Roubini: Correction in second half
Dr. Doom says U.S. fiscal drag will eventually catch up with the stock market in the second half of 2013.
Dollar rally just getting started: Societe Generale
Faber: Rally will end ‘badly’
Is It Really 2007 Again?
Don’t Lose Sight of The Macro Message: U.S. Personal Income Fell $505.5 Billion, Sales Plunge, French Unemployment Rises Again to Highest Since 1999, Fitch Downgrades Italy, China’s Economic Crisis Looming, Dollar Breaks 10-year Falling [...]
Systemic Collapse: A Brief History of Market Manipulation
Druckenmiller: “When You Get This Kind Of Rigging, It Will End Badly”
When even Home Depot’s Ken Langone is questioning the reality of this rally (CEO of one of the best performing stocks since the Dow last traded here), you have to be a little concerned. However, it is Duquesne’s Stanley Druckenmiller’s point that with QE4EVA it is impossible to know when this will [...]
Today’s AM fix was USD 1,677.00, EUR 1,258.06, and GBP 1,059.18 per ounce.
Yesterday’s AM fix was USD 1,692.25, EUR 1,268.84, and GBP 1,066.19 per ounce.
Silver is trading at $31.92/oz, €24.05/oz and £20.26/oz. Platinum is trading at $1,692.75/oz, palladium at $718.00/oz and rhodium at $1,200/oz.
Cross Currency Table – (Bloomberg)
Gold fell $4.90 or 0.29% in New York yesterday and closed at $1,685.60/oz. Silver fell to $32.08 in Asia then rallied to [...]
The world’s economy is in peril, and it doesn’t look like Singapore will be spared.
The government knows it, saying we have to be prepared for slow growth and periods of recession in the advanced economies in the next three to four years. Ministers telling us to save money for a rainy day, a lowered economic projection, all of this happening recently.
And it looks like even the average person on the [...]
St. Louis Federal Reserve: There is now 100% chance of recession
The index has never approached 20% without a subsequent recession
During my usual morning reading process I came across a posting on PragCap by Cullen Roche regarding a chart of U.S. recession probabilities. The chart can be found at the St. Louis Federal Reserve website and is derived from a study by J. Piger and M. Chauvet, from the University of Oregon, which [...]
“Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions,” he said. The U.S. is getting closer to such a revolution, he said, as is Europe.
“I think the timeframe would be within five to ten years you have a colossal mess … everywhere in the Western world,” Faber said. “I think the deficit here (in the U.S.) — irrespective of who is in [...]
Today’s AM fix was USD 1,619.00, EUR 1,289.83, and GBP 1,044.65 per ounce.
Yesterday’s AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per ounce.
Gold climbed $7.20 or 0.45% yesterday in New York and closed at $1,618.80/oz. Gold traded sideways in Asia prior to a sudden buying bout which saw gold rise from $1,618/oz to $1,625/oz. Those gains have gradually been given up in European trading where gold is [...]
Over 30MM shares traded at $38. That’s some serious underwriter buying
It strongly appears that there’s a huge perma-bid at $38 on Facebook, so that it doesn’t fall below the IPO price.
Twitter user @Bourbon_Meyer sent us this look at the order book, showing the MASS of bids supporting the price at $38.
Check out the big mass of yellow on the left column… all those bids at $38.
They (bloomberg) said the underwriters had 67 million [...]
March 22, 2012
A Minnesota man was arrested and thrown in jail — all because city officials said he had not properly put up siding on his house.
Officials in Burnsville, Minn. cited Mitch Faber with “having an unfinished exterior” when, nearly four years after he started it, his home’s stucco project was not complete, Fox Newsreported.
Faber told Minneapolis ABC affiliate KSTP-TV he always intended to finish the project, but that he ran [...]
A Burnsville man on his way to work was arrested and thrown in jail without bond, and then subjected to electronic home monitoring.
But it wasn’t for drugs or a DWI or some other major crime.
Burnsville city leaders say Mitch Faber’s dealings with the law all stem from his failure to properly put up siding on his house.
Faber says he had every intention of completing the stucco and decorative rock [...]
Notably we have oil supply/demand and gold (PM) supply/demand. Oil supply has been flat for six years running now. Considering that the House of Saud has continually said they would raise their output, and haven’t, and then considering they are the swing producer, and also considering that oil is finite, I think we will be on the backside of production shortly, if we are not already. Fraking will not mitigate the problem [...]
Jim Rogers spoke to a very dramatic and even more hoarse Bartiromo, touching on old and well-known themes, namely that the administration is essentially using up its last stimulus bullet with the current recession: “When the problems arise next time what are they going to do? They can’t quadruple the debt again. They cannot print that much more money. It’s gonna be worse the [...]
Faber said that as the world’s economies improve, demand for energy will increase. He noted that demand has already picked up in developing countries and continues to rise in emerging markets.
“I think in a, let’s say Goldilocks outlook, you have to own some oil,” Faber said. “If you’re very bearish about the world, it’s a nightmare scenario in the Middle East and I don’t [...]
â€œOver time, interest rates on U.S. Treasuries will go up. Investors will gradually understand that the Federal Reserve wants to have negative real interest rates. The worst investment is in U.S. long-term bonds.â€ As for equities, Faber increasingly sees a Zimbabwe outcome: â€œIf you print money, the currency goes down and the S&P 500 goes up. By the end of 2011, people will look at 2012 and think [...]
NYS passed the budget extension that included the furlough of state workers tonight, this hits close to home, as my husband works for the local NY state college. We are lucky to have two incomes, and have always been careful to live within our means, so we will be OK. But we have friends/coworkers who are in tougher financial situations, who are pretty upset and scared about the [...]
Bernanke is now joining Rosenberg, Ferguson and Faber, Edwards, Grice and many others in warning that the debt crisis rearing its head in Greece may spread to America, causing U.S. interest rates to climb.
As the Washington Times wrote yesterday:
With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and [...]