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Did The Fed’s Magic Just Run Out? / by Tyler Durden on 08/22/2014 17:13

Jackson Hole – that magical place where the world’s greatest monetary central planners gather once a year to yarn long into the night about how they are printing money, crushing the middle-class, monetizing debt, and ramping asset prices; all in the name of economic progress and [...]

Debt Rattle Aug 22 2014: Janet Yellen is an Insult to Americans

Dorothea Lange Siler City, North Carolina Jul 1939 / by Raúl Ilargi Meijer / August 22, 2014

If you’re a girl and you’re old and you’re grey and you’re the size of a hobbit, who’s going to get angry at you? If your predecessor had all the qualities anyone could look for in [...]

DEFLATION and yet another reason to Buy Equities / By Martin Armstrong / August 22, 2014

With the Sovereign Debt Crisis, Bail-Ins, Cycle of War, Global Contraction if Capital Flows & Investment, welcome the age of DEFLATION and yet another reason to BUY equities. The NASDAQ Composite is up 50.9% from the 2007 high as of the close of July. This [...]

Debt Rattle Aug 21 2014: Oil, Solar, Dollars And Fairy Tales

Dorothea Lange Country filling station owned by tobacco farmer, Granville County, NC Jul 1939 / by Raúl Ilargi Meijer / August 21, 2014

I woke up today to a request to comment on an article I hadn’t even read yet at the time. Now, I don’t do requests, but when I [...]

Argentina Peso Collapses At Fastest Pace In 8 Months, Hits Record Low / by Tyler Durden on 08/21/2014 14:12

Since President Kirchner unleashed her ‘cramdown’ plan for Argentinian debt, the Peso has collapsed at the fastest pace since January’s devaluation. The ‘official’ Peso prices has collapsed 1.3% in the last 2 day to 8.39 per USD – and Argentina’s debt yields have surged (prices tumbled) [...]

Massive Devaluation of Paper Money – 777, Kondratieff, and the 2015-2021 Crisis (Part II) / By Léonard Sartoni / Aug 20, 2014

I believe the next 7-year cycle, from 2015 to 2021, will bring a crisis of “biblical proportions”, much worse than the 2008 crisis, that might resemble the ‘30s Great Depression even more but, this time around, with massive devaluation of the dollar and other paper [...]

The Blight Of Debt-Fueled M&A: How Central Banks Destroy Corporate Value / by David Stockman / August 20, 2014

Monetary central planning gives rise to economic waste, distortion and deformation because it causes capital to be mis-priced. Nowhere is this more evident than in the massive and destructive level of mergers and acquisitions (M&A) that has become a standard component of bubble [...]

Argentinian Peso in Massive Slide; Argentina’s Bonds Decline on Plan to Offer Local-Law Swap / Mike “Mish” Shedlock / August 20, 2014

In June, the US Supreme Court ruled that Argentina Cannot Selectively Default on a small group of hold-outs demanding full payment on otherwise restructured government bonds.The problem with the ruling is that if Argentina pays the vulture fund full value, it will have to pay all [...]

What’s Your Exit? / By Axel Merk / August 20, 2014

Are you prepared for an “exit”? If the Fed pursues an “exit” from ultra low interest rate policy, are you prepared for an exit from the stock market should things turn South? We discuss how investors prepare, noting the most common mistakes investors make along the [...]

Debt Rattle Aug 19 2014: Rising Rates and The End of Stimuland

Harris&Ewing Safest driver of Washington DC, 32 Years Without Crash 1936 / by Raúl Ilargi Meijer / August 19, 2014

It’s Jackson Hole week, and we’re going to hear a lot of fairy tales and otherwise invented-from-scratch material. Since it may not always be easy to distinguish between pure mud and [...]

Ukraine Overnight Interest Rates Soars to 17.5%; External Debt Cannot Be Paid Back; Ukraine Demands Rebels Surrender / By by Michael Shedlock / August 19, 2014

It’s crystal clear Ukraine has no interest in a ceasefire under any terms. Instead it demands rebels lay down weapons and for Russia to stop intervention. In short, Ukraine demands surrender.

Thus death and destruction will continue, possibly long after Ukraine takes [...]

Yes, This Is An Equity Bubble / Dr. John Hussman / August 18, 2014

After the 2000-2002 recession, the Federal Reserve remained fixed on holding down short-term interest rates in efforts to stimulate demand in interest-sensitive sectors of the economy. Corporations – particularly those with low quality balance sheets – were quick to take advantage of the low [...]

Debt Rattle Aug 18 2014: Oh, What A Tangled Mess We Weave

Marjory Collins Gasoline rationing in Mechanicsville, Maryland Jul 1942 / by Raúl Ilargi Meijer / August 18, 2014

When first we practise to deceive!

The upper echelons in and behind various governments have had on their radar far longer than the media that serve them, and I also realize that Washington [...]

Stay On Board / Puru Saxena / August 18, 2014

BIG PICTURE – Over the past few weeks, geo-political tensions have increased in various parts of the world and we have also experienced a sovereign debt default. Despite these developments, the majority of the stock markets have held up relatively well and so far, we [...]

Technical Notes for ‘Never Mind Their Distrust of Data and Forecasts…’ / ffwiley / July 16, 2014

This is a short appendix for our earlier post, “Never Mind Their Distrust of Data and Forecasts; Austrians Can Help You Predict the Economy,” in the usual Q&A format.

Why do you show three different series in the first chart?

We show “Net Private Debt from Census Bureau” [...]

Debt Rattle Aug 15 2014: Conditioned To Catch The Falling Knife

DPC The shores of Biscayne Bay, Miami, Florida 1910 / by Raúl Ilargi Meijer / August 15, 2014

That’s not a bad metaphor to work with. “Conditioned to catch the falling knife”. The expression comes from the investment world, but it describes a much larger world today pretty accurately.

Investors use [...]

Great Graphic: US Household Debt and Composition / by Marc Chandler / August 14, 2014

This Great Graphic comes from New York Federal Reserve via a tweet from NickatFP. On a quarterly basis, going back to the start of 2003, to shows the dollar level as well as the composition of US household debt. The most striking observation is how [...]

Sanctions Are Eating their Lunch: Russian CEO Begs for Bailout, German Economy Swoons / by Wolf Richter / August 14, 2014

“The glue of the sanctions is starting to dry,” mused Sergio Trigo Paz, head of emerging market fixed income at BlackRock, the world’s largest asset manager. Investors fret that holders of Russian corporate bonds might not receive interest payments because a “blocked person” [...]

Will subprime auto loans ignite another credit crisis? Fed reports $101 billion in new auto loans between April and June with a sizable portion being in the form of subprime debt. / by mybudget360 / August 14, 2014

Buying a car is a big deal given that the sticker price of an automobile is close to the annual per capita income of an American worker. The average car in the US now costs $31,000 per year. That is a healthy amount of money [...]

As Global Demand For Oil Drops, Worries Rise for Debt-Heavy Oil Companies / By Nick Cunningham, / August 14, 2014

Weak global oil demand is keeping a lid on prices, according to a new report from the International Energy Agency (IEA), and that’s bad news for companies carrying a lot of debt.

Oil demand for 2014 will be lower than previously [...]

Debt Rattle Aug 14 2014: Life and Times in Propagandistan

Marjory Collins Italian-American banner parade, Mott Street, NY Aug 1942 / by Raúl Ilargi Meijer / August 14, 2014

The UN said earlier this week that in east Ukraine over 1000 people – a conservative estimate – were killed during the last fortnight in the battles over Donetsk and Luhansk. Today, there are [...]

Richter – Abenomics Hits The Skids: One Crucial Chart Debunks The Hype / by Gene Arensberg / August 14, 2014

Wolf Richter writes for Wolf Street and was picked up by David Stockman’s Contra Corner with this piece. Wolf writes: Japan’s economy has had, let’s say, its ups and downs. The big recent downs were triggered by the financial crisis in 2008 and by the [...]

Big Bang – Sovereign Debt Crisis / Martin Armstrong / August 14, 2014

The Sovereign Debt Crisis is unfolding on schedule. I have warned at the Philadelphia Conference that half of Germany’s municipalities are on the edge of bankruptcy as was the case with Detroit. Instead of reform, no, government just increases the tax burden upon the people who [...]

Gold Not a Safe Haven? Tell That to the Folk in Ukraine, South America, Middle East and Africa / By Mark O’Byrne / 14 August 2014

Gold Not a Safe Haven? Tell That to the Folk in Ukraine, South America, Middle East and Africa

Mark O’Byrne, GoldCore Hi Amanda and everybody in the forum

Amanda Cooper (Reuters News) And it is time to welcome in our first guest of the day! Please [...]

Debt Rattle Aug 13 2014: A Crowded Runaway Train

Warner Bros Lauren Bacall publicity still from To Have and Have Not 1944 / by Raúl Ilargi Meijer / August 13, 2014

If you put all the pieces in a jigsaw puzzle in their proper places, a picture emerges. An easy enough principle. But how do you get the pieces, and where do [...]

What Do These Numbers Have In Common: 1,039,000,000,000,000 And 2,170,000,000,000 / by Tyler Durden on 08/13/2014 19:23

With Japanese and Italy 10Y bond yields hitting all-time record lows (0.505% and 2.626% respectively), one could be forgiven for thinking that all-is-well as term or devaluation premia are oddly missing. However, as the following two charts show, Japan and Italy just broke another record – [...]

They’re Back – Credit Default Swaps for the Next Generation / Martin Armstrong / August 13, 2014

Just when you thought the bankers learned their lesson, sorry, They’re Back! Here we go again with bankers creating the next generation of credit-default-swaps. Bankers should just be bankers. Creating products destined to blow up when they are the market-makers is just nuts. Now JPMorgan Chase [...]

Silver like golden brown: Top reasons to buy it now! / by Dave in Denver / August 13, 2014

I remember my first drug high.

No, it wasn’t from a shady deal made with a seedy character in a bad part of town. I was in the hospital, recovering from surgery, and while I wasn’t in a lot of [...]

Bill Ackman On Why Using Debt To Buyback Stock Is Great And Much More: Full Q2 Investor Letter / by Tyler Durden on 08/13/2014 12:40

Now that everyone is finally focusing on the strategy of bloating any available company with massive leverage in order to use the proceeds to either buyback stock or engage in “synergy-creating” M&A (leading to countless pink slips), which is affectionately known as “activism”, here is Bill Ackman’s [...]

How The Fed Turned A Flood Of Treasury Debt Into A Scarcity Of Repo Collateral / by David Stockman / August 13, 2014

Here’s a shocking tidbit. The Fed’s financial repression policies have so contorted the government bond market that repo on 5-year treasuries has recently been trading at a negative 25 basis points. That’s right. The hunger for good collateral is so great on Wall Street that [...]