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If you thought you were merely on the fence about being confused on the topic of the global economy, and how the Fed may be on the verge of a rate hike when on both previous occasions when financial conditions were here the Fed was launching QE1 and QE2, here is JPM's chief economist Bruce Kasman to make sure of that. Something happened   The August turbulence in global markets has produced significant shifts, including a 6.6% fall in equity prices. The currencies of emerging market

Read more: Zero Hedge

Much as Brazil is the poster child for the great EM unwind unfolding across emerging economies from LatAm to AsiaPac, Illinois is in many ways the mascot for America’s state and local government fiscal crisis.  Although well documented before, the state’s financial troubles were thrown into sharp relief in May when, on the heels of a state Supreme Court ruling that struck down a pension reform bid, Moody’s downgraded the city of Chicago to junk.  Since then, there’s been quite

Read more: Zero Hedge

``Last September they proposed to shrink the balance sheet after beginning to raise rates, which is a form of putting the cart before the horse. I believe that they'll find, if and when they try to raise rates, that the market won't cooperate. Rates should only begin to rise when the actually shrink the balance sheet, thereby reducing the amount of excess cash in the banks, although how much shrinkage will be needed to sustain even minimally higher rates can't be known.''

Read more: Implode-Explode Heavy Industries news feed

Last week, China moved to increase the quota for issuance under the country’s local government debt swap program to CNY3.2 trillion. The program, designed to help the country’s local governments crawl out from under a debt burden that amounts to more than 30% of GDP, allows provincial governments to issue bonds with yields that approximate the yield on central government debt and swap the new bonds for outstanding LGFV loans which generally carry higher interest rates. Generally

Read more: Zero Hedge

My own view - with low conviction, as they say in the hedge fund world - is that China will weather this immediate storm, though with difficulty. Fiscal spending is growing at 13pc again. There is already enough juice in the pipeline to flatter growth for a few more months. The housing maket is coming back from the dead. Services are growing at a 10pc pace. Another stop-go cycle is picking up. Each time it is weaker, but it is still enough to delay the denouement until next year, and next year is an epoch away in market time. Watch the offshore exchange rate for the renminbi. If that
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`` The astonishing surge in leverage in late 1999 peaked in March 2000, the same month that the S&P 500 hit its all-time daily high, although the highest monthly close for that year was five months later in August. A similar surge began in 2006, peaking in July 2007, three months before the market peak... The NYSE margin debt data is about a month old when it is published. The latest debt level is down 3.5% month-over-month and 4.7% off its real (inflation-adjusted) record high in April''

Read more: Implode-Explode Heavy Industries news feed

The ECB's Vitor Constancio, while largely a silent puppet operating quietly in the shadow of his boss, former Goldmanite Mario Draghi, is best known for his tragicomic statement from October 2014 that the ECB will not stress test Europe's banks for deflationary scenario because it simply won't happen... My question would be on how credible these tests are. Looking at the adverse scenario, you haven't even included deflation. You have not included an interruption in gas imports to Europe.

Read more: Zero Hedge

Curious why the S&P futures have opened down some 0.6%, wiping out the entire late-Friday ramp? The reason is that as SocGen summarizes it best, following the Jackson Hole weekend, we now know that despite Bill Dudley' platitudes "the door is still fully open to Fed liftoff in September." Here is how SocGen describes a Fed whose posture still hints at a September rate hike: Jackson Hole vs Market Consensus   Analysing the speeches and papers from Jackson Hole, we note several

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Apparently, he mostly invents things that are round and begin with the words of Aero: Inventor Portrait: Alan Adler (AeroPress; Aerobie) from David Friedman on Vimeo. Source: Vimeo

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Apple is set to release its next generation smartphone next month, yet consumers don't yet know whether it will be named the iPhone 6s or the iPhone 7. There has been something of a consensus in favor of the iPhone 6s in recent weeks, but with Apple predictably quiet on the subject this is certainly […] The post Will Apple Opt For iPhone 6S Or iPhone 7? appeared first on ValueWalk.

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Leaked Documents Show Uber's Cost Structure, Best-Performing Cities by Katie Roof, Fox Business News FOXBusiness.com has obtained leaked documents that Uber is using to persuade investors to participate in its Uber China financing.  The global ride-sharing company is close to finalizing a round of at least $1 billion that would value Uber China at more […] The post Leaked Documents Show Uber’s Cost Structure, Best-Performing Cities appeared first on ValueWalk.

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Submitted by Leonard Brecken via OilPrice.com, The intention here is the bring facts to light so the public can decide. I’m not quite sure what to believe on how and why oil prices remain more than 50 percent below free cash flow break even for most independent E&P companies. I know for sure it’s not just one reason and is more likely a confluence of events. Part of the reason oil prices broke new six-year lows is tied to hedge funds shorting equities and pressuring equity

Read more: Zero Hedge

This month has seen something that happens not very often: it appears to be the early stages of a global stock market crash. Submitted by Alasdair Macleod, GoldMoney: For the moment investors are in shock, seeking reassurance and keenly intent on preserving their diminishing assets, instead of reflecting on the broader economic reasons behind it. […] The post Alasdair Macleod: Economics of a CRASH appeared first on Silver Doctors.

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Submitted by Satyajit Das via The Sydney Morning Herald, Like the characters in Samuel Beckett’s Waiting for Godot, the world awaits the return of wealth and prosperity. But the global economy may be entering a period of stagnation. Over the last 35 years, the economic growth necessary to increase living standards, increase wealth and manage growing inequality has been based increasingly on rising borrowings and financial rather than real engineering. There was reliance on debt-driven

Read more: Zero Hedge

What better way to mute demands for a return to sound money and the gold standard, than by making them equivalent to jihadist terrorism? Why, there are none, which is why some were thoroughly amused to see that yesterday the Islamic State's so called media center, the al Hayat, released a video whose production qualities are nothing short of Hollywood (or San Fernando valley at worst), in which the latest and greatest "jihadist terrorist group" that was a byproduct of US intervention in the

Read more: Zero Hedge

Texas authorities have charged a man with killing a uniformed sheriff’s deputy at a Houston gas station Friday night. Law enforcement officials on Saturday arrested Shannon J. Miles, of Cypress, The post Were officials too quick to tie Texas deputy shooting to Black Lives Matter? appeared first on King World News.

Read more: http://kingworldnews.com/were-officials-too-quick-to-tie-texas-deputy-shooting-to-black-lives-matter/

Last weekend we reported that in the past month two men, a Pole and German, claimed to have discovered the legendary Nazi "gold train" - a 150 meter long German train alleged to be full of gold, gems and weapons, which disappeared just before the end of World War II - in the proximity of the Polish town of Walbrzych, close to where the Nazi are said to have loaded up the train with valuables for its final voyage in the town of Wroclaw, just as the Soviet forces approached in 1945. As we

Read more: Zero Hedge

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On Saturday, we argued that if one focuses narrowly on official FX reserves, the effect may be to underestimate the total size of accumulated petrodollar assets.  As Credit Suisse notes, "oil exporting countries hold about $1.7trn of official reserves but as much as $4.3trn in sovereign wealth fund assets." And while the composition of the SWF asset pool is likely to be far more multifarious than the makeup of official FX reserves making it more difficult to assess i) how quickly they

Read more: Zero Hedge

Einstein, Physics, Gold and The Formula To End Economic Decay  by David Bryan “It Can Be No Other Way” By backing their productivity with artificial money, people have been tricked into giving banks a counter party claim to their wealth. The assets used or owned by their forefathers are now incorporated within vast corporations or pledged as debt in exchange for central banker’s script. Einstein was the greatest mind of this century and when he states the formula for reality we

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Have Peripheral Colds Caused A U.S. Recession Flu? by Wade W. Slome, CFA, CFP®, Investing Caffeine At the trough of the recent correction, which was underscored by a brief but sharp -1,100 point drop in the Dow Jones Industrial Average, the Dow had temporarily corrected by -16.2% from its peak in May, earlier this year. […] The post Have Peripheral Colds Caused A U.S. Recession Flu? appeared first on ValueWalk.

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