Submitted by Tyler Durden on 08/18/2015 - 10:54 You can stop waiting for a global financial crisis to happen. The truth is that one is happening right now. All over the world, stock markets are already crashing...
Hilsenrath Warns Fed Is Out Of Ammo, "Policy Makers Resorting To Backup, Backup Plans"
Submitted by Tyler Durden on 08/18/2015 - 10:31 As the U.S. economic expansion ages and clouds gather overseas, policy makers worry about recession. But, as WSJ's Jon Hilsenrath warns, their concern isn’t that a downturn is imminent but whether they will have firepower to fight back when one does arrive. "The world economy is like an ocean liner without lifeboats,” economists at HSBC Bank explained, and as looming threats are a reminder that the slow-growing global economy is just a shock away from peril, with rates already at zero, Douglas Elmendorf, the recently departed director of the CBO, warned, "policy makers are thinking about their backup, backup plans."
What Investors Think Is The Biggest "Tail Risk" Right Now
Submitted by Tyler Durden on 08/18/2015 - 12:13 According to the latest, just released survey concerns about both geopolitics and Greece have been largely forgotten, as have Chinese debt defaults, and instead these have been replaced with far more overarching fears about a China recession (made all the more acute after China's devaluation) and an Emerging Market debt crisis. In fact, according to BofA, "2 out of 3 investors think either China recession or EM debt crisis = biggest "tail risks."Atlanta Fed Q3 GDP Forecast Doubles Thanks To Subprime Auto Loans
Submitted by Tyler Durden on 08/18/2015 - 12:05
Thanks to the economic miracle of offering cheap money to the least creditworthy of society, The
Atlanta Fed just increased its forecast for Q3 GDP from +0.7% to +1.3%
- though this is still less than half consensus estimates. The driver of this 'almost doubling' was due to a 15.3% increase in seasonally adjusted motor vehicle assemblies in July stuffing inventories even fuller. Of course, as we previously noted, this is entirely unsustainable and we await the mean-reversion in August and September.
Cyanide Thunderstorms Feared As Mystery Deepens Around $1.5 Billion Tianjin Explosion
Submitted by Tyler Durden on 08/18/2015 - 11:20 The story behind the deadly chemical explosion that rocked China’s Tianjin port last Wednesday continues to evolve amid fears that the public could be at risk from the hundreds of tonnes of sodium cyanide stored at the facility. It looks as though determining who actually owns Ruihai will be complicated by the fact that in China, it’s not uncommon for front men to hold shares on behalf of a company’s real owners. In an effort to pacify the country’s censored masses, party mouthpiece The People’s Daily said 10 people, including the head and deputy head of Ruihai had been detained since Thursday. Finally, initial estimates put the cost of the blast at bewteen $1 billion and $1.5 billion.Next...exactly like Mugabe in Zimbabwe...we will start printing even more money to pay the military...
Pentagon Boosts Drone Flights 50% As Bernanke Warns Cutting Defense Spending Could Hurt Economy
Submitted by Tyler Durden on 08/18/2015 - 11:45 In the event you were becoming concerned that the U.S. government might be backing away from its longstanding policy of endless violence, militarism and bloodshed, fear not. If we know one thing for sure, it’s that defense contractors and the military-intelligence-industrial complex must earn. And continue to earn it will.
China & The Decline In Quality (And Soon In Profits)
Submitted by Tyler Durden on 08/18/2015 - 10:56 The era of reaping stupendous profits from low-quality goods produced by low-cost labor in a lax anything-goes regulatory system are ending, not as a result of policy changes but as a result of far deeper structural changes. Anyone thinking China, Inc. and Corporate America will emerge unscathed is living in Fantasyland.
Silver Is Crashing
Submitted by Tyler Durden on 08/18/2015 - 10:21 For the 3rd time in a week, Silver futures prices are plunging. This time though it is on considerably heavier volume as Silver drops 3.75% - the most in over a month - hammered off resistance at its 50DMA. Gold is also falling though not as aggressively.
"Independent" GMO Researcher Forced To Admit $25K Grant From Monsanto
Submitted by Tyler Durden on 08/18/2015 - 10:07 There is no such thing as objective science when a researcher receives tens of thousands of dollars from the GM producers themselves, then goes on to promote their financiers’ products. Corporate collusion between government bureaucracies and educational institutions has become a serious issue in the U.S. that has corrupted objectivity in nearly every sector of American life.
Where The Shorts Are Hiding: S&P Short Interest By Sector
Submitted by Tyler Durden on 08/18/2015 - 09:44 It will probably not come as a surprise that with oil trading at 6 year lows, and with China barely able to keep the plates spinning, according to the latest NYSE data, Energy and Industrial were the most shorted sectors as the shorts congregate, having smelled if not blood than ongoing commodity and excess capacity turmoil. What about the remaining 8 sectors?
More Trouble In Turkey As Lira Plunges To New Lows, Bond Yields Soar
Submitted by Tyler Durden on 08/18/2015 - 09:29 Political turmoil, rising violence, and general EM malaise have hit Turkey's currency hard and on Tuesday, the central bank left rates unchanged prompting further weakness in the lira which had already fallen earlier in the session after Emine Nur Gunay, PM Davutoglu's chief adviser, hinted that a rate hike was not in the cards.
Base Metals Battered As "Unholy Combination Of Factors" Crushes Copper
Submitted by Tyler Durden on 08/18/2015 - 09:12 Copper (and aluminum) tumbled overnight as base metals were battered during an intense Asia session and losses are extending in European trading. As one trader noted "sentiment toward China is weak, the dollar is somewhat strong and there is an unholy combination of many factors keeping prices under pressure," and copper traded $4,999/mt on the LME - its first sub-$5000 print since 2009. Aluminum, nickel and zinc all tumbled also.
Building Permits Plunge After NYC Property Tax Break Expires, Housing Starts Stable
Submitted by Tyler Durden on 08/18/2015 - 08:38 After 3 months of exploding building permits - driven almost exclusively by the Northeast region (due to expiration of property tax breaks in NYC) - reality bit in July as permits plunged 16.3% to the lowest since March (biggest drop since June 2008). This was the biggest miss on record for permits. Housing Starts rose less than expected but thanks to a dramatic upward revision are stable at around 1.2 million units SAAR (driven by a rise in single-family units trumping multi-family units).
Gartman Stopped Out Of Treasury Short
Submitted by Tyler Durden on 08/18/2015 - 08:20 "We Were Short… Now We Are Not!: The trend since mid-June is upward and today’s collapse in the Chinese stock market will serve only to make the bid for the US bond market that much stronger!" - Dennis Gartman
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets
Submitted by Tyler Durden on 08/18/2015 - 08:09 Just hours after the PBOC announced a modestly "revalued" fixing in the CNY, which curiously led to weaker trading in the onshore Yuan for most of the day before a forceful last minute intervention by the central bank pushed it back down to 6.39 it was the local stock market spinning plate - which had been relatively stable during the entire FX devaluation process - that China lost control over, and after 7 days of margin debt increases the Shanghai Composite plunged by 6.2% in late trade, tumbling 245 points to 3748, just 240 points above its recent trough on July 8, a closing level some 27% off its June peak.
Indonesia Impaled: Currency Crashes To 1998 Asian Crisis Low As Exports Crater
Submitted by Tyler Durden on 08/18/2015 - 07:53 On Monday we laid out the rather dire road ahead for the world’s emerging economies in the face of China’s entry into the global currency wars. The path ahead is riddled with exported deflation and decreased trade competitiveness for a whole host of emerging economies [and] all of this is set against a backdrop of declining global growth and trade, a trend which many had assumed was merely cyclical, but which in fact may prove to be structural and endemic." Well don’t look now, but trade just collapsed for Indonesia as exports and imports plunged 19.2% and 28.4% (more than double to consensus estimate), respectively in July. Meanwhile, the rupiah is sitting near multi-decade lows.
Walmart Stock Slides After EPS Miss, Profits Tumble, Full Year Guidance Slashed
Submitted by Tyler Durden on 08/18/2015 - 07:27 It may not rely on such tech bubble (ver 1.0 and 2.0) buzzwords as eyeballs, clicks, "story", "sharing", "hyperxxxx, "non-GAAP" and so on, in fact with 2.2 million worldwide employees Wal-Mart is as old-school as it gets, which is why the fact that what was once the world's most valuable retailer (until Amazon dethroned it a month ago) just reported not only a miss, on tumbling operating earnings, but slashed its guidance by 7%, should be very troubling to anyone who still looks as such trivial things as "fundamentals" and how these reflect the even more trivial "economy."
Greek Liquidation Sale Begins: German Company Wins Privatization Bid For 14 Greek Regional Airports
Submitted by Tyler Durden on 08/18/2015 - 07:05 A German company, airport operator FRAPORT won the bid to operate and maintain 14 regional airports, considered to be top of the top in Greece. With an offer of 1.23 billion euro, the consortium of Fraport-Slentel (a unit of Greek energy group Copelouzos) won the bid to lease the regional airports for 40+10 years. Among the 14 regional airports are those on most popular tourist Greek islands like Mykonos, Rhodes, Kos, Santorini and Corfu. It is the first privatization deal under SYRIZA-ANEL coalition government and the biggest privatization deal in Greece since beginning of the crisis and the bailout programs in 2010.filed under (unt
Fearless. That’s why he’s leading the polls.
Donald Trump sat down with Sean Hannity after the FOX News Cleveland debate. Trump told Sean Hillary Clinton should be in prison for what she did with her emails. The FBI if currently investigating Clinton for her illegal and private email server in her home.
ht/WhatReallyHappened.com
from Western Journalism:
It’s near impossible to imagine that Donald Trump would actually be
picked to serve on a jury, but the front-runner in the GOP presidential
field did report for jury duty on Monday in his native New York. USA
Today says the real estate mogul showed up at the Supreme Court building
in lower Manhattan.
“Putting in his time today would win Trump a free pass from jury duty for six years. Under The Donald’s timeline, that would put him in his second presidential term,” says the newspaper account.
As the bold-speaking presidential contender takes time away from the campaign trail to go through his civic duty paces, he can ponder the latest poll numbers that show the GOP race shifting as the electorate reacts to the first Republican debate.
Read More
It’s near impossible to imagine that Donald Trump would actually be
picked to serve on a jury, but the front-runner in the GOP presidential
field did report for jury duty on Monday in his native New York. USA
Today says the real estate mogul showed up at the Supreme Court building
in lower Manhattan.“Putting in his time today would win Trump a free pass from jury duty for six years. Under The Donald’s timeline, that would put him in his second presidential term,” says the newspaper account.
As the bold-speaking presidential contender takes time away from the campaign trail to go through his civic duty paces, he can ponder the latest poll numbers that show the GOP race shifting as the electorate reacts to the first Republican debate.
Read More
from Sputnik News:
The United States is sliding into a Vietnam-style war in Ukraine,
Professor Stephen F. Cohen warns, suggesting that Washington and Kiev
are potentially planning to force the breakaway Donbass regions out of
Ukraine.
US hawks go even so far as to suggest sending more American boots on the ground in Ukraine, the Baltics and Poland, risking to find themselves amid a similar devastating war the US had faced in Vietnam, professor of Russian studies at Princeton University and New York University Stephen F. Cohen warns.
Read More
The United States is sliding into a Vietnam-style war in Ukraine,
Professor Stephen F. Cohen warns, suggesting that Washington and Kiev
are potentially planning to force the breakaway Donbass regions out of
Ukraine.US hawks go even so far as to suggest sending more American boots on the ground in Ukraine, the Baltics and Poland, risking to find themselves amid a similar devastating war the US had faced in Vietnam, professor of Russian studies at Princeton University and New York University Stephen F. Cohen warns.
Read More
from Bill Still:
from Wolf Street:
At the leading edge is rig-contractor Hercules Offshore. In March 2014, before the oil price collapsed, it had the temerity to sell for 100 cents on the dollar $300 million in junk bonds. Since then, its shares have collapsed to near zero. Its bonds have collapsed too. And on Thursday last week, it and a whole gaggle of related companies filed for Chapter 11 bankruptcy.
It won’t be the only junk-rated offshore driller with that fate, according to Fitch Ratings. Investors are going to get their pockets cleaned.
“This is the lowest level of demand we have seen since the early days of the offshore industry,” Hercules CEO John Rynd had told investors in a quarterly conference call on April 29. Hercules had already cut its global workforce – about 1,800 employees at the end of 2014 – by nearly 40%, he said.
Read More
At the leading edge is rig-contractor Hercules Offshore. In March 2014, before the oil price collapsed, it had the temerity to sell for 100 cents on the dollar $300 million in junk bonds. Since then, its shares have collapsed to near zero. Its bonds have collapsed too. And on Thursday last week, it and a whole gaggle of related companies filed for Chapter 11 bankruptcy.
It won’t be the only junk-rated offshore driller with that fate, according to Fitch Ratings. Investors are going to get their pockets cleaned.
“This is the lowest level of demand we have seen since the early days of the offshore industry,” Hercules CEO John Rynd had told investors in a quarterly conference call on April 29. Hercules had already cut its global workforce – about 1,800 employees at the end of 2014 – by nearly 40%, he said.
Read More
by Jeff Nielson, Sprott Money:
China is angry (at the West) that much is clear. China has now made a
series of “shocking” announcements, and made dramatic moves with its
economy, two acts which are totally atypical of the general approach
from Beijing. China generally acts in a very discrete, understated
manner, which does not attract attention to its policies, both political
and economic.
The source of its anger is easy enough to identify, the economic terrorism perpetrated against its economy by Western bankers, and discussed previously. What is far less easy to discern is its precise intent in making these overt and (for China) bold moves. In other words; China is “sending a message”. The task for the Alternative media is to decipher that message.
Read More
China is angry (at the West) that much is clear. China has now made a
series of “shocking” announcements, and made dramatic moves with its
economy, two acts which are totally atypical of the general approach
from Beijing. China generally acts in a very discrete, understated
manner, which does not attract attention to its policies, both political
and economic.The source of its anger is easy enough to identify, the economic terrorism perpetrated against its economy by Western bankers, and discussed previously. What is far less easy to discern is its precise intent in making these overt and (for China) bold moves. In other words; China is “sending a message”. The task for the Alternative media is to decipher that message.
Read More
from TruthNeverTold:
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