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Market risk; model smash
Market risk; model smash Seeing the market crash from a few weeks ago, it is clear how quickly the markets can ferociously thrust past one’s risk models. Risk models that failed to safeguard against risk when it absolutely mattered the most. Models that left many large hedge funds hemorrhaging – top funds which by definition were supposed to protect their investors […]
Never Forget … Your Country Admits to False Flag Terror
Never Forget … Your Country Admits to False Flag Terror Presidents, Prime Ministers, Congressmen, Generals, Spooks, Soldiers and Police ADMIT to False Flag Terror In the following instances, officials in the government which carried out the attack (or seriously proposed an attack) admit to it, either orally, in writing, or through photographs or videos: (1) Japanese troops […]
Cristina Takes on Financial Times in Multi-Platform BRICS Tirade
Cristina Takes on Financial Times in Multi-Platform BRICS Tirade Cristina has been on the media warpath against a perceived attack on emerging markets. This Monday, Cronista republished (in Spanish) an article from the Financial Times titled, “Emerging Markets: Fixing a Broken Model.” The article is long, a bit on the dry side, hardly sensational and […]
From Miracle to Cataclysm – why the commodity bust will last for years
From Miracle to Cataclysm – why the commodity bust will last for years The Chinese Jīngjì qíjī, wirtschaftswunder, keizai no kiseki, milagro económico or whatever you want to call is neither a miracle nor distinctly Chinese. A basket case like Argentine managed to pull off a similar feat, albeit with more volatility, over a 42 year timespan beginning […]
The Petroyuan Cometh: Launch Of Renminbi-Denominated Oil Futures Contract Imminent
The Petroyuan Cometh: Launch Of Renminbi-Denominated Oil Futures Contract Imminent Whenever one talks about the death of the petrodollar, the unspoken question lurking just beneath the surface is this: is the rise of the petroyuan just around the corner? This year, we’ve gotten quite a bit of evidence to suggest that the answer to that question […]
Global Economy Nearing a “Structural Recession”
Global Economy Nearing a “Structural Recession” And monetary policies will be “ineffective” To the never-ending astonishment of our economists, global growth has been much weaker since the Financial Crisis than before it, despite enormous global stimulus from years of extreme central-bank monetary policies and record amounts of government deficit spending. This should not have happened, according […]
Oil Production Boom Is Not What It Seems As Future Investments Are Uncertain
Oil Production Boom Is Not What It Seems As Future Investments Are Uncertain Amid a holiday-dappled week, we barrel in to Wednesday without the presence of the weekly oil inventory report; we will have to wait until tomorrow at 11am (EDT) for that. We do, however, get the API report after market close, although the […]
Buiter: Only “Helicopter Money” Can Save The World From The Next Recession
Buiter: Only “Helicopter Money” Can Save The World From The Next Recession It is to be expected that economists – even economists working for the same team – have different views about the likelihood of different future outcomes. Economics isn’t rocket science, and even rockets frequently land in the wrong place or explode in […]
China Loses All Control, Spends 600 Billion Yuan On Plunge Protection In August, Tightens Capital Controls
China Loses All Control, Spends 600 Billion Yuan On Plunge Protection In August, Tightens Capital Controls Back on July 20, Caijing reporter Wang Xiaolu suggested that China Securities Finance – the state-owned plunge protection vehicle – may be set to exit the market. That sent futures plunging and ultimately led to Mr. Wang’s arrest late […]
Globalized Crisis
Globalized Crisis If there is a bright side to the turmoil that has roiled the global economy since 2008, it is that not every part of the world has erupted simultaneously. The first blow was the subprime mortgage crisis in the United States, to which Europeans responded with self-satisfied reflections on the superior resilience of […]
The Numbers Are In: China Dumps A Record $94 Billion In US Treasurys In One Month
The Numbers Are In: China Dumps A Record $94 Billion In US Treasurys In One Month Shortly after the PBoC’s move to devalue the yuan, we noted with some alarm that it looked as though China may have drawn down its reserves by more than $100 billion in the space of just two weeks. That, we went on […]
Stock market confessions, chaos, complexity and the illusion of control
Stock market confessions, chaos, complexity and the illusion of control In the old days of the Chinese Cultural Revolution those who said or did something perceived by the Chinese authorities to be counter-revolutionary were forced into public confessions–and then humiliated, imprisoned or even put to death. It seems that old ways die hard. Last week the new […]
U.S. Drops Fleas With Bubonic Plague on North Korea
U.S. Drops Fleas With Bubonic Plague on North Korea This happened some 63 years ago, but as the U.S. government has never stopped lying about it, and it’s generally known only outside the United States, I’m going to treat it as news. Here in our little U.S. bubble we’ve heard of a couple versions of […]
Rolling Boulders Uphill
Rolling Boulders Uphill As symbols of futility go, that of Sisyphus takes some beating. In Greek mythology, Sisyphus was captured by the gods after having freed humanity from Death. They punished him, of course: he would spend the rest of his days pushing a boulder up to the top of a mountain. Just when he […]
