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Articles by Grouchy Marx
Tim Price: Why I'm Voting To Leave The European Union
On 23 June 2016, this British citizen will be voting to leave the European Union. To me it’s clear: the EU has not only become too big for its own good, it’s too big to do hardly anything good. Back in 1975 when the UK first confirmed membership in the EU (when it was called the European Economic Community), it made sense. Britain has always thrived on international trade, and the EU promised more trade. But that’s not what happened.
Blindly Dancing At A Top: A Statistical Look At The Rally
If it's too good to be true, then it probably is! We've seen this show before and admonished about it beforehand (here, here). In the 25 trading days since February 11 (when the S&P closed at 1829), the market surged at an average daily gain of 0.5%. The S&P fell 0.5% in 10 of those 25 days, netting a whopping 13% total. The remaining 12 trading days contributed just 0.1% daily to the post-February 11 surge.
Chasing The Wild Goose In Davos
Despite the reformers endless efforts to encircle mankind, some persist beyond the broad extent of their casted net. In the backwaters of the new Republic, for instance, the distant rumble and flicker of Saturday night hootenannies still befall yonder the mighty oak groves. In defiance of all things good and proper, the unconsecrated gather under the pale moonlight and jig step to zydeco washboard rhythms while downing tipples of corn syrup and fermented grain.
Guest Post: Sarah Palin Is Making Sense (Really!)
Authored by Jon Schwarz, originally posted at The Intercept, While the New York Times ridiculed Sarah Palin’s speech endorsing Donald Trump yesterday as “mystifying,” a big portion of it was a non-mysterious, coherent attack on big money politics. It’s worth reading that whole portion: [Trump] is beholden to no one but we the people. ... Trump, what he’s been able to do, which is really ticking people off, which I’m glad about, he’s going rogue left and right, man. That’s why he’s doing so well. ...
Turkey Puts Medical Doctor On Trial For Comparing Erdogan To Lord Of The Rings Character
If there’s one thing you’d think Turks would have learned by now, it’s that you do not, under any circumstances, insult President Recep Tayyip Erdogan. Nor in fact, do you suggest that the government is corrupt, that the PKK may not be “terrorists” after all, that elections may be rigged, or that the MIT is smuggling guns to militants in Syria. All of these things can and will get you arrested or much, much worse.
Auto Loan Madness Continues As US Car Buyers Take On Record Debt, Lunatic Financing Terms
Way back in June, we noted that auto sales had reached 10-year highs on record credit, record loan terms, and record ignorance.
Global Trade Just Snapped: Container Freight Rates Plummet 70% In 3 Weeks
"This market is looking like a disaster and the rates are a reflection of that," warns one of the world's largest shipbrokers, but while The Baltic Dry Freight Index gets all the headlines - having collapsed to all-time record lows this week - it is the spefics below that headline that are truly terrifying.
Not "Off To The RACEs" - Ferrari Crashes Below IPO Price
From its highs at $60.97 (after opening at $60), Ferrari has crashed over 16% and broken below its IPO prices today... Or put another way... As no lesser market expert than Bob Pisani explained on the day of Farrari's IPO: But what about Ferrari? The pressure on it is not nearly as intense. It's a different story.
The Tide Has Turned And These Charts Predict The Next Stop
What we saw with the latest GDP reports is something truly remarkable. A market that was explicitly told the past 4 years of economic growth had been overstated simply shrugged off the news. That is, absolutely no price recalibration took place. This really evidences beyond any doubt that there is no relationship between the economy and the market. It further evidences the Fed’s increased proficiency in directly guiding the market. Now I know this is not shocking to many of us.
Gartman Is No Longer Bearish
In a world in which not even the Fed has any clue how to read "some" economic data while ignoring others ahead of what is setting up as the most important rate hike, a "jarring" one in the words of Lloyd Blankfein, there is one certain indicator left: Dennis Gartman. Here is the latest. We turned openly, but moderately, bearish of shares late last week and for a day or two we appeared to have been wise in our decision.
'Greek' Finance In America: Pensions, Medicaid, & Entitlements Will Bankrupt State And Local Governments
The template of over-indebtedness as a response to soaring obligations is scale-invariant, and it always ends the same way: default. When you can't pay your bills, you can either cut expenses, borrow money or if you're extraordinarily privileged, print money. If you borrow money without cutting expenses, the interest on the borrowed money piles up and you can't pay that, either. Then not only do you have a spending crisis, you have a debt crisis, and so do those who lent you the money.
Parasite Turns On Parasite: HFT Sues Other HFTs For "Egregious Manipulation" Of Treasury Securities
There was a time when those who dared to call out the massive Libor manipulation conspiracy (such as what Zero Hedge did with one of its first posts in 2009) for being a massive Libor manipulation conspiracy some 4 years before the "theory" became a fact, were branded as scaremongering, fringe voices, best to be ignored. Then, of course, once the "theory" became "fact" it suddenly was perfectly obvious to everyone in retrospect.
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