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US Dollar Moving for a Test of Resistance / Dan Norcini / July 29, 2014

Since November of last year, the US Dollar has been thwarted from beginning any sort of upward trending move by the region near 81.50 on the USDX. It is once again moving towards a showdown with this critical chart region. Can the Greenback blast through and [...]

Fed Exit a Blue Pill? / By: Axel G. Merk, Merk Investments / 29 July 2014

While we are busy arguing whether the Fed’s exit will consist of rising rates, reverse repos or the trimming of its massive portfolio, the Fed may well be fooling all of us. Investors must have been swallowing lots of blue pills not [...]

World Central Bank Secret Agreements? / by Martin Armstrong / July 25, 2014

The Reserve Bank of New Zealand hiked its official cash rate by a quarter point to 3.5%. Outside of Europe that seems to be in an economic death spiral, interest rates are poised to rise. The ECB is happy with that for flooding Europe with [...]

Futures Dragged Down By Visa, Amazon Despite USDJPY Levitation / by Tyler Durden / 07/25/2014 07:11 -0400

Following yesterday’s disappointing results by Visa, which is the largest DJIA component accounting for 8% of the index and which dropped nearly 3%, while AMZN’s 10% tumble has weighed heavily on NASDAQ futures, it has been up to the USDJPY to push US [...]

ECB Admits It Was Hacked / by Tyler Durden on 07/24/2014 15:02

While the ECB has said it takes data security “extremely seriously” and that numerous safeguards are in place to keep sensitive data from falling into the wrong hands, the WSJ reports that The European Central Bank said Thursday that 20,000 email addresses and other contact information [...]

Overnight Manufacturing PMI Euphoria Boosts Futures To Fresh Record Highs / by Tyler Durden / 07/24/2014 07:08 -0400

Ever since going public, it appears that Markit’s giddyness about life has spilled over into its manufacturing surveys: after a surge in recent Markit mfg exuberance in recent months in the US, it was first China’s turn overnight to hit an 18 month high, [...]

Euro Slips, but will it Break? / by Marc Chandler / July 22, 2014

The US dollar is posting modest gains against most of the major currencies. The Australian dollar is a the main exception. Following the government’s nonchalant attitude last week, the central bank governor failed to mention the exchange rate in a speech. This seems to be emboldening [...]

European Banks Begin to Sweat As ECB Promises Scalps / Michael Krieger / Jul 21, 2014

The more I’ve thought about potential solutions to the gigantic mess we have found ourselves in as a species, the more I have come to believe we need to break apart into a vast multitude of city-states. The revolutionary concept of America in the first place was [...]

The Ambitious Plan to Break California into 6 States – A Model for the Future? / By Don Quijones / July 21, 2014

Don Quijones, freelance writer, translator in Barcelona, Spain. Raging Bull-Shitis his modest attempt to challenge the wishful thinking and scrub away the lathers of soft soap peddled by political and business leaders and their loyal mainstream media. This article is a Wolf Street exclusive.


Monetary discord / By Alasdair Macleod / 18 July 2014

Last Monday’s Daily Telegraph carried an interview with Jaime Caruana, the General Manager of the Bank for International Settlements (the BIS). As General Manger, Caruana is CEO of the central banks’ central bank. In international monetary affairs the heads of all central banks, with the possible [...]

Contained / By Andrew Hoffman / July 15th, 2014

When history books are written, last week may be described as theturning point in the – war between TPTB’s five-year deception – via money printing, market manipulation, and propaganda – and thereality that the terminal stage of history’s largest Ponzi scheme has arrived. [...]

MASSIVE $1 Trillion EU Stimulus! Will You Get Any? / July 14th, 2014

The European Central Bank has modelled the economic effects of buying 1 trillion euros ($1.37 trillion) of securities as part of a quantitative easing (QE) programme Draghi Seen Delivering $1 Trillion Free Lunch to Banks unprecedented stimulus measures that the ECB announced after its June 5 policy meeting, [...]

How Long Will People Trust Fiat Money? / Koos Jansen / July 13, 2014 at 12:06 pm

I had an interesting conversation with a central banker a couple of days ago. He’s a friend of a friend and works at the Dutch central bank – will be working at the ECB next month. I invited him for drinks to [...]

The Only Prescription for a Real Economic Recovery / Dan Amoss / Jul 11, 2014

In 2012, money mandarins running the European Union chose stagnation over restructuring. Here’s a consequence of that choice: expectations for a self-sustaining economic recovery keep getting crushed.

Two years ago, European Central Bank (ECB) chief Mario Draghi promised to do “whatever it takes” [...]

Why Are TBTF Banks so Happy with the EU Banking Union? / by Don Quijones / July 10, 2014

Don Quijones, freelance writer, translator in Barcelona, Spain. Raging Bull-Shitis his modest attempt to challenge the wishful thinking and scrub away the lathers of soft soap peddled by political and business leaders and their loyal mainstream media.

On Tuesday, November 4th of [...]

Epic Portugal Damage Control To Preserve Bank Confidence: BES Resumes Trading, Surges Then Tumbles / by Tyler Durden / 07/11/2014 07:09 -0400

Following yesterday’s peripheral European poundage over fears of what a Banco Espirito Santo failure could mean to the nation, and to the Eurozone, but most importantly to depositor confidence everywhere, today has been an epic damage control session, with one sellside penguin after another, [...]

Daily Pfennig: Swedish CPI Mocks The Riksbank! / By Chuck Butler / July 10, 2014 5:24am

In This Issue.

* Bias to buy dollars enters the currencies. * Krona, renminbi, and Gold buck the dollar bias! * Euro rallies and then gives it all back! * Palladium reaches a 14-year high!

And Now. Today’s A Pfennig For Your Thoughts.

Swedish CPI [...]

Futures Tumble, Bunds Soar To Record, Gold Surges As Europe Is Broken Again; Espirito Santo Halted / by Tyler Durden / 07/10/2014 07:05 -0400

But… but… the VIX said everything is ok, and European rates were the lowest they have been in centuries… How can something possibly go wrong?

It just did.

The scandal which we first reported yesterday, after observing the record collapse [...]

French Industry Calls for Massive Devaluation of the Euro / By Martin Armstrong / July 9, 2014

Head of Airbus in France calls on the ECB to lower the rate of the euro by massive money printing to $ 1.20. Like other states, he is calling effectively for a devaluation of the Euro to make European goods competitive in world markets. The [...]

US Set To Alienate Angry Germany Next, As Crackdown Shifts From BNP To Commerzbank, Deutsche Bank / by Tyler Durden / 07/08/2014 08:04 -0400

As we reported over the weekend in “By “Punishing” France, The US Just Accelerated The Demise Of The Dollar“, following the record $9 billion fine against French BNP, the outcry has been fast and furious, with virtually everyone in the local chain of [...]

Four Charts That Signal EUR Has Further To Drop / by Tyler Durden on 07/07/2014 21:15

EURUSD drop may have further to go given that the relative policy outlook would push Fed/ECB balance sheet ratio lower before long. Citi’s Valentin Marinov believes, relative data surprises as well as forward looking cyclical gauges like bank stocks are starting to favor USD over EUR and [...]

Forget ECB’s Bazooka, Here Is China’s Anti-Pollution Gun / by Tyler Durden on 07/07/2014 19:11 It was a month ago when we showed 13 “insane” proposals to fix China’s unprecedented smog problem, which incidentally is now worse than any other place in the developed (or developing) world due to the country’s ridiculous and unmatched pace of industrialization. As it turns out [...]

Dollar Technicals not as Strong as Fundamentals / Marc Chandler / July 5, 2014

Leaving aside the defeat in the World Cup, last week was good for the US. Auto sales and US jobs data were stronger than expected. These provided a nice sedative for some anxiety over the steep contraction in Q1 and the decline in real consumption in April [...]

By “Punishing” France, The US Just Accelerated The Demise Of The Dollar / by Tyler Durden on 07/04/2014 15:04

Not even we anticipated this particular “unintended consequence” as a result of the US multi-billion dollar fine on BNP (which France took very much to heart). Moments ago, in a lengthy interview given to French magazine Investir, none other than the governor of the French National [...]

No Fireworks in Markets as Investors Digest ECB, US Jobs Data and Riksbank / by Marc Chandler / July 4, 2014

The US dollar is a little stronger against the euro and sterling, but is consolidating yesterday’s gain against the yen that had lifted it to 12-day high and returned it above the 200-day moving average. The inability of US Treasury yields to maintain the rise above [...]

Policy is Unchanged, but Draghi is Transforming the ECB / by Marc Chandler / July 2, 2014

Given the new initiatives announced last month, of course the ECB stood pat. However, Draghi announced the most far-reaching changes of how the central bank will conduct policy starting next year.

Three important changes will take place. In his prepared remarks Draghi focused on two, but [...]

Dow Breaches 17,000 As VIX Plunges To New Feb 2007 Lows / by Tyler Durden / 07/03/2014 13:06

Stocks ignored yesterday’;s spike lower in VIX but didn’t today. VIX closed at 10.3 – its lowest close since Feb 2007. Stocks initially dropped on the ‘good news is bad news’ payrolls report but thanks to ECB jawboning the EUR down (USD up), USDJPY went on [...]

Inflate Your Way to Gold Profits with Edward Karr / Peter Byrne / July 2, 2014

From his vantage in Geneva, Edward Karr, the founder of the investment firm RAMPartners SA, tells The Gold Report why European bankers are destined to inflate their way out of structural crisis and why that is good news for the price of gold. Karr believes gold has [...]

ECB/Payrolls Sends Stocks To Record Highs; Bond Yields Surge / by Tyler Durden / 07/03/2014 09:20

Whether it is Draghi’s jawboning – which has slammed EURUSD back to 1.36, juicing the carry trade (in spite of his concerns) – or the better-than-expected payrolls data, US equities are surging and so are bond yields. The initial reaction to the good news was [...]

ECB Keeps Rates Unchanged, Deposit Facility Rate Stays Negative / by Tyler Durden / 07/03/2014 07:49 -0400

Unlike a month ago, this time there are no NIRP announcement fireworks from the ECB which just announced it kept all rates unchanged, with the main refinancing operation rate flat at 0.15%, while the deposit facility continues its existence in NIRP purgatory at [...]