THeY SHoT THe GiRaFFe…


.

 

BANZAI7 NEWS–Dick the toxic derivative giraffe died at the Copenhagen Zoo on Sunday.

He wasn’t Too Big To Fail.

The cause of death was a shotgun blast, and after a public autopsy [in front of a bunch of school kids], the animal, who was 11 feet 6 inches, was chopped up and Fed to the zoo’s lions and other big feline counterparties.

Administrator Hank Paulsen said they had decided to kill Dick, who by Wall Street standards, was in just as good (or shitty) health as the other toxic derivative giraffes, because his genes were well represented among the captive TBTF giraffe population in  the Wall Street zoo.


    



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Post-Payrolls Euphoria Shifts To Modest Hangover

After Friday’s surge fest on weaker than expected news – perhaps expecting a tapering of the taper despite everyone screaming from the rooftops the Fed will never adjust monetary policy based on snowfall levels – overnight the carry trade drifted lower and pulled the correlated US equity markets down with it. Why? Who knows – after Friday’s choreographed performance it is once again clear there is no connection between newsflow, fundamentals and what various algos decide to do.

So (lack of) reasons aside, following a mainly positive close in Asia which was simply catching up to the US exuberance from Friday, European equities have followed suit and traded higher from the get-go with the consumer goods sector leading the way after being boosted by Nestle and L’Oreal shares who were seen higher after reports that Nestle is looking at ways to reduce its USD 30bln stake in L’Oreal. The tech sector is also seeing outperformance following reports that Nokia and HTC have signed a patent and technology pact; all patent litigation between companies is dismissed. Elsewhere, the utilities sector is being put under pressure after reports that UK Energy Secretary Ed Davey urged industry watchdog Ofgem to examine the profits being made by  the big six energy companies through supplying gas, saying that Centrica’s British Gas arm is too profitable.

FX markets remain relatively muted amid light newsflow with EUR/USD failing to break above its 50DMA seen at 1.3655. Whilst AUD/USD also made a failed attempt to break below its 50DMA at 0.8912. In fixed income products, there is a lack of major supply for today, however, in terms of corporate issuance hedge positioning has been noted in the belly of the curve where the 7-10y has seen a slightly better receiving bias. Alongside this, attention turns to Portugal, who are seeing underperformance with the PO/GE spread widening amid expectations that Portugal are to syndicate their 10y benchmark EUR bond this week.

There are virtually no macro events on todays US calendar with Mortgage Delinquencies, 4Q (prior 6.41%) and Mortgage Foreclosures, 4Q (prior 3.08%) due out today. Notably, there will be a POMO of $2.25b-$2.75 billion. Perhaps more importantly, there are no POMOs on Tuesday and Thursday.

In terms of the rest of the week ahead, much of this week’s focus will be on Yellen’s Hmphrey Hawkins testimony as the US data flow is pretty thin, which is typical of a post-payrolls week. The data docket is highlighted by Tuesday’s JOLTs job openings and Thursday’s retail sales and initial jobless claims. Friday’s industrial production numbers for January and February consumer sentiment data could provide more detail on the effect of the recent weather on economic activity. President Obama hosts France’s Francois Hollande this week in talks that will include discussion of the EU-US free trade agreement (amongst other topics).

Overnight Bulletin summary from Bloomberg and RanSquawk

  • European stocks trade flat despite Nestle and L’Oreal providing the consumer goods sector with outperformance.
  • FX markets remain quiet ahead of key risk events, with EUR/USD failing to break above its 50DMA.
  • The PO/GE spread has widened following talk that Portugal are to syndicate their 10y benchmark bond this week.
  • Treasuries higher, led by 5Y-10Y sector in continuation of rally seen Friday after weaker than forecast payrolls; focus on 3Y/10Y/30Y auctions, Yellen’s first testimony before Congress, with both beginning tomorrow.
  • Yellen won’t be swayed by Jan. jobs report into backing away     from support for $10b/meeting tapering pace, economists say
  • China’s banking regulator ordered some of the nation’s smaller lenders to set aside more funds to avoid a cash shortfall, three people with knowledge of the matter said, signaling rising concern that defaults may climb
  • China’s central bank signaled that volatility in money-market rates will persist and borrowing costs will rise, underscoring the risk of defaults that could weigh on confidence and drag down growth
  • Almost 12 years after opening borders to EU expatriates, Swiss citizens recoiled, backing an initiative to impose limits on immigration; the government has three years to impose new rules, which will primarily affect workers from the EU, many of them highly qualified
  • Comments by the leaders of Japan and the Philippines drawing parallels between China’s growing assertiveness in the region and events in pre-war Europe are “not helpful,” said the commander of U.S. air forces in the Pacific
  • Sovereign yields mostly higher. EU peripheral spreads widen. Asian, European stocks mostly higher, U.S. stock-index futures decline. WTI crude lower, copper little changed, gold higher

Asian Headlines

The JGB curve has flattened up to 10s in quiet trading ahead of tomorrow’s public holiday. However, dipped in the mid- to ultra long-term sector and outperformed superlong bonds which remained weaker due to the poor results of last week’s 30y auction. It is worth noting that the Nikkei 225 finished higher by 1.77%.  (RANsquawk/IFR)

EU & UK Headlines

Greece doesn’t need a third aid program and Greece is meeting its goal within the second aid program according to Greek PM Samaras. (Bild-Zeitung)

Head of the Single Supervisory Mechanism Nouy said some of the Eurozone’s lenders should be allowed to fail, adding that banks must hold capital against their sovereign assets. (FT)

The ECB Governing Council discussed the Executive Board proposal on planned publication of minutes and agreed not to disclose individual voting behaviour and will not publish exact wording of debates in council. (Die Welt)

Goldman Sachs analysts see the ECB focusing on unifying the region’s banking system to facilitate the flow of funds and seeking to support the market for asset-backed securities. Saying policy makers aren’t likely to cut benchmark rates from the low of 0.25% unless a run-up in the EUR or rising yields force their hand. (BBG)

UK Gilts are seeing a minor selling bias in longer maturity products as market participants position ahead of the 2042 tap, which is expected to benefit from institutional demand and pension fund accounts.

US Headlines

Newsflow from the US remains light as market participants look ahead to Janet Yellen delivering her first semi-annual Humphrey Hawkins testimony

Equities

Barclays who were due to report their 2013 results on Feb. 11 have reported adj. pretax profit for 2013 of GBP 5.2bln and statutory pretax of GBP 2.9bln. The Co. were expected to report pre-tax profits of GBP 5.8bln and net income for the year was expected to be GBP 3.93bln. Elsewhere, Peugeot shares are seen lower following  news that Dongfeng says has not entered into an agreement in relation to potential transactions. Smaller European banks have also been put under pressure following reports that the Head of the Single Supervisory Mechanism Nouy said some of the Eurozone’s lenders should be allowed to fail, adding that banks must hold capital against their sovereign assets. (FT)

FX

Other than the minor technical moves in EUR/USD and AUD/USD, markets trade steady ahead of key risk events in the form of the Janet Yellen delivering her first semi-annual Humphrey Hawkins testimony and the Quarterly Inflation report from the BoE. However, despite the Nikkei 225 closing with gains of 1.77%, USD/JPY is seen lower but has found support at its 10 DMA, which resides at 102.07.

Commodities

China Gold Association says China 2013 gold consumption estimated at 1176.4MT and said that China’s 2013 gold consumption rose 41%, to from a year ago and output rose 6.2% Y/Y. (BBG)

Speculators cut gold length by 1,265 lots to 59,408 in the latest week, net long silver positions have dropped by 1,845 to switch the market to a net short position of 353 contracts. (RTRS)

Iran are seeking investment to develop its oil and gas deposits and plan to offer foreign energy companies more attractive contracts from neighbouring Iraq, according to an Oil Ministry adviser. (BBG)

Iran has admitted that they may have worked on designing nuclear weapons. (Jerusalem Post) This comes alongside the IAEA starting their investigation on possible military dimension of Iran’s nuclear program, which Iran have agreed to cooperate with. (RTRS)

* * *

We conclude, as is tradition, with the overnight summary by DB’s Jim Reid

On Friday morning we wondered whether having the payroll number in advance would have helped you much. The reality was that it probably wouldn’t have done. We did perhaps think it was too early for bad to equal good news given recent nervousness but the weak employment report on Friday (113k vs 180k expected) added to the recent re-pricing of Fed Fund Futures contracts which must have helped push risk higher. The S&P 500 closed +1.33%, Crossover -10bp with the June 2016 Fed Funds contract falling (-7.5bps) to the lowest implied level since early December and at 1.02% within 11bp of its lowest level of 2013. In early September before the non-taper, this contract was implying Fed Funds over 2% by June 2016. In mid-Jan it was around the 1.40% level. So a big re-pricing.

There were some positives in the report with unemployment falling (6.7% to 6.6%) alongside the participation rate seeing a rare increase in recent times. There were also upward revisions to the prior months’ data which lifted December by 1k and November by 33k. One would also expect there to have been some weather impact in January’s numbers even if the BLS downplayed it. However even the bulls would struggle to say it was an encouraging report. So with a disappointing payrolls number, with a declining unemployment rate close to the Fed’s 6.5% threshold and with weather confusing matters, this week’s debut testimony from Yellen will be the key focal point of the week. She speaks before the House Financial Services Committee (tomorrow) and the Senate Banking Committee (Thursday). Her comments are on behalf of a committee that has tended to be a bit on the hawkish side in their comments of late so it will be interesting if she brings a little of her prior dovish bias back to the table. She’ll need to discuss asset purchases and the Fed’s now out of date guidance on the unemployment rate. It will be difficult for her to argue yet for a deviation in the $10bn tapering per meeting consensus view but she may remind everyone that it’s still data dependant and importantly she may discuss the low level of current inflation. We don’t think this gets nearly enough focus at the moment.

Taking a look at overnight markets, Asian equities have started the week on the front foot, buoyed by the performance of US equities on Friday. Chinese stocks are leading the gains (CSI300 +2.2%) after the Ministry of Commerce revealed that national retail and catering enterprises revenues rose 13.3% year on year during the Chinese new year holidays. There are also solid gains being recorded by the Nikkei (+1.4%) and ASX200 (+1.1%). Elsewhere in China, the PBOC said in its quarterly report published over the weekend that it will use a variety of tools including the reserve-requirement ratio, open market operations, standing lending facility (SLF), etc. to manage banking liquidity. But the central bank also said that reasonable volatility in money market interest rates must be tolerated as it manages liquidity in the country’s financial system to rein in credit growth and speculative lending. Chinese money market rates are up between 15-20bp today and there is talk that much of the PBoC’s pre-CNY liquidity measures will begin maturing over the next few days. USDJPY is unchanged at 102.4 after data showed that Japan’s trade deficit widened to a record JPY639bn in December (-JPY686bn consensus). The result was driven by import growth.

While much of this week’s focus will be on Yellen’s testimony we should also highlight that the Bank of England is widely expected to update its forward guidance this week when they publish their quarterly inflation report on Wednesday. Carney hinted last month at Davos that the BoE’s policy will need to “evolve” with changing circumstances, and there is a growing chorus of those expecting that guidance will be tweaked to take into account a broader range of factors outside of unemployment including wages and the output gap (Sunday Times). The other options reportedly on the table include a lowering of the unemployment threshold or a “do nothing” approach.

Looking at the weekend news flow, aside from the usual post-payrolls dissection, there was also a fair bit of weekend commentary on Friday’s German Constitutional Court’s decision to refer the OMT to the European Court of Justice. Our economists think this is more positive than it appears. First, in their opinion the ECJ will view the OMT as compliant with the EU Treaty. Second, the ECJ decision is binding on the German Court. In the meantime, the ECB is still free to operate the OMT, if necessary. Politically, however, the ECB role in euro crisis management is still not resolved and will likely remain an issue within the German public policy debate. The FT’s Wolfgang Münchau views the ruling as a win for eurosceptics given “the court concludes that OMT violates the German constitution. It accuses the ECB of making a power grab by extending its own mandate. It says the scheme endangers the underpinnings of the eurozone rescue programmes…..Were it to be used, it would deprive the German parliament of its fiscal sovereignty by forcing it to accept any losses the scheme generated” (Financial Times). The FT also carried an interview with the new head of the Eurozone’s Single Supervisory Mechanism banking regulator, Daniele Nuoy. Nuoy echoed the thoughts of Draghi in saying that some banks will need to fail. She also stated that “We have to let some (banks) disappear in an orderly fashion, and not necessarily try to merge them with other institutions”. The reality is that in this highly indebted world where bondholders are constantly needed to refi something important, such a course of action will be difficult to achieve without contagion.

Speaking of banks, there was a report that China Development Bank, one of the country’s main policy banks, has begun asking some international clients to postpone drawing down previously committed credit lines, in a potential sign that tight domestic liquidity conditions are starting to reverberate abroad (FT). Two Indian companies – an infrastructure developer and a shipping group – were among those told to wait before accessing promised credit lines, the individuals said.

In terms of the rest of the week ahead, the US data flow is pretty thin, as is typical of a post-payrolls week. The data docket is highlighted by Tuesday’s JOLTs job openings and Thursday’s retail sales and initial jobless claims. Friday’s industrial production numbers for January and February consumer sentiment data could provide more detail on the effect of the recent weather on economic activity. President Obama hosts France’s Francois Hollande this week in talks that will include discussion of the EU-US free trade agreement (amongst other topics).

In Europe, the flash estimate for Q4 GDP in the Eurozone, Germany, France and Italy on Friday will be a key release to watch. That aside, other notable releases include France’s industrial production on Monday and the Eurozone’s industrial production on Wednesday. 74 of Stoxx600 companies will be reporting earnings this week (accounting for 15% of index market cap) including Barclays and BNP Paribas.

In EM, the most important data is perhaps the Chinese trade report on Wednesday and inflation on Friday. It’s a busy week for India, with trade, inflation, and industrial production data to be released throughout the week. Elsewhere in EM, the South Korean, Indonesia and Russian central banks will be meeting but all three are expected to remain on hold.


    



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Steve Chapman on the Myth of ‘Traditional Marriage’

Gay marriageIn the
battle over same-sex marriage, opponents are strongly in favor of
deferring to the wisdom of our ancestors. Indiana Gov. Mike Pence
uses the prevailing formula when he says, “I support traditional
marriage.” The Christian Coalition of America urges its friends to
“Say ‘I Do’ to Traditional Marriage.” But invoking age-old customs
has not served to convince the American people, most of whom now
favor letting gays wed. As Steve Chapman writes, Americans have
rarely rallied to the idea that we should do something just because
that’s what was done in the time of Henry VII or even George
Washington.

View this article.

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Steve Chapman on the Myth of 'Traditional Marriage'

Gay marriageIn the
battle over same-sex marriage, opponents are strongly in favor of
deferring to the wisdom of our ancestors. Indiana Gov. Mike Pence
uses the prevailing formula when he says, “I support traditional
marriage.” The Christian Coalition of America urges its friends to
“Say ‘I Do’ to Traditional Marriage.” But invoking age-old customs
has not served to convince the American people, most of whom now
favor letting gays wed. As Steve Chapman writes, Americans have
rarely rallied to the idea that we should do something just because
that’s what was done in the time of Henry VII or even George
Washington.

View this article.

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via IFTTT

Guest Post: Russia After Sochi

Submitted by Stephen Sestanovich via The Diplomat,

By hosting the Winter Olympics in Sochi, Russia has brought a surge of international attention to the state of its economy, its interethnic relations, its domestic politics, and its foreign policy. Already much of the scrutiny has become unwelcome.

The staggering $50 billion price tag for the Games highlights official waste, fraud, and abuse. The threat of terrorist attacks reminds the world of the volatile state of Russia’s southern regions and the separatist movements that operate there. Legislation on so-called gay and lesbian “propaganda” calls attention to the illiberal elements of President Vladimir Putin’s governing ideology. The reluctance of many foreign leaders to come to Sochi provides a convenient scorecard by which to evaluate Russia’s global standing.

Corruption, terrorism, human rights protests, high-level no-shows—all these represent ways in which the Sochi Olympics have embarrassed Putin. Yet in each case, the problem goes well beyond any connection to the Games. Each reflects a major tension in the system that Putin has created. And even if all goes well at Sochi, they suggest continuing challenges for the Western effort to create a cooperative relationship with Russia.

A Slowing Economy

Rapid economic growth has, for many Russians, been the most important achievement of Putin’s tenure. Between 1999, when he became prime minister and then acting president, and 2008, on the eve of the global financial crisis, annual growth averaged 6.9 percent. The impact of the crisis was severe for Russia, but the recovery was also quick. Rebounding smartly, growth in the three years after 2009 averaged 4.1 percent.

Last year, however, the Russian economy slowed significantly. Growth was only 1.4 percent, and the World Bank forecasts only slightly higher growth (2.2 percent for 2014); other forecasts are lower still. If so, Russia will be the slowest growing of the BRICS economies in the year ahead. Inflation, meanwhile, remains relatively high—approximately 6~7 percent in 2013; it is likely to continue at that rate in 2014. And all this has occurred with the price of oil, a key Russian export, still high. In the event of a real drop, economic forecasts become much more negative.

When the slowdown began, Putin sought to deflect blame for it; he traced lower growth to economic difficulties in Europe as a whole. More recently, he has acknowledged that the causes are “internal, not external.” Russian economists, businessmen, and officials are now engaged in a debate about how to respond. Among Western-trained experts, the right course has seemed relatively clear-cut: Russia needs market-based solutions that allow more small- and medium-sized businesses to form, reduce the size and power of state corporations, lighten the burden of corruption, and encourage both foreign and domestic investment.

Putin has embraced some of these ideas, but has given few indications that he is ready to change course. Some of his pronouncements have, in fact, had a distinctly atavistic flavor (like his proposal to recreate Soviet-era mechanisms for evaluating national economic competitiveness).

Ethnic Friction

Chechen separatism and associated terrorist activity originating in the North Caucasus have gripped Russia’s attention for two decades. They are a headline-grabber for the Sochi Games too. But the challenge posed by violent extremism may not be the most severe ethnic policy problem Russia faces in the coming decade. That distinction should probably go instead to the growth of a large workforce of immigrants from Central Asia and the Caucasus in Russia’s biggest cities.

With its long-running economic boom, Moscow in particular has been a magnet for jobseekers from the south; estimates of the number of undocumented migrant laborers living in the capital range from one to several million. Although many of them are in fact citizens of the Russian Federation, they are widely seen to be taking jobs from ethnic Russians, engaging in criminal activity, and exploiting social services.

These tensions periodically express themselves in violence, most recently after the October 2013 killing of a young ethnic Russian, allegedly by an Azeri migrant, in the Moscow suburb of Biryulevo. Many Russian commentators called the fighting that followed a “pogrom.” More than a thousand migrants were arrested (even though Russians had launched the beatings), and the entire Moscow police force was put on high alert.

Ethnic issues had been a topic of lively debate before the Biryulevo incident, and even some liberal oppositionists have felt obliged to appease popular hostility to migrants. While disavowing the nationalist slogan “Russia for Russians,” Alexei Navalny, the best-known new leader of the opposition, said visas restrictions should be imposed on visitors from Central Asia and the Caucasus. Slower economic growth seems likely to increase the demand for such measures.

A Political Awakening?

The huge demonstrations that shook Russian politics are now two years in the past, and in most respects Putin has successfully blunted their impact. No significant new opposition groupings, much less a united opposition coalition, have formed. New laws have been passed to impede the activities of organizations that already exist, especially by trying to choke off foreign funding for civil society. The near-term electoral calendar offers few opportunities for breakthroughs by candidates who want to challenge the near-monopoly of Putin’s party, United Russia. Putin himself does not have to face the voters until 2018, at which point he will be eligible to run for another six-year term.

Despite the seeming lull, however, Russian politics has hardly returned to the status quo prevailing before 2012. The NGO sector remains robust, buoyed by the amnesties of December 2013. Many organizations have worked around legal hurdles to sustain foreign funding. In a series of cases both administrative and civil, Russian courts have actually ruled that NGOs should not have to register as “foreign agents.” (The Constitutional Court will take up the issue soon.)

On the electoral front, elections to the Moscow city council offer an opening for opposition candidates to emerge as new leaders in 2014. Democratic activists continue to think that Moscow is fertile ground for them, and Navalny’s strong showing in the mayoral balloting of September 2013 bolsters their claim.

Another opposition victory in 2013 was the election of Yevgeny Roisman, a defector from United Russia, as governor of Sverdlovsk. In the coming year, there will be gubernatorial elections in fourteen other Russian regions. Many of these will not be genuinely competitive contests, but taken as a whole they may test the continued dominance of United Russia as the institutional expression of Putin’s rule.

As for the president’s own popularity, the picture is interestingly mixed. His own approval ratings have improved in the past year, and 68 percent of poll respondents say they would vote for him in a new election today. Only 22 percent, however, say they want him to run again in 2018, and 47 percent want someone else to run instead.

Russia’s Global Standing

The Sochi Olympics represent a genuine reputational risk for Putin. Damage could be done to Russia’s international prestige in any number of ways—by a terrorist attack, by some major shortfall in the preparation of the Games, by too-rough treatment of protestors, and so on.

Yet this picture of the situation is incomplete in two ways. An estrangement between Russia and leading Western countries has been underway for some time, for reasons that have nothing to do with the Olympics. Moreover, this estrangement has been to a large extent a matter of deliberate strategic choice by Putin. He has sought greater distance from the United States and Europe, and is likely to perpetuate it no matter what happens at Sochi.

That foreign leaders are holding Putin at arm’s length was clear from President Obama’s cancellation of a Moscow visit in September 2013. It was underscored by the cool reception the Russian leader received in Brussels for the EU-Russia summit in late January 2014. For Washington, Russia’s grant of asylum to Edward Snowden was the prime grievance; for European leaders, Russian efforts to block the EU’s relationship with Ukraine were central. How long this set-jaw style continues will be tested four months after the Olympics when Putin hosts the annual summit of the G8—once more in Sochi. (Even if the mood among the leaders improves, the event is certain to produce a new wave of anxiety about terrorist incidents.)

For Putin, social slights by foreign leaders may carry some sting, but he has defined Russia’s aims and identity in a way that downplays what others say and do, and puts a lower premium on international problem-solving. He argues that what makes Russia one of the few truly “sovereign” countries in the world is precisely its ability to pursue its own interests and rebuff outside interference in its affairs. Lately he has given this theme a still more ideological dimension, portraying Russia as a brave holdout against Western decadence.

This “exceptionalist” outlook has resonance in important sectors of Russian society, especially the Orthodox Church. Yet it worries those who want Russia to be a “normal” country, one with modern democratic institutions and social norms. Long after Sochi, Russians will be arguing about whether Putin has advanced this goal—or put it further out of reach.


    



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Jim Rogers: “Be Worried & Be Careful…The Emerging Market Crisis Is Not Over Yet”

UBS’ George Magnus believes the next global economic “crisis”‘ lightning rod will be the emerging markets and as Jim Rogers tells BoomBust’s Erin Ade in this brief interview, “the emerging market crisis has only just begun.” While Rogers is careful to add that there are lots of emerging markets – “some better than others;” he warns that “there are some serious problems out there and they are going to get worse.” Who is to blame? The Fed, of course – “by driving rates so low and providing as much liquidity as anyone in the world could want, the EMs have borrowed to cover up their real problems… be worried.

90 Seconds of simple clarity

From 17:00 to 18:30

 

 

Transcript:

For Turkey, Indonesia, India, Brazil – this is not over yet – “they have serious problems and are not being resolved.”

 

The major problem is the Federal Reserve: with interest rates at such low levels, people can borrow lots of money – and America is printing a lot of money so there’s plenty to go around

 

A lot of countries have borrowed money at cheap rates which covers up their problems… they haven’t addressed their real problems; and so now, we have a huge problem facing us and it’s going to get worse.

 

This is not over yet – you should be worried, be careful, and be prepared

Obligatory Erin Ade collage:


    



via Zero Hedge http://ift.tt/1bLMtCY Tyler Durden

Jim Rogers: "Be Worried & Be Careful…The Emerging Market Crisis Is Not Over Yet"

UBS’ George Magnus believes the next global economic “crisis”‘ lightning rod will be the emerging markets and as Jim Rogers tells BoomBust’s Erin Ade in this brief interview, “the emerging market crisis has only just begun.” While Rogers is careful to add that there are lots of emerging markets – “some better than others;” he warns that “there are some serious problems out there and they are going to get worse.” Who is to blame? The Fed, of course – “by driving rates so low and providing as much liquidity as anyone in the world could want, the EMs have borrowed to cover up their real problems… be worried.

90 Seconds of simple clarity

From 17:00 to 18:30

 

 

Transcript:

For Turkey, Indonesia, India, Brazil – this is not over yet – “they have serious problems and are not being resolved.”

 

The major problem is the Federal Reserve: with interest rates at such low levels, people can borrow lots of money – and America is printing a lot of money so there’s plenty to go around

 

A lot of countries have borrowed money at cheap rates which covers up their problems… they haven’t addressed their real problems; and so now, we have a huge problem facing us and it’s going to get worse.

 

This is not over yet – you should be worried, be careful, and be prepared

Obligatory Erin Ade collage:


    



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“If She Bleeds, She Can’t Lead” Pro-Nuclear Abe-Loyalist Elected Tokyo Governor

For a few brief weeks, there was hope among the millions of Japanese that do not love Shinzo Abe as two former premiers entered the race for governor of Tokyo on a zero nuclear-power platform. Today, as The Economist notes, those hopes melted away as quickly as the snow which had blanketed Tokyo on the eve of the vote. The race was won handily by Yoichi Masuzoe – the "women are abnormal during their periods" pro-nuclear, Abe-apologist that personifies Japan’s gender gap. Perhaps Subculturist sums it up best: once again, Japan has shown us that with enough voter apathy (3rd lowest turnout on record), a compliant media, and the connections and funding of the nuclear industry, that any middle-aged asshole guy can be the leader of one of Japan’s largest city-states.

The Results and the consequences… (via The Economist),

The result’s chief significance is that it clears the way for Mr Abe to press ahead with switching on some of Japan’s idled nuclear reactors, possibly as early as this summer. The crusade by the ever-popular Mr Koizumi, just under three years on from the 2011 catastrophe at the Fukushima Dai-ichi nuclear plant, had unnerved his former party. In the election for the upper house of parliament in July 2013, Tokyo elected two vehemently anti-nuclear MPs, showing the strength of opposition. Yet the anti-nuclear camp remained divided for the governor’s race. A socialist lawyer, Kenji Utsunomiya, who also opposed a return to nuclear, drew away votes from Mr Hosokawa. Turnout was low, owing to the snow.

And an alternative take (via Japan Subculture Research Center),

The man who personifies Japan’s gender gap, former health minister Yoichi Masuzoe, 65, with the support of the Liberal Democrat Party, the nuclear energy industry, and the Sokka Gakkai fan club (Komeito),  today reportedly won a four-year term as governor of Tokyo. He beat out his two nearest rivals who had said Japan should phase out nuclear energy. His victory was assured with a voter turn-out rate of roughly 34% , a lapdog media that is in love with advertising money from Tokyo Electric Power Company, and preceded by Tokyo’s worst snowfall in over a decade.  (As if it were a sign of things to come…)

 

Shortly after polling closed at 8pm, the Japanese media, including Prime Minister Shinzo Abe controlled NHK (aka A.B.E News) reported that he had won by a sizeable margin, based on exit polls, wishful thinking, and haste to go home early.

 

“Women are not normal when they are on their period. They are abnormal.
You can’t possibly let them make critical decisions about the country [during their periods], such as
whether or not to go to war.” – Masuzoe in the October 1989 issue of the magazine BIGMAN

 

 

With this victory,  Mr Masuzoe will be Tokyo’s “face” for the next four years–even if that face resembles that of a horse with mange. 

 

Because of his rabid support of nuclear power as an energy source, Mr Masuzoe’s election is expected to spur  the Liberal Democrat Party’s efforts to restart the country’s idled nuclear reactors. It will also be a boon for politically connected construction firms wishing to get a big share of the unneeded 2020 Olympics construction and plans to demolish interesting parts of the city in order to create a money draining infrastructure that will temporarily benefit cronies of Abe and the Liberal Democrat Party.

 

 

In 1989 during Japan’s  so-called “Madonna Boom” when a surprising number of women became elected officials, Masuzoe stated, This is an exceptional period in history,  that’s why even these women things are showing up…but those who have been elected are all a bunch of old middle aged hags.” Well, lucky for us Japan has come a  long way since those crazy “women-in-politics” days.

 

Once again, Japan has shown us that with enough voter apathy, a compliant media, and the connections and funding of the nuclear industry, that any middle-aged asshole guy can be the leader of one of Japan’s largest city-states.

 

How bad a leader will he be? No one can for sure but one thing is certain: there are possibly 3,067 supporters of Masuzoe who are not going to get laid tonight. One can hope. (Because if there’s anyone in Japan who we’d like to see not procreating, it’s the idiots that would vote for this charlatan in the first place.)

Perhaps, though, it is time to start paying more attention to the female gender in Japan as their labor force participation is rising notably….

 

The land of the rising sons (and daughters) indeed…

 

To add to tonight's enjoyment, Japan just posted its largest BoP current account deficit ever...

 


    



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"If She Bleeds, She Can't Lead" Pro-Nuclear Abe-Loyalist Elected Tokyo Governor

For a few brief weeks, there was hope among the millions of Japanese that do not love Shinzo Abe as two former premiers entered the race for governor of Tokyo on a zero nuclear-power platform. Today, as The Economist notes, those hopes melted away as quickly as the snow which had blanketed Tokyo on the eve of the vote. The race was won handily by Yoichi Masuzoe – the "women are abnormal during their periods" pro-nuclear, Abe-apologist that personifies Japan’s gender gap. Perhaps Subculturist sums it up best: once again, Japan has shown us that with enough voter apathy (3rd lowest turnout on record), a compliant media, and the connections and funding of the nuclear industry, that any middle-aged asshole guy can be the leader of one of Japan’s largest city-states.

The Results and the consequences… (via The Economist),

The result’s chief significance is that it clears the way for Mr Abe to press ahead with switching on some of Japan’s idled nuclear reactors, possibly as early as this summer. The crusade by the ever-popular Mr Koizumi, just under three years on from the 2011 catastrophe at the Fukushima Dai-ichi nuclear plant, had unnerved his former party. In the election for the upper house of parliament in July 2013, Tokyo elected two vehemently anti-nuclear MPs, showing the strength of opposition. Yet the anti-nuclear camp remained divided for the governor’s race. A socialist lawyer, Kenji Utsunomiya, who also opposed a return to nuclear, drew away votes from Mr Hosokawa. Turnout was low, owing to the snow.

And an alternative take (via Japan Subculture Research Center),

The man who personifies Japan’s gender gap, former health minister Yoichi Masuzoe, 65, with the support of the Liberal Democrat Party, the nuclear energy industry, and the Sokka Gakkai fan club (Komeito),  today reportedly won a four-year term as governor of Tokyo. He beat out his two nearest rivals who had said Japan should phase out nuclear energy. His victory was assured with a voter turn-out rate of roughly 34% , a lapdog media that is in love with advertising money from Tokyo Electric Power Company, and preceded by Tokyo’s worst snowfall in over a decade.  (As if it were a sign of things to come…)

 

Shortly after polling closed at 8pm, the Japanese media, including Prime Minister Shinzo Abe controlled NHK (aka A.B.E News) reported that he had won by a sizeable margin, based on exit polls, wishful thinking, and haste to go home early.

 

“Women are not normal when they are on their period. They are abnormal.
You can’t possibly let them make critical decisions about the country [during their periods], such as
whether or not to go to war.” – Masuzoe in the October 1989 issue of the magazine BIGMAN

 

 

With this victory,  Mr Masuzoe will be Tokyo’s “face” for the next four years–even if that face resembles that of a horse with mange. 

 

Because of his rabid support of nuclear power as an energy source, Mr Masuzoe’s election is expected to spur  the Liberal Democrat Party’s efforts to restart the country’s idled nuclear reactors. It will also be a boon for politically connected construction firms wishing to get a big share of the unneeded 2020 Olympics construction and plans to demolish interesting parts of the city in order to create a money draining infrastructure that will temporarily benefit cronies of Abe and the Liberal Democrat Party.

 

 

In 1989 during Japan’s  so-called “Madonna Boom” when a surprising number of women became elected officials, Masuzoe stated, This is an exceptional period in history,  that’s why even these women things are showing up…but those who have been elected are all a bunch of old middle aged hags.” Well, lucky for us Japan has come a  long way since those crazy “women-in-politics” days.

 

Once again, Japan has shown us that with enough voter apathy, a compliant media, and the connections and funding of the nuclear industry, that any middle-aged asshole guy can be the leader of one of Japan’s largest city-states.

 

How bad a leader will he be? No one can for sure but one thing is certain: there are possibly 3,067 supporters of Masuzoe who are not going to get laid tonight. One can hope. (Because if there’s anyone in Japan who we’d like to see not procreating, it’s the idiots that would vote for this charlatan in the first place.)

Perhaps, though, it is time to start paying more attention to the female gender in Japan as their labor force participation is rising notably….

 

The land of the rising sons (and daughters) indeed…

 

To add to tonight's enjoyment, Japan just posted its largest BoP current account deficit ever...

 


    



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