U.S. Dollar Decline Continues: Singapore and China to Start Direct Currency Trading

  by Simon Black

 

This morning some of the biggest financial news of the year made huge waves all over Asia.

Yet in the Western press, this hugely important information has barely even been mentioned. (CNBC.com, for example, has yet to report on this story as of 11:45am Eastern…)

So what’s the news?

The Chinese government announced that the renminbi will become directly convertible with the Singapore dollar… effective tomorrow morning.

It’s clear this deal has been in the works for a while, and it’s another major step towards the continued internationalization of the renminbi and unseating of the dollar as the world’s dominant reserve currency.

For decades the renminbi has been a tightly controlled currency. It’s only been in the last few years that the Chinese government started loosening those controls, primarily in response to the obvious need for a dollar competitor.

The entire world is screaming for an alternative to the dollar and the US government.

Please read more here.

ZeroHedge: Banker Suicides Continue...

 

 

Things that make you go hmmm...

 

Another Deutsche Banker & Former SEC Enforcement Attorney Commit Suicide 

by Tyler Durden

 

Back on January 26, a 58-year-old former senior executive at German investment bank behemoth Deutsche Bank, William Broeksmit, was found dead after hanging himself at his London home, and with that, set off an unprecedented series of banker suicides throughout the year which included former Fed officials and numerous JPMorgan traders.

Following a brief late summer spell in which there was little if any news of bankers taking their lives, as reported previously, the banker suicides returned with a bang when none other than the hedge fund partner of infamous former IMF head Dominique Strauss-Khan, Thierry Leyne, a French-Israeli entrepreneur, was found dead after jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. 

Just a few brief hours later the WSJ reported that yet another Deutsche Bank veteran has committed suicide, and not just anyone but the bank's associate general counsel, 41 year old Calogero "Charlie" Gambino, who was found on the morning of Oct. 20, having also hung himself by the neck from a stairway banister, which according to the New York Police Department was the cause of death. We assume that any relationship to the famous Italian family carrying that last name is purely accidental.

Please read more on ZeroHedge.com.

Brass-A-Holics Band in New Orleans

Just another day in New Orleans - amazing live music all over the streets!

An Amazing New Orleans Jazz & Blues Musician - Doreen Ketchens

Wow, she just destroyed that clarinet. And her voice!

Please learn more about Ms. Ketchens here.

Schlumberger Business Consulting Jobs

 

Schlumberger Business Consulting (“SBC”) is a leading global management consultancy focused solely on the energy sector. It is part of Schlumberger, the world’s largest oil and gas field services company.

 

SBC is actively recruiting from business schools (its headcount is growing at around 15% per year).
 
Permanent roles
 
SBC’s recruitment process is similar to that of the general management consultancies; hence there is a strong focus on case analysis.
 
The interview process is generally in two stages:
  • The first round comprises an HR interview and two case studies.
  • The final round will comprise two or more interviews with senior managers and partners to assess “fit” and a case study.
There are no specific deadlines for applying – interested candidates can apply throughout the year on the company website.
 
Internships
 
SBC does not have any structured internship programme in place. Most internships are offered on an ad-hoc basis. Candidates interested in doing an internship at SBC are encouraged to apply, and the company would review these applications on a case-by-case basis to assess if they have any available opportunities.  
 
Please see more here.
 
 

Rigzone: Oil & Gas Job Fairs

Financial Times: US & Britain Played Financial "War Games" This Week

 

 

 

US and UK to play financial ‘war game’

Britain and the US will stage the first transatlantic simulation of a crisis in a large bank on Monday. It is a sign of growing confidence that the authorities can now deal with the failure of large institutions.

 

All of the main players who would need to be involved in a failure of a company such as Bank of AmericaGoldman SachsBarclays or HSBC will gather in Washington DC to make sure they would know what to do, who to call and how to inform the public.

 

 

Please read more in the Financial Times.

Enjoy the Wild Wall Street Roller Coaster Ride!

 

Some of my students asked me what I thought about all the chaos in the financial and energy markets during the past week. The first thought that popped into my head was the song Roller Coaster by the  Ohio Players.  But then I had to remind myself that my role as the professor is to appear academic when answering my students' questions.  LOL! 

 

So I pontificated for a bit and then reminded them of following:

  • The importance of the news tips they submit each week for our energy trading class is to get them in the habit of analyzing risk and understanding the geopolitics impacting the energy and financial markets.
  • The quantitative models and trading tools we use are rules of thumb - guestimates.  They are not to be used in a vacuum.
  • These models and tools don't mean crap if they are unaware of what is going on in the real world.  

 

Graphics courtesy of PGM Capital.

How I Felt After Grading ~60 Midterm Exams!

   

 

World's Oldest Yoga Teacher is 96!

 

 

 

Despite being close to 100, yoga teacher Tao Porchon Lynch is still inspiring students in New York who are a quarter of her age.

She's been practicing yoga for more than 70 years and shows no signs of slowing down - in fact, she also ballroom dances too! LOL!

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