OCT 21 17 SIT EC y POL
ND denuncia debacle d Globaliz neoliberal y
propone State-Social + Capit-compet in Econ
ZERO HEDGE ECONOMICS
Neoliberal
globalization is over. Financiers know it, they documented with graphics
Do they think that taking literally trillions
of dollars off their balance sheet over the next few years is not going to have
a reverse effect on asset prices? Or at least some effect?
We are now at an all-time high in
the expectation that the stock market will go up.
The chart below, which Doug Kass found on Zero Hedge, pretty
much says it all. Economic policy uncertainty is at an all-time high, yet
uncertainty about the future of the markets is at an all-time low.
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"What we think we know about volatility is all wrong... The
problem is that volatility isn't just keeping
score, it's massively affecting the outcome of the game itself... and is now a source
of great self-reflexive risk..."
…
The Great Snake of Risk
A short volatility risk derives
small incremental gains on the assumption of stability in exchange for a
substantial loss in the event of change. When volatility itself
serves as a proxy to size this risk, stability reinforces itself until it becomes a source
of instability.
The investment
ecosystem has effectively self-organized into one giant short volatility trade,
a snake eating its own tail, nourishing itself from its own destruction. It
may only take a rapid and unexpected increase in rates, or geopolitical shock,
for the cycle to unwind violently. It is not wise to expect that central banks will save
financial markets if inflation begins to rise.
At the head of the Great Snake of
Risk is unprecedented monetary policy. Since 2009 Global Central
Banks have pumped in $15 trillion in stimulus creating an imbalance in the
investment demand for and supply of quality assets.
Amid this mania for investment,
the stock market has begun self-cannibalizing… literally. Since
2009, US companies have spent a record $3.8 trillion on share buy-backs(7)
financed by historic levels of debt issuance. Share buybacks are a form of financial alchemy that uses balance sheet
leverage to reduce liquidity generating the illusion of
growth.
Responsible investors are driven out of business by reckless
actors. In effect, the entire market converges to what professional
option traders call a ‘naked short straddle’… a structure dangerously exposed
to fragility.
Volatility is now at multi-generational lows...
Volatility is now the only
undervalued asset class in the world. Equity and fixed income
volatility are now at the lowest levels in financial history.
Volatility isn’t broken, the market is...
...the real story of this market is not the level of
volatility, but rather its highly unusual behavior. Volatility, both
implied and realized, is mean reverting at the greatest level in the history of
equity markets. Any short term jump in volatility mean reverts lower at unusual
speed, as evidenced by volatility collapses after the June 2016 Brexit vote and
November 2016 Trump US election victory. Volatility clustering month-to-month
reached 90-year lows in the three years ending in 2015.
Self-Cannibalization of the
Market via Share buybacks
The stock market is consuming
itself…literally. Since 2009, US companies have spent over $3.8
trillion on what is effectively one giant leveraged short volatility position.
Share buybacks in the current market have already surpassed previous highs
reached before the 2008.
…
See more charts well explained at: http://www.zerohedge.com/news/2017-10-21/shadows-black-monday-volatility-isnt-broken-market
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"The front of the curve is increasingly confident about a Fed that
will hike not only in December but at-least two more times next year. But, the flattening
in the intermediate to long end of the curve is sending a clear end of business
cycle message"
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In case you miss it:
"Capitulation of
bond bears would send 30-year Treasury yields toward 2%, the Nasdaq toward
10,000, and high yield & Emerging Market bond spreads 100bps tighter. The
outperformance of “deflation” versus “inflation” could turn
exponential..."
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POLITICS
La seudo democ y sist duopolico es obsoleto por fraudulento y
corrupto. Urge cambiarlo
Campus Reform interviewed college students seeking their opinion on
several features of Bernie Sanders' tax plan. They loved it. Interestingly
the plan was not Bernie's but rather Trump's.
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"There were students on my roster all year
that I had never met, had never seen. On paper they passed my class and passed
onto the next year."
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Hillary’s friends.. and she is still unpunished
Democratic megadonor and ‘enlightened plutocrat’ Tom Steyer can
no longer sit idly by and watch as President Donald Trump sullies the
dignity of the Oval Office with his readiness to lash out following perceived
slights, and his frequent twitter spats with enemies both real and perceived.
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As Americans gear up to celebrate Halloween at the end of October, a recent survey has revealed the fears that really keep people up at
night.
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WORLD ISSUES and M-East
Global depression is
on…China, RU, Iran search for State socialis+K- compet. D rest in limbo
"Catalan
institutions were dealt a coup by the
Spanish state... we
cannot accept this attack by Spain."
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GLOBAL RESEARCH
Global Econ-Pol
crisis leads to more business-wars:
profiteers US-NATO under screen
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SPUTNIK and RT SHOWS
The nasty business of
US-NATO-Global-wars uncovered ..
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Billionaire Jeff Bezos’ space company Blue Origin has fired
up the most powerful new US rocket engine in decades, BE-4.
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RT SHOWS
The
World According to Jesse Colorado
governor hopefuls Erik Underwood & Lew Gaiter
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Keiser Report
Episode
1139 Max and Stacy discuss
their ‘luxury-priced’ Obamacare policy
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NOTICIAS IN SPANISH
Latino America fight
to break with collapsing Empire: leftist
view on alternatives
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Chile La gran estafa chilena. Preguntas
y respuestas sobre las AFP Crismar L
El exitoso plebiscito de 'NO+AFP' Paul Walder
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PRESS TV
Global situation
described by Iranian observers.. Titles distorted n incomplete sentences
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Billionaire launches campaign to impeach Trump Friends of H-Clinton
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The
right to armed resistance against Israel
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Widening
political gap in Germany far-right emerges
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