With less than 6 hours left until FX trading opens, no resolution to the Ukraine crisis is in sight. Instead the situation has devolved even more and overnight Ukraine has ordered a full military mobilisation in response to Russia's build-up of its forces in Crimea. Prime Minster Arseniy Yatsenyuk said the country was "on the brink of disaster." The BBC adds that it has seen what appear to be Russian troops digging trenches on the Crimean border. Furthermore, a standoff between Ukrainian troops who have fortified a base in the crimean city of Privolnoye, and Russians who have surrounded them, may be the match that set it all off. Fox reports that hundreds of unidentified gunmen surrounded a Ukraine's infantry base in Privolnoye in its Crimea region Sunday. The convoy included at least 13 troop vehicles each containing 30 soldiers and four armored vehicles with mounted machine guns. The vehicles -- which have Russian license plates -- have surrounded the base and are blocking Ukrainian soldiers from entering or leaving it. In response, acting Prime Minister Arseniy Yatsenyuk said the move by Russian forces to surround military bases in Crimea was "a declaration of war."
Near-Bankrupt Rome Bailed Out As Italy Unemployment Rises To All Time High, Grows By Most On Record In 2013Submitted by Tyler Durden on 03/01/2014 15:34 -0400
A few days ago, we reported that, seemingly out of the blue, the city of Rome was on the verge of a "Detroit-style bankruptcy." " And just as expected, yesterday Rome was bailed out. What is certain is that this year will not be the last one Rome is bailed out either. In fact, it will continue getting rescued for years to come because contrary to the propaganda, the Italian economy continues to get worse with every passing month, yields on Italian bonds notwithstanding. Ansa reports that in January the Italian unemployment rate rose to a record 12.9%, and that "reducing Italy's "shocking" rate of unemployment must be the government's highest priority, Premier Matteo Renzi said Friday." How, by pretending everything is ok, kicking the Roman can and hoping things improve by bailing out anyone that is insolvent? Putting 2013 in perspective, this is the year when according to national statistical agency Istat, some 478,000 jobs were lost in Italy in 2013, the worst year since the global financial crisis of 2008-2009, with an average annual jobless rate of 12.2% last year.
Current US foreign policy in a nutshell: Barack Obama tells Vladimir Putin "there will be costs" if Russia invades Ukraine. What does Putin do? He invades Ukraine. Only this time it's official: AP reports that the Kremlin says Russian President Vladimir Putin has asked parliament for permission to use the country's military in Ukraine. Putin says the move is needed to protect ethnic Russians and the personnel of a Russian military base in Ukraine's strategic region of Crimea. RIA further adds, the military use is virtually assured as it was leaders of Russia’s upper and lower houses of parliament who first called Saturday on President Vladimir Putin to stabilize the situation in Crimea and protect Russian citizens. The leader of Federation Council, Russia’s upper house, said the use of military force in the former Soviet nation could be justified after the opposition swept into power in Kiev last weekend.
Ukraine Acting President Says Russia Has Invaded Ukraine, As 2000 Russian Troops, Military Jets ArriveSubmitted by Tyler Durden on 02/28/2014 15:56 -0400
Here we go:
2,000 RUSSIAN SOLDIERS LAND IN CRIMEA IN ARMED INVASION, KIEV OFFICIAL SAYS -- AFP
UKRAINE ACTING PRESIDENT TURCHYNOV STARTS BRIEFING
UKRAINE LEADER SAYS RUSSIA STARTS AGGRESSION AGAINST COUNTRY
UKRAINE SAYS RUSSIA INVADED UKRAINE UNDER GUISE OF EXERCISE
At the same time, Ukraine Pravda is reporting that Russian military planes are now landing in the Crimea
With the UN Security council set to meet in a closed-door session at 3 pm and discuss the ongoing crisis in the Ukraine, here are all the latest news out of the Crimean, where so far things have been tense if without violence.
Ukraine Accuses Russia Of Invasion, Considers State Of Emergency After Masked Gunmen Occupy Two Crimean AirportsSubmitted by Tyler Durden on 02/28/2014 07:58 -0400
The bizarre events in the Crimea continued overnight, after unidentified masked men but dressed like those who took over the parliament in Simferopol yesterday, took over two airports by blockading one near the Russian naval base in Sevastopol and another in the capital of Simferopol. This prompted the Ukraine's interior minister Arsen Avakov, to accuse Moscow's military of blockading the airports, and in a Facebook post, he called the seizure of the Belbek international airport in the Black Sea port of Sevastopol a "military invasion and occupation." He added: "It is a breach of all international agreements and norms." As NBC reports, the Interfax news agency quoted Russian military sources as saying the incident at Belbek airport was intended to stop "fighters" flying in. However, Interfax later quoted a Russian official as saying that no units had approached the airport or blockaded it. In a nutshell, Russia continues to push with escalation ever further, and is testing just how far it can and will go without Ukraine responding.
President Of China's Marine Institute For Security: "Glory Drenched In Blood Will Pave China’s Road To Revitalization"Submitted by Tyler Durden on 02/27/2014 23:02 -0400
"In 2013, China embarks on a new road after the conclusion of the Third Plenum of the 18th National Congress of the Chinese Communist Party. On December 26, China solemnly commemorated the 120th anniversary of the birth of Mao Zedong. On this same day, Japanese Prime Minister Shinzo Abe provoked China by visiting the Yaksukuni Shrine in Tokyo. In response, the Chinese Foreign Ministry spokesman quoted Mao Zedong’s “On Protracted War,” and implied that the final victory will belong to China. The new China is born in blood and fire, and is not only unafraid of war, but also courageous in welcoming reasonable and lawful conflict, because defending the country from aggression serves to further boost the development of the state’s power. The Chinese nation loves peace, but there is little doubt that glory drenched in blood will pave China’s road to revitalization. This is the glory that generations to come will treasure. Sound the alarms for war preparation, remold our firm convictions, wake up the fearless people, and revive our strategic industries—our country is moving forward and our future is bright!" - President Of China's Marine Institute For Security And Cooperation
Pro-Russian Gunmen Seize Ukraine Crimean Parliament; Russia Puts Jets On High Alert; Hryvnia In Record PlungeSubmitted by Tyler Durden on 02/27/2014 10:01 -0400
All those clips we showed in the past few days of Russian forces amassing in the Crimean? Well, turns out they were all predictive of what has just happened in the Crimean region parliament at Simferopol, where around 120 pro-Russian Gunmen occupied the parliament building and raised the Russian flag. The scene was the site of Wednesday’s scuffles between Tatar groups and pro-Russian supporters. As Euronews reports, local Tatar leader Refat Chubarov posted that the buildings have been occupied by men in uniforms bearing “no recognisable insignia.” Kyiv says it would regard any movements by Russian military in Crimea outside Moscow’s Black Sea Base in Sevastopol as an act of aggression. Following the fall of President Viktor Yanukovych divisions in Ukraine have come to the fore. All this happens as Russian troops in the area are building up and at the same time as Russia put fighter jets on combat alert, according to Interfax.
When a hypertotalitarian banana republic takes another turn for the gigasurreal, even Elon Musk is speechless.
"The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of..." - 1928
As a society we have fallen asleep at the wheel. We’ve allowed ourselves to be lulled into complacency, distracted by minutia, mesmerized by technology, turned into consumers by corporations, pacified by financial gurus and Ivy League economists, and fearful of our own shadows. Surveillance, censorship and propaganda are the tools of the oppressive state. Free speech and truthful revelations about the Deep State are a danger in the eyes of our oppressors.
Fundamentally oriented investors tend to think that quants, like blondes, have all the fun. As ConvergEx's Nick Colas notes - it all looks like easy money - scalping trades with lightning fast computers, front running news with preferential access to press releases, or managing leveraged portfolios with thousands of small but profitable positions – but quants face their own significant challenges. Finding common rule sets that work in a wide array of stocks is not easy, and markets adapt quickly to close opportunities that seem historically profitable - the number of potential signals is seemingly endless; and regulators are now aware of quantitative investing and, in some cases, don't like what they see. Here are 10 reasons why why "it's not easy being a quant."
... The Russians are staking out their claim, after those ships which we wrote about and docked at the main Crimean port, have unloaded their cargo.
Bill Gross, by his own admission, is a demanding boss; but as the WSJ reports, one day last June (amid the bond sell-off), things went a little turbo (leading to Mohamed El-Erian's recent resignation):
Gross: "I have a 41-year track record of investing excellence... What do you have?"
El-Erian: "I'm tired of cleaning up your shit."
While careful to deny that El-Erian's departure had anything to do with 'friction' although even Mr.Gross admits he can be difficult to work with,"sometimes people will say 'Gross is too challenging,' and maybe so. I would say if you think I'm challenging now, you should have seen me 20 years ago."
That didn't take long: merely weeks since he walked out of the Marriner Eccles building and into the sunset, Ben Bernanke is writing his memoirs. AP reports: "Ben Bernanke, who stepped down last month after eight years as chairman of the Federal Reserve, is planning a memoir. Bernanke told The Associated Press on Monday that he will focus not just on the defining moment of his time at the Fed, the 2008 financial crisis, but on the "Great Recession" that followed. "I want people to understand what we knew, when we knew it, how we made decisions and how we dealt with the enormous economic uncertainty," said Bernanke, who expects to begin meeting with publishers within the next several weeks. Bernanke, 60, says he will cover his entire career at the Fed, starting in 2002, when he joined the Board of Governors." So our question to you, dear readers, is what should the title of Bernanke's book of memoirs be?
Turkish Opposition Leader Says More Erdogan Evidence To Come, Urges Prime Minister To "Flee The Country"Submitted by Tyler Durden on 02/25/2014 08:31 -0400
#Wow! CHP leader Kilicdaroglu: there will be other evidences come forward..so my advice to Erdogan, take a helicopter & flee the country!!
— ilhan tanir (@WashingtonPoint) February 25, 2014