Aug 20 16 SIT EC
y POL
ZERO HEDGE
ECONOMICS
The
Econ is going to hell, dicen los financistas: El sistema neoliberal
se va a la merda
Large images at http://www.zerohedge.com/news/2016-08-20/seven-signs-deeply-dysfunctional-market-why-citi-also-warning-surprising-sudden-inte
Overnight, one of
the best credit analysts, Citi's Matt King, followed up on Paul Singer's new
levels of bearishness, warning that the "bond
market is broken", made a presentation showing seven signs why markets are deeply dysfunctional highlighting
the numerous "broken relationships" that have emerged as a result of central bank
meddling, "from profits to political uncertainty, and spreads
to standard deviations, traditional market relationships are being turned on
their heads" and admits that "yes, it’s
monetary policy -we demonstrate- that is driving everything.
For the benefit of
those who are still stuck trading in the "market" we present King's entire must read presentation
"Seven signs markets are deeply dysfunctional", which we
doubt will lead to smarter investing decisions, will at least provide some
perspective on what we have dubbed since 2009, is a thoroughly broken market, something even the WSJ
recently admitted.
Check the subtitles in this art:
Distortion breeds dysfunction
1.
Is macro really this important?
2.
Defaults don’t matter
3.
Fundamentals don’t matter
4.
Uncertainty doesn’t matter
5.
Traditional relationships have reversed
6.
Vol has been suppressed
7.
It’s all about monetary policy (and even this
is wearing thin)
WHY MARKETS ARE SO BADLY
BROKEN.
A properly functioning market is
a heterogeneous one: one where some investors are top-down, yet others are
bottom-up; some invest long-term, others invest short-term; some look at
fundamentals, others look at technical. That’s
what makes for a two-way, continuous market. A market where all investors are
forced to look at the same factor will inevitably be dysfunctional – grinding
tighter today, yet prone to sudden reversals tomorrow when the inflows dry up.
And yet anyone trying to hedge against such an
eventuality inevitably underperforms.
Most doctors – and
even patients – know that when a course of drugs
seems not to be working, you don’t simply keep on doubling the dosage.
This applies particularly when the patient, if no longer as sprightly as they
used to be, is nevertheless doing more or less fine. The side effects of such a
course are more likely to kill than to cure. Yet
this is what central banks now seems intent on doing. They have too much
invested in their models to consider changing them in our view.
If all goes well,
this should produce more of the same: ever tighter spreads; ever more
handwringing over a stagnating global economy; ever greater dysfunction in
markets. That is indeed our forecast.
And yet the more stretched all these relationships
become, and the more extreme the central banks’
policies, the greater is the tail risk, and the more
nervous we become about investing in line with these forecasts. It’s not
just the risk of Bill Gross’ “sputtering engine”; it’s
the risk that Paul Singer is right, and that the end of the current environment
proves “surprising, sudden, intense, and large”.
….
----
----
"Reject
cynicism. Reject fear" exclaimed an exuberant Barack Obama, adding that "America is already great." The problem with all this bravado is... you can't eat
'hope' and 'faith' .. it does not put
gas in the tank.
----
----
"Put all these together, and the highest prospective earnings
multiples since the dotcom boom look like irrational
exuberance..."
----
----
POLITICS
More than half of the Clinton Foundation’s
major donors would be prevented from contributing to the charity under the
proposed self-imposed ban. The analysis, which examined donor lists
posted on the foundation’s website, found that 53% of the
donors who have given $1 million or more to the charity are corporations or
foreign citizens, groups or governments. The list includes the governments of Saudi Arabia and Australia, the British
bank Barclay’s, and major U.S. companies such as Coca-Cola and ExxonMobil.
----
----
Untouchable oligarchy?. ..
Whatever you put a finger .. emanates pus
While much of the
media focus over the past week has been on the
potential corruption scandal involving Ukraine's former president and
Donald Trump's now former advisor, Paul Manafort, perhaps it is time for it to shift attention to
the Podesta Group, the lobbying firm which belongs to Tony Podesta, the brother of Hillary Clinton campaign chairman John Podesta
ME & WORLD ISSUES
US Ambassador Pyatt
hands over full control to George Soros, and point blank asks him, "what USG should be doing and
what the USG is currently doing." Soros’ response is stunning, "Obama has been too soft on Putin."
----
----
"Many people are increasingly feeling unsafe. Every law-abiding citizen should be in a position to defend
themselves, their family and their friends," AfD Chairowman
Frauke Petry told the Funke Media Group in an interview published on Saturday. "We all know how long it takes until the police can get
to the scene, especially in sparsely populated places," she
said.
----
----
“I told the Americans: you are trying to impose your democracy on
the people of different countries, spreading it around like coffee in bags,
but we must give the people a chance to make their own choice...”
----
----
GLOBAL RESEARCH
GlobalResearchTV
: HILLARY
CLINTON: A THREAT TO ALL HUMANITY.
----
----
THE REAL NEWS NETWORK
Candidates discuss
clean energy policy, challenging corporate power, and improving investment in
Baltimore City
Aegean University
Professor Stratos Georgoulas: Refugees in Greece are often forced to choose
between imprisonment in camps or deportation to Turkey
----
----
RT SHOWS
----
----
WASHINGTON BLOG
UPDATE U.S. Gov’t Entry to
Jihadist It Employs for Overthrowing Assad
The CNN headline is “The ‘Wounded Boy In Orange Seat’ — Another
Staged ‘White Helmets’ Stunt”. This story concerns staged (faked)
photos by that Western-funded-and-backed jihadist organization — photos which have prominently been spread in
Western ‘news’ media (and
here’s an example of that Western
propaganda on August 20th, from NPR’s sanctimonious sucker Scott Simon,
quoting the New York Times’s sanctimonious sucker Nick Kristof, both of them
suckers of their own government’s hoax, and passing it on to their fools who
trust their deceived and propagandistic ‘reporting’). It’s all being done in order to fool Western publics to support their
governments’ financial and military assistance to (actually) the jihadists who
have been imported by the U.S. and allied governments into Syria to overthrow Assad, who is supported by the majority of
Syrians, while the United States and the jihadists it backs
are despised by 82% of Syrians.
----
----
NOTICIAS IN SPANISH
----
----
----
----
----
1-Disminución del nivel de colesterol
2-Reduce inflamación crónica como diabetes y apoplejía
Verduras disminuyen cantidad de proteína C reactiva en el cuerpo.
3- Renovación de su microbioma. La importancia de
los microbios o bacterias
Los millones de microbios que viven en nuestro cuerpos se denominan
colectivamente microbioma.
Ellos fortalecen nuestro sistema inmunológico, manttenen nuestros
tejidos sanos y nos protegen contra el cáncer. Las verduras producen microbios
que mejoran la salud, las grasas crean bacteria perjudiciales
4- Cambios genéticos:
el factor ambiental y el cambio de vida pueden activas y desactivas genes.
Las verduras, pueden
alargar nuestros telómeros (extremos de cromosomas que ayudan a mantener
nuestro ADN estable) Por tanto, ayudan a prolongar nuestras vidas, ya que
unos telómeros más largos implican un envejecimiento de los tejidos más lento.
----
----
PRESS TV
----
----
----
----
----
----
----
----
----
----
----
----
----
----
----
===
No hay comentarios:
Publicar un comentario