The Automatic Earth

Debt Rattle April 26 2018

Apr 262018

April 26, 2018 Posted by Raúl Ilargi Meijer at 8:04 am Finance Tagged with: basic income, bear market, Deutsche, email list, Ford, grotesque, Kenya, leverage, plastics, Post Office, Trump, yield shock

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FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail James McNeill Whistler Miss Ethel Philip Reading 1894 • Debt-Enabled Asset Bubbles On Crash Course With Demographics (Park) • ‘Grotesque’ Leverage and Rising Rates Already Causing Damage – SocGen (BBG) • ‘Big Bear Market’ For Stocks Appears To Have Begun (MW) • Market Is Obsessed With 10-Year Yield, Should Be Watching The 2-Year (CNBC) • Deutsche Bank Plans ‘Significant’ Job Cuts After Sharp Drop In Profits (CNBC) • Ford Kills Most US Cars (BBG) • Yield Shock On

Debt Rattle April 25 2018

Apr 252018

April 25, 2018 Posted by Raúl Ilargi Meijer at 8:27 am Finance Tagged with: Airbnb, Amazon, arctic, Greece, homeless, inflation, plastics, refugees, stagflation, subsidy, trade war

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail Amedeo Modigliani Nu allongé 1917 • Why All Companies Fear ‘Death By Amazon’ (G.) • Richmond Fed Manufacturing Survey Crashes By Most In 25 Years (ZH) • Markets Better Prepare for Stagflation (DDMB) • Trade War With US And China’s $14 Trillion Debt-Ridden Economy (CNBC) • Big Farms Set To Pay The Price As EU Eyes Subsidy Cuts (Pol.) • In Japan, New Rules May Leave Home-Sharing Industry Out In The Cold (R.) • Palma de Mallorca To

Debt Rattle April 24 2018

Apr 242018

April 24, 2018 Posted by Raúl Ilargi Meijer at 9:17 am Finance Tagged with: Abe, China, Draghi, education, food banks, Greece, Kuroda, NPL, refugees, surplus, UBI, yields

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail John French Sloan A Woman’s Work 1912 • Japan Can Begin Reducing Stimulus In Five Years – Kuroda (CNBC) • ECB Mulls Shelving Rules Tackling Euro Zone’s Bad Loans Pile (R.) • The Return Of Honest Bond Yields (Stockman) • Stop and Assess (Jim Kunstler) • The Chinese Car Invasion Is Coming (BBG) • Greek Primary Surplus Comes At The Expense Of Growth (K.) • Tensions Grow On Greek Islands (K.) • The UK Has Turned The Right

This is Not a Market

Apr 232018

April 23, 2018 Posted by Raúl Ilargi Meijer at 12:46 pm Finance Tagged with: BIS, central banks, Draghi, Fed, Kuroda, Magritte, markets, pensions, pipe, price discovery

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail René Magritte La trahison des images 1929 “[Price discovery] is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers”, says Wikipedia. Perhaps not a perfect definition, but it’ll do. They add: “The futures and options market serve all important functions of price discovery.” What follows from this is that markets need price discovery as much as price discovery needs markets. They are two sides of the same coin.

Debt Rattle April 23 2018

Apr 232018

April 23, 2018 Posted by Raúl Ilargi Meijer at 9:49 am Finance Tagged with: birds, Brexit, China, customs union, DNC, extinction, Google, MSM, Syria, Wikileaks, Windrush

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail Russell Lee Highway tavern. Crystal City, Texas 1939 • A Google Breakup Would Fit the EU’s Logic (BBG) • Customs Union U-Turn By May Could Inspire Brexiter Cabinet Revolt (G.) • The Windrush Story Was Not A Rosy One Even Before The Ship Arrived (G.) • Britain, Headquarters Of Fraud (G.) • China Q1 Imports From North Korea Fall 87% Year-On-Year (R.) • How China Is Buying Its Way Into Europe (BBG) • China Factory Crackdown Masks Sweeping

Debt Rattle April 22 2018

Apr 222018

April 22, 2018 Posted by Raúl Ilargi Meijer at 9:41 am Finance Tagged with: boycott, Greece, IMF, May, minimum wage, Mnuchin, Taleb, truce, Vancouver Model, Windrush, World Bank

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail Vincent van Gogh Green Wheat Field With Cypress 1889 • US Hints at China Truce as World Warns of Trade-War Threat (BBG) • US Banks Push Mortgage Apps As Home Lending Slows (R.) • Chinese Gangs Are Laundering Drug Money Through Vancouver Real Estate (GN) • New Zealand’s Ban On Home Sales To Foreigners Is “Discriminatory” – IMF (BBG) • Whirling Whirling (Jim Kunstler) • Home Office Under Theresa May Was Urged in 2014 To Act On Windrush

Trump Territory

Apr 212018

April 21, 2018 Posted by Raúl Ilargi Meijer at 12:43 pm Finance Tagged with: Lynch, May, MSM, NYT, racism, Syria, territory, Trump, UK, visit, WaPo, Windrush

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail Arthur Rothstein Lower Broadway, New York 1941 British media report today that Donald Trump may visit the country in late summer. (Renewed) calls for mass protests are everywhere, of course. The Metro news outlet features a picture of a pamphlet that reads No To Racism. No To Trump, that dates from an earlier occasion (Trump was supposed to come several times, but never did). Now, good luck with those protests, it’s still a free country, in name at

Debt Rattle April 21 2018

Apr 212018

April 21, 2018 Posted by Raúl Ilargi Meijer at 9:00 am Finance Tagged with: Comey, DNC, DOJ, Fed, IMF, May, North Korea, racism, Trump, Wells Fargo, Wikileaks, Windrush, yield curve

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail James McNeill Whistler Morning Glories 1869 • A US Recession Ahead? Fed Policymakers Say Not To Worry (R.) • If Treasuries Reach 3%, That Would Be Big (BBG) • Kim Jong-Un Halts Nuclear & Missile Tests, Shuts Down Testing Site (RT) • DNC Sues Russia, Trump, Wikileaks For Conspiring To Hurt Hillary in 2016 (ZH) • DNC Lawsuit Against WikiLeaks a Serious Threat to Press Freedom (IC) • Trump To “Counter” DNC Lawsuit (ZH) • Comey Memos Probed

Debt Rattle April 20 2018

Apr 202018

April 20, 2018 Posted by Raúl Ilargi Meijer at 8:32 am Finance Tagged with: Amazon, Brexit, bubble, Comey, cow, elephant, Erdogan, Marx, Palantir, sorghum, surveillance, Tesla, Trump

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail Daniel Garber The quarry 1917 • The World’s First Total Bubble (MB) • Now Even a Fed Dove Homes in on the “Everything Bubble” (WS) • Recession Risks Are Increasing – Axel Weber (CNBC) • The Faster Tesla Makes Model 3’s, The More Money They Will Lose (SM) • Marx Predicted Our Present Crisis – And Points The Way Out (Varoufakis) • Market Power Wielded By US Tech Giants Concerns IMF Chief (G.) • Bill Gates Backs Plan

Debt Rattle April 19 2018

Apr 192018

April 19, 2018 Posted by Raúl Ilargi Meijer at 8:35 am Finance Tagged with: Brexit, criminal referral, Facebook, food waste, Greece, IMF, pardons, Porsche, Triffin, Turkey, VIX

FacebookTwitterGoogle+LinkedinTumblrFlattrDiggRedditPinterestStumbleUponemail Edgar Degas The laundress 1873 • Triffin Warned Us (Lebowitz) • Global Debt Has Reached A Record High, And 3 Countries Are To Blame – IMF (MW) • Dollar Bears Beware, Trump Tweets May Not Be Enough (Karamanlis) • Facebook Says Users Must Accept Targeted Ads Even Under New EU Law (R.) • Facebook To Put 1.5 Billion Users Out Of Reach Of New EU Privacy Law (R.) • VIX Rigging Talk Erupts on Wall Street After Another