Business

The best summary of what happened overnight comes courtesy of Michael Every, head of financial markets research at Rabobank Group in Hong Kong, who was quoted by Bloomberg as follows:

While the government helped boost stocks at least twice last week, according to people familiar with the matter, equities extended declines into the close on Monday. Even if state funds come in to defend the 3,000 level, it may not ultimately work, according to Michael Every, head of financial markets research at Rabobank Group in Hong Kong.

 

• Oil slips toward $30, traders bet on more falls (Reuters)
• Oil Plunge Sparks Bankruptcy Concerns (WSJ)
• RBS cries 'sell everything' as deflationary crisis nears (Telegraph)
• World stocks drop but Europe shrugs off oil slide, China money market surge (Reuters)
• Canadian Stocks Fall in Longest Slump Since 2002 as Oil Slides (BBG)
• State of Union Speech to Note Work Yet to Be Done (WSJ)
• "Murderous" Yuan Rate Jolts Hong Kong as Top Currency Hub (BBG)
• Putin Says Sheltering Assad Would Be Easier Than Snowden Asylum (BBG)

As reported last night, now that the PBOC has devalued the Yuan to a level China's central bank is comfortable with, if only for the time being,and having done so by unleashing a "murderous" short squeeze "to deter bearish bets and helping to stabilize equity markets", manifesting itself in the offshore Yuan 1 week deposit rate exploding to a record 82%...

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Comex Registered Silver Inventories Plunge Nearly 10% In One Day

Posted with permission and written by Steve St. Angelo, SRSrocco (CLICK FOR ORIGINAL)

The decision to put U.S. military forces on “high alert” in South Korea shows that they are gearing up towards war with Russia and China, according to political activist Mike Billington.  Billington says that the world is on the brink of an economic crisis that only China can survive. A fact deemed intolerable by the United States.