Lunes 07/06/15 Condiciones del mercado laboral

[Fenix]

Overeducated Writer Explains Why He Defaulted On His Student Loans, Asks "If He Is A Deadbeat"
Submitted by Tyler D.
06/07/2015 - 18:06

There are some valid points raised in Lee Siegel's 1100 word rant against college loans (if not so much against college education). There are some bad ones. But two things are is clear: the words "personal" and/or "responsibility" were used precisely zero times, and the op-ed writer, who described himself as "the author of five books who is writing a memoir about money", is hardly a glowing advertisement for an education attained (funded with either debt or equity) at one of the Ivy League's "best", Columbia University... that, or the return on money after wasting nearly a decade in university and taking out tens of thousands in loans to achieve a Master of Philosophy degree.



Citi: Euro Bond Market Faces "Historic" Levels Of Risk
Submitted by Tyler D.
06/07/2015 - 15:15

"Do investors want to own bonds at 1% or 1-2bp yield per bp of realized vol, if risk is exploding? The EGB market is at historical highs in terms of total market risk!"


World’s 2nd Biggest Stock Breaks 28-Year Trendline
Submitted by Tyler D.
06/07/2015 - 14:45

This breakdown marks the first day that Exxon Mobil has ever closed below this trendline. Now, assuming the stock’s behavior around the trendline is not completely random, and considering its capacity as the 2nd biggest stock in the equity market, the effect of this breakdown may be profound. Absent an immediate reversal back above the trendline, this loss of 28-year support would appear to open the door to more downside in the stock.


De-Dollarization Du Jour: Russia's Largest Bank Issues Yuan-Denominated Guarantees
Submitted by Tyler D.
06/07/2015 - 12:15

In yet another sign that Russia and China are set to work together to extricate themselves from a dependence on the dollar specifically and on Western financial institutions more generally, Russia’s largest bank has, for the first time, extended yuan-denominated letters of credit in concert with the Chinese Export-Import bank.


The "Illegal Immigrant" Recovery? The Real Stunner In The Jobs Report
Submitted by Tyler D.
06/06/2015 - 22:15

In the latest jobs report we find the following stunner: since the start of the Second Great Depression, the US has added 2.3 million "foreign-born" workers, offset by just 727K "native-born". This means that the "recovery" has almost entirely benefited foreign-born workers, to the tune fo 3 to 1 relative to native-born Americans!

[Fenix]

Capex Recovery Is Worst In History, BofAML Says
Submitted by Tyler D.
06/06/2015 - 21:00

"In the United States, it took 18 quarters (4.5 years) before fixed business investment regained its pre-recession peak, in chain-volume terms. That compares with an average of just five quarters before business investment recovered to its peak level prior to the onset of previous post-War recessions; previously, it had never taken longer than three years for that milestone to be attained."


Table 9
Submitted by Tyler D.
06/06/2015 - 16:29

It’s the breakdown of jobs by age that really screams out. It is a known fact that people in the 45 to 54 age bracket are in their prime earning and spending years. In the last year the number of employed 45 to 54 year olds has DECLINED by 67,000. It DECLINED in May by 51,000. It has DECLINED by 187,000 since February. It is a known fact that people over 55 dramatically reduce their spending as they approach and enter their retirement years. The Boomers have added 824,000 jobs in the last year, or 28% of all the new jobs added.


Capital Controls Explained: Argentina Edition
Submitted by Tyler D.
06/06/2015 - 12:49

When governments find themselves in financial trouble because of the stupid decisions that they’ve made, their first response is to award themselves even more power to make even stupider decisions. And among the stupidest decisions that any government can make is imposing capital controls… something that Argentina has in abundance. Capital controls are like the Matrix; you can’t really explain what they are. You have to show people. Argentina does not disappoint.


Greek Banks On Verge Of Total Collapse: Bank Run Surges "Massively" As Depositors Yank €700 Million Today Alone
Submitted by Tyler D.
06/05/2015 - 22:49

While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or the BRIC bank), is a day which brings the local banking system to total collapse. And another day, or two, like today, and it may all be over: According to banking sources, the Greek bank outflows on Friday soared to 700 million Euros from 272 million Euros on Thursday.

[Fenix]

Ron Paul Stunned That George Soros Seeks To "Expand War In Ukraine"
Submitted by Tyler D.
06/05/2015 - 21:01

Earlier this week, using hacked and leaked documents and pdfs created by, among others, George Soros' most recent wife who is less than half his age, we showed something fascinating: the puppetmaster behind the entire Ukraine conflict may be none other than George Soros himself. Despite the limited distribution of this very fascinating story which casts a vastly different light on the Ukraine conflict than one shone by the mainstream, it did catch the attention of one person: Ron Paul. In the following clip Ron Paul looks at the stunning implications of Soros' involvement behind the scenes in Ukraine, how he may be pulling the strings in this most critical proxy war between East and West, and what he stands to gain.


Looking For The Next One: "All The Pieces Are Already In Position, Missing Now Only A Spark"
Submitted by Tyler D.
06/05/2015 - 20:02

The Fed sees no risks of bubble trouble because they are looking at it all from the 2008 perspective. That is completely wrong-headed; if there is a “next one” it will have nothing to do with subprime mortgages, or even mortgages and real estate. Everyone seems to simply assume that the subprime problem ended in 2008, if only by crash. That is true but only of mortgages. Deleveraging is myth as debt has still expanded, and greatly, just not in the same exact places. There are certainly auto and student loans that have exploded exponentially, especially in subprime categories, but if there is another credit bubble now, the third, it is undoubtedly corporate debt.


"The Job Numbers Literally Do Not Add Up"
Submitted by Tyler D.
06/05/2015 - 19:55

The last time the Establishment Survey was as robust as the past year or so was 1999; then, the average productivity was 3.7%! That number actually makes sense intuitively, since businesses would have good reason to go on a hiring spree. Porting that to the current period, as in the mathematical construction of productivity here, would mean, holding output constant, that total hours in the past five quarters would have been not +2.7% but -1.7%. These numbers literally do not add up.


DoJ To Tax Wall Street (Again) In MBS Probe
Submitted by Tyler D.
06/05/2015 - 18:30

Emboldened by its recent “unprecedented” prosecutorial success, the DoJ will now pursue a fresh round of MBS-related settlements with banks that knowingly packaged and sold shoddy CDOs. Banks expected to settle in coming months include Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, Royal Bank of Scotland Group PLC,UBS AG and Wells Fargo & Co.


Quantifying The Global Sovereign Bond "Carnage": $625 Billion Lost Since March, And Counting
Submitted by Tyler D.
06/05/2015 - 18:01

The world’s financial system is saturated with speculations fostered by nearly two-decades of central bank credit inflation. Just since 2006, the footings of central bank balance sheets have expanded from $6 trillion to upwards of $22 trillion. That’s all combustible monetary fuel that cannot be recalled; it can only be liquidated in the course of a monumental meltdown in the casino. So, yes, after the carnage of the past few days the global sovereign bond index has lost $625 billion since the bond bubble peak in late March. Call that spring training.