My hunch: today was a good day to secure some long positions. Pascal Willain convinced me of the dollar’s move up. Governments want to pressure corporations to pony up.
My conjecture: corporations and the uber-wealthy counter this through conspiracy-theory outlets, such as Zero Hedge.
In case anyone is still confused about what is going on, here is the summary: any geographic venue that for whatever reason was once considered a global tax haven in the “Old Normal”, be it Switzerland, Greece, Luxembourg, Singapore, or as the case may be Lichtenstein, is now fair game for confiscation and otherwise expropriation of local capital. Alas, as this money will not be enough to plug what is not a liquidity but global insolvency black hole, which is made worse daily by the endless interventions of central planners, once the deposits of the wealthy at these small, powerless to defend themselves countries is concluded, next come the entities with the really big deposits: the US, the Eurozone, and the grand daddy of them all: China. In other words, the forced ~30% wealth tax on all financial assets is coming. – Tyler Durden
Typical hysteria generated to protect giant interests. If anyone ever makes money reading Zero Hedge, I’d like to know how.