Rupert Murdoch

Soaring Brexit Fears Spark Global Flight To Safety, Send 10 Year Bunds Tumbling Below 0%

The UK EU referendum is suddenly totally dominant in financial markets. The increased focus comes as the leave campaign has gathered steam as 4 polls yesterday afternoon/evening put the 'leave' campaign ahead. As a result of the continued global scramble for safety, German 10Y bunds finally dropped below 0% for the first time ever, while global risk assets are red around the globe.

Ted Cruz Explodes In Epic Anti-Trump Rant: "He Is Utterly Amoral, Narcissist, Philandering, Pathological Liar"

"I’m going to do something I haven’t done the entire campaign. I’m going to tell you what I really think of Donald Trump. This man is a pathological liar. He doesn't know the difference between truth and lies. He lies practically every word that comes out of his mouth. And in a pattern that I think is straight out of a psychology text book, his response is to accuse everybody else of lying."

Billionaire Koch Brothers Won't Attack Trump In Primaries After Murdoch Calls For Party Unity

It appears it is not just the bookies that see Trump's nomination as a done deal. Even the money behind the establishment is folding now as Reuters reports the mega-donor billionaire Koch brothers have said they have "no plans to get involved in the primary." This follows another mega-donor, Rupert Murdoch's call to "unify the party" as Trump tries to make peace with the "establishment."

Hillary Clinton’s Six Foreign-Policy Catastrophes

Many commentators have mentioned that Hillary Clinton left behind no major achievement as the U.S. Secretary of State; but, actually, she did. Unfortunately, all of her major achievements were bad, and some were catastrophic. Six countries were especially involved: Honduras, Haiti, Afghanistan, Libya, Syria, and Ukraine. The harm she did to each country was not in the interest of the American people, and it was disastrous for the residents there. Hillary Clinton at every campaign debate says “I have a better track-record,” and that she’s “a progressive who gets things done.” Here’s what she has actually done when she was Secretary of State...

Frontrunning: January 12

  • Oil slips toward $30, traders bet on more falls (Reuters)
  • Oil Plunge Sparks Bankruptcy Concerns (WSJ)
  • RBS cries 'sell everything' as deflationary crisis nears (Telegraph)
  • World stocks drop but Europe shrugs off oil slide, China money market surge (Reuters)
  • Canadian Stocks Fall in Longest Slump Since 2002 as Oil Slides (BBG)
  • "Murderous" Yuan Rate Jolts Hong Kong as Top Currency Hub (BBG)

The China Narrative That Really Matters

"I get nervous because the next move in China is going to be a political move, and political moves are never well anticipated by markets. The Beijing regime is going to take steps to defend itself, or at least insulate itself, from the growing Narrative that they are incompetent. Heads will roll. Literally, in all likelihood. But the incompetence genie is very hard to stuff back into the bottle, and depending on whose head is on the chopping block, regime stability can deteriorate very quickly. Now that's what will make me change my bullish stance on China fundamentals, and that's what will make the US market swoon of last August look like a gentle spring rain."

Embracing The Dark Side: A Short History Of The Pathological Neocon Quest For Empire

Nearly all empires end due to over-extension. If brave people from Ottawa to Baghdad simply say “enough” within a brief space of time, hopefully this empire can dissolve relatively peacefully like the Soviet Empire did, leaving its host civilization intact, instead of dragging that civilization into oblivion along with it like the Roman Empire did. But beware, the imperial war party will not go quietly into the night, unless we in their domestic tax base insist that there is no other way. Russia’s entry into Syria has thrown all of the neocons’ schemes into disarray, as even Jordan, that favorite proxy force in Israel’s dreams of regional dominance, has begun coordinating with Russia, in spite of its billion dollars a year of annual aid from Washington. Et tu Jordan?!

Guest Post: Donald Trump Says The U.S. Should Have Stolen Iraqis' Oil After Destroying Their Country

What’s refreshing about Trump is the directness with which he expresses his psychopathy. For example, candidates such as Hillary Clinton sugar-coat theirpsychopathy, or even find ways to get their interviewers to join eagerly in their expressions of it (camaraderie with power-holders), but they don’t say such blatant things as (to paraphrase Trump here), “After we raped them — which we shouldn’t have done — we should have stolen from them, and we should still be  stealing from them.”

Frontrunning: August 13

  • China central bank tries to soothe global markets, says no reason for yuan to fall further (Reuters)
  • Huge blasts at Chinese port kill 44, with hundreds injured (Reuters)
  • China efforts to slow yuan fall hoist Europe shares, bond yields (Reuters)
  • Greek Economy Unexpectedly Surged Before Capital Controls (BBG)
  • Joe Biden Is Sounding Out Allies About a 2016 Bid (WSJ)
  • U.K. Tries to Kick-Start Shale Gas With Planning Speedup (BBG)

How Much More Faith In Central Banks Is Left?

Carry traders just got their fingers burnt by central bankers, again. Just 7 months after The SNB crushed Swiss Franc free-riders, as Bloomberg reports, The PBOC 'surprised' an armada of easy-money-addicts drawn to the Yuan by its stability, potentially wiping out their highly leveraged returns or leading to forced lqiuidations. Twice in 8 months is enough to shake anyone's faith in central bank omnipotence, but as Ben Hunt noted, potentially more crucial to the 'faith-based' investing of today, the Common Knowledge about Chinese growth – what everyone thinks that everyone thinks about Chinese growth – is dramatically changed for the worse today, and it’s a change that will accelerate unless the Narrative shifts.

Don't Be Fooled By The Political Game: The Illusion Of Freedom In America

Being a citizen in the American corporate state is much like playing against a stacked deck: you’re always going to lose. The game is rigged, and “we the people” keep getting dealt the same losing hand. Even so, most stay in the game, against all odds, trusting that their luck will change. The problem, of course, is that luck will not save us.