Stunning pictures of the devastation the east coast wakes up to the morning after.Now The Rats Are Sinking The Leaking Ship
While the massive population of New York City is awfully impacted by Sandy, there is a more populous and even more caustic population that is struggling with the aftermath: Rats! As Forbes notes, the NYC Subway is notorious for its rat population and with all five subway tubes now submerged, one can only imagine where these cute cuddly rabies-wielding devil rodents will make their new homes. "Rats are incredibly good swimmers and they can climb" is hardly the reassuring news lower Manhattan homeowners were looking for, and as the Daily Mail notes, this could bring infectious diseases such as leptospirosis, hantavirus, typhus, salmonella, and even the plague into human contact. On the bright side (well not really), rats don't need to bite a human to transmit its gross payload; rodent feces and urine can spread conditions like hantavirus just as easily - get long hand sanitizer stocks!
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When ¥11 Trillion Is Not Enough: Japan's QE 9 Disappoints, Halflife Zero, Time For QE 10
It was only yesterday that we pointed out the ever decreasing halflives of central bank interventions. We are grateful that none other than the biggest intervention basket case of all came out and proved us 100% correct, when the BOJ announced none other than QE 9 just one month after the impact from QE 8 fizzled about 8 hours after it was disclosed. This time around, the destructive "benefit" to the JPY was negative from the first second, resulting in the first instance of monetary easing that.. wasn't. Japan just came up with a brand new New Normal concept: tightening through easing, when its ¥11 trillion intervention proved to be woefully insufficient for a market addicted to ever more liquidity injections.Eric Sprott On America's Great Endangered Species: "The 99%"
Other
than some obligatory arrests for disorderly conduct, the Occupy Wall
Street movement celebrated its one year anniversary this past September
with little fanfare. While the movement seems to have lost momentum,
at least temporarily, it did succeed in showcasing the growing sense of
unease felt among a large segment of the US population – a group the
Occupy movement shrewdly referred to as “the 99%”. The 99% means
different things to different people, but to us, the 99% represents the US consumer. It represents the majority of Americans who are neither wealthy nor impoverished and whose spending power makes up approximately 71% of the US economy.
It is the purchasing power of this massive, amorphous group that
drives the US economy forward. The problem, however, is that four years
into a so-called recovery, this group is still being financially squeezed from every possible angle, making it very difficult for them to maintain their standard of living, let alone increase their levels of consumption.Selling Short
Admin at Jim Rogers Blog - 3 hours ago
I don`t like to sell something short unless it`s unbelievably expensive. - *in
Hot Commodities*
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The
Financial Times and is a regular guest on Bloomberg and CNBC.*
Austerity Will Not Be The Path To Prosperity in Western Economies
Eric De Groot at Eric De Groot - 3 hours ago
Hubert Hoover chose austerity as the path to prosperity in 1930. This
choice handed the 1932 election to Roosevelt. Roosevelt proposed in his
first "hundred days," a sweeping program to bring recovery to business and
agriculture, relief to the unemployed and to those in danger of losing
farms and homes, and reform, especially through the establishment of the
Tennessee Valley...
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content, and more! ]]
The Invisible Hand Is A Master of What the Public Ignores
Eric De Groot at Eric De Groot - 3 hours ago
Those frustrated by timing gold have two choices. Remove opinion and
emotion by (1) turning off the quote machine and refrain from using
leverage going forward, or (2) through mathematical study of money flows,
confidence, and time to interpret the market. The latter is much harder
than the former. Those expecting gold to transition from the power D-wave
decline (DOWN) to C-wave...
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content, and more! ]]
The Chinese Economy Is Slowing Down Rapidly
Admin at Marc Faber Blog - 3 hours ago
The Chinese economy is slowing down rapidly. In my opinion, it is not
growing at any more than 4 percent now. - *in Economic Times*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*From One Closing Ramp To Another
Presented with little comment - for any comment would simply end in ridicule and exasperation - but it seems quite clear that more than a few algos feel the need to keep S&P 500 futures above 1400 into the month-end and OPEX. S&P futures closed at 1411.25 (+3.75 from Friday's close).
As The Hurricane Damage Tally Begins, Here Is Who Pays
While
it is too early to estimate the ultimate losses wreaked by Hurricane
Sandy in the last 24 hours, we thought it useful to start gauging
relative exposures and which companies are the most exposed. As it
stands, Hurricane Katrina remains #1 of all US Catastrophes as the most-costly at $46.6bn (2011-equivalents) with 9/11 second at $38.5bn;
with the worst MTA disaster in its history and the relative wealth in
the areas affected, one can't help but feel like Sandy could be up
there. The P&C insurance industry will bear the brunt of personal
and corporate losses (as well as federal relief we pre-suppose) and is
better capitalized than in the past but as JPM notes, initial estimates
of losses tend to be revised upwards. The most exposed insurer
is State Farm with an 11.4% share of all potential liability lines in
the states impacted, followed by Allstate and Travelers. We
finally note that when the P&C industry experiences losses of this
magnitude, it typically leads to increased pricing for an extended
period of time (as they rebuild capital bases).Your support is needed...
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New York Paralyzed As Subways Shut Down Indefinitely: Subway Chief: "Worst Disaster Ever"
As everyone who has been to New York City knows, without its underground arteries - the subway system - the city is if not dead, than certainly in an indefinite coma. By that logic, New York will not get out of the critical ward for many days, because hours ago the head of the New York City’s transit system just called Hurricane Sandy "the most devastating event to the city’s subway system ever." At last check seven subway tunnels under the East River had flooded, as did the Queens Midtown Tunnel—and Metropolitan Transit Authority chairman Joseph Lhota said there is “no firm timeline” for when the system would be back up and running. According to other MTA employees it would take between 14 hours and 4 days just to pump the water out of the subway system. We'll take the over. And as long as there are no subways, there are no clerical and support workers, there is no Wall Street, there is no beating heart to the city.
Daily Market Re-Cap: October 30
Equity markets in Europe traded higher today, supported by solid corporate earnings, further monetary policy easing from Japan, as well as what can only be described as “less bad” GDP report from Spain. Also, commodity complex benefited from upward revision to China’s GDP estimate by analysts at Bank of America (Q4 GDP estimate now stands at 7.8% vs. Prev. view of 7.5%). Decent demand for the latest debt issuance saw IT/GE 10s tighten by c.5bps, with SP/GE 10s also seen tighter by 3bps.Frontrunning: October 30
- U.S. Super Storm’s Record Flooding Lands Blackout Blow (Bloomberg)
- Sandy Carves a Path of Destruction Across the U.S. East Coast (WSJ)
- Losses May Exceed Those of 2011 Storm (WSJ)
- Hurricane Sandy Threatens $20 Billion in Economic Damage (Bloomberg)
- Huge fire in Sandy's wake destroys dozens of NYC homes (Reuters)
- Possible levee break in New Jersey floods three towns (Reuters)
- Apple Mobile Software Head Forstall Refused to Sign Apology (WSJ)
- Stagflation in Spain (Bloomberg)
- German Oct. Unemployment Rose Twice as Much as Forecast (Bloomberg)
- A declining Japan loses its once-hopeful champions (WaPo)
- Unable to copy it, China tries building own jet engine (Reuters)
- Obama Signs Disaster Declarations for NY, NJ (YNN)
With American Markets Shut For Second Day, China And Japan Come To Its Rescue
With
the stock markets of the "developed world" in limbo for the second
straight day and leaderless as New York is paralyzed, and the US was set
to be closed for a second straight day, and with futures tumbling to
their lowest level in over 2 months overnight, it was time for the East
to step up. And step up it did! First, it was China's turn, which while
still refusing to ease outright, conducted a massive 395 billion yuan
reverse repo - this operation is the biggest on record, according to
Bloomberg data going back to 2004, which in turn sent China's seven-day
Repo rate plunging the most since January. And because this whopping
injection would prove to be promptly internalized, a few short hours
later Japan followed with nothing less than QE9! Just around 2 am
eastern, the BOJ announced the 9th installment in its neverending
monetary farce, when it said it would proceed to monetize an additional
Y11 trillion in assets. From BusinessWeek:
"The BOJ expanded its asset-purchase program by 11 trillion yen ($138
billion) to 66 trillion yen, the central bank said after a policy
meeting today. The range of forecasts in a Bloomberg survey was from 10
trillion yen to 20 trillion yen." Of course, in this bizarro world in
which intervention is the only thing left, the latest Japanese QE had an
immediate and opposite effect of that planned, sending the USDJPY lower the
second it was announced, as the amount announced was disappointing to
most who had expected even more easing, and the halflife was for the
first time in recorded monetary intervention history, absolute zero!
But at least this failed intervention for Japan, helped America,
sending ES from 1393, a full 13 ticks higher, where they are now. And so
the epic defense of 1400 (and 1.2900 in EURUSD) continues for a 5th
straight day!Today’s Items:
It has hit the fan at the Bundesbank folks. Bundesbank may have withdrawn its bullion in self-protection since it did not, apparently, have its own specifically allocated bars in London.
In addition, the German gold bars stored in the New York Fed may no
longer be there as they may have been sold off a long time ago. Hell, if
you have an American Gold Eagle, you may be physically holding a part
of that German gold that was supposed to be at the New York Fed. No
wonder, officials are Bundelesbank are freaking out; however, they may
need a clue as to where the gold went. hmm…
36 tons of gold has been smuggled into
Dubai and have been delivered to Iranian buyers in the past few months
to satisfy gold demand without adhering to strict Western financial
regulations. Yes, as Iran sells oil for gold, the gold just magically
appears out of nowhere for the oil trade. How is that for a clue
Bundesbank?
Warren Buffet is saying that while the
American economy may be doing better than Europe, the entire global
economy is definitely slowing. Buffett has also given a strong
endorsement to Benji Bernanke for a third term, saying he’s done an
“absolutely superb job.” Yes, if his job is to prop up criminal banks
and screw the American people. Yes, he sure has. Even with his
endorsement, he goes on to say that he is worried about the Fed’s
expanding balance sheet. Well Warren, so are we.
Here are a few…
1. United Arab Emirates
2. Qatar
3. Oman
4. Kuwait
5. Cayman Islands
1. United Arab Emirates
2. Qatar
3. Oman
4. Kuwait
5. Cayman Islands
Many of JP Morgan’s high level executives
have dumped a large number of shares that could be described as unusual
activity. Do they have inside knowledge of what is to come? We will see.
Many politicians, from Gore to Obama, want
the electoral college scrapped. They prefer the idea of the popular
vote to decide the Presidential election; however, the electoral college
was created to prevent corrupt political machines from deciding
elections. This process forces candidates to visit other areas other
than the few largest cities in the US. With that said, the
winner-take-all for a state’s electoral votes should be scrapped. The
Congressional District method, as in Maine and Nebraska, would force
each candidate go after each congressional district in a state. The
use of the Congressional District method is more indicative of a popular
vote and keeps the political machines in check. For an idea of a
political machine, one only look at Chicago or even Tammany Hall. Unfortunately, this method does not address voting machine corruption.
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