Friday, March 4, 2016

The Revolution Begins: German Banks Told To Start Hoarding Cash

This is officially an all-out revolution of the financial system where banks are now actively rebelling against the central bank. In a stunningly real rebuttal of Europe's negative interest rate policy, German newspaper Der Spiegel reported yesterday that the Bavarian Banking Association has recommended that its member banks start stockpiling PHYSICAL CASH.

After Record Inflows, BlackRock Suspends Gold ETF Issuance "Due To Demand For Physical Gold"

BlackRock's Gold ETF (IAU) has seen fund inflows every day in 2016 (no outflows at all) and with the stock trading above its NAV for most of the year, the world's largest asset manager has made a significant decision: BLACKROCK SAYS ISSUANCE OF GOLD TRUST SHARES SUSPENDED DUE TO DEMAND FOR GOLD. It appears the huge demand for physical gold (and lack of supply) is finally catching up with the manipulation of paper prices.

Over 80% Of Jobs Added In January Were Minimum Wage Earners

A whopping 82% of jobs "created" in February were minimum wage teachers, retail trade, and waiters, bartenders and chambermaids. What about well-paying jobs like finance, trucking, manufacturing or mining? +6K, -5K, -16K, and -18K, for a net loss of 33k jobs.

“No Signs of Recession” Says Agency That Always Fails to Predict Recession

from Sovereign Man:

In the middle of a heated battle against my jetlag yesterday, I finally decided to exercise the nuclear option and turn on CNBC in order to stay awake.
I figured someone would say something completely ridiculous, and it would get my blood boiling enough to power through the next couple of hours.
Within minutes I saw a top economist for Moody’s (one of the largest rating agencies in the world) saying that there are absolutely zero signs of recession.
Boom. I was suddenly so wide-awake it was like that adrenaline scene from Pulp Fiction.
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This Wasn't Supposed To Happen: Weekly Earnings Drop Most On Record

As the chart below clearly shows, based on the data which showed a whopping tumble in average weekly earnings from 878.15 to just 872.04, at -0.7%, this was the biggest monthly drop in the entire series history!

Gold Surges, Stocks Purge As "Good Jobs" Euphoria Fades Fast

The immediate kneejerk rip in stocks (and bond yields) and dip in gold on the "good" jobs headline rapidly faded as the reality of ugly wage data seeped out. Crude is now notably lower, gold higher, stocks lower, and bond yields rallying back...

February Payrolls Smash Expectations, Surge To 242,000 Even As Hourly Earnings Post Unexpected Drop

If bulls were expecting a February payrolls miss, they did not get it when moments ago the BLS reported that nonfarm payrolls surged by 242K in the past month, smashing expectations of 195K, with the January and December prints both revised higher by 21K and 9K respectively. The unemployment rate at 4.9% printed unchanged from the prior month and as expected.

Why The Bulls Are Hoping For A Weak Jobs Number

A weaker jobs number may be precisely what the bulls are hoping for now that Fed rate hikes are back again on the horizon. Here is Bloomberg's Mark Cudmore explaining why a match or a beat to expectations may be the worst case scenario for stocks: "Futures markets price only a 35% probability of the Federal Reserve hiking by June. If today’s labor data doesn’t disappoint, that likelihood could easily double within the next two weeks."

Real Soars To 6-Month Highs After Former Brazilian President Lula Detained

The Brazilian Real has soared over 2.5% this morning after the shocking news that former President Luiz Inacio Lula da Silva (Lula) has been detained by the federal police. The long-running inquiry, known as Operation Car Wash, stems from accusations of corruption and money-laundering at Petrobras and police, who raided Lula's home near Sao Paulo, say they now have evidence that he received illicit benefits from the kick-back scheme with Petrobras "enriching himself and the treasury of his political group."

Junk Bond Funds Report Record Inflows

Overnight, fund flow tracking service EPFR reported that US high yield funds recognized a $5.27bn (+2.8%) inflow for the week ended March 2nd, the largest ever in terms of $AUM and the 2nd largest on a percentage basis. As BofA notes, even more impressive is that the $2.37bn (+7.13%) net inflow for ETFs was the largest ever for the sub-asset class while the +$2.90bn (+1.87%) for open-end funds was the 3rd largest on record.

Chinese Plunge Protection Team To The Rescue Ahead Of Party Meeting

As you might be aware, China isn't big on allowing the pageantry that accompanies its parades and Party meets to be ruined by weak stocks. The plunge protection was back at it again on Friday.

Futures Flat Ahead Of Payrolls As Gold Continues Surge After Entering Bull Market

There is an odd feeling of Deja QEu this morning, when with two hours to go until the February payrolls, global stocks are modestly higher, US equity futures are likewise slightly higher on the back of a weaker dollar (or perhaps stronger Euro following a Market News report according to which the ECB may disappoint, more on that shortly), but it is gold that is breaking out, and after entering a bull market yesterday when it rallied 20% from its December lows gold has continued to surge, rising as high as @1,274 in early trading a price last seen in January 2015.

Yuan Soars Most In A Month Ahead Of National People's Congress

With all western eyes firmly focused on US payrolls tomorrow, China is preparing for the biggest leadership gathering of the year this weekend. Offshore Yuan (USDCNH) is soaring (up over 5 handles in the last 24 hours) ahead of The National People's Congress as PBOC Deputy Governor hinted at support for the currency saying that it isn't "strictly" pegged to the new basket.

Please move ...

For Those Rushing To Move To Canada Under "President Trump", A Few Warnings

It's not all jokes, apologies, and maple syrup...

The Stupid Things People Do When Their Society Breaks Down

A frequent mistake that many people make when considering the concept of social or economic collapse is to imagine how people and groups will behave tomorrow based on how people behave today. It is, though, extremely difficult to predict human behavior in the face of terminal chaos. What we might expect, or what Hollywood fantasy might showcase for entertainment purposes, may not be what actually happens when society breaks down.

filed under white trash...

Judge Warns Hillary "Should Be Terrified" After Justice Grants Email-Staffer Immunity

"She should be terrified of the fact that he’s been granted immunity," adding that "they would not be immunizing him and thereby inducing him to spill his guts unless they wanted to indict someone."

How This Default Cycle Is Different: Record Low Recovery Rates

Once the current short squeeze is over, expect everyone to start paying far more attention to recovery rates and the true value of "fundamentals." Here's why.

The Economic Collapse Of South America Is Well Underway

by Michael Snyder, The Economic Collapse Blog:

The 7th largest economy on the entire planet is completely imploding.  I have written previously about the economic depression that is plaguing Brazil, but since my last article it has gotten much, much worse.  During 2015, Brazil’s economy shrank by 3.8 percent, but for the most recent quarter the decline was 5.89 percent on a year over year basis.  Unemployment is rising rapidly, the inflation rate is up over 10 percent, and Brazilian currency has lost 24 percent of its value compared to the U.S. dollar over the past 12 months.
At this point, Brazil is already experiencing its longest economic downturn since the Great Depression of the 1930s, and things are getting worse for ordinary Brazilians every single day.  The following comes from CNN
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filed under "white trash"

Mrs. Clinton, This Is How We Previously Handled Classified Material

by Pam Martens, Wall Street on Parade:
The Washington Post is reporting this morning that the FBI is conducting a criminal investigation of Hillary Clinton’s handling of emails during her tenure as Secretary of State. Clinton substituted her own private server in place of the government’s secure system. The Post also reports that the FBI has “secured the cooperation of Bryan Pagliano, who worked on Clinton’s 2008 presidential campaign before setting up the server in her New York home in 2009.” According to the article, Pagliano has been given a grant of immunity by the Justice Department.
While Hillary Clinton has said that none of the emails were classified at the time they were sent, the Post notes that “I. Charles McCullough III, the inspector general of the intelligence community, has indicated that some of the material intelligence officials have reviewed contained information that was classified at the time it was sent.”
Read More…

Flashback – Hillary Ordered The Final Massacre At Waco

by Robert Morrow, Economic Policy Journal:

Hillary, not Bill, not Janet Reno, not Webb Hubbell, not Vince Foster was the one who ordered the final assault. Final death count: 76 Branch Davidians, including 21 children and two pregnant women.
Hillary was the one who ordered the FUBAR final assault on the holed-up Branch Davidians in Waco on April 19th, 1993. The final death count from this disastrous fiasco was 76 Branch Davidians, including 21 children and two pregnant women. The appalling disaster at Waco was what motivated Timothy McVeigh to participate in the terrorist-type bombings in Oklahoma City, two years later on April 19, 1995.
Hillary was putting pressure on Vince Foster (her longtime boyfriend, sexual partner and emotional husband) and Webb Hubbell who was the #3 guy at Justice Department, to have a forceful resolution to the Waco standoff.
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‘Assassinate Trump’: Violent Threats Going Unchecked on Twitter

by Lee Stanahan, Breitbart:

An ugly wave of rhetoric is showing up on the social media platform Twitter since GOP front runner Donald Trump scored a series of successes on Super Tuesday.
Beginning Wednesday, dozens of Tweets appeared, explicitly calling for Donald Trump’s assassination. Most of the tweets appear to be from accounts of black Americans.
Such calls for violence are a direct violation of Twitter’s terms of service, however at press time all of these accounts are still active. This is troubling given Twitter’s recent history of what appears to be a war on conservative media, including their unexplained de-verification of Breitbart tech editor Milo Yiannopoulos’s account.
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Corporate Default Rate Jumps Past Lehman Moment

from Wolf Street:

And then there’s S&P’s “pessimistic scenario.”
The US corporate default rate, according to Standard & Poor’s Global Fixed Income Research, soared from 2.8% in January to 3.3% in February, a big jump for just one month, and the highest rate since December 2010, when it was recovering from the Financial Crisis, with QE and ZIRP running at full bore, and with banks and big corporations getting bailed out by the Fed and the Treasury.
And it’s higher than it had been during the early phase of the Financial Crisis in September 2008, when Lehman Brothers filed for bankruptcy, when all heck was breaking lose, when stocks and bonds were plunging, and when the default rate was “only” 2.96%.
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Is Monsanto Seriously Exempt from ALL Liability Lawsuits?

by Christina Sarich, Natural Society:
“Absolute power corrupts absolutely.” – Lord Acton, 1887
Monsanto says it has nothing to do with the clause that our corrupt Congress just passed in a piece of legislation exempting the St. Louis-based company from ALL financial liability involved with lawsuits and financial settlements related to PCB contamination and cleanup sites. REALLY? [1]
We’re supposed to assume that a company responsible for almost 1.25 billion pounds of carcinogenic PCBs, or polychlorinated biphenyls, sold in the US between the 1930’s and 1970’s had absolutely nothing to do with a provision giving Monsanto a free pass for polluting the waterways, fields, and air. The EPA even admits that these chemicals are carcinogenic and harmful to reproductive health, the immune system, the endocrine system, and the nervous system?
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Millions for GMO propaganda: the amount of money spent to keep you in the DARK will astound you

by J. D. Heyes, Natural News:
What is it about a requirement to label foods containing genetically modified ingredients that so scares the food industry that they would do anything to prevent that from happening? Why are Big Agriculture and biotech giants like Monsanto so hell-bent on keeping you in the dark about what’s in the food they grow for you?
Whatever the reason, it must be a bombshell – or extremely diabolical – because these interested parties are certainly sparing no expense to keep the truth from the public.
As reported by the Environmental Working Group, a non-partisan environmental defense organization based in Washington, D.C., big food and associated interests spent an astounding $101.4 million last year lobbying lawmakers to oppose GMO labeling efforts.
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