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A Desperate China Begged Fed For “Plunge Protection Playbook” As Its Market Crashed

March 21, 2016

A Desperate China Begged Fed For “Plunge Protection Playbook” As Its Market Crashed Last June, China’s stock market miracle ended in tears. The SHCOMP’s inexorable, parabolic ascent was to a large degree facilitated by an explosion of margin debt, the likes of which could not be found in any other major market across the globe. […]

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When Currency Pegs Break, Global Dominoes Fall

February 24, 2016

When Currency Pegs Break, Global Dominoes Fall  When a currency peg breaks, it unleashes shock waves of uncertainty and repricing that hit the global financial system like a tsunami. The U.S. dollar has risen by more than 35% against other major trading currencies since mid-2014: If all currencies floated freely on the global foreign exchange […]

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Attention Finally Turns To Saudi Arabia’s “Secret” US Treasury Holdings

January 22, 2016

Attention Finally Turns To Saudi Arabia’s “Secret” US Treasury Holdings In November of 2014, we announced the quiet death of the petrodollar. The system which underwrote decades of dollar dominance and kept a perpetual bid under USD assets met an untimely demise when the Saudis moved to bankrupt the US shale complex by deliberately suppressing oil prices. […]

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Will China’s Currency Peg Be the Next to Fall?

February 13, 2015

Will China’s Currency Peg Be the Next to Fall? I suspect China’s leadership is wary of unpegging the RMB for one reason: the FX market is too large to manipulate for long. What is China’s currency the renminbi (RMB, a.k.a. yuan) really worth? Nobody knows, because price discovery has been thwarted by the RMB’s peg to the […]

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Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders

January 20, 2015

Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders The absolutely stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe.  Citigroup and Deutsche Bank both say that their losses were somewhere in the neighborhood of 150 million dollars, a […]

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Olduvai IV: Courage
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