Author Archive for Zero Hedge

Asian Stocks Slide Despite Unexpected Bank Of Korea Rate Cut

Courtesy of ZeroHedge. View original post here.

A few months back, we warned that one of the most-followed belwethers for global growth has just flashed a warning sign that was impossible to ignore: South Korea’s GDP contracted 0.3% QoQ in Q1, a sign that declining investment and exports were beginning to take a toll on Asia’s fourth-largest economy, and the broader region.

GDP

One quarter later, and exports across the region have continued to weaken as global trade contracts, which is perhaps why the Bank of Korea on Thursday decided to try and get ahead of the curve and surprise the market by cutting its base rate for the first time since 2016, joining a wave of central banks that have been cutting rates as the global economy slows (Indonesia’s central bank also cut rates for the first time in nearly two years on Thursday).

BOK

Here’s the FT:

The quarter-point cut to 1.5 per cent came after pressure mounted on the BoK to act quickly to prop up the country’s slowing economy following its worst quarterly contraction since the global financial crisis in the first three months of this year, and deteriorating conditions since then.

Seoul is locked in a trade row with Tokyo, which has seen Japan tighten curbs on chemical shipments needed for production of semiconductors, South Korea’s biggest export item.

“Economic circumstances have deteriorated since April…With the rate cut, we took into account the effects from Japan’s trade restrictions,” BoK governor Lee Ju-yeol told a news conference on Thursday.

Unfortunately, a cut that the policy makers at the BOK probably viewed as a prescient decision is already beginning to look more like a mistake, as local markets appear to be far more concerned with whatever inspired the rate cut.

After all, the BOK also slashed its growth target for this year to 2.2% from its previous forecast of 2.5%, and lower than the government’s forecast of 2.4%. By comparison, South Korea’s economy grew by 2.7% last year.

In response, the Kospi slid, Korean bonds rallied, and the won strengthened 0.4% against the dollar. The move reverberated across the region, and global markets, as the MSCI Asia Pacific dropped 0.7% and Japan’s TOPIX dropped 2%. In the US, S&P futures were off 0.7%.

Exports, a major driver of South Korea’s economy (particularly the all-important…
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Pentagon To Send 500 Troops To Saudi Arabia

Courtesy of ZeroHedge. View original post here.

After announcing last month that it would be sending 1,000 additional troops to the Middle East, the Pentagon revealed late Wednesday that 500 of those troops would be heading to the Prince Sultan Air Base, situated in the desert east of Riyadh. It’s the latest sign that the Trump Administration is continuing its military buildup in the region, which has so far included fighter jets, B-52 bombers, an aircraft carrier strike force, Navy destroyers  and – of course – more troops.

Citing two senior defense officials, CNN reported that a small number of troops were already in the area, and initial preparations were being made for a Patriot missile defense battery as well as improvements to a runway and airfield. US security assessments have determined that the area would be ideal for US troop deployment because it would be difficult for Iran to target with missiles.

Satellite images obtained by CNN revealed the initial deployment to the air base in mid-June. Other images showed more preparations being made at the site earlier this month.

Pent

The deployment will strengthen ties with Saudi Arabia, which had been temporarily strained in the wake of the murder of Jamal Khashoggi as some lawmakers tried to prevent the US from selling arms to the kingdom, which has historically been one of the biggest purchasers of American arms. However, the Trump Administration is taking steps to expedite arms sales to the US’s Middle East allies, including Saudi Arabia.

However, the Pentagon has apparently dramatically scaled back plans to deploy 10,000 troops to the region to “monitor Iran”.

One of CNN’s sources said Congress has been given an informal heads up about the deployment, and would be formally notified next week.

Ultimately, the US hopes to be able to fly stealth, fifth-generation F-22 jets from the base.





Pentagon Sends 2,100 More Troops To Southern Border

Courtesy of ZeroHedge. View original post here.

Less than a month after Congress passed and Trump signed a $4.6 billion emergency spending bill to address the still-raging humanitarian crisis at the border, the Pentagon has authorized the deployment of another 1,100 active-duty troops and 1,000 Texas National Guardsmen – which will increase the number of American military personnel at the southwestern border by 45%.

The new arrivals will join the roughly 4,500 personnel currently stationed at the border.

Richard Spencer, who has temporarily assumed the role of acting defense secretary while Mark Esper, President Trump’s nominee to permanently fill the position, faces confirmation hearings in the Senate.

Border

According to the Pentagon’s announcement, the additional troops will assist in securing points of entry and provide support in migrant holding facilities.

These facilities will include the one in Donna, Texas that Vice President Mike Pence visited last week.

A report this month by the Department of Homeland Security’s inspector general cited unsanitary living conditions in holding facilities, and Democrats have seized on conditions in the facilities to attack the Trump Administration for running “concentration camps” (though some of these same politicians have seized on the opportunity for their own personal PR purposes).

Mexico has also recently deployed more troops to its side of the border, as President Trump’s tariff threats still loom large over the bilateral relationship between the two neighboring countries.

The deployment comes as the Trump Administration is trying to push through a policy that would restrict which migrants are allowed to declare asylum by requiring them to declare asylum in at least one country during their route to the US.





Libra As A Competitor To Inflationary Central Banks

Courtesy of ZeroHedge. View original post here.

Authored by Pietro Bullian and Fabrizio Ferrari via The Mises Institute,

As an international private currency, Libra will be in competition with publicly issued currencies.

It could have large and fruitful repercussions on the global monetary policy, especially with reference to those countries where central banks are still heavily subject to political influence and tend to pursue inflationary monetary policies.

The introduction of the Libra project to the public has generated a lot of fuss over the consequences this cryptocurrency may have for the stability of the global financial system.

At first, we need to clear the ground from the most common mistaken facts about Libra running over the news. As detailed in this white paper, Libra will be a fully backed digital currency, it will be issued solely upon demand, and its value will be given by a basket of reserves whose composition will be diversified, privileging safe assets and stable international currencies (as thoroughly described in thetechnical part of the white paper dedicated to the functioning of the reserve mechanism).

Thus, despite the rumors, we know as a fact that Libra will not:

  • run its own monetary policy, since it will not be in control of its money supply;

  • create commercial-banks money, since it will not leverage on its costumers’ deposits to create new units of Libra operating under a fractional-reserve scheme like regular commercial banks do;

  • be pegged to any existing currency, since it will not take a specific commitment to fluctuate in a stringent range vis-a-vis any currency or basket of currencies.

Lastly, the fear that a sudden bank-run may cause the collapse of the Libra is either irrational or it confirms early critics have not yet understood the basic functioning of the project. In fact, the fully backed-ness of Libra would make it much safer than commercial-banks deposits we daily accept as means of payment, because Libra would be always redeemable—at least—into legal-tender currency; this redeemability would not be just theoretical (as it occurs with commercial-banks money and fractional-reserve banking) but also practical, because a unit of Libra could be created if, and only if, a unit of monetary base (i.e., legal-tender currency) or a claim on it (i.e., a unit of commercial-banks deposits) were conferred in exchange for that very…
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Woodford’s Once Iconic Fund Begins Forced Liquidations, Vows “No Big Discounts”

Courtesy of ZeroHedge. View original post here.

British fund manager Neil Woodford – who has been faced with an avalanche of redemption requests – is kicking off asset sales by trying to offload his unlisted biotech investments, according to Reuters.

The process could take months, according to the source behind the scoop.

As we have reported in the past, Woodford has left thousands of investors without access to their savings after suspending its flagship $4.63 billion equity income fund about a month and a half ago after overwhelming redemption requests.

The biotech assets are set to be sold as part of a structured auction which could last up to three months. This means that investors looking to redeem could face another several quarters before they have access to their money. Boutique investment bank PJT has been hired to handle the sale but has yet to sign onto an official mandate. They are expected to start the process later this month and declined to comment for the story.

The sale is going to first address Woodford's illiquid assets that will be bundled into multiple portfolios to be auctioned off. Woodford is also going to sell some of its listed, but illiquid assets, in addition to liquid investments on public exchanges which will also be packaged into different portfolios and auctioned off separately.

Investors including HarbourVest Partners and Coller Capital are expected to bid for parts of the portfolio, though both parties declined to comment. Existing investors in the fund's top 10 holdings will have preemptive rights and will need to be approached first before trying to lure third parties into the deal. Hedge funds Lansdowne Partners, Odey Asset Management and Redmile own shares in names that Woodford owns.

There’s no official deadline to finalize the divestitures and some major holdings could still be sold individually.

The source said:

 “Price is the main thing here. It’s all about getting the best value.”

Meanwhile, Woodford himself said on July 1:

 “My view is that we won’t have to take big discounts”.

Healthcare and biotech were favorite sectors of Woodfords' and made up nearly a quarter of the fund's portfolio.

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Attacks On “White, Male” Moon Landing Prove No US Achievement Is Beyond Liberals’ Virtue-Signaling Rage

Courtesy of ZeroHedge. View original post here.

Authored by Igor Ogorodnev,

Attempts to diminish the triumph of Apollo 11 and to reassign credit don’t just taint the 50th anniversary of the moon landing, but presage the technological decline of the US if it persists with identity politics

With the Founding Fathers now rarely mentioned in the media without side notes about their slave ownership, and the Betsy Ross flag is offensive to Colin Kaepernick and Nike, there is nothing new about liberal attempts to strike at the very heart of American identity.

But – leaving aside the conspiracy theorists – the moment Neil Armstrong stepped on the surface of the Moon on July 20, 1969 was objectively such a universal milestone that to qualify it seems a fight against human endeavor itself.

Heroes retconned

It would seem like the more logical route, for those who resent that this was a feat of white un-woke America, would be to try and diminish their role in favour of supposedly unsung heroes.

Hidden Figures, the Oscar-winning film from 2016 was the perfect archetype of this revisionist history, exaggerating and fictionalizing the role of a cadre of politically suitable black women, who did an entirely replaceable job and were no more important than thousands of others involved.

This way everyone would get to celebrate their own role models, even though in time such worthy changes of focus can end up with grotesque urban myths, like Crick and Watson stealing the Nobel Prize from (the actually dead) Rosalind Franklin.

Celebrating white men in the age of Trump

But while this unifying narrative, where people of different races and varying attainments are placed alongside each other in anniversary pieces, a more sour, radicalized note has begun to surface, compared to celebrations even five years ago, in the prelapsarian era of Barack Obama.

It is not yet dominant, but persistent enough to be more than a coincidence.

“The culture that put men on the moon was intense, fun, family-unfriendly, and mostly white and male,” tweeted the Washington Post, over a behind-the-scenes look at the life of those involved in the program.


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“Wipe The Soviet Union Off The Map” – Planned US Nuclear Attack Against USSR

Courtesy of ZeroHedge. View original post here.

Via Southfront.org,

This video is based on the research of Prof. Michel Chossudovsky, Centre for Research on Globalization (CRG); The video was originally released in December 2017

Below is the full text of Professor Chossudovsky’ article published by Global Research

According to a secret document dated September 15, 1945, “the Pentagon had envisaged blowing up the Soviet Union  with a coordinated nuclear attack directed against major urban areas.

All major cities of the Soviet Union were included in the list of 66 “strategic” targets. The tables below categorize each city in terms of area in square miles and the corresponding number of atomic bombs required to annihilate and kill the inhabitants of selected urban areas.

Six atomic bombs were to be used to destroy each of the larger cities including Moscow, Leningrad, Tashkent, Kiev, Kharkov, Odessa.

The Pentagon estimated that a total of 204 bombs would be required to “Wipe the Soviet Union off the Map”. The targets for a nuclear attack consisted of sixty-six major cities.

One single atomic bomb dropped on Hiroshima resulted in the immediate death of 100,000 people in the first seven seconds. Imagine what would have happened if 204 atomic bombs had been dropped on major cities of the Soviet Union as outlined in a secret U.S. plan formulated during the Second World War.

Hiroshima in the wake of the atomic bomb attack, 6 August 1945

The document outlining this diabolical military agenda had been released in September 1945, barely one month after the bombing of Hiroshima and Nagasaki (6 and 9 August, 1945) and two years before the onset of the Cold War (1947).

The secret plan dated September 15, 1945 (two weeks after the surrender of Japan on September 2, 1945 aboard the USS Missouri, see image below) , however, had been formulated at an earlier period, namely at the height of World War II,  at a time when America and the Soviet Union were close allies.

It is worth noting that Stalin was first informed through official channels by Harry Truman of the infamous Manhattan Project at the Potsdam Conference on July 24, 1945, barely two weeks before the attack on Hiroshima.

The Manhattan project was launched in 1939, two years prior to America’s entry into World War II in December 1941. The Kremlin was fully aware of the secret…
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Ex-Fox & Friends Co-Host Flees US Amid Ponzi Scheme Allegations

Courtesy of ZeroHedge. View original post here.

Ex-Fox & Friends co-host Clayton Morris has fled the country with his family amid more than two-dozen lawsuits alleging he committed real estate fraud, reported IndyStar.

According to Natali Morris, Clayton's wife and a former news anchor with MSNBC, the family moved last month from their $1.4 million mansion in New Jersey to a coastal resort town in Portugal.

Clayton left Fox News in 2017 to begin a new career in real estate, could have been inspired by the "greatest economy ever." His wife tagged along; she became his partner, and both of them linked up with Bert Whalen and his company Oceanpointe Investments.

In an email to IndyStar, Natali said the couple would fight the lawsuits from abroad. Both have denied responsibility for investor losses, have shifted the blame on Whalen.

"We have and continued to take responsibility for all of our legal challenges that came from our relationship with Oceanpointe. We have answered all of our attorney general requests in all states. We have answered all lawsuits," Natali said.

"We have not run from anything," she added. "We continue to show up for this until the last lawsuit is dismissed and it is clear that we neither had the money from Oceanpointe investors nor did we defraud anyone."

Investors and their attorneys have sounded the alarm about how Clayton and  Natali have left the country. They fear it would become complicated to serve Clayton and his wife with legal notices.

"In my clients' opinion, innocent people don't flee the country," said Jynell Berkshire, an Indianapolis real estate attorney who is representing some investors.

At the moment, there are no criminal charges against the Morris' or Whalen.

IndyStar asked local, state and federal law enforcement agencies in Indiana and New Jersey about the Ponzi scheme; all agencies declined to comment at the time.

In a blog post on Natali's website last Thursday, she outlined how legal problems with her and her husband forced the family to leave the country.…
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Despite Best First Half In A Decade For Hedge Funds, Fees Continue To Fall

Courtesy of ZeroHedge. View original post here.

Even though hedge fund performance has rebounded this year, with big-name managers like David Einhorn and Bill Ackman and macro icons such as Brevan Howard finally putting several years of misery behind them, fees are still dwindling, according to Bloomberg.

The average management fee charged by new hedge funds globally in the first half of 2019 fell to 1.2% from 1.6% in 2007, before the financial crisis hit the industry. It's now nearly half the mythical 2% that most hedge funds used to charge. Performance fees fell to roughly 14.5%, meaning that funds are still well below the "2 and 20" threshold often thought of as the "standard" hedge fund model.

Years of underperforming the market as a result of the Fed's rigged stock environment where fundamentals no longer matter has led many investors to seek out less expensive alternatives, especially since central banks no longer allow even a modest drop in the market.  But hedge funds reported their best first half in a decade this year as managers capitalized on the surge in stocks after their plunge late last year.

Even still, the 5.7% gain across the hedge fund industry paled in comparison to the S&P 500, which returned almost 19% over the same course of time. This came after hedge funds delivered their worst performance since 2011 last year.

Even though more than half of hedge fund assets worldwide are managed by firms with a performance fee of at least 20%, managers who charge less have taken more of the market, as their market share has grown to 41.3% of industry assets in June from just 16.3% at the end of 2008.

The asymmetric nature performance fees has been the main contributor in the decision to charge less. Mohammad Hassan, head analyst of hedge fund research and indexation at Eurekahedge said: “The point that’s being made is that when the fund is performing well, they will pay.”





Complexities Of 5G & National Security

Courtesy of ZeroHedge. View original post here.

Authored by Renee Parsons via Off-Guardian.org,

In case you missed the kickoff, there is an unprecedented ‘must win’ wireless race for the US to cross the 5G finish line before China as alluded to during the recent Senate Commerce Committee oversight hearing on the Federal Commerce Commission.

The details were thin with no real discussion on the need for 5G or its complexities including the national security implications of China beating out the USA! USA! or any mention of its dangerous, toxic health consequences or the true implications on the Massive Internetof Things (MIOTdecoded as the Dastardly Dark Utopian Vision of Future Illusion which promises a generation of trans-humans

One already occurring aspect of the MIOT is when the overlap between government and the unelected tech giants becomes indistinguishable, representative democracy becomes passe.

During remarks at the White House in April (with Ivanka present to make her own comments), President Donald Trump said “Winning the race to be the world’s leading provider of 5G cellular and communication networks; we want to be the leader in this. We cannot allow any other country to out-compete the United States in this powerful industry of the future. We just can’t let that happen.  It is a race America must win.”

At stake, is at least a decade of global technological, economic and military dominance that would create three million new jobs, $500 billion in GDP and $275 billion in private sector investment. 

With over 300 million consumers, the US became the world’s tech and innovation hub as a result of its 4G global leadership.  Adding $100 billion to the GDP with wireless jobs that grew at 84% and a $950 billion app economy, the US became the world’s strongest wireless economy and world leader in mobile broadband.

As a result of its leadership, today’s largest tech stocks continue to drive the US economy with a technical expertise that spawned the US-based mega tech companies (Google/Amazon/MS/FB/Twitter/MS).  Many of those American-made companies have taken thousands of skilled jobs and lucrative contracts outside the US which is, after all, what the globalist agenda is all about. As 5G looms in an increasingly competitive global market,…
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Phil's Favorites

Voices from an age of uncertain work - Americans miss stability and a shared sense of purpose in their jobs

 

Voices from an age of uncertain work – Americans miss stability and a shared sense of purpose in their jobs

Work isn’t as stable as it once was. fizkes/Shutterstock.com

Courtesy of David L. Blustein, Boston College

On the surface, the well-being of the American worker seems rosy.
Unemployment in the U.S. hovers near a 50-year low, and employers describe growing shortages of workers in a wide array of fields.

But looking beyond the numbers tells a different story. My new book, “...



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Zero Hedge

Camouflaged Israeli Ex-PM Pictured Entering Epstein's Mansion The Same Day As Hotties Show Up

Courtesy of ZeroHedge. View original post here.

Former Israeli Prime Minister Ehud Barak was photographed entering Jeffrey Epstein's Manhattan mansion in January, 2016 wearing a camouflage scarf around his face - the same day that a bunch of young women showed up, according to the Daily Mail.

...



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Kimble Charting Solutions

Silver ETF (SLV) Testing Dual Breakout Resistance

Courtesy of Chris Kimble.

Silver (NYSEARCA: SLV) has been in a bit of a slumber when compared to the price action for Gold (NYSEARCA: GLD).

Precious metals bulls hope that this about to change, as bullish action from Silver is necessary to confirm any bull market / move in metals.

Today’s chart takes a closer look at the Silver ETF (SLV) on a weekly basis. As you can see, Silver is up 5 percent this week alone.

This is good news for metals bulls. But this rally isn’t confirming a breakout just yet.

As you can see in the chart below, SLV has been trading between support (1) ...



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Insider Scoop

Analysts Weigh In On Netflix's Rocky Quarter

Courtesy of Benzinga.

Netflix, Inc. (NASDAQ: NFLX) reported second-quarter results highlighted by an uncharacteristic decline in U.S. subscribers while international subscriber adds missed expectations. Here is a summary of how some of the Street's top analysts reacted to the print.

The Analysts

Mor...



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Digital Currencies

Bitcoin Breaks Back Below $10k, Crypto-Crash Accelerates As Asia Opens

Courtesy of ZeroHedge. View original post here.

Update 2010ET: Having briefly stabilized after this morning's weakness, cryptos are tumbling once again as Asian markets open.

Bitcoin has broken below $10,000 again...

*  *  *

While all eyes are on Bitcoin as it slides back towards $10,000, the real mover in the last 12 hours has been Ethereum after...



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Biotech

DNA testing companies offer telomere testing - but what does it tell you about aging and disease risk?

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

 

DNA testing companies offer telomere testing – but what does it tell you about aging and disease risk?

A telomere age test kit from Telomere Diagnostics Inc. and saliva. collection kit from 23andMe. Anna Hoychuk/Shutterstock.com

Courtesy of Patricia Opresko, University of Pittsburgh and Elise Fouquerel, ...



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ValueWalk

Professor Shubha Ghosh On The Current State Of Gene Editing

 

Professor Shubha Ghosh On The Current State Of Gene Editing

Courtesy of Jacob Wolinsky, ValueWalk

ValueWalk’s Q&A session with Professor Shubha Ghosh, a professor of law and the director of the Syracuse Intellectual Property Law Institute. In this interview, Professor Ghosh discusses his background, the Human Genome Project, the current state of gene editing, 3D printing for organ operations, and gene editing regulation.

...

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Chart School

Gold Gann Angle Update

Courtesy of Read the Ticker.

Charts show us the golden brick road to high prices.

GLD Gann Angle has been working since 2016. Higher prices are expected. Who would say anything different, and why and how?

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



The GLD very wide channel shows us the way.
- Conservative: Tag the 10 year rally starting in 2001 to 2019 and it forecasts $750 GLD (or $7500 USD Gold Futures) in 10 years.
- Aggressive: Tag the 5 year rally starting in 1976 to 2019  and it forecasts $750 GLD (or $7500 USD Gold Futures) in 5 years.

Click for popup. Clear your browser cache if ima...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

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

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

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:

 

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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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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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