Archive for 2015

Morning News, 4-19-15

From Bloomberg:

Bank of China Governor Zhou XiaochuanZhou Says China Has Room for Monetary Easing; May Not Use It

China’s central bank Governor Zhou Xiaochuan said the world’s second-largest economy has scope compared with other nations to ease its monetary policies though won’t necessarily take advantage of it. (Read more)

ECB’s Vasiliauskas Says Summer is Limit for Greek Emergency Cash

The European Central Bank shouldn’t extend Emergency Liquidity Assistance for Greece beyond summer, Governing Council member Vitas Vasiliauskas said.

“The situation in Greece means that we should have a limit until summer for ELA,” Vasiliauskas said in an interview in Washington on Saturday. “Everyone understands what ELA means, it’s a temporary measure to give the banks liquidity. We will have to have discussions about the issue liquidity provision versus monetary financing. We will certainly have these discussions before summer.” (Read here)

California's Record DroughtCalifornia’s New Drought Rules Would Require Cuts of Up to 36%

California has proposed rules calling for mandatory reductions in water use by municipal agencies as a historic drought drags into a fourth year.

The state’s 411 urban water suppliers would have to cut use by as much as 36 percent, with those that conserved less facing tougher restrictions, the California State Water Resources Control Board said in the proposed rules released Saturday. The board will meet May 5 and 6 to finalize the rules, which would take effect by June 1. (More)

American Realty Investors Allege Fee-Driven Scheme by Schorsch

Behind the accounting errors that knocked $4 billion off American Realty Capital Properties Inc.’s market value was a hidden scheme that generated more than $900 million in managers’ fees and bonuses, investors said in a lawsuit against the company.

Ex-Chairman Nicholas Schorsch turned a small real estate investment trust into a massive engine of payments for himself and cronies, adding $20 billion of assets in two years and charging for services rendered by 47 entities he controlled, according to court documents filed this week. (Continue)

ECB President Mario DraghiDraghi Says Urgent Need for Greece
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“Surviving Or Thriving” – What Canada’s 40% Surge In Meat Prices Means For Ordinary People

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

On the surface, Canada’s 1.2% inflation is negligible, and barely enough to keep up with the pace of overall growth as mandated by a few central bank academics. It is below the surface, however, that one finds the scary truth. Because when stripping away the sliding energy prices (which at the recent pace of short covering among oil speculators are about to surge) some scary numbers emerge, such as a 3.8% monthly jump in food prices, primarily as a result of a whopping 30-40% increase in select meat prices in the last 8 months.

How do ordinary people – which excludes those who work in central banks and have taxpayers fund their everyday purchases, which allows them to fully ignore soaring food and rent costs – survive in an environment of soaring food prices?

As the following brief documentary by CBC’s The National reveals, food inflation means people have no choice but to eat “far less beef” than they used to, “or chicken.” Others are ok with the runaway food inflation: “it doesn’t matter to me, I buy the meat at the price it is and that’s fine with me” say a gentleman who likely works for a hedge fund and BTFD for a living. 

It is not just meat: prices of Canadian fruits and vegetables have also surged, driven almost entirely by the plunge and the loss of purchasing power of the Canadian dollar.

And, as a vendor of meat observes: “there doesn’t seem to be an end to it.”

So soaring food prices, flat wages, tumbling currency, and a generally deteriorating standard of living. In short: something Japan’s prime minister Abe would call a smashing success.

Full CBC documentary below:

ISIS’ Strategy Leak Reveals Syrian Takeover Plot, US “Created A Group Of Very Intelligent Enemies”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

While western propaganda would like ISIS to appear to be run by religious fanaticism, it instead, as RT reports, has been functioning more like a secret intelligence service, calculating every operation and drafting plans of a covert Syrian takeover for years. According to detailed organization chart and strategy blueprints seen by Der Spiegel, it has been revealed that the former colonel in the intelligence service of Saddam Hussein’s air defense force (among many ex-Saddam officers who now make up the leadership of ISIS) was secretly pulling the strings at ISIS for years. From recruitment and training to PsyOps tactics and overall strategy, ISIS mastermind Haji Bakr rose to power after he became “bitter and unemployed,” when the US suddenly dissolved the Iraqi army after the 2003 invasion.

When Haji Bakr was shot and killed after a brief firefight in the town of Tal Rifaat on a January morning in 2014, not even those on the mission knew the true identity of the tall man in his late fifties. Samir Abd Muhammad al-Khlifawi was the real name of the Iraqi, and as Der Spiegel reports, the former colonel in the intelligence service of Saddam Hussein’s air defense force had been secretly pulling the strings at ISIS for years.

But when the architect of the Islamic State died, he left something behind that he had intended to keep strictly confidential: the blueprint for this state. It is a folder full of handwritten organizational charts, lists and schedules, which describe how a country can be gradually subjugated. Der Spiegel has gained exclusive access to the 31 pages, some consisting of several pages pasted together.

They reveal a multilayered composition and directives for action, some already tested and others newly devised for the anarchical situation in Syria’s rebel-held territories. In a sense, the documents are the source code of the most successful terrorist army in recent history.

For the first time, the Haji Bakr documents now make it possible to reach conclusions on how the IS leadership is organized and what role former officials in the government of ex-dictator Saddam Hussein play in it. Above all, however, they show how the takeover in northern Syria was planned, making the group’s later advances into Iraq possible in the first place.

“Our greatest concern

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BillY KRiSTooL…

Courtesy of ZeroHedge. View original post here.

Submitted by williambanzai7.



The Founding  Principles of Neoclownism: 


1. Increase defense spending significantly if we are to carry out our global responsibilities today and modernize our armed forces for the future;


2. Strengthen our ties to democratic allies and to challenge regimes hostile to our interests and values;


3. Promote the cause of political and economic Freedom abroad;


4. Accept responsibility for America’s unique role in preserving and extending an international order friendly to our security, our prosperity, and our principles.


Compare those with Chinese leader Xi Jinping’s Four Comprehensives:


1. Comprehensively build a moderately prosperous society.


2. Comprehensively deepen reform.


3. Comprehensively govern the nation according to law.


4. Comprehensively strictly govern the Party.


So who exactly is the imperialist global boogey man?

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

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Central Bankers Next Test Of Omnipotence May Be Coming

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Mark St.Cyr,

Here we are, just barely into our first earnings season without the incessantly added fuel provided by QE and the markets are stumbling. At times on Friday the indexes were hovering near the possibility of posting 2% losses going into the weekend. In today’s media mindset of “everything is awesome.” That’s near – unthinkable.

Personally I watched for the now requisite headlines to cross the airwaves at any moment announcing “Federal Reserve member _____________________(fill in the blank) says: The Fed. can, may, will, or won’t do this, that, or the other thing. Just remember: it’s not the economy that’s important. It’s us. We decide for the economy – whether it needs us or not. Never forget: We’re all Keynesian’s now so – trust in us.”

Usually without fail this is followed with what now seems mandatory: The unleashing of HFT fueled, algorithmic stop running, hunt and seek programs to wipe out all that red on the screens turning them into a sea of tranquil green by close. But alas not this time. This just seemed a little odd since every other time precisely such a scenario has unfolded. Yet this Friday? (Insert crickets here.)

Earlier during the week we had the release of the FOMC Beige Book. Here once again so as to make sure there was no misunderstandings in any presumed messaging that you may think to understand. Members both voting and non-voting gave conflicting speeches, interviews, or press releases that made sure what ever you thought you knew or understood – you don’t.

I believe this latest policy tool of dueling scenario Fed. speak in the eyes of the Ivory Tower is still being looked upon as “brilliant.” In my estimation it may quite possibly be the only one they have left. The layman’s term for this is “Baffle’m with bullsh*t.” Because if you can’t decide if they are even on the same page – how can you be sure as to what they will do? Let alone what you should.

So you better not sell – you better just buy more. After all JBTFD (just buy the dip) is today’s Fed. speak for “Mission Accomplished.” No Beige, blue, green, or kaleidoscope colored book needed. So why the deafening silence on Friday? Did CNBC™ finally go dark? There could…
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Student Debt Accounts For Nearly Half Of US Government “Assets”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

On Friday we asked if the student debt bubble was about to witness its 2007 moment. In July of that year, all three ratings agencies turned aggressively negative on subprime-related MBS and their collective actions triggered a pre-crisis crisis in Canada where billions of asset-backed commercial paper stopped rolling in August, offering those who were inclined to take notice a window into what the financial would look like just one year later. Earlier this month, Moody’s put some $3 billion in student loan-backed ABS on review for downgrade citing a risk of default in some tranches. As a reminder, here’s the rationale:

The reviews for downgrade are a result of the increased risk that the tranches will not fully pay down by their respective final maturity dates. Failure to repay a note on the final maturity date represents an event of default under the trust documents. 

Voluntary prepayment rates in FFELP loan pools remain historically low as a result of sluggish economic growth and high unemployment rates among recent graduates. Although prepayments rose to 2%-3% of the loans in repayment in 2014, partly as a result of borrowers refinancing their FFELP loans through private student loans and Federal Direct consolidation loans, prepayments remain low relative to historical levels. Deferment and forbearance levels remain high throughout the life of the collateral pools.

The collateral backing the paper is FFELP student loans — that is, it’s guaranteed for 97% of principal by the US government. With nearly one in three loans in repayment delinquent by 30 days or more, and with $1.3 trillion in student debt outstanding, we’ve suggested the situation could deteriorate materially going forward and we’ve also noted that it won’t be long before this trillion-dollar mountain of liabilities ends up being socialized because as Bill Ackman says “there’s no way students are going to pay it back.” 

Having set the stage, we bring you the following three charts from Bloomberg which show the extent of the problem and the extent to which that problem will become a public, rather than a private issue.

More from Bloomberg:

Student debt now comprises 45 percent of federally owned financial assets. Of course, that doesn’t include assets owned by the Federal Reserve, and it doesn’t include real assets like land. Still,

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Despite Urges And Threats, Greece Remains Defiant, Won’t “Budge On Red Lines” Even As Russia Denies Gas Deal

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Hopes ran high among Europe’s unelected bureaucratic oligarchy and the Troika of official creditors that the Greek government, after the ECB openly dropped hints of a Greek IOU currency in the immediate future, would finally relent over the weekend and admit that all of its promises to its voters were a lie and that the Tsipras government would finally pick up where the Samaras government left (and was booted) off. There was even a perfect venue: Washington D.C., where Varoufakis and Obama met for the first time just hours before.

The hopes were promptly dashed after Greece, once again, said it would not “renege on election pledges to end austerity measures as creditors pressed for a compromise.”

The full court assault against Greece from all sides came fase and furious.

As Bloomberg notes, both president Obama and ECB president Mario Draghi called on the Greek government to do more to resolve the standoff amid depleting cash reserves.

And for the first time, a voice formerly quite sympathetic to the Greek cause, that of France, expressed increasing frustration with the pace of negotiations and openly chided Greece.

This happened when French Finance Minister Michel Sapin spoke after the IMF meeting in Brussels yesterday saying he “doesn’t expect a resolution of Greece’s financing issues to be achieved in coming days, including at a meeting of European finance ministers in Riga April 24 and 25.”

“We’re in the same situation at the end of these meetings as at the beginning. That’s in part because Greece wasn’t on the menu,” Sapin said. “A lot of time has been lost and it won’t be recovered” he added.

Ironically, the French government is now openly criticizing the Greeks, saying the “need to work work work and work seriously” on their economic plans “out of respect for the Greek people.” Ironic, because it is “out of respect” for the people’s choice to end the Troika’s meddling in Greece that Europe is in the current dead-end.

Let’s not forget that this is the same French government that itself missed its budget deficit target two months ago and avoided a EU deficit penalty just because in Europe some are more equal than others.

The irony continued: “Greece needs to respect the rules that apply to all…
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Martin Armstrong: “Understanding Jackson’s Bank War Is Critical To Our Future”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Martin Armstrong via,

Understanding Jackson’s Bank War is critical to our future. He was absolutely correct insofar as following the Jeffersonian view that a National Debt would not be a Blessing as Hamilton proclaimed, but the servitude of the people that would ultimately consume all liberty. In this vain of thinking, Andrew Jackson was correct and in his annual message to Congress in December 1834, President Andrew Jackson reported that the United States would be debt-free as of January 1, 1835. This marked the first and only time that the United States or any other major nation in history had ever been free from debt. Jackson declared:

“Let us commemorate the payment of the public debt as an event that gives us increased power as a nation and reflects luster on our Federal Union.”

Jackson had adhered to the prevailing view of Thomas Jefferson in his battle against Hamilton to create a national debt. Jefferson’s view was that incurring a national debt and passing it on to future generations condemned those generations to involuntary servitude.

There are people who have made up quotes attributed to Jefferson that are totally false. The only real quote of Jefferson regarding banks come from a letter Jefferson wrote to John Taylor in 1816: “And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

Jefferson was concerned with debt, not private banks. The quote commonly circulated to justify the destruction of the Federal Reserve attributed to Jefferson is completely fake: “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered..” Even the terms deflation and inflation did not exist at that point in time and paper currency of the colonial period was issued by the states and the Continental Congress, not private banks.

Jefferson’s views on debt was the critical point that Jackson followed. Debts passed on to children that neither voted…
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Deciphering the Investment Climate

Courtesy of ZeroHedge. View original post here.

Submitted by Marc To Market.

The US dollar’s strong advance ended a month ago.  Weak economic data encouraged investors to push out their expectations of the Fed’s first rate hike. Some are even shifting it out of 2015 entirely.

At the same time, economic conditions and lending improved in the eurozone. The stabilization, and then recovery in the price of oil, has helped ease, on the margins, deflationary forces.

The persistent and sharp dollar gains also stretched speculative positioning, judging from the futures market.  A period of consolidation or retracement comes after an extended trend like night follows day. Within the ranges, the dollar has moved from the higher end toward the middle or even lower end.   Portfolio adjustments for a strong dollar environment left many investors under-weight emerging market exposure and had to adjust accordingly.

The Canadian dollar is the only major currency against which the US dollar appears to have broken out of its range.  The recovery in oil prices helps, but investor expectations of the trajectory of monetary policy have also moved in a more supportive direction. The Bank of Canada’s surprise January rate cut was offered as an insurance.

Similarly, many  investors were disappointed when the Reserve Bank of Australia did not cut rates earlier this month. This served to increase the perceived likelihood of a move in May. However, the recent string of data, including the employment report have seen expectations scale back. This change in expectations appears to have helped the Australian dollar recovery from multi-year lows.

We caution against getting to bearish the US dollar.  It is true that the first quarter has disappointed expectations.  Again.  The economic performance in the first quarters (average 0.6% past five years) is not representative of the other quarters (average 2.8% past five years).   The Fed recognizes this and anticipates stronger growth.  The Federal Reserve has a tightening bias.  It is looking for an opportunity to raise the Fed funds target.  That opportunity is understood in terms of data.

The Fed’s statements indicate that the bar to lift-off is “reasonable confidence” that the mandates will be achieved.  Some officials explain this in terms how monetary policy acts with lags. The Fed has to be forward looking.  The economic performance in Q1 and a smidgen of April data can not reasonably impact the Fed’s decision…
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IRS to correct missing/wrong coronavirus stimulus checks errors

By Aman Jain. Originally published at ValueWalk.

There were several issues with the first round of stimulus checks. Many, who were eligible didn’t get the stimulus checks, while some got less than what they were eligible for. The IRS, previously, said it wouldn’t adjust such coronavirus stimulus checks errors until next year. Now we know that the agency could address some missing and wrong coronavirus stimulus checks this year.

Q2 2020 hedge fund letters, conferences and more

IRS to adjust missing/wrong coronavirus stimulus checks

Initially, the IRS noted that Americans who got stimulus checks of...

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Phil's Favorites

Fed Chair Powell Had 4 Private Phone Calls with BlackRock's CEO Since March as BlackRock Manages Upwards of $25 Million of Powell's Personal Money and Lands 3 No-Bid Deals with the Fed

Courtesy of Pam Martens

Fed Chair Jerome Powell (left); BlackRock CEO Larry Fink (right)

Earlier this year, Wall Street On Parade reported that the Chairman of the Federal Reserve, Jerome Powell, had an upward range of $11.6 million invested with the investment management firm, BlackRock, and its iShares Exchange Traded Funds, according to Powell’s 2019 financial disclosure form.


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Zero Hedge

Futures Slide After Trump Opens A "Most Unwelcome Can Of Worms" With TikTok, WeChat Executive Order

Courtesy of ZeroHedge View original post here.

World stocks ended a four day rally overnight that pushed the MSCI World index to green for the year, after U.S. President Trump cranked up simmering tensions with China after late on Thursday has signed orders to ban Americans from transactions involving China’s ByteDance (TikTok’s parent) and WeChat (owned by Tencent), taking effect in 45 days. Furthermore, Trump’s Working Group on Financial Markets recommended that Chinese companies currently listed on US exchanges should be delisted if they do not become compliant w...

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The Technical Traders

Everything You Need to Know About Silver... and More

Courtesy of Technical Traders

Listen to Chris talk with Jim about Silver on Silver Radio. Chris and Jim explore the effect on Silver prices if a Black Swan event occurs, potential bullion shortage. They also talk about silver shorts and the ‘natural’ price of silver but-for market manipulation. We still think Silver will be the Super Hero of metals! Listen up as all of your questions about silver are answered here.


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Kimble Charting Solutions

Silver Headed Back To $50, Top Of The Cup & Handle Pattern?

Courtesy of Chris Kimble

Could Silver be creating a multi-decade bullish “Cup & Handle” pattern? Possible!

Did a retest of a handle breakout take place in March at (1), where Silver created one of the largest bullish reversals in decades? Possible!

Could Silver be creating a 40-year bullish pattern? Anything is possible! I humbly have to say share this; I’ve been in the business for 40-years and I haven’t seen anything like this.

Silver looks to have double topped back in 2011 at $50, which was the 1980 highs. After double topping, Silver ...

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What the huge COVID-19 testing undercount in the US means


What the huge COVID-19 testing undercount in the US means

Health care workers use a nasal swab to test a person for COVID-19 in Pembroke Park, Florida. Joe Raedle / Getty Images News

Courtesy of Melissa Hawkins, American University

Researchers from the Centers for Disease Control and Prevention and other institutions recently published a study which estimated that the true number of people infected by COVID-19 could be six to 24 times high...

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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: Sunday, 29 March 2020, 07:00:37 PM

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

Comment: Silver Shorts Are In a Bind | Ted Butler

Date Found: Monday, 30 March 2020, 05:21:45 PM

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

Comment: 5 Questions From You for Luke Gromen


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Digital Currencies

Twitter Says "Human Error" And "Spear-Phishing Attack" Responsible For Massive Bitcoin Hack

Courtesy of ZeroHedge

Twitter suffered from a major hack about two weeks ago and has now said that its staff was tricked by "spear-phishing", which is a targeted attack to trick people into simply handing out their passwords. 

Twitter staff were targeted through their phones, according to a new report from the BBC. The attacks then allowed hackers the ability to Tweet from celebrity Twitter accounts. Twitter has said it was "taking a hard look" at how it could improve its permissions and processes.

"The attack on July 15, 2020, targeted a small number of employees through a phone spear phishing attack. This attack relied on ...

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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House


Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...

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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking


Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...

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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
... more from Insider


Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  


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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:


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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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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.