Tuesday, November 22, 2016

MSM CLAIMS: Trump Won’t Pursue Charges Against Hillary: “She’s Been Through Enough”

MSNBC’s “Morning Joe” is reporting that President-elect Donald Trump will not pursue investigations into Hillary Clinton’s use of a private e-mail server or her family’s charity foundation. Trump reportedly feels that Clinton has "been through enough."

What Happens Next?

As we noted previously, each time the bond market has crashed in the last few decades, a financial crisis has quickly followed. However, perhaps more perscient in the current exuberant 'buy the f**king all time highs' regime in US stocks, is the decoupling we have seen with global stocks. Since the taper-tantrum in 2013, we have seen four 'meltdowns' in global bonds... and guess what happened next?

The NYT Is Live Tweeting Its Meeting With Trump

Very "Special" 5 Year Auction Tails Despite Massive Short Overhang

Even with the potential squeeze, today's 5 Year auction still tailed modestly, pricing at a 1.76% high yield, a 0.3bps tail to the 1.757 When Issued. The Bid to Cover of 2.44, was right on top of the 6 month average of 2.43.

The Political Triumph Of The Empty Gesture

Politics is the art of the symbolic gesture. The successful symbolic gesture gains gravitas by crystallizing a narrative that attracts a consensus that then powers policies of substance. The politics-as-usual gesture is empty of substance, serving only to mask collusion and failure.

As TPP Dies, Asian Nations Salute Their New "Free Trade" Leader: China

Overnight China got a present when Trump announced that the TPP is dead. That's all Beijing needed to hear and this morning China said it hoped to conclude an Asia-wide trade pact as soon as possible, in "a sign of Beijing’s intent to broaden its regional influence amid the apparent collapse of the U.S.-backed Trans-Pacific Partnership." What is surprising is how fast most Asian nations are willing to embrace their new "free-trade" overlord.

"Emotionally F**king Pissed" Media Blows Embargo And Lashes Out At Trump - "F*ck Him"

“I have to tell you, I am emotionally fucking pissed.  How can this not influence coverage? I am being totally honest with you. Fuck him!"

Oil Slides: OPEC "Deal" Suddenly In Jeopardy

Oil tumbled to intrday lows on the latest batch of headlines according to which the OPEC Vienna "deal" is now suddenly in jeopardy when Bloomberg reported that the OPEC committee is said to defer the issue of Iran and Iraq - the second and third largest producers in OPEC - to the November 30 meeting altogether.

Venezuelan President Threatens Legal Action Over JPMorgan's "Campaign Of Terror"

...the payments were "in effect, sent to Citibank and then JPMorgan comes out with that totally false information this afternoon." Del Pino raged that Citibank deliberately delayed payments from PDVSA as part of a “campaign of terror” against the company and Venezuelan President Maduro is looking into legal action against JPMorgan over their report.

"What If Market Consensus Is Wrong" - A Hedge Fund Ponders The Alternative

"What if consensus is wrong: what if rates are rising due to the end of Quantitative Easing and not because of reflation/escape velocity on growth? Rates then rise without growth, perhaps even without much inflation. Indeed, rates started rising back in August, on momentous shifts in policy by BoJ (forced by capacity constraints and collateral damage). Such scenario is not good for equities, contrary to what currently believed by markets."

State Regulators Deny The Homeless A Free Meal

The holiday season is officially upon us, which means Americans will soon be feeling extra charitable. However, while random acts of kindness and helping those in need are as intertwined with the holiday season as colorful lights and gift giving, the government has chimed in to remind us that charitable efforts must be first be approved by the state.

Global Wealth Update: 0.7% Of Adults Control $116.6 Trillion In Wealth

In 2016, 3.5 billion adults, or 73% of total, had wealth under $10,000 accounting for 2.4% of global wealth. In contrast, the 33 million millionaires comprise 0.7% of the adult population, but own 46% of household wealth. And the, at the very top, 50,800 are worth at least $100 million, and 5,200 have assets above $500 million.

Donald Trump And The Return Of European Anti-Americanism

European criticism of Trump goes far beyond a simple displeasure with the man who will be the next president. The condemnation reveals a deep-seated contempt for the United States, and for American voters who democratically elected a candidate committed to restoring American economic and military strength. European anti-Americanism is certain to escalate in the years ahead, not because of Trump or his policies, but because "globalists" appear desperate to save the failing European Union

Existing Home Sales Surge To Feb 2007 Highs Before Yuuge Spike In Mortgage Rates

October saw exisitng home sales (SAAR) surge to 5.60mm (handily better than the 5.44mm expectation). These are deals essentially done in August and September - weeks before mortgage rates exploded higher - and with median home prices hitting new highs as the cost of funding spikes, it is hard to se how this is sustainable.

Banks Shrug As US Treasury Yield Curve Crashes To 6-Week Lows

If everything is so awesome, with a growth/inflation miracle just around the corner, then why is the US treasury yield curve collapsing in a dismal-growth-outlook-implying manner?

As Investors Dump Treasuries, German Bonds Are Panic-Bid To Record Low Yields

2Y German bond yields are collapsing, hitting record lows at -72bps this morning as Commerzbank reports a collateral squeeze into year-end. Since the election, the spread between 2Y UST and 2Y GER has exploded by over 50bps, spiking Treasuries to their 'cheapest' to Bunds since 2005...

Dow Tops 19,000; S&P Break 2,200

Mission Accomplished?

The OPEC "Vienna Matrix" - If 1MM Cut, Oil To $59; If No Cut, Oil To $40

OPEC agrees to cut 1 mm barrels: OPEC produces averages 33 mmbpd in 2017; WTI averages $59/bbl in 2019
OPEC again fails to reach an agreement:OPEC production averages 34 mmbpd in 2017, WTI drops to $40 then rebounds to $45 in 2017

India's War On Cash Is Forcing The Rich To Beg The Poor For Help

Maids, drivers, nannies, and cooks in India are experiencing unusual politeness from their employers. Beyond the work they do every day, they suddenly have another use – to launder the undeclared cash which the rich have been hoarding in steel wardrobes, under the mattress and in under-bed storage.


by Christina Sarich, Underground Reporter:
San Francisco — A newly opened lab can now detect microscopic levels of the herbicide most commonly used in Monsanto’s RoundUp — glyphosate — in food and soil samples from all over the world.
Anresco Laboratories in San Francisco just launched and they are using an innovative way to test for pesticide residues. Utilizing a regulatory recognized LC/MS/MS method, available to both non-governmental organizations (NGOs) and commercial companies, Anresco is able to find glyphosate in levels much lower than the standard, ‘high detection’ test rate of 20 parts per billion (ppb) and above.
LC/MS/MS, or liquid chromatography tandem mass spectrometry, is considered the gold standard for both quantification and semi-quantitative screening of food contaminants, such as pesticide residues. This is meaningful because the technology allows the lab to test for levels as low as 5 ppb, and in some cases, even lower. With many food and soil samples, LC/MS/MS allows for detection and quantification down to 2 ng/g with recoveries between 70 and 90 percent. This translates to 2 nanograms per billion, or comparatively, like finding a needle in a haystack if the needle was a blade of grass and the haystack was an entire solar system.
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Trump Visitor Reveals Secret Immigration Reform Agenda… And You’ll LOVE It

by Jim Hoft, The Gateway Pundit:
Potential Trump Administration people have been tight-lipped about what they discuss with Trump. But one visitor let slip some secrets on immigration reform.
Accidentally? Or on purpose?
Kansas Secretary of State Kris Kobach shook hands with Trump today, and a photographer caught the moment. The photographer also caught a piece of paper outlining a potential Trump immigration reform agenda. Look:
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End of Euro in Italy: Renzi Faces Three Opposition Parties, All Rabidly Anti-Euro

by Mish Shedlock, Mish Talk:
The nannycrats in Brussels better be working on plan B. Plan A, never let a country leave the Eurozone, is set to fail, sooner or later, and in a country big enough to have massive repercussions.
On December 4, Italy holds a referendum that would give sweeping powers to the winner of an election. If the referendum fails, prime minister Matteo Renzi has repeatedly threatened to resign.
On December 5, it is increasingly likely that Europe could wake up to an immediate threat of disintegration.
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Why Rising Interest Rates Could Be “Potentially Lethal”

by Doug Casey, Casey Research:
Interest rates are soaring…
The yield on the U.S. 10-year Treasury note has jumped from 1.37% to 2.3% in just four months.
The yield on the Italian 10-year government bond has more than doubled since August.
Libor, one of the world’s most important benchmark rates, has jumped from 0.61% at the start of the year to 0.91%. It’s now at its highest level since 2009.
Most people wouldn’t think much of this. Some folks might even start dozing if you rattled off these facts. But Dispatch readers know these kinds of moves have a huge impact on the global financial system.
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The Iran-Russia-China Strategic Triangle

by F. William Engdahl, New Eastern Outlook:
The developing economic, political and military links binding Iran, China and Russia in what I see as an emerging Golden Triangle in Eurasia, are continuing to deepen insignificant areas. This, while it seems to be US geopolitical strategy in a prospective Trump Administration to distance Washington from both Iran and from China, while dangling the carrot of lessened confrontation between Washington and Moscow–classic Halford Mackinder or Kissinger geopolitics of avoiding a two-front war that was colossally backfiring on Washington by trying to shift the power balance. At present, the dynamic of the past several years of closer cooperation by the three pivotal states of the Eurasian Heartland is gaining strategic momentum. The latest is the visit of China’s Minister of Defense and of Russian senior officials to Teheran.
On November 14-15 in Teheran, during a high-level visit of the Chinese Defense Minister, General Chang Wanquan, with Iranian President Hassan Rouhani and Iranian Defense Minister Hossein Dehghan, the two major Eurasian nations signed a deal to enhance military cooperation. The agreement calls for intensification of bilateral military training and closer cooperation on what the Iran sees as regional security issues, with terrorism and Syria at the top of the list. Chief of Staff of the Iranian Armed Forces, Major General Mohammad Hossein Baqeri, said Iran is ready to share with China its experiences in fighting against the terrorist groups in Iraq and Syria. Dehghan added that the agreement represents an “upgrade in long-term military and defense cooperation with China.”
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