Archives for March 2013

Bank of Cyprus savers could lose up to 60%

Bank of Cyprus savers could lose up to 60% (via AFP) Big savers in Cyprus's largest bank face losses of up to 60 percent, far greater than originally feared under the island's controversial EU-led bailout plan, officials said on Saturday. Cyprus meanwhile launched an investigation into a list published in Greek newspapers of Cypriot politicians […]

No Surprises

No Surprises Courtesy of the Reformed Broker, Joshua M Brown As a general rule, it gets harder and harder to surprise people the more you do it. So too goes the game of economic expectations – as reports come in better, economists nudge their forecasts for future reports higher and higher. Until they get ahead of […]

Who’s Next? Italy’s Monte Paschi Admits Billions in Deposit Outflows

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. It appears, given news from Italy today, that European depositors are increasingly coming to the realization that deposits in their local bank are not 'safe' places to put their spare cash, but are in fact loans to extremely leveraged businesses. In a somewhat wishy-washy, […]

Beppe Grillo “We are the French Revolution Without the Guillotine”

Courtesy of Mish. With Beppe Grillo and unwilling to form a coalition government, and with Prime former Prime Minister Silvio Berlusconi making demands that Bersani will not go along with, Italian President Giorgio Napolitano Considers Options. One of those options includes stepping down early so the next president can call elections. Under Italian law, an […]

Robot Reality: “Last Resort” Service Jobs Next to Go; “Baxter” Back in the News

Courtesy of Mish. I have written about “Baxter” before. Baxter is not a person. Rather Baxter is a robot rapidly replacing humans in various manufacturing jobs. See Meet “Baxter” the Robot Out to Get Your Minimum-Wage, No Benefits, Part-Time Job, Because He’s Still Much Cheaper; Fed Cannot Win a Fight Against Robots. Service Jobs Next […]

Wall St Burdens the Public Debt

Wall St Burdens the Public Debt Courtesy of Michael Hudson PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Baltimore. As the effects of the sequester agreement ripple through the American economy–massive cuts, that is, to social programs, and the military to some extent–one thing is clear: both sides–President Obama […]

FactSet: Negative Earnings Guidance at Seven Year Highs

FactSet: Negative Earnings Guidance at Seven Year Highs Courtesy of Joshua M Brown, The Reformed Broker The below from FactSet Research's end of Q1 report (emphasis mine): * For Q1 2013, 86 companies have issued negative EPS guidance and 24 companies have issued positive EPS guidance. This marks the fourth consecutive quarter that the percentage of negative […]

“I Went To Sleep Friday A Rich Man, I Woke Up Poor”

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Another non-Russian, non-oligarch, non-billionaire, non-tax-evader speaks up… So much has been written of the Cypriot bail-ins and massive haircuts for the uninsured depositors – assumed to be nasty oligarchic Russian money-launderers – that, it appears, the reality for people living in Cyprus has been […]

Don’t Count on Dodd-Frank… Yet

Don’t Count on Dodd-Frank… Yet By Lauren Feeney Almost three years after President Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law, few of its provisions have actually come into effect. Thanks in part to the banking lobby, the process is stuck in what The Washington Monthly calls “the seventh circle of bureaucratic hell.” […]

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors Courtesy of Ellen Brown, Web of Debt Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance […]

The Other Currency War

Courtesy of John Rubino. Most of the recent “currency war” talk refers to countries trying to lower the value of their currencies to gain a trade advantage and/or make their debts more manageable. But this war has another theater, where a weaker currency is not the main goal. Start with the premise that when a […]

Why Does No One Speak of America’s Oligarchs?

Why Does No One Speak of America’s Oligarchs? Courtesy of Yves Smith, Naked Capitalism  One of the striking elements of the demonization of Cyprus was how it was depicted as a willing tool of Russian money launderers and oligarchs. Never mind the fact, as we pointed out, that Cyprus is not a tax haven but a […]

Arizona Lawmakers Advance Bill Allowing Gold and Silver as Money; Bureaucratic Nightmare?

Courtesy of Mish. I have encouraging news in the state of Arizona where lawmakers back gold, silver as currency. The measure is Arizona’s latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money. The bill, which advanced in a 4-2 vote by […]

Where Two Strangers Never Meet: Self-Serving Bias

Where Two Strangers Never Meet: Self-Serving Bias "If you can meet with Triumph and Disaster, and treat those two strangers just the same" IF … Rudyard Kipling   Courtesy of Tim Arr, The Psy-Fi Blog Problematic Pronouns We all probably know someone who believes that their successes are entirely down to their own levels of […]

Wall-Street Craziness Is Back

Wall-Street Craziness Is Back Courtesy of Wolf Richter,, The craziness on Wall Street, the reckless for-the-moment-only behavior that led to the Financial Crisis, is back. This time it’s Citigroup that is once again concocting “synthetic” securities, like those that had wreaked havoc five years ago. And once again, it’s using them to shuffle off risks through […]

North Korea Releases New Photos That Reveal Its ‘US Mainland Strike Plan’ In The Background

North Korea Releases New Photos That Reveal Its 'US Mainland Strike Plan' In The Background Courtesy of Joe Weisenthal, The Business Insider North Korea is making more noise. Following the deployment of US B-2s to South Korea, North Korean President Kim Jong-un has ordered his military to be on alert for a strike against the US. As […]

The Real Inflation Rate and What to Do About It

Dennis polled his readers some weeks ago to find out what they think the real inflation rate is. They also shared their real life examples demonstrating that it’s much higher than the rate reported by the government.  The Real Inflation Rate and What to Do About It By Dennis Miller of Casey Research A little […]

US Savings Rate Near Record Low, Per Capita Disposable Income Almost Back To December 2006 Level

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. There was some good news for headline scanning algos this morning, when both personal incomes and spending came in modestly higher than expected, with incomes rising 1.1% compared to an estimated 0.8% increase, while spending was up 0.7%, also higher than the 0.6% expected. […]

Caught In The Cyprus Crossfire: Small Businesses Suddenly With Zero Cash

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. One of the prevailing false conventional wisdoms about the Cypriot cash confiscation is that it primarily affected rich, tax-evading individuals of Russian origin. Alas, those same individuals are likely to have been least affected, as subsequent discoveries of capital control breaches by the "richest […]

Madoff Offers to Names Names

Courtesy of Larry Doyle. Has Uncle Sam closed the books on the Madoff investigation? One would have to think so because there have been so few meaningful developments to emanate from the government’s ‘supposed’ pursuit of truth and justice in this case as to lead one to believe that the case is now closed. Aside […]

The Investment Game is Rigged, So Learn The Riggers’ Cheats and Play Accordingly

Courtesy of Lee Adler of the Wall Street Examiner I want to set the record straight from the outset. I’m not bullish because economic fundamentals are strong, even though in some respects in the US they look somewhat ok on the surface. It’s all appearances. Nor am I bullish because of the bullish technical trends, […]

Speaking of Inequality

Speaking of Inequality Courtesy of Kenneth Thomas of Angry Bear  Travis Waldron at Think Progress pointed out this excellent article by David Cay Johnston. It dovetails well with my last post, which showed the fall of individual real wages and their failure to regain their peak fully 40 years after it was reached. Johnston writes: Incomes and tax revenues have […]

David Covers His AAPL Short

David Covers His AAPL Short David of All About Trends mentioned that he was shorting AAPL in this weekend's Market Shadows newsletter. Today, he covered his short position in AAPL. Following up on his short trade idea, he sent this to his subscribers and to us: All About Trends  SHORT SELL Locking In Gains Trade Trigger Alert: AAPL March 28, 2013 […]

Canada Discusses Forced Depositor Bail-In Procedures for “Too Big To Fail” Banks in 2013 Budget

Courtesy of Mish. Inquiring minds in Canada managed to slog through a massive 433 page budget proposal and discovered Depositor Haircut Bail-In Provisions For Systemically Important Banks. Sure enough. Right on page 145 (PDF page 155) of the Canada Economic Action Plan for 2013 We see … “The Government proposes to implement a bail-in regime […]