• Tag Archives Greece
  • Kyle Bass Is Having A Bad Day – Greek Bank Stocks Crash To 16-Month Lows

    Just over a month ago, Kyle Bass discussed why he was long effectively “long Greece.”
    Bass penned a Bloomberg editorial in which the hedge fund founder and CIO called on the IMF to stop bullying Greece – publicizing the fact that he is now effectively long Greece. Greek government bonds have performed reasonably well so far this year: They’re up about 16%, and if Bass is right, they could have another 20% to 30% over the next 18 months if the IMF abandons its insistence on austerity and acknowledges that debt relief will need to be part of the long-term alleviation of debt. Bass added that, in the near future, voters will elect a more business-friendly government that will help reestablish the country’s creditworthiness, much like the government of Mauricio Macri did for Argentina.
    I think you also have an interesting political situation in Greece where I think there’s going to be a handoff from the current Syriza government to kind of a more slightly-center-right but very economically independent new leadership in the next, call it, 18 months.
    And so, I think you asked why now? And I think you’re starting to see green shoots. You’re starting to see the banks do the right things finally in Greece and you are about to have new leadership.
    So, I think that you’re going to see – and if you remember Argentina as Kirschner was going to hand-off – hand the reins over to someone that was much more let’s say focused on business and economics than being a kleptocrat, I think you’re going to see something again slightly similar in Greece where you have leadership today that might not be the right leadership and the government-in-waiting, I believe, and I think you know Mr. (Mitsutakous) – I think you’re going to see something great happen to Greece in the and next, kind of, two years.

    This post was published at Zero Hedge on Nov 16, 2017.


  • Deutsche: The Swings In The Market Are About To Get Bigger And Bigger

    Risk Parity not having a good day pic.twitter.com/GRdpB4NUOj
    — zerohedge (@zerohedge) November 10, 2017

    One week ago, on November 9 something snapped in the Nikkei, which in the span of just over an one hour (from 13:20 to 14:30) crashed more than 800 points (before closing almost unchanged) at the same time as it was revealed that foreigners had just bought a record amount of Japanese stocks the previous month.
    As expected, numerous theories emerged shortly after the wild plunge, with explanation from the mundane, i.e., foreigners dumping as the upward momentum abruptly ended, to the “Greek”, as gamma and vega stops were hit by various vol-targeting (CTAs, systemic, variable annutities and risk parity) funds. One such explanation came from Deutsche Bank, which attributed the move to a volatility shock, as “heightened volatility appears to have triggered program trades to reduce risk”, and catalyzed by a rare swoon in both stocks and bonds, which led to a surge in Nikkei volatility…
    … and forced highly leveraged risk parity funds and their peers to quickly delever. As DB’s Masao Muraki explained at the time:

    This post was published at Zero Hedge on Nov 16, 2017.


  • EU Preparing for the Banking Crisis

    Subtly, the EU is looking to establish preparations for the coming banking crisis and how to protect the banks from massive withdrawals. The solution? The EU wants to be able to temporarily free up credits for the banks and at the same time to freeze bank deposits, In other words, like Greece, you just won’t be able to withdraw funds. Obviously, everything will be frozen. The current EU plan envisages blocking account disbursements for five working days and with the authority to extend any suspension to up to 20 days. They may need longer!

    This post was published at Armstrong Economics on Nov 16, 2017.


  • Cradles of Capitalism: the City-States of Greece and Italy

    There long has been a persistent academic debate as to whether an “ancient economy,’ referring mainly to Greece, even existed at all. In a field dominated by Marx, Marxists, the 19th century sociologist Max Weber, and such scholars of renown as Sir Moses Finley, the lingering image of the economic world of the Greek polis is that of something very static. We imagine a leisure class lounging at the sandaled foot of an orator while slaves tended to the fields, flogging cows harnessed to ploughs stuck in the mud. It is the notion of a “primitive” economy: money made for status, not investment; credit extended for the purchase of slaves, war waged for the capture of booty, elites in control of craft guilds and tyrant-kings keeping the peace by randomly doling out the goods.
    Then there is ancient epic itself, with the noble Odysseus disdaining seafaring for profit (though he did take all the pay-offs he could collect) and the great Achilles pondering a discovery of precious treasure only so far as it might estimate his aristocratic worth. From this rudimentary foundation, an entire field of Socialist-Keynesian views on the Greek economy has prevailed, with occasional libertarian scholars such as Murray Rothbard and Jess Huerta de Soto getting a word in edgewise. In recent time, however, academia has found much more evidence of technological advances and market-driven considerations on the part of the classical polis than previously thought.
    Keeping in mind that in both ancient Greece (and Renaissance Italy) that democracy was not incompatible with aristocracy, and that oligarchies and tyrants were not necessarily illiberal, several points may be made in defense of the economic model of the city-state: 1) that the stronger the city-state, the greater the industrial and economic expansion; 2) that private property was considered a fundamental economic principle; 3) that banking standards were relatively conservative; 4) that the wealthiest city-states were of the most socially dynamic; 5) that city-state competition spearheaded the modern entrepreneurial Europe; and 6) that the visionary tyrant was almost always business-first in his rule.

    This post was published at Ludwig von Mises Institute on 11/14/2017.


  • Claudio Grass Interviews Mark Thornton

    Introduction
    Mark Thornton of the Mises Institute and our good friend Claudio Grass recently discussed a number of key issues, sharing their perspectives on important economic and geopolitical developments that are currently on the minds of many US and European citizens.
    A video of the interview can be found at the end of this post. Claudio provided us with a written summary of the interview which we present below – we have added a few remarks in brackets (we strongly recommend checking the podcast out in its entirety – there is a lot more than is covered by the summary).
    Interview Highlights
    We currently find ourselves in a historically and economically significant transition period. The already overstretched bubble in the markets is still expanding, but we now see bold moves by the Fed to reduce its balance sheet, at the same time the ECB plans to taper, overall presenting us with a fairly deflationary outlook. This reversal of the expansionary policies of the last decade can be seen as the first step toward a potentially ferocious correction in the not-too-distant future.
    The ECB is trapped, as it already holds 40% of euro zone sovereign debt. At the same time, Spain, Italy and Greece continue to potentially present major challenges, as a banking crisis could easily reemerge in these countries [ed note: banks in Europe have managed to boost their capital ratios, but the amount of legacy non-performing loans in the system remains close to EUR 1 trn. Moreover, TARGET-2 imbalances have recently reached new record highs, a strong sign that the underlying systemic imbalances remain as pronounced as ever]. Mario Draghi intends to reduce the ECB’s asset purchases from EUR60 billion to EUR30 billion per month. He may soon realize that if the ECB does not buy euro zone bonds, no-one will.

    This post was published at Acting-Man on November 14, 2017.


  • Draghi Knew About Hiding Losses by Italian Banks

    The Bank of Italy, when it was headed at the time by Mario Draghi, knew Banca Monte dei Paschi di Siena SpA hid the loss of almost half a billion dollars using derivatives two years before prosecutors were alerted to the complex transactions, according to documents revealed in a Milan court.
    Mario Draghi, now president of the European Central Bank, was fully aware of how derivatives were being used to hide losses. Goldman Sachs did that for Greece, which blew up in 2010. It is now showing that Draghi was aware of the problems stemming from a 2008 trade entered into with Deutsche Bank AG which was the mirror image of an earlier deal Monte Paschi had with the same bank. The Italian bank was losing about 370 million euros on the earlier transaction, internally they called ‘Santorini’ named after the island that blew up in a volcano. The new trade posted a gain of roughly the same amount and allowed losses to be spread out over a longer period. We use to call these tax straddles.

    This post was published at Armstrong Economics on Nov 13, 2017.


  • Dijsselbloem Admits “We Used Taxpayers’ Money To Bailout The Banks”

    ‘We had a banking crisis, a fiscal crisis and we spent lot of the tax-payers’ money – in the wrong way, in my opinion – to save the banks’ outgoing Eurogroup head Jeroen Dijsselbloem said adding ‘so that the people criticizing us and saying that everything was being done for the benefit of the banks were to some extent right.’
    As KeepTalkingGreece.com reports, Dijsselbloem was responding to a question posed by leftist MEP Nikos Chountis during a session at the European Parliament’s Employment and Social Affairs Committee on Thursday.
    ‘This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost,’ he underlined. ‘This was the reason for banking union and the introduction of higher standards, better supervision and a reform and rescue framework when banks have losses,’ he said stressing ‘precisely so that we don’t find ourselves in that situation again.’

    This post was published at Zero Hedge on Nov 10, 2017.


  • Greece Is Planning a EU30 Billion Debt-Swap Exercise As Greek 10Y Yield Hits Lowest Level Since 2009 (Unemployment Still Over 20%)

    This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.
    Now that the drama over The Fed Chair selection is over, we can focus of other earthly matters, like Greece sovereign debt restructuring.
    (Bloomberg) – The Greek government is planning an unprecedented debt swap worth 29.7 billion euros ($34.5 billion) aimed at boosting the liquidity of its paper and easing the sale of new bonds in the future.
    Under a project that could be launched in mid November, the government plans to swap 20 bonds issued after a restructuring of Greek debt held by private investors in 2012 with as many as five new fixed-coupon bonds, according to two senior bankers with knowledge of the swap plan. The bank officials requested anonymity as the plan has yet to be made public. The maturities of the new bonds may be the same as for the existing notes, which range from 2023 to 2042.
    ‘The move aims to address the current illiquidity of the Greek bond market,’ according to analysts at Pantelakis Securities SA in Athens. It will also ‘establish a decent yield curve, thus facilitating the country’s return to public debt markets.’

    This post was published at Wall Street Examiner on November 2, 2017.


  • SWOT Analysis: What a Higher Budget Deficit Means For Gold

    Strengths
    The best performing precious metal for the week was palladium, down slightly by 0.42 percent. Germany’s BASF noted that the automotive industry appears to be responding to the price surge in palladium this year and are slowing down purchases. According to Bloomberg, gold traders and analysts are bearish for the first time in four weeks as the dollar strengthens. The passing of the U. S. budget by the Senate lifted hopes by boosting risk sentiment and pushing yields higher. Joni Teves of UBS says a large fiscal package is a key downside risk for gold as it would result in a higher policy rate path. Even though there has been a pullback in gold prices, large buy orders came into the market two times this week and spiked prices higher. On Monday, 18,1792 gold contracts were traded in a span of five minutes and on Wednesday another 21,129 contracts were traded. Tai Wong, head of base and precious metals trading at BMO Capital Markets, bets the dollar is going to retrace and it will be good for gold. Paul Wright, former CEO of Eldorado Gold Corp., will resign from his board position after 20 years at the company and just months after resigning as CEO. Although stock value tripled during his tenure, Wright’s late career was marked by a high-profile dispute with the Greek government after investing over $2 billion in the country. Following the results of the European Central Bank meeting, gold is seeing some selling pressure and trade surging after the dollar index rallied.

    This post was published at GoldSeek on 30 October 2017.


  • Technical Scoop – Weekend Update Oct 29

    Can stock markets fly? Or is it really different this time? As we outlined last week, in celebration of the 30th anniversary of the 1987 October stock market crash, stock markets, it appears, can fly or soar as you may wish to call it. Just when you think the stock market couldn’t go any higher it does. Last week we noted the Dow Jones Industrials (DJI) had soared 30% since the US election on November 4, 2016. When compared with other stock market blow-offs such as the ‘Roaring Twenties,’ the dot.com bubble of the 1990s, or the Tokyo Nikkei Dow (TKN) of the 1980s it was a rather puny performance, so far.
    A more appropriate start point might actually be the February 11, 2016 low. That low came following six months of stock market gyrations mostly to the downside because of the ending of quantitative easing (QE). The DJI only fell about 15% during that time but it was the steepest correction since the 2011 EU/Greece crisis and only the second time the DJI fell more than 10% since the financial crisis of 2007 – 2009. The DJI fell 6% during the Brexit mini-panic and was down just over 4% into the November election. Pullbacks since then have been even shallower. So, given no correction over 10% maybe we should be looking at this blow-off as having started with the February 2016 low.
    Since then the DJI is up just under 52% over a period of 624 days. We noted last week the average of six blow-offs we examined had seen gains of 176% over a period of 658 days. Based on this we are doing well time-wise but not so well on the gains. The longest period seen for a blow-off was about 1,050 days. There is no denying the stock market could rise further and longer than many expect.

    This post was published at GoldSeek on 29 October 2017.


  • Roman Republican Hoard for Sale of Victoriati

    We have another hoard available of the early Roman coinage from the Second Punic War. These are the Greek denominations forming the first two-tier monetary system in the known world. Such hoards are rare today so the opportunities to obtain such specimens are becoming far and few between.
    Prior to the introduction of the Roman denarius in about 211 BC, Rome’s silver coins were similar in weight and silver content to the staters (didrachmas) of Greece and Magna Grecia (southern Italy and Sicily). With the Second Punic War (218-200BC), the production of these silver coins greatly increased to cover the expenses as always with war. This demand for coinage was met with the extensive minting of didrachmas known as quadrigati named after the reverse picturing Jupiter driving a four-horse chariot known as the quadriga.

    We have another hoard available of the early Roman coinage from the Second Punic War. These are the Greek denominations forming the first two-tier monetary system in the known world. Such hoards are rare today so the opportunities to obtain such specimens are becoming far and few between.
    Prior to the introduction of the Roman denarius in about 211 BC, Rome’s silver coins were similar in weight and silver content to the staters (didrachmas) of Greece and Magna Grecia (southern Italy and Sicily). With the Second Punic War (218-200BC), the production of these silver coins greatly increased to cover the expenses as always with war. This demand for coinage was met with the extensive minting of didrachmas known as quadrigati named after the reverse picturing Jupiter driving a four-horse chariot known as the quadriga.

    This post was published at Armstrong Economics on Oct 28, 2017.


  • Gold Will Be Safe Haven Again In Looming EU Crisis

    – Gold will be safe haven again in looming EU crisis
    – EU crisis is no longer just about debt but about political discontent
    – EU officials refuse to acknowledge changing face of politics across the union
    – Catalonia shows measures governments will use to maintain control
    – EU currently holds control over banks accounts and ability to use cash
    – Protect your savings with gold in the face of increased financial threat from EU
    Editor: Mark O’Byrne
    ***
    When we talk about the Eurozone crisis we are usually referring to the Eurozone debt crisis. According to the OECD the debt crisis of 2011 was the world’s greatest threat.
    In the years that followed, Germany, France and the UK led EU members in their efforts to stave off debt defaults from the likes of Ireland, Portugal, Italy, Spain and, of course, Greece. This was partly in order to protect the German, French and UK banks who had lent irresponsibly into the periphery EU nations and were very exposed.

    This post was published at Gold Core on October 26, 2017.


  • Professor Claims Math, Algebra, And Geometry Promote “White Privilege”

    A University of Illinois math professor believes that algebra and geometry perpetuate ‘white privilege’ because Greek terms give Caucasians unearned credit for the subject.
    ***
    But that isn’t the professor’s only complaint. She also believes that evaluations for math proficiency perpetuates discrimination against minority students, if they do worse than their white counterparts.
    Rochelle Gutierrez argues in a newly published math education book for teachers that they must be aware of the identity politics surrounding the subject of mathematics.
    ‘On many levels, mathematics itself operates as Whiteness,’ she argues with complete sincerity, according to Campus Reform.
    ‘Who gets credit for doing and developing mathematics, who is capable in mathematics, and who is seen as part of the mathematical community is generally viewed as White.’

    This post was published at Zero Hedge on Oct 24, 2017.


  • Macron’s Call to Federalize Europe

    France’s President Emmanuel Macron is calling for a radical restructuring of the whole EU. Macron has presented his map for the EU into 2024. He is proposing that the Eurozone budget must include a joint force for military operations. Macron intends to finance this new budget with its tax – the ‘EU tax’ he calls it.
    Macron has looked at the numbers and see that France will go the way of Greece if something is not changed and soon. Macron hopes just to throw all the rotten eggs into one basket and hope nobody will notice. It’s the Three Musketeers – All for one; One for All just times 28.
    Germany is still dominated by its misunderstanding of the Hyperinflation. Former Greek finance minister Yanis Varoufakis supports Macron’s federalist proposals on the euro single currency but believes only a real threat could make Germany budge on the issue. It has been Germany that opposed the consolidation of the debts to form the Euro. They are trying to remain isolated in their austerity posture refusing to budge on the debt consolidation, while at the same time they want the single currency to facilitate German exports eliminating foreign exchange risk among other members. They just cannot have it both ways.

    This post was published at Armstrong Economics on Oct 22, 2017.


  • In The Shadows Of Black Monday – “Volatility Isn’t Broken… The Market Is”

    Authored by Christopher Cole via Artemis Capital Management,
    A full version of the article is available on the Artemis website.
    Volatility and the Alchemy of Risk
    The Ouroboros, a Greek word meaning ‘tail devourer’, is the ancient symbol of a snake consuming its own body in perfect symmetry. The imagery of the Ouroboros evokes the infinite nature of creation from destruction. The sign appears across cultures and is an important icon in the esoteric tradition of Alchemy. Egyptian mystics first derived the symbol from a realphenomenon in nature. In extreme heat a snake, unable to self-regulateitsbody temperature, will experience an out-of-control spike in its metabolism. In a state of mania, the snake is unable to differentiate its own tail from its prey, and will attack itself, self-cannibalizing until it perishes. In nature and markets, when randomness self-organizes into too perfect symmetry, order becomes the source of chaos.
    The Ouroboros is a metaphor for the financial alchemy driving the modern Bear Market in Fear. Volatility across asset classes is at multi-generational lows. A dangerous feedback loop now exists between ultra-low interest rates, debt expansion, asset volatility, and financial engineering that allocates risk based on that volatility. In this self-reflexive loop volatility can reinforce itself both lower and higher. In a market where stocks and bonds are both overvalued, financial alchemy is the only way to feed our global hunger for yield, until it kills the very system it is nourishing.
    The Global Short Volatility trade now represents an estimated $2+ trillion in financial engineering strategies that simultaneously exert influence over, and are influenced by, stock market volatility. We broadly define the short volatility trade as any financial strategy that relies on the assumption of market stability to generate returns, while using volatility itself as an input for risk taking. Many popular institutional investment strategies, even if they are not explicitly shorting derivatives, generate excess returns from the same implicit risk factors as a portfolio of short optionality, and contain hidden fragility.

    This post was published at Zero Hedge on Oct 21, 2017.


  • Italy’s Solution for Unemployment = Pension Crisis

    The high taxation in Europe has crippled the economy. Those in power have not yet figured out that 70% of employment is created by the small business owner who they consider the rich and thus the enemy. Nowhere has this been more the case in Italy, Greece, and Spain. Italy is the next on the list of this Year From Political Hell come May 2018 and with youth unemployment above 30% for the past six years, the solution is not to lower taxes, but to steal from pensions to pay benefits to the youth.
    In 2015 alone, some 50,000 Italians under 40 years of age migrated elsewhere to find jobs. Nearly half of them had gone to university to get degrees to no avail. All the fancy papers to frame and hang on the wall are not worth the cost of a frame. Italy and Greece are bleeding as their young talent cannot find a job and are pouring out of the country. The loss of these people is being argued is costing Italy 1% per year in economic growth. The estimate is closer to a 2% loss on GDO for Greece.

    This post was published at Armstrong Economics on Oct 16, 2017.


  • The Curious Case Of Missing The Market Boom

    Authored by Raul Ilargi Meijer via The Automatic Earth blog,
    ‘The Cost of Missing the Market Boom is Skyrocketing’, says a Bloomberg headline today. That must be the scariest headline I’ve seen in quite a while. For starters, it’s misleading, because people who ‘missed’ the boom haven’t lost anything other than virtual wealth, which is also the only thing those who haven’t ‘missed’ it, have acquired.
    Well, sure, unless they sell their stocks. But a large majority of them won’t, because then they would ‘miss’ out on the market boom… Some aspects of psychology don’t require years of study. Is that what behavioral economics is all about?
    And it’s not just the headline, the entire article is scary as all hell. It reads way more like a piece of pure and undiluted stockbroker propaganda that it does resemble actual objective journalism, which Bloomberg would like to tell you it delivers. And it makes its point using some pretty dubious claims to boot: The Cost of Missing the Market Boom Is Skyrocketing
    Skepticism in global equity markets is getting expensive. From Japan to Brazil and the U. S. as well as places like Greece and Ukraine, an epic year in equities is defying naysayers and rewarding anyone who staked a claim on corporate ownership. Records are falling, with about a quarter of national equity benchmarks at or within 2% of an all-time high.

    This post was published at Zero Hedge on Oct 14, 2017.


  • Schuble: Another Financial Crisis Is Coming Due To Spiraling Global Debt, “New Bubbles”

    Following the disappointing for Angela Merkel and her CDU German election results, which propelled the populist AfD into Germany’s political establishment with 92 members of parliament, the first casualty was Germany’s finance minister, Wolfgang Schuble, who in a few days will relinquish his long-held post and move on to the ceremonial role of Bundestag president. As part of his farewell tour, Schuble – like so many other former members of the establishment- took a parting shot at the system he helped create and warned that “spiraling levels of global debt and liquidity”, as well as “new bubbles” present a major risk to the world economy.
    Speaking to the FT, the Europhile beloved in Germany for successfully steering one of the world’s largest economies for the past eight years, and who nearly led to Grexit in the summer of 2005, said there was a danger of ‘new bubbles’ forming due to the trillions of dollars that central banks have pumped into markets. Confirming another fear widely propagated by the Putin propaganda alternative media, Schuble also warned of risks to stability in the eurozone, particularly those posed by bank balance sheets burdened by the post-crisis legacy of non-performing loans, something we have warned about since 2012, and an issue which remains largely unresolved.
    A strong advocate of fiscal rectitude and debt reduction, Mr Schuble dominated Europe’s policy response to the eurozone debt crisis and has been vilified in countries such as Greece as an architect of austerity. But he will mainly be remembered as the most ardently pro-European politician in German chancellor Angela Merkel’s cabinet, skilled at selling the benefits of the euro and of deeper European integration to an often sceptical German public.

    This post was published at Zero Hedge on Oct 8, 2017.


  • Kyle Bass Sounds Off On “Worthless” Puerto Rican Debt, The Crypto “Gold Rush”, And Guns

    With the dollar’s recent post-Fed bout of appreciation providing some much-needed relief for Haymarket Capital’s P&L, its founder Kyle Bass sat for an interview on Friday with Bloomberg’s Erik Schatzker. During the 20 minute discussion, Bass expounded on the importance of holding gold, his cautiously optimistic view on digital currencies, the misguided notion that holders of Puerto Rican debt will someday be made whole – oh, and Bass’s next big call: Long Greece – particularly the stocks and debt of Greek banks.
    ***
    A few weeks ago, Bloomberg view published a Bass-penned editorial in which the hedge fund founder and CIO called on the IMF to stop bullying Greece – publicizing the fact that he is now effectively long Greece. Greek government bonds have performed reasonably well so far this year: They’re up about 16%.

    This post was published at Zero Hedge on Oct 7, 2017.


  • The Best And Worst Performing Assets In September, Q3 And 2017 YTD

    While September and Q3 were the latest solid month for US risk assets, which ended the month and quarter at all time highs, across the globe returns were relatively more mixed for the sample of assets tracked by Deutsche Bank. That said, a large number of assets (21 of 39 in local currency terms) finished with a total return between -1% and +1% which in part reflects another month of incredibly low volatility with the VIX in particular spending much of it trading between 9.5 and 11.0. In the end, excluding currencies 19 out of 39 assets finished the month with a positive total return in local currency and USD hedged terms.
    As Deutsche Bank’s Jim Reid reports this morning, in terms of the movers and shakers, commodities dominated the top of the German bank’s leaderboard with Wheat (+9%), WTI (+9%) and Brent (+8%) all finishing with a high single digit return. It’s worth noting however that this does follow heavy falls for the price of Wheat and WTI in August. Equities generally had a strong month, particularly in Europe where a slightly weaker euro (-1%) aided local currency returns. The DAX (+6%), FTSE MIB (+5%), Stoxx 600 (+4%), Portugal General (+4%) and IBEX (+1%) all finished firmer – the latter underperforming however reflecting elevated tension around the Catalan referendum. Returns in USD terms were 0% to +6%. It’s worth also noting the return for European Banks (+5% local, +4% USD) which got a boost from the slightly higher rate environment. There were two standout underperformers in equity markets however. The first was the Greek Athex which tumbled -8% in local terms although still remains up an impressive +19% YTD. The other was the FTSE 100 which fell -1% under the weight of a strong month for Sterling (+4%) following the BoE signalling an imminent rate hike as well as some progress around Brexit talks. Indeed in USD terms the FTSE 100 was up +3%.

    This post was published at Zero Hedge on Oct 2, 2017.