Submitted by Tyler Durden on 05/30/2016 - 12:29
The risk of a default chain reaction is looming over the $3.6 trillion market for wealth management products in China. WMPs, which traditionally funneled money from Chinese individuals into assets from corporate bonds to stocks and derivatives, are now increasingly investing in each other.
Trickle-Down Crash? Trophy Assets Suddenly Tanking
Submitted by Tyler Durden on 05/30/2016 - 09:12 One of the defining traits of the past few years’ “recovery” has been the torrent of money flowing from big banks to favored clients, and from there into trophy properties like high-end real estate, superyachts, and fine art. This might be the first financial bubble to completely bypass the 99%. And now it’s ending...Weimar Germany and Zimbabwe did the same thing... They will print money to infinity and beyond...
One of the wildest ideas to hit the US Presidential campaign trail might become a reality sooner than you would think.Donald Trump, the Republican party’s nominee, has claimed that the US national debt, standing at more than $19 trillion (£13 trillion), does not need to be repaid.
“This is the United States government, you never have to default, because you print the money,” he declared live on air.
His comments signal his belief that America’s authorities, could, if they wanted, print enough money to pay back their creditors without raising an extra cent in taxes.
Read More
"Bill Clinton Was Here": The Elite One-Percent’s 'Orgy Island' Exposed
Submitted by Tyler Durden on 05/29/2016 - 17:37 If you can name it — it has likely taken place this the lavish private island off the coast of Puerto Rico which boasts a beautifully landscaped plush luxury estate complete with its own helipad, privy only to certain members of the global elite.
Why The Next Black Swan Will Turn Into A Flock
Submitted by Tyler Durden on 05/30/2016 - 11:45 People “are just rolling the dice, thinking nothing could be as bad as 2008.” They think (or believe) if it happens again all they’ll have to do is the same as they did last time e.g. Hunker down, wait for the storm to blow over. Rinse, repeat. This is where the real issue lies for not only the Fed per se, but rather, the entire political as it is currently known. For if a “black swan” does indeed hit once again in the very near future? Once people realize just how systematically they’ve been cut off from those “assumed” resources, especially during a crisis? All hell is going to break loose in ways the academic class, as well as, the political never envisioned. For when the time comes (and there is no more important “time” than that during a crisis of confidence) where words truly matter, and everyone no longer believes? Everything changes. And I do mean: everything.
Nobel Peace Prize Winner President Obama Speaks At Arlington National Cemetery - Live Feed
Submitted by Tyler Durden on 05/30/2016 - 11:05 Having pledged to end the wars of his predecessor, President Obama came into office almost eight years ago as an anti-war candidate but instead has now been at war longer than any other American president. Mr. Obama, who won the Nobel Peace Prize in 2009, has made endless promises of "bring the troops home" or "no boots on the ground" but will have a longer tour of duty as a wartime president than Franklin D. Roosevelt, Lyndon B. Johnson, Richard M. Nixon or his hero Abraham Lincoln. As the anti-war candidate speaks today as president to remember the fallen heroes, just days after his visit to Japan, one wonders who will be delivering this address next year.Remember...this is what your fighting for...
by Wayne Madsen, Strategic Culture:
The McClatchy news service scoop that
Labib al-Nahhas, the Syrian foreign affairs director of al-Qaeda’s ally
Ahrar ash-Sham, visited Washington, DC in December 2015 should have
created a huge political stir in a presidential election year.
The McClatchy news service scoop that
Labib al-Nahhas, the Syrian foreign affairs director of al-Qaeda’s ally
Ahrar ash-Sham, visited Washington, DC in December 2015 should have
created a huge political stir in a presidential election year.
However,
the fact that the Obama administration has been consorting with
terrorist allies of al-Qaeda and the Islamic State in Syria, Iraq,
Yemen, Libya, and other countries has received little to no coverage in
the American media. More astoundingly, Ahrar ash-Sham, which, along with
the al-Nusra Front massacred 19 Alawite Muslims in the Syrian village of Zara in May, is not designated a terrorist group by the US State Department.
Read MoreAnd this...
Congressman
Thomas Massie (R-KY) recently admitted that he was faced with a
proposal from a lobbyist that said he could help him raise enough money
to be placed on the House Ways and Means Committee and recounted, “It
was one of the scummiest meetings I’ve ever been in.”Congressman Thomas Massie (R-KY) recently admitted that he was faced with a proposal from a lobbyist that said he could help him raise enough money to be placed on the House Ways and Means Committee and recounted, “It was one of the scummiest meetings I’ve ever been in.”
“He pulled me and my chief of staff into a meeting,” Massie told The Cincinnati Enquirer. “He offered to raise the money that would be required to get me on Ways and Means. This is a lobbyist telling me he can get me on Ways and Means.”
What disgusted Massie most was the unstated implications of the lobbyist’s assistance was that once on the committee, which oversees tax policy, Massie would be called upon to return the favor through various bills.
Read More
Ex-CEO Of Largest Swiss Insurer Commits Suicide, Three Years After CFO Hanged Himself
Submitted by Tyler Durden on 05/30/2016 - 10:46 In the latest tragic news from the world of finance, earlier today Zurich Insurance, the largest Swiss insurer which employs 55,000 people and provides general insurance and life insurance products in more than 170 countries, reported that Martin Senn, the company's former chief executive officer who stepped down in a December reshuffle, has committed suicide. He was 59.
What The Charts Say: Fatally Attracted To New Highs
Submitted by Tyler Durden on 05/30/2016 - 10:28 So we’re short term overbought, with 3 unfilled gaps below and lower highs still in place with stocks being the most expensive in years and yet the NYSE Composite Index is still below key resistance. Ignore it all if you find yourself attracted to new highs. They may indeed come, just remember who gets hurt when the attraction proves fatal...
Never Forget
Submitted by Tyler Durden on 05/30/2016 - 09:49 As the barbeque-bonanza and shopping-fest, that Memorial Day has become for many, takes shape, we thought a little reflection was necessary on the deeper meaning behind this important celebration honoring those who fell in the armed services of America during its wars.
Why This Friday's Payrolls Report Could See A Big Miss
Submitted by Tyler Durden on 05/30/2016 - 08:30 When the main economic event this week hits this Friday at 8:30 am EDT, when the BLS releases the May payrolls report, Wall Street consensus wil be expecting a 160,000 print, a number which will have a big impact on market expectations for a Fed rate hike at the June or July FOMC meeting. However, consensus may be disappointed for one reason: the Verizon strike could chop off as much as 35,000 workers from the headline payrolls print.
Former Morgan Stanley Chief Asia Economist: "Don't Listen To The Ruling Elite, The World Economy Is In Real Trouble"
Submitted by Tyler Durden on 05/30/2016 - 08:20 "Don't listen to the ruling elite," warns former Morgan Stanley Asian Economist, Andy Xie, "the world economy is on the cusp of a prolonged period of stagnation and instability." Xie points out that the ruling elite is blaming it on people seeing things (skeptic and fiction peddlers), and that "their strategy is to change people’s psychology." Unfortunately for them he concludes, "the world is catching fire and that fire will eventually reach their Davos chalets."
Global Stocks Unchanged; US Futures Rise Above 2,100 As Traders Celebrate Memorial Day
Submitted by Tyler Durden on 05/30/2016 - 07:30 With the US closed for Memorial Day and UK markets also offline, overnight volumes have been weaker than normal on little newsflow. The main story remains the stronger USD which not only led to the lowest Yuan fixing since February 2011 but pushed the USDJPY as high as 111.50 overnight before paring gains. Europe’s Stoxx 600 is unchanged on poor volume, after earlier rising above the 200 DMA for the first time in 2016. US equity futures were 0.2%, or 4 points higher, currently resting just above 2,101 with the last trading day of May tomorrow expected to push the cash market over 2,100 as well.
Another Real Estate Crash Looms: Sam Zell Dumps Holdings, Warns "The Fed's Deferred Reality For Too Long"
Submitted by Tyler Durden on 05/29/2016 - 22:35 Everything seems to be booming again – easy money, easy lending, rising prices, and a bread and circused populous. But appearances can be deceiving and highly acclaimed billionaire investor Sam Zell isn’t buying the hype... noting the nearly 50 million Americans on food stamps, the six million millennials living in their parents’ basements, or the massive spike in business debt delinquencies.
from ZeroHedge:
Several months ago, as Venezuela’s hyperinflating, imploding economy
was spinning in freefall, leading to the dramatic episodes of total
social collapse such as those profiled in “Scenes From The Venezuela Apocalypse: “Countless Wounded” After 5,000 Loot Supermarket Looking For Food”, we wrote that the country which recently had “run out of money to print its own money” was preparing to liquidate its remaining gold holdings to pay coming debt maturities.
Then, courtesy of an analysis by our friends at Bullionstar, we found just how Venezuela was quietly exporting tons of its gold to Switzerland, as it prepared to conclude the transaction with whoever the end buyer of Venezuela’s bullion would end up being.
Read More
Several months ago, as Venezuela’s hyperinflating, imploding economy
was spinning in freefall, leading to the dramatic episodes of total
social collapse such as those profiled in “Scenes From The Venezuela Apocalypse: “Countless Wounded” After 5,000 Loot Supermarket Looking For Food”, we wrote that the country which recently had “run out of money to print its own money” was preparing to liquidate its remaining gold holdings to pay coming debt maturities.Then, courtesy of an analysis by our friends at Bullionstar, we found just how Venezuela was quietly exporting tons of its gold to Switzerland, as it prepared to conclude the transaction with whoever the end buyer of Venezuela’s bullion would end up being.
Read More
by Dave Hodges, The Common Sense Show:
I am no fan of the Republicans, but the Democrats are dedicated to the
overt destruction of the United States of America and the Constitution.
Hillary Clinton is the evil personification of the Democratic party.
The Democratic Party Is the Enemy of the People
Of all the unconstitutional acts committed by the Democrats, the best, or worst, is yet to come. When Hillary Clinton receives the Democratic nod to be their Presidential candidate, America will enter the darkest days in her history.
America is facing unprecedented challenges and when one surveys the field of presidential candidates and we are forced to say that Donald Trump is our best candidate, it is safe to say that things could not be much worse. American is truly about to learn the meaning of the term “choosing between the lesser of two evils” and Hillary Clinton is as evil as they come.
Read More
The Democratic Party Is the Enemy of the People
Of all the unconstitutional acts committed by the Democrats, the best, or worst, is yet to come. When Hillary Clinton receives the Democratic nod to be their Presidential candidate, America will enter the darkest days in her history.
America is facing unprecedented challenges and when one surveys the field of presidential candidates and we are forced to say that Donald Trump is our best candidate, it is safe to say that things could not be much worse. American is truly about to learn the meaning of the term “choosing between the lesser of two evils” and Hillary Clinton is as evil as they come.
Read More
by Wolf Richter, Wolf Street:
“The ultimate bubble signal.”
The most expensive home listed for sale globally is in Bel Air, a neighborhood in Los Angeles. Its main house is a 74,000-square-foot monstrosity. Among the special attributes: a 30-car garage. The compound, being erected by speculative builder Nile Niami, has an asking price of $500 million.
Seven of the world’s 10 most expensive listings are in the US. Four of them are in Los Angeles, including lesser abodes, such as a 38,000-square-foot mansion with a 5,300-square-foot master suite, several guesthouses, and staff housing, for $150 million.
Other countries have cool stuff for sale too, such as Pierre Cardin’s 13,000-square-foot “Le Palais Bulles” (“the Bubble Palace”) on the French Riviera, listed for about $450 million.
Read More
“The ultimate bubble signal.”The most expensive home listed for sale globally is in Bel Air, a neighborhood in Los Angeles. Its main house is a 74,000-square-foot monstrosity. Among the special attributes: a 30-car garage. The compound, being erected by speculative builder Nile Niami, has an asking price of $500 million.
Seven of the world’s 10 most expensive listings are in the US. Four of them are in Los Angeles, including lesser abodes, such as a 38,000-square-foot mansion with a 5,300-square-foot master suite, several guesthouses, and staff housing, for $150 million.
Other countries have cool stuff for sale too, such as Pierre Cardin’s 13,000-square-foot “Le Palais Bulles” (“the Bubble Palace”) on the French Riviera, listed for about $450 million.
Read More
by Paul Craig Roberts, Paul Craig Roberts:
In Brazil the country’s largest newspaper has published a transcript of
a secret recording leaked to the newspaper. The words recorded are the
plot by the rich Brazilian elite, involving both the US-corrupted
Brazilian military and Supreme Court, to remove the democratically
elected president of Brazil under false charges in order to stop the
investigations of the corrupt elites who inhabit Brazil’s senate and
bring to an end Brazil’s membership in BRICS. The Russian-Chinese
attempt to organize an economic bloc independent of Washington has now
lost 20% of its membership.
Democracy has been overthrown in Brazil as in Ukraine, Honduras—indeed, everywhere the dirty evil hand of Washington falls, including the US itself.
Glenn Greenwald reports on the extraordinary leak of the 75-minute recording of the conversations between Brazilian elites laying out the plot to frame the President of Brazil in order to protect themselves. https://theintercept.com/2016/05/23/new-political-earthquake-in-brazil-is-it-now-time-for-media-outlets-to-call-this-a-coup/
Read More
In Brazil the country’s largest newspaper has published a transcript of
a secret recording leaked to the newspaper. The words recorded are the
plot by the rich Brazilian elite, involving both the US-corrupted
Brazilian military and Supreme Court, to remove the democratically
elected president of Brazil under false charges in order to stop the
investigations of the corrupt elites who inhabit Brazil’s senate and
bring to an end Brazil’s membership in BRICS. The Russian-Chinese
attempt to organize an economic bloc independent of Washington has now
lost 20% of its membership.Democracy has been overthrown in Brazil as in Ukraine, Honduras—indeed, everywhere the dirty evil hand of Washington falls, including the US itself.
Glenn Greenwald reports on the extraordinary leak of the 75-minute recording of the conversations between Brazilian elites laying out the plot to frame the President of Brazil in order to protect themselves. https://theintercept.com/2016/05/23/new-political-earthquake-in-brazil-is-it-now-time-for-media-outlets-to-call-this-a-coup/
Read More
by John Rubino, Dollar Collapse:
The most widely-reported result of the recent G-7 meeting was Japan’s attempt to convince the other major economies to admit that a crisis is imminent and take appropriately radical steps. The response seems to have been a bunch of blank stares. As India’s Business Standard noted:
The most widely-reported result of the recent G-7 meeting was Japan’s attempt to convince the other major economies to admit that a crisis is imminent and take appropriately radical steps. The response seems to have been a bunch of blank stares. As India’s Business Standard noted:
G7 pact offers minimal cover for Abenomics reset A Group of Seven compromise offers minimal cover for Shinzo Abe. The Japanese prime minister’s plan to revitalize the world’s third-largest economy needs fresh impetus. Abe didn’t get as much international backing as he might have liked from hosting the rich nations’ club. But, the summit communique can, just about, be spun his way.
Abe’s counterparts, understandably, do not share his view that the world risks another Lehman Brothers-style financial crisis. That is important because Abe has inexplicably committed to raising the country’s sales tax next April, a surefire way to choke off recovery – unless a shock of this scale emerges.Read More
by Liam Halligan, The Telegraph:
I was in Milan last week, giving a talk on Brexit, when news broke that Italy’s biggest bank had lost its chief executive.
UniCredit is close to crisis, its share price having plunged 40pc during 2016. The entire Italian banking sector is looking extremely fragile, in fact, with bank share prices down, on average, by a third since the start of the year. You don’t think that matters to the UK? Well, think again.
We’ve heard a lot of blood-curdling statements about “the dangers of Brexit” over recent weeks from the Treasury and the Bank of England, vital institutions which, regrettably, now seem to be entirely politicized. But we hear much less from officialdom about the considerable dangers of staying in the European Union.
Read More
I was in Milan last week, giving a talk on Brexit, when news broke that Italy’s biggest bank had lost its chief executive.UniCredit is close to crisis, its share price having plunged 40pc during 2016. The entire Italian banking sector is looking extremely fragile, in fact, with bank share prices down, on average, by a third since the start of the year. You don’t think that matters to the UK? Well, think again.
We’ve heard a lot of blood-curdling statements about “the dangers of Brexit” over recent weeks from the Treasury and the Bank of England, vital institutions which, regrettably, now seem to be entirely politicized. But we hear much less from officialdom about the considerable dangers of staying in the European Union.
Read More
from Greg Hunter:
Trader/analyst Gregory Mannarino says you better be protecting yourself for what is coming in the financial markets. Mannarino explains, “It’s just a matter of time. Who knows when this actually rolls over–days, hours, months, who knows? . . . . There is no stopping it. All they are attempting to do is sustain it a little bit longer, and it’s only going to make this worse. The whole correction to fair value is going to seem like the mother of all collapses. It’s not a collapse in that sense. It is a correction to fair value because everything is just out of the realm of reality. There is no price discovery mechanism on anything—anything.”
On the Federal Reserve continually hinting at raising rates in the face of a very weak economy, Mannarino says, “I think the Fed is playing a very dangerous game with the market, and I mean it’s a game. We hear there is going to be a possible rate hike. How did the market react? The market pulled back. Then in a day or two, we get a different Fed President saying hold on a minute, it may not be June. Then, the market goes back up higher. They are creating this market where it’s going up and down. So, these institutions are buying ‘calls’ and collecting cash on the bottom and buying ‘puts’ and collecting cash when it goes back down. So, they are fostering the wealth transfer even more. This is just more of the same. The Federal Reserve is a serial bubble blower, and what they are doing now is putting these little bubbles in there, too, so all this cash can be collected.”
On quantitative easing, or money printing, Mannarino says it has “never stopped.” Mannarino contends, “Here’s the proof right here on your show that they never stopped. How does the Federal Reserve keep interest rates low? They don’t have any magical powers. They can’t just make up a potion and drink it and their yields are going to stay low. The Federal Reserve has to print the cash out of thin air and buy bonds with it. What does this sound like? It’s quantitative easing, and it has never ever stopped, and it won’t ever stop.”
Read More
Trader/analyst Gregory Mannarino says you better be protecting yourself for what is coming in the financial markets. Mannarino explains, “It’s just a matter of time. Who knows when this actually rolls over–days, hours, months, who knows? . . . . There is no stopping it. All they are attempting to do is sustain it a little bit longer, and it’s only going to make this worse. The whole correction to fair value is going to seem like the mother of all collapses. It’s not a collapse in that sense. It is a correction to fair value because everything is just out of the realm of reality. There is no price discovery mechanism on anything—anything.”
On the Federal Reserve continually hinting at raising rates in the face of a very weak economy, Mannarino says, “I think the Fed is playing a very dangerous game with the market, and I mean it’s a game. We hear there is going to be a possible rate hike. How did the market react? The market pulled back. Then in a day or two, we get a different Fed President saying hold on a minute, it may not be June. Then, the market goes back up higher. They are creating this market where it’s going up and down. So, these institutions are buying ‘calls’ and collecting cash on the bottom and buying ‘puts’ and collecting cash when it goes back down. So, they are fostering the wealth transfer even more. This is just more of the same. The Federal Reserve is a serial bubble blower, and what they are doing now is putting these little bubbles in there, too, so all this cash can be collected.”
On quantitative easing, or money printing, Mannarino says it has “never stopped.” Mannarino contends, “Here’s the proof right here on your show that they never stopped. How does the Federal Reserve keep interest rates low? They don’t have any magical powers. They can’t just make up a potion and drink it and their yields are going to stay low. The Federal Reserve has to print the cash out of thin air and buy bonds with it. What does this sound like? It’s quantitative easing, and it has never ever stopped, and it won’t ever stop.”
Read More
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