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Tyler Durden

Tyler Durden

Tyler Durden is a reference to the lead character in Fight Club. It's the pseudonym for Zero Hedge's key author(s) used to hide their identities.

Articles by Tyler Durden

CS and UBS Tell Wealthy Retail Clients To Buy Stocks…”Here, Can You Please Hold This Bag”

6 days ago

Warren Buffett has frequently advised aspiring investors to take a contrarian view on markets and “be fearful when others are greedy and be greedy when others are fearful.”  In fact, being dismissive of the wall street ‘herd mentality’ has resulted in some of Buffett’s most successful trades over the years including his decision to load up on bank stocks during the ‘great recession’.
But the market wizards at Credit Suisse and UBS are apparently advising their wealthy retail clients to ignore Buffett’s sage advice and instead follow a strategy that can loosely be summarized as “Buy The Fucking Dip.”  It’s a genius plan, if we understand it correctly.  Per Bloomberg:

Credit Suisse Group AG and UBS Group AG have a

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The Oscars – Gold Plated And Debased Like The Dollar

25 days ago

Submitted by Jan Skoyles via GoldCore.com, The Oscars – Worth Their Weight in Gold? 89th Oscars to air this weekend Oscars have been dipped in 24 karat gold since 1929 If the Oscars were made of solid gold they would weigh 330 ounces 330 ounces of gold is worth $408,210 at today’s prices (nearly €400k …

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Here Are The Best Hedges Against A Le Pen Victory

February 13, 2017

On Friday, after it emerged that as part of Marine Le Pen’s strategic vision for France, should she win, is a return to the French franc as well as redenomination of some €1.7 billion in French (non-international law) bonds, both rating agencies and economists sounded the alarm, warning it would “amount to the largest sovereign default on record, nearly 10 times larger than the €200bn Greek debt restructuring in 2012, threatening chaos to the world financial system on top of the collapse of the single currency.”
This morning, Bank of France Governor Francois Villeroy de Galhau doubled down on the warning and cautioned French voters about the costs of withdrawing from the euro, noting that local interest rates are

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The Megacity Economy: How Seven Types Of Global Cities Stack Up

February 12, 2017

Back in 1950, close to 30% of the global population lived in cities. As Visual Capitalist's Jeff Desjardins notes, that has shifted dramatically, and by 2050, a whopping 70% of people will live in urban areas – some of which will be megacities housing tens of millions of people. This trend of urbanization has been …

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FX Traders Have To (Re)Learn A New Skill

February 11, 2017

Dear FX traders: forget the dot plot, and prepare to learn a new – or to some forgotten – skill: how to read trade flows.
As Bloomberg’s Vincent Cignarella and Andrea Wong point out, currency traders accustomed to analyzing the Fed’s dot plot and monthly U.S. jobs figures to predict the direction of the world’s reserve currency are having to learn, or in some cases re-learn, a largely forgotten ability: how to scrutinize trade data. With protectionism, border tax, VAT and trade wars the buzzword of the day, suddenly international trade is all that seems to matter, and yet “It’s been decades since investors gave significant thought to the data amid easing trade tensions.”
What’s more, traders will have to learn to

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FX Traders Have To (Re)Learn A New Skill

February 11, 2017

Dear FX traders: forget the dot plot, and prepare to learn a new – or to some forgotten – skill: how to read trade flows.
As Bloomberg’s Vincent Cignarella and Andrea Wong point out, currency traders accustomed to analyzing the Fed’s dot plot and monthly U.S. jobs figures to predict the direction of the world’s reserve currency are having to learn, or in some cases re-learn, a largely forgotten ability: how to scrutinize trade data. With protectionism, border tax, VAT and trade wars the buzzword of the day, suddenly international trade is all that seems to matter, and yet “It’s been decades since investors gave significant thought to the data amid easing trade tensions.”
What’s more, traders will have to learn to

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Swiss National Bank’s U.S. Stock Holdings Hit A Record $63.4 Billion

February 10, 2017

Being able to print your own money and buy stocks at any price sure can be fun. Just as the SNB which unlike many other (if ever fewer) central banks admits to doing just that.
In its latest 13F filing, the Swiss National Bank reported that the value of its portfolio of US stocks rose again in the fourth quarter, increasing by 1.6% from $62.4 billion as of Sept. 30 to a record high $63.4 billion at the end of the year.
Over the past two years, the total Assets under management of this massive hedge fund, which occasionally engages in massive currency manipulation with disastrous results, have increased from $26.7 billion to $63.4 billion, a 138% increase, mostly as a result of relentless currency manipulation and

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Frontrunning: February 9

February 9, 2017

Airlines, Airports to Meet President Amid Travel-Ban Uncertainty (WSJ) Legal battle pits Trump’s powers against his words (Reuters) Trump’s Oval Office Tweets Force CEOs to Choose Fight or Flight (BBG) Companies Plow Ahead With Moves to Mexico, Despite Trump’s Pressure (WSJ) Trump’s Labor Pick Loves Burgers, Bikinis, and Free Markets (BBG) NATO allies lock in …

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Largest Retail FX Broker FXCM Banned By CFTC, Fined $7 Million For Taking Positions Against Clients

February 8, 2017

The CFTC on Monday fined Forex Capital Markets, parent FXCM Holdings LLC and founding partners Dror Niv and William Ahdout to pay $7 million to settle charges it defrauded retail foreign exchange customers and engaging in false and misleading solicitations. As part of the settlement, FXCM agreed to withdraw its registration and never seek to register with the CFTC again, effectively banning it from operating in the US. The CFTC found the retail FX broker had an undisclosed interest in the market maker that consistently won the largest share of FXCM’s trading volume, and was therefore taking positions opposite its retail customers.
The CFTC also found that FXCM willfully made false statements to the National

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Switzerland: Chocolate, Watches, And Jihad

February 3, 2017

Submitted by Judith Bergmann via The Gatestone Institute, Swiss authorities are currently investigating 480 suspected jihadists in the country. "Radical imams always preached in the An-Nur Mosque… Those responsible are fanatics. It is no coincidence that so many young people from Winterthur wanted to do jihad." — Saïda Keller-Messahli, president of Forum for a Progressive …

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ECB Assets Rise Above 36 percent Of Eurozone GDP; Draghi Now Owns 10.2 percent Of European Corporate Bonds

January 31, 2017

The ECB’s nationalization of the European corporate bond sector continues. In the ECB’s latest update, the six central banks acting on behalf of the Euro system provided an update on the list of corporate bonds they bought. They bought into 810 issuances with a total of €573bn in amount outstanding. For the week ending 27th January, the bond purchases stood at €1.9bn across sectors. This increases the number of securities held by the ECB to 813, and lift the ECB’s total corporate bond holdings to €58.82b, which means that as of the latest weekly data, the ECB now owns 10.2% of the total €575.42BN in European corporate debt outstanding.
Since one month ago, the ECB owned 9.2% of the corporate bond market, the rate of

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Europe Proposes “Restrictions On Payments In Cash”

January 27, 2017

Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos’ elites discussed why the world needs to “get rid of currency,” the European Commission has introduced a proposal enforcing “restrictions on payments in cash.”
With Rogoff, Stiglitz, Summers et al. all calling for the end of cash – because only terrorists and drug-dealers need cash (nothing at all to do with totalitarian control over a nation’s wealth) – we are not surprised that this proposal from the European Commission (sanctuary of statism) would appear…

The Commission published on 2 February 2016 a Communication to the Council and the Parliament on

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80 percent Of Central Banks Plan To Buy More Stocks

January 24, 2017

Regular readers remember how, when we first reported around the time of our launch eight years ago that central banks buy stocks, intervene and prop up markets, and generally manipulate equities in order to maintain confidence in a collapsing system, and avoid a liquidation panic and bank runs, it was branded “fake news” by the established financial “kommentariat.” What a difference eight years makes, because today none other than the WSJ writes that “by keeping interest rates low and in some cases negative, central banks have prompted some of the most conservative investors to join the hunt for higher returns: Other central banks.”
To be sure, nothing that the WSJ reports is news to our readers, who have known for

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China Says It Is Ready To Assume “World Leadership”, Slams Western Democracy As “Flawed”

January 23, 2017

Over the weekend China used the Trump inauguration to warn about the perils of democracy, touting the relative stability of the Communist system as President Xi Jinping heads toward a twice-a-decade reshuffle of senior leadership posts.
Without directly referencing the new president, China wrote that democracy has reached its limits, and deterioration is the inevitable future of capitalism, according to the People’s Daily, the flagship paper of China’s Communist Party. It devoted an entire page on Sunday to critiquing Western democracies, quoting former Chairman Mao Zedong’s 1949 poem asking people to “range far your eyes over long vistas” and saying the ultimate defeat of capitalism would enable Communism to

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Davos (According To Donald Trump)

January 21, 2017

Bloomberg’s Anne Swardson, Zoe Schneeweiss, and Andre Tartar perfectly summed up the state of play right now during their discussion of the World Economic Forum’s annual get-together: “Never before has the gap between Davos Man and the real world yawned so widely.”
As the world’s top executives, financiers, academics, and politicians make their way to Switzerland, Trump – who won’t have an official representative there – has expressed strong feelings about some of the countries sending delegations, including his own.

Davos According to Donald Trump – Click to enlarge
Source: Bloomberg

Tags: Bloomberg

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Declassified CIA Memos Reveal Probes Into Gold Market Manipulation

January 19, 2017

By Smaul gld The CIA recently released a series of declassified 1970s memos relating to the gold market and the newly created SDR. These memos give new insight how the CIA viewed the gold market, the perceived manipulation of gold and the potential for the SDR to become a gold substitute in the international monetary …

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Jewish Trust Sues Deutsche Bank For $3 Billion

January 19, 2017

Just when it seemed that no more lawsuits are possible for Germany’s largest lender, which over the past two years has settled or otherwise paid billions to set aside a barrage of allegations of wrongdoing leading to the bank’s suspension of bonuses for most senior bankers, today we learn that Deutsche Bank was sued by …

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Lagarde Urges Wealth Redistribution To Fight Populism

January 19, 2017

IMF Managing Director Christine Lagarde, Italian Finance Minister Pier Carlo Padoan and Founder, Chairman and Co-CIO of Bridgewater Associates, Ray Dalio – Click to enlarge
As we scoffed oveernight, who better than a handful of semi, and not so semi, billionaires – perplexed by the populist backlash of the past year – to sit down and discuss among each other how a “squeezed and Angry” middle-class should be fixed. And so it was this morning as IMF Managing Director Christine Lagarde, Italian Finance Minister Pier Carlo Padoan and Founder, Chairman and Co-CIO of Bridgewater Associates, Ray Dalio, espoused on what’s needed to restore growth in the middle class and confidence in the future.
The conclusions of the

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Davos Elite Eat $40 Hot Dogs While “Struggling For Answers”, Cowering in “Silent Fear”

January 17, 2017

For those unfamiliar with what goes on at the annual January boondoggle at the World Economic Forum in Davos, here is the simple breakdown.
Officially, heads of state, captains of industry, prominent academics, philanthropists and a retinue of journalists, celebrities and hangers-on will descend Tuesday on the picturesque alpine village of Davos, Switzerland, for the World Economic Forum.
Unofficially, it’s the world’s biggest echo chamber, where wealthy, influential and/or powerful people, yet vastly out of touch with the rest of the world, sit down with other wealthy, influential and/or powerful people who are just as out of touch, to validate to each other that nobody really knows anything (also known as the

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What Vice Costs – The World’s Cheapest (& Most Expensive) Countries For Drugs, Booze, & Cigarettes

January 17, 2017

Indulging in a weekly habit of drugs, booze and cigarettes can cost you as little as $41.40 in Laos and a whopping $1,441.50 in Japan, according to the Bloomberg Vice Index.
Bloomberg compared the price of a basket of goods — tobacco, alcohol, amphetamine, cannabis, cocaine and opioids — in more than 100 countries relative to the U.S., where your fix of the vices adds up to almost $400, or about a third of the weekly income.
Here is the full basket of vice that Bloomberg is comparing: a pack of cigarettes, most popular and premium brands; a bottle of alcoholic beverages, including beer, wine and spirits; a gram of amphetamine-type stimulants, including amphetamine, methamphetamine and/or ecstasy; a gram of cannabis,

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Dollar, Futures Slump; Gold Spikes Over $1,200 After Trump Disappoints Markets

January 12, 2017

Risk assets declined across the globe, with European, Asian shares and S&P 500 futures all falling, while the dollar slumped against most currencies after a news conference by President-elect Donald Trump disappointed investors with limited details of his economic-stimulus plans, and the Trumpflation/reflation trade was said to be unwinding. “The risk was always that a …

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Neo Feudalism and Basic Income

January 12, 2017

It is difficult to say exactly how, or when, the next collapse will be triggered, but, as SHTFPlan.com’s Mac Slavo notes, of course all the conditions are ripe for it.

What can be certain is that the technocrats intent on controlling the future are already engineering the post-collapse society. Many of the Davos elite have been pushing “universal basic income” for all countries across the globe, and are leading people not only into a digital grid where cash is banned, but also into a society where private property and ownership are outlawed.

They are designing a future in which you must borrow or rent everything you need from corporations or the government, if you are allowed to have them at all.
You Realize

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Trump Is Set To Label China A “Currency Manipulator”: What Happens Then?

January 11, 2017

While China has been banging the nationalist drums in its government-owned tabloids, warning daily of the adverse consequences to the US from either a trade war, or from Trump’s violating the “One China” policy, a more tangible concern for deteriorating relations between China and the US is that Trump could, and most likely will, brand China a currency manipulator shortly after taking over the the Oval Office. Even Bank of America, which two months ago issued a report arguing that it is too early to base concerns of US trade barriers against China on campaign rhetoric, notes “that recent tweeter feeds from Mr. Trump suggests he disapproves the yuan depreciation, implying a higher probability of naming China as a

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Basic Income Arrives: Finland To Hand Out Guaranteed Income Of €560 To Lucky Citizens

January 6, 2017

Just over a year ago, we reported that in what was set to be a pilot experiment in “universal basic income”, Finland would become the first nation to hand out “helicopter money” in the form of cash directly to a select group of citizens.
As of January 1, 2017, the experiment in “basic income” has officially begun, with Finland becoming the first country in Europe to pay its unemployed citizens the guaranteed monthly sum of 560 euros ($587), in a “unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment.” According to Olli Kangas from the Finnish government agency KELA, which is responsible for the country’s social benefits, the two-year trial with the 2,000 randomly

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Money, Markets, & Mayhem – What To Expect In The Year Ahead

January 5, 2017

If you thought 2016 was full of market maelstroms and geopolitical gotchas, 2017’s ‘known unknowns’ suggest a year of more mayhem awaits…
Here’s a selection of key events in the year ahead (and links to Bloomberg’s quick-takes on each).

January
Donald Trump will be sworn in as U.S. president on Jan. 20.QuickTakes: Immigration Reform, Free Trade and Its Foes, Supreme Court, Oil Sands, Confronting Coal, Climate Change, Budget Deficit
The World Economic Forum in Davos, Switzerland, Jan. 17-20.QuickTake: Sustainable Investing

Davos, Switzerland.

Finland begins a test of a universal basic income by offering 2,000 unemployed adults 560 euros a month.QuickTake: Universal Basic Income
U.S. companies will be required to

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European Stocks Greet The New Year By Rising To One Year Highs; Euro Slides

January 4, 2017

While most of the world is enjoying it last day off from the 2017 holiday transition, with Asia’s major markets closed for the New Year holiday, along with Britain and Switzerland in Europe and the US and Canada across the Atlantic, European stocks climbed to their highest levels in over a year on Monday after the Markit PMI survey showed manufacturing production in the Eurozone rose to the highest level since April 2011.
“Euro-zone manufacturers are entering 2017 on a strong footing, having ended 2016 with a surge in production,” said Chris Williamson, chief business economist at IHS Markit. “Policy makers will be doubly-pleased to see the manufacturing sector’s improved outlook being accompanied by rising price

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