Via Jeff Thomas of InternationalMan.com,
Recently, I was in a pharmacy and overheard the pharmacist say to someone, “There’s so much unpleasantness on the news these days, I’ve stopped watching.” The pharmacist has my sympathy. I’d love to be able to ignore the deterioration of the First World. It is, at turns, tedious, depressing, disturbing, and infuriating.
Judging by today's VIX crush and USDJPY ramp, this was the sound coming from The Eccles Building...
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When The Tidal Wave Hits, Part I
Written by Jeff Nielson (CLICK HERE FOR ORIGINAL)
According to French electricity grid operator Enedis, winter storm Zeus which unleashed hurricane-force winds across much of southern France, has left more than 600,000 French households without power as of 4pm on Monday. The company's website advises that the power cuts have affected 175,000 customers in Brittany, 190,000 in Auvergne Rhone Alpes, 130,000 in Nouvelle Aquitaine, 80,000 in Pays de Loire, and the company advises that more than 3,500 technicians from Enedis are working in the field to deal with “very major” storm damage.
While debates over the significance of the Eurosystem's TARGET2 imbalances may have faded into the background now that sovereign yields in the Eurozone remains broadly backstopped by the ECB's debt monetization generosity, and fears about an imminent European breakdown fall along the lines of populist votes more than concerns about lack of funding, the BIS has finally chimed in with the truth about what the TARGET2 number really showed.