JP Morgan Advises It Clients To Read Zero Hedge Three Weeks Ago

Three weeks ago, Zero Hedge was the first to bring the world's attention to the legal (and explicit trading/risk) ramifications of European sovereign bonds. We noted the ECB/IMF's subordinating impact on unsuspecting sovereign bond holders but much more explicitly showed the huge gap in market perception between domestic- and foreign-law bonds (and the fact that they have very different ramifications... [Read more]

US Severs Diplomatic Ties With Syria, Closes Embassy, Pulls Diplomats

Two months ago, Hillary told all Americans to get "immediately out of the 'dodge' known as Syria. Today, the request is formally an order, following an AP report that the US has just severed ties with Syria. US closes embassy in Damascus, pulls American diplomats out of Syria - AP And now, go back to watching Go Daddy ads of women painting women.  Read More →

Time To Buy CDS On The Boston Fed?

Something interesting happened in last week's H.4.1 release: the Fed disclosed that, for the first time ever, a Fed bank actually suffered a "loss" when the Boston Fed's Interest on Federal Reserve Notes (IOFRN) liability went negative, and quite negative at that. As a reminder, the IOFRN liability is the accrual of Federal Reserve income to be repatriated to the Treasury the following week, or... [Read more]

Bill Gross On Minsky’s Take Of The Liquidity Trap: From "Hedge" To "Securitised" To "Ponzi"

Over the weekend, we commented on Dylan Grice's seminal analysis which excoriates the central planning "fools", who are perpetually caught in the "lost pilot" paradigm, whereby the world's central planners increasingly operate by the mantra of “I have no idea where we’re going, but we’re making good time!” and which confirms that in the absence of real resolutions to problems created by a... [Read more]

JPM Buys Greece For $2?

From Peter Tchir of TF Market Advisors JPM Buys Greece For $2 While we wait for the antics in Greece to result in some announcement, I can’t help but think about how different the Greek situation is from when JPM bought Bear Stearns (shortly after the last time the Giants won the super bowl). The “weekend” deadline for Bear was neither artificial, nor self-imposed.  Without a deal, Bear... [Read more]

Daily US Opening News And Market Re-Cap: February 6

From RanSquawk: Announcements of a Greek political deal are likely later today according to a Greek government official. French President Sarkozy has said France and Germany are not imagining the possibility of no Greek agreement. UBS have revised their outlook for US Q1 2012 real GDP growth to 2.3% from 1.5%. Market Re-Cap Weekend talks between Greek government officials failed to reach a... [Read more]

Frontrunning: February 6

Greeks Struggle to Resolve Their Differences (WSJ) China May See Deeper Slowdown on Crisis: IMF (Bloomberg) Banks to take a hit on US home loans (FT) Europe’s banks face challenge on capital (FT) Smaller Interest-Rate, Credit-Default Swap Trades Seen On Horizon  (WSJ) Pro-European elected Finland president (FT) Push Sputters for Credit-Default Swap Futures (WSJ) China Money Rate Rises as Central... [Read more]

On China, Greece Playing Chicken, US Ponzinomics and the Inevitable Fall of Manhattan Real Estate

A 7 minute video of my opinions on Greek haircuts, US and Manhattan real estate overvaluation, China bubble busting and hard landings, Case Shiller shortcomings and Germany's penthouse suite in the EU roach motel.  Below I have aggregated hours worth of related content via video, blog postings and subscriber research...  Related Videos 1  21:08 Reggie Middleton Illustrates... [Read more]

A Shift In European Sentiment – Is Germany Prepared To Let Greece Default?

Something quite notable has shifted in recent weeks in Europe, and it originates at the European paymaster - Germany. While in the past it was of utmost importance to define any Greek default as voluntary (if one even dared whisper about it), and that the money allocated to keep the Eurozone whole would be virtually limitless, this is no longer the case. In fact, reading between the headlines in the... [Read more]

Stocks And Euro Fall (€1,315/oz) As Possible Greek Default Looms

From GoldCore Stocks And Euro Fall (€1,315/oz) As Possible Greek Default Looms Gold’s London AM fix this morning was USD 1,717.00, EUR 1,315.31, and GBP 1,090.85 per ounce. Friday's AM fix was USD 1759.50, EUR 1,335.48, and GBP 1,110.66 per ounce. Gold has followed the now familiar trading pattern of gains in Asia followed by weakness in Europe. While gold has fallen and is weaker in most currencies... [Read more]

Summary Of Key Events In The Coming Week

Goldman recaps the past week's main events in 3 short sentences, and provides a bulletin of the main known global events in the coming days. Last week's price action was dominated by better macro data across the globe. PMI numbers improved and positively surprised in virtually every country with the notable exception of Switzerland. US labour market data towards the end of the week added to the positive... [Read more]

Minimum-Wage Rates

The market wage rate tends toward a height at which those eager to earn wages get jobs and those eager to employ workers can hire as many as they want.  Read More →

Withholding Consent from the Khan

Rather than utilize the suspicious paper chits issued by the Khan's local governor, Tabrizians either fled the city or remained and subsisted on emergency food stores, sometimes raiding the gardens of neighbors who had left. Merchants refused to transact or trade; tents in bazaars stood empty.  Read More →

The Life and Works of Böhm-Bawerk

Eugen von Böhm-Bawerk was an economist, lawyer, finance minister, teacher, and a founding figure of the Austrian School of economics.  Read More →

From Loose Money to Fettered People

It is important to recognize the link between monetary policy and individual liberty.  Read More →

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