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Global Stocks Rise To Record Highs As Tax Reform Is “Priced In” All Over Again

Yesterday we joked that with the US House of Representatives set to vote for the GOP tax bill on Tuesday, markets would “price in” the same tax legislation they have been pricing in every day for the past year, all over again… Get ready for US markets to price in tax reform all over again […]


John Burbank Shuts Flagship Hedge Fund, Plans Launch Of Cryptocurrency Unit

The writing for John Burbank’s Passport Capital was on the wall back in August, when as we reported, in his latest letter to investors Burbank reported that at what was once a multi-billion fund, total firm assets at Passport had shrunk to just $900 million as of June 30 as a result of net outflows […]


BIS Issues An Alert: Tightening “Paradoxically” Leading To Excessive Risk Taking; Reminds What Happened Last Time

Valuations in asset markets are “frothy” and investors are basking in the “light and warmth” of the “Goldilocks economy”, believing that nothing can upset a future of “sustained growth and low interest rates”. We observe a heavy dose sarcasm from the media briefing coinciding with the Bank for International Settlements’ (BIS) latest quarterly review. Specifically, […]


Are Markets Really As Calm As They Seem?

Authored by Thorsten Polleit via The Mises Institute, Indicators for financial market "stress" have reached their lowest levels in decades. For instance, stock market volatility has never been this low since the early 1990s. Credit spreads have been shrinking, and prices for credit default swaps have fallen to pre-crisis levels. In fact, investors are no […]


Who’s Next? Venezuela’s Collapse Puts These Nations At Risk

"It's a wake-up call for a lot of people who will say ‘Look, the stuff I own is actually very risky'…" warns Ray Jian, who oversees about $6 billion at Pioneer Investment Management Ltd. in London. "People have been ignoring risks in places like Lebanon for a long time," and the official default of Venezuela […]


Bitcoin Surges Near $8000 Record Highs After Venezuela Default

We have already discussed the hyperbitcoinization of the Venezuelan economy and it appears, judging by the most recent surge, that tonight's 'official' default events for the sovereign (and PDVSA) have triggered a further rush to the 'safety' of a decentralized store of wealth… As we noted previously, Venezuela’s worsening economic collapse has created something of […]


Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as Petroleos de Venezuela, S.A. Specifically, in today’s determination, in response […]


Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia

As Venezuela teeters right on the brink of complete financial collapse, Bloomberg reports that Russia has agreed to restructure roughly $3.2 billion in outstanding obligations.  While details of the restructuring agreement are scarce, both sides reported that the deal spreads payments out over 10 years with minimal cash service required over the next six years. […]


Behold The Saudi Plunge Protection Team

Amid all of the chaos, coups, and corruption crackdowns in Saudi Arabia, and with declarations of war being dropped like confetti, the Tadawul All-Share Index is barely lower… We first pointed out the 'odd' appearance of a panic-buyer in Saudi stocks just two days after the chaos erupted. But it has now been a week […]


Venezuela Just 24 Hours Away From Formal Declaration Of Default

Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never been closer to an official default after Reuters reported that […]


“They’re Ba-ack!” – Citi Says Synthetic CDOs May Reach $100 Billion In 2017, 5x Increase In 2 Years

35-year-old Jia Chen of Citibank probably has no idea where that title quote above came from.  That’s because she was roughly 4 years old when Poltergeist II hit theaters back in 1986… …that said, Citibank, as we noted a few weeks back, has every confidence that Jia is the perfect person to put in charge […]


Are Cryptocurrencies Inflationary?

Are Cryptocurrencies Inflationary? Posted with permission and written by John Rubino, Dollar Collapse      There’s a debate raging over what, exactly, bitcoin and the thousand or so other cryptocurrencies actually are. Some heavy-hitters are weighing in with strong, if not always coherent opinions:   Jamie Dimon calls bitcoin a ‘fraud’   JPMorgan Chase CEO […]


Ray Dalio Is Shorting The Entire EU

Authored by Raul Ilargi Meijer via The Automatic Earth blog, A point BOE Governor Mark Carney made recently may be the biggest cog in the European Union’s wheel (or is it second biggest? Read on). That is, derivatives clearing. It’s one of the few areas where Brussels stands to lose much more than London, but […]


Surging Windstream Spreads Remind Wall Street Why Synthetic CDO’s Are A Bad Idea

Just a couple of weeks ago, we wrote a post about Citibank and the 35 year old they recently put in charge of once again making the bank into a powerhouse in the Synthetic CDO market.  Less than a decade after being forced to take a taxpayer funded bailout to avoid an embarrassing bankruptcy filing, […]


Citi’s Bringing Back The Synthetic CDO…But In A Way That “Insulates It From Any Losses”

Less than a decade after being forced to take a taxpayer funded bailout to avoid an embarrassing bankruptcy filing, Citibank, proving that they learned precisely nothing from the so-called ‘great recession,’ has put a 35 year old in charge of once again making the bank into a powerhouse in the Synthetic CDO market.  But please […]