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Tyler Durden

Tyler Durden

Tyler Durden is a reference to the lead character in Fight Club. It's the pseudonym for Zero Hedge's key author(s) used to hide their identities.

Articles by Tyler Durden

For The First Time Ever, The “1%” Own More Than Half The World’s Wealth: The Stunning Chart

2 days ago

Today Credit Suisse released its latest annual global wealth report, which traditionally lays out what has become the single biggest reason for the recent “anti-establishment” revulsion: an unprecedented concentration of wealth among a handful of people, as shown in Swiss bank’s infamous global wealth pyramid, an arrangement which as observed by the “shocking” political backlash of the past year, suggests that the lower ‘levels’ of the pyramid are increasingly unhappy about.
As Credit Suisse tantalizingly shows year after year (most recently one year ago), the number of people who control roughly half of the global net worth, or 45.9% of the roughly $280 trillion in household wealth, is declining progressively

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Saudi Billionaires Scramble To Move Cash Offshore, Escape Asset Freeze

7 days ago

Over the weekend, Saudi King Salman shocked the world by abruptly announcing the arrests of 11 senior princes and some 38 ministers, including Prince Al-Waleed bin Talal, the world’s sixty-first richest man and the largest shareholder in Citi, News Corp. and Twitter. The purge was orchestrated by a new “supreme committee” to investigate public corruption created by King Salman but under the control of Crown Prince Mohammed bin Salman, who chairs the committee and is widely suspected of being the driving force behind the purge.

– Click to enlarge
In addition to the arrests, two Royals have died since the purge began. Prince Mansour bin-Muqrin reportedly perished in a helicopter crash near the Yemen border earlier

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Frontrunning: November 15

8 days ago

GOP Seeks to Derail Moore, Salvage Senate Seat (WSJ) Army takes control in Zimbabwe (Reuters) Senate Tax Plan Guts Obamacare, Sunsets Many Middle-Class Cuts (BBG) Senate Republicans tie tax plan to repeal of key Obamacare mandate (Reuters) Trump’s Campaign Foreign Policy Team Under Mueller’s Microscope (BBG) Ryan Says Future Congresses Will Preserve Tax Bill’s Temporary …

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Mysterious Bitcoin Dip-Buyer Identified

9 days ago

Amid the cataclymsic collapse of Bitcoin late on Friday night, the crypto currency suddenly saw a large buyer step in as prices plummeted below $6000. We now have an idea who that buyer of last resort was… As a result of a giant publicity effort from its proponents, BCH saw mass investment as it heads …

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Saudi Billionaires Scramble To Move Cash Offshore, Escape Asset Freeze

14 days ago

Over the weekend, Saudi King Salman shocked the world by abruptly announcing the arrests of 11 senior princes and some 38 ministers, including Prince Al-Waleed bin Talal, the world’s sixty-first richest man and the largest shareholder in Citi, News Corp. and Twitter. The purge was orchestrated by a new “supreme committee” to investigate public corruption …

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Each Bitcoin Transaction Uses As Much Energy As Your House In A Week

16 days ago

While Bitcoin bulls will probably never have it so good as they have in 2017, we wonder whether many of them have stopped to think about the environmental downside of this roaring bull market. After all, back in the dot.com boom, people had ideas about potential internet businesses, issued pieces of paper representing ownership and watched their prices go parabolic parabolic. All it took was a Powerpoint presentation, some computer programming expertise and a “research” report, courtesy of Mary Meeker, Henry Blodgett et al.
The environmental downside we’re referring to in Bitcoin is, of course, is energy.
We alluded to this in a constructive way here when we noted that a new Bitcoin mining hub is developing in

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Each Bitcoin Transaction Uses As Much Energy As Your House In A Week

17 days ago

While Bitcoin bulls will probably never have it so good as they have in 2017, we wonder whether many of them have stopped to think about the environmental downside of this roaring bull market. After all, back in the dot.com boom, people had ideas about potential internet businesses, issued pieces of paper representing ownership and …

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The Swiss National Bank Now Owns A Record $88 Billion In US Stocks

19 days ago

In the third quarter of 2017, one in which the global economy was supposedly undergoing an unprecedented “coordinated growth spurt”, and in which central banks were preparing to unveil their QE tapering intentions, in the case of the ECB, or raising rates outright, at the Fed, what was really taking place was another central bank buying spree meant to boost confidence that things are now back to normal, using “money” freshly printed out of thin air, and spent to prop up risk assets around the world by recklessly buying stocks with no regard for price or cost.
Nowhere was this more obvious than in the latest, just released 13F from the massive hedge fund known as the “Swiss National Bank.” What it showed is that, just

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If American Federalism Were Like Swiss Federalism, There Would Be 1,300 States

21 days ago

Authored by Ryan McMaken via The Mises Institute, In a recent interview with Mises Weekends, Claudio Grass examined some of the advantages of the Swiss political system, and how highly decentralized politics can bring with it great economic prosperity, more political stability, and a greater respect for property rights.  Since the Swiss political system of …

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The World’s Largest ICO Is Imploding After Just 3 Months

28 days ago

Earlier this summer, Tezos smashed existing sales records in the white-hot IPO market after the company’s pitch to build a better blockchain for cryptocurrencies made it one of the buzziest ICOs in the world. As we noted at the time, the company capitalized on that buzz by courting VC firms and other institutional investors with a $50 million token pre-sale. After the company opened up selling to the broader public, demand soared as investors greedily bought up tokens in spite of glitches that threatened to derail the sale early on. By the end of its weeks-long token sale in July, Tezos had sold more than $230 million.
Now, Tezos is proving that authorities in the US and China were on to something when they decided

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A Look Inside The Secret Swiss Bunker Where The Ultra Rich Hide Their Bitcoins

29 days ago

Somewhere in the mountains near Switzerland’s Lake Lucerne lies a hidden underground vault containing a vast fortune.
It’s no ordinary vault, according to Quartz. Built inside a decommissioned Swiss military bunker dug into a granite mountain, it’s precise location is a closely guarded secret, and access is limited by myriad security precautions.
But instead of gold bars, the bunker contains hard drives on which customers’ bitcoins are being kept in what’s call “cold storage” – i.e. the owners’ private keys are protected by an air-gapped hard drive. The vault is one of many operated by Xapo, an early bitcoin company known for its cold storage wallet products and a debit card that pays for transactions in digital

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Taleb Explains How He Made Millions On Black Monday As Others Crashed

October 17, 2017

Former trader and author of best-selling book “The Black Swan” sat down for an interview with Bloomberg News to mark the upcoming thirtieth anniversary of the stock-market crash that occurred on Oct. 19, 1987 – otherwise known as Black Monday.
Taleb famously supercharged his career – and earned a considerable sum of money (though turns out it was less than Taleb felt he deserved) – thanks to his trading profits from that day, which he said were in the “tens of millions of dollars.”
But what did he trade, and how? And furthermore, what was going through his head as he watched the market crumble around him?
Answering a question about what specific strategies he employed, Taleb explained that he relied on “tail options”

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Swiss Flush $3 Million In Gold And Silver Down The Drain Every Year

October 14, 2017

When it comes to flushing valuables down the toilet, the Swiss are hardly “Austrians”, and appear to be equity-opportunity dumpers, whether it is fiat or hard money.
Last month we reported that Switzerland was gripped in a mystery, after it was discovered that someone tried to flush $120,000 in €500 bills down the toilet in a bathroom close to a UBS bank vault as well as three nearby restaurants, which in turn clogged the local toilets requiring thousands of francs in plumbing repairs to unclog the pipes.
However, it’s not just paper currency that gets flushed down the toilet in the world’s wealthiest nation, and as it turns out Switzerland’s waste water is far more precious than it smells.

– Click to enlarge

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Dollar Surge Continues Ahead Of Jobs Report; Europe Dips As Catalan Fears Return

October 7, 2017

World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U.S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red – as they have been every day this week before levitating to record highs – ahead of hurricane-distorted nonfarm payrolls data (full preview here). U.S. jobs report will also be released Friday with a speech on monetary policy by the New York Fed chief.
On Thursday the S&P 500 reached its latest all-time high after better-than-forecast American factory orders and hawkish comments by SF Fed President John Williams reinforced optimism in the world’s

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Switzerland Tops World’s Most Competitive Countries Index (Yemen Least)

October 6, 2017

Something else ‘Murica is no longer #1 in…
A recently released World Economic Forum report has found that the global economy is recovering well nearly a decade on from the start of the global financial crisis with GDP growth hitting 3.5 percent in 2017. The eurozone in particular is regaining traction with 1.9 percent growth expected this year. As Statista’s Niall McCarthy points out, the improvement in Europe’s economic fortunes can be seen in the report and the following infographic which shows that six European economies are among the world’s ten most competitive.

World’s Most and Least Competitive Countries, 2017 – 2018You will find more statistics at Statista – Click to enlarge
The World Economic Forum

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WTI Tumbles Below $50 To 3-Week Lows

October 6, 2017

On the heels of continued dollar strength, output increases by OPEC (and US production at 2 year highs), and Libya restarting its biggest oilfield, WTI prices are tumbling for the 3rd time this week, back below $50 to their lowest in 3 weeks… As Bloomberg notes, while oil rallied into a bull market last month on the …

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Dollar & Stocks Jump; Bonds & Bullion Dump In Lowest Volatility September Ever

October 5, 2017

It has now been 318 trading days since the S&P 500 suffered a 5% drawdown – the 4th-longest streak since 1928… So everything is awesome…
[embedded content]
BUT…US ‘hard’ economic data has not been this weak (and seen the biggest drop) since Feb 2009…

US Data Surprise Index, 2006 – 2017 – Click to enlarge

Q3 Was a Roller-Coaster…
Q3 was the 8th straight quarterly gain in a row for The Dow – the longest streak since Q3 1997.
The Long bond was unch, gold up 3.2%,. but stocks outperformed in Q3…

Gold(see more posts on Gold, ) – Click to enlarge
Nasdaq just outperformed Small Caps on the quarter as stocks reversed their down-trend seemingly around Yellen’s J-Hole speech…

Yellen J-Hole Speech – Click to

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Here Are The Cities Of The World Where “The Rent Is Too Damn High”

October 1, 2017

In ancient times, like as far back as the 1990s, housing prices grew roughly inline with inflation rates because they were generally set by supply and demand forces determined by a market where buyers mostly just bought houses so they could live in them. Back in those ancient days, a more practical group of world citizens saw their homes as a place to raise a family rather that just another asset class that should be day traded to satisfy their gambling habits.
But, thanks to the efforts of global central banks, the days where home prices roughly reflected the ability of the marginal local buyer to afford those homes, is long gone.  As a general rule of thumb, a house was historically considered “affordable” if it

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The Global Housing Bubble Is Biggest In These Cities

September 30, 2017

Two years ago, when UBS looked at the world’s most expensive housing markets, it found that London and Hong Kong were the only two areas exposed to bubble risk.

UBS Global Real Estate Bubble Index – Click to enlarge
What a difference just a couple of years makes, because in the latest report by UBS wealth Management, which compiles the bank’s Global Real Estate Bubble Index, it found that eight of the world’s largest cities are now subject to a massive speculative housing bubble.  And while perpetually low mortgage rates are clearly to blame for the rapid ascent of home prices, Chinese money laundering operations clearly seem to also be playing a role as their favorite markets of Vancouver, Toronto and Sydney all

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Here Are The Cities Of The World Where “The Rent Is Too Damn High”

September 29, 2017

In ancient times, like as far back as the 1990s, housing prices grew roughly inline with inflation rates because they were generally set by supply and demand forces determined by a market where buyers mostly just bought houses so they could live in them. Back in those ancient days, a more practical group of world …

Read More »

The Global Housing Bubble Is Biggest In These Cities

September 29, 2017

Two years ago, when UBS looked at the world’s most expensive housing markets, it found that London and Hong Kong were the only two areas exposed to bubble risk. What a difference just a couple of years makes, because in the latest report by UBS wealth Management, which compiles the bank’s Global Real Estate Bubble …

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How Much Space Does $1,500 Rent In The World’s ‘Most Magnetic’ Cities?

September 28, 2017

New Yorkers who wince every time they slip a $1,500 rent check under their super’s door should consider moving to Shanghai, or maybe Berlin.
According to a new study published on RentCafe, $1,500 will buy you three times more space in Shanghai than in Los Angeles and twice as much in Frankfurt. Meanwhile, rents per square foot are five times higher in San Francisco than they are in Berlin.
Rentcafe used data from the Global Power Index and data on price-to-square footage ratios that it had collected for a previous study to compare how much space $1,500 will buy in the world’s 30 “most magnetic” cities – i.e. cities that are popular tourism hubs.
The study’s authors presented their results in an interactive graphic

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Is The Swiss National Bank A Fraud?

September 24, 2017

The price of shares in The Swiss National Bank is up 11 days in a row, soaring 150% in the last two months.

SNB Stock Price, 2010 – 2017(see more posts on Swiss National Bank Stock, ) – Click to enlarge
That sounds like a ‘tulip’ bubble-like ‘fraud’…

Bitcoin and SNB, 2013 – 2017(see more posts on Bitcoin, Swiss National Bank Stock, ) – Click to enlarge
The SNB is up over 120% in Q3 so far – more than double ‘bubble’ Bitcoin…

SNB and Bitcoin, Jul 2017 – Sep 2017(see more posts on Bitcoin, Swiss National Bank Stock, ) – Click to enlarge
Let’s check with the markets ultimate arbiter of what’s fraud and what’s real – JPMorgan CEO Jamie Dimon:
It’s a bubble (because it has exploded vertically in the last

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Fed’s Asset Bubbles Now At The Mercy Of The Rest Of The World’s Central Bankers

September 23, 2017

“Like watching paint dry,” is how The Fed describes the beginning of the end of its experiment with massively inflating its balance sheet to save the world. As former fund manager Richard Breslow notes, however, Yellen’s decision today means the risk-suppression boot is on the other foot (or feet) of The SNB, The ECB, and The BoJ; as he writes, “have no fear, The SNB knows what it’s doing.”
As we reported previously, In the second quarter of the year, one in which unlike in Q1 fund flows showed a persistent and perplexing outflow from US stocks, a trading desk rumor emerged that even as institutional traders dumped stocks and retail investors piled into ETFs, a “mystery” central bank was quietly bidding up risk

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Swiss Mystery: Someone Keeps Flushing €500 Bank Notes Down The Toilet

September 22, 2017

While there are several comments one can make here, “dirty money”, “flush with cash” and “flushing money down the toilet” certainly coming to mind, perhaps the ECB was on to something when it warned that €500 “Bin Laden” bills (which it has since discontinued to print) tend to be used by criminals.
The reason for this is that in recent weeks, Swiss prosecutors have been gripped by a mystery, trying to figure out why someone tried to flush tens of thousands of euros down the toilet at a Geneva branch of UBS.
And not just once.
The first €500 bills were discovered several months ago in a bathroom close to a bank vault containing hundreds of safe deposit boxes, according to a report in Tribune de Geneve confirmed by

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Swiss National Bank Bubble Regains Lead Over Bitcoin

September 22, 2017

A week ago we tweeted…

Dear @SNB_BNS_en – you are the next bitcoin: congratulations pic.twitter.com/cld4YNbNLb
— zerohedge (@zerohedge) September 14, 2017

But as Bitcoin rebounded from its China challenges, it overtook The SNB once again as bubbliest bubble. However, a 13% spike in the share price of The Swiss National Bank today has put an end to that leaving the central bank back in first place among the melter-uppers…

WTF > SNB > BTC!?

Related posts: Digital-Currency Milestone: Somebody Just Bought A House With Bitcoin
Forget Tulips & Bitcoin – Here’s The Real Bubble
Weekly SNB Intervention Update: Sight Deposits and Speculative Position
Central Banks Buying Stocks

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Digital-Currency Milestone: Somebody Just Bought A House With Bitcoin

September 21, 2017

A day after Bridgewater Associates Founder Ray Dalio claimed that bitcoin was “definitely in a bubble” partly because he said the digital currency was too difficult to spend, CoinTelegraph is reporting that the first-ever bitcoin-only real-estate transaction has been completed in Texas.
The transaction “illustrates crypto’s potential to transform how financial transactions are conducted,” according to Futurism.com.
The Texas-based real estate brokerage firm Kuper Sotheby’s International Realty, the firm that reperesented the buyer, declined to disclose the number of bitcoins that were exchanged for the home. Futurism.com noted the ease with which the transaction was conducted. “The buyer simply transferred the

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Boris Johnson Threatens To Resign If Theresa May “Goes Against His Brexit Demands”, Pound Rises

September 21, 2017

In confirmation that Theresa May’s upcoming Florence speech this Friday is not only what many have called “the most important day for Brexit since the referendum”, but also the most opaque, the Telegraph reports that UK Foreign Secretary Boris Johnson will resign as before the weekend if Theresa May veers towards a “Swiss-style” arrangement with the EU in her upcoming speech.
The Foreign Secretary believes he will have no option but to walk out of the Cabinet if the Prime Minister advocates permanently paying for access to the single market. Stopped by reporters in New York today after going for a run, Mr Johnson said he was not going to resign and described the Cabinet as “a nest of singing birds”.
However, he has

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One-Tenth Of Global GDP Is Now Held In Offshore Tax Havens

September 19, 2017

Accurately measuring the scope of global wealth inequality is a notoriously difficult undertaking – a fact that was brought to light last year when the International Consortium of Investigative Journalists published the Panama Papers, exposing clients of Panamanian law firm Mossack Fonseca. As the papers revealed, Mossack Fonseca, which is only the world’s fourth-largest provider of offshore financial services, boasted a client roster stacked with some of the world’s wealthiest and most politically connected individuals. The former prime minister of Iceland (who was forced from office because of the revelations), associates of Russian President Vladimir Putin, and the father of former UK Prime Minister David

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