• GoldCore
    07/30/2014 - 18:58
    “But long term...and economic law says, if you keep printing a lot of paper money, the value of the dollar and currency will go down, and things and most prices will go up and indeed gold always goes...

Prudential

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Frontrunning: July 22





  • Earthquake Sends Kiwis Screaming From Wellington Buildings (BBG)
  • China quake death toll more than doubles to 54, hundreds hurt (Reuters)
  • In 2011, Michigan Gov. Snyder said bankruptcy wasn't an option for Detroit. Two years later, he changed his mind (WSJ)
  • GlaxoSmithKline says Chinese laws might have been violated (FT)
  • SEC Tries Last Ditch Move to Put SAC’s Cohen Out of Business (BBG)
  • Detroit’s Bankruptcy Reveals Dysfunction Common in Cities (BBG)
  • Obama to start new offensive on economy (FT)
  • As WTI and Brent reunite, Gulf of Mexico faces squeeze, not glut (Reuters)
  • Extended Stay Files for Public Offering (WSJ)
  • Apple Developer Website Hacked: Developer Names, Addresses May Have Been Taken (MacRumors)
  • Treasuries Not Safe Enough as Foreign Purchase Pace Slows (BBG)
 
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1. Move To Daytona Beach; 2. Flip That House; 3. 82% Profit





The grotesque days of the first housing bubble are now being flatly trounced by the surreal second coming of the housing bubble, where courtesy of RealtyTrac we find that the old gross maximum profit potential of 63% realized in Orlando, FL house flipping, has two short months been eclipsed by flipping a house in Daytona Beach, generating a mindblowing 82% "flip that house" return! In brief: in the first half of 2013 there were 136,184 single family home flips — where a home is purchased and subsequently sold again within six months — in the first half of 2013, up 19 percent from a year ago and up 74 percent from the first half of 2011. Real estate investors made an average gross profit of $18,391 on single family home flips in the first half of the year, a 9 percent gross return on the initial purchase price. That was up 246 percent from an average gross return of $5,321 in the first half of 2012 and an average loss of -$13,206 in the first half of 2011.

 
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The Fed Is The Problem, Not The Solution: The Complete Walk-Through





"Perhaps the success that central bankers had in preventing the collapse of the financial system after the crisis secured them the public's trust to go further into the deeper waters of quantitative easing. Could success at rescuing the banks have also mislead some central bankers into thinking they had the Midas touch? So a combination of public confidence, tinged with central-banker hubris could explain the foray into quantitative easing. Yet this too seems only a partial explanation. For few amongst the lay public were happy that the bankers were rescued, and many on Main Street did not understand why the financial system had to be saved when their own employers were laying off workers or closing down." - Raghuram Rajan

 
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Margin Calls Coming On US Too-Big-To-Fail Banks





This week's biggest news is not the Non-Farm Payrolls, or the European Central Bank or even Portugal's government falling. No - this week's big deal is the openness with which the Federal Reserve is preparing a major margin call on the too-big-to-fail banks in the US. This has been a long time coming since the introduction of the Dodd-Frank law back in 2010 but it is a game changer. Remember all macro paradigm shifts come from policy impulses, often mistakes. Is the Fed about to given the whole banking industry a major margin call?

 
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Frontrunning: July 3





  • Portuguese bond yields soar amid political turmoil (FT)
  • Portugal Resignation Rocks European Markets (WSJ)
  • Portugal, Greece risk reawakening euro zone beast (Reuters)
  • Egypt’s military chiefs hold crisis meeting as Mursi snubs ultimatum (Al Arabiya)
  • Egypt Crisis Deepens as Mursi Refuses to Step Down (BBG)
  • Hidden microphone found in London embassy: Ecuador (AFP)
  • Health Law Penalties Delayed (WSJ)
  • Rise in mortgage rates cut into homebuyer demand last week (Reuters)
  • Bolivia angered by search of president's plane, no sign of Snowden (Reuters)
  • Olympus ex-chairman gets suspended sentence (FT)
 
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Global Markets Stabilize Following Thursday Meltdown





After Thursday night's global liquidation fireworks, the overnight trading session was positively tame by comparison. After opening lower, the Nikkei ended up 1.7% driven by a modest jump in the USDJPY. China too noted a drop in its ultra-short term repo and SHIBOR rate, however not due to a broad liquidity injection but because as we reported previously the PBOC did a targeted bail out of one or more banks with a CNY 50 billion injection. Overnight, the PBOC added some more color telling banks to not expect the liquidity will always be plentiful as the well-known transition to a slower growth frame continues. The PBOC also reaffirmed that monetary policy will remain prudential, ordered commercial banks to enhance liquidity management, told big banks that they should play a role in keeping markets stable, and most importantly that banks can't rely on an expansionary policy to solve economic problems. Had the Fed uttered the last statement, the ES would be halted limit down right about now. For now, however, communist China continues to act as the most capitalist country, even if it means the Shanghai Composite is now down 11% for the month of June.

 
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Frontrunning: June 20





  • Bonds Tumble With Stocks as Gold Drops in Rout on Fed (BBG)
  • Bernanke Sees Beginning of End for Fed’s Record Easing (BBG)
  • Gold Tumbles to 2 1/2 Year-Low After Fed as Silver Plummets (BBG)
  • PBoC dashes hopes of China liquidity boost (FT)
  • U.S. Icons Now Made of Chinese Steel (WSJ)
  • Emerging Markets Crack as $3.9 Trillion Funds Unwind (BBG)
  • Everyone joins the fun: India sets up elaborate system to tap phone calls, e-mail (Reuters)
  • China Manufacturing Shrinks Faster in Threat to Europe (BBG)
  • More on how Syria's Al-qaeda, and now US, supported "rebels", aka Qatar mercenaries, operate (Reuters)
  • Echoes of Mao in China cash crunch (FT) - how dare a central bank not pander to every bank demand?
  • French watchdog tells Google to change privacy policy (Reuters)
 
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Frontrunning: June 12





  • Pimco Sees 60% Chance of Global Recession in Five Years (BBG)
  • Global Tumult Grips Markets (WSJ)
  • NSA Secrecy Prompts a Pushback (WSJ)
  • ANA Scraps 787 Dreamliner Flight as Engine Fails to Start (BBG) - one of these days, though, it shall fly
  • Kuroda’s April-Was-Enough Message Faces Markets Wanting More (BBG)
  • S&P warns top US banks are still ‘too big to fail’ (FT)
  • Democracy for $500 per plate (Reuters)
  • Iran, the United States and 'the cup of poison' (Reuters)
  • Japan grapples with lack of entrepreneurs (FT)
  • Greece First Developed Market Cut to Emerging at MSCI (BBG)
  • Asia's ticking time bonds; time to cut and run? (Reuters)
  • Sony Outduels Microsoft in First PS4-Xbox One Skirmish (BBG)
 
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Frontrunning: June 4





  • Whale of a Trade Revealed at Biggest U.S. Bank With Best Control (BBG)
  • ECB backs away from use of ‘big bazooka’ to boost credit (FT)
  • Turkish unions join fierce protests in which two have died (Reuters)
  • Europe Floods Wreak Havoc (WSJ)
  • Beheadings by Syrian Rebels Add to Atrocities, UN Says (BBG)
  • RBA Sees Further Rate-Cut Scope as Aussie Remains High (BBG)
  • China’s ‘great power’ call to the US could stir friction (FT)
  • J.C. Penney Continuing Ron Johnson’s Vision on the Cheap (BBG)
 
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The Full List Of 2013's Bilderberg Attendees





The only thing more ominous for the world than a Hindenburg Omen sighting is a Bilderberg Group meeting. The concentration of politicians and business leaders has meant the organisation, founded at the Bilderberg Hotel near Arnhem in 1954, has faced accusations of secrecy. Meetings take place behind closed doors, with a ban on journalists. We suspect the agenda (how the US and Europe can promote growth, the way 'big data' is changing 'almost everything', the challenges facing the continent of Africa, and the threat of cyber warfare) has been somewhat re-arranged as market volatility picks up and the status quo begins to quake once again.  The annual gathering of the royalty, statesmen, and business leaders, conspiratorially believed to run the world (snubbing their Illuminati peers and Freemason fellows), will take place this week at the Grove Hotel in London, England. The Telegraph provides the full list of attendees below - for those autogrpah seekers - including Britain's George Osborne, US' Henry Kissinger, Peter Sutherland (the chairman of Goldman Sachs), the Fed's Kevin Warsh, Jeff Bezos?, Peter Thiel, Italy's Mario Monti, and Spain's de Guindos.

 
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Frontrunning: May 31





  • Record unemployment, low inflation underline Europe's pain (Reuters)
  • The ponzi gets bigger and bigger: Spanish banks up sovereign bond holdings by more than 10% (FT)
  • California Lawmakers Turn Down Moratorium on Fracking (BBG)
  • China’s Growing Ranks of Elderly Beset by Depression, Study Says (BBG)
  • Tokyo Prepares for a Once-in-200-Year Flood to Top Sandy (BBG)
  • Morgan Stanley Cutting Correlation Unit Added $50 Billion (BBG)
  • IMF warns over yen weakness (FT)
  • Rising radioactive spills leave Fukushima fishermen floundering (Reuters)
  • India records slowest growth in a decade (FT)
 
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Ben Bernanke's Latest Casualty: The Pension Plan





For the the latest "unintended casualty" of Bernanke and his ZIRP policy, we look at corporate pension funds, which as WaPo reports, are finally starting to crack under the weight of pervasive central planning, brought to the brink by none other than the Chairman's "good intentions." On the surface this makes no sense: after all pension funds invest in assets - the same assets that Bernanke's policy of serial cheap credit funded bubble creation are supposed to inflate. And they do. The only problem is that pension funds also have offsetting matching liabilities: or the amount of money a company has to inject in order to cover future retiree obligations. And in a period of low discount rates brought by a record low interest rate environment, these liabilities painfully and relentlessly increase when discounting future cash needs. Quote WaPo: "Assets held by pension plans of the firms that make up the Standard & Poor’s 500-stock index increased by $113.4 billion in 2012, according to a report by Wilshire Associates, a consulting firm. But largely because of low rates, company liabilities increased even more: by $173.6 billion. That left the median corporation’s pension plan 76.9 percent funded, with just over $3 of assets for every $4 of liabilities."

 
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Tepper Files First Quarter 13F, Cuts Core Holdings





Back in September 2010, following David Tepper's first "balls to the wall" appearance on CNBC, we were not very surprised to learn that the seemingly permabullish hedge fund manager had taken the opportunity to follow up on the brief euphoria his speech generated then to cut 20% of his positions in assorted financial stocks - just the stocks he was praising loud and clear to the financial station with the plunging viewership.  Moments ago, Tepper's Appaloosa filed its 13F for the quarter ended March 31, so yes, before his most recent appearance yesterday. Yet we were somewhat confused by why the manager, once again so bullish he could see no scenario that could send stocks lower, and who estimated a war in the middle east could lead to a mindblowing 5% drop in the market, decided to trim his core holdings.

 
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Ben Bernanke Speaks - Live Webcast





The Chairman is about to take the lectern to discuss bank structure and competition at the SIFI conference at the Chicago Fed. His prepared remarks are likely to be a little less exciting than the Q&A where the world will be watching for the words "buy, buy, buy", "mission accomplished", or "taper". Charles Evans will be his lead out man. Finally, since Bernanke will be discussing shadow banking, or the source of some $30 trillion in shadow money always ignored by Keynesians, Monetarists and Magic Money Tree (MMT) growers, a topic we have discussed over the past three years, here is the TBAC's own summary on how Modern Money really works.

 
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Frontrunning: May 2





  • The number of bond funds that own stocks has surged to its highest point in at least 18 years (WSJ)
  • Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal (WSJ)
  • Cheap money bankrolls Wall Street's bet on housing (Reuters)
  • Bank of Japan reveals concerns over easing policy (FT)
  • iPads and low-end rivals propel higher tablet shipments  (Reuters)
  • China Cyberspies Outwit U.S. Stealing Military Secrets (BBG)
  • Draghi Fuels Bets on Rate Cut With Risk of Limited Impact (BBG)
  • China guides renminbi to fresh high against US dollar (FT)
  • Japan is preparing to start up a massive nuclear-fuel reprocessing plant (WSJ)
  • Apple’s Ive Seen Risking iOS 7 Delay on Software Overhaul (BBG)
  • UBS faces calls for break-up at investor meeting (Reuters)
 
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