Archive for June, 2012

LIBOR 4-1-9

Courtesy of ZeroHedge. View original post here.

Submitted by williambanzai7.

I remember the first time I had to toil through the turgid definitions and legal boilerplate constituting the LIBOR provisions of a typical syndicated loan agreement. I remember saying to myself I hope I never have to lok at this shit again.

But it was not to be.

During the course of my career I had to read the same whiteshoe goobldygook over and over, including when I took out my last mortgage. Why? Because it is ubiquitous in modern finance. Interest rate clauses are one of the cornerstones.

Yet LIBOR is not the kind of thing that the average man on the street thinks about or even reocgnises by reference.

Search “LIBOR” in google news. Better yet, search ” LIBOR cesspit.” You will see that there are literally thousands of news stories covering the LIBOR scandal, which obviously encompasses Barclays and the entire TBTF banking system. 

Suddenly English politicians are calling it a “massive cesspit.” These are the people who chose to ignore that every facet of the ongoing global financial crisis somehow winds its way back into the financial Liberia known as the City of London (e.g. AIG Financial, Lehman, MF Global, London Whale to name but a few). 

The truth is what we all ready know. You would be very very hard pressed to find a pristine ungamed corner of TBTF banking. It is not that the politicians don’t know this. It is that they have been paid to shut their mouths.

And now they will be paid to control the damage from this unfortunate LIBOR situation as best they can.

There are three things you can say about every TBTF CEO: 1. They are grossly incentivized to push the envelope as far as possible, 2. They all claim there is too much regulatory oversight and 3. They all say they are unable to monitor the reckless and criminal activities of their far flung operations.

The answer: Bust them up and start throwing the culprits in the big house you sack of useless poltical and regulatory porn turds!













Barclays has something to hide
They’ve taken the world for a ride
By fixing the rates
Their profit inflates
All Banksters have cheated and lied

The Limerick King











Can Greece Buy Freedom From Debt For a Mere €3,000 Per Person?

Courtesy of Mish.

Greek shipping heir Peter Nomikos has a plan wipe out Greek debt. His idea is to buy all the Greek bonds then forgive the debt.

Given that Greek bonds sell for 12 cents on the dollar, on the surface his plan may seem like a reasonable idea. First let’s consider the idea, then potential problems.

Der Spiegel interviews Peter Nomikos who says ‘For a Donation of 3,000 Euros, Every Greek Can Buy Freedom’

Greek shipping heir Peter Nomikos has taken matters into his own hands. While EU leaders wrangle for a solution to Greece’s problems, Nomikos started a non-profit to wipe out the country’s debt. If all of his countrymen do their part, he tells SPIEGEL ONLINE, they will be able to shore up the country’s finances.

SPIEGEL ONLINE: Mr. Nomikos, you have just started a campaign to free Greece of debt. Your organization buys up Greek bonds and then forgives the debt. Are you serious?

Nomikos: Professionally, I deal with distressed debt. And it struck me that Greece has a historical opportunity. In the euro, the Greeks have a very strong currency, while the price of their government bonds has collapsed. That makes it possible to buy back debt at very low prices and reduce the Greek debt burden with relatively little expenditure.

SPIEGEL ONLINE: You are asking your countrymen for donations. What do you tell them?

Nomikos: If you break down the national debt, each Greek owes around €25,000 ($31,485). So I am telling my fellow citizens to make themselves debt-free. Greek government bonds with a nominal value of one euro currently trade for around 12 cents. For a donation of around €3,000, every Greek can buy his freedom.

SPIEGEL ONLINE: How many bonds has your foundation already bought?

Nomikos: We always buy those bonds that have the deepest discount. So far we have invested €273,000 ($343,816) and hold €2.2 million ($2.8 million) in Greek debt.

SPIEGEL ONLINE: And then you cancel the debt?

Nomikos: Not immediately. If we did that, we would decrease the impact of our project. When the GDP-to-debt ratio goes down, bond prices go up. If the movement becomes a great success, this could become a problem, because we cannot buy debt as cheaply on the markets. So we hold these bonds for

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Germany Cries: “Europe Is Coming For Our Money”, Greece Promptly Obliges

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

"Greece is an exception in the Euro Zone" - Angela Merkel, December 9, 2011

"Exception from ESM Seniority only applies to Spanish aid" – Angela Merkel, June 29, 2012


It took about a year, but finally Germany, with a little assistance from Merkel on Friday morning, has figured it out. And is now blasting it on the front pages of its various newpapers:


Europe is coming for our money!

What else does Die Welt say:

When economic historians in a few years determine the turning point at which the euro zone turned into a debt community, they may refer to the last Thursday night. In those dramatic hours when Angela Merkel after massive pressure from Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy buckled – and agreed to an agreement whose scope is now very difficult to estimate.

Specifically, what is now painfully clear to everyone in Germany is that if indeed Merkel's declarations over the past few days are to be taken at face value, then Germay has just lost control over European supervision: a topic very near and dear to all Germans' heart, as up until this point money would be handed out only in exchange for conditionality. A move whie Welt calls a paradigm shift: "To date the Germans insisted that the €-aids come equipped with shackles. Money was always associated with reform programs that were monitored by the Troika of the EU, European Central Bank (ECB) and International Monetary Fund (IMF)." That is now no longer the case. At least according to conventional wisdom:

Precisely for this reason were countries like Portugal and Ireland long afraid to apply for assistance. Now dipping into the bailout pot will be far easier… The federal government has always stressed that any bailout will come with strict conditions. Now all has changed, partly because of pressure from the financial markets. Italy and Spain struggling with risk premiums at record levels. So far, however, they refused to implement emergency measures. That could now change. Monti has already cheered: "the Troika will never come to Rome."

Die Welt may be on to something: while in the case of the Spanish bailout, the European action opened the…
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Devalue the Euro?

Devalue the Euro

Courtesy of Bruce Krasting

Holy smokes! The EU technocrats have finally pulled out the big guns! The agreement on Friday was to take the incredibly bold step of avoiding subordination in the Spanish bond market. The money needed for the busted Spanish banks will now be made available directly from Brussels with few strings attached. Wow! What a breakthrough!

Global markets have taken a quick look at what has been offered up by the deep thinkers in Euroland and said, “WE LOVE IT!”

Me? I think it’s a spit in the bucket. The half-life of this bailout will be measured in weeks.

We have seen this play out time and again the past four years. The capital markets are forcing policy decisions. 

“Wise” people like Paul Krugman have said for years that “Bond Vigilantes” don’t exist. There is no doubt any longer that they exist and are alive, well and hungry. The vigilantes are also armed with highly sophisticated robots that can execute attacks on multiple fronts and across markets in milliseconds. The war going on in the bond markets is not over by a long shot.

My read of the EU summit is that Spanish banks are going to get a “soft” bailout. Existing common shareholders and subordinated bond holders will not get wiped out (as they should). The bankers must love this result. They get to keep their jobs for a few years longer, all the time praying for a miracle.

Where does this go? Directly to Italy. Which Italian bank would love to have some of that cheap equity money that Brussels is doling out? All of them.

But here’s the deal, France’s banks are in desperate need of new equity too. They have been selling off assets left and right. That’s no way to keep up employment in Socialist France. There are some very big balances sheets in Paris that need a new slug of 3% Perpetual Preferreds. If Italy’s banks get the "Sweet Deal," then the French banks will have their hands out too.

Talking about re-caps of banks in Spain, Italy and France, we might just as well include a few dodgy banks in Brussels. A couple of German banks are also thin on equity.  Add a few of them to the list.

Ah… I’m sorry to rain on the parade, but the number derived…
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Foie gras and Illegal Immigrants

Courtesy of ZeroHedge. View original post here.

Submitted by testosteronepit.

Wolf Richter

The other day, we were doing one more time what on Sunday will become illegal in California: eating foie gras in a restaurant. Pan seared foie gras “traditionally raised in Sonoma, California,” served with poached local apricots. I’d go to jail for this anytime. We were sitting at the edge of San Francisco, looking at the Bay and the Bay Bridge draped across it, and we were talking—when we weren’t preoccupied by the divine, unctuous foie gras—about sweet corn and illegal immigrants.

Foie gras is a dish the Greeks already enjoyed, and I don’t mean the austerity Greeks under Prime Minister Giorgios Papandreou, but the Greeks that fought off the Persians. And it’s one of the many paradoxes in California—a state that has absolutely everything except a decent government and a balanced budget. Lobbied by well-meaning people, I suppose, Republican Governor Arnold Schwarzenegger, in his infinite wisdom, signed a law in 2004 that made the sale and production of products derived from force-fed birds illegal. But he gave us some time to adjust to this harsh new life: the law wouldn’t take effect until July 1, 2012. OK, it’s banned in other countries too—Italy, the UK, and Germany for example—and Chicago experimented with a ban for a couple of years.

Force-feeding hapless geese and ducks—gavage as it’s called—is certainly gruesome, but so is just about anything else that has to do with meat. Ever watch an orca hunt and eat a sea lion? It’s brutal out there, and the food chain knows no mercy and has no human sentiments. We use drones to bomb people in distant countries, but when it comes to the sensuous pleasure of two slices of foie gras, we get squeamish.

A lugubrious moment: eating the final but to-die-for products of a mini-industry that had been exterminated by the government; and California still has double-digit unemployment. There were a number of us. The guy across from me was in charge of the wine. He knew his way around Bay Area vintners, was a farmer, and had a degree in economics.

He was talking about sweet-corn and the harvest that had started some time ago. If you’re a city guy like me, listening to a farmer over superb wine and foie gras is fascinating. Sweet corn, the result…
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The Dark (Pool) Truth About What Really Goes On In The Stock Market

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Courtesy of the author, we present to our readers the following excerpt from Dark Pools: High-Speed Traders, AI Bandits, and the Threat to the Global Financial System, by Scott Patterson, author of The Quants.

In early December 2009, Haim Bodek finally solved the riddle of the stock-trading problem that was killing Trading Machines, the high-frequency firm he’d help launch in 2007. The former Goldman Sachs and UBS trader was attending a party in New York City sponsored by a computer-driven trading venue. He’d been complaining for months to the venue about all the bad trades—the runaway prices, the fees—that were bleeding his firm dry. But he’d gotten little help.

At the bar, he cornered a representative of the firm and pushed for answers. The rep asked Bodek what order types he’d been using to buy and sell stocks. Bodek told him Trading Machines used limit orders.

The rep smirked and took a sip of his drink. “You can’t use those,” he told Bodek.

“Why not?”

“You have to use other orders. Those limit orders are going to get run over.”

“But that’s what everyone uses,” Bodek said, incredulous. “That’s what Schwab uses.”

“I know. You shouldn’t.”

As the rep started to explain undocumented features about how limit orders were treated inside the venue’s matching engine, Bodek started to scribble an order on a napkin, detailing how it worked. “You’re fucked in that case?” he said, shoving the napkin at the guy.


He scribbled another. “You’re fucked in that case?” “Yeah.”

“Are you telling me you’re fucked in every case?” “Yeah.”

“Why are you telling me this?”

“We want you to turn us back on again,” the rep replied. “You see, you don’t have a bug.”

Bodek’s jaw dropped. He’d suspected something was going on in- side the market that was killing his trades, that it wasn’t a bug, but it had been only a vague suspicion with little proof.

“I’ll show you how it works.”

The rep told Bodek about the kind of orders he should use— orders that wouldn’t get abused like the plain vanilla limit orders; orders that seemed to Bodek specifically designed to abuse the limit orders by exploiting complex loopholes in the market’s plumbing. The orders Bodek had been using were child’s play, simple declarative sentences…
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Crude Oil Market: A Perfect Bear Storm Despite the Euro Pop

Courtesy of ZeroHedge. View original post here.

Submitted by EconMatters.

By EconMatters

Crude oil prices, along with world stocks, surged on Friday after euro zone leaders reached an accord on directly recapitalizing regional banks as well as measures to cut soaring borrowing costs in Italy and Spain.  Brent crude jumped more than 7% in one day to close at $97.80 a barrel, while WTI also settled up 9.36% to $84.96 a barrel on NYMEX.  However, for the quarter, spot Brent and U.S. oil futures still fell 20.4% and 17.5$ respectively--their steepest quarterly percentage drops since the fourth quarter of 2008 post financial crisis.  Looking ahead, we believe this little ‘Euro pop’ will soon fizz out weighted down by the reality of basic market fundamental factor.     

First of all, the Euro accord bandaid does not fundamentally change what’s causing the current crisis to begin with--high sovereign debt, out-of-control government spending, and insolvent regional banks.  Add to this scenario is a slowing of European demand, parts of Europe are in a recession, and this not only affects less oil being consumed in Europe, but backs all the way up the supply chain from Ford automobiles being sold and needing to be manufactured, to Chinese factories needing to ratchet manufacturing cycles down to account for less demand out of Europe.

Macroeconomics aside, the oil inventory picture in the U.S. is also quite interesting, to say the least, these days. For example, On 1/27/2012 there was 338,942 Million Barrels in US storage facilities, then on 2/24/2012 it started slowly rising to 344,868 Million, then Inventory builds started accelerating as on 3/23/2012 there were 353,390 Million on hand, then we jumped dramatically to 375,864 Million Barrels on 4/27/2012, with another sizable increase to 384,740 on 5/25/2012, and on 6/22/2012 the number stands at 387,166 Million Barrels in US Storage facilities, way above the five-year range. (See Chart Below)  

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29 Jun 2012 – ” One Step Beyond ” (Madness, 1979)

Courtesy of ZeroHedge. View original post here.

Submitted by AVFMS.

Understands who can… The Brussels nightly drama yielded first tweeted “results”, then none, then yes. Then some bickering, Southern drama, then truce. Then they still were not done haggling.

In any case, first white smoke signals 30 minutes ahead of the US close managed to turn around the equity market sharply by over 1%, leading to an only mild negative close. Asian stocks up 1.5% as a whole, leaving Q1 behind and heading into the weekend. Overnight data showing stable CPI and employment figures in Japan, but disappointing IP readings slowing to 6.2% YoY (fcst 6.7% after 12.9%. Don’t forget the Fukushima base effect, here) and PMI slipping just below the 50 mark at 49.9 after 50.7, its weakest reading since Dec 2011.

Roaring ROn start in Europe with equities gapping up 3%, Core EGBs wider by a good 15bp. Italy and Spain tighter by 40 and 50 bp respectively in 10s, taking BTPs back through 6% and BONOs through 6.50%. The effect was even more explosive in 2s, down by 70 bp and 85bp, taking the latter respectively back to the 3.75% and 4.50% area. Then again, it’s certainly a big move, but on second thought these remain HIGH yields.

Main and Financials tighter by 10 and 20. Tamer commodities reaction with 1.5%-2% upswing. EUR out to the 26 handle.

German Retail Sales hit hard in May and at -1.1% YoY a huge miss of the +1.9% forecast. Previous data was as well revised lower from -3.8% to -4.3%. Same picture on a MoM basis at -0.3%

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Mainstream Economics is a Cult

Courtesy of ZeroHedge. View original post here.

Submitted by George Washington.


Neoclassical Economics Is Based on Myth

Neoclassical economics is a cult which ignores reality in favor of shared myths.

Economics professor Michael Hudson writes:

[One Nobel prize winning economist stated,]  “In pointing out the consequences of a set of abstract assumptions, one need not be committed unduly as to the relation between reality and these assumptions.”


This attitude did not deter him from drawing policy conclusions affecting the material world in which real people live….


Typical of this now widespread attitude is the textbook Microeconomics by William Vickery, winner of the 1997 Nobel Economics Prize:

“Economic theory proper, indeed, is nothing more than a system of logical relations between certain sets of assumptions and the conclusions derived from them… The validity of a theory proper does not depend on the correspondence or lack of it between the assumptions of the theory or its conclusions and observations in the real world.  A theory as an internally consistent system is valid if the conclusions follow logically from its premises, and the fact that neither the premises nor the conclusions correspond to reality may show that the theory is not very useful, but does not invalidate it. In any pure theory, all propositions are essentially tautological, in the sense that the results are implicit in the assumptions made.”

Such disdain for empirical verification is not found in the physical sciences."Our models show there is no chance of water"

Neoclassical economists created the mega-banks, thinking that bigger was better.  They pretend that it's better to help the big banks than the people, debt doesn't existhigh levels of leverage are good, artificially low interest rates are fine, bubbles are great, fraud should be covered up, and insolvent institutions propped up.

Indeed, even after a brief period of questioning their myths – after the 2008 economic crisis proved their core assumptions wrong – they have quickly regressed into their old ways.

 Government Economic Leaders Surprised that Real World Isnt Responding to their Magic Pixie Dust

Economics professor Steve Keen notes:

Neoclassical economics has become a religion.  Because

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Guest Post: Whitewashing The Economic Establishment

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by John Aziz of Azizonomics

Whitewashing The Economic Establishment

Brad DeLong makes an odd claim:

So the big lesson is simple: trust those who work in the tradition of Walter Bagehot, Hyman Minsky, and Charles Kindleberger. That means trusting economists like Paul Krugman, Paul Romer, Gary Gorton, Carmen Reinhart, Ken Rogoff, Raghuram Rajan, Larry Summers, Barry Eichengreen, Olivier Blanchard, and their peers. Just as they got the recent past right, so they are the ones most likely to get the distribution of possible futures right.

Larry Summers? If we’re going to base our economic policy on trusting in Larry Summers, should we not reappoint Greenspan as Fed Chairman? Or — better yet — appoint Charles Ponzi as head of the SEC? Or a fox to guard the henhouse? Or a tax cheat as Treasury Secretary? Or a war criminal as a peace ambassador? (Yes — reality is more surreal than anything I could imagine).

The bigger point though, as Steve Keen and Randall Wray have alluded to, is that DeLong’s list is the left-wing of the neoclassical school of economics — all the same people who (to a greater or lesser extent) believed that we were in a Great Moderation, and that thanks to the wonders of modernity we had escaped the old world of depressions and mass unemployment. People to whom this depression — judging by their pre-2008 output — was something of a surprise.

Now the left-wing neoclassicists may have done less badly than the right-wing neoclassicists Fama, Cochrane and Greenspan, but that’s not saying much. Steve Keen pointed out:

People like Wynne Godley, Ann Pettifors, Randall Wray, Nouriel Roubini, Dean Baker, Peter Schiff and I had spent years warning that a huge crisis was coming, and had a variety of debt-based explanations as to why it was inevitable. By then, Godley, Wray and I and many other Post Keynesian economists had spent decades imbibing and developing the work of Hyman Minsky.

To my knowledge, of Delong’s motley crew, only Raghuram Rajan was in print with any warnings of an imminent crisis before it began.

DeLong is, in my view, trying to whitewash his contemporaries who did not see the crisis coming, and inaccurately trying to associate them with Hyman Minsky whose theory of
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Zero Hedge

Will COVID-19 Lead To A Gold Standard?

Courtesy of ZeroHedge View original post here.

Authored by Alasdair Macleod via,

Even before the coronavirus sprang upon an unprepared China the credit cycle was tipping the world into recession. The coronavirus makes an existing situation immeasurably worse, shutting down China and disrupting global supply chains to the point where large swathes of global production simply cease.

The crisis is likely to be a wake-up call for complacent investors, who are content to buy benchmark bonds i...

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Phil's Favorites

What scientists are doing to develop a vaccine for the new coronavirus


What scientists are doing to develop a vaccine for the new coronavirus

It is critical to learn more about SARS-CoV-2, including its source and why transmission appears to be more efficient than with previous coronaviruses. (Shutterstock)

Courtesy of Marc-Antoine De La Vega, Université Laval

With an increasing number of confirmed cases in China and 24 other countries, the COVID-19 epidemic caused by the novel coronavirus (now known as SARS-CoV-2) looks concerning to many. As of Feb. 19, the latest numbers listed 74,280 confirmed cases including 2,006 deaths. Four of these de...

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Biotech & Health

What scientists are doing to develop a vaccine for the new coronavirus


What scientists are doing to develop a vaccine for the new coronavirus

It is critical to learn more about SARS-CoV-2, including its source and why transmission appears to be more efficient than with previous coronaviruses. (Shutterstock)

Courtesy of Marc-Antoine De La Vega, Université Laval

With an increasing number of confirmed cases in China and 24 other countries, the COVID-19 epidemic caused by the novel coronavirus (now known as SARS-CoV-2) looks concerning to many. As of Feb. 19, the latest numbers listed 74,280 confirmed cases including 2,006 deaths. Four of these de...

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Members' Corner

Why do people believe con artists?


Why do people believe con artists?

Would you buy medicine from this man? Carol M. Highsmith/Wikimedia Commons

Courtesy of Barry M. Mitnick, University of Pittsburgh

What is real can seem pretty arbitrary. It’s easy to be fooled by misinformation disguised as news and deepfake videos showing people doing things they never did or said. Inaccurate information – even deliberately wrong informatio...

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The Technical Traders

Gold Rallies As Fear Take Center Stage

Courtesy of Technical Traders

Gold has rallied extensively from the lows near $1560 over the past 2 weeks.  At first, this rally didn’t catch too much attention with traders, but now the rally has reached new highs above $1613 and may attempt a move above $1750 as metals continue to reflect the fear in the global markets.

We’ve been warning our friends and followers of the real potential in precious metals for many months – actually since early 2018.  Our predictive modeling system suggests Gold will rally above $1650 very quickly, then possibly stall a bit before continuing higher to target the $1750 range.

The one thing all skilled traders must consider is the longer-term fear that is build...

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Kimble Charting Solutions

Precious Metals Eyeing Breakout Despite US Dollar Strength

Courtesy of Chris Kimble

Gold and silver prices have been on the rise in early 2020 as investors turn to precious metals as geopolitical concerns and news of coronavirus hit the airwaves.

The rally in gold has been impressive, with prices surging past $1600 this week (note silver is nearing $18.50).

What’s been particularly impressive about the Gold rally is that it has unfolded despite strength in the US Dollar.

In today’s chart, we look at the ratio of Gold to the US Dollar Index. As you can see, this ratio has traded in a rising channel over the past 4 years.

The Gold/US Dollar ratio is currently attempting a breakout of this rising channel at (1).

This would come on further ...

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Insider Scoop

68 Stocks Moving In Friday's Mid-Day Session

Courtesy of Benzinga

  • Trans World Entertainment Corporation (NASDAQ: TWMC) shares climbed 120.5% to $7.72 after the company disclosed that its subsidiary etailz entered into a deal with Encina for $25 million 3-year secured revolving credit facility.
  • Celldex Therapeutics, Inc. (NASDAQ: CLDX) fell 39.8% to $3.1744. Cantor Fitzgerald initiated coverage on Celldex Therapeutics with an Overweight rating and a $8 price target.
  • TSR, Inc. (NASDAQ: TSRI) gained 36.2% to $8.17.
  • ... more from Insider

Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year


Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...

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What US companies are saying about coronavirus impact

By Aman Jain. Originally published at ValueWalk.

With the coronavirus outbreak coinciding with the U.S. earnings seasons, it is only normal to expect companies to talk about this deadly virus in their earnings conference calls. In fact, many major U.S. companies not only talked about coronavirus, but also warned about its potential impact on their financial numbers.

Q4 2019 hedge fund letters, conferences and more

Coronavirus impact: many US companies unclear

According to ...

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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.

Date Found: Tuesday, 01 October 2019, 02:18:22 AM

Click for popup. Clear your browser cache if image is not showing.

Comment: Wall of worry, or cliff of despair!

Date Found: Tuesday, 01 October 2019, 06:54:30 AM

Click for popup. Clear your browser cache if image is not showing.

Comment: Interesting.. Hitler good for the German DAX when he was winning! They believed .. until th...

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires


Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:


The ‘experts’ I hear from keep saying that once 300B more in reserves have ...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:


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Free eBook - "My Top Strategies for 2017"



Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:


·       How 2017 Will Affect Oil, the US Dollar and the European Union


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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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