Barcelona to Issue Its Own Electronic Currency
Barcelona plans to release its own currency in the coming spring. The money will initially exist only in digital form and support the regional economy according to the incumbent mayor. The value of the currency will be pegged to the Euro and will begin to reflect the desired independence aspirations of Catalonia which our computer has been projecting will be the outcome.
For those who are not familiar with the separatist movement there the issue goes back to the marriage of Ferdinand and Isabella. Isabella was of Castille, or Spain proper, and Ferdinand II was of Aragon, which was Catalonia. The indigenous languages of Catalonia are Catalan and Aranese whereas Spanish was indigenous to Castille.
Barcelona is perhaps the most beautiful city in all of Europe.
Coffee The Brain Food
Here is the design for this year’s Conference Cup for those who have a collection. Everyone always seems to be surprised that I drink coffee all day – 4 Starbucks Venti is a normal day and sometimes I go up to 6. Everyone has been shocked at how much coffee I drink. But that is way it was growing up in the trading days. You did not go to lunch. You ate once a day like a dog.
Well I am vindicated. It turns out coffee is brain food and you get more antioxidants from coffee than vegetables. So drink up. We will have coffee at the Conference, also water, but I prefer my water to be purified with coffee or occasionally scotch.
Why Taxes MUST be eliminated
The Guardian has obtained documents showing that the Internal Revenue Service (IRS) is now listening to people’s phone calls and this is showing it has to do with money – not terrorism. The IRS is now also has sophisticated cellphone dragnet equipment known as Stingray, where without search warrants, they are targeting people to get them hiding money..
Bankers Killing Highway Bill
A bipartisan group of House
members is teaming up with banks in an 11th-hour effort to kill a
provision that would raise $17 billion to help pay for a six-year
highway bill by lowering the Federal Reserve dividend rate paid to banks
on certain deposits.
Dropping the Senate-approved
offset would intensify pressure on lawmakers to shorten the duration of
the highway authorization measure.
Market Talk – October 27th, 2015
unchanged. Not too much again to write about but people are talking about the possible BOJ action at the end of the week and still about the PBoC decision last week. A couple of dealers mentioned the JPY weakness and the markets negative view but away from that Asia remained uninspiring. Hence, Europe opened with little or no direction and so we decided to follow the Oil market lower. The DAX, FTSE and CAC closed in negative territory as dealers listen to all the Central Bank involvement and start to question why! With the FED and BOJ due this week does this recent recovery in equity markets stand on solid ground, given so much vocal intervention. In the US this evening indices are struggling to make positive gains but with so much at stake heading into year end, market participants question every move.
The Oil market continues to drift lower as market participants in both the West and the East express concerns over inventory levels. The gap between TWI and Brent currently trades around $3.5 with closes this evening at $43.20 and $46.80 both around 1.75% declines today.
The Bond markets continued yesterday’s move with the US 10yr flirting with the 2% level yet again. Now that the ECB has brought the yield curve trading back into play it is possible to discuss it again. So, the belly saw the best performance with 5’s better by 4bp. The wings (5’s and 10’s) did not perform so well and were lower by just 2bp each. The long bonds lagged behind closing just 1bp better at 2.85%. The spread TY/RX was last seen this evening at around +156bp.
The DXY (US Dollar Index) was last seen this evening over 97.00 as ground was made against GBP, Euro and the JPY. Understandably, the Russian Rouble lost heavily in todays trading with losses of over 3% recorded. It will all depend on the FED and Oil Inventories (published tomorrow in the States) to see if this negative Rouble trend is likely to turn anytime soon.
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