'Great reset' will destroy cash, Marc Faber tells King World News

 

 

CFTC lets platinum futures close-banger move on to other precious metals

 

 

South Africa's gold miners join coal and diamond miners on strike

 

All Hell Breaking Loose In FX On Reports Of Possible Blast In Macau

Submitted by Tyler Durden on 07/25/2011 - 22:13 China Yen
Following the two theatrical speeches eaelier, we are absolutely nowhere closer to a resolution now than we were 2 hours ago. Perhaps this is why the market is not too happy and as of minutes ago, the USDJPY tumbled to new all time lows (except for that illiquid print from March 17) of 77.89, with the market set to test Noda's repeated bluster that he will finally do something against the "one way Yen." We are not holding out breath. And to confirm that a perfect storm of sorts is on the horizon, adding to the increasing illiquidity in the US and Europe, is the news out of China that 7 day repo rates just surged by 160 bps overnight, the most since July 5, to 6.80%, as the market awaits the selling of CNY 1 billion in 1 year bonds at 10 am Chinese time. If $155 MM of a liquidity outflow can move the needle in China by almost 2%, then we are in deep trouble. Update: the BOJ may have just intervened. Just look at that chart. Update 2: perhaps not an intervention as we are now getting reports that Macau has been hit by a blast according to Xinhua

Obama Addresses The Nation Over The "Debt Ceiling Stalemate"

My fellow Americans... blah blah blah... stalemate.... blah blah blah... runaway spending... blah blah blah... all Bush's fault.... blah blah blah... compromise.... saving money from ending illegitimate wars.....blah blah blah... ceiling must be raised or America will be destroyed...blah blah blah... no more social security for anyone... blah....god bless you all...  is the camera off? Where are the Camel lights?

CME Celebrates America's Ever Nearer Date With Insolvency By Raising Collateral Haircut On Treasurys

Submitted by Tyler Durden on 07/25/2011 - 21:35 Rating Agencies We just heard two very useless speeches by two very useless Wall Street muppets. Both were, naturally, completely irrelevant. Now comes the important stuff, courtesy of a press release a few hours ago from the CME. Up until today, the collateral haircut on a T-Bill was 0.0%. Beginning Thursday it will be 0.5%. All other classes of Bonds, Notes and Strips will see their haircuts raised by 1% across the board. Same with Agency debt. Only foreign debt will see an increase of 2% in the Bill space, and 0.5% in Notes and Bonds. Translation: the CME just telegraphed what the rating agencies are terrified to do - keep up the charade, and the haircut will keep rising by 1% until it hits 100%. Give or take.

Was That It For The Great China Bull Run?

For all those who believe China will continue carrying the world on its shoulders (we guess after yet another 2 week failed sting at US-based global growth "leadership", inverse decoupling is over yet again) we have some very bad news. None other than traditional permabull in all maters financial, Citi, has insinuated the sun may be setting on the great Chinese "growth case".





 Will a "Super Congress" Gut the Constitution - Just Like the Federal Reserve?

Posted by : George Washington

Post date: 07/25/2011 - 20:10

The Founding Fathers' vision of prosperity has been destroyed - and we've gone from the "wealth of nations" to the "debt of nations" - at least in part because our political system has been...

Goldman Launches The SS QE3

As Zero Hedge said back in January, when we predicted the transitory "bounce" or "temporary hard spot" in the economy, well ahead of everyone, the first thing that would need to happen for QE3 to be launched is for Goldman's Jan Hatzius to admit that his December 2010 call for an American golden age was a disaster, and to recognize that the economy is now contracting at a rate that will put last year's Q2 and Q3 GDP drops to shame. As of two weeks ago, that has happened. The only thing that was missing from our checklist was for Hatzius replacement, who enjoys the occasional Hefeweizen at the Pound and Pence with his former co-worker Bill Dudley, to make it clear what Goldman's position vis-a-vis QE3 is. Well, as of a few minutes ago we can cross that box too after Hatzius' lieutenant Sven Jari Stehn just said that "A sharp increase in the Fed's assessment of recession risk would most likely trigger significant additional monetary easing even if inflation remains well above their target." What has inspired this change in hear? Simple: nothing less than the "realistic–possibility of a significant further deterioration in the economic outlook." Oh well, the recovery was fun while it lasted. Same for the strong dollar. Next up: Jackson Hole in one month, where Bernanke will announce what the Dudley-Hatzius tag team has been whispering in his ear for the past month.





Why your taxes are going up no matter what happens with the debt-ceiling
"Few seem to be reminding us that there are already tax increases built into the current system..."