Business

Submitted by Jeff Thomas via InternationalMan.com,

Some years ago, when I suspected there would be a War on Cash at some point, everything in the behaviour of the central banks pointed to the idea—it fit exactly into their own informed, yet unrealistic, pattern of logic. I therefore decided that it would be a likely development and would take place at a time when they had tried everything else and had run out of other ideas. As to a date when this might happen…I had no idea.

Two weeks ago, the catalyst that pushed Valeant CDS to record wide levels implying a 55% probability of default over 5 years, while sending the company's stock plunging, was news that Valeant was scrambling to engage its lenders to obtain a default waiver to its bank credit agreement to eliminate a technical default that arose when it didn’t file its 10-K before March 15.

"cumulative losses over the length of the entire cycle could be worse than we’ve ever seen before"

     - BofA High Yield strategist Michael Contopoulos

Nothing to see here, move along...

But but but the "great" jobs data... The dead-cat-bounce is over...

Trannies had a tough day...

Submitted by David Stockman via Contra Corner blog,

Simple Janet has attained a new milestone as a public menace with her speech to the Economic Club of New York. It amounted to yelling “stay” in a burning theater!