The system can certainly be given some sort of name, but a functioning democracy it’s not. If anything, a democracy is “A system of government in which power is vested in the people”. Makes us wonder how many clients of the 421 foodbanks and counting have voted Conservative and figured they were proudly doing their democratic duty.
With the fog of economic war clearing just enough to get a glimpse of the real narrative in the Saudi-US-Syria-Qatar-Russia-Europe chaos, we found it more than a little intriguing that, as Reuters reports, Saudi Arabia's Kingdom Holdings - the investment firm owned by billionaire Prince Alwaleed bin Talal - sold most of its stake in media giant News Corp. While stating that they "remain firm believers in News Corp’s competent management," no reason for the sale was given of the US-based media mouthpiece that has been a core holding since 1997.
Meet The Extreme Super Rich: A List Of The 80 People Who Own As Much As The World’s Poorest 3.6 BillionSubmitted by Tyler Durden on 01/28/2015 16:31 -0400
"Eighty people hold the same amount of wealth as the world’s 3.6 billion poorest people, according to an analysis just released from Oxfam. The report from the global anti-poverty organization finds that since 2009, the wealth of those 80 richest has doubled in nominal terms — while the wealth of the poorest 50 percent of the world’s population has fallen." There you have it. The reason the wealth of the richest has doubled since 2009, is because “it’s not a recession, it’s a robbery.” Central bank and government policy has done this, it is no accident.
Once in a blue moon officials commit truth in public, but the intrepid leader of Germany’s central bank has delivered a speech which let’s loose of three of them in a single go. Speaking at a conference in Riga, Latvia, Jens Weidmann put the kibosh on QE, low-flation and central bank interference in pricing of risky assets.
- European Bond Yields Go Negative (WSJ)
- Traveler from Liberia is first Ebola patient diagnosed in U.S. (Reuters)
- Hong Kong Protesters Step up Pressure on Leung to Quit (BBG)
- JPMorgan to face U.S. class action in $10 billion MBS case (Reuters)
- Turkey mulls military action against Islamic State (Reuters)
- Singapore Home Prices Fall for Fourth Straight Quarter on Curbs (BBG)
- Italy's Economic Woes Highlight Dilemma for European Central Bank (WSJ)
- Advanced iOS virus targeting Hong Kong protestors (Reuters)
- Fed Scrutiny of Leveraged Loans Grows Along With Bubble Concern (BBG)
- Mosquito Virus That Walloped Caribbean Spreads in U.S. (BBG)
There is now less than one week of campaigning remaining before the Scottish Independence Referendum, which takes place next Thursday, September 18.
The pro-union ‘no’ vote campaign is back in the lead this week after the latest opinion poll from pollsters YouGov put them at 52%, marginally ahead of the pro-independence ‘yes’ campaign.
UK In "Full Panic Mode", Rains Brimstone, Bribes On Scotland As "Yes" To Independence Poll Crosses 50%Submitted by Tyler Durden on 09/07/2014 22:59 -0400
All pundits who over the past few months have been saying the possibility of Scottish independence as a result of the September 18 ballot, is at best a pipe dream got a rude wake up call overnight, when Scottish YouGov poll for the Sunday Times put the "Yes" (for independence campaign) on top for the first time since polling began, with No below the majority cutoff line for the first time, at 49, when undecided voters are excluded, and even when including undecideds "Yes" is still ahead by two points at 47-45. As the Spectator reports, "in the space of four weeks, "No" has blown a 22-point lead."
- So that's what Obama meant by "costs" - Italy Recession, German Orders Signal Euro-Area Struggle (BBG)
- Russia worries, weak German data weigh on Europe (Reuters)
- Hedge Funds Betting Against Banco Espírito Santo in Line for Big Gains (WSJ)
- Bankers Called Up for Ukraine War as Rolls-Royce for Sale (BBG)
- Double Punch for 'Inversion' Deals (WSJ)
- Statist Strongmen Putin-Xi See History’s Capitalism Clash (BBG)
- China bans beards, veils from Xinjiang city's buses (Reuters)
- BATS to Settle High-Speed Trading Case (WSJ)
- Second Ebola patient wheeled into Atlanta hospital for treatment (Reuters)
Did Rupert Murdoch just save the market from his top-ticking acquisition track record (or sentence it to death):
*21ST CENTURY FOX WITHDRAWS PROPOSAL TO BUY TIME WARNER
*FOXA SEES BUYBACK OF ADDED $6B SHRS COMPLETED IN NEXT 12 MONTHS
Time Warner is down over 13% after-hours.
In the Golden Age of the Central Banker it is impossible to distinguish fundamental economic reasons for asset class price movements from politically-driven strategic reasons. When words are used for strategic effect rather than a genuine transmission of information you create a virtual stalking horse. It’s a focus on how something is said as opposed to what is described. It’s a focus on form rather than content, on truthiness rather than truth. It’s why authenticity is as rare as a unicorn in the public world today.
- Bubble Paranoia Setting in as S&P 500 Surge Stirs Angst (BBG)
- But how will math PhDs determine "fair value" - Wall Street Techs Take Secrets to Next Job at Their Peril (BBG)
- U.S., EU Escalate Russia Sanctions as Putin Holds Firm (Bloomberg)
- Australia Becomes First Developed Nation to Repeal Carbon Tax (WSJ)
- Gaza humanitarian truce goes into force, hours after tunnel clash (Reuters)
- Barclays, Deutsche Bank Said to Face U.S. Senate Hearing (BBG)
- ECB Asset Buying Far Off and May Not Come, Hansson Says (BBG)
- Time Warner win would make Murdoch U.S. media king (Reuters)
- Costly Vertex Drug Is Denied, and Medicaid Patients Sue (WSJ)
- China Rallying for All Wrong Reasons to Top-Rated Analyst (BBG)
- GM recalls some cars with problematic switches; judges others safe (Reuters)
The media giant 21st Century Fox, the empire run by Rupert Murdoch, made an $80 billion takeover bid (around $86.00) in recent weeks for Time Warner Inc. but was rebuffed, people briefed on the matter said on Wednesday. As WSJ reports, The offer was first made orally in June and then with a formal letter in July. Time Warner rejected the offer curtly, after Chief Executive Jeff Bewkes took the proposal to the board. The deal - which valued Time Warner at 12.6x LTM EBITDA - was notably above even recent record high LBO multiples (and would be financed by none other than Goldman). Of course, this deal - should it ever be consummated (as the stock price suggests) would give Murdoch control of both the left and the right propoganda with CNN and Fox.
The massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government. Americans know that something is wrong, deeply wrong. They see signs of the problem everywhere: income inequality, growing concentration and power of mega corporations, political donations/corruption, the absence of jobs with decent salaries, the explosion of the US prison population, healthcare costs, student loan debt, homelessness, etc. etc. However, the true causes and benefactors behind these problems are purposely hidden from view. What Americans see is Kabuki Theater of a functioning form of capitalism and democracy, but beyond this veneer our country has devolved into the exact opposite.
The Wall Street Journal appears to be saving money by dispensing with journalists and using human drop boxes instead. Thus in the New York markets the “Hilsenramp” signal is already a well-known event which occurs at approximately 3pm on/during/after Fed meeting days, and is posted under the byline of “Jon Hilsenrath”. In simple packaged form it provides fast money speculators with a message from the B-Dud, otherwise known as William Dudley, President of the New York Fed, on why the Fed will back-up another run at still higher record highs. So today comes a drop box message with respect to ECB policy posted under the byline of “Brian Blackstone”.