Martes 05/10/15 comercio internacional

[Fenix]

Saudi Petrodollar Reserves Fall To 32 Month Low Amid Crude Carnage, Proxy Wars, Budget Bleed
Submitted by Tyler D.
10/05/2015 - 08:31

The demise of the petrodollar continues unabated in the face of depressed crude, regional proxy wars, and a budget bleed, as the Saudis burn through the SAMA piggy bank in a desperate attempt to keep the ship afloat.


Treasury Sells 3-Month Bills At 0% Yield For First Time Ever
Submitted by Tyler D.
10/05/2015 - 18:51

"Investors" are so desperate to hold on to short-term paper that they paid $100 for a 3-month Treasury-bill at today's auction. That is a 0% yield - for the first time ever - lower even than the auction right after Lehman's bankruptcy in Nov 2008.

[Fenix]

Punishing Cash: US ATM Withdrawal Fees Soar To All Time High
Submitted by Tyler D.
10/05/2015 - 11:50

With the world's central planners (and their status quo hugging cronies) calling for cash bans (and rather ironically helicopter money at the same time), the soaring costs of getting one's own money appears to be a quiet form of capital control creeping up on the distracted American public. As WSJ reports, the average cost for using an automated teller machine that isn’t tied to a customer’s bank rose to a record $4.52 per transaction (with average “out-of-network” cost tops $5 and can rise to as much as $8 in some places.)


The Window Has Closed On The Fed
Submitted by Tyler D.
10/05/2015 - 16:45

The Fed understands that economic cycles do not last forever, and we are closer to the next recession than not. While raising rates would likely accelerate a potential recession and a significant market correction, from the Fed's perspective it might be the 'lesser of two evils. Being caught at the "zero bound" at the onset of a recession leaves few options for the Federal Reserve to stabilize an economic decline... For Janet Yellen, the "window" to lift interest rates appears to have closed.

[Fenix]

DuPont Stock Soars After CEO Quits And Company Slashes H2 EPS Guidance By Nearly 50%
Submitted by Tyler D.
10/05/2015 - 16:29

Several months ago activist Nelson Peltz may lost his proxy fight against DuPont, but in retrospect he may be counting his lucky stars as moments ago the company became only the latest chemical giant to admit the gruesome reality of the global economic slump driven by a historic USD surge, when it not only cut its second half operating EPS from $0.75 to $0.40, in the process also slashing full year operating EPS from a prior guidance of $3.10 to just $2.75 mostly blaming Brazil, but in an even bigger shocker also reported that its CEO and Chairman Ellen Kullman is retiring from the company effective October 16.


Morgan Stanley Predicts Up To A 25% Collapse in Q3 FICC Revenue
Submitted by Tyler D.
10/05/2015 15:10 -0400
With the third quarter earnings season on deck, in which S&P500 EPS are now expected to post a 5.1% decline (versus a forecast -1.0% decline as of three months ago), it is common knowledge that the biggest culprit will be Energy companies, currently expected to suffer a 65% Y/Y collapse in EPS.

What is less known is that the earnings weakness is far more widespread than just the Energy sector, touching on more than half of all sectors with Materials, Industrials, Staples, Utilities and even Info Tech all expected to see EPS declines: this despite what will likely be a record high in stock buyback activity.



However, of all sectors the one which may pose the biggest surprise to investors is financials: it is here that Q3 (and Q4) earnings estimates have hardly budged, and as of September 30 are expected to rise by 10% compared to Q3 2014.

This may prove to be a stretch according to Morgan Stanley whose Huw van Steenis is seeing nothing short of a bloodbath in banking revenues, with the traditionally strongest performer, Fixed Income, Currency and Commodity set for a tumble as much as 25%, to wit: "we think FICC may be down 10- 25% YoY (FX up, Rates sluggish, Credit soft), Equities marginally up but IBD also down 10-20%."

The reason for this: the double whammy of the ongoing commodity crunch as well as the collapse in fixed income trading, coupled with the lack of major moves across the FX space where the biggest beneficiary, now that bank manipulation cartels have been put out of business, are Virtu's algos.

To be sure, if Jefferies - which as we previously reported suffered one of its worst FICC quarters in history, and actually posted negative revenues after massive writedown on energy holdings in its prop book - is any indication, Morgan Stanley's Q3 forecast may be overly optimistic.

For the full 2015, the picture hardly gets any better: "In 2015, we see industry revenues going sideways - slowing after a strong Q1. Overall we see FICC down ~3% on 2014, Equities up ~8% and IBD down ~6%. Overall we expect top line revenues to be flattish in 2015. In constant currency, it would be a little better for Europeans. But below this, there is a huge competitive battle afoot as all firms vie for share to drive profits on the cost base."



At $20 bilion in FICC Q3 revenues, this is on pace to be the second worst quarter for banks in the past 2 years.

Looking at Dealogic data, MS notes that debt capital markets (DCM) revenues are down 15% y/y and 27% q/q with y/y weakness across the board except for BNP and BARC where DCM revenues rose 36% and 31% y/y respectively.

In equities, it's even worse: "ECM revenues are down across the industry in 3Q15 according to Dealogic with an average of -51% y/y and 55% q/q."

On a bank by bank basis, Morgan Stanely (which excludes itself from this exercise for obvious reasons), expected the biggest trading revenue declines at JPM at -17%, with other TBTF US banks, GS, BAC and Citi posting, -9%, -6% and -6% drops respectively:

We are forecasting a challenging Q3: with FICC down 10-25%; IBD down 10-25% and Equities up ~5% for many of the banks. See below.

The detailed breakdown:

Some more details from MS on the Q3 industry breakdown:

Our proxies suggest that Q3 FICC trading proxies remain weak q/q for rates, credit and FX. Y/Y looks more mixed with FX up and rates and credit mostly down. IBD revenues look weak y/y and q/q, based on Dealogic data.



Morgan Stanley's bottom line: consensus is far too bullish. "On EPS, we are 4% below consensus on average across our coverage in 2015e and 5% below in 2016e. The biggest delta is for BARC, BNP and GS in 2015e (all -15% vs. consensus), and Soc Gen, HSBC and BNP in 2016e (-33%, - 13% and -12% vs. consensus, respectively)."

Why is this important? Because as we noted before, "as a very "grim" earnings season unfolds, all eyes will be on this company" the company in question: Bank of America, whose earnings can mean the difference between the baseline EPS estimate, and one which is 1.4% lower.

On the other hand, with the dramatic central bank intervention in the only FX pair that matters, the USDJPY, which has sent the S&P soaring by some 100 points in less than a week as bad news is once again great news, and with the market already "pricing in" a very weak Q3 earnings season, perhaps a total collapse in EPS is precisely what the multiple expansion bots ordered. Because if bad economic news are great for stocks, that terrible news for stocks should be even greater... for stocks.

[Fenix]

What Will Happen To Oil Prices When China Fills Its SPR?
Submitted by Tyler D.
10/05/2015 - 14:10

Given that the oil market itself has around 2 million barrels per day of excess supply, Chinese SPR demand is providing a cushion, but not a huge one. Prices may drop when these imports are completed; however, it will not be catastrophic to the market. Considerations of the SPR in China seem overblown when compared to decreases in overall Chinese, Asian, and global demand, which should be the focal points of any investor’s analysis, and not just China’s SPR.


The US Shale Oil Industry Will Simply Vanish
Submitted by Tyler D.
10/05/2015 - 11:25

Without government intervention the “invisible hand” of the world oil market will simply bankrupt US shale companies and with it destroys the US shale oil industry.

[Fenix]

Valeant Plunges 10% Amid Exposure Of "Astronomical" Price Increases
Submitted by Tyler D.
10/05/2015 - 10:41

Just as we warned previously, the bloodshed was only just beginning at Valeant (and others). Having put all its peers to shame in terms of price hikes, VRX shareholders appear anxious that the 'no-brainer' may just become the poster-boy example to be made of by an anxious-to-show-some-action Congress...


The Rate Hike Ship Has Sailed: Goldman Sees "Higher Probability Of Liftoff Not In 2016 But In 2017"
Submitted by Tyler D.
10/05/2015 - 10:20

"... standard monetary policy rules might justify a continuation of the current zero-rate policy for much longer, well into 2016 or potentially even beyond. In this context, it is interesting that the reduced market-implied probability of liftoff in 2015 after Friday’s weak employment report mostly translated into a higher probability of liftoff not in 2016 but in 2017!"


US Services Economy "Bounce" Dies As New Orders Crash Most Since Lehman
Submitted by Tyler D.
10/05/2015 - 10:03

On the heels of China's, Japan's, Brazil's, and Europe's Services PMI weakness (and US Manufacturing PMI and ISM weakness), Markit's US Services PMI printed 55.1 (missing exectations of 55.6) and dropping to its lowest since June. This catch-down to Manufacturing weakness suggests the mid-year bounce is well and truly dead as even Markit admits, "it remains unclear as to whether growth will weaken further as we move into Q4." Additionally, after its exuberant spike to 10 year highs in July, ISM Services continued to drop back (to 56.9 missing expectations) with the biggest collapse in New Orders since Lehman.

[Fenix]

World's Largest Sovereign Wealth Fund Is Forced To Begin Liquidating Assets
Submitted by Tyler D.
10/06/2015 - 08:15

While Reverse QE, or QT, or whatever one wants to call it has become traditionally associated with Emerging Markets and petroleum exporters, nobody had linked it with one of the most advanced Developed Markets in the world which also happens to be an oil exporter, the market with the largest sovereign wealth fun in the world: Norway. That is about to change because as Bloomberg report, "the future may already be here", a future in which Norway's gargantuan $830 billion sovereign wealth fund, the product of two decades of capital accumulation courtesy of Norway's vast petroleum reserves and oil trade, is forced to begin liquidating its vast assets.


Yuan Rising: China Surpasses Japan To Claim Number Four Spot In Most Used Global Currencies
Submitted by Tyler D.
10/06/2015 - 07:48

"The data are positive for the probability of the yuan getting into the SDR basket. It shows that the so-called devaluation in August, which wasn’t massive in value, hasn’t driven people away from using the yuan."


Saudi Clerics Call For Jihad Against Russia, Iran; NATO Warns Of Airspace "Violations"
Submitted by Tyler D.
10/06/2015 - 15:16

"This is a real war on Sunnis, their countries and their identities. Join a jihad against the enemy of God and your enemy and Muslims will back you every way they can."

[Fenix]

How The Chinese Will Establish A New Financial Order
Submitted by Tyler D.
10/05/2015 - 20:30

For many years now, it’s been clear that China would soon be pull­ing the strings in the U.S. financial system. In 2015, the American people owe the Chinese government nearly $1.5 trillion. Of course, the Chinese aren’t stupid. They realize we are both trapped.China has recently put into place a covert plan to get back as much of its money as possible - by extracting colossal sums from both the United States government and ordinary citizens, like you and me.


Someone Is Lying: Consumer Confidence Is Somehow Both "Highest" And "Lowest" For The Year
Submitted by Tyler D.
0/06/2015 - 13:29

According to what is arguably the most respected polling organization in the US, consumer confidence has crashed to the lowest level in a year. On the other hand, according to a tax-exempt research organization, consumer confidence is not only the highest it has been in 2015, but it practically the highest since 2007.Someone is lying, we leave it up to readers to decide who.

[Fenix]

Solid 3 Year Auction Prices At Lowest Yield Since April
Submitted by Tyler D.
10/06/2015 - 13:13

The recent scare that investors may be slowly (or not so slowly) waning in the primary market for US Treasurys is rapidly becoming a distant memory, and after yesterday's 3 Month bills pricing at 0.000% for the first time ever, today's strong 3 Year auction should end any debate, if only for the time being, about interest in US paper.


Momo Massacre: Biotechs Are Crashing, Turn Red For 2015
Submitted by Tyler D.
10/06/2015 - 12:01

It was just a matter of time before the market realized that the happy days for biotechs are now over. Sure enough, a quick glance at the Nasdaq Biotech Index reveals that after a modest drop yesterday when mostly Valeant was punished, the weakness today is widespread and is hitting the entire biotech sector which moments ago was down a whopping 6.4%, and just over 3,000, the biotech sector is once again not only red for the year, but danger of taking out the 2015 lows hit in the last days of September.

[Fenix]

Oil Spikes To Highest In Over A Month, As Syria Proxy War Jitters Escalate
Submitted by Tyler D.
10/06/2015 - 10:57

According to several trading desks, the pre-war jitters in (and above) Syria are finally catching up to some, and there has been a distinct geopolitical-risk oil bid in the past two hours, on concerns the proxy war involving the US, Russia and, increasingly, Saudi Arabia and Iran, will finally spill over leading to forced supply cuts by middle-east nations, and a sharp, if transitory, spike in crude oil prices,


Jim Cramer Flip-Flops Back To Bullish Following 100 Point S&P Surge
Submitted by Tyler D.
10/06/2015 - 09:32

"Suddenly, good news is busting out all over, and we can't not talk about them. I have been bearish for a while now, but if the facts change, I have to change with them," the "Mad Money" host said.


A "Heroic" Ben Bernanke Blames Congress For Poor Economic Recovery
Submitted by Tyler D.
10/06/2015 - 20:06

"That’s why I often said that monetary policy was not a panacea — we needed Congress to do its part. After the crisis calmed, that help was not forthcoming. When the recovery predictably failed to lift all boats, the Fed often, I believe unfairly, took the criticism."

[Fenix]

NYSE Short Interest Surges To Record, Pre-Lehman Level
Submitted by Tyler D.
10/06/2015 - 19:28

There are two ways of looking at the NYSE short interest, which as of September 15 surged by 1.4 billion to 18.4 billion shares or just shy of the level hit on July 31, 2008: one is that a massive short squeeze is about to be unleashed, sending the S&P500 to new all time highs; the other is that just as the record short interest in July 2008 correctly predicted the biggest financial crisis in history and all those shorts covered at huge profits, so another historic market collapse is just around the corner.


How Developed Markets Become Banana Republics: "Debt Is A Much Easier Way To Gather Consensus"
Submitted by Tyler D.
10/06/2015 - 19:00

"A smart politician can see that if somehow the consumption of middle-class householders keeps rising, if they can afford a new car every few years and the occasional ex-otic holiday, and best of all, a new house, they might pay less attention to their stagnant monthly paychecks. And one way to expand consumption, even while incomes stagnate, is to enhance access to credit."

[Fenix]

Earnings Still Matter
Submitted by Tim Knight from Slope of Hope on 10/06/2015 17:03 -0400


From the Slope of Hope: Many years ago, if you asked someone what drove stock prices, they would give you a simple, honest answer: earnings. If a company had strong earnings, and those earnings were projected to grow, then the stock price was strong. If not, then not.

Take a time machine back to that same person and tell them about the new world in which what drives stock prices is the USD/JPY. Yep, the ratio of the US dollar to the Japanese Yen is what everyone follows, pip by pip (tonight being yet another example, as everyone is tied up in knots as to what that chortling buffoon Kurado is going to announce). What the USD/JPY has to do with honest-to-God equity value is beyond me.

In spite of this, earnings still matter, and as we head into another earnings season, the bulls better pray to whatever pagan gods they worship that company after company magically defy the downturn that the economy is quite obviously entering. It isn't off to a good start this evening, however, as the charts below show.

First off, there is YUM, which is the organization that owns the fine dining establishments Kentucky Fried Chicken, Taco Bell, and Pizza Hut. I guess even the morbidly obese typical American gastropod has had his fill over low-quality, over-salted, over-greased crap that these dreadful little venues crank out, as the stock has lost nearly one-fifth of its market cap after hours (after having already dropped substantially in recent months):

1006-YUM

Software make Adobe is having a relatively gentle time of it, as its percentage loss is (as of this writing, at least) still confined to the single digits. All the same, it's pretty ugly out there.

1006-ADBE

These are just two companies out of the thousands that will be reporting in the weeks ahead. Let's hope this is representative of plenty of bad news to come.


The Trans-Pacific Partnership: Permanently Locking In The Obama Agenda For 40% Of The Global Economy
Submitted by Tyler D.
10/06/2015 - 18:29


We have just witnessed one of the most significant steps toward a one world economic system that we have ever seen. Negotiations for the Trans-Pacific Partnership have been completed, and if approved it will create the largest trading bloc on the planet. But this is not just a trade agreement. In this treaty, Barack Obama has thrown in all sorts of things that he never would have been able to get through Congress otherwise. And once this treaty is approved, it will be exceedingly difficult to ever make changes to it. So essentially what is happening is that the Obama agenda is being permanently locked in for 40 percent of the global economy.

The United States, Canada, Japan, Mexico, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam all intend to sign on to this insidious plan. Collectively, these nations have a total population of about 800 million people and a combined GDP of approximately 28 trillion dollars.

Of course Barack Obama is assuring all of us that this treaty is going to be wonderful for everyone…

In hailing the agreement, Obama said, “Congress and the American people will have months to read every word” before he signs the deal that he described as a win for all sides.



“If we can get this agreement to my desk, then we can help our businesses sell more Made in America goods and services around the world, and we can help more American workers compete and win,” Obama said.

Sadly, just like with every other “free trade” agreement that the U.S. has entered into since World War II, the exact opposite is what will actually happen. Our trade deficit will get even larger, and we will see even more jobs and even more businesses go overseas.

But the mainstream media will never tell you this. Instead, they are just falling all over themselves as they heap praise on this new trade pact. Just check out a couple of the headlines that we saw on Monday…

* Time Magazine: “Pacific Trade Deal Is Good for the U.S. and Obama’s Legacy”
* The Washington Post: “The Trans-Pacific Partnership is a trade deal worth celebrating”

Overseas it is a different story. Many journalists over there fully recognize that this treaty greatly benefits many of the big corporations that played a key role in drafting it. For example, the following comes from a newspaper in Thailand…

You will hear much about the importance of the TPP for “free trade”.



The reality is that this is an agreement to manage its members’ trade and investment relations — and to do so on behalf of each country’s most powerful business lobbies.

These sentiments were echoed in a piece that Zero Hedge posted on Monday…

Packaged as a gift to the American people that will renew industry and make us more competitive, the Trans-Pacific Partnership is a Trojan horse. It’s a coup by multinational corporations who want global subservience to their agenda. Buyer beware. Citizens beware.

The gigantic corporations that dominate our economy don’t care about the little guy. If they can save a few cents on the manufacturing of an item by moving production to Timbuktu they will do it.

Over the past couple of decades, the United States has lost tens of thousands of manufacturing facilities and millions of good paying jobs due to these “free trade agreements”. As we merge our economy with the economies of nations where it is legal to pay slave labor wages, it is inevitable that corporations will shift jobs to places where labor is much cheaper. Our economic infrastructure is being absolutely eviscerated in the process, and very few of our politicians seem to care.

Once upon a time, the city of Detroit was the greatest manufacturing city on the planet and it had the highest per capita income in the entire nation. But today it is a rotting, decaying hellhole that the rest of the world laughs at. What has happened to the city of Detroit is happening to the entire nation as a whole, but our politicians just keep pushing us even farther down the road to oblivion.

Just consider what has happened since NAFTA was implemented. In the year before NAFTA was approved, the United States actually had a trade surplus with Mexico and our trade deficit with Canada was only 29.6 billion dollars. But now things are very different. In one recent year, the U.S. had a combined trade deficit with Mexico and Canada of 177 billion dollars.

And these trade deficits are not just numbers. They represent real jobs that are being lost. It has been estimated that the U.S. economy loses approximately 9,000 jobs for every 1 billion dollars of goods that are imported from overseas, and one professor has estimated that cutting our trade deficit in half would create 5 million more jobs in the United States.

Just yesterday, I wrote about how there are 102.6 million working age Americans that do not have a job right now. Once upon a time, if you were honest, dependable and hard working it was easy to get a good paying job in this country. But now things are completely different.

Back in 1950, more than 80 percent of all men in the United States had jobs. Today, only about 65 percent of all men in the United States have jobs.

Why aren’t more people alarmed by numbers like this?

And of course the Trans-Pacific Partnership is not just about “free trade”. In one of my previous articles, I explained that Obama is using this as an opportunity to permanently impose much of his agenda on a large portion of the globe…

It is basically a gigantic end run around Congress. Thanks to leaks, we have learned that so many of the things that Obama has deeply wanted for years are in this treaty. If adopted, this treaty will fundamentally change our laws regarding Internet freedom, healthcare, copyright and patent protection, food safety, environmental standards, civil liberties and so much more. This treaty includes many of the rules that alarmed Internet activists so much when SOPA was being debated, it would essentially ban all “Buy American” laws, it would give Wall Street banks much more freedom to trade risky derivatives and it would force even more domestic manufacturing offshore.

The Republicans in Congress foolishly gave Obama fast track negotiating authority, and so Congress will not be able to change this treaty in any way. They will only have the opportunity for an up or down vote.

I would love to see Congress reject this deal, but we all know that is extremely unlikely to happen. When big votes like this come up, immense pressure is put on key politicians. Yes, there are a few members of Congress that still have backbones, but most of them are absolutely spineless. When push comes to shove, the globalist agenda always seems to advance.

Meanwhile, the mainstream media will be telling the American people about all of the wonderful things that this new treaty will do for them. You would think that after how badly past "free trade" treaties have turned out that we would learn something, but somehow that never seems to happen.

The agenda of the globalists is moving forward, and very few Americans seem to care.

[Fenix]

How and Why Banks Will Seize Deposits During the Next Crisis
Submitted by Phoenix Capital Research on 10/06/2015 15:41 -0400

As we noted last week, one of the biggest problems for the Central Banks is actual physical cash.

The financial system is predominantly comprised of digital money. Actual physical Dollars bills and coins only amount to $1.36 trillion. This is only a little over 10% of the $10 trillion sitting in bank accounts. And it’s a tiny fraction of the $20 trillion in stocks, $38 trillion in bonds and $58 trillion in credit instruments floating around the system.

Suffice to say, if a significant percentage of people ever actually moved their money into physical cash, it could very quickly become a systemic problem.

Indeed, this is precisely what caused the 2008 meltdown, when nearly 24% of the assets in Money Market funds were liquidated in the course of four weeks. The ensuing liquidity crush nearly imploded the system.

Because of this, Central Banks and the regulators have declared a War on Cash in an effort to stop people trying to get their money out of the system.

One policy they are considering is to put a carry tax on physical cash meaning that your Dollar bills would gradually depreciate once they were taken out of the bank. Another idea is to do away with actual physical cash completely.

Perhaps the most concerning is the fact that should a “systemically important” financial entity go bust, any deposits above $250,000 located therein could be converted to equity… at which point if the company’s shares, your wealth evaporates.



Indeed, the FDIC published a paper proposing precisely this back in December 2012. Below are some excerpts worth your attention.

This paper focuses on the application of “top-down” resolution strategies that involve a single resolution authority applying its powers to the top of a financial group, that is, at the parent company level. The paper discusses how such a top-down strategy could be implemented for a U.S. or a U.K. financial group in a cross-border context…

These strategies have been designed to enable large and complex cross- border firms to be resolved without threatening financial stability and without putting public funds at risk…

An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company into equity. In the U.S., the new equity would become capital in one or more newly formed operating entities.

…Insured depositors themselves would remain unaffected. Uninsured deposits would be treated in line with other similarly ranked liabilities in the resolution process, with the expectation that they might be written down.

http://www.fdic.gov/about/srac/2012/gsifi.pdf

In other words… any liability at the bank is in danger of being written-down should the bank fail. And guess what? Deposits are considered liabilities according to US Banking Law. In this legal framework, depositors are creditors.

So… if a large bank fails in the US, your deposits at this bank would either be “written-down” (read: disappear) or converted into equity or stock shares in the company. And once they are converted to equity you are a shareholder not a depositor… so you are no longer insured by the FDIC.

So if the bank then fails (meaning its shares fall)… so does your deposit.

Let’s run through this.

Let’s say ABC bank fails in the US. ABC bank is too big for the FDIC to make hold. So…

1) The FDIC takes over the bank.

2) The bank’s managers are forced out.

3) The bank’s debts and liabilities are converted into equity or the bank’s stock. And yes, your deposits are considered a “liability” for the bank.

4) Whatever happens to the bank’s stock, affects your wealth. If the bank’s stock falls at this point because everyone has figured out the bank is in major trouble… your wealth falls too.

This is precisely what has happened in Spain during the 2012 banking crisis over there. Since then it’s also happened in Cyprus, Greece…and it is now perfectly legal in the US courtesy of a clause in the Dodd-Frank bill.

This is just the start of a much larger strategy of declaring War on Cash. The goal is to stop people from being able to move their money into physical cash and to keep their wealth in the financial system at all cost.



This is just the start of a much larger strategy of declaring War on Cash. The goal is to stop people from being able to move their money into physical cash and to keep their wealth in the financial system at all costs.



Indeed, we've uncovered a secret document outlining how the Fed plans to incinerate savings to force investors away from cash and into riskier assets.



We detail this paper and outline three investment strategies you can implement

right now to protect your capital from the Fed's sinister plan in our Special Report

Survive the Fed's War on Cash.