Japan

Three Hanjin Ships Stranded Off California Coast

It did not take long for the fallout from this historic Hanjin bankruptcy - the largest ever for a container shipper in terms of capacity -  to reach the US, because as Bloomberg reported moments ago, at least three Hanjin ships are currently stranded off the California coast.

"I Am Frustrated And Down" - Abe Advisor Admits That Abenomics May Fail

One day after Koichi Hamada, one of Shinzo Abe's inner circle of economic advisors, suggested that the BOJ should monetize foreign bonds, admitted that "I’ve studied economics for more than 50 years and I’ve believed that what works in the world mostly works in Japan as well," Hamada said at a seminar in Tokyo, later admitting that "in the past six months, I’m starting to see there is potential that Abenomics may not work well."

The Mass Escape From Reality

"Built into the speculative episode is the euphoria, the mass escape from reality, that excludes any serious contemplation of the true nature of what is taking place..."

"The Fed Has Mastered Market Manipulation" - Bill Gross Explains Why He Is Not A "Broken Clock"

"The problem with Cassandras, such as Gross and Jim Grant and Stanley Druckenmiller, among a host of others, is that we/they can be compared to a broken watch that is right twice a day but wrong for the other 1,438 minutes. But believe me: This watch is ticking because of high global debt and out-of-date monetary/fiscal policies that hurt rather than heal real economies. Sooner rather than later, Yellen’s smooth shot from the fairway will find the deep rough."

Futures Flat, Global Stocks Rise As Treasury Yields See Biggest Monthly Jump In Over A Year

The August market doldrums were on display on the last day of the month as S&P futures were fractionally lower on non-existent volume, while both Europe and Asia were modestly in the green; ten-year Treasury yields headed for the biggest monthly jump in more than a year while the dhe dollar gained for a sixth day against the yen in the longest winning streak since March. European stocks advanced for a second day, adding to a monthly gain as oil trimmed its advance in the best month since April.

The Darwin Awards For Nations

We’re passing through an unprecedented period in history, in which quite a few of those nations that were once the most prosperous; the most free; the most forward-thinking, are all headed downward at the same time, and for the same reasons. Hence, we shall in the near future be observing the removal from the gene pool of nations many of the most powerful (and formerly most desirable) countries.

Stanley Fischer's Bizarre Justification For Negative Rates

"Well, clearly there are different responses to negative rates. If you’re a saver, they’re very difficult to deal with and to accept, although typically they go along with quite decent equity prices. But we consider all that and we have to make trade-offs in economics all the time and the idea is the lower the interest rate the better it is for investors."

(Too) Great Expectations

While there are many things to 'worry' about in today's markets, there is one "great expectation" that it appears everyone is dreaming about...

Record Low Yields On Deck? Abe Advisor Urges Japan To Buy US Treasuries

 "Japan's monetary authorities should intervene in the currency market not to change the yen's general course but to discourage speculators" Koichi Hamada, an emeritus professor of economics at Yale University, told Reuters in an interview. "If Japan's currency intervention is considered manipulation of exchange rates, BOJ buying of foreign bonds is an option for the same objective in a moderate form."

Germans "Lose Faith In Banks", Rush To Buy Safes

First Japan, now German savers are leaving the "security" of savings banks for the true safety of paper cash parked inside home safes, where the central bank's negative rates can never reach. As a result safes across Germany are selling out as German savers finally "lose faith in banks."

Futures Flat, Global Stocks Higher As Dollar Resumes Rise

The quiet overnight market had been focused on the upcoming comments by Stanley Fischer, who is set to give a Bloomberg TV interview at 6:30am ET, where he was expected to expand on his recent hawkish comments. Heading into Fischer's appearance, the dollar strengthened, global stocks rose, oil hovered around $47, while US index futures were largely flat and Treasuries fell.

"There Will Be Blood" - The Whole Game Is About Containing Russia-China

BRICS is in a coma. What’s surviving is RC: the Russia/China strategic partnership. Yet even the partnership seems to be in trouble – with Russia still attacked by myriad metastases of Hybrid War. The – Exceptionalist – Hegemon remains powerful, and the opposition is dazed and confused. Or is it?

Mike Maloney: "This Is The Peak"

"This is the peak – we have passed the peak of the bubble. It's now deflating. There is usually a little tiny roll over and then a huge crash. And the little tiny roll over is just starting right now. We are seeing it first in the top end (like luxury real estate), where the currency that was created by the central banks went to that 0.1% first. Within the next few years you are going to see probably the greatest crash in history. I have often said that the crisis of 2008 was just a speed bump on the way to the main event. We are in the process right now of seeing this unwind."