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Articles by Yukon Cornholius
Russia Plans First-Ever Sale Of Yuan Bonds
As Russia braces for further sanctions from Washington D.C. over their alleged role in "meddling" in the 2016 U.S. election, they are reportedly prepping a $1 billion yuan-denominated bond issuance in an effort to preemptively diversify financing risks away from the West. According to Bloomberg, the sale will total 6 billion yuan and could come as early as next week. Russia hired Bank of China Ltd., Gazprombank and Industrial & Commercial Bank of China Ltd.
Top Democrats "Abruptly" Pull Out Of White House Meeting After Trump Twitter Attack
Following this morning's tweet, in which Trump said that he was meeting with top Democrats Chuck Schumer and Nancy Pelosi to keep the government open, but because "they want illegal immigrants flooding into our Country unchecked", he "doesn't see a deal", and which sent the T-Bill market turmoiling as mid-December government shutdown odds surged, moments ago the top two Democratic leaders in Congress pulled out "abruptly" (in AP's words) of the previously scheduled meeting with President...
Comcast Users Report Massive Nationwide Internet Outage
According to DownDetector.com, and numerous twitter complaints, Comcast's internet service, Xfinity, is suffering an outage across the country. DownDetector.com shows XFinity internet being down around the United States, mostly on the east coast, but also in in large west coast cities like San Francisco, Los Angeles, and Seattle. So far, online reports don't suggest that TV service or home phones are affected.
Just Five Tech Stocks Add Insane $200 Billion In Market Cap In One Day
The Nasdaq is dramatically outperforming the rest of the major US equity indices today... In fact this this is the biggest Nasdaq outperformance of the S&P since May 2009... “We saw some weakness in the stocks of tech megacaps recently, not so much because of a concern about mediocre earnings but rather because a concern about valuations being stretched,” said Walter Todd, chief investment officer at Greenwood Capital Associates.
Amazon Has Received 238 Proposals For The Company's Second Headquarters
Just days after we reported that in the mad dash by virtually every American city to become Amazon's second headquarters, in which some such as New Jersey offered as much as $7 billion in state and city tax credits, today Amazon announced that that it has received 238 proposals from "cities and regions in 54 states, provinces, districts and territories around North America" who want to host the company's second headquarters, also known as HQ2.
Hypocrite Kimmel Defends Weinstein Silence: "I'm Not The Moral Conscience Of America"
Having spoken out so forcefully on both health care and gun control over the past month - seemingly quickly capable of signaling his virtue against President Trump at any headline - many viewers might have expected Jimmy Kimmel do the same about the sexual harassment and assault allegations against Harvey Weinstein... but (perhaps unsurprisingly to many) he has not. Donald Trump Jr. noticed... Thoughts on Harvey Weinstein?
Upon The Next Crisis, The Rules Will Suddenly Change
We can add a third certainty to the two standard ones (death and taxes): The rules will suddenly change when a financial crisis strikes. Why is this a certainty? The answer is complex, as it draws on human nature, politics and the structure of societies/economies ruled by centralized states (governments).
Bitcoin Surge To New Record Highs Above $4800 Amid Renewed ETF Hope
Bitcoin has surged to a new record high this morning over $4850 amid increased debt ceiling anxiety, continuing demand from South Korea and Japan amid the North Korea chaos, a potential short squeeze, and renewed hopes of SEC approval of a Bitcoin ETF. The six biggest virtual currencies are all higher today... NOTE - Litecoin and Veritaseum are among the day's best performers. Bitcoin is now up 165% from pre-Fork-anxiety lows in late July...
Former CIA Chief Compares Trump's Boy Scout Speech To "Authoritarian's Youth Rally"
In front of a crowed of over 35,000 last night, President Trump delivered one of his most unusual speeches at the Boy Scouts of America National Jamboree. With topics ranging from boasting about his election victory, to cocktail party banter with bankrupt real estate developers, and even lambasting HHS secretary Tom Price if they don't get the votes for the healthcare bill.
Mysterious Hacker Leaks Emails Of Top US State Department Expert On Russia
Coming at a "sensitive" moment for US-Russian hacking diplomatic relations, on Friday Foreign Policy reported that emails belonging to a senior US State Department intelligence official involved in Russian affairs have been leaked by a hacker known as "Johnnie Walker." The official, whose work is focused on Russian domestic affairs and who was described to FT as “probably the top intelligence guy in the entire U.S. government on Russia [who] knows more than anybody about what’s going on...
One Of The World's Biggest Oil Hedge Funds Just Liquidated All Its Longs
Earlier in the week we shared Pierre Andurand's hedge fund note blame-casting his fund's dismal drawdowns on "CTA flows eclipsing the gradual improvement in fundamentals." The market sell-off is missing the larger picture, he proclaims. “Market participants remain extremely focused on micro developments like US crude inventories while the big picture has been telling us a different supply story for quite some time,” he wrote.
UN To Trump: Obamacare Repeal Would Violate "International Law"; Would Also Be Racist
A confidential memo from the United Nations, sent shortly after Trump moved into the White House, made an "urgent appeal" to the Trump administration that a repeal of Obamacare could violate international law. Oh yeah, and it would also be racist as well. Unfortunately, this is not hyperbole.
Despite Dollar Dump, Gold Just Got Slammed By $3 Billion Notional Sale
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Trump Administration Stops Disclosing Iraq And Syria Troop Deployments In Bid To "Surprise" ISIS
The Trump administration has stopped disclosing material information about the size and nature of the U.S. commitment to military action in Iraq and Syria, including the number of U.S. troops deployed in either country, in a bid to "surprise" the Islamic State with the number of US troops in the region the LA Times reports.
JPM: "We See Increasing Risk Of Sell-Off In The Near Term"
First it was Goldman, then Citigroup, now, completing the trifecta of suddenly bearish big banks is JPMorgan, whose US equity strategist Dubravko Lakos-Bujas writes that while the fundamental backdrop remains supporting, the "short-term downside risk" in the S&P is increasing. JPM released the note after the S&P hit the bank's year end price target of 2,400. Unlike Bank of America, JPM has not rushed to raise it year-end bogey, yet.
Hollande: "It Is My Ultimate Duty To Prevent A Le Pen Victory"
While French presidential polls remain volatile, and according to some, rather useless in light of the polling industry's striking failure to forecast either Brexit or Trump's victory, one person is looking beyond the daily headlines and gyrations, which have suggested a surge for Macron in recent weeks at the expense of FIllon ... ... and warning that Marine Le Pen could win the forthcoming presidential election in France.
Julian Assange: "Hillary Made The FBI Look Weak, And Now They're Out For Payback"
In an extended, 25 minute interview with Australia's John Pilger, posted now in its entirety on RT, Julian Assange said Hillary Clinton sparked an FBI backlash, which is now surfacing, when she stonewalled the Feds, who were trying to investigate her private server.
European Mars Lander Crashed On Impact
Two days ago, thrusters intended to slow a European lander as it neared Mars fired for less time than expected before contact with the vehicle was lost, leaving scientists uncertain whether it touched down safely or broke apart; it also left Eurosceptics bemused by what might be the latest symbolic failure of a European craft to escape the graviational hold of the imploding artificial union.
"Radical Changes To The Business Model" - Deutsche Bank Forced To Shrink US Operations As Part Of DOJ Settlement
Back in 2008, when the business cycle was sharply turning, leading to a dramatic shortage of business for the major US investment banks which in the preceding years had gone on a hiring spree, one solution was to "shutter" one or more key competitors. This, according to some, was the underlying motive behind the elimination of the "outsider" banks, first Bear Stearns and then fixed income giant Lehman Brothers.
"Here They Come Again!" - Precious Metals Traders See Third Smackdown
For the third time since Friday's close, gold and silver prices are being vertically challenged by an urgent 'seller'. In the latest round of monkey-hammering 'someone' decided to opportunistically sell over $1 billion notional gold in 5 minutes... As one veteran PM trader exclaimed "here they come again," - we presume meaning The BIS...
Stars 'Or' Stripes
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Martin Armstrong Asks "Is Hillary The Most Devious Politician Of All Time?"
Via ArmstrongEconomics.com, QUESTION: Mr. Armstrong; Have you ever met or advised Hillary Clinton? ANSWER: No. I was asked to meet with Bill when he was first elected in Arkansas after he invited hundreds of people for a dog and pony show. I declined. There is nothing I could advise Hillary on, for it is never about the country; it is just about her. The latest scandal surfacing is her schedule as Secretary of State, which a judge has now ordered must be turned over.
This Is How Venezuelan Truckers Avoid Looters
You know it's bad in the socialist utopia when... Venezuelan trucks - afraid of looting - now carry "Not Transporting Food" signs... h/t @AKurmanaev Who can blame them - no one wants the money anymore, it's worthless - as many food trucks now require armed guards to keep them safe... With delivery trucks under constant attack, the nation’s food is now transported under armed guard. Soldiers stand watch over bakeries.
Oil Jumps Above $49 As Crude Production Tumbles, Inventories Drop
Following last night's across the board inventrory drawdown from API, DOE data was more mixed with a surpsingly large build in gasoline stocks but bigger than expected Distillates and total crude inventory drawdowns. Production tumbled 0.63% MoM, the biggest drop in 2 months and back to Sept 2014 lows. Crude prices spiked above $49 for the firest time since Brexit.
"Tired Of The Expense Of Living Here" - Californians Continue To Leave State In Droves
When we reported that California tax revenues had missed projections by nearly $1 billion in the first four months of the year, we pointed out that one key driver was that over 250,000 residents left the state between 2013-2014 alone, taking that tax base with them.
"Most Dangerous" World In A Decade Has Only 10 Countries Not At War
Authored by Adam Withnall, originally posted at The Independent, The world is becoming a more dangerous place and there are now just 10 countries which can be considered completely free from conflict, according to authors of the 10th annual Global Peace Index. The worsening conflict in the Middle East, the lack of a solution to the refugee crisis and an increase in deaths from major terrorist incidents have all contributed to the world being less peaceful in 2016 than it was in 2015.
Global Stocks "Most Expensive" In 6 Years As Bond Yields Hit Record Lows
As global growth expectations collapse, so do bond yields (now at new record lows for developed markets) but that doesn't stop equity 'investors' from piling into already richly-valued stocks on the hope that next year will be the year when global macro and micro hockey-stick projections will work out... With a P/E of 21, global stocks have rarely (outside of the financial crisis) been as expensive... Which may explain why some investors are piling into bonds, no matter how low the yield.
What Happens When The Fed Hikes During An Earnings Recession
At least until yesterday's abysmal jobs report, there was - just like last December - a renewed sense of optimism that just because the Fed had gotten surprisingly hawkish in recent weeks (just like it did in November) starting with the FOMC minutes, passing through the speeches of numerous Fed presidents, and culminating with last Friday's Janet Yellen appearance, that the US economy was once again set for a major rebound, leading to a substantial repricing higher in rate hike odds which was...
"We're Hungry And Tired" - Protesters In Venezuela March Toward Presidential Palace Demanding Food
Last month we showed just how severe the collapse in Venezuela had become, as starving Venezuelans took to looting supermarkets and other food dispensaries in search of whatever food could be found. Despite having the world's biggest oil reserves, Venezuelans are suffering from severe shortages of food and electricity, on top of inflation that makes it difficult to buy anything to begin with.
Ex-CEO Of Largest Swiss Insurer Commits Suicide, Three Years After CFO Hanged Himself
In the latest tragic news from the world of finance, earlier today Zurich Insurance, the largest Swiss insurer which employs 55,000 people and provides general insurance and life insurance products in more than 170 countries, reported that Martin Senn, the company's former chief executive officer who stepped down in a December reshuffle, has committed suicide. He was 59.
"The Great White Hope"
“Something startling is happening to middle-aged white Americans. Unlike every other age group, unlike every other racial and ethnic group … death rates in this group have been rising, not falling.” The big new killers of middle-aged white folks? Alcoholic liver disease, overdoses of heroin and opioids, and suicides. So wrote Gina Kolata in The New York Times of a stunning study by the husband-wife team of Nobel laureate Angus Deaton and Anne Case.
China Has Quietly Bailed Out Over $220 Billion In Bad Debt In The Past 2 Months
Two months ago we were amazed to read that according to the latest "deus ex machina" proposed by the PBOC, China would "sweep away" trillions in bad loans by equitizing them in the form of debt-for-equity exchanges.
Meet Donald Trump's Chinese Fan Club
For the duration of Donald Trump's campaign trail right after Hillary Clinton, China has been the go-to "punching bag." Earlier this month, the presumptive Republican nominee went as far as describing China's trade relationship with the U.S. as "rape" and has repeatedly said China is stealing U.S. jobs.
"What Could Have Possibly Raised Your Costs" - Hillary Can't Answer Why Obamacare Costs Are Soaring
Hillary Clinton's strategy to get in front of voters and answer one-on-one type questions is not working out very well. First, Clinton couldn't explain to an unemployed West Virginian why she was promising to put a lot of coal miners out of work. Now, Hillary can't explain why Obamacare fees are higher than promised, and are set to explode even higher next year.
Caught On Tape: This Is What Happened When An MEP Tried To Read The TTIP Text
TTIP is just one of several phony “trade” deals written by corporate lawyers and lobbyists, and negotiated in secret between the Obama administration and various world leaders. This particular scam involves the U.S. and Europe, and it has seen increased public resistance and attention as of late, something I highlighted in the post, Leaked Documents Expose the TTIP Trade Deal as a Subversive Imperial Scam. Now watch what happened when a MEP (member of European parliament) tried to read the thing.
Trumped! Why It Happened And What Comes Next, Part 3 - The Jobs Deal
Donald Trump’s patented phrase “we aren’t winning anymore” lies beneath the tidal wave of anti-establishment sentiment propelling his campaign and, to some considerable degree, that of Bernie Sanders, too. As we demonstrated in Part 1, and Part 2, what’s winning is Washington, Wall Street and the bicoastal elites.
President Obama Explains What The "Fiction-Peddling" BLS Got Wrong - Live Feed
Grab your popcorn. Having proclaimed his greatest achievement during his presidency as "saving the world from another Great Depression," we wonder what President Obama will have to say today when he discusses the economy.
Meanwhile In China, More Bubble Insanity
The credit-fueled speculative bubble in China's commodity market, as we detailed previously, exploded this week as the mainstream slowly comes to realize that the gains in industrial metals are not a "sign of strength in China's and the world's economic recovery" but merely the next rotation of fast-money slooshing from Chinese equities to Chinese corporate bonds to Chinese real estate and now to Chinese commodity futures...
Swedish Muslim Politician Quits After Refusing To Shake Women's Hands
As if Sweden wasn't troubled enough, The Local reports that another Green Party politician, who ignited a storm of controversy after refusing to shake hands with a female reporter on grounds that it violated his Muslim faith, announced on Wednesday that he was quitting politics. This follows the resignation of Sweden's housing minister following a week of mounting controversy over his contacts with Islamic organisations and Turkish ultranationalists.
Patrick Buchanan: Dishonoring General Jackson
In Samuel Eliot Morison’s “The Oxford History of the American People,” there is a single sentence about Harriet Tubman. Morison, however, devotes most of five chapters to the greatest soldier-statesman in American history, save Washington, that pivotal figure between the Founding Fathers and the Civil War — Andrew Jackson.
Saudi Stocks Slide Most In 3 Weeks As Post-Doha Hangover Begins
In the first market glimpse of the fallout from a disappointing Doha conclusion, Saudi stocks have fallen by the most in three weeks retracing most of last week's exuberantly hopeful gains. Early on Sunday it appeared that producers were close to agreeing an oil output freeze, but negotiations were later delayed into the afternoon as a new proposal called for all OPEC members to agree even though Iran has said it will not take part.
Q1 Slams Hedgies 'Most Popular Trade' - Momo Crashes Most Since 2009
In mid-February, we warned of the looming carnage for equity market-neutral funds, and sure enough, as Bloomberg reports, one of the most popular (and successful) hedge fund trades - playing the difference between high- and low-momentum stocks - crashed by the most since 2009 in Q1.
Goldman Looks At The Jobs Report, Sees Three Rate Hikes In 2016
The FOMC may have cut its rate hike forecast from 4 to 2, following by an even more dovish speech by Janet Yellen, but Goldman is convinced the Fed is wrong.
Is Trump Starting To Get To Cruz: "I Don't Want To Copulate With Him"
The GOP presidential nominee campaign just went from the sublime to the utterly ridiculous. In what appeared to a prepared remark, Ted Cruz just explained to holiday-weekend-crowd of reporters that he "has no desire to copulate with Donald Trump." "Let me be clear, Donald Trump may be a rat, but I have no desire to copulate with him." Which oddly seems to imply that Cruz may enjoy the company of rats (just not Donald Trump size ones).
Mining Giant BHP Billiton Slashes Dividend By 75% On 92% Profit Plunge, Announces $4.9 Billion Shale Writedown
And the dividend hits just keep on coming. Moments ago, Australian mining giant BHP Billiton announced that underlying H1 profit plunged 92% from $4.9 billion to just $412 million, well below the lowest forecast and certainly below the consesus estimate of a $727 million profit. This was on revenue of $15.7 billion which also missed expectations of $16.02 bilion, generating $4.599 billion in EBITDA and $1.2 billion in Free Cash Flow, on Operating cash flow of $5.26 billion, down 45%.
Calgary's Housing Market Collapses While "Three-Alarm Blaze" Burns Next Door In Vancouver
In Waterloo, Ontario, the property market is red hot. Dubbed “Canada’s Silicon Valley,” the city of just 140,000 people is drawing interest from real estate investors far and wide. Waterloo is around 70 miles west of Toronto and is home to a Google office as well as two universities and “dozens” of startups. One-bedroom apartments in a new development being pitched to investors are going for CAD$270,000 while a two-bedroom will run you CAD$340,000. Rents in the building are as high as $2,000/month.
EUR USD Currency Cross Analysis (Video)
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