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The Fed’s Gold Is Being Audited… By The US Treasury

Zero Hedge
Aug 3, 2012

When we started reading the LA Times article reporting that “the federal government has quietly been completing an audit of U.S. gold stored at the New York Fed” we couldn’t help but wonder when the gotcha moment would appear. It was about 15 paragraphs in that we stumbled upon what we were waiting for: “The process involved about half a dozen employees of the Mint, the Treasury inspector general’s office and [...]

For Italy, It Is Game Theory Over

We discussed the use of Game Theory as a useful tool for analyzing Europe’s predicament in February and noted that it was far from optimal for any (peripheral or core) sovereign to pre-emptively ‘agree’ to austerity or Eurobonds respectively (even though that would make both better off). This Prisoner’s Dilemma left the ugly Nash-Equilibrium game swinging from a catastrophic break-up to a long, painful (and volatile) continuation of the crisis. Recent work by BofAML’s [...]

Greek Stock Market Soars On Speculation Tsipras Bluffing

Something amusing happened in today’s global capital markets: while European bond markets, especially in the periphery, are sliding following the Spanish downgrade and the Italian bond auction, one market has soared: that of Greece, which is up nearly double digits (not all that meaningful when you are at 20+ year lows), and whose bankrupt and deposit-free banks are up 20%. Which in turn is pushing US futures higher despit the Spanish [...]

Game Theory Over: Bank Of France’s Noyer Says Britain Should Be Downgraded, Not France

by ZH

To anyone who doubted that the gloves are now fully off between France and Britain, we bring you exhibit A: Speaking in an interview with local newspaper Le Telegramme de Brest to be published later on Thursday, Bank of France head and ECB member Christian Noyer said that a downgrade of France’s AAA credit rating would not be justified and ratings agencies are making decisions based more on politics than economics [...]

GMAC Boycotts Massachusetts, Will Halt State Mortgages In Retaliation For Lawsuit

by ZH

Following yesterday’s announcement that the state of Massachusetts would sue 5 mortgage lendersamong which the bailed out subprime failure formerly known as GMAC and now known by the much more idiot-friendly name “Ally”, the latter has decided to take matters into its own crazy hands and escalate matters by confronting the entire state of Massachusetts in a move that will generate even greater anger among the broader population, aimed squarely [...]