tag:blogger.com,1999:blog-9214368411532770626.post902224531516165416..comments2015-04-20T15:12:32.820+10:00Comments on The Great Australian Investment Ponzi: Biotech Capital (BTC.AX) loses 56% of its imaginary assetsDr Benwayhttp://www.blogger.com/profile/07733149271772819325noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-9214368411532770626.post-41003152517121086172013-12-08T20:31:18.080+11:002013-12-08T20:31:18.080+11:00Good read, thanks for the tip!Good read, thanks for the tip!Dr Benwayhttps://www.blogger.com/profile/07733149271772819325noreply@blogger.comtag:blogger.com,1999:blog-9214368411532770626.post-33656770669200238552013-12-07T23:46:21.705+11:002013-12-07T23:46:21.705+11:00Did you read this article?
http://www.zerohedge.c...Did you read this article?<br /><br />http://www.zerohedge.com/contributed/2012-19-10/philipp-bagus-insolvency-fed<br /><br />It is one of the best ever posted by ZH. Worth reading, more than once. Philip Bagus is one of the few who actually understands how the credit of a bank can trade 'money good'.The Central Scrutinizerhttps://www.blogger.com/profile/09978484230689380341noreply@blogger.comtag:blogger.com,1999:blog-9214368411532770626.post-32026149147364013962013-12-07T23:33:44.402+11:002013-12-07T23:33:44.402+11:00I doubt it. The RBA monetises MBS & other junk...I doubt it. The RBA monetises MBS & other junk only because it is not trading money enough in the market, the idea is to narrow money market spreads ie. inflate the financial markets, thus more debt & fees. Whether this is a response to international events or just the new Liberal government leaning on the RBA I can't tell. Of course this weakens the credit of the RBA, but few understand the $ is bank credit. It's not just the ASX that's a Ponzi scheme. <br /><br />HEG is a fraud, they did produce a small amount of gold but were in no way profitable. Yet they still manage to issue shares to more suckers, mostly Chinese lately. Maybe Ian & Bruce got the boot in favour of some Chinese appointee.The Central Scrutinizerhttps://www.blogger.com/profile/09978484230689380341noreply@blogger.comtag:blogger.com,1999:blog-9214368411532770626.post-77556871949680192762013-12-07T23:05:53.776+11:002013-12-07T23:05:53.776+11:00Weirdness abounds. Could it be the dawning realiza...Weirdness abounds. Could it be the dawning realization at RBA that we can't all work in financial services pushing debt and fees?<br /><br />Saw there was some recent drama at your favourite company, involving some familiar names:<br />http://www.asx.com.au/asxpdf/20131206/pdf/42lfzvf74lfh90.pdfDr Benwayhttps://www.blogger.com/profile/07733149271772819325noreply@blogger.comtag:blogger.com,1999:blog-9214368411532770626.post-5497094236440721662013-12-07T21:57:33.250+11:002013-12-07T21:57:33.250+11:00This is from http://www.prudentbear.com/2013/12/th...This is from http://www.prudentbear.com/2013/12/the-countdown-to-year-end.html#.UqL6xSdc4-0<br /><br />One of the best sources of information on global credit IMO. The operations of the RBA over November hint at something more extreme than a little EM (emerging market) instability however.<br /><br />This week saw the MSCI Asian Pacific equities index drop 1.8%, the biggest decline since August. Australia’s main equities index was hit for 2.5% and New Zealand stocks were down 1.7%. Australian 10-year bond yields jumped 21 bps to a 25-month high 4.44%. Singapore stocks fell 2.0%, and South Korea’s Kospi sank 3.2%. Turkey’s major equities index fell 3.1% this week. Argentina’s Merval stock index was hammered for 6.77%.<br /><br />EM instability has returned – in some cases with a vengeance. Brazilian (real) yields closed Wednesday at a multi-year high 13.27%, up 190 bps from early September lows. Other EM problem children also saw bond yields spike higher. Indonesian 10-year yields ended the week at 8.64%, up from the October low of 7.0% and not far from September highs (8.93%). Indonesian yields began the year at 5.19%. The Ukraine has become another EM worry. Ukraine’s dollar yields jumped from 9.40% on November 25th to 10.38% on December 3rd (after trading at 6.86% in early-March). After ending October at 7.16%, Russian (ruble) yields jumped this week above 7.90%. After trading down to 8.20% in late-October, Turkey’s 10-year sovereign yields this week returned to 9.60%. South Africa saw 10-year yields jump from October lows of 7.30% to above 8.10% this week. Almost across the board, EM yields have risen over recent weeks. The Central Scrutinizerhttps://www.blogger.com/profile/09978484230689380341noreply@blogger.comtag:blogger.com,1999:blog-9214368411532770626.post-46945792483279035292013-12-05T17:37:23.181+11:002013-12-05T17:37:23.181+11:00That's very interesting, Scrutinizer. It sure ...That's very interesting, Scrutinizer. It sure feels like something has to give. On the other hand it's felt like that for a long time.Dr Benwayhttps://www.blogger.com/profile/07733149271772819325noreply@blogger.comtag:blogger.com,1999:blog-9214368411532770626.post-90784246026234312782013-12-05T16:49:12.341+11:002013-12-05T16:49:12.341+11:00Ha! Sounds like a share - sorry gold mining compan...Ha! Sounds like a share - sorry gold mining company, calling a hole in the ground that doesn't produce any gold, an asset. I'm looking at you HEG.<br /><br />Something I didn't mention previously. The record increase in ES balances with the RBA in November has been concomitant with a near record monthly increase in the RBA's total liabilities. The RBA is inflating hard.<br /><br />As such I'm surprised to see the ASX falling & the AUD falling significantly. I'm beginning to wonder whether there isn't something going on in the background internationally. Current political instability in Thailand, Ukraine is a sure sign of credit crises. So far there hasn't been any movement in the money market here, but that just makes an international explanation of the falling AUD more likely.<br /><br />Of course the Liberals are renowned inflators of the currency, it's possible the RBA is being lent on to feed the cancer. The Central Scrutinizerhttps://www.blogger.com/profile/09978484230689380341noreply@blogger.com