It is the 20th of February 2020


"Brexit Is A Bear Stearns Moment, Not A Lehman Moment"

By Epsilon Theory's Ben Hunt of Salient Partners

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UBS Warns Its Clients They May Not Be Able To Trade At All After Brexit

With less than two days until the outcome of the Brexit referendum, traders around the world know two things: in a scene reminiscent of Lehman Sunday, everyone will be ready to trade the nanosecond the first results are released resulting in a supernova of volatility and an unprecedented burst in volume or... markets will simply grind to a halt as banks refuse to take risk positions and execute client orders, all bids and offers are withdrawn as the last trace of liquidity evaporates, and central banks are forced to start trading with each other in the open market.

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A Day In The Life Of Several Hundred Laid Off Nomura Traders

Back in April, Japan's largest brokerage, Nomura, announced that it was quitting the European equity business. The decision was a cost cutting measure, and was made easier by the fact that the European operation hadn't made a profit since 2010.

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Currency Wars Re-Escalate As Bank Of Korea Eases To Record Low Rate With Surprises Rate Cut

 With the 655th rate-cut globally since Lehman, the Bank of Korea stunned the market tonight and cut rates 25bps to 1.25% (a record low). Only 1 of 18 economists expected a rate cut as it appears record highs in US equities signal nothing about the underlying turmoil in the world's economy. After 6 straight days stronger (against the USD), the Won is sliding back above 1160 as it seems the currency wars are reigniting in AsiaPac...

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US Government Intentionally Destroys 9/11 Evidence

Judges and lawyers know that – if someone intentionally destroys evidence – he’s probably trying to hide his crime.  American law has long recognized that destruction of evidence raises a presumption of guilt for  the person who destroyed the evidence.

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Mizuho CEO Warns Japan Sales Tax Delay Is "Admission Abenomics Has Failed"

It has not been a good "second coming" for Shinzo Abe, whose first stint as prime minister of Japan ended in disgrace in 2007 after an allegedly crippling bout of explosive diarrhea forced the then-prime minister to resign. To say that Abenomics has been a dismal failure would be an understatement:  unable to boost inflation, unable to boost wages, plummeting trade with both exports and imports crashing to post crisis lows...

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