Friday , December 6 2019
Home / Tyler Durden
Tyler Durden

Tyler Durden

Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit.

Articles by Tyler Durden

Prohibition Ended Today 86 Years Ago

7 hours ago

Authored by D.W.MacKenzie via The Mises Institute,

Today is an interesting milestone for Libertarian minded people, as well as those with a fondness for trivia.

86 years ago today FDR 86’d prohibition.

Drinking became a crime starting on January 17th 1920, and remained a crime until December 5th 1933. Prohibition serves as a leading example of what happens when people in a largely free society lose part of their freedom. Prohibition did not stop Americans from drinking, it just drove an industry underground and into the control of gangs. Consequently, gang violence escalated during the prohibition years.

Prohibition also escalated police raids against harmless commerce. Prohibition fueled speakeasies as dispensers of beer & booze. Speakeasies obviously dealt with violent gangs as

Read More »

China Will Use Millions Of Zimbabwe Citizens To Improve Facial Recognition Accuracy

7 hours ago

As China spreads its economic footprints across multiple continents with The Belt and Road Initiative, and exercises more and more control over the lives of its subjects via a combination its Social Credit Score system and vast surveillance state, it appears Beijing’s Big Brother has run into an issue that needs to be addressed to achieve world domination… inaccuracy!

Facial recognition systems are becoming more and more mainstream and accepted by an increasing number of ‘average joes’ around the world as the cost of security (or just ease of life). The problem is, as we detailed previously, for some segments of society, it is wildly inaccurate.

Specifically, after Oakland and San Francisco voted against the use of facial recognition, Rep. Tashida Tlaib claimed that “the error rate

Read More »

November Payrolls Preview: This May Actually Matter

7 hours ago

With the Fed now on hold well into 2020 (by which we mean no rates hikes ever and a rate cut as soon as the S&P drops more than 10%), Powell’s reaction function is once again data-dependent, which is why tomorrow’s payrolls report might actually matter to markets: if very strong, it may just skewer stocks as the odds of a rate hike, improbable as they may be, will rise; if ugly – which is far more likely after our analysis over the weekend and yesterday’s disastrous ADP – it could send the S&P to new all time highs as traders anticipate another rate cut in the coming months.

With that in mind, here’s what consensus expects the BLS to release tomorrow at 8:30am ET: An above trend 180k in November; The unemployment rate is seen unchanged, though some gauges suggest the jobless rate could be

Read More »

Shale’s Debt-Fueled Drilling Boom Is Coming To An End

8 hours ago

Authored by Nick Cunningham via OilPrice.com,

The financial struggles of the U.S. shale industry are becoming increasingly hard to ignore, but drillers in Appalachia are in particularly bad shape.

The Permian has recently seen job losses, and for the first time since 2016, the hottest shale basin in the world has seen job growth lag the broader Texas economy. The industry is cutting back amid heightened financial scrutiny from investors, as debt-fueled drilling has become increasingly hard to justify.

But E&P companies focused almost exclusively on gas, such as those in the Marcellus and Utica shales, are in even worse shape. An IEEFA analysis found that seven of the largest producers in Appalachia burned through about a half billion dollars in the third quarter.

Gas production

Read More »

New ATF Study: 423 Million Guns In Hands Of Americans

8 hours ago

Authored by Steve Watson via Summit News,

Violent crime rate has decreased by 48.6 percent in tandem with ownership rise…

Newly released figures from the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives shows that there are now a whopping 422.9 million guns in the hands of Americans. The number equates to 1.2 guns for every person in the country.

The figures also show that in 2018, 8.1 billion rounds of ammunition were produced by the gun industry.

The figures also reveal that the most popular firearm in the country is the much maligned sporting rifle, often mis-identified as an “assault rifle”, the AR-15 being one of the more popular models.

The findings highlight that there are now 17.7 million of them in private hands, a record high, and more than half (54%) of all

Read More »

Hillary Casually Drops ‘Russian Asset’ Smear On Bernie Sanders In New Interview

9 hours ago

Hillary Clinton went on the Howard Stern show this week for a wide-ranging interview with the popular radio host, specifically focusing on her loss to Trump and what 2020 looks like — a race she’s recently dropped hints she could be prepared to enter, however unlikely that might be. 

While the Wednesday interview was widely covered in the media, there’s one segment largely overlooked in the mainstream, but which is stunning nonetheless. We’ve grown used to her ‘Trump is a Russian asset’ line in her typical blame game fashion anytime she makes a media appearance; however, she did repeat the less common conspiracy that links rival Democrat Bernie Sanders to the Kremlin.

Are we just going to ignore that Hillary Clinton, today, just implied that Bernie Sanders is also a Russian asset?

Read More »

Bill Gates Wants to Export India’s National ID System Around The Globe

9 hours ago

Authored by Daniel Taylor via OldThinkerNews.com,

It’s not just a social credit score system spreading around the world from China that threatens the free people of the world; India’s Aadhaar National ID program has the full support of Bill Gates and the World Bank as a model for other countries to follow.

Gates said in a 2018 CNBC interview that it was “too bad” if someone thought that Aadhaar was a privacy issue:

[embedded content]

The Gates Foundation has pledged to fund the World Bank in an effort to take the ID program to other countries.

Despite Gates plea that there are no privacy issues with Aadhaar, several court cases have gone to India’s supreme court on grounds of privacy violations.

The ID system has had serious security breaches, with access to a billion identities

Read More »

JPMorgan Issues 2020 Alert: Recession Odds Jump After The Election, As The Fed’s Credibility Is Questioned

9 hours ago

When it comes to Wall Street’s recent flurry of 2020 forecasts, most banks – perhaps with the notable exception of SocGen – agree that the first half of next year will be more of the same smooth sailing for US equities observed for much of 2019 (if not the violent rotations we witnessed below the surface that crippled quant returns this year).

Where where the consensus goes downhill and things gets stormy, is the outlook for the second half of 2020, whose dominant feature will be the November presidential election. And few are as concerned about what the second half of next year may bring than JPMorgan. The bank, which has been steadfastly bullish stocks – and in retrospect correctly so, if for all the wrong reasons (for example, JPM’s bull thesis was predicated on economic growth, not

Read More »

The Average Person Will Watch Over 78,000 Hours Of Television “Programming” Over The Course Of A Lifetime

10 hours ago

Authored by Michael Snyder via TheMostImportantNews.com,

If you want to waste your life, a great way to do that is to spend tens of thousands of hours watching television. Today, it is so difficult to get people to leave their homes and get active in their communities, because most of us are absolutely glued to one screen or another. After a long day at school or a hard day at work, most of us understandably want to relax, and from a very early age most of us have been trained to turn to the television as our main source of relaxation. But of course there is great danger in allowing anyone to pump thousands upon thousands of hours of “programming” into our minds.

More than 90 percent of the “programming” that we consume is controlled by just a handful of exceedingly powerful

Read More »

Beijing No Longer Seems Interested In Footing The Bill For Electric Vehicles

10 hours ago

EVs were once thought to be the unlimited silver lining behind an automotive industry that has all but collapsed into severe recession in China. 

But now, it’s looking like Beijing isn’t so excited to help sustain the EV niche of the market anymore, according to the Wall Street Journal. 

And Beijing’s ambivalence is starting to show up in the numbers. EV sales fell off a cliff after June of this year, when the government slashed purchase subsidies. From July to October, sales of new energy cars were down 28% from the year prior. 

Many buyers prior to this had purchased vehicles in anticipation of the subsidy cut, which makes the sales "hangover" even worse. But the drop, on its own, still suggests that demand could be waning under the surface without government incentive. EVs are still

Read More »

Subway Loses Lawsuit Against Journalists Who Discovered Chicken Strips Only 43% Actual Chicken

10 hours ago

Four years after learning their longtime spokesman was a giant pedophile, Subway has suffered yet another embarrassment after a Canadian court threw out a $210 million lawsuit against journalists who tested the company’s meat, only to discoer that Subway chicken contains as little as 42.8% actual chicken.

In February 2017, the Canadian Broadcasting Company’s Marketplace DNA tested six different pieces of chicken from five fast food restaurants – finding that poultry from A&W, McDonald’s, Tim Hortons, and Wendy’s contained between 88.5% and 89.4% chicken DNA.

Subway?

53.6% for their oven roasted chicken contained actual chicken, and 42.8% of their chicken strips. According to the CBC, the rest of it was soy protein, according to VICE.

Needless to say, Subway was a little upset –

Read More »

Brazilian Car Production Plunge Sparks Widespread Cutback In Work-Hours

11 hours ago

Investors searching for "green shoots" in the global manufacturing sector might not discover them in Brazil.  

Brazil’s auto industry trade group Anfavea reports vehicle production plunged 7.1% in November, on a YoY basis. 

Anfavea said 227,455 vehicles (light vehicles, trucks, and buses) were produced last month, versus 244,771 over the same period the previous year. For the first ten months of the year, vehicle production increased 2.7% from 2,702,306 in 2018 to 2,774,484 in 2019.

The trade group said the number of vehicles exported from Brazil continues to decline.

November vehicle exports were down 7.9% over the year. For the first ten months, vehicle exports plunged 33.2% over the prior year.

Brazil is one of the top five automakers in the world. The sector has struggled in the

Read More »

Twitter Censorship Confirmed: “Shadow Banning” Is Now Written Into The Platform’s New Terms

11 hours ago

Authored by Mac Slavo via SHTFplan.com,

Twitter has written “shadow banning” aka, censorship, into their new terms.  The platform will now intentionally “limit the visibility” of some users. Expect those who dissent from the official narrative to be the ones censored.

Critics have accused Twitter of censorship for quite some time now.  But this time, it’s official. The company has admitted they will attempt to silence those critical of the ruling class. According to RT, the news terms will be taking effect in January of 2020. While the new terms don’t look like much to write home about, some tweaks to the language could have larger repercussions for users, limiting their reach behind the scenes without their knowledge.

Last year, when I spoke to Twitter reps, they lied and gaslight

Read More »

Russia Ready To Extend New START Arms Pact “Without Preconditions” By Year-End: Putin

11 hours ago

Since the recent collapse of the Intermediate-Range Nuclear Forces (INF) treaty, the world has witnessed a hardening of positions on the part of the US, Moscow, and some European powers, also as the ‘Open Skies’ treaty is on the White House chopping block. And it goes without saying that these treaties are designed to prevent the kind of Cold War arms race which nearly took the world to the brink of nuclear annihilation, thus many analysts fear once removed there’s no putting the lid of a major arms race back on. New START, which is the landmark nuclear arms reduction treaty signed by the two superpowers in 1991 and took effect in 1994, is set to expire in February 2021, which would be a mere weeks after the next presidential inauguration.

A little over a month ago the Russian Foreign

Read More »

How To Avoid Civil War: Decentralization, Nullification, Secession

12 hours ago

Authored by Ryan McMaken via The Mises Institute,

It’s becoming more and more apparent that the United States will not be going back to "business as usual" after Donald Trump leaves office, and it is easy to imagine that the anti-Trump parties will use their return to power as an opportunity to settle scores against the hated rubes and "deplorables" who dared attempt to oppose their betters in Washington, DC, California, and New York.

Certainly, this ongoing conflict will manifest itself in the culture war through further attacks on people who take religious faith seriously, and on those who hold any social views unpopular among degreed people from major urban centers. The First Amendment will be imperiled like never before with both religious freedom and freedom of speech denounced as

Read More »

Fintech Bubble Implodes And Nobody Even Noticed 

12 hours ago

Venture capitalists have poured billions of dollars into fintech unicorns, otherwise known as digital bank startups over the last decade. The biggest question everyone is asking is whether the fintech bubble has already burst. 

Taking a look at the fintech mania, Ian Green, principal consultant for data and technology at The Disruption House, has provided the Financial Times with a chart of benchmarking and data analytics of the sector.

The chart above shows a massive increase in the number of fintech startups founded between 2004 and 2014, but as soon as 2015 rolled around, the number of new startups developed collapsed from 390 in 2015 to just 71 in 2018.

Green said the data series is incomplete for 2019 but will likely show the continuation of the trend lower. He said the number of

Read More »

Dismal 2019 Numbers Show Why Illinois Pensions Will Continue To Fail

12 hours ago

Authored by Ted Dabrowski and John Klingner via Wirepoints.org,

The Commission on Government Forecasting and Accountability’s special pension report released this week shows yet again how strong markets and ever-more taxpayer funds can’t fix the flaws in the state’s politician-run pension system.

Illinois’ pension shortfall grew to a record $137 billion in 2019, up from $134 billion the year before. That increase continues a near unabated increase in pension liabilities since 2000, when the state’s shortfall was just $16 billion. Given Illinois politicians have shown no appetite to amend the constitution to reform pensions, the shortfall is likely to continue its upward trend.

A lack of reform has taken a real toll on taxpayers and the ability of the state to meet its obligations to

Read More »

Tesla Owners Wait In Half-Mile-Long Line To Charge Their Cars On Black Friday

13 hours ago

Dozens of tree-hugging Californians who have convinced themselves that they are single-handedly saving the planet wound up spending a good portion of their Black Friday waiting on an extensive line to have their cars charged.

The Kettleman City Supercharger station, which boasts 40 charging stalls, was "overrun" on Black Friday, according to video and photos posted by the Daily Mail. 

Shanon Stellini was traveling through the area on November 30 and found a backlog of "around 50" Teslas waiting to charge at the station which is off Interstate 5.

The scene has become more common at Superchargers around the U.S. as the cash-strapped company, which feels like it is in a perpetual state of slashing its capex, fails to keep up its infrastructure to handle the number of cars they have been

Read More »

The Masses Are Being Conditioned To Ignore The Economic Bubble

13 hours ago

Authored by Brandon Smith, via Birch Gold Group,

In the second week of October, after the “partial” U.S.-China trade deal was announced to much fanfare, I made this prediction:

"US and Chinese officials rarely waste an opportunity to use trade talk headlines to head-fake markets with false hope. Rumors of a “partial” or tentative trade deal are circulating today, with MORE trade talks in a month or two. In other words, “more trade talks” means there is no deal of any substance and there’s plenty of time for the whole thing to fall apart once again. I give it less than a month. In the meantime, there will be plenty of other distractions for the general public, including the impeachment circus, tariffs against Europe, tensions in Syria, the Brexit mess, etc, etc."

My estimate was

Read More »

Trump Boasts He Made Saudis Pay “Billions” For US Troops

13 hours ago

Just before he abruptly canceled a final news conference to cap off this week’s 70th anniversary meeting in London, Trump revealed a stunning conversation he says he had previously with the Saudi king. 

Amid a flurry of other headlines covering the tense NATO brouhaha, this one was largely under reported Wednesday: Trump boasted he got "billions of dollars" out of Saudi Arabia for the current heightened American military presence there to ‘deter Iran’.  

"You know, Saudi Arabia – we moved more troops there.  And they’re paying us billions of dollars. Okay? You never heard of that before. You’ve never heard of that in your whole life," he said while sitting next to NATO Secretary-General Jens Stoltenberg in a question-and-answer session.
File image: the president’s 2017 trip to Saudi

Read More »

Dollar Dives For 5th Straight Day But Stocks Surge Despite Downbeat Trade News

14 hours ago

The constant hubbub behind every tiny dip in stocks is simple… a trade deal is close, so remain calm…

[embedded content]

Chinese stocks soared overnight…

Source: Bloomberg

European markets started off solid but rolled over into the close, all lower on the week for now…

Source: Bloomberg

US Markets ended higher on the day, smashed higher in the last 30 mins after dropping on less optimistic trade headlines – this is a f**king farce now… The gamma-driven spike faded in the last few minutes…Trannies ended green thanks to the ramp

Source: Bloomberg

The day was spoiled briefly by a late-day headline at 1500ET that *U.S., CHINA REMAIN AT ODDS OVER VALUE OF FARM PURCHASES: DJ – but as the chart below shows, S&P Futs bounced dramatically off VWAP and back to the day’s

Read More »

Gartman Reveals His Last Trade Recommendation

14 hours ago

The end of the month will be a momentous occasion: not only will it mark the first full decade of global central planning, but it will also be the end of a newsletter era, as the Gartman Letter winds down, as we first reported last week. And in one of his last trade recos, had one last reco to his soon to be former clients and everyone else: Donald Trump’s multiple trade wars and other threats mean it’s time to sell and go into cash.

In a phone interview with Bloomberg, Gartman said that "people should be taking a lot of profits and getting far less involved with stocks than they have over the course of the past two or three years." As a result, Gartman recommended investors puts 60% or more of their assets in cash, despite refusing to say if stocks have peaked.

Then again, it wouldn’t

Read More »

Rabobank: “In Any Other Context, The Bloomberg Story Would Represent Criminal Market Manipulation”

14 hours ago

Submitted by Michael Every of Rabobank
Common People
I’m from a generation that still gets a buzz from the opening lines of Pulp’s Common People: “She came from Greece she had a thirst for knowledge; she studied sculpture at St Martins College; That’s where I, caught her eye.” In an age of populism, and in the run-up to the UK election, it seems particularly timeless. Yesterday the market also sang along happily (stocks up, US 10-year yields reversing half their previous plunge, CNY firming) when Bloomberg reported that based on the insider views of some “people”, China’s anger over US legislation on Hong Kong, and pending on Xinjiang, won’t get in the way of a phase one trade deal; and from the US side it is just a matter of crossing the Ts and dotting the Is on tariff roll-back (which

Read More »

“They’re True 21st Century Criminals” – Feds Indict ‘Evil Corp’ Hackers For $100 Million Crime Spree

14 hours ago

Federal authorities have indicted two Russian cybercriminals who allegedly lead a shadowy organization called "Evil Corp" that has stolen more than $100 million using a powerful malware that has spread to more than 40 countries.

According to Reuters, prosecutors indicted Maksim Yakubets, the organization’s Lamborghini-driving alleged ringleader, whle ordering asset freezes against 17 of his associates. An indictment was also filed against Yakubets’s alleged No. 2, Igor Turashev. Both men are believed to be alive and living in Russia, beyond the reach of American authorities, who have tried to apprehend Yakubets at least once before. Authorities said they’ve already arrested 8 other alleged members of the group.

Back in 2015, prosecutors made another attempt to stop Evil Corp,

Read More »

Stocks Briefly Slide After WSJ Reports US Officials Have Become “Less Optimistic About A Deal”

15 hours ago

Moments before 3pm, stocks suddenly slumped, following the latest running update to the WSJ’s article on the ongoing state of US, China trade talks, according to which even though "China’s Commerce Ministry said that negotiating teams from both sides have maintained close communication", over the past few days "officials in the U.S. have become less optimistic about a deal." The reason: "the two sides remain at odds over the value of farm goods Beijing will buy from the U.S., with President Trump looking for $40 billion to $50 billion a year within two years."

That, as we reported several week ago, would represent an enormous increase from the $8.6 billion last year—and twice as much as China bought from the U.S. before the trade war began in earnest in 2018.

As part of the ongoing

Read More »

Pound Climbs To 2-Year High As Traders Jump On Pre-Election Rally

23 hours ago

Moving higher for a fifth straight session, the pound climbed to fresh cycle highs on Thursday after the London open, as expectations for the return of a Tory majority after next week’s snap vote have helped bolster the British currency, which has risen 9% off its lows.

The pound’s torrid pre-election rally has brought the currency to its highest level vs the dollar in more than 7 months, and its strongest level vs. the euro in 2 years.

Cable climbed another 0.2% on Thursday to trade above $1.31 for the first time since May 7. If it holds its gains until the end of the session, it will mark the pound’s longest winning streak (five sessions) since June.

As the FT explains, a Conservative majority is the more market-friendly outcome because it would promote greater certainty: PM Johnson

Read More »

‘This Is Exactly What Hillary Tried To Do’ – Critics Slam New Biden Ad For Claiming ‘World Is Laughing’ At Trump

1 day ago

Vice President Joe Biden and his team have seized on Tuesday evening’s now-infamous ‘hot mic’ moment featuring Justin Trudeau, Boris Johnson, Emmanuel Macron and Dutch PM Mark Rutte and transformed it into a campaign advertisement claiming that the rest of the world is laughing at President Trump.

The world is laughing at President Trump. They see him for what he really is: dangerously incompetent and incapable of world leadership.We cannot give him four more years as commander in chief. pic.twitter.com/IR8K2k54YQ
— Joe Biden (@JoeBiden) December 5, 2019
They supplemented the moment by sprinkling in clips from cable news, Trump’s speech at the 2019 UN General Assembly and other moments where world leaders were purportedly less than impressed with Trump’s performance (they also used a

Read More »

NATO Names China As New Enemy, Alongside Russia

1 day ago

Authored by Jason Ditz via AntiWar.com,

The 1949 NATO Treaty never attempted to single out a specific enemy for the alliance to fight against, and while it was clear at the time the Soviet Union was the focus, the lack of specificity has meant numerous attempts in recent history to add enemies, or make up new things for the alliance to do.

During this week’s NATO meeting, they are going to officially add a new nation to the list of “challenges,” in the form of China, with NATO chief Jens Stoltenberg saying NATO has to “tackle the issue” of China’s growing capabilities.

China is a major military and economic power, though not hostile to any NATO member nations. That China is a Pacific nation makes them a strange enemy for an alliance supposedly focused on the north Atlantic to single

Read More »

“Floodgates Are Open” – German Banks Start Charging Retail Savers

1 day ago

It has been over 7 years since the European Central Bank’s key deposit facility rate was positive, and just a few weeks ago it was lowered to a record low of -50bps.

Source: Bloomberg

And during that time, European bank stocks have suffered greatly…

Source: Bloomberg

As Cornelius Riese, co-CEO of Frankfurt-based DZ Bank A.G. (Germany’s second-largest by assets), observed, negative rates indeed “have a huge impact on banks.” Riese ventured to offer some gentle criticism of Draghi & Co.’s grand policy experiment:

“Maybe at the end of the story, in three to five years, we will notice it was a historical mistake.”

Well, it appears we are about to reach the vinegar strokes of that ‘historical mistake’, as Bloomberg reports, German banks are breaking the last taboo: Charging

Read More »

Stockholm: Elderly Residents Kicked Out Of Apartments To Make Way For Migrants

1 day ago

Authored by Paul Joseph Watson via Summit News,

Dozens of elderly residents were forced to leave their apartments in an area of Stockholm after the block was closed, only to be re-opened again for migrants to replace them.

Residents at Dianagården were told they would have to leave because the toilets in the facility were 5cm too small to comply with regulations.

However, soon after the 48 apartments were emptied, they were filled with newly arrived migrants.

“It was later revealed that politicians planned that immigrants would instead move into the premises,” reports Fria Tider.

In 2015, Sweden accepted more refugees per capita than any other country, and despite worsening problems with sexual assaults, grenade attacks and violent crime, the inflow shows no sign of being

Read More »