Economic BBS

    • Bitcoin was the worst investment of 2014
      http://images.f169bbs.com/content/2014-12/bitcoin-was-the-worst-investment-of-2014-7347.png

      There was plenty of ugliness to be found in the markets this year. Ukranian and Venezuelan sovereign debt. High-yield, energy-related corporate bonds. Argentine pesos. Russian rubles. Greek stocks.

      But none of these investments has been as atrociously awful as bitcoin, the heavily hyped crypto-currency that stormed onto the financial scene in the last few years, threatening to disrupt the cornerstone of global finance that is fiat currency.

      It hasn't worked out. Year-to-date bitcoin is down roughly 52% at last glance.

      [continued]
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  • joe1941X
    • Russia Central Bank Raise Rates To 17% To Save Ruble
      Russia's central bank has taken drastic action to halt the rouble's freefall on the foreign exchanges by raising interest rates by 6.5 percentage points to 17%.

      After a day of turmoil dominated by fears that a crashing global oil price would devastate Russia's energy-dominated economy, an after-hours meeting of the central bank in Moscow decided emergency action was needed to prevent the rouble's collapse.

      The bank said the increase in borrowing costs -- which will deepen Russia's recession if sustained for a prolonged period -- was needed to end currency depreciation and to combat inflation.

      Higher interest rates tend to make currencies more attractive to foreign investors and the rouble rose against the dollar in the wake of the surprise announcement.

      [continued]
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  • Greed is GoodX
    • Fitch Puts Japan Credit on Rating Watch Negative
      Credit rating agency, Fitch, has placed Japan sovereign credit on Rating Watch Negative (RWN), just days before snap elections in the country.

      The rating agency said in a statement released on Tuesday that Japanese Prime Minister Shinzo Abe's decision to delay the implementation of a sales tax from 2015 to 2017 raised "doubts over the authorities' commitment to the objective of fiscal consolidation."

      The rating firm said the 18-month delay shows it will be nearly impossible to achieve the government's previously-stated goal of reducing the primary budget deficit to 3.3 percent of gross domestic product by March 2016.

      It warned that Tokyo would meet a negative sensitivity identified in the May 2014 credit review "unless broadly equivalent and permanent fiscal measures are announced in the forthcoming budget."

      [continued]
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  • Full HouseX
    • OPEC: $40 per barrel target
      [quote]..[/quote]

      True, but the fracking and oil sands aren't profitable when oil falls this low.

      It's really a non-issue, though. Very few oil exploration companies are not geographically diversified. They'll pump more out of the Gulf for now.
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  • Full HouseX
    • Brace Yourself For Oil Shock Future
      Page: 2
      except that when us drillers go bankrupt fewer drillers will be available which leads to less production which leads to higher prices which leads to more drillers.

      hubbert's theory doesn't take into account future discoveries. his theory took an assfucking when the bakken and other oil fields were discovered recently.
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  • Greed is GoodX
    • Turkey's lira hits all-time low after raid
      Turkey's lira fell to an all-time low after police detained journalists suspected of links with U.S.-based cleric Fethullah Gulen, deepening a drop spurred by concern the U.S. will raise interest rates next year.

      The lira weakened as much as 4.1 percent to 2.3926, a record against the dollar on a closing basis. It traded at 2.38 at 6:41 p.m. in Istanbul, the lowest level since Jan. 27, a day before the central bank more than doubled its main rate to halt the currency's decline. Yields on two-year notes climbed 23 basis points to 8.51 percent in a third day rising.

      Police detained Ekrem Dumanli, the editor of Turkey's best-selling daily Zaman, and the president of the Samanyolu Broadcasting Group, Hidayet Karaca, in Istanbul yesterday. President Recep Tayyip Erdogan has vowed to root out civil servants with links to Gulen's movement. Erdogan claims a corruption investigation into the government that started on Dec. 17 last year was a coup attempt by Gulenists.

      "The anniversary of last year's corruption investigation and the events on the weekend have increased the perception of political risk," Pinar Uslu, a strategist at ING Bank A.S., wrote in e-mailed comments. That, "coupled with expectations that the Federal Reserve may remove 'considerable time' from this month's statement carried USD/TRY to 2.31 this morning," Uslu said.

      [continued]
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  • Eat My ShortsX
    • The Economy Is Worse than During the Great Depression
      Page: 2
      recoveries are always, always, always caused by less government spending and less taxing.

      http://fee.org/freeman/detail/what-ended-the-great-depression

      "The expense of funding World War II hiked the national debt from $49 billion in 1941 to almost $260 billion in 1945. In other words, the war had only postponed the issue of recovery."

      later in the article:

      [continued]
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  • armchair presidentX
    • Pics of CA mudslides!
      Fucking California. If it's not one thing it's another. Drought season?- hello brush/forest fires. The rains come?- hello floods. Then mudslides. Or earthquakes.
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    • > 12/12/2014 10:12 PM : .
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    • Airbus can't find any buyers for its crappy A380. May have to shut it down.
      I have always wondered what they were thinking when they designed that plane. Were they really expecting all the major airports to spend billions in construction to accommodate it?

      That may be feasible in some countries, but in the US the airports are usually owned by a city or county. Where's the incentive for them to undertake something like that?

      Christ, just try to get an airfield expansion passed by local government. Instant shitstorm.
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  • QuenceX
    • Repubs load up budget bill with a deal to ease controls on big banks. Banks are now free to engage in the high risk behaviour
      Page: 2
      BTW, the bank stress tests are rigged as well.

      LONDON - Royal Bank of Scotland Group PLC on Friday admitted there were errors in the data it submitted to last month's European stress tests, the latest mishap to hit an exercise aimed at rebuilding confidence in Europe's banks.

      RBS, which is 80% owned by the U.K. government, said that it had overstated the amount of top quality capital it held. The adjustment wiped around EUR5 billion of capital from the bank's balance sheet, meaning it only just passed the stress test.

      "We are examining how this mistake was made, and will be working with our regulators as we do so," said an RBS spokeswoman.

      [continued]
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  • VP_Spiro_T_CheneyX
    • Bank of America sees $50 oil as Opec dies
      . posted:
      Peak Oil.

      This can't happen[/quote

      Sure it can. Peak oil probably happened circa 2005-2007. Peak oil just means the halfway point; there is still plenty of oil left but now more is being used than is being discovered.

      If economists and politicians want to open the spigot ever wider for the temporary issue du jour than they certainly can...until, of course, they can't anymore, which is decades or more away.
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    • > 12/10/2014 07:27 AM : .
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    • Donald Trump: Obama's jobless figures are a lie
      NEW YORK -- Billionaire real-estate mogul Donald Trump dismissed the Obama administration's employment figures as "phony" in an interview Monday on the Fox News morning show "Fox and Friends."

      "The numbers are totally skewed," he said.

      Trump said the administration is regarding people who give up looking for a job as employed.

      "The unemployment numbers in this country are so false. Everybody knows it. Everybody laughs about it," he said. "But the president gets away with it; and other politicians get away with it."

      [continued]
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  • Homosexual NaziX
    • Crude Realities $62
      [quote]..[/quote]

      The break-even point for Saudi oil is the lowest in the world: $10

      This is why the Saudis can hold out longer than any other producer when there's an oil glut.
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  • DrifterBeeX
    • Whatever happened to Skeletor?
      http://www.twocoppercoins.com/images/skeletor.jpg

      http://ericleeallen.files.wordpress.com/2009/02/hank-paulson.jpg

      http://wolfstreet.com/2014/12/08/who-gets-to-eat-the-losses-from-cyclical-excesses-treasury-warns-congress-and-investors-about-leverage-loans/

      Treasury Warns Congress (and Investors):

      [continued]
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    • > 12/08/2014 10:28 PM : .
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    • Why Walmart can't afford to pay employees $15/hour
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      [quote]..[/quote]

      Hey guess what my clueless dipshit...I have been around before walmart and did just fine. Why? Because I had a job that paid a decent wage and I could afford shit, plus I did not buy shit I did not need. Don't shop there today either. Just how much plastic junk do you need????
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  • Real ConservativeX
    • Putin pwned hard!
      Page: 2
      [quote]..[/quote]

      RUSSIA IS A MODERN STATE WITH A SERVICES ECONOMY AND DEEP INTEGRATION WITH THE EU. IT IS NOT A BUNCH OF PEASANTS LINING UP IN RED SQUARE TO BUY BREAD FOR A FEW KOPECKS ANY MORE

      YET THE U.S. HAS FAILED TO UPDATE ITS FOREIGN POLICY TO REFLECT THE REALITY ON THE GROUND

      UKRAINE IS THE PERFECT EXAMPLE: THERE WERE NO MASSES OF COMMUNIST-TERRORIZED PEASANTS YEARNING TO RISE UP AGAINST THEIR EVIL OVERLORDS AND BREATHE THE SWEET CAPITALIST OXYGEN OF EU MEMBERSHIP. THE NATION DID NOT THROW OUT THEIR CORRUPT RULERS AND PIVOT TO THE WEST AS ONE

      [continued]
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  • Infidel753X