King John was forced to sign Magna Carta because he abused his powers and used the law to extract fines. That is why the revolt demanded trial by jury. Well, history repeats. Governments are abusing those same powers and are using the laws to harass people everywhere. Never rent a car in Europe. They will send you […]

Greece and its creditors stuck to their positions on Monday after the collapse of talks aimed at preventing a default and possible euro exit, while Germany’s EU commissioner said it was time to prepare for a “state of emergency”. Our models have long favored a Greek Exit (Grexit). We suspect that there will be the […]

Today was a very busy day for most assets classes. First there was news over weekend that S&P may look unkindly on the UK over Brexit issue (cable was weaker than euro but is recovering towards the end of the day). Greece, never out of the news, despite weekends, has been on your screens all […]

In the latest scandal where five major banks agreed to plead guilty to criminal charges brought by the U.S. Department of Justice for manipulating the foreign exchange rates of the U.S. dollar and euro, only the corporations were changed ­– not the bankers – be they traders or executives. The banks were Citicorp, JPMorgan Chase, […]

Rating Agencies Testify Before Congress for their AAA-Ratings after 2007 S&P has issued a warning of a UK downgrade if it exits the EU. Quite frankly, we have reviewed the trade flows and this is purely politics; it is certainly not beyond the possibility that S&P is being told what to do and say, just as they […]

Late headlines yesterday from the IMF spooked early trade in Europe, which saw support for core debt markets. But this “will they, won’t they” (or should I say, “can they, can’t they”) approach has long been a tiresome excuse for dealers and is another reason why liquidity is so poor. The 10yr Tsy/Bund spread remains […]

We have begun preparing the handouts for the 2015 World Economic Conference (WEC). We will focus on the best trading opportunities moving forward. We just opened the Princeton conference and are selling tickets for our U.S. session. We were overbooked for that venue but opening up Berlin allowed some people to move their reservation to […]

QUESTION: Hi Marty, if they eliminate cash – how would that affect 3rd world countries? Wouldn’t that add a huge dose of salt on that part of the wounded world? Also would we be back to Silver as the payment that the Tax man does not get? Ala Hunt brothers who bought it when Gold […]

Interesting day all around… European bonds are weaker from the opening rumors of unwinding the yen carry trade as a result of the stronger JPY (on Abe’s comments) resulting in 10-year bund trading briefly above 1% and the U.S. 10-year note at 2.50%, but then retail appeared and the bounce continued throughout the day – […]

It is all show. Now, Merkel desperately wants to bring a signed bailout deal with Greece to secure the euro. Greece managed to raise nearly €3 billion at its debt auction at 2.97% but for six-month securities. While the Greek politicians were delighted, we are talking about six-month paper. Capital is not taking a long-term view […]