11 Reasons Why The Unemployment Crisis Is Even Worse Than You Think - By Michael Thornton (19/9/11) PDF Print E-mail
Michael Thornton   
Monday, 19 September 2011 08:40

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BNP Paribas, Sinking Fast? - By 5 Minutes Forecast (16/9/11) PDF Print E-mail
5 Minutes Forecast   
Friday, 16 September 2011 09:34

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It's Not 2008, It Is 2007: Goldman Global Alpha Just Blew Up All Over Again - By Tyler Durden (16/9/11) PDF Print E-mail
Tyler Durden   
Friday, 16 September 2011 09:32

Zero Hedged

Those who have been around for more than one trading generation (which in the old days was 3-4 years, but in the current centrally-planned, vacuum tube-traded times, is more like 3-4 months), will distinctly recall that the first rumbling of the financial crisis started not with the bankruptcy of Lehman, or even the handoff of Bear (and its massive silver legacy short) to Jamie Dimon, but in August 2007, when days after the market hit its all time high, something went massively wrong in the quant market segment (nobody still knows what it was but many speculate that is was simply every algo being on the same side of the trade and trading out all at the same time following the blow up of the Bear Stearns hedge funds). What the first week of August 2007 was notable for, in addition to massive losses for such legendary quants as RenTec (very well described in Scott Patterson's book titled appropriately enough "The Quants"), was that for the first time ever, the infallible Goldman Sachs... fell. Specifically, its heretofore mythical Global Alpha quant fund, which had the mythical allure of a 33rd degree Freemason dinner, imploded, and crashed, forcing the end of a quant generation, and the beginning of the end of Goldman's aura of invincibility. As Bloomberg recalls those August 2007 days: "Goldman Sachs Group Inc.'s $8 billion Global Alpha hedge fund has fallen 26 percent so far this year, a decline that may prompt more investors to withdraw their money, according to people familiar with the fund...On June 26, Goldman said Eric Schwartz, co-head of asset management since 2003, would step down in the next few months and leave Peter Kraus in charge of the fund unit. Global Alpha decreased 8 percent during the last full week of July and was down 16 percent from the beginning of January through Aug. 3. There is an Aug. 15 deadline for Global Alpha investors who want to redeem money on Sept. 30." Well, the reason we bring all of this up, is because unlike what everyone claims, it is not 2008.... it is 2007 all over again. To wit: Goldman Global Alpha just blew up, for the second and probably last time.



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A Declassified Jon Huntsman On China's Terror Of A Gold-Pegged Dollar - By Tyler Durden (16/9/11) PDF Print E-mail
Tyler Durden   
Friday, 16 September 2011 09:29

Zero Hedge

While last night's quid-pro-quo from Chinese officials will likely be remembered as the start of escalating trade wars, Wikileaks has uncovered a declassified cable from John Huntsman indicating China's clear understanding of the growing tension and comprehension of the ability of the US to entirely destroy it economically with one swipe of the Presidential pen via a massive devaluation of the USD or repegging to gold.

Evidently, while we may be used to seeing Jon Huntsman spew truisms and political one liners, there was a time when he actually had something interesting to say:

a.    "Sino-U.S. 'trade war' is heating up again"



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“Wake Me Up When Greece Defaults,” You Say - By 5 Minutes Forecast (16/9/11) PDF Print E-mail
5 Minutes Forecast   
Friday, 16 September 2011 09:24

On occasion, we’re inclined to feel the same way.

But today, we have to beg your indulgence. The developments we’re going to recount this morning signal an event we first forecast in The Demise of the Dollar in 2005: the serious proposal of a global currency by 2013...

The world’s biggest central banks will unleash a fire hose of dollars onto the big European banks today.

The European Central Bank, the Federal Reserve, the Bank of Japan, Bank of England and Swiss National Bank — they’re all in on the deal.

Ordinarily, European banks can borrow dollars from the Fed via the other central banks for up to one week. Now they’ll be able to take out three-month loans during three auctions — starting next month and continuing through December.

The timing of this is, well, interesting.
Recall from yesterday’s issue that Moody’s downgraded two of the big French banks, in part because of dollar liquidity worries.



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