As we continue our trek through the summer doldrums of August - which have been anything but boring - here is what Bank of America believes are the key charts to watch "in a frantic August."
"Getting back to Facebook, I hope it goes bankrupt. I hate it as an institution. I hate what it does. I don’t like its policies. I don’t like its management. I don’t like the fact that it’s causing people to destroy whatever privacy they have left. While turning their brains to mush sending out selfies all day."
"Rather than live and let live... they promise a fake economy with fake jobs and pretend work. They promise adult day care where you’re paid a living wage for showing up and carrying out meaningless minutiae."
"QT will raise interest rates and suppress liquidity...A global debt crisis of epic proportions and depression are likely to follow. Turkey is showing what it might look like."
The current pace of rate hikes is almost on par with the pre-Lehman period - a time where policy makers were trying to slow a global economy that felt too good to be true.
"Italian Deputy Prime Minister Matteo Salvini was right to call out the EU over the failure of the bridge in Genoa this week... a perfect moment to shake people out of their complacency as to the real costs of giving up one’s financial sovereignty to someone else, in this case the Troika - European Commission, ECB and IMF."
"The longer we wait to fight this, the more marginalized our voices become, and the smaller our window to escape the cage they are building around us shrinks."
In just 4 trading days, the S&P 500 "bull market" which has purchased by central banks with trillions in liquidity and by companies with even more trillions in buybacks, will become longest of all-time. What happens then?
"the absence of an orthodox monetary policy response to the lira's fall, and the rhetoric of the Turkish authorities have increased the difficulty of restoring economic stability and sustainability."
“We will boycott the electronics products of the US.... if they have iPhone, there is Samsung on the other side. And we have our own telephone brands.”
Given that Turkey is at the center of a market storm that could develop into a hurricane, it is of utmost importance to understand how news from the Ottoman lands is edited (read: censored). As evidence, I will reproduce an invited, exclusive interview that Bloomberg conducted with me.
