Moments ago the market jeered the announcement of DB’s 10% equity dilution, promptly followed by cheering its early earnings announcement which was a “beat” on the topline, despite some weakness in sales and trading and an increase in bad debt provisions (which at €354MM on total loans of €399.9 BN net of a tiny €4.863 BN in loan loss allowance will have to go higher. Much higher). Ironically both events are complete noise in the grand [...]
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Jan. 8, 2013: In the galactic scheme of things, the Sun is a remarkably constant star. While some stars exhibit dramatic pulsations, wildly yo-yoing in size and brightness, and sometimes even exploding, the luminosity of our own sun varies a measly 0.1% over the course of the 11-year solar cycle. There is, however, a dawning realization among researchers that even these apparently tiny variations can have a significant effect on terrestrial [...] Would you pay to use Facebook to help investors recover their loss? In an August 29, 2012, article at Huffington Posts’s blog, readers are asked if they’d be willing to pay one dollar a year to use Facebook. In the grand scheme of things, one dollar doesn’t sound like much and most people wouldn’t even think twice about anteing up. But we’re talking about 900 million people here and that means [...] Taxing people on what they don’t consume creates a dangerous precedent Talk about confusion. First U.S. Supreme Court Chief Justice John G. Roberts decides that the Obamacare mandate is really a tax. Then the Republicans admonished the Democrats for raising taxes, followed by Democrats’ insistence — to avoid the tax-and-spend epithet — that the health mandate payment is a penalty. Then, of all people, Republican presidential candidate Mitt Romney sides with the [...] One United States dollar is currently worth almost exactly 99 Canadian cents. It won’t be long, though, before it will be impossible to put 99 cents in your pocket north of the border. That’s because Canada is poised to implement a longtime dream of American budget wonks (andAaron Sorkin) and withdraw the penny from circulation. The basic problem with pennies is that they cost a lot of money for the government to [...] From FT: Some words are the property of continental Europeans. You do not hear many Brits or Americans talking about “solidarity”. The expression belongs to the soggy (to Anglo-Saxon minds) consensualism of social market capitalism and to prophets of European unity. What’s happened lately is that solidarity has dissolved. This explains why the euro, and the European Union, are in so much trouble. Another week, another sticking plaster. The deal to prop [...] Electronic Intifada There’s an astonishing piece of news in Israel’s Haaretz today under the headine “Israel allocates funds to help former IDF soldiers become sushi chefs”: Demobilized soldiers will be able to study Asian cooking this year at the government’s expense, as part of an effort to reduce the number of foreign workers employed as cooks in Asian restaurants by training Israeli professionals to replace them. It’s shocking for two reasons – one [...]
Bank Transfer Day on November 5 and the earlier Move Your Money movement have succeeded in inspiring millions of fed-up consumers to dump their mega-bank accounts and take their business to locally owned community banks and credit unions. But the truth of the matter is, their actions won’t make much difference in the grand scheme of things: any financial institution that makes loans is contributing to the gigantic Ponzi scheme [...] by Brandon Smith of Alt Market Sausage The Riot Dog Coming To America?
Who would have thought it possible? Greece, a tiny country on the Mediterranean which is, in the grand scheme of things, economically insignificant, has become the centerpiece of the global financial media and the “make or break” sovereign debt battle for the entire European Union. Let’s face it; Greece dominates [...] by Nomi Prins Captain Obvious (S&P) vs. Captain Oblivious (Tim Geithner) Last week, President Obama driveled on about nothing of consequence in his budget speech. Yeah, he said he’d push to roll back tax cuts for the wealthy and close some off-shore corporate tax loopholes, but he’s said both (many times) before and neither happened, so in terms of revenue enhancement, it’s a non-starter. Today, S&P – that [...] by CD Absolutely absurd that the evac zone is still only 20km given that the situation is out of control. IAEA worried about radiation in Japan village (AFP) – 2 hours ago VIENNA — Radiation levels recorded at a village outside the evacuation zone around the quake-striken Fukushima nuclear plant are above safe levels, the UN atomic watchdog said Wednesday. The International Atomic Energy Agency said safe limits had been exceeded at Iitate village, [...] by zh While two months ago the IMF said that “Oil price rise not threat to global recovery”, we now get an FT article with the following title: “Oil price ‘threat to recovery’” based on a quote from the IEA.” H.M.M.M.M. we wonder whose opinion is more accurate: an organization run by idiots (who subsequently matriculate into modestly coherent people whose only job is to bash their [...] Today the market closed up again, and at the same time, it did so without significant positive tick.We didn’t see much energy as strong plus ticks were infrequent. While the bulls may be “high fiving” it, this market really needs a breather for its overall long-term health. We did see some ebb and flow in today’s action, and the bulls will not be pleased to hear that this is generally a sign of a market whose internals are changing. This is, again, expiration week which normally has a [...] |
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