Wednesday, December 31, 2014

Keiser Report: 2014 Year of Bubbles

From RT

Published on Dec 30, 2014

Max Keiser and Stacy Herbert are joined by Mitch Feierstein of PlanetPonzi.com for a look back on 2014 and forward to 2015. They talk oil, ruble, yen, restoring diplomatic relations with Cuba, the possible implosion of the Japanese bond market and about falling wages and falling Baltic Dry Index as globalization declines.

Gold was the second best performing currency of 2014

Tuesday, December 30, 2014

Monday, December 29, 2014

James Corbett - The Net Is Mightier Than The Sword

From corbettreport

Published on Dec 25, 2014

Since the rise of the internet people have changed from mere audiences into authors and editors. With pieces of technology small enough to fit the whole world into your pocket, a revolution might be on its way. The net is now mightier than the sword. This presentation was delivered at the TEDxGroningen conference in the Netherlands on November 20, 2014.

Keiser Report: De-Fiatisation of the World

From RT

Published on Dec 27, 2014

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the ‘Give Us Back Our Gold’ movement across Europe as governments seek to have their gold held domestically as fear spreads about the integrity of our fiat and debt world. Max describes the de-fiatisation of the world as the American empire makes way for the emerging power of China.

In the second half Max interviews Sandeep Jaitly (@Bullionbasis) of FeketeResearch.com about negative GOFO rates, earning free fiat with your gold and taking us back to the Dark Ages with Quantitative Easing.

Saturday, December 27, 2014

Weekend Chillout - Too Much

At a time of year of Too Much - food, shopping and possibly family I thought we all could do with a chillout remix from the multi-talented Jessie Andrews.


Jessie mixing it in Canada

SD Metals and Markets - Blood is Flowing in the Streets

From SilverDoctors

Friday, December 26, 2014

What Economic Slowdown?

No signs of an economic slowdown in Sydney today with Boxing Day sales in full swing. Major department and brand name stores were packed. Even at the high end there were queues 50 to 100 deep for entry into LV, Gucci and Burberry.

Pitt St Mall, Sydney, Australia

Keiser Report: Tail Chasing Media

From RT

Published on Dec 23, 2014

Max Keiser and Stacy Herbert discuss power. In the domestic political arena, Russell Brand’s campaign with the New Era Estate women proves that the people do have the power - if they want it. And in the energy market, it seems supply and demand actually has the power - not the cartels, not the conspiracies.

In the second half, Max interviews former energy market regulator Chris Cook about the possible causes of the oil price collapse and what the future holds for price and projects.

Thursday, December 25, 2014

Eric Sprott on Ukraine Russia War: Capital Controls, Bank Runs, Gold and Silver Forecast

From Greg Hunter

Boom Bust - Jim Grant on the Forgotten Depression of 1921: The Crash That Cured Itself

From Boom Bust

Merry Christmas

Merry Christmas to all my blog followers, hoping you all have a safe and happy holiday and an amazingly successful 2015.

Martin Place, Sydney

Wednesday, December 24, 2014

Jim Rickards on Europe and the US Economy

From Boom Bust

Published on Dec 23, 2014

Erin sits down with Jim Rickards – author of “The Death of Money” and chief global strategist at West Shore Funds – to discuss the US and Europe. In October, data coming out of the US demonstrated lower mortgage yields and a surge in refis added to 4-year lows in gas prices to give consumers more disposable income. Jim tells us what he thinks of the new data and also gives us his thoughts on divisions at the ECB. He also projects how far Chinese growth will have to fall in order to make a successful rebalancing a possibility and gives us his prediction on what will happen if oil prices continue to stay weak.


Monday, December 22, 2014

Gold Seen Falling to $1,050 in 2015?

(Bloomberg) -- Dominic Schnider, an analyst at UBS AG's wealth-management unit in Singapore, talks about energy markets, Russia's currency crisis and outlook for the price of gold. Schnider also discusses the iron ore market. He speaks with Rishaad Salamat on Bloomberg Television's "On the Move." (Source: Bloomberg)

Hoping Santa is Good to You This Year

Epic Santa party at Manly last Sunday afternoon.


Sunday, December 21, 2014

Santelli Explains the Ruble's Slide

May your Christmas be one of Plenty

Went to check out the Australian Christmas fare on offer at my local fish shop, it looked very yummy, if not a bit scary with the mudcrab still jumping about.




More Office Workers Switching To Fetal Position Desks

Wellness experts say curling up in a ball on the floor is the healthiest way to deal with the non-stop agony of the workday.

Keiser Report: Ruble’s Baptism by Fire

From RT

Published on Dec 20, 2014

Max Keiser and Stacy Herbert are joined by Liam Halligan of BNE.eu. They talk rubles, sanctions and diversifying the economy with some technology investments.

In the second half, Max interviews Konstantin Gurdgiev about the ruble, the Russian budget and David Cameron’s take on the causes and consequences of the crisis and sanctions. They also discuss the ruble’s ‘baptism by fire’ as it only just joined the five trillion dollar per day forex markets.


Alasdair Macleod - Russia to move to a Gold Standard?

From SilverDoctors


Hoping Santa makes you Happy this year

May all your presents be surprising and glowing.....


Quote of the Week

Saturday, December 20, 2014

All the Gold You Could Eat

The ultimate secret Santa present for your gold bug, 999.9 gold leaf gilded chocolate macaroons.




Russia Seen More Likely to Sell Dollar Rather Than Gold

Dec. 19 (Bloomberg) -- Mark O'Byrne, executive director at Goldcore Ltd., says Russia is more likely to dip into its dollar reserves than sell gold to stem the ruble's decline. He speaks to Anna Edwards, Mark Barton and Manus Cranny on Bloomberg's Television's "Countdown."

Andy Hoffman - Inflection Point: Unprecedented Fear As Everything Falls Apart

From SGTreport.com


Get REAL - Gold Heading From West to East

From MaxKeiserTV

Friday, December 19, 2014

Frances Madden - "If This Were A Dream"



Paul Craig Roberts - US Government Most Corrupt on Earth

From Greg Hunter

Wednesday, December 17, 2014

Jim Rickards - Fed Will Implement QE4 in Early 2016

Dec. 16 (Bloomberg) -- On today’s “The Roundup,” James Rickards, author of “Currency Wars,” Bloomberg's Trish Regan, Lisa Abramowicz and Douglas Lavanture break down some of the day’s top market stories on “Street Smart.”

Sydney Stays Strong

Quiet and respectful scenes in Martin Place this morning as Sydneysiders and visitors paid tribute to the sacrifice of two of our own, who paid the ultimate price for protecting those they loved.

On a personal note the Lindt Cafe is one of my favourite cafe's and my daughter's regular coffee spot, either of us could have been in that store that day, but thankfully we were not. Others we know were friends of one of the deceased and our thoughts are with them.



Gold protects Russians from Currency Collapse

Gold has increased 25% price in Russian Rubles over the last 30 days.

chart from bullion-rates.com

Keiser Report: Oil can combust & blow it all

From RT

Published on Dec 16, 2014

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the blood-bathing in the oil related markets - from the Dubai stock exchange to the West Australian fracking company gone bust to some of the highest paid jobs in America being laid off. In the second half Max interviews former banker turned independent media star, Brian Rose of London Real TV and Silicon Real. They discuss whether or not London can ever be a new Silicon Valley.

Boom Bust on Oil, Immigration and Innovation

From Boom Bust

Tuesday, December 16, 2014

Double barrel: Ruble plunges to 5-year low

From RT

Published on Dec 15, 2014

Even if oil prices nosedive to as low as 40 dollars per barrel OPEC will not cut production to drive them back up. That's the message from officials of the cartel.

Oil may see temporary dips to $20-30

Monday, December 15, 2014

Juice Rap News - The New World Order

From RT

The New World Order: They control the world's governments, they rule over all of us from the top of the pyramid. And we are the victims. Right? This episode of Juice Rap News blows open the truth about the NWO in order to shed light on this widespread conspiracy, which has frequently been invoked to explain the state of our world.


Sunday, December 14, 2014

Repatriation Contagion: Austria May Recall 225 Tons of Gold From BOE, is France Next?

From SilverDoctors

Abby Martin - What the US Torture Report Isn’t Telling You

From breakingtheset

Published on Dec 11, 2014

Why is the corporate media turning torture into a debate? Abby Martin discusses the media’s reaction to the Senate torture report and why torture has suddenly turned into a partisan debate.


Weekend Chillout - Walkin' Away My Blues

With the gold price up over 11% in the last month in AUD, Aussie gold investors have definitely walked away from their blues of the mid-year doldrums.

From my good friend Frances Madden - "Walkin' Away My Blues", Frances has a new studio album out, just in time Christmas (it even has a Christmas song on it). The CD can be purchased here or from itunes and google play.






Saturday, December 13, 2014

Tuesday, December 9, 2014

Keiser Report: Unjust Road to Independence

From RT

Published on Dec 6, 2014

In this episode of the Keiser Report, Max Keiser and Stacy Herbert look at the injustice which may lead to independence, from “embarrassed” RBS bankers getting away with mortgage fraud to the Washington DC police department scheduling future Civil Asset Forfeitures to meet budget requirements. In the second half, Max continues his interview with Chris Powell of GATA about negative GOFO rates in the gold market.

Saturday, December 6, 2014

Belgium Investigating To Repatriate All Gold Reserves?

Thanks to Koos Jansen for the heads up on this one.

From BullionStar

December 5, 2104. VTM-nieuws reports the Belgium central bank has confirmed it’s investigating to repatriate all its gold reserves.

The Chinese Beverly Hills - Where Chinese Millionaires House their Kids, and Mistresses

From Vocativ

Published on Dec 5, 2014

The town of Arcadia California has gained the nickname "the Chinese Beverly Hills". Peggy Fong Chen, who makes a living selling high priced real estate in Arcadia, says that almost all of her buyers are from mainland China. She also pointed out that almost all of her clients pay for their multi million dollar homes in cash. Many Chinese billionaires buy these homes along with exotic cars for their children who are often sent to American colleges. Others use these mansions are for housing their mistresses. Whatever their reasons may be the Chinese elite are buying up American real estate to the tune of $22 billion last year alone.


Friday, December 5, 2014

Chinese business leaders flock to Australia

Wednesday, 3 Dec 2014
Some of China's most illustrious business leaders arrived in Australia this past week on the hunt for investments. CNBC's Matthew Taylor reports.
 

Weekend Chillout - Besame Mucho

With the ECB and Super Mario Draghi saying that the bank will buy mucho anything (but not gold) I thought we would go The Full Mucho with this weekend's chillout.

Actually so Mucho that I am going to attend the launch of Frances Madden band's first studio album this Saturday night at an underground jazz club in Sydney. If you would also like to come along the details are here


Draghi - "We will buy all assets but Gold"

Always the Western Central Banker, when discussing QE Draghi says - "We discussed (buying) all assets but Gold"

Dec. 5 (Bloomberg) -- European Central Bank President Mario Draghi spoke at a news conference in Frankfurt on Dec. 4 about interest rates, the euro-area economy and details of the ECB's purchase of covered bonds and asset-backed securities. (Excerpts. Video courtesy of European Central Bank. Source: Bloomberg).

Keiser Report: Dutch Gold Repatriation

From RT

Published on Dec 4, 2014

In this episode of the Keiser Report, Max Keiser and Stacy Herbert are joined by Liam Halligan of Business New Europe (www.bne.eu) to discuss Martin Wolf’s analytical article in the Financial Times about the “radical measures” needed to combat our “unusual economic ills.” They also discuss Max’s response, published as the lead “Letters” item in the FT. In the second half, Max interviews Chris Powell of GATA about the failed Swiss Gold Initiative, the successful Dutch repatriation of 122 tons of gold and about the negative GOFO rates in the gold market.


Thursday, December 4, 2014

Martin Armstrong on Gold, Silver, Oil and Bonds

From Talk Digital Network

Published on Dec 2, 2014

Guest's website: http://armstrongeconomics.com/
Produced by http://www.HoweStreet.com


The Year 2021: $10,000 Gold & $700 Silver - An Empirical Model

From SGTreport.com

Published on Sep 7, 2014

Deviant Investor 's Gary Christenson joins me to discuss his new book 'Gold Value and Gold Prices From 1971 - 2021'. Gary's empirical model projects a Gold price of $10,000 by the year 2021 and a Silver price any where from $500 - $1,000. Gary notes that these numbers are based on simple mathematical projections using current levels of government spending which will undoubtedly continue unabated. Gary's conservative empirical model does NOT even factor in the possibility of US debt default, Weimar-style hyperinflation of the Dollar or other dramatic economic catastrophes.

Gary's website:
http://deviantinvestor.com/


Wednesday, December 3, 2014

Citi - Gold Is Equivalent to Shiny Bitcoin

When Citi's analyst Willem Buiter popped up last week with his "Gold: A Six Thousand Year-Old Bubble Revisited" paper I thought him a bit odd, but in comparison to the fools he is talking to in this video he is a genius goldbug.

Dec. 1 (Bloomberg) -- Willem Buiter, chief economist at Citigroup, and Mark Ellwood, author of “Bargain Fever,” talk about the fascination with gold shared by investors and consumers. They speak on “Bloomberg Surveillance.”

Tuesday, December 2, 2014

Chris Powell - Central Banks Suppressing Gold Price to Rig Currencies

Hong Kong - The Battle for Mong Kok


Moody's Downgrades Japan to A1 from Aa3

Press Release from Moodys.com

Release link

Global Credit Research - 01 Dec 2014

Singapore, December 01, 2014 -- Moody's Investors Service today downgraded the Government of Japan's debt rating by one notch to A1 from Aa3. The outlook is stable.

The key drivers for the downgrade are the following:

1. Heightened uncertainty over the achievability of fiscal deficit reduction goals;

2. Uncertainty over the timing and effectiveness of growth enhancing policy measures, against a background of deflationary pressures; and

3. In consequence, increased risk of rising JGB yields and reduced debt affordability over the medium term.

The A1 rating reflects the government's significant credit strengths, including a large, diverse economy with a strong external position, very high institutional strength and a very strong domestic funding base.

The stable outlook reflects the broad balance between upside risks including significant fiscal consolidation and a resumption of economic growth, and downside risks including intensification of deflationary pressures and loss in economic momentum.

The rating action does not affect Japan's Aaa foreign currency, local currency country and bank deposit ceilings. Those ceilings act as a cap on ratings that can be assigned to the obligations of other entities domiciled in the country.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADE

DRIVER 1: HEIGHTENED UNCERTAINTY OVER REACHING FISCAL TARGETS AND CONTAINING DEBT

The first driver for the downgrade of the Japan government's debt rating to A1 is the rising uncertainty over whether the government's medium-term deficit reduction goal is achievable, and whether policy makers can overcome the tensions inherent in promoting growth while simultaneously stabilizing and reversing the rising debt trajectory.

The Bank of Japan remains committed to monetary expansion, with some positive impact on core CPI inflation. However, while monetary expansion has boosted domestic aggregate demand to some extent, the consumption tax increase on April 1 2014 has exerted even more powerful downward pressure. At least in the short term, deficit reduction is undermining the growth revitalization objective of Prime Minister Shinzo Abe's economic policy strategy.

The government's response, to announce a delay in the second step in the consumption tax increase, appears to represent a shift in policy towards stemming re-emerging deflationary pressures on economic growth and away from near-term fiscal deficit reduction. This strategy could have merits. In our view, the government's target of halving the primary deficit balance, excluding budgetary interest payments, by fiscal 2015 from its fiscal 2010 level will be difficult to achieve without more robust nominal GDP growth and hence improved buoyancy in tax revenues. In their absence, reaching the long-term target of a primary balance surplus by 2020 will be even more challenging.

However, the strategy also poses risks to fiscal consolidation and, over the longer-term, to debt affordability and sustainability. Japan's deficits and debt remain very high, and fiscal consolidation will become increasingly difficult to achieve as time passes given rising government spending, particularly for social programs associated with a rapidly ageing population.

The government acknowledges that additional but as yet unidentified economic and fiscal reforms will be needed for Japan to achieve its primary balance target in the second half of this decade. But the postponement of the second stage of the increase in the consumption tax has resulted in the delay of the 2015 budget, and a concrete plan to meet fiscal targets is not likely to emerge until the second half of 2015. The trajectory of government debt, projected at 245% of GDP in 2014 according to the IMF, will only start to decline under the most favorable combination of economic and fiscal reforms, including tax and social security system reforms and total factor productivity improvements, an end to deflation and achievement of annual nominal GDP growth of more than 3.5%. Given current domestic circumstances and lackluster external demand for Japan's exports, achieving these conditions will be challenging.

DRIVER 2: ECONOMIC GROWTH POLICY UNCERTAINTIES AND CHALLENGES IN ENDING DEFLATION

The second driver for the downgrade is the rising uncertainty over the government's ability to enhance medium term growth through structural economic reform -- the third 'arrow' of Abenomics -- success in which will be crucial to achieve fiscal consolidation. While some indicators suggest a pick-up in economic activity over the past year, potential economic growth remains low.

GDP growth sharply contracted in the second quarter of this year following the introduction on 1 April of the first step of the consumption tax increase, to 8% from 5%. Output was also affected by adverse weather in the summer to some extent. And both real and nominal GDP contracted again in the third quarter of the year, putting Japan's economy in recession for the third time since global financial crisis.

Moreover the relapse of the GDP deflator, the broadest measure of price movements, into negative territory in the third quarter of this year highlights the difficult nature of ending more than a decade of deflation. Although the ratcheting up by the Bank of Japan of its quantitative easing policies in October may once again move the deflator back onto positive ground in the fourth quarter of 2014, the task ahead for economic revitalization and price reflation is looking more challenging than envisaged by Prime Minister Abe when he introduced his three-arrow economic policy package in March 2013.

Looking further ahead, the most notable structural reform measure to be implemented to date is a reduction in corporate taxation beginning in fiscal 2015. The details have yet to be announced, and the implications for business investment are therefore still unclear. It is not yet clear what further measures the government will choose, or be able, to take to address the deep-rooted structural problems of Japan's economy, including broadening labor force participation, enhancing corporate governance and dealing with the challenges posed by demographic trends.

DRIVER 3: EROSION OF POLICY EFFECTIVENESS AND CREDIBILITY COULD UNDERMINE DEBT AFFORDABILITY

The third driver for the downgrade is the potential implications of the first two drivers for the affordability and sustainability of Japan's huge debt load. Debt sustainability will rest on the continued willingness of domestic investors to provide funding at affordable rates for the government. This looks likely to remain the case as long as investor confidence is not undermined. The JGB market has been characterized by low and stable interest rates despite the exceptional rise in debt since the 1990s. And JGB interest rates have remained low and stable through a number of crisis episodes, including Japan's 1997-1998 financial crisis, the 2008 global financial crisis and the 2011 tsunami and Fukushima nuclear power plant disaster.

Nonetheless, the Bank of Japan's efforts to raise inflation to 2% may eventually put pressure on government bond yields and thereby raise government borrowing costs. Rising interest rates would increase expenditure and offset gains from revenue buoyancy. Rising uncertainty regarding the government's capacity to deliver on its policy objectives could raise yields without any commensurate rise in revenues. Either outcome would further undermine the government's ability to meet its fiscal deficit targets and reduce its debt burden over the medium term, and eventually start to undermine debt sustainability.

RATIONALE FOR A1 RATING AND STABLE OUTLOOK

JAPAN'S CREDIT STRENGTHS SUPPORTED BY A DEEP DOMESTIC BOND MARKET, STRONG INSTITUTIONS, LOW VULNERABILITY TO EXTERNAL SHOCKS

Whatever the challenges facing the government, Japan retains very significant credit strengths. Its A1 rating and stable outlook are supported by its large, diverse economy, which we characterize as having 'High' economic strength. And even with the very significant debt burden, we believe that Japan exhibits only 'Low' susceptibility to event risk. A marked home bias on the part of resident investors provides a strong funding base —domestic investors retain a marked preference for government bonds, which has allowed fiscal deficits to be funded at the lowest nominal rates globally over the past two decades. Private sector fiscal surpluses remain more than adequate to fund government deficits, without the government resorting to external funding. We believe that very high institutional and structural strengths, including a decisive and powerful central bank, currently sustain this funding advantage and are very unlikely to diminish over the rating horizon.

Although Japan's government gross financing requirements are far larger than other advanced country governments', contingent risks which could elevate further such financing needs are low and remote. Japan's banking and corporate sectors have restored their health in recent years in terms of capitalization and deleveraging. Household debt is at a moderate level and has remained stable over the past decade. And despite low economic growth, Japan's labor market is relatively sound in regard to key features, such as low unemployment level, the recent pick-up in employment and nominal wages and a labor force participation rate broadly comparable with other advanced economies.

Related to Japan's home bias is its strong external payments position, which reflects the accumulated system-wide savings. At more than 60% of GDP in 2013, Japan's net international investment position is much larger than any advanced industrial G-20 economy, insulating its economy and capital market from global shocks. Income earned from Japan's sizable external assets has helped to sustain the current account surpluses, although this has diminished owing to a shift into a trade deficit which is in large part driven by the demand for energy imports following the shutdown in the nuclear power industry after the 2011 tsunami and Fukushima nuclear power plant disaster.

WHAT COULD MOVE THE RATING DOWN / UP

While the stable outlook indicates that we believe the rating is well positioned for the next twelve to eighteen months, factors that could prompt a negative rating action include significant divergence from the path toward achieving fiscal targets; an intensification of deflationary pressures; a severe loss in economic momentum; or a shift in the external current account surplus into persistent deficit.

Moody's would consider a positive rating action if Japan were to implement policies that we concluded were likely to restore economic momentum and improve prospects for significant fiscal consolidation and debt reduction.

GDP per capita (PPP basis, US$): 36,654 (2013 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 1.5% (2013 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.6% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -8.2% (2013 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: 0.7% (2013 Actual) (also known as External Balance)

External debt/GDP: [not available]

Level of economic development: Very High level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 26 November 2014, a rating committee was called to discuss the rating of the Japan, Government of. The main points raised during the discussion were: The issuer's institutional strength/framework, have materially decreased. The issuer's fiscal or financial strength, including its debt profile, has materially decreased. An analysis of this issuer, relative to its peers, indicates that a repositioning of its rating would be appropriate.

The principal methodology used in this rating was Sovereign Bond Ratings published in September 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this rating action, if applicable.

Press releases of other ratings affected by this action will follow separately.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. 


For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Monday, December 1, 2014

Keiser Report: Goodbye, Wealth!

From RT

Published on Nov 27, 2014

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the fact that we are all Jack Johnson now - bankrupted by those we trust or, in the case of the central banks - distrust - all in the name of property speculation and other non-wealth producing speculative pursuits.

In the second half Max interviews the founder of Nanex, Eric Hunsader, about high frequency trading, market making and scalping markets.