Archive For: February 2016

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Hillary Clinton And The Dogs Of War----She Never Gives Peace A Chance

A poll taken in Iowa before the presidential caucus found that 70 percent of Democrats surveyed trusted Hillary Clinton on foreign policy more than Bernie Sanders. But her record as Secretary of State was very different from that of her successor, John Kerry, who has overseen groundbreaking diplomatic breakthroughs with Iran, Cuba and, in a more limited context, even with Russia and Syria.

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Greek Attempt To Force Use Of Electronic Money Instead Of Physical Cash Fails

While the "developed world" is only now starting its aggressive push to slowly at first, then very fast ban the use of physical cash as the key gating factor to the global adoption of NIRP (by first eliminating high-denomination bills because they "aid terrorism and spread criminality") one country has long been doing everything in its power to ween its population away from tax-evasive cash as a medium of payment, and into digital transactions: Greece.

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Silicon Valley's Unicorn Bubble----Giant Splatter Just Ahead

For the longest time it was Wall Street's best kept secret: keep Unicorns - companies with valuations over $1 billion - hidden in their gilded stables (aka private) for as long as possible, and allow Silicon Valley billionaires and venture capitalists to overbid each other by investing modest amounts at ever more ridiculous valuations, permitting book-marking based on a handful private investment rounds to hit stratospheric levels and allowing the investors to take out loans backed by sky-high valuations as collateral.

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Here They Go Again----Credit Quality Deteriorating Rapidly In $870B CLO Market

At the peak of the last financial crisis, as the credit liquidation wave was jumping from one highly levered product to the next, one of the hardest hit sectors was the Collateralized Loan Obligations (CLO) space, where the rout and massive P&L losses across most tranches led to a revulsion for new issuance, which effectively shut down the sector for the next 3 years.

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Don't Call It Capitalism----Xi Jinping Whips Media Into Strict Adherence To Communist Party Line

The Chinese president, Xi Jinping, has made a rare and high-profile tour of the country’s top three state-run media outlets, telling editors and reporters they must pledge absolute loyalty to the Communist party and closely follow its leadership in “thought, politics and action”.

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Mutual Funds Vulnerable to Runs----Even Fed Staff Agrees

Mutual funds are vulnerable to runs that can spill over and cause problems in the broader financial system, according to a blog post published today on Liberty Street Economics by staffers at the Federal Reserve Bank of New York.

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From The Watch Watch----Swiss Exports Slide For Seventh Consecutive Month

Swiss watch exports slid for the seventh consecutive month as plummeting stocks and slowing economies damped demand for luxury timepieces in their main markets.

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Europe's Leveraged Loan Market In Freefall

Prices for the riskiest loans to companies dropped for the 13th straight day on Wednesday, the longest run of declines since the global financial crisis, according to an S&P index tracking 95 billion euros ($106 billion) of debt. The yield premium that investors demand to hold bonds backed by such debt is at a record for collateralized loan obligations, or CLOs, sold since the market re-opened in 2013, according to Barclays Plc.

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Even The Glitzy Shopping Emporiums Are Getting Hit----Nordstrom's Stock Pummeled On Weak Holiday Results

Nordstrom Inc., the largest U.S. luxury department-store chain, fell 6.7 percent after holiday results missed analysts’ estimates and the company gave a weak earnings forecast.

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The Uprising Begins----Japanese Parliament Attacks Kuroda's Sub-Zero Interest Policy

TOKYO—A clash Thursday between Japan’s central-bank chief and lawmakers highlighted the downside of negative interest rates: They are making the Japanese public feel negative.

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