Authored by Nick Giambruno via InternationalMan.com,
Over 3,000 millionaires have fled Chicago in recent months.
This is the largest outflow of wealthy people from any US city right now. It’s also one of the largest outflows of wealthy people in the world.
But it’s not just millionaires… Every five minutes someone leaves Illinois.
Rudy Penner, the former director of the Congressional Budget Office and the person described by MarketNews international as "one of Washington's most respected fiscal policy experts", told MNI Wednesday in an exclusive interview that he expects a "very scary" fall 2017 due to fiscal issues, with market-disrupting battles ahead on both the debt ceiling and fiscal year 2018 spending. Penner directed the CBO under president Reagan, worked at high level posts in the White House budget office, and the Council of Economic Advisers.
Buy The Fucking Fire And Fury...
Interrestingly the BTFDers arrived right on cue as Europe closed and then got some ignition when NYT ran a story saying Trump's words were his own and not 'policy'... Then again into the close, VIX was smashed lower in a desperate bid to get S&P green...
Dow down for a 2nd straight day!!!!
Authored by Simon Black via SovereignMan.com,
What’s money worth if interest rates are negative?
Interest rates, after all, are the “price” of money.
When we borrow money from a bank and pay interest on the loan, it means that the money we’re borrowing has value. That –capital- has value.
Negative interest rates, on the other hand, suggest that capital is totally worthless.
This isn’t a philosophical exercise. These are the times we’re living in.
Not only are short volatility bets at their peak...
The number of VIX futures contracts outstanding has never been higher...
As Bloomberg notes, the gauge of U.S. stock turbulence has more than 660,000 contracts outstanding, surpassing every previous high.
While the measure is heading for a second day of gains, its slump this year has led to a surge of bets on where volatility will go.