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Bitcoin Plummets Below $14,000; Peter Schiff Says ‘Mark It Zero’

Update: 1005ET: The carnage across cyrptocurrencies has escalated with Bitcoin back to a $13K handle, Ethereum back below $700, and Bitcoin Cash below $2,600… Bitcoin is now almost $6,000 off its record high… For those who are keeping track… $0000 – $1000: 1789 days $1000- $2000: 1271 days $2000- $3000: 23 days $3000- $4000: 62 […]


Bitcoin Bloodbaths Below $14,000; Peter Schiff Says ‘Mark It Zero’

Update: 1005ET: The carnage across cyrptocurrencies has escalated with Bitcoin back to a $13K handle, Ethereum back below $700, and Bitcoin Cash below $2,600… Bitcoin is now almost $6,000 off its record high… In fact almost the entire crypto space is collapsing with Ripple the only gainer for now… There continues to be no obvious […]


Crypto Carnage Continues: Bitcoin Down $5,000 From Record Highs, Schiff Says ‘Mark It Zero’

After an exuberant few days following Coinbase's adoption of Bitcoin Cash, the forked currency has collapsed back below $3,000… For the 4th night in the last 5, someone has started slamming Bitcoin at around 8pmET, pushing the biggest cryptocurrency back below $15,000 for the first time in two weeks… Catalysts for the drop are unclear […]


Proposed Legislation: Fannie And Freddie Are Here To Stay – There Is No Alternative

Since the US government nationalized the two GSEs in 2008 in a $187 billion bailout of the mortgage giants, there have been consistent calls for them to be wound down and for the private sector to fill the void. As we discussed, this view is, or was, shared by new Fed Chairman, Jay Powell. Mr. […]


What Bubble? Silicon Valley Homes Going For Nearly $2 Million Over Asking Price

If you’re still holding out hope that the following chart is anything but another massive housing bubble in the making then you should probably ignore the disturbing evidence to the contrary that we’re about to present below… Back in 2005/2006, one of the key signs that housing markets across the country were overheating was the […]


Riksbank Formally Ends QE But Pledges Continued Dovish Support For Bond Market

While the Riksbank left its repo rate unchanged at -0.5%, as expected, in its decision this morning, far more interesting was the Riksbank’s decision to formally end making new bond purchases, i.e., QE, after almost three years. However, in order to ensure a smooth transition, the Riksbank said the end of QE would take place […]


Are Bonds Really On The Run? Why One Trader Is Skeptical

Yesterday we observed the biggest 2-day steepening in the 2s30s yield curve since the Trump election, following a confluence of events which we discussed in this post, and which resulted in a generous payday for at least one rates trader. So has the long-awaited moment of a long-end selloff arrived? Or, as SocGen’s FX strategist, […]


In Dramatic Reversal, China Gives Up On Deleveraging Pledge

Last week, when looking at the latest Chinese credit data, we made two troubling observations: first, China’s economic growth was slowing across a number of key data points despite massive new credit injected into the economy over the past year. Second, that the formerly massive credit impulse – which was responsible for pushing the global […]


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 […]


The 10 “Grey Swans” Events For 2018

One of the traditional push backs against attempts to predict “black swan” events is that they are by default unpredictable, rendering the entire exercise moot. However, for the second year in a row, Nomura’s Bilal Hafeez has found a loophole, or rather loop-animal: the grey swan. As Hafeez writes, while he would like to be […]


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

Global stocks and US equity futures roared upward to new record highs to start the second-to-last week of the year, boosted by optimism over a Republican agreement on the shape of U.S. tax cuts aimed at lifting growth; incidentally this is the 6th consecutive day that the “tax bill” has been priced in by the […]


This Map Shows Where Millennials Are Buying Houses (And For How Much)

Millennial homeownership rates are essential to understanding the housing market because they facilitate additional home sales for other people. How does this work? As HowMuch.net explains, suppose you make an offer on a house. The current owner is also probably on the market, and he or she likely has a contingent offer on another house. […]


Swedish Housing Bubble Pops As Stockholm Apartment Prices Crash Most Since June 2009

Even though Sweden’s property bubble is not the longest running (that accolade goes to Australia at 55 years), it is probably the world’s biggest with prices up roughly 6-fold since starting its meteoric rise in 1995. Of course, as we noted last month when the SEB’s housing price indicator, which measures the difference between those […]


Global Deflation Alert: Chinese Credit Creation Tumbles To 27 Month Low

At the end of November, we showed a troubling observation for China – and global – macro watchers from Axiom’s Gordon Johnson: for the first time ever, record Chinese credit creation had failed to stimulate the economy, and in fact the exact opposite appeared to be unfolding – economic growth is slowing across a number […]


Asset Prices Are ‘Prices’ Too…

Authored by Thorstein Polleit via The Mises Institute, We live in inflationary times. Some people might consider this statement controversial. This is because these days inflation is widely understood as a rise in the consumer price index (CPI) of more than 2 percent per year. However, there are convincing reasons to question this viewpoint. On […]