On Monday, while European stocks were soaring derivatives traders found they couldn't put any trades in when the largest European derivatives market, the Eurex Exchange, announced trading had been suspended until further notice. Then yesterday, as stocks were crashing, the NY Fed announced that "due to technical difficulties", it would cancel its 11:15 am Agency MBS POMO which unleashed the latest whopper of a short squeeze.
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A Tale of Two Crashes, Part 1
Written by Jeff Nielson (CLICK FOR ORIGINAL)
Yesterday, during his speech at CERAWeek in Houston, Saudi oil minister Ali al-Naimi made it explicitly clear that Saudi Arabia would not cut production, instead saying that it is high-cost producers that would need to either "lower costs, borrow cash or liquidate” adding that there is "no need for cuts as marginal barrel will get out of the market." He was right.
"Everybody should be worried.. and be prepared," warns legendary investor Jim Rogers, as he sees the market "facing a bigger collapse than in 2008," and the central banks will be unable to kick the can much longer. "This is the first time in recorded history where you have Central Banks & governments setting out to destroy the people who save & invest," Rogers exclaims and "the markets are telling us that something is wrong - we're getting close."
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
When a currency peg breaks, it unleashes shock waves of uncertainty and repricing that hit the global financial system like a tsunami.
The U.S. dollar has risen by more than 35% against other major trading currencies since mid-2014: