Submitted by Tyler Durden on 08/25/2015 - 16:06
by Dave Kranzler, Investment Research Dynamics:
Under
the gold standard, a free banking system stands as the protector of an
economy’s stability and balanced growth. When gold is accepted as the
medium of exchange by most or all nations, an unhampered free
international gold standard serves to foster a world-wide division of
labor and the broadest international trade. Even though the units of
exchange (the dollar, the pound, the franc, etc.) differ from country to
country, when all are defined in terms of gold the economies of the
different countries act as one. – Alan Greenspan, “Gold and Economic Freedom,” 1966
I don’t know if the Plunge Protection Team will be able to stabilize and bounce the market today. I suspect they will get it done sometime in the next 24-48 hours – there’s real blood money at stake here. By this I mean there’s still a lot of middle class wealth that has not been wiped off the table and into the pockets of the elitists. Hell, Hillary Clinton is still standing – for now.
Read More
Under
the gold standard, a free banking system stands as the protector of an
economy’s stability and balanced growth. When gold is accepted as the
medium of exchange by most or all nations, an unhampered free
international gold standard serves to foster a world-wide division of
labor and the broadest international trade. Even though the units of
exchange (the dollar, the pound, the franc, etc.) differ from country to
country, when all are defined in terms of gold the economies of the
different countries act as one. – Alan Greenspan, “Gold and Economic Freedom,” 1966I don’t know if the Plunge Protection Team will be able to stabilize and bounce the market today. I suspect they will get it done sometime in the next 24-48 hours – there’s real blood money at stake here. By this I mean there’s still a lot of middle class wealth that has not been wiped off the table and into the pockets of the elitists. Hell, Hillary Clinton is still standing – for now.
Read More
"It's Still September" Ignore Fed Rate-Hike Warnings At Your Own Peril
Submitted by Tyler Durden on 08/25/2015 - 16:45 Hold onto your bootstraps. Markets are setting themselves up for a surprise as the Fed is still likely to hike rates in September. Today’s ‘risk-on’ move is a function of those expecting delay. Rising levels of market volatility are here to stay and will be magnified by this ‘surprise’. Those ignoring the warnings of a rate hike by Fed officials do so at their own peril.
WTI Crude Jumps After 'Another Huge Surprise' API Inventory Draw
Submitted by Tyler Durden on 08/25/2015 - 16:37 In a deja-vu-all-over-again echo of last week, API reported a huge 7.3 million barrel drawdown in oil inventories this week (against expectations of a build) and sparked a headline-driven jerk higher in crude prices. Last week the same happened and the next day DOE reported a huge build (consensus for tomorrow is a 345k draw), crushing oil prices... Trade Accordingly...
Is This The Stock That Set-Off Today's Collapse?
Submitted by Tyler Durden on 08/25/2015 - 16:35 With some of the biggest hedge funds - including Greenlight, Third Point, Glenview, Lone Pine, Fir Tree, Steadfast, Omega, York, and Canyon - all heavily invested in Sun Edison, we can't help but wonder if the total and utter collapse in the stock from yesterday's highs indicated forced liquidations that smashed it another 18.6% lower today with dramatically escalating volumes into the last hour (when stocks collapsed...)
This Could Be Very Bad News Ahead Of China's Open Tonight
Submitted by Tyler Durden on 08/25/2015 - 16:25 "China halts intervention in stock market so far this week as policy makers debate merits of an unprecedented government campaign to prop up share prices and what to do next, according to people familiar with situation. Some leaders support argument that stock market is too small relative to broader economy to cause crisis, says one of the people, who asked not to be identified as deliberations are private Leaders also believe intervention is too costly, person says."
Cutting Through The HFT Lies: What Really Happened During The Flash Crash Of August 24, 2015
Submitted by Tyler Durden on 08/25/2015 - 14:52 One of the fallacies being propagated about yesterday's flash crash, is that somehow HFTs came riding in as noble white knights and rescued the market from a collapse instead of actually causing it. This particular lie is worth a few quick observations and explanations of what really happened.
Trump Top But Sanders Surges As Hillary 'Hope' Hammered In New Hampshire
Submitted by Tyler Durden on 08/25/2015 - 15:50 A stunning 78% of Democrats in New Hampshire view Bernie Sanders favorably in the latest polls. As The Hill reports, Hillary Clinton was viewed favorably by that percentage in April, but that has dropped 15 percentage points among Democrats. With Sanders topping Clinton by a 44 to 37 percent margin (VP Joe Biden garnered 9%), and Trump support among Republicans at 35%, it appears serial lying is not paying off for the Oligarchy (for now)...
When The Story Breaks - The 3 Types Of Fear
Submitted by Tyler Durden on 08/25/2015 - 15:30 What we’ve been experiencing in markets is the plain and simple fear that always accompanies a broken story. The human reaction to a broken story is an emotional response akin to a sudden loss of faith. It’s a muted form of what Stephen King defined as Terror … the sudden realization that the helpful moorings you took for granted are actually not supporting you at all, but are at best absent and at worst have been replaced by invisible forces with ill intent. The antidote to Terror? Call the boogeyman by his proper name. It’s the end of the China growth story, one of the most powerful investment Narratives of the past 20 years. And that’s very painful, as the end of something big and powerful always is.
Dow Plunges Back Below 16,000 - Dead Cat Bounce Dying
Submitted by Tyler Durden on 08/25/2015 - 15:26 "Off The Highs" - hope is fading fast as The Dow is now down over 350 points from its pre-open highs after the China rate cut and has broken back below the crucial 16,000 level...Global Stocks Break Multi-Year Neckline, What Happens Next?
Submitted by Tyler Durden on 08/25/2015 - 15:10
For Saudi Arabia, The Music Just Stopped: Scramble To Slash Spending Begins As Oil Math Reveals Dire Picture
Submitted by Tyler Durden on 08/25/2015 - 14:40 With declining crude revenues clashing head on with the cost of simultaneously financing the state while intervening militarily in Yemen, the Saudis are looking to tap the bond market (a move which could increase debt-to-GDP by a factor of 10 by the end of next year) and some are speculating that the riyal’s dollar peg could ultimately prove unsustainable. Now, as Bloomberg reports, "Saudi Arabia is seeking to cut billions of dollars from next year’s budget because of the slump in crude prices."
Everyone Has A Plan Until...
Submitted by Tyler Durden on 08/25/2015 - 14:30 Every Federal Reserve Chair since 1979 has faced a notable challenge in the first 12-20 months of their tenure – something akin to capital markets “Bullies” hazing the new kid at school. Paul Volcker had the 1979-1980 Iranian oil shock/recession, Alan Greenspan the 1987 Stock Market Crash, and Ben Bernanke the 2007 Financial Crisis. Their responses shaped market perceptions about Federal Reserve priorities and set the stage for the remainder of their tenures, from Inflation-Fighting Volcker to Save-the-World Bernanke. Now, it is Chair Yellen’s turn...
Is The Correction Over?
Submitted by Tyler Durden on 08/25/2015 - 13:57 The question on everyone's mind now is simply whether the correction is over, or is there more to come? The sharp "reflexive" rally that will occur this week is likely the opportunity to review portfolio holdings and make adjustments before the next decline. History clearly suggests that reflexive rallies are prone to failing and a retest of lows is common.Pension Funds Sue Big Banks over Manipulation of $12.7 Trillion Treasuries MarketMonday, August 24, 2015
At least two government pension funds have sued major banks, accusing them of manipulating the $12.7 trillion market for U.S. Treasury bonds to drive up profits, thereby costing the funds—and taxpayers—millions of dollars.
As with another case earlier this year, in which major banks were found to have manipulated the London Interbank Offered Rate (LIBOR), traders are accused of using electronic chat rooms and instant messaging to drive up the price that secondary customers pay for Treasury bonds, then conspiring to drop the price banks pay the government for the bonds, increasing the spread, or profit, for the banks. This also ends up costing taxpayers more to borrow money.
In the latest complaint, the Oklahoma Firefighters Pension and Retirement System is suing Barclays Capital, Deutsche Bank, Goldman Sachs, HSBC Securities, Merrill Lynch, Morgan Stanley, Citigroup and others, according to Courthouse News Service. Last month State-Boston Retirement System (SBRS) filed a similar complaint against 22 banks, many of which are the same defendants in the Oklahoma suit.
“Defendants are expected to be ‘good citizens of the Treasury market’ and compete against each other in the U.S. Treasury Securities markets; however, instead of competing, they have been working together to collusively manipulate the prices of U.S. Treasury Securities at auction and in the when-issued market, which in turn influences pricing in the secondary market for such securities as well as in markets for U.S. Treasury-Based Instruments,” the Oklahoma complaint states.
The State-Boston suit, which named Bank of America Corp’s Merrill Lynch unit, Citigroup, Credit Suisse Group, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, UBS and 14 other defendants, makes similar charges.
SBRS uncovered the scheme when it hired economists to analyze Treasury securities price behavior, which pointed to market manipulation by the banks.
“The scheme harmed private investors who paid too much for Treasuries, and it harmed municipalities and corporations because the rates they paid on their own debt were also inflated by the manipulation,” Michael Stocker, a partner at Labaton Sucharow, which represents State-Boston, said in an interview with Reuters. “Even a small manipulation in Treasury rates can result in enormous consequences.”
More…
Mapping China Contagion: The Flowchart
Submitted by Tyler Durden on 08/25/2015 - 13:50 If the last two weeks have taught us anything at all (other than that a Reg FD violation is called a "scoop" when it involves Jim Cramer and Tim Cook), it’s that China quite clearly matters - and it matters quite a lot.
Half Of Emerging Market Stocks Are Now In Bear Territory: The Map
Submitted by Tyler Durden on 08/25/2015 - 13:21 With EM in turmoil from Brazil to Malaysia, Bloomberg has mapped the carnage, showing just how many EM equity markets are in or closing in on bear market territory.
Weak 2 Year Auction Demand As Repo Pressure Eases From "Super Special" To Virtually Nothing
Submitted by Tyler Durden on 08/25/2015 - 13:15 Last Friday, when we did a cursory check of Treasury repo rates, we noticed something strange on the short end: the 2Y was trading a whopping -2.5% in repo, suggesting a huge build up of short position coming into the auction. And then on Monday, and especially this morning, the repo pressure evaporate almost entirely, sliding to -1.20% and -0.1%, barely special, which was a signal that today's 2Y auction would hardly be the blockbuster issuance some other recent 2Y auctions have been. Sure enough, that's precisely what happened.
Global Markets To Fed: No Rate Hike, The Strong Dollar Is Killing Us
Submitted by Tyler Durden on 08/25/2015 - 12:58 Global markets are puking at the prospect of higher yields in the U.S. There are many reasons for global markets to melt down, but one that doesn't get enough attention is the strong dollar. In effect, global markets are telling the Federal Reserve: don't raise rates--the strong dollar is killing us.
The Most Surprising Thing About China's RRR Cut
Submitted by Tyler Durden on 08/25/2015 - 12:35 The missing clue came from a report by SocGen's Wai Yao, who first summarized the total liquidity addition impact from today's rate hike as follows "the total amount of liquidity injected will be close to CNY700bn, or $106bn based on today's onshore exchange rate." And then she explained just why the PBOC was desperate to unlock this amount of liquidity: it had nothing to do with either the stock market, nor the economy, and everything to do with the PBOC's decision from two weeks ago to devalue the Yuan. To wit:" In perspective, the PBoC may have sold more official FX reserves than this amount since the currency regime change on 11 August."
by Michael Snyder, End of the American Dream:
If you have not been preparing for what is coming, you need to get off your sofa and you need to start prepping right now.
Just remember what happened back in 2008. That crisis took most people
totally by surprise. Millions of Americans lost their jobs, and
because most of them were living paycheck to paycheck, all of a sudden
most of them couldn’t pay the rent or the mortgage either. Large
numbers of families that were once living a comfortable middle class
lifestyle suddenly found themselves destitute. Well, this coming crisis
is going to be even worse by the time it is all said and done, and it
is not just going to be economic in nature. Over the past two trading
days, the Dow has gone down more than a thousand points.
The shaking that so many have warned about has begun. As this shaking
plays out, you and your family will need cash, food, supplies and a
whole bunch of other things. If you do not already have everything
prepared, then you need to kick your prepping into overdrive because we
are on a very compressed time frame now.
Read More…
If you have not been preparing for what is coming, you need to get off your sofa and you need to start prepping right now.
Just remember what happened back in 2008. That crisis took most people
totally by surprise. Millions of Americans lost their jobs, and
because most of them were living paycheck to paycheck, all of a sudden
most of them couldn’t pay the rent or the mortgage either. Large
numbers of families that were once living a comfortable middle class
lifestyle suddenly found themselves destitute. Well, this coming crisis
is going to be even worse by the time it is all said and done, and it
is not just going to be economic in nature. Over the past two trading
days, the Dow has gone down more than a thousand points.
The shaking that so many have warned about has begun. As this shaking
plays out, you and your family will need cash, food, supplies and a
whole bunch of other things. If you do not already have everything
prepared, then you need to kick your prepping into overdrive because we
are on a very compressed time frame now.Read More…
by Mac Slavo, SHTFPlan:
Last week North and South Korea exchanged live artillery fire across
the demilitarized zone known as the 39th parallel. The standoff has led
to threats from both sides, with a reported doubling of the military
personnel and artillery on the northern side of the border.
While negotiators discuss a settlement behind closed doors, the situation remains tense and both countries are maintaining high alert levels.
This morning, it was reported that some 50 North Korean submarines stationed around the peninsula and visible to Western radar systems suddenly vanished, suggesting that the leader Kim Jong Un is preparing his forces for pre-emptive strike in the event that talks between the two nations fail.
Read More
Last week North and South Korea exchanged live artillery fire across
the demilitarized zone known as the 39th parallel. The standoff has led
to threats from both sides, with a reported doubling of the military
personnel and artillery on the northern side of the border.While negotiators discuss a settlement behind closed doors, the situation remains tense and both countries are maintaining high alert levels.
This morning, it was reported that some 50 North Korean submarines stationed around the peninsula and visible to Western radar systems suddenly vanished, suggesting that the leader Kim Jong Un is preparing his forces for pre-emptive strike in the event that talks between the two nations fail.
Read More
by Bill Holter, JS Mineset:
As a follow up from yesterday’s A Weekend’s Heads Up
, my thoughts were truly an understatement for today’s action! The open
was far weaker than I had anticipated, down 1,089 points. This was the
biggest point drop in Dow history. The volatility was out of control
with the VIX trading to 53, the highest since Feb. 2009! An illustration
of how much and how fast the volatility was, total point movement in
the first 90 minutes was 3,000 Dow points, 4,900 total for the day!
Truly incredible!
So where do we go from here? Unless we get some sort of central bank news out of China, we open down again tomorrow and see if they can get a reversal going. We are well over sold and due a bounce …but ALL crashes have occurred from oversold readings. While talking to Jim after the close, he initially said “the PPT got their ass kicked today, it would not have happened if I was running their desk”. Let me explain this because it is SO IMPORTANT.
Read More
As a follow up from yesterday’s A Weekend’s Heads Up
, my thoughts were truly an understatement for today’s action! The open
was far weaker than I had anticipated, down 1,089 points. This was the
biggest point drop in Dow history. The volatility was out of control
with the VIX trading to 53, the highest since Feb. 2009! An illustration
of how much and how fast the volatility was, total point movement in
the first 90 minutes was 3,000 Dow points, 4,900 total for the day!
Truly incredible!So where do we go from here? Unless we get some sort of central bank news out of China, we open down again tomorrow and see if they can get a reversal going. We are well over sold and due a bounce …but ALL crashes have occurred from oversold readings. While talking to Jim after the close, he initially said “the PPT got their ass kicked today, it would not have happened if I was running their desk”. Let me explain this because it is SO IMPORTANT.
Read More
from The Burning Platform:
This is an appropriate time to retell something that happened a few
weeks ago. I met with a financial adviser to go over my affairs to align
them with Australia and US law.
As is probably no surprise, I currently hold no stocks whatsoever. I am heavy cash, property, etc. Not that I am happy with those assets either, but in the end 100 acres of land does not suddenly become 50 acres of land. And $100 in cash tends to become $50 in cash over a medium time frame (barring bank collapse).
The conversation included these snippets:
Read More
This is an appropriate time to retell something that happened a few
weeks ago. I met with a financial adviser to go over my affairs to align
them with Australia and US law.As is probably no surprise, I currently hold no stocks whatsoever. I am heavy cash, property, etc. Not that I am happy with those assets either, but in the end 100 acres of land does not suddenly become 50 acres of land. And $100 in cash tends to become $50 in cash over a medium time frame (barring bank collapse).
The conversation included these snippets:
Read More
by Dave Hodges, The Common Sense Show:
Good Monday Morning, the world’s stock markets are in free fall and the banks and their worthless paper currencies are next!!!
The world is in the middle of a global economic meltdown. What does that mean? The simple answer is that it will not be long until every modern country is consumed by hyperinflation resulting in the crash of most of the paper currencies on the planet. This will result in an economic shutdown. Starvation will become commonplace. Unrestrained violence will occur and eventually the world will slip into World War III.
I literally have at my finger tips two dozen economic indicators which demonstrates that total and global economic collapse is at hand.
Read More
Good Monday Morning, the world’s stock markets are in free fall and the banks and their worthless paper currencies are next!!!The world is in the middle of a global economic meltdown. What does that mean? The simple answer is that it will not be long until every modern country is consumed by hyperinflation resulting in the crash of most of the paper currencies on the planet. This will result in an economic shutdown. Starvation will become commonplace. Unrestrained violence will occur and eventually the world will slip into World War III.
I literally have at my finger tips two dozen economic indicators which demonstrates that total and global economic collapse is at hand.
Read More
from TheAlexJonesChannel:
from Gold Core:
Gold Glimmers as Global Market Fear Grips Investors
Gold last week broke above its 50-day moving average as a fresh round of negative news from around the globe rekindled investors’ interest in the yellow metal as a safe haven.
The ‘Fear Trade’, it seems, is in full force. Below are just a few of the recent news items that have made some investors skittish, which has supported gold prices:
China, the world’s second-largest economy, continues to slow. Its preliminary purchasing managers’ index (PMI) reading, released on Friday, came in at 47.8, a 77-month low. This follows China’s decision to devalue its currency, the renminbi, close to 2 percent. For the first time in a year, the Shanghai Composite Index fell below its 200-day moving average.
Read More
Gold Glimmers as Global Market Fear Grips InvestorsGold last week broke above its 50-day moving average as a fresh round of negative news from around the globe rekindled investors’ interest in the yellow metal as a safe haven.
The ‘Fear Trade’, it seems, is in full force. Below are just a few of the recent news items that have made some investors skittish, which has supported gold prices:
China, the world’s second-largest economy, continues to slow. Its preliminary purchasing managers’ index (PMI) reading, released on Friday, came in at 47.8, a 77-month low. This follows China’s decision to devalue its currency, the renminbi, close to 2 percent. For the first time in a year, the Shanghai Composite Index fell below its 200-day moving average.
Read More
from Mike Maloney:
As a follow up to yesterday’s video, here is a public release of Mike Maloney’s Daily news Brief. These videos are released early in the morning, five days a week as a service to our management and Insider customers, and kept private.
As a follow up to yesterday’s video, here is a public release of Mike Maloney’s Daily news Brief. These videos are released early in the morning, five days a week as a service to our management and Insider customers, and kept private.
from KingWorldNews:
Worldwide chaos in global markets continues as China’s stock market
meltdown resumes and the PPT intervenes, and this came on the heels of
some truly historic trading action in the Dow, so today a 50-year market
veteran spoke with King World News about the global chaos, the Plunge
Protection Team intervention, plus one of the greatest opportunities in
history.
Dangerous And Unprecedented Times
Read More…
Worldwide chaos in global markets continues as China’s stock market
meltdown resumes and the PPT intervenes, and this came on the heels of
some truly historic trading action in the Dow, so today a 50-year market
veteran spoke with King World News about the global chaos, the Plunge
Protection Team intervention, plus one of the greatest opportunities in
history.Dangerous And Unprecedented Times
Read More…
by Michael Snyder, The Economic Collapse Blog:
On Monday, the Dow Jones Industrial Average plummeted 588 points.
It was the 8th worst single day stock market crash in U.S. history, and
it was the first time that the Dow has ever fallen by more than 500
points on two consecutive days. But the amazing thing is that the Dow
actually performed better than almost every other major global stock
market on Monday. In the U.S., the S&P 500 and the Nasdaq both did
worse than the Dow. In Europe, almost every major index performed
significantly worse than the Dow. Over in Asia, Japanese stocks were
down 895 points, and Chinese stocks experienced the biggest decline of
all (a whopping 8.46 percent). On June 25th, I was not kidding around
when I issued a “red alert”
for the last six months of 2015. I had never issued a formal alert for
any other period of time, and I specifically stated that “a major financial collapse is imminent“.
But you know what? As the weeks and months roll along, things will
eventually be even worse than what any of the experts (including myself)
have been projecting. The global financial system is now unraveling,
and you better pack a lunch because this is going to be one very long
horror show.
Read More…
On Monday, the Dow Jones Industrial Average plummeted 588 points.
It was the 8th worst single day stock market crash in U.S. history, and
it was the first time that the Dow has ever fallen by more than 500
points on two consecutive days. But the amazing thing is that the Dow
actually performed better than almost every other major global stock
market on Monday. In the U.S., the S&P 500 and the Nasdaq both did
worse than the Dow. In Europe, almost every major index performed
significantly worse than the Dow. Over in Asia, Japanese stocks were
down 895 points, and Chinese stocks experienced the biggest decline of
all (a whopping 8.46 percent). On June 25th, I was not kidding around
when I issued a “red alert”
for the last six months of 2015. I had never issued a formal alert for
any other period of time, and I specifically stated that “a major financial collapse is imminent“.
But you know what? As the weeks and months roll along, things will
eventually be even worse than what any of the experts (including myself)
have been projecting. The global financial system is now unraveling,
and you better pack a lunch because this is going to be one very long
horror show.Read More…
from Stefan Molyneux:
from The News Doctors:
Turkey is a beautiful land, rich in resources, with many highly
intelligent and warm people. It also happens to have a President who
seems intent on destroying his once-proud nation. More and more details
are coming to light revealing that the Islamic State in Iraq and Syria,
variously known as ISIS, IS or Daesh, is being fed and kept alive by
Recep Tayyip Erdoğan, the Turkish President and by his Turkish
intelligence service, including MIT, the Turkish CIA. Turkey, as a
result of Erdoğan’s pursuit of what some call a Neo-Ottoman Empire
fantasies that stretch all the way to China, Syria and Iraq, threatens
not only to destroy Turkey but much of the Middle East if he continues
on his present path.
Read More
Turkey is a beautiful land, rich in resources, with many highly
intelligent and warm people. It also happens to have a President who
seems intent on destroying his once-proud nation. More and more details
are coming to light revealing that the Islamic State in Iraq and Syria,
variously known as ISIS, IS or Daesh, is being fed and kept alive by
Recep Tayyip Erdoğan, the Turkish President and by his Turkish
intelligence service, including MIT, the Turkish CIA. Turkey, as a
result of Erdoğan’s pursuit of what some call a Neo-Ottoman Empire
fantasies that stretch all the way to China, Syria and Iraq, threatens
not only to destroy Turkey but much of the Middle East if he continues
on his present path.Read More
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