Archive For: February 2016

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The Red Paddy Wagons At Work----Here's How Beijing is Fixing/Reforming China's Collapsing Ponzi

Last summer, China unleashed an unprecedented array of measures - up to and including the arrest of "malicious short sellers" and prominent hedge fund mangers - to prevent its stock market bubble from bursting. It failed. A few months later, the chaos has spilled over from the relative containment of the capital markets and has engulfed not only the country's FX reserves, and capital account, but also the entire economy.

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It Begins----Bilked Chinese Investors Urge Nationwide Uprising Against Ding Ning's Ponzi

Just yesterday, in the course of documenting the largest ponzi scheme the world has ever known (in terms of number of victims), we remarked that if China’s beleaguered masses needed yet another excuse to rise up and stage massive street protests, they got one in the form of online P2P lender Ezubao, which defrauded nearly a million people.

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The Bear Mauls The Banks----Stock Index Down 27% From 2015 High

The 2016 financial stock rout worsened Tuesday as the country’s biggest investment banks plunged almost 5 percent amid a gathering storm of economic and financial threats.

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Bill Gross Trolls "Addled, Impotent" Central Bankers----"How's It Working For Ya?"

It's no secret that trillions in global QE and the descent into the NIRP twilight zone have done very little to resuscitate global growth and trade in the wake of the crisis. Indeed, eight years on and the world is mired in subpar growth and faces a global deflationary supply glut that's driven commodity prices to their lowest levels of the twenty-first century on the way to undercutting central bankers' collective efforts to jumpstart inflation and keep the entire world from becoming Japanified.

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Memo To Washington: Stop Massively Subsidizing Europe's Defense----We're Broke, Too

The U.S. plans on filling Eastern Europe with thousands of troops along with vehicles and weapons to equip an armored combat brigade. That will require a special budget request of $3.4 billion for next year. Uncle Sam may be bankrupt, but nothing is too expensive for our pampered European allies, who enjoy greater wealth while spending far less on defense.

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Brazen Bubbles Bursting----The Chipotle Disaster

We think the notion that Chipotle (NYSE:CMG) is trading at $450 per-share after the report they posted last night is crazy. To put it lightly, we think the company's results were far worse than what the street expected and the company's lack of visibility into the future puts them at a precarious situation where bulls must defend the company's aggressive growth multiple while the company is not growing and while the market overall is in a sticky situation.

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Global Deflation Alert---Exxon Faces First Ratings Downgrade In 86 Years

Exxon Mobil Corp., one of three U.S. companies with Standard & Poor’s highest rating, is facing its first downgrade in 86 years as the worst crude-market collapse in a generation strangles oil producers of cash.

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How ZIRP Warps The World----Oil Giants Plan To Borrow Heavily To Pay Dividends

The world’s largest oil companies have a plan to weather the worst market in over a decade: borrow more money. Major oil companies faced with the lowest crude prices since 2003, capital spending budgets with little left to cut and strong commitments to their dividends will have to take on billions in debt this year as they await a market rebound.

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NIRP Is So Simple(Minded)

Why won’t monetary policy just work as designed? It sounds so utterly simple: To review: Interest rates are the price of lending and saving money. When interest rates throughout the economy are low, banks charge less for loans and individuals have less incentive to save; when they’re high, lenders charge more and individuals save more....

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The War On Savers Intensifies---Germany Moves Toward Cash Ban To Facilitate NIRP

It was just two days ago that Bloomberg implored officials to “bring on a cashless future” in an Op-Ed that calls notes and coins “dirty, dangerous, unwieldy, and expensive.”

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