Tag Archives: Tyler Durden

ZeroHedge – Tyler Durden – Alarms Going Off As 102 Dollar-Yen Support Breached – 3 February 2014

ZeroHedgeAlarms are going off in assorted plunge protecting offices, now that the USDJPY has breached the 102.000 “fundamental” support level, below which the Yen can comfortably soar to sub 100.000 in perfectly even 100 pip increments. The first trading day of February has brought another weaker session across Asia though some equity indices such as the KOSPI (-1.1%) are in catch-up mode given they were shut towards the back-end of last week. Over the weekend, the Chinese government published its latest official manufacturing PMI which showed a 0.5pt drop to 50.5, a six-month low, and consistent with consensus estimates. DB’s Jun Ma believes there was some element of seasonality affecting this month’s result including the fact that Chinese New Year started at the end of January (vs February last year), anti-pollution measures in the lead up to CNY and efforts to control government consumption around the holiday period. The official service PMI was released overnight (53.4) which printed at the lowest level since at least 2011. The uninspiring Chinese data has not helped market sentiment this morning, with the Nikkei plunging -2% and ASX200 once again under pressure. S&P500 futures have fluctuated around the unchanged line this morning although if support below the USDJPY fail solidly, then watch out below. Markets in Mainland China and Hong Kong remain closed for Lunar New Year. Continue reading

ZeroHedge – Tyler Durden – Third Greek Bailout Package Is Finally On Deck – 3 February 2014

ZeroHedgeAs noted on Friday, the Greek soap opera, in which Europe pretends to bail out Greece when it is just bailing out its insolvent banks by not touching the status quo, and Greece pretends to reform and comply with austerity reforms when it merely continues to spend as before until the money runs out and the entire act is repeated, is about to enter its third act.

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ZeroHedge – Tyler Durden – “China Expected To Announce It Has More Than Doubled Its Gold Reserves”, Shanghai Daily – 20 January 2014

ZeroHedgeThe topic of China’s below the radar accumulation of gold is nothing new: first revealed here in September 2011 as part of a Wikileaks intercept, watchers of Chinese gold imports have been stunned by the ravenous pace with which Chinese customers have been gobbling up both domestic and foreign gold production month after month. One needs merely to glance at the net imports of gold just through Hong Kong to get a sense of just how much gold has flowed into the country which has now surpassed India as the largest buyer of gold.
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ZeroHedge – Tyler Durden – How Erik Prince, Founder Of Blackwater, Will Help China Subjugate Africa – 19 January 2014

ZeroHedgeAs we previously explained numerous times (here originally and here most recently) Africa is a crucial region in the world…

As Western economies start to regress in earnest following decades of failed and destructive monetary inflation and debt accumulation, as we warned previously, yield-starved investors are allocating real capital to the one industrially untapped continent in the world: Africa. However, we’re not seeing industry moving to Africa to set up shop. Rather, politically-directed capital flowing into the African resources sector is fueling and financing the strongest consumer boom in the world. It’s a vendor financing model for Asia, and it portends a major boom and bust cycle for the African continental economy.

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ZeroHedge – Tyler Durden – Sprott: “Manipulation Of Gold By Central Banks Cannot Continue In 2014″ – 18 January 2014

ZeroHedgeWith Deutsche Bank quitting the price-setting panel for gold and Bafin bearing down on the manipulators, Eric Sprott provides some more color on where the manipulation in the precious metals markets is underway (and when it will end)…

Submitted by Eric Sprott of Sprott Global Resource Investments,

Introduction

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ZeroHedge – Tyler Durden – Chinese Stocks Tumble On Contagion Concerns From First Shadow-Banking Default – 17 January 2014

ZeroHedgeWhile manufacturing and services PMIs disappointed, the big problem in big China remains that of an out-of-control credit creation process that is blowing up. As we previously noted, instead of crushing credit creation, the PBOC’s liquidity rationing has forced distressed companies into high-interest-cost products in the shadow-banking world. Investors on the other side of “troubled shadow banking products” had assumed that ‘someone’ would bail them out but this evening Reuters reports that ICBC has confirmed that it will not rescue holders of the “Credit Equals Gold #1 Collective Trust Product”, due to mature Jan 31st with $492 million outstanding. The anxiety from contagion concerns of the first shadow-banking default has pushed the Shanghai Composite back near 2,000 for the first time since July – and to its narrowest spread to the S&P 500 in almost 8 years.

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ZeroHedge – Tyler Durden – China’s Peer-To-Peer Lending Bubble Bursts As Up To 90% Of Companies Expected To Default – 13 January 2014

ZeroHedgeWhen it comes to the topic of China’s epic credit bubble (which continues to get worse as bad debt accumulates ever higher), we have beaten that particular dead horse again and again and again and, most notably, again. However, since in China the concept of independent bank is non-existent, and as all major financial institutions are implicitly government backed, by the time the “big” bubble bursts, it will be time to hunker down in bunkers and pray (why? Because while the Fed creates $1 trillion in reserves each year, and dropping post taper, China is responsible for $3.6 trillion in loan creation annually – yank that and it’s game over for a world in which “growth” is not more than debt creation). But just because the big banks can continue to ignore reality with the backing of the fastest marginally growing economy in the world (inasmuch as building empty cities can be considered growth), the same luxury is not afforded to China’s smaller lender, such as its peer-to-peer industry.

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ZeroHedge – Tyler Durden – Irish Finance Ministry Reveals It Has Lost Banking Crisis Files – 11 January 2014

ZeroHedgeWe are sure there is a joke in here somewhere but it is no laughing matter. Following a request for copies of 8 documents  of correspondence between Ireland’s (former) finance minister and the nations’ largest bank executives, the Irish minstry of finance has been forced to admit that it cannot find two out of the eight. The documents, previously 100% redacted, raises questions as to whether other documents have gone ‘missing’. As RTE reports, the Department of Finance said it had carried out a widespread search for the documents and it was not clear why the original versions could not be located. Those darn leprechauns… We are sure, however, it has nothing to do with the Irish banks “picking bailout numbers out of their arses.”

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ZeroHedge – Tyler Durden – It’s Official: The US Created Less Jobs In 2013 Than 2012

ZeroHedgeThe Fed spent over $1 trillion in 2013 (to push the stock market to all time highs) and all we got was… less jobs created than in 2012?

Establishment survey 2012 vs 2013 job change:

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