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How Did Toys “R” Us Implode So Fast? The CEO Explains

Reviewing first day motions from a company’s chapter 11 docket, and more specifically the CEO’s declaration, can be a great way to learn exactly what happened in the days/weeks leading up to a bankruptcy filing.  The company spends millions of dollars every month on expensive lawyers (Kirkland & Ellis in the case of Toys “R” […]


Russian Depositors On Edge After Second Major Bank Fails In Under A Month

If once is happenstance, twice is coincidence, and three times is a full-blown collapse in the financial system, then Russia may be getting close. Just three weeks after Russia bailed out its largest and very politically connected private bank, Otkritie, after an unexpectedly acute bank run resulted in the bank’s near-collapse, already nervous Russian depositors […]


Iran’s Rouhani Responds To “Rogue Newcomer” Trump’s “Ugly, Ignorant Words”

Following President Trump's words yesterday and reports that he has "made his decision" on what to do about the Iran nuclear deal, Iranian President Rouhani just responded to "rogue newcomer" Trump, speaking at The United Nations, and also did not pull any punches… As he spoke, his words were transcribed into a Tweetstorm…   In […]


FX Traders Haven’t Been This Worried About An FOMC Meeting Since Last Year

While equity implied vols are compressed to record lows – what could possibly go wrong with unwinding a $4 trillion balance sheet? – it appears FX traders are a little less sanguine about the market's reaction to today's FOMC decision.   And more specifically, one-day volatility in euro-dollar options surged to the highest level for […]


Financialization & The Destruction Of The Real Economy

Authored by Charles Hugh Smith via OfTwoMinds blog, Strip an economy of capital, productive incentives, talent and yes, ethics, and what are we left with? An economy spiraling toward an inevitable collapse. Financialization is destroying the real economy, but few in power seem to notice or care. The reason why is painfully obvious: those in […]


Nasdaq Plunges As AAPL Suffers Triple Whammy

Weak reviews for iPhone 8, dismal pre-orders, and connectivity issues for Apple Watch have slammed AAPL shares to their lowest since August 1st earnings. As Bloomberg notes, in addition to connectivity issues with the new watch, part of today's weakness in Apple  shares could be related to negative comments at Rosenblatt due to weak iPhone […]


“I Have Decided”: Trump Says He Has Made Decision On Iran Deal

Following his extremely aggressive statements yesterday at The United Nations regarding Iran, President Trump has told reporters this morning that: "I have decided," when asked what he’s going to do about Iran deal. However he refused to say what the decision is, responding"I'll let you know." NEW: Pres. Trump says he has decided what to […]


Venezuela Bankrupt? Caracas Fails To Make Sept 15 Interest Payment

Exactly one week ago, we wrote that a “Venezuelan default is only a matter of time”.  We said that “while debt servicing has been a government priority, declining external liquidity and a deteriorating domestic situation (three-digit hyperinflation, shortages, and a political crisis between the government and the National Assembly) make it a daunting task. By […]


WTI/RBOB Drop After Smaller-Than-Expected Gasoline Draw, Big Crude Production Rebound

API data (smaller than expected build) and a weaker dollar have supported WTI overnight but as the DOE data hits, we are reminded that the impact from hurricane season lingers. WTI/RBOB prices kneejerked lower after DOE reported a bigger than expected crude build and a gasoline draw that was considerably smaller than API's reports. Crude […]


Fed’s Asset Bubbles Now At The Mercy Of The Rest Of The World’s Central Bankers

"Like watching paint dry," is how The Fed describes the beginning of the end of its experiment with massively inflating its balance sheet to save the world. As former fund manager Richard Breslow notes, however, Yellen's decision today means the risk-suppression boot is on the other foot (or feet) of The SNB, The ECB, and […]


Swiss National Bank Bubble Regains Lead Over Bitcoin

A week ago we tweeted… Dear @SNB_BNS_en – you are the next bitcoin: congratulations pic.twitter.com/cld4YNbNLb — zerohedge (@zerohedge) September 14, 2017 But as Bitcoin rebounded from its China challenges, it overtook The SNB once again as bubbliest bubble. However, a 13% spike in the share price of The Swiss National Bank today has put an […]


Existing Home Sales Slump To 1-Year Lows, NAR Says “There’s Simply Not Enough Homes For Sale”

After July's housing sales data horrors, yesterday's permits rebound prompted some hope (despite last week's 9.7% collapse in mortgage applications) but August's existing home sales just crushed that dream, dropping to one-year lows. Following a 1.3% MoM decline in July, August saw existing home sales tumble 1.7% MoM (against expectations of a 0.2% rebound) and […]


“We Are At War” – Morgan Freeman Is The Face Of The New “Committee To Investigate Russia”

Imagine this movie-script: a former KGB spy, angry at the collapse of his motherland, plots a course for revenge… narrates the ominous sounding voice of Morgan Freeman.  The hysteria continues, and this time Hollywood has been enlisted. No this is not The Onion, but yet another serious committee for serious people. Meet the "Committee to Investigate […]


Dennis Gartman: “This We Find Anomalous”

With stocks at all time highs, Dennis Gartman, who took the time to make a quick mockery of cryptocurrencies in his latest letter, is starting to get nervous on risk assets, pointing out what he calls an “anomaly.” Below are the selected excerpts from his latest note: THE S&P FUTURES: They Rise While Volume Falls!: […]