Violent Clashes Break Out Next To New ECB Headquarters In Frankfurt As Thousands Protest Austerity: Live WebcastSubmitted by Tyler Durden on 03/18/2015 07:38 -0400
It's not just Greece which is protesting the utter lack of reforms enabled by the ECB known as "austerity" - as of today so is Germany itself with the so-called #Blockupy movement. According to local media reports, the start of anti-austerity rallies in Frankfurt coincided with the European Central Bank opening its new headquarters, whose occupants are now besieged by tens of thousands of protesters, so perhaps #OccupyQ€ would have been more appropriate. Police said they expect around 10,000 anti-capitalist protesters, marching under the banner of leftist alliance Blockupy, to attend the rally, with a march through the city planned for later in the evening. The result is what according to a police spokesman "is one of the biggest deployments ever in the city."
Currently, a new form of danger arises. The Keynesian pettifoggers at the Fed have painted themselves into an epochal corner. After 78 months of ZIRP they have no idea about how and why they got here; and now, mired deep in the lunacy of free money, they are clueless about where they are going next. There is not a chance the US economy has decoupled from the rest of the world. The great credit-driven boom was universal and fueled by out of control central banks. Now comes the bust phase, and these same money printing central bankers have no clue what to do about it.
The Bond bubble is not only an overcrowded trade, a bubble of historic proportions but it will cause the entire crash of the financial system.
- Israelis vote as 'King Bibi's' reign hangs in the balance (Reuters), Factbox: Main candidates in Israel's election (Reuters)
- Iran Can Add Million Barrels a Day of Oil If Sanctions Halt (BBG)
- Kremlin rules out handing back Crimea to Ukraine (Reuters)
- Saudi Arabia Needs More Oil to Feed Local Refinery Expansion (BBG)
- How Lafarge’s CEO Went From Holcim Merger Architect to Obstacle (BBG)
- When Yellen Gets Less Predictable She’s Getting Back to Normal (BBG)
- Iran nuclear talks intensify as sides face tough issues (Reuters)
- Debunking $1.4 Trillion Europe Debt Myth in Post-Heta Age (BBG)
I would say Apple is the most dangerous holding on the street right now for portfolio managers.
After disappearing for ten days from the public's eye, theories surrounding his absence ranged from the tabloidy (fathering a baby with a Russian gymnast), to the trivial (lower back issues), to the bizarre (another putsch in the Kremlin), to the idiotic (dead). All that can be cast aside when moments ago we saw with our own eyes that the Russian president simply wanted some time away and has now reappeared for his meeting with the Kyrgyz president. But while Putin may have kept a low visibility profile, he was very well heard, and as reported earlier today, the Russian president ordered nearly 40,000 troops in northern and western Russia to be put on full alert early Monday as part of snap-readiness exercises.
- Germans Tired of Greek Demands Want Country to Exit Euro (BBG)
- Weak euro powers European stocks to new highs (Reuters)
- Siemens Cheers Euro Slump as Emerson Eases Dollar’s Sting (BBG)
- A Police Gadget Tracks Phones? Shhh! It’s Secret (NYT)
- If Economists Were Right, You Would Have a Raise by Now (BBG)
- iWatch: who’s going to pay $17K for a device that will be obsolete in two years? (Barrons)
- Ferguson Suspect Said to Claim He Wasn’t Firing at Police (BBG)
- Why Bankers Are Leaving Finance for No-Salary Tech Jobs (BBG)
I am not sure how long Mario Draghi can carry on this QE Charade, but it is quite obvious that there is nothing more to be gained from the program.
It appears the 'people' are growing more and more dissatisfied with their corrupt and greedy leaders across the world. As we noted recently, Brazil's economy is imploding, consumer sentiment is at record lows, and with the Petrobras scandal providing a glimpse at just how deep the corruption might go, Brazilians are revolting. Hundreds of thousands are crowding the streets in several regional Brazilian capitals, dominated ironically by the middle and upper classes. Demands for "Dilma Out" and "Impeach Dilma" are also interspersed with calls for a quasi-coup and "military intervention."
In an apparent attempt to allow Greeks to live well vicariously through their elected officials, FinMin Yanis Varoufakis poses for a not very austere photo shoot, sending Twitter into a frenzy.
Despite the endless media onslaught, which courtesy of Apple's hundreds of billions in cash is nothing but the biggest new product paid infomercial-cum-publicity stunt to roll out the latest new "revolutionary" wearable product a just released Reuters/IPSOS poll shows that the vast majority of Americans are greeting the new Apple watch with nothing but iYawns. The poll reveals that 69% of Americans are they are not interested in buying the gadget, with 47.8% responding "not at all interested."
Now this is just the tip of the iceberg when it comes to market manipulation, I thought I would just provide a concrete example of the kind of funny business that goes on every day in financial markets.
Despite record high net worth and record high stock markets, the US Consumer is not amused. UMich survey of Consumer Sentiment for March tumbled from 95.4 to 91.2 (against expectations of a rise to 95.5) for the biggest miss since Feb 2006. This was the biggest one-month drop since Oct 2013. Quite unbelievably, the survey director says the drop was driven by a slide in lower-income group sentiment caused by weather! And finally, it appears the data was 'leaked' 3-4 minutes early as Nanex noted, liquidity disappeared from e-minis at 0956ET.
Closing out another whirlwind week, which has seen the biggest S&P 500 intraday plunge and surge in months, futures are taking a breath (if not so much the Nikkei which closed over 19,000 for the first time since 2000 - one wonders how many direct equity interventions it took the BOJ to achieve that artificial "price discovery"). In lieu of any notable macro news, the most significant update hit less than an hour ago when Goldman piled on the EUR pressure, when it released a note in which it further revised down its EURUSD forecast.
Next week is all about the Fed, and the positioning or should I say De-Positioning will be taking place right up until the last minute of this all-important Fed Meeting.