Dollar Devaluation as an Elixir; Guv Health Care to Hijack Private Insurance; Oil Extraction Costs Rising

May 3, 2012

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“When you start divorcing the creator of risk from the ultimate holder of the risk, it becomes an issue.” Louis Ranieri, inventor of Mortgage Backed Securities

“The thing that I fear is confiscation. Confiscation of my assets, confiscation of my clients’ assets. I fear that this thing could get out of [control]. I think we’re a year away from the French fully nationalizing their banking system…” ~ Eclectica’s Hugh Hendry

“There hasn’t been a case in history where they haven’t eventually printed money and devalued their currency” ~ Ray Dalio

“If I’m president, I will label China a currency manipulator and apply tariffs” ~ Mitt Romney, tradewar

Central Banking:

Since 1973, dollar’s value vs $USDJPY is down 5-fold, yet the US trade deficit with Japan has increased 10-fold ~ Financial Sense -further debunking debauching the currency as a path to prosperity

Greenspan says the effect of stimulus on equities underestimated~ #operationnewbubble fully underway

US:

At Milken, Feelings of Malaise ~ DealBook

  • One new rule introduced as part of Dodd-Frank Act will force a PE firm to spend $50 million a year on new auditors and compliance officers 
  • “Panelists said that the new regulatory regime was making it harder for banks to lend, and leading to the rise of a shadow banking sector” 

U.S spends $300 billion a year on tax preparation, says Tom Coburn ~ bloomberg

Growth of smartphones: Samsung 235%, Other 219%, Huawei 180%, ZTE 155%, Apple 88%, LG 35%, Motorola 24%, HTC -29%, RIM -26%, ~ @asymco

107 people charged with $452 million in Medicare fraud ~ bloomberg – great, multiply that by 100, annually, and you’ve solved the problem.

Health care plan incentives companies to drop your health care coverage and dump you into the government system ~ Fox News

  • “Even after paying a penalty of $2,000 per employee, the companies stand to save $28.6 billion in 2014 alone by shifting employees to health insurance exchanges governed by strict federal standards.”

World:

Kuwait: “many families take to subsidized foodstuff simply because it is there, and not because they need it”~ albawaba

Australian Iron Ore Billionaire to build Titanic replica (needs registration) ~ FT - excess is frequently one sign of a top

German tempers boil over back-door euro rescues ~ UK Telegraph

  • France’s share of eurozone exports has dropped from 17pc to 13pc since 2000

Total European Banking assets stand at $65 Trillion versus $12 trillion in US ~ Milken Institute ~ historysquared

Ugly Chart of Eurozone PMI ~ FT Alphaville

Marginal oil production costs are heading towards $100/barrel ~ FT Alphaville

Performance of the Thai Baht during the 1997 Asian Flu ~ currency trader magazine

Lessons from the 1997-1998 Asian Financial Crises ~ HistorySquared

FX and Gold Reserves in Europe, ~ currency trader magazine  risk increases when ST debt to reserves greater than one

China:

International Comparison Retail Price of Gas, artificially cheap, often due to subsidies ~ twitter


 

Goldman Sachs says bank regulations to hurt corporate bond market and small businesses, cost 300,000 jobs, reduce GDP bt 0.4% says $GS ~ FT alphaville  -they’re biased, but points are notable

Resource companies by governments are “giant ATM machines” for governments and “patronage job creators” ~ Bloomberg

China’s Cash-Poor Developers Fuel Commercial Property Deals ~ Bloomberg  the vultures circle

Hong Kong Sells Land at $5,113.69 per square foot, below estimates ~ Bloomberg

Ugly Chart of Europe’s PMI ~ FT Alphaville

Living in China on $475 a month: own bedroom $95/mo; Internet $3/mo; Gym $11/mo; $12/mo all utilities ~ MiamiHerald 

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