16
Mar
2013
The War on Savers Intensifies as Cyprus nabs depositors in bailout

As reported via Bloomberg:

Euro-area finance ministers agreed to an unprecedented tax on Cypriot bank deposits as officials unveiled a 10 billion-euro ($13 billion) rescue plan for the country, the fifth since Europe’s debt crisis broke out in 2009.

Cyprus will impose a levy of 6.75 percent on deposits of less than 100,000 euros — the ceiling for European Union account insurance — and 9.9 percent above that.”

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16
Mar
2013
Confessions of an Economic Witch Doctor

I just read about Jeffries economist Jim Zervos’ note to clients on BI, in which he admonishes the “Austrian economist types” and “perma-bears” for being so gloomy, for likening this current bull market to a “sugar high”. Because in his opinion, the policy handlers (like Bernanke and the central banks) have all of this under control and it’s full steam ahead.…

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10
Mar
2013
BREAKING: Intrade shutdown effective immediately

Intrade, the Irish based  online trading exchange website has ceased trading with immediate effect. Visitors to Intrade.com are greeted with the following:…

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7
Mar
2013
Politically Impossible – Or – Don’t Show Your Hole Card?

The more times you hear that a particular turn of events is “unthinkable”, the more likely it is to take place and the SOONER it will take place. The more times you hear a radical change of policy described as “politically impossible” the more likely it is that the change is desirable and the more dire the consequences will be if the change is NOT made.

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5
Mar
2013
The Tragedy of Contrarianism

Being a contrarian is never glamorous. Even the word itself seems to be ostracized by the various word processor dictionaries as I’m often used to seeing it underlined with red dots signifying a spelling error when I type it online.

Wikipedia defines a contrarian as “a person who takes up a position opposed to that of the majority, regardless of how unpopular it may be.”…

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24
Feb
2013
Somebody with deep pockets making a big bet…on gold.

A couple days ago, while Business Insider’s Joe Weisenthal was gleefully hyperventilating about gold’s “death cross” (recall the “Joe Weisenthal can’t fail contrarian gold indicator here“), somebody undauntedly stepped up within the last 3 minutes of the trading session and made a 5.3 million dollar bet on out-of the money calls on the big three gold miners:…

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