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Post by jeffolie on Nov 26, 2013 7:29:22 GMT -6
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Post by jeffolie on Nov 23, 2013 18:10:57 GMT -6
Best Black Friday deals with biggest markdowns November 20, 2013 Black Friday, the biggest shopping day of the year, looms, and once again retailers are offering holiday deals in an attempt to get more shoppers into their stores. Several of the biggest retailers are extending their opening hours even more than in previous years to try to one-up their competition. The deals listed by retailers are as big as ever. Home Depot, Target, Wal-Mart, and Best Buy, among others, are selling popular items at discounts of 30% or more off their regular price. Retailers plan to sell laptops, HDTVs, and other products at several hundred dollars off. Consulting with several groups that compile Black Friday deals, 24/7 Wall St. identified some of the products with the biggest markdowns. MORE: Thanksgiving opening hours for eight big retailers Retailers usually offer the best deals on already established products. For example, several big box stores offer considerable rollbacks on the 50" HDTVs because they have been on the market for several years. Fatwallet.com's Brent Shelton explained, "A couple of years ago, the bigger screens with the lighter technology were still new. But last year, prices really came down as they became less of a novel item." Many other products offered with significant markdowns are either being phased out and replaced with a new product type or improved versions of the same model. This is the case with laptops, for example. "With laptops, particularly the medium-level laptops, retailers discount them because people are turning to tablets as their general surf-communication device," Shelton said. Laptops can therefore be very good deals for students who don't care about having a tablet, he added. Despite the many holiday deals, it's probably not the best time to buy some products. Holiday decorations and winter clothing tend to be more expensive now than any time of year because most stores have just put them in stock. There are also products that tend to have better deals during other holidays. For example, the biggest deals for tools tend to be during Father's Day. That being said, during Black Friday you can find products at considerable markdowns in nearly every area. 24/7 Wall St. consulted shopping experts at Fatwallet.com, GottaDeal.com, and BFAD.com to identify the Black Friday deals with the biggest discounts compared to the product's MSRP or pre-sale price. These are the nine best deals on Black Friday: 1. Element 50" 1080p LED HDTV > Pct. discount: 61.8% > Retailer: Target > Black friday price: $229.00 > Was: $599.99 Target plans to offer the Element 50-inch flat-screen TV at a more than 60% discount, which constitutes savings of nearly $400. According to Gottadeal.com, 50-inches is the new "sweet spot" for TV display size. The same TV is available at Wal-mart, which also offers a smaller-sized 40-inch Element for considerably less, $178. 2. Nikon L320 Digital Camera > Pct. discount: 56.8% > Retailer: Target > Black friday price: $99.00 > Was: $229.00 With smartphone users taking pictures with their device at an increasing rate, demand for digital cameras has waned. On Black Friday this year, however, Target will tempt consumers with the Nikon L320 16-megapixel 26x optical zoom digital camera, which is capable of 720p HD movies, as well as a variety of automatic features. Target will offer the camera for less than $100, or $130 off its normal value. 3. Kindle Fire 7" HD 16GB Tablet > Pct. discount: 53.3% > Retailer: Staples > Black friday price: $79.00 > Was: $169.00 The new Kindle Fire HD is lighter than the original model. Other upgrades include a longer battery life, a faster processor, and a sharper display. The market for 7-inch tablets is competitive, with the Nexus 7 and iPad mini both offering similar features. Staples' Black Friday discount of more than 50% on the new Kindle Fire, however, will be difficult to beat. 4. Sony Wifi Blu-ray Player > Pct. discount: 47.6% > Retailer: Target > Black friday price: $55.00 > Was: $105.00 On Thanksgiving, Target will cut the price of Sony's WiFi Blu-ray player by nearly half, from $105.00 to $55.00. Since Blu-ray technology has become available, its popularity has risen, especially as old movies, previously unavailable in such high quality, have been enhanced. 9. Beats Solo HD Headphones > Pct. discount: 33.9% > Retailer: Target > Black friday price: $119.00 > Was: $179.99 Target is offering more than $60 off Beats by Dre Solo HD headphones, which it typically sells at $179.99. The headphone line, co-founded by rap legend Dr. Dre, has been extremely successful. Beats Electronics accounted for over half the market for premium headphones last year, according to Beats. Many other celebrities have tried to create their own headphone lines to imitate the success of Dr. Dre. 8. Freemotion 545 Elliptical > Pct. discount: 36.0% > Retailer: Sports Authority > Black friday price: $799.00 > Was: $1,249.00 The Freemotion 545 elliptical is selling for a $450 discount at Sports Authority for Black Friday. Like other retailers, the sporting goods chain plans to offer savings across its product lines, including shoes, workout equipment, and apparel. Sports Authority also announced plans to hire 5,000 seasonal workers to help customers during the holidays. 7. DeWalt 20-Volt Max Lithium-Ion Drill/Driver > Pct. discount: 41.4% > Retailer: Home Depot > Black friday price: $99.00 > Was: $169.00 Home Depot is selling Dewalt’s 20-Volt Max drill/driver for just $99, down from a previous price of $169. This represents savings of more than 40%. Unlike other retailers that get much of their business from the holiday season, Home Depot usually has its busiest season in the spring. The company even hosts a spring-time “Black Friday” event. 6. Xbox 360 > Pct. discount: 44.7% > Retailer: Walmart > Black friday price: $99.00 > Was: $179.00 Walmart is selling the Xbox 360 for just $99, down from $179. However, buyers should note that Microsoft is set to offer a new console, the Xbox One, before Black Friday. Microsoft has stated, however, that it plans on continuing to provide support for the Xbox 360 until 2016. 5. Dell Inspiron 15, 15.6”, Celeron Processor, 4GB RAM, 320 GB > Pct. discount: 47.4% > Retailer: Dell > Black friday price: $199.99 > Was: $379.99 Laptops will likely be a hot item this holiday season with several distributors offering Black Friday deals on Dell and HP computers. In addition to this Dell 15, offered at the manufacturer site at a nearly 50% discount, retailers are also offering deals on laptops. Wal-mart will offer a HP 14” touchscreen for $278.00, down by nearly 45% from its normal price. www.usatoday.com/story/money/business/2013/11/20/black-friday-deals-markdowns/3650555/
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Post by jeffolie on Nov 23, 2013 17:40:35 GMT -6
All the Fed has succeeded in doing is increasing investors' investment power by stealing buying power from consumers through inflation. Which means decreased production demand as well. More investment capital with less demand for productive investment is exactly what this has accomplished. Instead of all this Fed-created investment power going into the real economy to produce goods and create jobs, it's going into the stock market, financial assets, and other non-productive fixed assets. The Fed's actions make no sense to anyone--except demented PhD economists. The world's billionaires enjoy a New Gilded Age which historically ended during depressions after their wealth significantly declines. The last massive, world wide currency devaluations ended during the 1930s currency wars and resulted in the end of the Gold Standard for individuals but not for countries until Pres. Nixon in 1971. =========================== The World's 2170 Billionaires Control $33 Trillion In Net Worth, Double The US GDP 11/23/2013 Before it became a conspiracy fact, the traditional response to all suggestions of a massive Libor/FX/commodity/mortgage rigging cartel was a simple if stupid one: too many people are involved and so it can never be contained. As it turns out not only can it be contained, but when the interests of the "conspiracy" participants are alligned, it can continue for decades. Naturally, the same applies for the pinnacle of the global wealth pyramid: the world's billionaires and their plan of wealth preservation and accumulation. Not only have the world's richest been the biggest beneficiaries of the monetary and fiscal policies since 2009, with the current 2170 global billionaires representing a 60% increase since 2009 according to UBS, but their consolidated net worth has more than doubled from $3.1 trillion in 2009 to $6.5 trillion now. At the same time, the net worth of the "bottom 90%" of the world's not so lucky population, has declined. Yet, somehow, the Fed is still revered. Naturally, as in global financial conspiracies, the question arises: is it possible that instead of representing the interests of the general population, what the central banks simply do is follow the instructions of a far smaller cabal, that of the world's uber wealthy? In case there is any confusion, the above is a rhetorical question. It goes without saying that what the world's largest wealth accumulators want above all else, is to preserve a status quo that allows their capital-based wealth to increase as fast and as much as possible in a regime of reflating asset prices, while keeping the bulk of the world's population distracted, entertained, and collecting their daily welfare check. Consider the downside: according to a new report by Wealth-X and UBS, "the average billionaire is incredibly well connected, with a social circle worth US$15 billion – five times the net worth of the average billionaire. This figure is based on a calculation of the net worth of only the three top connections of billionaires, and so it is likely to be even higher when considering the number of UHNW individuals the average billionaire interacts with while attending various meetings, dinners, and events." It is during these "meetings, dinners and events" that the real policy defining the future of the world is set - far beyond the theater of a corrupt, dysfunctional Congress or incompetent Executive. And the policy is simple - "more for us, nothing for everyone else." The bottom line from Weatlh X: "factoring in all of the connections between the world’s billionaires, this equates to a total social circle worth a combined US$33 trillion" or double the GDP of the US. The estimated "circle of influence" among the friends of just the US' richest is shown below. Source: Wealth-X www.zerohedge.com/news/2013-11-23/worlds-2170-billionaires-control-33-trillion-net-worth-double-us-gdp
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Post by jeffolie on Nov 23, 2013 12:34:44 GMT -6
China announced an airspace authority over the islands disputed by Japan .... if America applies Japan as a surrogate, puppet to confront China then China might escalate the currency issue by a variety of actions such as dumping the Yen and/or the Dollar depending on how hot the islands issue becomes: ======================== 23 November 2013 China creates air defence zone over Japan-controlled islands Image taken on September 15, 2010 shows the disputed islands in the East China Sea known as the Senkakus in Japan and the Diaoyus in China A Japan coastguard handout photo taken on November 2, 2013 shows a Chinese ccoastguard ship cruising near the disputed islets in the East China Sea AFP - Beijing on Saturday announced it was setting up an "air defence identification zone" over an area that includes islands controlled by Japan but claimed by China, in a move that could inflame the bitter territorial row. Along with the creation of the zone in the East China Sea, the defence ministry released a set of aircraft identification rules that must be followed by all planes entering the area, under penalty of intervention by the military. Aircraft are expected to provide their flight plan, clearly mark their nationality, and maintain two-way radio communication allowing them to "respond in a timely and accurate manner to the identification inquiries" from Chinese authorities. The outline of the new zone, which is shown on the ministry website and a state media Twitter account (pic.twitter.com/4a2vC6PH8O), covers a wide area of the East China Sea between South Korea and Taiwan that includes the Tokyo-controlled islands known as the Senkakus to Japan and Diaoyous to China. "China's armed forces will adopt defensive emergency measures to respond to aircraft that do not cooperate in the identification or refuse to follow the instructions," according to the ministry. The zone became operational as of 10:00 am Saturday (0200 GMT). Four Chinese coastguard boats briefly entered Senkaku waters on Friday, following multiple incursions at the end of October and start of November which revived tensions between Beijing and Tokyo. Japanese Defence Minister Itsunori Onodera said in late October that the repeated incursions were a threat to peace and fell in a "grey zone (between) peacetime and an emergency situation". A few days earlier, the Chinese defence minister warned Japan that any bid to shoot down its drones would constitute "an act of war". The move came after a report said Japan had drafted plans to shoot down foreign drones that encroach on its airspace if warnings to leave are ignored. Sino-Japanese relations have remained at a low-ebb for more than a year as a result of the dispute, which was revived when Japan nationalised three of the archipelago's five islands in September 2012. Since that time, China has sent regular coast guard patrols to the islands, which are 200 kilometres (125 miles) northeast of Taiwan and 400 kilometres west of Japan's Okinawa. www.france24.com/en/20131123-china-creates-air-defence-zone-over-japan-controlled-islands
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Post by jeffolie on Nov 23, 2013 12:21:29 GMT -6
my jeffolie view: remains since Jan 31st that Netty would separate from Obama on Iran ... as to an attack on Iran, Netty spoke the words but actions are reality while words are just air resulting in no prediction on my part as to an actual attack by Israel without America during my jeffolie Danger Zone lasting until June 20 as a SWAG.
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Post by jeffolie on Nov 23, 2013 12:16:58 GMT -6
No Deal Dec 2, 2013 By WILLIAM KRISTOL As we go to press, the Obama administration seems to be hurtling towards a bad deal with Iran. The administration will claim the agreement freezes and indeed sets back the Iranian nuclear program. But even the New York Times acknowledges that “only some elements are frozen, and rollbacks in the initial agreement are relatively minor” and can be easily reversed. Furthermore, the “deal” would mean the United States would retreat from its previous clear red line—one embodied in repeated U.N. Security Council resolutions—of requiring that Iran stop enrichment. It would allow Iran to move ever closer to nuclear weapons while getting significant sanctions relief. Some deal! In truth, it’s not a deal in the usual meaning of the term. It’s an accommodation. It’s a way for the Obama administration to avoid confronting Iran, and to buy time to acclimate the world to accepting a nuclear Iran. What will the Obama administration’s leading lights say when this becomes obvious? When he sees his grand diplomatic achievement crumbling around him, will Secretary of State John Kerry join his counterpart, Health and Human Services secretary Kathleen Sebelius, in sighing and exclaiming with pithy eloquence, “Uh-oh”? Will President Barack Obama offer the same apology to the Israelis that he has to Americans who held insurance policies they liked: “I am sorry that they are finding themselves in this situation based on assurances they got from me”? As the implementation of the Iran agreement goes the way of the implementation of Obamacare, will his reaction be to say, “We’re going to have to, obviously, re-market and re-brand”? The president and his colleagues will presumably say these sorts of things. But of course it will be too late. Congress can legislate to try to make up for the failure of Obama’s assurances about health insurance, and to try to help Americans get their old policies back. But Congress won’t be able to legislate to undo a nuclear Iran. The American people can ignore Obama’s efforts to re-market and re-brand Obamacare, and instead insist on its repeal. But the American people won’t be able to repeal Iran’s nuclear weapons once Iran has them. That’s why serious people, in Congress and outside, will do their utmost to expose and scuttle Obama’s bad Iran deal. They can expect to be smeared by the Obama administration as reckless warmongers and slandered by Obama’s media epigones as tools of the Israel lobby. One trusts at least some members of Congress and some political leaders are made of stern enough stuff to resist the attempted intimidation. But one can’t be optimistic about their chances for success in scuttling the deal. And one can’t be optimistic that the Obama administration will reverse course at the eleventh hour. Which means the last, best hope for stopping the Iranian regime from having nuclear weapons may well lie in a deus ex machina (if one may be permitted to use a pagan phrase for a Jewish state). It is Israel, not the great American superpower, that may well have to act to thwart Iran’s nuclear ambitions. And so the democratically elected leader of Israel, Prime Minister Benjamin Netanyahu, will have to weigh his choices, with the burden of history on his mind and the judgment of future generations in his thoughts. Last week was the 150th anniversary of Abraham Lincoln’s Gettysburg Address. Many commentators mentioned the irony of Lincoln’s saying that his brief remarks would soon be forgotten. There was indeed irony, an intended irony, in the statement. But Lincoln’s tribute to those who fought, and his elevation of their deeds above his speech, isn’t ironic: But, in a larger sense, we can not dedicate—we can not consecrate—we can not hallow—this ground. The brave men, living and dead, who struggled here, have consecrated it, far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be here dedicated to the unfinished work which they who fought here have thus far so nobly advanced.Lincoln’s speech at Gettysburg will be studied as long as people care about the American experiment in self-government, or about political greatness. But Lincoln knew as well as anyone that speech has to be supported by deeds. It was the soldiers’ hard-won victory in the battle of Gettysburg that was the precondition for Lincoln’s remarks, and for America’s “new birth of freedom.” So Lincoln was telling the plain but deep truth when he emphasized, and gave priority to, “what they did here.” In politics, deeds matter. Speech, even the most eloquent and thoughtful speech, is not enough. Benjamin Netanyahu understands this. Jewish history, and not just Jewish history, teaches this lesson. Netanyahu may well judge that he has to act to stop the Iranian regime from getting nuclear weapons. If he does, then Israel will fight. And Israel will be right. www.weeklystandard.com/articles/no-deal_768038.html
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Post by jeffolie on Nov 23, 2013 12:08:48 GMT -6
Price of Electricity Hit Record for October; Up 42% in Decade November 22, 2013 (CNSNews.com) - The price of electricity hit a record for the month of October, according to data released Wednesday by the Bureau of Labor Statistics. That made October the eleventh straight month when the average price of electricity hit or matched the record level for that month. The average price of electricity in October was 13.2 cents per kilowatt hour (KWH), up from 12.8 cents per KWH in October 2012—and up from 9.3 cents per KWH in October 2003. Americans now pay 42 percent more for electricity than they did a decade ago. In November 2012, electricity was 12.7 cents per KWH, which was down from the 12.8 cents per KWH price of November 2011. But, in December 2012, the price of electricity stayed at 12.7 cents per KWH, matching the record monthly price of 12.7 cents per KWH that had been reached in December 2011. In each of the ten months since then (January through October 2013), the price of electricity has hit a record level for that month. Although the average price of electricity hit the all-time October record this year, the price in October actually dropped from September, when it was 13.7 cents per KWH. According to the BLS data, electricity prices tend to fluctuate during the year, hitting their peaks in the summer months, then dropping to lower levels in the fall, winter and spring. This year, electricity cost 12.9 cents per KWH in January, setting a January record. It stayed at that level in February, setting a February record. Then it dropped to 12.8 cents in March and April--nonetheless setting records for those months. In May, it climbed to 13.1 cents, setting an all-time record for May. Then it jumped to 13.7 cents per KWH in June and stayed at that level through July, August and September. The 13.7 cents per KWH price of electricity of June through September 2013 was the most expensive electricity has ever been in the United States since BLS started tracking electricity prices in November 1978. www.cnsnews.com/news/article/terence-p-jeffrey/price-electricity-hit-record-october-42-decade
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Post by jeffolie on Nov 23, 2013 11:28:24 GMT -6
November 22, 2013 Download your holiday guide to civility from Mark Shields and David Brooks By: News Desk Download the guide to civility. It's a handsome addition to any holiday table or potential political battleground. It's the holidays, and that means one thing: It's time for uncomfortable political discussions with your distant relatives. Uncle George founded the tea party chapter in Tulsa. Cousin Minnie just switched to a completely hemp-based diet. Sparks will fly. To bring peace across the land this holiday season, we asked Mark Shields and David Brooks to share their strategies for keeping things civil at the family dinner table. We baked Mark and David's sage wisdom into a handy Thanksgiving placemat, which you can print and share with your most uncivil family members. Here's what our champions of civility had to say. -------------------------------------------------------------------------------- Mark and David's advice for keeping the peace David Brooks: My first tip: if you have a deep-down disagreement about how you were treated at your 13th birthday party, deal with it honestly and don't submerge it into a political fight. Most family political debates are fought because of deeper family issues. Second, the key to a civil political debate is to consider the likelihood that you're wrong. Mark Shields: Accept the rule that you can pick friends but you can't pick your relatives. I'd avoid toxic topics, no matter how tempting and provocative they may be. Avoid topics that are just depressing and would dampen the holiday spirit. Like the 2014 election if you're a Democrat. The Cheney family feud may be toxic in some families, but in others it would help them feel cohesive. The biggest rule of civility is avoiding those subjects that you know are just gonna lead to intense and intemperate disagreements. -------------------------------------------------------------------------------- How to end a political battle if it gets out of hand David Brooks: There's a truism that you should never go to sleep mad. But I'm a believer that sometimes you just need to go to sleep. Get a good night's sleep and have a conversation about something else the next day. Politics is not that important. Mark Shields: A false fire alarm is always helpful. Or announcing that the turkey is ready, even if it isn't. The fire alarm or smoke alarm, either one. Other than that, just turn to Uncle Eugene who has a theory that left-handed Presbyterians are taking over the Federal Reserve and say "You're absolutely right! I never thought of that before but that's right." -------------------------------------------------------------------------------- How to end an argument about the economy David Brooks: I think the actions of one administration or another has a very minor effect on the economy. The thing driving the economy is bigger than politics or government. They're just structural realities having to do with the way technology is evolving, the way skills are evolving. Mark Shields: Point out that the stock market has doubled since Barack Obama has been in office. You can't argue with that fact: It has doubled. Usually the person complaining is the one with the most in the stock market. At the same time, it's unacceptable that we have fewer jobs than five years ago. Anyone who boasts about a good economy is less than shortsighted. -------------------------------------------------------------------------------- How to end an argument about health care reform David Brooks: Let's start with story about a rabbi who came to the synagogue with two pieces of paper in his pocket. One said the world was created for me and the other said I am nothing but dust and ashes. And the reason the rabbi carried those papers is they were both equally true. So when dealing with health care or any other issue, it's normal to have two opposing ideas be equally true. In Obamacare, it would cover millions of new people and it's also true that the website doesn't work well and it may hurt the economy. So, the big issues are always about balance. Mark Shields: It's always great to introduce new information. I really don't know that persuasion on this topic is possible at this time. I might be tempted to say "Isn't it interesting that after the terrible tragedy in the Philippines, China originally contributed less relief money than Ikea or Coca Cola?" In other words, think of a creative way to switch the topic. -------------------------------------------------------------------------------- What do you do when someone says the president hasn't proven he's a U.S. citizen? David Brooks: Sometimes there are just facts. He is a U.S. citizen. Then you throw the turkey at them. Mark Shields: Anybody who brings up questions about where the president was born has proved his or her lack of civility. This is my kicker line: the government of Kenya will formally announce at a press conference that after exhaustive research they have determined that Obama was born in Honolulu. That's the kind of fall it's been for the government. -------------------------------------------------------------------------------- Mark Shields offers this bonus wisdom on maintaining friendly family relations: It's a time to become a football fan. The NFL has done a great favor to the peacefulness of American family gatherings by scheduling a game between the Detroit Lions and the Green Bay Packers beginning at 12:30 p.m. ET on CBS. As soon as that's over, FOX has the Dallas Cowboys against the Oakland Raiders. If you haven't had enough -- although Sally Quinn once made the observation that any man who watches three football games in a row is probably brain dead, and that's probably true -- there's an 8:30 p.m. game that night. As long as there's a football game, it gives us something to talk about that lowers the temperature in the room. My other suggestion: It's good to ask non-political quizzes to get the conversation going. Here's a question to kick things off. What are the only four American colleges or universities to have produced both a President of the United States and a quarterback who has won the Super Bowl? (There are 44 U.S. presidents and 30 winning quarterbacks and there are more than 14,000 U.S. colleges and universities.) Answer: Stanford University produced Hoover and two Super Bowl quarterbacks, John Elway and Jim Plunkett, who won two as well. The University of Michigan produced Gerald Ford, as well as Tom Brady of the New England Patriots. The third school is the United States Naval Academy, from which Jimmy Carter and the Dallas Cowboys' Roger Staubach both graduated. Finally -- and no one ever gets this one -- there's Miami University of Ohio, which claims Benjamin Harrison and Ben Roethlisberger of the Pittsburgh Steelers. The other question I use that I think everybody can play is: What are the smallest (in population) state capital cities in the U.S.? Answer: Montpelier, Vt., which is home to fewer than 8,000 people; Pierre, S.D., with fewer than 14,000; and Augusta, Maine. And I've been to all three. www.pbs.org/newshour/rundown/2013/11/download-mark-shields-and-david-brooks-holiday-guide-to-civility.html
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Post by jeffolie on Nov 23, 2013 9:25:05 GMT -6
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Post by jeffolie on Nov 23, 2013 9:22:11 GMT -6
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Post by jeffolie on Nov 23, 2013 9:12:57 GMT -6
my jeffolie view: repeats my above view that not stockpiling should be considered different and distinquished from dumping of China's stockpile of Dollars.
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Post by jeffolie on Nov 23, 2013 9:09:23 GMT -6
China Announces That It Is Going To Stop Stockpiling U.S. Dollars Nov 22 2013 China just dropped an absolute bombshell, but it was almost entirely ignored by the mainstream media in the United States. The central bank of China has decided that it is "no longer in China’s favor to accumulate foreign-exchange reserves". During the third quarter of 2013, China's foreign-exchange reserves were valued at approximately $3.66 trillion. And of course the biggest chunk of that was made up of U.S. dollars. For years, China has been accumulating dollars and working hard to keep the value of the dollar up and the value of the yuan down. One of the goals has been to make Chinese products less expensive in the international marketplace. But now China has announced that the time has come for it to stop stockpiling U.S. dollars. And if that does indeed turn out to be the case, than many U.S. analysts are suggesting that China could also soon stop buying any more U.S. debt. Needless to say, all of this would be very bad for the United States. For years, China has been systematically propping up the value of the U.S. dollar and keeping the value of the yuan artificially low. This has resulted in a massive flood of super cheap products from across the Pacific that U.S. consumers have been eagerly gobbling up. For example, have you ever gone into a dollar store and wondered how anyone could possibly make a profit by making those products and selling them for just one dollar? Well, the truth is that when you flip those products over you will find that almost all of them have been made outside of the United States. In fact, the words "made in China" are probably the most common words in your entire household if you are anything like the typical American. Thanks to the massively unbalanced trade that we have had with China, tens of thousands of our businesses, millions of our jobs and trillions of our dollars have left this country and gone over to China. And now China has apparently decided that there is not much gutting of our economy left to do and that it is time to let the dollar collapse. As I mentioned above, China has announced that it is going to stop stockpiling foreign-exchange reserves ... The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation. “It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes. It isn't going to happen overnight, but the value of the U.S. dollar is going to start to go down, and all of that cheap stuff that you are used to buying at Wal-Mart and the dollar store is going to become a lot more expensive. But of even more importance is what this latest move by China could mean for U.S. government debt. As most Americans have heard, we are heavily dependent on foreign nations such as China lending us money. Right now, China owns nearly 1.3 trillion dollars of our debt. Unfortunately, as CNBC is noting, if China is going to quit stockpiling our dollars than it is likely that they will stop stockpiling our debt as well ... Analysts see this as the PBoC hinting that it will let its currency fluctuate, without intervention, thus negating the need for holding large reserves of the dollar. And if the dollar is no longer needed, then it could look to curb its purchases of dollar-denominated assets like U.S. Treasurys. "If they are looking to reduce these purchases going forward then, yes, you'd have to look at who the marginal buyer would be," Richard McGuire, a senior rate strategist at Rabobank told CNBC in an interview. "Together, with the Federal Reserve tapering its bond purchases, it has the potential to add to the bearish long-term outlook on U.S. Treasurys." So who is going to buy all of our debt? That is a very good question. If the Federal Reserve starts tapering bond purchases and China quits buying our debt, who is going to fill the void? If there is significantly less demand for government bonds, that will cause interest rates to rise dramatically. And if interest rates rise dramatically from where they are now, that will set off the kind of nightmare scenario that I keep talking about. In a previous article entitled "How China Can Cause The Death Of The Dollar And The Entire U.S. Financial System", I described how China could singlehandedly cause immense devastation to the U.S. economy. China accounts for more global trade that anyone else does, and they also own more of our debt than any other nation does. If China starts dumping our dollars and our debt, much of the rest of the planet would likely follow suit and we would be in for a world of hurt. And just this week there was another major announcement which indicates that China is getting ready to make a major move against the U.S. dollar. According to Reuters, crude oil futures may soon be priced in yuan on the Shanghai Futures Exchange ... The Shanghai Futures Exchange (SHFE) may price its crude oil futures contract in yuan and use medium sour crude as its benchmark, its chairman said on Thursday, adding that the bourse is speeding up preparatory work to secure regulatory approvals. China, which overtook the United States as the world's top oil importer in September, hopes the contract will become a benchmark in Asia and has said it would allow foreign investors to trade in the contract without setting up a local subsidiary. If that actually happens, that will be absolutely huge. China is the number one importer of oil in the world, and it was only a matter of time before they started to openly challenge the petrodollar. But even I didn't think that we would see anything like this so quickly. The world is changing, and most Americans have absolutely no idea what this is going to mean for them. As demand for the U.S. dollar and U.S. debt goes down, the things that we buy at the store will cost a lot more, our standard of living will go down and it will become a lot more expensive for everyone (including the U.S. government) to borrow money. Unfortunately, there isn't much that can be done about any of this at this point. When it comes to economics, China has been playing chess while the United States has been playing checkers. And now decades of very, very foolish decisions are starting to catch up with us. The false prosperity that most Americans are enjoying today will soon start disappearing, and most of them will have no idea why it is happening. The years ahead are going to be very challenging, and so I hope that you are getting ready for them. seekingalpha.com/article/1857411-china-announces-that-it-is-going-to-stop-stockpiling-u-s-dollars?source=email_mac_eco_9_30&ifp=0
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Post by jeffolie on Nov 23, 2013 8:59:10 GMT -6
my jeffolie view: remains that a lost of confidence in the economy will drive the reason for a Dollar crisis in time ... Japan monetizes as much so if not more so than the Fed without a currency crisis and without inflation ... so the same may continue here as well ... or not, only time will tell if the Chinese actually proceed as the above piece suggests as to unwinding their balance sheet which does not yet appear to be happening and would be harsh
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Post by jeffolie on Nov 23, 2013 8:50:48 GMT -6
People's Bank Of China Announces End Of U.S. Treasury Buying Nov 22 2013 One of the more interesting stories this week has been reported by Bloomberg. The People's Bank of China is said to stop increasing its foreign currency reserves. What implications will this have? I believe that we'll see the start of a U.S. dollar collapse. Chart 1: PBOC Balance Sheet All these years, the Chinese bank had increased its balance sheet up to $3.66 trillion of which $1.3 trillion are U.S. treasuries (Chart 1). This is almost half of the PBOC's balance sheet. Other assets include U.S. agencies, U.S. corporate debt, U.S. equities and other non-U.S. assets (Chart 2). Chart 2: PBOC's U.S. Asset Composition If the PBOC is going to stop the purchases of foreign currency reserves, this means that they will stop buying the assets above and mainly stop buying U.S. treasuries. That's what it all comes down to. This also means that their excess of U.S. dollars will need to be converted to other assets like the yuan, or even gold. In fact, one of the ideas of China is to prepare the yuan as a reserve currency and I believe this is a first step in that direction. We know that China has amassed a lot of gold, when considering the amount of gold imports from Hong Kong. I believe the PBOC should have added significantly to its gold positions since 2009. The PBOC hasn't reported its gold holdings since 2009 but it is said that they own around 4,000 tonnes of gold right now. Needless to say this will be very bullish for the yuan going forward. If we take a look at the chart of the USD/CNY exchange rate we see that the yuan has already increased a lot. I believe the yuan will continue its ascent. To bank on this trend, investors can buy the WisdomTree Dreyfus Chinese Yuan Fd ETF (CYB). Chart 3: USD/CNY People are still wondering: "If the Chinese stop supporting U.S. treasuries, why has the U.S. dollar strengthened so much?" Well, reality is that the Chinese have bought many treasuries in the past (Chart 4), but are only now showing their plans to start the unwinding process. Chart 4: China U.S. Treasury Holdings We can already see this "unwinding" in the U.S. bond market as U.S. treasury yields are starting to move up (Chart 5). Chart 5: U.S. Treasury Yields As you know, the Chinese own mostly longer dated U.S. treasuries. They will do everything to shorten their maturity and sell the longer dated treasuries. The reason why they do this is that shorter maturities have less price risk. Longer maturities are more volatile and the losses would be greater during a U.S. bond market collapse. While this conversion happens, the U.S. government is eagerly buying up these longer dated treasuries and helping the Chinese to unload. I can't blame the Chinese for doing this. If you look how the Western central banks are increasing their balance sheets (Chart 6) and increasing their debt piles, U.S. treasuries are not a good investment going forward. I believe Quantitative Easing (QE) is never going to end because the unemployment picture is very bad at the moment. We hear from the New York Post that the unemployment rate numbers have been falsified by the U.S. government, so that's even more incentive to have QE to infinity. Chart 6: Central Bank Balance Sheet Expansion I believe the Chinese will diversify from U.S. treasury holdings soon and will buy other depreciated assets. One of these depreciated assets is of course gold (GLD) and silver (SLV). While these assets are going under the cost of production right now, there is no reason not to buy these. The inflationary prospects are going to start arising in the near future because there are many signs appearing. First off, we see that art prices, real estate and equities have been rising considerably. When all of these capital goods start flowing their earnings into the consumer market, we will start to see consumer inflation. Second, we have seen the capacity utilization rate for the U.S. total industry rise to new highs, this is a sign that inflation is about to rise in the coming years. Third, we see that the average hourly earnings have bottomed out and this will translate into a higher price structure in the economy. And finally, the money supply has continued to rise and eventually all of this extra money will have inflationary effects. Conclusion: This important event will mark the start of the U.S. dollar collapse as the Chinese will back out of U.S. treasuries. U.S. treasury yields will start to increase and QE will be increased to keep these U.S. treasury yields down. This in turn will accelerate the fall of the U.S. dollar. To play this, investors can buy precious metals or buy Chinese currency ETFs. seekingalpha.com/article/1858041-peoples-bank-of-china-announces-end-of-u-s-treasury-buying?source=email_mac_mar_out_3_3&ifp=0
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Post by jeffolie on Nov 22, 2013 15:52:31 GMT -6
6 tech gifts you shouldn't buy this holiday season Kim Komando, Special for USA TODAY November 22, 2013 These tech no-nos are either on the way out, or not quite ready for prime time. Story Highlights Tablet is a better choice than a bargain laptop Consider Surface 2 tablet over Surface RT Ultra HD TVs have great picture, but high price tag The holidays are a great time to buy your family — or yourself — exciting new gadgets. Smartphones, tablets, TVs, headphones, computers, streaming media players, soundbars, gaming consoles, robots, cameras — the list seems endless. Unfortunately, you should avoid some items on that list. These tech no-nos are either on the way out, or not quite ready for prime time. Here are gifts to avoid this holiday. Sub-$400 Laptops Looking for a bargain laptop to surf the Web, watch movies, listen to music, read books, play casual games and perform other light computing tasks? You'll find plenty. More people are finding that for the same money — or less — they can do just as much, or more, with a tablet. A tablet is ultraportable, has better battery life, is more versatile and less susceptible to malware than a laptop. Start by looking at the Nexus 7 ($230), Kindle Fire HDX 7-inch ($229) or iPad mini with Retina display ($399). Surface RT Tablets Speaking of tablets, I don't recommend spending your money on Microsoft's Surface RT or Surface 2 RT tablets. The hardware is good, but these tablets come loaded with Windows RT, which only has 100,000 apps and doesn't run regular Windows programs. If you must have a tablet that can run Windows, consider the Surface 2 Pro. It starts at $899, which is much more expensive than most tablets. However, it works using the complete version of Windows 8.1 so you can use your favorite Microsoft programs. Smart watches Samsung made headlines when it announced the first high-end smart watch. And the new Samsung Galaxy Gear SmartWatch ($299) looks good at first glance. You can make phone calls, check email and even take photos and video. If you want to feel like James Bond, this gadget can get you there. Don't buy the Gear — or any smart watch — just yet. Your smartphone already does everything a smart watch can do — only better and faster. To date, there are only about 70 apps available for the Gear, and battery life is not much better than the average smartphone. Plus, the Gear only works with a Galaxy Note III smartphone or Galaxy Note 10.1 tablet. If you don't own one of these, the Gear is just a regular watch. Another much-hyped smart watch is the Pebble ($150). It has a better battery life than the Gear — up to one week — but uses a black-and-white e-Ink screen and has few apps. Video game consoles Two next-generation gaming consoles — the Xbox One ($499) and Playstation 4 ($399) — launch this month. You're better off ignoring the rush and waiting until next year to buy. Supplies will be better and more games will be available. If you're after an older Xbox 360 or PlayStation 3, prices will be lower next year as well, and they'll still have the newest games like Grand Theft Auto V, Call of Duty: Ghosts, Battlefield 4 and Madden. Microsoft has said it will continue to support the Xbox 360 until at least 2016. Ultra HD TVs Ultra HD TVs, sometimes called 4K TVs, have four times the screen pixels of HDTVs. That results in a clearer, sharper picture. The downside? Ultra HDs can cost four times more! The main reason to pass on Ultra HDs this season is there's just not enough 4K movies and TV shows available to really show it off. In addition, unless you are sitting with your nose pressed on the screen, it's difficult to notice the increased resolution. Wait for prices to come down and new screen technology like OLED to go mainstream. Low-cost point-and-shoot cameras Point-and-shoot digital cameras made photography convenient and affordable. Sorry, the days of low-cost point-and-shoots are over. Today, decent image sensors, creative editing tools and simple photo sharing apps have turned smartphones into the go-to carry-everywhere camera of choice. If you want a dedicated camera, spend more for a good mirror-less hybrid model. They offer many features of a DSLR without the bulk or price tag. www.usatoday.com/story/tech/columnist/komando/2013/11/22/tech-gifts-holiday-season/3630323/
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Post by jeffolie on Nov 22, 2013 11:20:20 GMT -6
Secret to lowering heart attack risk? Aspirin before bedtime This is the first to examine the timing of aspirin intake among cardiovascular disease patients. November 22, 2013 According to a news release from the American Heart Association, the secret to lowering your heart attack risk is to take an aspirin before going to bed at night as opposed to taking one in the morning. This was the conclusion researchers presented to the attendees at the AHA’s Scientific Session 2013. Doctors recommend taking low-dose aspirin on a daily basis for individuals at high risk of heart disease and for lowering the risk of additional heart events. Aspirin lowers your risk of heart attack by thinning the blood and decreasing the likeliness that it will clot. The AHA recommends that aspirin be taken before bedtime because the propensity for platelet activity to be higher peaks in the morning. According to the Mayo Clinic, you should take a daily aspirin only if your doctor recommends that you do so. You should never begin daily aspirin therapy on your own. Although taking an occasional aspirin or two is okay for most adults, daily use of aspirin can have major side effects, including internal bleeding. Your doctor will look at the risks versus the benefits when making his or her recommendation.The American Heart Association notes that aspirin is one of the most widely utilized medical treatments worldwide. However, it was not until 1971 that the mechanism of the action of aspirin was fully understood. Since 1971, studies involving tens of thousands of patients have shown that aspirin works to prevent heart attack and stroke. This is the first to examine the timing of aspirin intake among cardiovascular disease patients. In the study, 290 patients took either 100 mg of aspirin after waking up or before going to bed for two 3-month periods. At the end of each study period, the researchers determined blood pressure and platelet activity. The researchers discovered that blood pressure was not lowered, but they found that bedtime aspirin platelet activity was lowered by 22 units. “Because higher platelet activity contributes to a higher risk of acute heart events, this simple intervention – switching aspirin intake from morning to bedtime – could be beneficial for the millions of patients with heart disease who take aspirin on a daily basis,” noted Dr. Tobias Bonten, M.D., Ph.D student at the Leiden University Medical Center, in a statement. natmonitor.com/2013/11/22/secret-to-lowering-heart-attack-risk-aspirin-before-bedtime/
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Post by jeffolie on Nov 22, 2013 11:01:03 GMT -6
What's on sale in November By Dana Dratch • Bankrate.com What's on sale in November? What's on sale in November? Practically speaking, November is the first full month of the holiday season. What commences with candy and costumes on the last night of October concludes with confetti and champagne corks on New Year's Eve. No coincidence, then, that November also marks the beginning of serious holiday sales and specials. "Half of the world of retail is on sale in November, whether it's a 20 percent markdown or 40 percent," says Daniel Butler, vice president of retail operations for the National Retail Federation. "It's a very heavy promotional month." And November also hosts one of the two of the most highly anticipated shopping days on the annual calendar: Black Friday and Cyber Monday. This year, small and independent retailers are focusing on the weekend in between the two -- offering special sales, deals and buys. "And I think you'll see that trend grow," Butler says. Want to get a good deal in November? Here are seven items where you're likely to find some good buys. TVs and DVDs TVs and DVDs If you're in the market for a TV or DVDs, November might just be your month, says Augie Grant, professor at the University of South Carolina and editor of "Communication Technology and Fundamentals." There are going to be big specials coming on televisions, especially large screens and 3-D TVs, which have not been selling as well as expected, says Grant. "As we get closer to Christmas, the prices are going to get better and better," he says. You could save at least 10 percent to 20 percent, Grant says. Look for items such as a fairly simple 32-inch TV (without Internet capabilities or a half-dozen HDMI connections) for less than $250 during November. "The cheapest time to buy a TV is November and December," Grant says. You'll find some deals on DVDs, too. With the surging popularity of Blu-ray, movie companies are discounting their traditional-format DVDs to entice buyers and collectors, Grant says. Look for a lot of popular movies for $5 to $10 during November, with some after-Thanksgiving sales with prices as low as $2 or $3, he says. Also on the sale table this month: electronic tablets. As a host of them are introduced to the market, their prices are how they fight for space on the shelves, says Grant. So prices drop. With the exception of Apple, you can expect to find a selection of tablets in the $200 to $400 range in the stores this month, he says. Winter clothing and collectibles Winter clothing and 2011 collectibles Look for markdowns on winter clothing staples such as gloves, hats and sleepwear, says Butler. "These are big items that are promoted in November," he says. You can save 25 percent to 40 percent. "And that's in all size ranges," he says. Also on sale: collectible items with the year on them, Butler says. With two months of the year left, retailers want to move them -- but discounts won't be as deep as what you'll see in December or January, he says. "You get markdowns of about 20 percent, and you'll find more selection," Butler says. Holiday ornaments, baby's first Christmas items, and "collectible china or anything with the year on it" are on sale, he says. Halloween costumes, decorations and candy Halloween costumes, decorations and candy Small and independent retailers typically put holiday items on sale after the holidays -- which means anything targeted to October or Halloween will likely carry a deep discount in those stores during the first few days of November, says Carol Schroeder, co-owner of Orange Tree Imports in Madison, Wis., and author of "Specialty Shop Retailing: Everything You Need to Know to Run Your Own Store." Look for deals on October and Halloween "home decor and things for the dress-up box," Schroeder says. "Even if the kids don't know what they want to be next Halloween, you can always use some capes and hats for the dressing up in between," she says. You can expect savings of 40 percent to 50 percent, Schroeder says. But you have to move fast. Often independent shops can keep this stuff on the shelves only for a few days to the first week of the month, she says. Halloween candy is on sale at retailers big and small. So if you can use Halloween candy in your holiday baking or for lunchbox treats, it's a good time to buy. And candy corn is just as appropriate for Thanksgiving festivities, she says. You stand to save "60 percent off, at least," because stores aren't going to carry it over for next year, Schroeder says. Outdoor living items Outdoor living items Remember that fire pit or outdoor living set you really wanted a few months ago? Pick it up now, and you can really get a bargain, says P. Allen Smith, author of "Living in the Garden Home" and host of "P. Allen Smith Gardens." On items like fire pits and chimeneas (those short, freestanding pottery chimneys with bulbous bases), you could see prices slashed 30 percent to 50 percent, he says. And other items, such as sling furniture, patio umbrellas, tiki torches, grills and grilling equipment, retailers will "just keep marking them down until they're gone," Smith says. Big-box retailers are clearing out the summer merchandise and making room for the holiday items, he says. So when it comes to summer merchandise, "they want it gone." Flower bulbs are another find. Look for discounts of up to 50 percent off, says Smith. The stars of the T-Day table: turkey and potatoes The stars of the T-Day table: turkey and potatoes If you're serving turkey for any of your winter holiday festivities, November could well be the best time to buy it, says Chef Frank Terranova, associate instructor at Johnson & Wales University. This month, look for brand-name frozen birds to sport price tags averaging from 59 cents to 66 cents a pound, he says. For special varieties and heritage birds, you could pay up to $3 a pound, he says. But after Thanksgiving, expect to see the price of turkey increase 20 cents to 25 cents per pound, Terranova says. So if you plan turkey for any December celebrations or inexpensive meals, it might be "smart to buy that turkey now," he says. Potatoes and sweet potatoes are another good buy. "They had a good crop this year," Terranova says. And sweet potatoes and Yukon Gold, in particular, "are going to be an exceptional buy," he says. For both potatoes and sweet potatoes, look for prices that average about $2.40 for a 5-pound bag, Terranova says. Apples and squash Apples and squash Good harvests for some of the root vegetables mean great prices for consumers this month, Terranova says. Above the ground, apples are a popular pick. "Apples are off the hook," he says. While Terranova's picking them up for $15 for 15 pounds, not everyone wants to buy bulk. In smaller quantities, prices are averaging around $1.20 to $1.30 a pound for domestic varieties of apples, while Galas and imports sell for closer to $2 per pound, he says. And that's a cut of 10 cents to 15 cents a pound from last year, Terranova says. Another great buy this month is squash. "One of the biggest things today and most flavorful: butternut squash," Terranova says. "And it's an economical buy." Acorn squash is tasty and affordable, too. Squash is in season, popular at the Thanksgiving table and about 15 cents per pound cheaper this month, he says. Don't be afraid to get creative with some of the traditional fall favorites, Terranova says. With a recent abundance of pumpkins, his students found a great way to prepare them: cut up and broiled, then tossed with heavy cream and some sage to serve over pasta. The result, says Terranova, was something unconventional and delicious. www.bankrate.com/finance/personal-finance/on-sale-november-1.aspx
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Post by jeffolie on Nov 22, 2013 9:24:14 GMT -6
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Post by jeffolie on Nov 22, 2013 7:21:49 GMT -6
a chart that overlays the S&P 500 SPX and its latest run against how equities traded in late 1920s, just ahead of and after the (gulp) big crash. It’s a chart that’s “starting to make the rounds” on Wall Street, says BTIG’s Dan Greenhaus, who provides the rather bleary looking thing in his latest market-closing note. He says the fact this the subject of some water-cooler talk proves that “the idea of a ‘bubble’ is no less prevalent today than it has been in recent weeks.” He adds: “Without getting too personal, ‘chart overlaying’ is lazy and this is no less so. But it does remind us that as much as everyone thinks everyone else is ‘all bulled up,’ these views still persist and have shown no indication they are going away any time soon.” Or maybe Thursday’s DJIA DJIA +0.69% close above 16,000 wasn’t so special after all, given that it’s the 40th record close this year, the stats show. Though some, like Michael Sincere, says the bubble is waaaay off and Dow 20,000 here we come) Over at Monex Capital, analysts on Friday say there’s growing cynicism as to whether “this is now where stocks truly start to look overblown,” noting that even with dollar/yen USDJPY -0.01% trading above 101, the Nikkei JP:NIK +0.11% is “struggling to make much more headway” as the end of the month nears. Then there’s next week’s Thanksgiving-shortened trading week, which may be a temptation too great for profit-takers to ignore. The bottom line, Monex analysts say: No one wants to get caught on the wrong side of a reversion, and while Fed tapering ahead of Christmas may seem bat-crap crazy, that’s going to be the key catalyst for a selloff. As for the bubble belfry, judging by a Bloomberg survey, there are bats aplenty. But if you are looking for the definitive word on bubbles, look no further than our slideshow that rounds up the biggest voices in the financial universe as to whether we’re in a bubble. Or maybe Mella gets the last word:Mella @mella_TA Follow An average bull run lasts 5 to 7 years..... 2009 was the start, please do the maths and enuff of the bubble talk #Spx4:04 AM - 22 Nov 2013 blogs.marketwatch.com/thetell/2013/11/22/the-sp-chart-thats-spooking-wall-street/?mod=MW_home_latest_news
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Post by jeffolie on Nov 22, 2013 7:15:45 GMT -6
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Post by jeffolie on Nov 20, 2013 12:05:00 GMT -6
Unlike the exuberant inflation-spree that government-provided CPI showed during the Fed's QE2, since the start of QE3, inflation data (according to the never-manipulated government providers) has been on a downtrend. The latest print - at expectations of 1.0% year-over-year - is the lowest CPI since October 2009. What is perhaps more notable is the drop into deflation on MoM basis (CPI -0.1% MoM vs +0.1% exp). Of course, the market's reaction is exuberance as this clearly gives the Fed a green light to provide more life-giving liquidity to enable nominal stock prices to rise. However, a glance at the chart below might just remind traders (and the Fed) of the Einsteinian foolishness that expectation. www.zerohedge.com/news/2013-11-20/core-retail-sales-just-beat-expectations-while-annual-inflation-drops-lowest-2009
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Post by jeffolie on Nov 20, 2013 11:28:20 GMT -6
my jeffolie view: remains that the Type 1 rich consumer requires to feel wealthy from high stock prices and the mini bubble in houses purchased to convert into rentals ... the short term trend in housing now is declining.
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Post by jeffolie on Nov 20, 2013 11:25:15 GMT -6
Home Sales Plunge At Fastest Rate In 16 Months 11/20/2013 It seems, despite the Fed's efforts to unscamble the treasury complex's eggs, that the rate shock of a taper/no-taper decision has become sticky in the housing market. With the fast money exiting, existing home sales missed expectations for the 4th month in a row - dropping to the lowest annualized number since June (very much against the trend in recent years). This is the biggest month-over-month drop in existing home sales since June 2012 but, of course, NAR has an excuse... "low inventory is holding back sales." So, in other words, they could sell loads more houses if only there were more available for sale (or prices were lower...)... This is not a "seasonal" thing... and in fact is very much against the seasonals of the last few years... Via NAR, Lawrence Yun, NAR chief economist, said a flattening trend is expected. “The erosion in buying power is dampening home sales,” he said. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”
The median time on market for all homes was 54 days in October, up from 50 days in September, but well below the 71 days on market in October 2012. Short sales were on the market for a median of 93 days, while foreclosures typically sold in 46 days, and non-distressed homes took 53 days. Thirty-six percent of homes sold in October were on the market for less than a month.
Total housing inventory at the end of October declined 1.8 percent to 2.13 million existing homes available for sale, which represents a 5.0-month supply at the current sales pace; the relative supply was 4.9 months in September. Unsold inventory is 0.9 percent above a year ago, when there was a 5.2-month supply.
www.zerohedge.com/news/2013-11-20/home-sales-plunge-fastest-rate-16-months
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Post by jeffolie on Nov 20, 2013 11:06:42 GMT -6
Home sales in October weaken more than forecast Julie Schmit, USA TODAY November 20, 2013 October home sales fell for the second straight month and were below economists' median forecast. Story Highlights Homes spend more time on the market Supply of homes for sale edges up slightly Home sales fell for the second consecutive month in October, while prices continue to rise given a limited supply of homes for sale, the National Association of Realtors says. Total existing home sales fell 3.2% to a seasonally adjusted annual rate of 5.12 million in October from 5.29 million in September. They are 6% higher than the 4.83 million-unit level in October 2012. Economists' median forecast was for an annual rate of 5.25 million last month, according to an Action Economics' survey. A flattening trend is expected, says Lawrence Yun, NAR chief economist. "The erosion in buying power is dampening home sales," he said. "Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country." Single-family home sales fell 4.1% in October from September but remained 5.2% above year ago levels. Homes also spent more time on the market, at a median of 54 days vs. 50 in September. And the supply of homes for sale edged up to 5 months from 4.9 months. That means they would all sell at the current pace if no more homes came on the market. Supplies are much tighter in some parts of the country. Distressed sales accounted for 14% of sales vs. 25% a year ago. The interest rate spike in May and June hurt October sales, says Jed Kolko, Trulia economist, while the effect of the recent rate decline has yet to be reflected in sales data. Other recent housing data shows that the market "has come off the boil," says Paul Diggle, economist with Capital Economics. Home builder confidence moderated in October and there have been signs that price gains are slowing. Still, Diggle says that while the pace of recovery may be slowing, it's not reversing. Indeed, September home prices were up 12% from a year earlier, CoreLogic says. The recent fall back in mortgage interest rates is also good news for housing, says Madeline Schnapp, director of economic research for home-sale tracker PropertyRadar. Zillow data shows the 30-year-fixed rate mortgage at 4.06% as of Tuesday. Rates will likely be helped by expectations that Janet Yellen, who is likely to succeed Ben Bernanke as the Federal Reserve's chairman next year, will push to keep rates low for several more years. While it's normal for home sales to decline as the holiday season approaches, this time was different, says Ellen Haberle, economist for brokerage Redfin. She says the uncertainty created by the government shutdown and debt ceiling battle in October left Americans worried about the economy. "It is no surprise that many buyers put their home-buying plans on hold that month." www.usatoday.com/story/money/business/2013/11/20/existing-home-sales-october/3646315/
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Post by jeffolie on Nov 19, 2013 13:22:38 GMT -6
Welcome to the Currency War, Part 11: Europe’s Imploding Recovery by John Rubino on November 17, 2013 For a while there it looked like Europe was beginning to dig itself out of the pit into which it had fallen after the 2008 banking crisis: Europe’s Recovery Gaining Momentum (August 22, 2013) Europe’s recovery looks to be gaining traction thanks to a revival in activity in Germany, the region’s biggest economy. The 17-nation eurozone has emerged from its longest ever recession, growing 0.3% in the second quarter after 18 months of contraction. And on Thursday, a preliminary reading of eurozone purchasing managers’ sentiment suggests that growth figure could be repeated in the July-September period. The Markit survey of overall business activity in August rose to its highest level since June 2011. And the individual indexes for eurozone manufacturing and services also jumped to their highest levels at least two years. The figures were stronger than expected and helped send European stock markets higher in morning trading. Germany’s DAX and France’s CAC 40 both managed gains of more than 1%. Economists said the PMI data provided evidence that the region’s recovery was beginning to find a firmer footing. “So far, the third quarter is shaping up to be the best that the euro area has seen in terms of business growth since the spring of 2011,” said Markit chief economist Chris Williamson. BNP Paribas said the composite PMI reading of 51.7 was consistent with third quarter GDP growth of around 0.3%. Separately, Germany’s manufacturing output index hit a 26-month high in August. The sector recorded its fastest growth in new business since May 2011. The upturn is being driven by rising domestic and export demand. But just a couple of months later the European Central Bank shocked the world by cutting rates to pretty close to zero: ECB cuts rates to new low, ready to do more if needed (Reuters) – The European Central Bank cut interest rates to a record low on Thursday and said it could take them lower still to prevent the euro zone’s recovery from stalling as inflation tumbles. The move took financial markets by surprise – the euro fell sharply in response while European shares rose. Underlining its support for the euro zone, the ECB said it would prime banks with as much liquidity as required until mid-2015. A Reuters poll of economists also saw the ECB offering banks a new round of cheap money within six months. The 23-man Governing Council had faced intense pressure to act after a shock slump in euro zone inflation to 0.7 percent in October, far below the ECB target of just under 2 percent. The ECB cut its main refinancing rate by 25 basis points to 0.25 percent. It held the rate it pays on bank deposits at zero and cut its emergency borrowing rate to 0.75 percent from 1.00 percent. Draghi stressed the ECB still had room to act if needed. “We have a whole range of instruments to activate before reaching the lower bound … in principle we could even cut further the interest rate,” he told a news conference. “We may experience a prolonged period of low inflation to be followed by gradual upward movements towards an inflation rate of below but close to 2 percent later on.” Draghi said there was general agreement on the need to act but differences over when to act, with a “considerable majority” on the Governing Council seeing sufficient evidence of protracted low inflation to cut at Thursday’s meeting. Italian Prime Minister Enrico Letta said the cut showed “the ECB cares about growth and competitiveness in Europe” and that it would allow a “rebalancing” of the euro-dollar rate. The finance ministers of France and Ireland echoed that sentiment. A Reuters poll pointed to the expectation of a major fresh ECB liquidity operation to keep banks flush with funds to lend to businesses. A majority – 35 of 59 – of economists polled said the ECB would conduct more long-term refinancing operations that offer cheap, unlimited, loans to banks within the next six months, with a median expected maturity of three years. What happened? In retrospect it’s not a mystery. The euro went up in expectation of a stronger economy, and this choked off exports and sent the eurozone back into the deflationary spiral awaiting all economies that borrow way too much money. Euro excahnge rate 2013 What happens next? Dire warnings of chaos if the deflationary spiral isn’t stopped… French officials warn of social tinderbox as economy contracts again France’s economy has buckled once again amid official warnings of an explosive political mood across the nation that threatens to spin out of control. French output fell by 0.1pc in the third quarter and Italy remained trapped in recession, dashing hopes of a sustained recovery in Europe. “It is no longer a question of whether the eurozone can achieve ‘escape velocity’, but whether it can grow at all,” said sovereign bond strategist Nicholas Spiro. The latest data show a continued erosion of France’s industrial base and export share. It risks shattering the credibility of President François Hollande, who has been talking up recovery for months. A YouGov poll showed his approval ratings have dropped to 15pc, the lowest recorded for a French leader in modern times. While the risk of a eurozone bond crisis has greatly receded since the European Central Bank agreed to act as a lender of last resort in July 2012, this has been replaced by slow economic attrition. It resembles the mid-1930s slump under the Gold Standard and is fuelling political crises in a string of countries. Le Figaro said loss of confidence in the French government is turning dangerous, citing a confidential report based on surveys by “prefects” in each of the 101 departments. “All across the country, the prefects described the same picture of a society that is angry, exasperated and on edge. A mix of latent discontent and resignation is being expressed through sudden eruptions of fury, almost spontaneously,” said the document. The report warned that people were no longer venting their feelings within normal social structures. Increasing numbers are questioning the “legitimacy” of taxes. Thierry Lepaon, head of France’s Confederation of Labour (CGT), said the situation had become “explosive everywhere” and accused Mr Hollande of betraying French workers. The business lobby Medef has also begun to talk of a “crisis of authority” bordering on revolt as the economy languishes in stagnation. … followed by the inevitable expansion of debt monetization. From the above article on France: This may soon be on the cards. Peter Praet, the ECB board member in charge of economics, hinted this week that the bank is mulling Anglo-Saxon style quantitative easing for the first time, ready to take “all measures” necessary to meet its mandate. “The balance sheet capacity of the central bank can also be used. This includes outright purchases that any central bank can do. The rules do not exclude that you intervene in the markets outright. That’s a very clear signal,” he told the Wall Street Journal. Ken Wattret from BNP Paribas said the comments mark a “radical change of position” by the ECB. The question is whether it comes soon enough. Paul Sheard, a Tokyo veteran at Standard & Poor’s, said the lesson from Japan’s woes in the 1990s is that the authorities must strike very quickly and with maximum force to head off deflation. “You have to pull all the levers at once, and you can’t rely on cheap talk. I am afraid Europe may be drifting towards a Japanese situation, but they also face a problem that is orders of magnitude greater than in Japan beause of the architecture of monetary union,” he said. Some thoughts The idea that Europe could recover and start growing always seemed a little far-fetched, what with several of its biggest economies imposing the kind of austerity that’s pretty much guaranteed to subtract from near-term growth. And with absolutely no credible attempts being made by countries like France and Italy to scale back all the impediments to wealth creation that had built up over the past few decades of illusory prosperity. These cultures have just hit the wall in terms of size of government and amount of debt in relation to the wealth producing part of the system. It’s over for them and they have no idea what to do about it. But what they will do, obviously, is ramp up the currency war, buying bonds to prop up their banks (which will be first to go if real deflation emerges next year) and force the euro back down. This will succeed, because it’s within the realm of a central bank’s powers to make those things happen. In effect, the ECB will shift the pressure (i.e., export its deflation) back to the US and Japan via higher dollar and yen exchange rates. This will make 2014 harder for those countries and lead to huge increases in their debt monetization programs, and so on. The war will continue until the markets figure out that devaluation is official policy of all major governments and that it isn’t ending soon, and react by dumping bonds denominated in those currencies. None of this is exactly a secret; stock markets around the world are anticipating easy money forever. A much more interesting question is why precious metals, normally the prime beneficiaries of officially-sanctioned inflation, aren’t going parabolic. There are two possible answers (actually three, but one is too absurd to take seriously): 1) Deflation is the immediate problem, so maybe the gold and silver markets are reacting to what’s in front of them rather than what’s coming. That’s reasonable, and means that as soon as enough new currency has been dumped into the banking system to make inflation the headline problem, an immense amount of terrified capital will pour into the metals and send them through the roof. 2) A lot of the currency that’s being created is being directed behind the scenes, first to juice the equity markets and second to depress precious metals. This is consistent with historical evidence, and can continue as long as the ammunition – widely-accepted fiat currencies – remains potent. 3) The financial markets have decided that our problems are fixed and financial assets – highly leveraged, dependent on a smoothly-functioning banking system and very profitable when things are going well – are the best place to be. This might indeed be the belief of the average 30-year-old money manager and retail investors who can’t stand it any longer and are jumping into equities, but it’s about as appropriate as it was in 2007, and is too sad for the little guy to even contemplate. dollarcollapse.com/currency-war-2/welcome-to-the-currency-war-part-11-a-rising-euro-kills-the-recovery/
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Post by jeffolie on Nov 19, 2013 9:30:58 GMT -6
Nov. 18, 2013 Why the euro zone won’t be any calmer in 2014 Commentary: Political paralysis, economic stagnation hinder progressBy David Marsh, MarketWatch After all the efforts to build up euro-area confidence during the last three years, as well as painful and effective policy corrections in the deficit countries, politicians, investors and voters might have expected to enter calmer waters next year. In fact, the worst is not over. The next 12 months will be the euro bloc’s year of maturity. Unfortunately, for reasons that are beyond anyone’s influence, a lot of things are happening at the wrong time. German Chancellor Angela Merkel faces a tight deadline in her negotiations with the opposition Social Democrats. The first big problem is politics. The European Parliament elections next May look likely to be a disaster for pro-euro EURUSD +0.25% parties. Europe’s stalwarts have been claiming for years that the Strasbourg-based assembly is the true repository of European decision-making. Its ability to shape, make and block legislation has expanded commensurately. Those who have given the Parliament so many extra powers may now regret their enthusiasm. Popular discontent about sluggish growth and high unemployment, as well as apathy-driven low turnout, is likely to strengthen substantially the scores of anti-European parties. Representatives of groupings like the French National Front, the Dutch Party for Freedom (PVV) or British Independence Party (UKIP) may make up 25% or more of the future Parliament. At a time when Strasbourg has important influence on key pieces of European law on trade and commerce, or on the future banking union, the swing to the skeptics will dent efforts to reform Europe. Already-existing belligerence between creditor and debtor countries will be compounded by psychologically destabilizing skirmishing across the political spectrum. Policy paralysis in Germany, where attempts at coalition-building between the Christian Democrats (CDU) and Social Democrats (SPD) have hit numerous hurdles, reinforce the impression of political drift. Whatever the buoyancy caused by multi-layered cheap money expectations, all this cannot fail to unsettle financial markets. What’s Happening to Europe’s Growth Engine? The latest euro-zone manufacturing data from Europe will be the market’s focus next week along with new clues to the thinking at the Fed and Bank of England. The timetable for Germany’s two big parties to set aside arguments and hammer out an accord is a tight one. Negotiations on forming a Grand Coalition have been bedeviled by differences on many individual items, ranging from taxation and spending through to legalization of gay marriages. The CDU and SPD need to agree on strategy and on key ministerial appointments by Nov. 28. This would allow a fortnight for the SPD to put the agreement to a referendum by party members, with the result to be announced on Dec.15. Two days later, on Dec.17, Angela Merkel is due to be re-elected as chancellor by the Bundestag. On Dec. 19 she travels to Brussels for a crucial European summit that should put the finishing touches on the banking union plans ahead of next year’s dissolution of the European Commission and election of a new Parliament. There’s plenty of room for the SPD — wounded by its poor German parliamentary election score on Sep. 22 and sensing that it cannot really lose in the coalition talks with Merkel — to attempt to blackmail her on key issues dear to Social Democratic hearts. There is still an outside chance that the SPD could stage an anti-Merkel coup and achieve a majority in the Bundestag by teaming with the Greens and the far-left Linke party. Or, after a real deadlock, we may see new elections in Germany next year. If Merkel goes to Brussels weakened by bruising Berlin encounters, or, worse, without a coalition agreement, then Europe’s plans for 2014 as a year of renewal will look even less likely to succeed. All these issues are made still more difficult by renewed weakness in European growth in the third quarter. Worse-than-expected figures for Germany, France and Italy dragged down euro-area expansion to just 0.1% from 0.3% in the April-June quarter. This validates the European Central Bank’s interest rate cut the previous week, aimed at forestalling the risk of deflation that some ECB council members plainly take more seriously than others. The ECB’s review of European banks’ books over the next 12 months takes on new significance. The ECB’s investigations and the rigorous stress tests being mapped out are a necessary means of rebuilding confidence in European banking. The plan was to carry them through at a time of accelerating recovery. Instead, we’re still in an unstable period of the economic cycle, with acute risks of setback. On the regulatory side, the ECB is understandably bringing the banks to heel, with restrictive impact on credit, as numerous indicators demonstrate. A report by rating agency Fitch shows that, in anticipation of stricter capital rules, the largest European banks increased their exposure to sovereign debt 26% in 2011 and 2012, while cutting corporate lending by 9%. On the monetary side, however, in order to counter much-trumpeted deflationary impulses especially in the peripheral countries, the ECB is lowering interest rates in a way that the representatives of the creditor countries on the ECB council find difficult to accept. Because these complications could cause a negative feedback loop into the stress-test results, there is a clear threat of a vicious circle.
The net effect of these developments will damp forces for recovery in Europe. And we have to consider the mood outside Europe too. Divisions between Europe and America have occupied the headlines. There’s no indication things will get better. The furor over U.S. intelligence activities, America’s lack of interest in the overseas impact of its budget dispute, the massive rival attractions of China and Asia, looming American energy independence, criticism of German current-account surpluses — all this points to trans-Atlantic discord. Europe needs friends and understanding on the international scene. Instead we see growing alienation, mutual irritation and a dull sense that, if Europe’s crisis bubbles again to the surface next year, the Europeans will be sitting alone with their troubles.David Marsh is chairman of London and Oxford Capital Markets. www.marketwatch.com/story/why-the-euro-zone-wont-be-any-calmer-in-2014-2013-11-18?link=kiosk
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Post by jeffolie on Nov 19, 2013 8:27:11 GMT -6
wsj.com published this not paulcraigroblerts.org which did repost it Confessions of a Quantitative Easer by Andrew Huszar Dear Readers: For years I have reported that the Federal Reserve’s policy of Quantitative Easing, that is, bond purchases in order to support bond prices, is not an economic policy directed at helping the economy recover from the financial crisis caused by financial deregulation and irresponsible gambling and fraud by large banks and Wall Street. I have reported that the Federal Reserve’s policy is directed at supporting the balance sheets of “banks too big to fail.” Despite this obvious fact, presstitutes and economists pretend that QE has brought economic recovery and that QE will end as soon as the Federal Reserve judges the recovery to be sustainable without its bond purchases. Now we have a confession from Andrew Huszar, who was the Federal Reserve official in charge of Quantitative Easing. He says that QE is for the banks’ profits, not for the economy. online.wsj.com/news/articles/SB10001424052702303763804579183680751473884#
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Post by jeffolie on Nov 19, 2013 8:22:43 GMT -6
Wal-Mart to match competitors’ Black Friday deals a week early November 19, 2013 By Barbara Kollmeyer Wal-Mart has torn up the playbook for Black Friday sales, again. Throwing down the gauntlet to other retailers in what’s shaping up to be a down-to-the-wire shopping season, Wal-Mart WMT -0.13% said Tuesday it will match competitors’ best Black Friday deals a week early. At 8 a.m. on Friday, Nov. 22, Wal-Mart will cut prices on some of the most popular toys and electronics to match the best Black Friday offers from Target TGT , Toys R’ Us and Best Buy BBY -5.28% . Even before this latest bid to lure shoppers, Wal-Mart had already upped the Black Friday ante by opening earlier, a move analysts say could hurt profit down the line. Last week, the retailer reported a surprise third-straight quarter of U.S. same-stores declines. “Black Friday is our Super Bowl, and we plan to win,” said Duncan Mac Naughton, chief merchandising and marketing officer for Wal-Mart U.S., on Tuesday. He repeated the “why” part as well: six fewer shopping days from Thanksgiving to Christmas this year. Starting Tuesday, Wal-Mart will also extend its Christmas Ad Match to online customers. Shoppers who buy an item online and find a lower in-store competitor price can recoup the difference via a Wal-Mart gift card by emailing christmasadmatch@walmart.com. That policy has been in place for in-store shoppers, and it runs up to Dec. 24, excluding Thanksgiving Day and Black Friday. Among the latest Wal-Mart offers: a LeapPad 2 for $39.99, dropped from $79, a Monopoly Board Game for $5 (from $7.77) and PS4 and Xbox video games, such as “Call of Duty Ghosts” and “Battlefield 4″, down to $49 from $59.96. There’s no sign yet of how the other retailers plan to respond. But no doubt, if Wal-Mart is offering big sales this Friday, watch this space, as competitors’ marketing teams scramble. Some analysts say none of this will save the holiday season, as fewer shoppers are expected to hit the stores and the Internet. Industry researchers such as Shopper Trek predict just a 2.4% rise in holiday sales this year. Wal-Mart has been the subject of other news headlines this week. There’s talk of a national Black Friday boycott of the retailer, it’s in hot water over a Thanksgiving food drive for employees, and it’s facing potential lawsuits over 117 fired employees blogs.marketwatch.com/behindthestorefront/2013/11/19/wal-mart-to-match-competitors-black-friday-deals-a-week-early/
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Post by jeffolie on Nov 19, 2013 8:14:48 GMT -6
PBOC to exit normal yuan intervention. The People's Bank of China intends to "basically" exit from regular intervention in the forex markets, Governor Zhou Xiaochuan has said. Writing in a book that outlines reform programs that the Chinese government announced last week, Zhou said the PBOC will extend the yuan's trading band in an "orderly" way. China also plans to phase out investment limits for domestic and foreign investors, and gradually remove the ceiling on deposit rates at banks. PBOC to ‘Basically’ End Normal Yuan Intervention: Zhou By Bloomberg News - Nov 19, 2013 The People’s Bank of China will “basically” end normal intervention in the currency market, Governor Zhou Xiaochuan said, without giving a timeframe. The yuan’s trading band will be widened in an “orderly way” as China seeks to enhance the currency’s two-way flexibility, Zhou wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. The nation will phase out investment caps for both domestic and foreign investors, he added. A ceiling on deposit rates offered by local banks will be gradually removed as well, PBOC Deputy Governor Yi Gang wrote in the book. People’s Bank of China Governor Zhou Xiaochuan wrote, “We will increase the role of market exchange rates, and the central bank will basically exit from normal foreign-exchange market intervention.” Photographer: Tomohiro Ohsumi/Bloomberg . “We will increase the role of market exchange rates, and the central bank will basically exit from normal foreign-exchange market intervention,” Zhou wrote. The central bank will “establish a managed floating exchange-rate system based upon market supply and demand,” he added. Acceleration of yuan convertibility and liberalization of interest rates were among the key reform proposals decided on at the Third Plenum and published by the official Xinhua News Agency on Nov. 15. The party said it plans to achieve these targets by 2020. “Even if Zhou hadn’t made these comments, yuan reforms were already heading toward liberalization, and it’s just a matter of time,” said Bruce Yam, a currency strategist at Sun Hung Kai Forex in Hong Kong. “These public comments suggest the speed’s picking up.” ‘Favorable Time’ China should seize “any favorable time window in yuan capital-account convertibility” to accelerate reform, Zhou wrote in the book. The PBOC’s Yi said in April the currency’s trading band will be expanded “in the near future.” Twelve-month non-deliverable forwards in the yuan rose after Zhou’s comments were reported, gaining the most in a month to 6.1440 per dollar as of 6:07 p.m. in Hong Kong, according to data compiled by Bloomberg. The onshore currency closed little changed at 6.0927 in Shanghai. One-month implied volatility in the onshore yuan, a measure of expected moves in the exchange rate used to price options, jumped 13 basis points, or 0.13 percentage point, to 1.67 percent. The Chinese central bank limits the yuan spot rate’s daily moves to 1 percent on either side of a fixing it sets every day. T he trading band was widened in April 2012, after being expanded from 0.3 percent in May 2007. The yuan in Shanghai has traded 0.7 percent stronger than the fixing on average this quarter, down from 0.8 percent in the first nine months of the year, according to data compiled by Bloomberg. Investment Quotas China’s central bank governor said in November 2012 that convertibility will be the next step in the overhaul of the exchange-rate system. “We are going to realize it, we are moving in this direction, we need to go further, we will have some deregulation,” Zhou said at a conference in Beijing then. Quotas under the Qualified Domestic Institutional Investor and Qualified Foreign Institutional Investor programs will be expanded and then scrapped, Zhou said in the plenum book comments. The PBOC will start a trial program, called QDII2, that will allow individuals to invest overseas, Yi said. The monetary authority has identified the QDII2 program as a major goal for this year, according to a statement on its website in January. “ We expect the changes to be gradual,” said Dariusz Kowalczyk, a Hong Kong-based strategist at Credit Agricole CIB. “This would likely put upward pressure on portfolio asset prices onshore.’ Borrowing Rates China started publishing a new prime loan rate based on quotes from banks in October and signaled it may eventually replace the current PBOC benchmark. In July, the central bank scrapped a floor on lending rates. The nation will ‘‘stick to the general direction of establishing and improving an interest-rate formation mechanism decided by market supply and demand,’’ Zhou said in the book. The PBOC will also promote interbank issuance, and trading of certificates of deposits will start soon, he added. ‘‘It’s a big step to take,’’ Patrick Bennett, Hong Kong-based strategist at Canadian Imperial Bank of Commerce, said by phone today. ‘‘ My caution right now is these are statements rather than a timetable that we know will happen.’’ www.bloomberg.com/news/2013-11-19/pboc-will-basically-exit-normal-yuan-intervention-zhou-says.html
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Post by jeffolie on Nov 19, 2013 8:03:53 GMT -6
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