thing we can say is that we hope the lawyers for all of the advertising partners who just spent a total of $1 billion with NBC's executive vice president of advertising sales Seth Winter took a good look at the fine print before signing on the dotted line and cutting the checks.

 
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Brazil Posts Largest Budget Deficit Ever As Rousseff Cries "Coup," Olympic Ad Sales Top $1 Billion





Less than 24 hours after VP Michel Temer's PMDB split with President Dilma Rousseff's coalition government, Brazil posted its largest primary deficit on record, underscoring how dire the fiscal situation has become amid the political and economic turmoil. Meanwhile, NBC is still selling ads for this summer's Olympic games in Rio. Who's interested in some expensive air time? 

 
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"It's An Attack On Higher Education": Connecticut Seeks To Tax Yale Endowment As Plug To Surging Deficit





In the aftermath of Connecticut yield spreads blowing out to the widest ever over fears of surging budget deficits, a proposed Connecticut bill is seeking a share of Yale's endowment gains as a source of state tax revenue. According to the introduced legislature, schools with funds of $10 billion or more, which is clearly aimed at Yale as that is the only university to fit the criteria. Yale’s record $25.6 billion fund is the second largest in U.S. higher education.

 
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Frontrunning: March 23





  • Futures little changed day after Brussels attacks (Reuters)
  • Trump, Clinton win big in Arizona, but Cruz, Sanders show fight (Reuters)
  • Belgium identifies Brussels bomb suspect, suicide bombers (Reuters)
  • After Brussels Terrorist Attacks, Security Ramped Up in U.S. Cities (WSJ)
  • Terror Impact Threatens Cameron EU Pitch, Merkel's Open Door (BBG)
  • Brussels Attacks Will Jolt 2016 U.S. Presidential Race (WSJ)
 
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Connecticut Credit Risk Spikes To Record High





Amid cuts in aid and surging taxes, it appears the market remains less than impressed at Connecticut's debt sustainability. Following last week's disappointing bond auction, CT bond risk has spiked to 65bps over the benchmark - a record spread demanded by investors to take CT repayment risk. CT becomes the 4th riskiest US state after NJ, IL, and PA. Is it any wonder more people than ever are looking to leave the increasing tax burden of this troubled state.

 
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Spot The Sucker: Brazil Stocks Edition





If you are a foreign investor in Brazilian equities and you can't look at the net purchases chart shown here and tell us who the sucker is, well then you are the sucker.

 
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Norway Cuts Rates, Hints At NIRP, QE As Central Bank Falls (Way) Behind In FX Wars





Facing pressure from competitive easing at the ECB, the Riksbank, and the NationalBank, and with low oil prices weighing on the economy even as the dynamics of fiscal stimulus force the Norges Bank to be a reluctant buyer of NOK, Norway relents, cutting rates by 25bps and hinting at further cuts to come. 

 
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"In The Last Seven Years, China Accounted For 40% Of All Global Debt Creation"





China's velocity of money is now the lowest in the entire world, a world in which China provided 40% of the entire credit impulse since 2008: "In the last seven years, China has accounted for around ~40% of entire global incremental debt creation. Such a rapid accumulation of debt in less than a decade, when combined with the capital-intensive nature of the economy and a less sophisticated financial sector, drove China’s velocity of money to one of the lowest levels globally (~0.5x, i.e. below that of Japan)."

 
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While China Disappointed Stimulus Expectations, Here Is a Summary Of The Main NPC Announcements





As we wrote early yesterday when we summarized the outcome of the first day of China's People's Congress, China failed to deliver any of the major stimulus programs the market was expecting. So what exactly did China announce on its first day of the National People's Congress. Read on to find out...

 
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China Fails To Deliver Major Fiscal Stimulus At People's Congress, Makes Many Promises Instead





There were hopes that China would announce a raft of fscal stimulus measures at the much ballyhooed NPC aimed boosting growth and taking some of the pressure off of montary policy. No such luck. The budget deficit came in at just 3%, an expansion from last year's 2.3%, but well below the 4% some analyasts were hoping for.

 
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A Conversation With My Neighbor "Sam"





“What if the banks stop loaning you money to make your payments on your loans? What happens then?”

“I guess I’m assuming that won’t happen.”

 
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