Iran

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Iran Allowed To "Self-Inspect" Its Nuclear Sites By "Remarkably Naive And Reckless" UN





Given that self-regulation worked so well in the financial services industry, The United Nations, according to AP, has decided to allow Iran to use its own inspectors to investigate a site accused of being used to develop nuclear bombs. While the Obama administration was "confident in the agency's technical plans for investigating the possible military dimensions of Iran's former program," John Cornyn of Texas, the second-ranking Republican senator, said of the 'secret agreement' - since The UN normally does this work itself - "trusting Iran to inspect its own nuclear site and report to the U.N. in an open and transparent way is remarkably naive and incredibly reckless."

 
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Frontrunning: August 20





  • Crude prices fall towards $40 on global glut (Reuters)
  • China Central Bank Injects Most Funds Since February as Money Rates Increase (BBG)
  • Divided Fed Puts Yellen on Hot Seat (Hilsenrath)
  • So Long September: Bond Traders Defer Their Date With the Fed (BBG)
  • More Foods Boast Non-GMO Labels—Even Those Without GMO Varieties (WSJ)
  • UN to let Iran inspect alleged nuke work site (AP)
  • IAEA says access to Iran's Parchin military site meets demands (Reuters)
  • Time to End Quarterly Reports, Law Firm Says (WSJ)
 
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Economic Crisis Goes Mainstream - What Happens Next?





Last year, when alternative economic analysts were warning that the commodities crush and oil crash just after the taper of QE3 were blaring signals for a downshift in all other financial indicators, the general response in the mainstream was that we were overreacting and paranoid and that the commodities jolt was temporary. Perhaps the fact needs repeating that it’s not paranoia if they are really out to get you. Only a short time later, it is truly amazing how the rhetoric from the mainstream economic yes-men is changing. So now that the mainstream is willing to report on clear economic dangers, what happens next?

 
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China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets





Just hours after the PBOC announced a modestly "revalued" fixing in the CNY, which curiously led to weaker trading in the onshore Yuan for most of the day before a forceful last minute intervention by the central bank pushed it back down to 6.39 it was the local stock market spinning plate - which had been relatively stable during the entire FX devaluation process - that China lost control over, and after 7 days of margin debt increases the Shanghai Composite plunged by 6.2% in late trade, tumbling 245 points to 3748, just 240 points above its recent trough on July 8, a closing level some 27% off its June peak.

 
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Copper & Crude Carnage Continues





Perhaps at the margin, weak Japanese GDP - as it heads for a quintuple-dip recession - could be today's catalyst but both crude and copper prices are re-tumbling this morning, pressing cycle lows. The USDollar is drifting higher and dos not appear a major driver today. However, broadly speaking malinvestment-driven overcapacity and the collapse of fake credit-fueled demand continue to provide the backdrop for commodity carnage...

 
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Futures Flat As Oil Drops To Fresh 6 Year Low; EM Currencies Crumble Under Continuing FX War





It was a relatively quiet weekend out of China, where FX warfare has taken a back seat to evaluating the full damage from the Tianjin explosion which as we reported on Saturday has prompted the evacuation of a 3 km radius around the blast zone, and instead it was Japan that featured prominently in Sunday's headlines after its Q2 GDP tumbled by 1.6% (a number which would have been far worse had Japan used a correct deflator), and is now halfway to its fifth recession in the past 6 year, underscoring Abenomics complete success in desrtoying Japan's economy just to get a few rich people richer. Of course, economic disintegration is great news for stocks, and courtesy of the latest Yen collapse driven by the bad GDP data which has raised the likelihood of even more Japanese QE, the Nikkei closed 100 points, or 0.5% higher. 

 
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Travails Of Empire - Oil, Debt, Gold & The Imperial Dollar





"We are imperial, and we are in decline... People are losing confidence in the Empire."

 
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"Deal Or War": Is Doomed Dollar Really Behind Obama's Iran Warning?





"The US is digging itself in deeper and deeper,” warns Doug Casey, adding the telling question: “Then what’s going to happen?” President Obama’s grim warning of “deal or war” seems to provide an answer. Faced with economic implosion on an epic scale, the US may be counting on war as its other option.

 

 
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Americans Are Finally Waking Up To "False Flag" Terror





Governments from around the world admit they carry out false flag terror. People are slowly waking up to this whole con job by governments who want to justify war. More people are talking about the phrase “false flag” than ever before.

 
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Using Hollywood Movies To Call Market Tops





Previously we reported on Horseman Capital's uncanny ability to generate market-beating returns (outperforming 98% of peers since 2012) despite having a net -50% short position offset by treasury longs. Now, we take a quick detour into one of the prop investment bets used by Horseman's CIO, Russel Clark, namely Hollywood's ability to pull a Dennis Gartman, and make a dramatic appearnace at all the key market inflection points.

 
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Why More Conflict Is Inevitable In The Middle East





We all know how sectarian, religious and political differences have thrown many Middle Eastern countries into chaos and armed conflict. But there is a deeper factor at play which deserves greater recognition: severe water scarcity.

 
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From Currency Wars To Oil Wars - OPEC Ups Production To 3 Year Highs As Iran Output Surges





As China takes the currency wars to the next level, so OPEC, not to be outdone, rotates the oil war volume to 11. As Bloomberg reports, OPEC pumped the most crude last month in more than three years as Iran restored output to the highest level since international sanctions were strengthened in 2012. The response - as one would expect - is a plunge in crude prices, erasing all the ridiculous algo-driven gains of yesterday, pushing WTI back on the verge of a $42 handle.

 
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