Alessio Rastani Makes Prime Time TV Circuit
Submitted by Tyler Durden on 09/28/2011 - 17:36 Financial Services Authority Recession The "BBC TV" trader, whose clip Zero Hedge first presented to the broader world and has since become an internet sensation with well over 1 million views, has just made the prime time TV circuit with a first stop on CNN. Here is some more of his story.Euro crisis makes Fed the lender of only resort
How the Collapse Will Play Out and How to Play For It
09/28/2011 - 13:12
False Flag Alert...
Man Arrested In Sting Operation For Intending To Blow Up Pentagon, Capitol
Diversion time. According to The Hill, in an elaborate sting/entrapment operation, the FBI arrested Rezwan Ferdaus for plotting to use drone airplanes loaded with C4 explosives and fly them into the Pentagon and Capitol. Ferdaus was made to believe he was working with members of al Qaeda, who were actually undercover agents. From The Hill: "According to the DOJ, Ferdaus aimed to create a devastating psychological impact with the attacks, saying at one point, “I just can't stop; there is no other choice for me." "Although Ferdaus was presented with multiple opportunities to back out of his plan, including, being told that his attack would likely kill women and children, the affidavit alleges that Ferdaus never wavered in his desire to carry out the attacks,” reads a DOJ press release." It is ironic how every time there is a major drop in the market or the president's rating reaches new lows we are reminded just how profoundly everyone overestimates their security, and supposedly liberty, in this (once) greatest country on earth.The "Chicago Way"
Dave in Denver at The Golden Truth - 39 minutes ago
And I'm not talking about the University of Chicago (MBA, '91) way of
thinking about economics. This is the political system that bred your
President:
Earlier this month, The Chicago Tribune reported that 23 retired union
leaders will collect $56 million from cash-strapped government pension funds
— courtesy of a few well-placed lines that were quietly inserted into the
state’s 1991 labor law (with no public debate or cost-benefit analysis).
It’s the latest in a long line of flagrant abuses — handouts from corrupt
politicians who continue to game the system for the personal benefit... more »
German Finance Minister: Beat It Geithner
Dave in Denver at The Golden Truth - 2 hours ago
In so many words, the German Finance Minister has told Geithner to go focus
on the problems in the U.S. and that the U.S. ideas for Europe are
"stupid:"
I don't understand how anyone in the European Commission can have such a
stupid idea. The result would be to endanger the AAA sovereign debt ratings
of other member states. It makes no sense...It's always much easier to give
advice to others than to decide for yourself. I am well prepared to give
advice to the US government...LINK
I have to say, Geithner must completely lack the ability to feel shame or
embarrassment. He really... more »
"A Panorama Of The European Debt System" - The Definitive Primer Of The Eurozone
Morgan Stanley has released "A panorama of the European Debt system" - easily the most comprehensive summary analysis (in 83 pages) of the Eurozone. To wit from the authors: "In this primer, we have compiled the key background information and statistics relevant to the context in which the European debt markets operate, encompassing Europe’s Institutional Framework, the ECB and the banking system, as well as sovereign, corporate and household debt, both in aggregate and by country. The compilation reflects the most frequently asked questions our economics and strategy teams receive from clients globally." Anyone who has ever had questions or been generaly curious about the uber-dysfuctional European debt system, and that would be everyone, especially the ECB, must read this document, if nothing else for the plethora of pretty charts.Prominent Deflationist Schilling Sees Deflation, A China Hard Landing And 800 On The S&P
When one compiles the annals of the great deflationists of the early 21st century, they will be hard pressed to decide who is deserving of the title most ferocious deflationist in a runoff between David Rosenberg and Gary Schilling. And while David did not have much notable to say today, despite his daily release of interesting and insightful commentary from his perch atop Gluskin Sheff, Gary Schilling took advantage of the media vacuum to appear on Bloomberg TV and preach, what else, deflation. Among the topics touched upon were the #1 issue du jour - the Chinese hard landing, presented earlier here, and the resulting collapse in copper, on bond market volatility, on investing and speculation, and lastly on the S&P, which just like Rosenberg, he see as deserving of a 10x multiple applied to a soon to be revised S&P 500 EPS of 80 (do the math). All in all sensible stuff except for one thing: his statement "Inflating away is an excess supply world is almost impossible, even for the Fed" leaves a little to be desired. While he may be spot on, it does not mean the Fed will not try. And try it will: we expect rumblings for full blown LSAP to commence in a few days, and QE4 in which the Fed will pull a BOJ and buy ETFs, REITs (in addition to MBS and Agency bonds) early in 2012, after which it will be time to quietly depart from these continental US, or else load up on lead, spam and precious metals.Add The Ukraine To List Of Countries On Verge Of Technical Default
Update: the correct translation is that as of 5pm the debt has not been paid.In this messed up post-Keynesian world which is so insolvent, it is virtually impossible to keep track of who is about to default, either technically, selectively, or really, who is already bankrupt, who is hyperinflating, and so forth. And while we all know that Europe and the US can at best hope to kick the can for a month at a time until finally they all have to face the truth, we are happy to bring to your attention the latest entrant to the technical default club: Ukraine, which will shortly join its former USSR satellite Belarus in the hyperinflation club. The fact is that the Ukraine is slowly imploding - the government had stopped Treasury payments for all budget expenses in an attempt to accumulate the cash needed to make a coupon payment on debt and which apparently investors are unwilling to roll. In all fairness, the news update indicates that the country just barely made the 5.3 billion hryvnia payment, but that may be it for now. What about the next one? Time to add some Ukraine CDS to that bankrupt sovereign basket, no matter how overflowing it may be at this point.
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