• Tim Knight from...
    02/06/2016 - 00:25
    What we must remember is this: we are in a bear market, and the risk of a countertrend rally is present, but confined. The opportunity on the downside movement dwarfs the risk of a push higher, as...
  • Phoenix Capital...
    02/06/2016 - 10:15
    2008 was caused by derivatives based on consumer-focused assets (houses). The next crisis will be driven by derivatives on government-focused assets (bonds).

Ireland

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Paul Craig Roberts: The West Is Being Reduced To Looting Itself





Something dire has happened to the intelligence and awareness of Western peoples who seem no longer capable of comprehending the machinations of “their” governments. Accountable government in the West is history. Nothing but failure and collapse awaits Western civilization.

 
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The Last (Policy-Induced) Gasp Of Speculative Excess





Markets these days have every reason to question the efficacy of global monetary management. Last week saw dovish crisis management vociferation from the ECB’s Draghi. Now the BOJ adopts a crisis management stance. The week also had talk of some deal to reduce global crude supply. Meanwhile, the PBOC injected a weekly record $105 billion of new liquidity. Nonetheless, the Shanghai Composite sank 6.1% to a 13-month low. There was desperation in the air – along with a heck of a short squeeze and general market mayhem.

 
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Frontrunning: January 28





  • Unease over Fed rate path dents European stocks (Reuters)
  • Global Stocks Pressured After Fed Statement (WSJ)
  • Japan's Economy Minister Amari to Resign Over Graft Scandal (BBG)
  • Authorities working to clear remaining protesters in Oregon occupation (Reuters)
  • China Sharpens Efforts to Halt Money Outflow (WSJ)
  • Eurozone January Economic Sentiment Falls Sharply, Hits 5-Mth Low (MNI)
 
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Italian Banks Sink As "Bad Bank" Plan Underwhelms





Last week, we noted that Italy is rushing to defuse a €200 billion time bomb in the country’s banking sector as investors fret over banks’ exposure to souring loans. On Wednesday we learn that Italy has indeed managed to strike a deal with Brussels to help alleviate banks’ NPL burden but the agreement falls well short of the type of comprehensive "solution" the market was hoping to see.

 
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Frontrunning: January 26





  • China shares end at 14-month lows after late selling frenzy (Reuters)
  • China Dec gold imports through Hong Kong highest since 2013 (Reuters)
  • China Contagion Fades as European Stocks Pare Drop, Oil Rises (BBG)
  • Apple set for slowest ever iPhone sales growth (Reuters)
  • Saudis, Russia Seen by Iraq as More Flexible on Oil-Output Cuts (BBG)
  • China Probes NEV sector for subsidy fraud (China Daily)
 
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WalMart Store Closures Leave Elderly Villagers With No Grocery Stores, Pharmacies





“I was devastated when I found out. We had a pharmacy and a perfectly satisfactory grocery store. Maybe Wal-Mart sold apples for a nickel less. If you take into account what no longer having a grocery store does to property values here, it is a significant impact for us.”

 
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Frontrunning: January 25





  • Oil Drops as Saudis to Maintain Spending, China Diesel Use Falls (BBG)
  • Saudi Arabia is able to withstand low prices says Saudi Aramco Chairman (WSJ)
  • Recession Warnings May Not Come to Pass (WSJ)... or they May
  • Stocks moving in tandem are squeezing short sellers (FT)... as first noted here in 2013
  • Problems Found at Theranos Lab (WSJ)
  • New York rebounds after blizzard, Washington shuts down government (Reuters)
  • China business confidence, recruitment hit record lows in January - SMI survey (Reuters)
 
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Frontrunning: January 22





  • Stocks, oil soar as Draghi the dove tames global bears (Reuters)
  • Massive snowstorm poised to wallop U.S. East Coast (Reuters)
  • Oil Rises in Biggest Rally Since August Amid Volatility Surge (BBG)
  • Nikkei spikes more than 900 points after rebounds overseas (Japan Times)
  • China's Working-Age Population Sees Biggest-Ever Decline  (WSJ)
  • Oil Is `Trade of the Year' for Citigroup After Iran Export Surge (BBG)
  • U.S. Payment of $1.7 Billion to Iran Raises Questions of Ransom (WSJ)
 
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S&P's Downgrade (By A German Analyst) Is A "Politically-Motivated" Decision Aimed At Polish Authorities





The Standard and Poor’s rating agency, notorious for its controversial assessments, has this time bashed Poland in the wake of the anti-Polish frenzy whipped up by the European media. To be more precise, Poland was assailed by a German S&P analyst who lowered Poland’s rating from A- to BBB+, despite the economic data that by no means warrant such an evaluation.

 
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Why This Slump Has Legs





There may be shallow lulls in the asset markets, nothing ever only falls down in a straight line in the real world, but the debt will and must come down and be deleveraged. The process will in all likelihood lead to warfare, and to refugee movements the likes of which the world has never seen just because of the sheer humbers of people added in the past 50 years. When your children reach your age, they will not live in a world that you ever thought was possible. But they will still have to live in it, and deal with it. They will no longer have the facade you’ve been staring at for so long now, to lull them into a complacent sleep. And the Kardashians will no longer be looking so attractive either.

 
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Doug Casey: Why Do We Need Government?





Throughout history government has served as a vehicle for the organization of hatred and oppression, benefitting no one except those who are ambitious and ruthless enough to gain control of it. That’s not to say government hasn’t, then and now, performed useful functions. But the useful things it does could and would be done far better by the market.

 
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Frontrunning: January 15





  • Crude sinks 4 percent as market braces for more Iranian oil (Reuters)
  • Plunge in crude oil prices send stock futures sliding (Reuters)
  • Oil Slides, Deepening Gloom in Stocks as Bond Buyers Celebrate (BBG)
  • China Stocks Enter Bear Market, Erasing Gains From State Rescue (BBG)
  • Friendly no more: Trump, Cruz erupt in bitter fight at Republican debate (Reuters)
  • Dollar in Best Run Since July on Haven Bid Even as Fed Odds Fall (BBG)
 
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