Author Archive for Zero Hedge

Three Shot In Times Square Including Four-Year-Old Girl

Courtesy of ZeroHedge View original post here.

New York's Times Square was temporarily cordoned off on Saturday after at least three people were injured in a shooting, according to NBC News, citing police. The suspect, pictured below, was caught on camera.

The victims, a four-year-old girl, a 23-year-old and a 43-year-old received non-fatal wounds after one of four men involved in an altercation drew a gun around 5 p.m. and opened fire. All of the victims were bystanders, while the little girl underwent surgery and is expected to survive.

"Two shots. They was bleeding the toddler was bleeding and the mom was crying," said one Times Square vendor.

It is unclear what the dispute was over which led to the shooting. No suspects have been detained. The shooting came just one hour before a scheduled rally in memory of Daunte Wright, a black man who was fatally shot by a police officer in Minnesota in early April. Police have not linked the shooting to the event at this time.

There have been 416 shootings in New York City through May 2 of this year, up 83% from this time last year when everyone was locked down, accordsing to police data.

"A child in one of the top tourist spots in the world on a spring Saturday isn't safe…
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Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

Courtesy of ZeroHedge View original post here.

After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn’t yet known as the bank weighs whether it should cover some client losses associated with the “low risk” trade-finance funds that collapsed earlier this year.

Following reports that the bank took in only $17.5MM in fees from servicing the trade that led to the collapse of highly-levered Archegos Capital, the hedge fund that used highly leveraged $20 billion to more than $100 billion via a string of bets with various prime brokers to amplify its bets on ViacomCBS and a host of other tech and media stocks (many Chinese ADRs) while skirting reporting requirements, it has become apparent the bank’s leadership in that division is sorely lacking (both of the co-heads of the division were both sacked in the aftermath of the Archegos implosion).

So, Bloomberg reports that, in order to reorganize and “clean up” the bank’s prime brokerage business, it’s bringing back a familiar face: Indrajit Bardhan, a former head of the unit who left the bank three years ago in what BBG described as a “leadership shakeup”. Bardhan will return as a consultant to offer the bank some guidance as it seeks to reconstitute the potentially lucrative (but risky) business of serving hedge funds and family offices.

The Swiss bank hired Bardhan as a consultant, according to people with knowledge of the arrangement, who asked not to be identified because the matter is private. He was among a number of high-profile executives to exit in 2018. He relinquished his role as global head of prime services to Paul Galietto, who later rose to head of equities and then left last month after the bank posted $5.5 billion in losses tied to Archegos.

As BBG points out, the unusual decision to enlist a veteran of the bank (and one who apparently ran afoul of the leadership under former CEO Tidjane Thiam) reflects the desperate position Switzerland’s second-largest lender has found itself in. Bardhan was among a number of high-profile executives to exit in 2018. He relinquished

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Justice Dept. Proposes New Rule To Serialize “Ghost Gun” Kits 

Courtesy of ZeroHedge View original post here.

President Biden has promised to defeat the National Rifle Association and wage war on ghost guns in his first hundred days. He appears to be making good on both, as the Justice Department on Friday released a proposed rule that changes the definition of a firearm to require 80% lower kits to include serial numbers, according to AP News

The proposed rule change comes as President Biden has declared war on "ghost guns." These weapons have unserialized lower receivers (the regulated part of a gun) that can be easily bought in a kit form online or at a gun store (without a background check), and in a few hours, with some drilling and additional fabrication, can be transformed into a fully functional weapon after the upper receiver (unregulated part of the gun) is attached. 

The federal government is terrified as the popularity of ghost guns has increased over the years. Anyone can buy 80% lower kits online and watch a few YouTube videos, and have a working lower receiver after trigger parts are installed, totally untraceable to the government. These weapons have become popular with gangs and other criminals and have been turning up in more violent crimes across the country.

Between 2016 to 2020, the DoJ estimates about 23,000 ghost guns were seized by law enforcement agencies across the country, and some were identified to be connected with homicides or attempted homicides.

A senior Justice Department official told AP the proposed rule sets forth several factors in determining whether the unfinished lower receiver could be easily convertible into a working firearm. The official said if the lower receiver meets that criteria, manufacturers will be required to include a serial number. The rule would also require serial numbers attached to un-serialized weapons traded in or turned into federal firearms dealers.

"Criminals and others barred from owning a gun should not be able to exploit a loophole to evade background checks and to escape detection by law enforcement," Attorney General Merrick Garland said in a statement. "This proposed rule would help keep guns out of

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Kauai Real Estate In Total Frenzy As Buyers Snap Up Multi-Million Dollar Homes Sight-Unseen

Courtesy of ZeroHedge View original post here.

Real estate on the no-longer sleepy island of Kauai has gotten so hot that people are buying multi-million dollar homes sight-unseen, as the pandemic-fueled housing boom continues seemingly unabated.

Canadian entrepreneur Brent Naylor and his wife, Gayle Naylor, are selling their North Shore Kauai property for $22.75 million. David Tonnes/Panaviz Photography

According to the Wall Street Journal, luxury properties on Kauai – with a population of 72,000 permanent residents – start at $3 million, while just 3% of the island’s 550 square miles are open to development, meaning that housing stock in all categories is scarce. And according to the report, Californians looking for primary and secondary homes are squeezing prices even higher.

Ms. Cook, 46, a former commercial real-estate broker, and her husband, 51, a lawyer, had considered looking for a new home in the suburbs north of San Francisco, but were reluctant to test their luck in a seller’s market, where all-cash deals and multiple bidders had become the rule.

“I looked at him,” says Ms. Cook, “And I said, ‘OK, great, when are we leaving?’ ”

The Cooks made an offer of $1.8 million, sight unseen, on a furnished three-bedroom, three-bathroom bungalow located on Kauai’s North Shore, which is known for its verdant mountains and beautiful beaches. The 2,200-square-foot house, with a great room that opens to the outdoors, is on a ¼-acre lot that is a five-minute drive from the ocean. The couple and their two boys, now 4 and 5 years old, moved in time for Thanksgiving. -WSJ

Kauai, once a sleepy and very rainy destination, has become the state’s prime destination for luxury-minded homeowners – with Mark Zuckerberg and wife Priscilla Chan having snapped up 1,400 contiguous acres – including approximately 600 acres just purchased in March, according to a family spokesman.

Matthew G. Beall, CEO of Hawai’i Life real-estate, says the island’s residential sales above $3 million went from 23 in 2019 to 38 last year, and that 2020′s top sale on the island (and all of Hawaii in fact), was a 1.7 acre waterfront compound on Hanelai Bay on the North Shore of Kauai.

The home has eight bedrooms and 10 bathrooms spread across three structures. It sold for $36.7 million last April in an all-cash

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And Now Rents Are Soaring Too

Courtesy of ZeroHedge View original post here.

With BofA predicting that the US is facing a period of "transitory hyperinflation" as a result of soaring commodity prices in everything from metals to food…

…. and beyond, in what increasingly more warn is a stagflationary burst right out of the 1970s playbook…

… it makes sense that home prices are also surging thanks to trillions in stimmy checks, near-record low mortgage rates and an exodus away from cities, and as we noted two weeks ago that's precisely what they are doing, with Redfin reporting an 18% jump in median home prices to an all time high…

… as a record 58% of all houses sell within two weeks of listing of which 45% sell for more than their listing price, also a record.

Amid this dismal "transitorily hyperinflationary" landscape, where those whose incomes aren't similarly hyperinflating find themselves at risk of being unable to afford a roof above their head, there was one ray of hope: renting, with rental prices tumbling in recent months and according to the BLS' monthly CPI metric, rent inflation had just tumbled to the lowest in a decade, rising below 2.0%…

… which due to the way the CPI basket is weighted acted as a key anchor on overall CPI rates, and served to distort the broader inflationary picture. In short, the Fed would look at the relatively tame core CPI which was only tame thanks to "tumbling" rents and would conclude that there is nothing to worry about.

Only it now appears that not only was the government

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Why Californians Have Sky-High Electricity Bills

Courtesy of ZeroHedge View original post here.

Authored by Irina Slav via,

Californians pay for some of the most expensive electricity in the United States. They also live in one of the greenest states, at least from an energy perspective. California is only going to get greener. Meanwhile, electricity bills are expected to continue their rise. Some deny there is a link between the two.

The facts show otherwise.

A paper by the California Public Utilities Commission released earlier this year identified the state’s plans to reduce greenhouse gas emissions by adopting more renewable energy as one big factor for bigger utility bills and expectations for further increases in electricity rates in the coming years.

The report said that while the state’s plans to reduce emissions will negatively affect electricity bills, a concerted switch to what the authors call “all electric homes and electric vehicles” could lead to a substantial drop in monthly bills. However, this would require a large upfront investment, which would be impossible to shoulder by medium- and lower-income households.

“In the absence of subsidies and low-cost financing options, this could create equity concerns for low- to moderate-income households and exacerbate existing disparities in electricity affordability,” the report said.

But funding such a hypothetical move to “all electric homes and electric vehicles” is only part of the problem. Another part, ironically, is distributed energy systems.

A March report in CalMatters summarized the reasons for Californians’ high electricity bills as follows: first, the size and geography of the state make the fixed costs associated with the maintenance of its grid higher than in most other states; second, households with rooftop solar installations don’t pay for these fixed costs even if they use the grid. And all this is deepening the divide between wealthy and not-so-wealthy Californians, making electricity increasingly less affordable for the latter.

Distributed solar installations appear to be only affordable for the wealthier citizens of the state. They can afford the upfront costs and then benefit from lower electricity bills, according to one of the authors of a UC Berkeley’s Haas Business School study that CalMatters cited in its report.

Solar power is regularly touted as cheaper and cheaper, even exceeding the affordability of fossil fuels. The truth, however, is that the cost declines that have been celebrated by renewable power lobbies only concern

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“This Was a Massacre”: Brazilian Police Kill Two Dozen In Deadliest Favela Raid In Rio’s History

Courtesy of ZeroHedge View original post here.

Authored by Jake Johnson via,

More than 100 heavily armed Brazilian police officers stormed a sprawling Rio de Janeiro favela (a shanty town or slum) Thursday and killed at least two dozen people, a raid that human rights activists, researchers, and journalists described as the deadliest such police atrocity in the city's history.

Via The Guardian


"Really grim moment in Brazil," Robert Muggah, co-founder of the Igarapé Institute, a Rio-based think tank, said in an interview with the Washington Post. "These shootings are obviously routine in Rio de Janeiro, but this is unprecedented, in that it's the operation that has generated the largest number of deaths, ever."

Brazilian lawmaker David Miranda, who grew up in Jacarezinho, called the deadly police raid "a tragedy, a slaughter authorized by Cláudio Castro," Rio's governor. "Jacarezinho is my origin, it is the favela that created me," said Miranda. "No person born outside the favela can know what that is. Brazilian institutions insist on disrespecting and marginalizing the favela."

Journalist Glenn Greenwald, Miranda's husband, wrote on Twitter that he has "seen probably two dozen videos that are way too horrifying to publish: police enter homes with full force and violence, and then execute people as they lay on the ground, shooting them 10-15 times each in the head."

"It's an atrocity what happened today," Greenwald added.

Brazil suffers one of the highest rates of police killings in the world, and the nation is currently led by a far-right president who campaigned on the promise to "give the police carte blanche to kill." According to Human Rights Watch, Rio law enforcement officers killed 453 people during the first three months of 2021.

"They say there is no death sentence in Brazil. Except if you live in a favela," said Marilia Corrêa, a Latin America historian

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The Dynamics Behind America’s Ugly Amount Of Empty Office Space

Courtesy of ZeroHedge View original post here.

Authored by Wolf Richter via,

This sort of sudden structural collapse in demand for office space raises some existential questions for landlords…

Companies are not massively defaulting on their office leases, and that’s the good thing. But they have put a historic amount of vacant office space on the sublease market, while continuing to pay rent to the landlord. They decided they no longer need that much space, now that some form of flexible work, or hybrid work-from-home, or even permanent work-from-anywhere is being integrated into office real estate plans, cost cutting efforts, and footprint-reduction strategies.

Now, 14 months into the Pandemic, office occupancy – workers actually showing up at the office – is still dreadfully low. As of the end of April, office occupancy in the 10 largest metros averaged only 26.5% of where it had been just before the Pandemic, according to Kastle Systems today, whose electronic access systems secure thousands of office buildings around the country. In other words, the number of people entering these offices was still down by 73.5% from pre-pandemic levels and has barely made headway in recent months:

The epicenters of work-from-home show the biggest drops in office occupancy rates, according to Kastle’s “Back to Work Barometer” at the end of April: in San Francisco, the occupancy rate was at 14.8% of the pre-Pandemic level, in New York City at 16.2%, and in San Jose at 18.0%.

Among tech companies, 95% expect remote work for at least a few days a week; 9% said that they will never return to the office at all; another 47% said that they will need less office space; only 13% said they would need more office space, according to a survey by Savills.

A survey of Californian residents found that 82% of the employees who now work at home want to continue working at home at least some of the time. Only 18% don’t want to work at home at all.

But even at the top end of office occupancy, working remotely is still king. In Dallas, office occupancy is at 41.2% of where it was pre-Pandemic, and in Austin at

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Beijing’s Elusive Bid For Pricing Power On Rare Earths

Courtesy of ZeroHedge View original post here.

Authored by Damien Ma via,

From ventilator and chip shortages to what kind of ships traverses through which canals, the linkages and nodes of the global economy have rarely been in the spotlight as much as they have over the last 12 months. Many of these disruptions are short-term ones, but they have also brought attention to longstanding challenges of supply chain resilience and dependence.   

One of those challenges is that of China’s grip on rare earth elements (REEs), a key input in permanent magnets that are in everything from smart phones and wind turbines to electric vehicles and missile guidance systems.   

Figure 1. REE Demand for Permanent Magnets by Application, 2010-2025  

Source: Statista estimates; Quest Rare Minerals.  

This is not the first time these 17 elements that sit at the bottom of the periodic table have raised alarm from Tokyo to Washington. Back in 2010, Beijing was roundly accused of embargoing REE exports to Japan as Sino-Japan relations soured.  

At the time, China was responsible for some 90%-plus of REE supplies globally, even though its estimated reserves are around just 25%-33% of the global total. Given the wide belief in Japan and the United States—which also happen to be the largest importers of REEs—that China could weaponize this resource, its supply monopoly raised hackles and intensified calls for diversification. 

A decade since, has much changed? I had trekked to Inner Mongolia’s Baotou Rare Earth Hi-Tech Zone back in 2010 to gain more insight into China’s designs on the REE industry and how that affected the global market. It’s worth revisiting this industry now to understand how its dynamics shaped Beijing’s thinking and intent on managing this resource.  

“Selling gold for the price of radishes”  

China has long viewed REEs as a strategic resource, with the industry’s development spurred by a quip supposedly attributed to Deng Xiaoping: “The Middle East has oil, but China has rare earths.”  

Much of that frustration stemmed from the government’s inability to regulate a wild industry that was rife with smuggling. At one point in 2011, it was estimated that there was a gap of 120% between REE volumes that China officially exported and what other countries imported. Meanwhile, REE mining was also exacting a hefty environmental toll.  

The Chinese government decided it needed to consolidate the REE industry. Beijing thought it could clean up the illegal business, while also receiving some of that price-setting power that has long eluded it. What’s more, the move also dovetailed with rolling out the original “strategic emerging industries” initiative, the

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Chinese Military Discussed Weaponizing COVID In 2015 ‘To Cause Enemy’s Medical System To Collapse’

Courtesy of ZeroHedge View original post here.

In 2015, Chinese military scientists discussed how to weaponze SARS coronaviruses, five years before the COVID-19 pandemic emerged in Wuhan, China – where CCP scientists were collaborating with a US-funded NGO on so-called 'gain of function' research to make bat coronaviruses infect humans more easily.

In a 263-page document, written by People's Liberation Army scientists and senior Chinese public health officials and obtained by the US State Department during its investigation into the origins of COVID-19, PLA scientists note how a sudden surge of patients requiring hospitalization during a bioweapon attack "could cause the enemy’s medical system to collapse," according to The Weekend Australian (a subsidiary of News Corp).

It suggests that SARS coronaviruses could herald a "new era of genetic weapons," and noted that they can be "artificially manipulated into an emerging human ­disease virus, then weaponized and unleashed in a way never seen before."

The chairmen of the British and Australian foreign affairs and intelligence committees, Tom ­Tugendhat and James Paterson, say the document raises major concerns about China’s lack of transparency over the origins of COVID-19.

The Chinese-language paper, titled The Unnatural Origin of SARS and New Species of Man-Made Viruses as Genetic Bioweapons, outlines China’s progress in the research field of biowarfare.

“Following developments in other scientific fields, there have been major advances in the delivery of biological agents,” it states.

“For example, the new-found ability to freeze-dry micro-organisms has made it possible to store biological agents and aerosolise them during attacks.”

Ten of the authors are scientists and weapons experts affiliated with the Air Force Medical ­University in Xi’an, ranked “very high-risk” for its level of defence research, including its work on medical and psychological sciences, according to the Australian Strategic Policy Institute’s ­Defence Universities Tracker.

The Air Force Medical University, also known as the Fourth Medical University, was placed under the command of the PLA under President Xi Jinping’s military reforms in 2017. The editor-in-chief of the paper, Xu Dezhong, reported to the top leadership of the Chinese Military Commission and Ministry of Health during the SARS epidemic of 2003, briefing them 24 times and preparing

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Zero Hedge

Three Shot In Times Square Including Four-Year-Old Girl

Courtesy of ZeroHedge View original post here.

New York's Times Square was temporarily cordoned off on Saturday after at least three people were injured in a shooting, according to NBC News, citing police. The suspect, pictured below, was caught on camera.

Earlier today, 3 people were shot in @TimesSquareNYC, including a 4-year-old child.

Help your @NYPDDetectives identify the man pictured below — they want to talk him about the incident.


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Phil's Favorites

How big is this crypto boom?


How big is this crypto boom?

Courtesy of John Hempton, Bronte Capital

Google Trends doesn't predict stock market rallies, well somtimes it does. But more likely it is coincident with them, the suckers at the end of the boom being the biggest (yet) wave of retail buyers.

Here is a five year trend for the phrase "how to buy stocks" for the USA.


It has two peaks, one at the height of t...

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Digital Currencies

How big is this crypto boom?


How big is this crypto boom?

Courtesy of John Hempton, Bronte Capital

Google Trends doesn't predict stock market rallies, well somtimes it does. But more likely it is coincident with them, the suckers at the end of the boom being the biggest (yet) wave of retail buyers.

Here is a five year trend for the phrase "how to buy stocks" for the USA.


It has two peaks, one at the height of t...

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India COVID crisis: four reasons it will derail the world economy


India COVID crisis: four reasons it will derail the world economy

India is the fifth largest economy in the world. Deepak Choudhary/Unsplash

Courtesy of Uma S Kambhampati, University of Reading

The second wave of the pandemic has struck India with a devastating impact. With over 300,000 new cases and 3,000 deaths across the country each day at present, the total number of deaths has just passed the 200,000 mark – that’s about one in 16 of all COVID deaths across the world....

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Chart School

Yellen can not stop the dollar decline

Courtesy of Read the Ticker

Printing money results in a lower currency, so long as the currency does not fall too fast.

Previous Post: US Dollar Forecast - Weakness

Here are the very strong fundamentals for a lower US dollar: 

(a) US inflation exploding.
(b) Massive US twin deficits.
(c) Better conditions in Europe.

However French election worries in 2022 Q1 and Q2 may provide US dollar strength (via European weakness) after Christmas, but this strength may come after a low in the DXY near $84.  

It looks like Yellen knows a down swing in the US dollar is near because ...

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If China's middle class continues to thrive and grow, what will it mean for the rest of the world?


If China's middle class continues to thrive and grow, what will it mean for the rest of the world?

Over the past few decades, hundreds of millions of Chinese citizens have become part of the middle class. AP Photo/Ng Han Guan

Courtesy of Amitrajeet A. Batabyal, Rochester Institute of Technology

China’s large and impressive accomplishments over the past four decades have spurred scholars and politicians to debate whether the decline of the West – including the ...

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Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...

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Kimble Charting Solutions

Will Historic Selloff In Treasury Bonds Turn Into Opportunity?

Courtesy of Chris Kimble

Long-dated treasury bonds have been crushed over the past year, sending ETFs like TLT (20+ Year US Treasury Bond ETF) spiraling over 20%.

Improving economy? Inflation concerns? Perhaps a combination of both… interest rates have risen sharply and thus bond prices have fallen in historic fashion.

Today’s chart looks at $TLT over the past 20 years. As you can see, the recent decline has truly been historic. $TLT’s price has swung from historically overbought highs to oversold lows.

At present, the long-dated bond ETF ($TLT) is trading 7.8% below its 200-...

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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt


Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...

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Phil's Stock World's Weekly Webinar - March 10, 2021

Don't miss our latest weekly webinar! 

Join us at PSW for LIVE Webinars every Wednesday afternoon at 1:00 PM EST.

Phil's Stock World's Weekly Webinar – March 10, 2021


Major Topics:

00:00:01 - EIA Petroleum Status Report
00:04:42 - Crude Oil WTI
00:12:52 - COVID-19 Update
00:22:08 - Bonds and Borrowed Funds | S&P 500
00:45:28 - COVID-19 Vaccination
00:48:32 - Trading Techniques
00:50:34 - PBR
00:50:43 - LYG
00:50:48 - More Trading Techniques
00:52:59 - Chinese Hacks Microsoft's E...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...

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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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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

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.