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Turkey Wars


      by Larry Levin   I wrote this last Thanksgiving but not only is it still relevant, it is still going on. NO resolution, NO overhaul. Are we surprised? From 2013: The turkeys are squabbling....the big turkeys that is. This Thanksgiving battle is not pilgrims versus Indians, but the big banks suing the regulators. JPMorgan Chase, Goldman Sachs and their other compadres are fuming over far-reaching new rules passed in the wake of the financial crisis. So guess what, they plan to haul the Commodity Futures Trading Commission to court. The banks, … [Read more...]



      by Larry Levin     I read an interesting op-ed that ran in the Wall Street Journal from Charles Schwab. I found it intriguing to read a Wall Street veteran that didn't sound like one of the high-priests of the Keynesian religion of economics. I hope you enjoy it too. For America’s 44 million senior citizens, plus tens of millions of others who are on the threshold of retirement, last month marked a watershed moment that is worth celebrating. At the end of October, the Federal Reserve announced the first step in returning to a more normal … [Read more...]



      by Larry Levin   Yes, I have written about Goldman before but it's hard to ignore these stories. From Zero Hedge: If only the $3.2 billion Goldman Sachs Global Opportunities hedge fund had listened to the firm's equity strategists, life would have been great. However, as Bloomberg reports, the so-called 'best-ideas' fund dropped 5.6% in October leaving it down 2.6% for 2014 as interest-rate bets went pear-shaped amid the crash-and-dash that was October's market manipulation. "We believe monetary policy needs to catch up with growth, and that … [Read more...]

Triple Dip

Triple Dip2

      by Larry Levin   Overnight we found out that things have gotten even worse economically in Japan. It has just recorded a triple dip recession. A recession is usually defined by a period of economic decline, or negative GDP, for two consecutive quarters. Double dip recessions are two recessions separated by a brief period of positive GDP, usually a month or two. A triple dip recession is simply extended by one more positive GDP surge, then right back into “negative growth,” which is where Japan finds itself today. The Japanese government … [Read more...]

Pay Up

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      by Larry Levin   Yesterday I described how the banking cartel were able to fleece (read: screw) all FX traders (read: Muppets) over a period of many years. As usual, the fine did not nearly fit the level of crime committed by the cartel, which may be enormous. According to the Bank for International Settlements, there is at least a DAILY turnover of $5.35 trillion, while the FX rigging scandal went on for years. The penalty? $4.3 billion across all banksters in total...with a blue-light discount of 30% if paid early! In Part II, however, I would like … [Read more...]

Veterans Day

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        by Larry Levin   The stock market and stock index futures are open for trading today, however the bond markets are closed. With a complete lack of volume and volatility yesterday, and big shocker, new all time highs, there is really nothing new to say about these markets. There are also no words to effectively acknowledge our veteran's service and sacrifice. I decided to use this column to share an article about 5 ways we can honor our veterans besides celebrating this holiday. From CNN: Check your assumptions “Veterans are very … [Read more...]

Easy Target


      by Larry Levin   Just like the comedian who goes for the cheap laugh (say, making fun of an audience member), it’s hard not to write about the easy targets. From the central banks to the fraud street banksters, their antics provide a never ending source of material. Take “The Goldman Sachs” (said in the voice of the bunny from the famous viral video). Whenever a client of Goldman loses money, it’s apparently never Goldman’s fault, never a bad investment, never bad advice and never due to Goldman’s own conflicts of interest. In the … [Read more...]



      by Larry Levin   When the US stock market (S&P500 futures) was down exactly 10% we had the Bullard moment: he promised QE4 to come soon because a "free market" was breaking out of the clutches of the central planners. He created a kick-save envious of the best NHL goalies on the planet resulting in the desired "V" bottom. Japan stepped up next with QE9 (I guess QE1 thru 8 weren't good enough) to keep the party going. Today it was Draghi's turn. In order to remind the global stock markets who's in control, more central planning from the ECB is on … [Read more...]

Cows and Capitalism


        by Larry Levin   It's election day today and I am guessing whether you are a Democrat or a Republican, a Northern or a Southerner, an ideologue or a pragmatist, you will be happy to have the airwaves free of political ads for a while. Here in Illinois, we have been bombarded with negative attacks and hyperbolic claims that have left most of us with a giant political hangover. So instead of beating a dead horse (slow centrally planned markets, more of the same in Washington), I thought I'd talk about cows. I have seen the cow analogy … [Read more...]

Pass the Torch

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      by Larry Levin   Late last week the FOMC ended its bond purchasing program (monetizing the debt some say) and many thought "phfeeeew, we're almost done with the global QE nonsense"...but then Japan surprised everyone: it announced a mega-increase to its never-ending "stimulus" regime. Many wondered like myself: How was this timing so perfect? Was it a coincidence that the FOMC ended QE3 and then Japan suddenly decided to increase its own version of QE? Or was it simply another case of the global central bankers actually, as I often say, CENTRAL … [Read more...]