Recent comments by Rajesh

burnside wrote:

the Baltic is presently icebound.

The Baltic in Baltic Dry Index refers to the Baltic Exchange where it trades at, not the Baltic Sea.

Apparently the Yellen put doesn't cover crude oil.

dilbert dogbert wrote:

I Blame Obummmers!!!

I blame the Jolly Rogers.

Wilberforce wrote:

now that we've linked them to the Sony hack, when do we send troops to NK?

now that we've linked them to the Sony hack, when do we send troops gamers to NK?

Call of Duty: Sony Hack.

Yoringe wrote:

Vow of Revenge!

They will make a movie based on the incident and Kim will come off looking like a total idiot cry-baby.

Swiss Franc Slips Most Since 2013 on Negative Rates; Real Rises - Bloomberg

The franc weakened against all of its 16 major peers as the Zurich-based SNB introduced a negative deposit rate for the first time since the 1970s, saying it was prepared to buy unlimited foreign currency to shield the 1.20-per-euro cap and take further measures if needed.

The Swiss currency appreciated to within 0.07 percent of the cap yesterday, reaching the strongest level since September 2012. Pressure on the cap has bolstered speculation the ECB will start a large-scale sovereign-bond buying program, a measure that may weaken the euro against its peers.

SNB President Thomas Jordan cited turmoil in Russia as a “major contributory factor” to its rate decision.

“The other thing undermining the attempts to weaken the Swiss franc is the ongoing Russian crisis and emerging-market selloff -- the franc remains a safe haven,” said Alvin T. Tan, a foreign-exchange strategist at Societe Generale SA in London. “It’s going to be a very tough environment for the SNB to push euro-Swiss up significantly.”

poicv2.0 wrote:

Only the upper crust of Thai teenagers

McDonald's is the Gucci of fast food?

Second half recovery!

Second half of the decade. Wink

CR wrote:

FOMC will remove "patient" about two meetings before the first rate hike.

"Patient" means that the FOMC is unlikely to raise rates during the next two meetings if the economy follows the expected path. They will use a different word when they think a rate hike will not occur in the next meeting.

The funny part about European tax loopholes is they don't create any jobs, so the governments are just giving away money. Business as usual.

sm_landlord wrote:

Did anyone else get that impression?

The stance hasn't changed in twelve months. Wall Street's interpretation of the stance has been bipolar, but that says more about Wall Street than it does about the FOMC.

The FOMC is projecting incompetence.

Bad Dawg Bobby wrote:

IF we ONLY have a Global economic collapes, we can consider ourselves LUCKY.

The Sun is unlikely to go nova this decade.

Other than Russia, the rest of the world is doing fine.
Japan export growth slows, may add to concerns over recession-hit economy
| Reuters

Japan's exports grew for a third straight month in November from a year earlier, but much more slowly than expected and despite a sharp fall in the yen as slowing demand in Asia and Europe dampened trade.

The 4.9 percent rise in exports was much weaker than a 7.0 percent gain seen by economists in a Reuters poll, slowing from a 9.6 percent gain in October, Ministry of Finance data showed.

Weakness in exports could compound April's sales tax rise which pushed the economy into a recessionary second quarter of contraction through September.

"Exports to Asia and Europe were weak. Europe's slump caused by Russia warrants attention, but the slowdown in Asia-bound exports was probably a temporary reaction to October's big jump boosted by one-off factors such as exports of ships to Singapore," said Hiroshi Watanabe, senior economist at SMBC Nikko Securities.

"I still expect shipments to remain firm as the U.S. economy continues to help spur output in Asia and Japan. That will be welcome to Japanese policymakers."

Russians demand help with rocketing mortgages as rouble slides
| Reuters

"We are Russian citizens. We don't want to be left without a roof over our heads. We don't want to default," said Yelena Lebedenko, an accountant whose monthly repayments have in seven years risen from 40,000 roubles to nearly 90,000.

"We want to pay loans based on the exchange rate at the time we signed the papers. The authorities, our government, must see to that."

Most of the anger appeared to be aimed at the central bank and government rather than at President Vladimir Putin, whose ratings have been sky-high since the start of the Ukraine crisis and Russia's annexation of Crimea from Ukraine in March.

Yet his popularity is based partly on the relative financial stability and prosperity of most of his 15 years in power, and the Kremlin has been wary of any signs of discontent since big protests in the winter of 2011-12 after a parliamentary election marred by accusations of fraud.

A handful of protesters who tried to picket the headquarters of the central bank on Friday were quickly asked to leave, and joined the larger rally on a snow-covered boulevard nearby.

Their banners read: "Save our families from the rouble rate" and "The central bank stole our future".

"Since I took my mortgage, my salary has remained at 70,000 roubles but my monthly payment now is 85,000 a month," said Irina, a woman in her 30s who works in an advertising firm.

"I want justice. They should not only help the banks but people like me ... I've already borrowed from all my friends. They're not taking my calls any more."

The central bank says the total value of foreign-currency mortgages stood at 129 billion roubles on Nov. 1, a small fraction of the 7 trillion in rouble mortgages.

Mortgage interest rates are too high!

Lets take a coffee break It looks like we're Russian to a currency crisis this morning.

Outsider wrote:

Study canceled after $1.3B spent and no results

Study Iraq War canceled after $1.3B $2.3 Trillion spent and no results Fixed It For Ya

Outsider wrote:

With cookies.

White Chocolate with Macadamia nuts?

Outsider wrote:

How prices shot up so unaffordably in the past 30 yrs. is a head scratcher.

Perhaps government regulation to prevent free market prices has something to do with it?

Outsider wrote:

loopy side of sanity

I'm unclear. Which is the loopy side?

Venezuela Bonds Fall Below 40 Cents as Maduro Affirms Subsidies - Bloomberg

Venezuelan bonds dropped to a 16-year low as President Nicolas Maduro said he has no plans to curb fuel subsidies while not ruling out the possibility of default.

The government’s benchmark bonds due in 2027 fell 8.2 percent to 37.835 cents on the dollar, the lowest on a closing basis since 1998, as of 4:57 p.m. in New York. The extra yield investors demand to hold Venezuela’s overseas notes instead of Treasuries rose the most in the world. Swaps contracts protecting bond investors from non-payment imply a 97 percent chance of default in the next 12 months, according to CMA data.

Maduro said in televised speeches over the weekend that he saw no need to cut the government subsidies that leave gasoline selling for 6 cents a gallon, and that he will keep a 6.3 bolivar-per-dollar fixed exchange rate for priority imports. He said there’s no possibility of default unless it was part of a strategy to bolster economic development and no such plans are in place. Oil, which makes up 95 percent of exports, fell 2.9 percent in New York to extend its drop since June to 47 percent.

1998 Comes Calling in Currency and Credit Plunges From Russia to Venezuela - Bloomberg 

Emerging markets are ending the year much like how they began it -- in freefall.

From Russia to Venezuela, Thailand to Brazil, stocks, bonds and currencies across the developing world are plunging.

The Russian ruble tumbled past 64 for the first time on record today while Venezuelan bonds sank below 40 cents on the dollar and Thai stocks fell the most in 11 months. Brazil’s corporate debt market is reeling as a graft probe of state oil producer Petroleo Brasileiro SA infects the market.

All of this has something of a familiar feel to it, dating back to 1998, when, just like now, oil was tumbling and driving crude exporters Russia and Venezuela into financial crisis.

While lots has changed in emerging markets since then -- perhaps most importantly, countries have higher foreign reserves and more flexible exchange rates -- the signs of contagion are mounting. Investors withdrew more than $2.5 billion from U.S. exchange-traded funds that buy emerging-market stocks and bonds last week, the biggest outflow since January, when political and financial instability from Argentina to Turkey and the fallout from Federal Reserve tapering policy sent money managers fleeing.

Its different this time

BarleyReturns wrote:

Soon we will party like it is 1999

Soon we will party like it is 1999 1998.

1998 Russian financial crisis - Wikipedia, the free encyclopedia 

The Russian financial crisis (also called "Ruble crisis" or the "Russian Flu") hit Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt.
The financial collapse resulted in a political crisis as Yeltsin, with his domestic support evaporating, had to contend with an emboldened opposition in the parliament. A week later, on 23 August 1998, Yeltsin fired Kiriyenko and declared his intention of returning Chernomyrdin to office as the country slipped deeper into economic turmoil.[9] Powerful business interests, fearing another round of reforms that might cause leading enterprises to fail, welcomed Kiriyenko's fall, as did the Communists.

yuan wrote:

What's a "union"?

See European Union or Soviet Union. Another word for socialism.

T minus eleven months and counting...

merchants of fear wrote:

More economic-technical coordination & manipulation.

More Another attempt at economic-technical coordination & manipulation. Fixed It For Ya

Belmont wrote:

Doom crowd needs something to hang their tin foil hat on

I have a hat rack for that.

sm_landlord wrote:

So, how long before it inverts, you think?

Still three to six months, I'd say. The two year is influenced by Fed policy. The Ten year tracks inflation more closely. If the Fed keeps talking higher interest rates despite low inflation, we should get an inversion.

That Prince must be a hot dude for her to pay that much for a night with him.

I read CR for the articles. Rose Colored Glasses

T minus eleven months and counting...

Vonbek777 wrote:

I have a higher duty to the Upside Down Underground Pyramid comes first. Or is that family

The Upside Down Underground Pyramid is a member of your family?

Outsider wrote:

Being forced to buy something and then having to spend hours just trying to log in is a whole new level of insanity.

Have you thanked the Republicans from saving you from single payer healthcare?

Vonbek777 wrote:

No I don't own any interest rate swap derivatives.

Maybe you should. You are not doing your patriotic duty.

Tom Stone wrote:

most important "C", character.

I thought Commission was the most important "C".

Foolish lending works, until it doesn't. See subprime mortgages.

Wisdom Seeker wrote:

all the work had been done

Texas and Florida are still litigating their 2010 redistricting.

sm_landlord wrote:

If you think 2 years is a long time, then OK I guess.

The point being that the state houses are in charge of drawing new election districts. So long as Republicans draw the maps, they don't need a majority of votes to maintain control. Note that they also are drawing the maps for the state districts, making it harder for Democrats to gain control of the state houses to undo the changes to the maps.

Vonbek777 wrote:

those super computers taking up warehousing in the 90s at Los Alamos weren't running nuclear equations but stock market algos.

Still working on blowing things up.

The value of corporate equity fell?

Mary wrote:

normal functioning of your nervous system.

To quote LawyerLiz: There is no normal.

JP linked:

Russia's central bank hikes rate

Market disappointed because hike was only 100 basis points.

Has Poic called for a Slumdog Slumdog down yet?