The 5:15?
Summary
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- Discussion of the potential impacts on equity, bond, commodity, capital and asset markets regarding the following:
- Shanghai Accord vs Yen/Dollar Carry; Global Macro Update
- The RMB Affect; Seasonal Monetary Flows; MMMF's and MMDA's
- Transaction Velocity, Liquidity, Contraction and Confluence
"Why should I care? Why should I care?" - 5:15 - The Who
In Luc Besson's 1985 film Subway, Fred, (Christophe Lambert, fresh off Greystoke, in between Highlander) a raffish safe blower, takes refuge in the Paris Metro after being chased by the henchmen of a shady businessman from whom he has just stolen some documents. While hiding out in the back rooms and conduits of the Metro, Fred encounters a subterranean society of eccentric characters and counter culture petty criminals. Despite being pursued by the henchmen, Fred finds the time to flirt with the businessman's girl Helena (Isabelle Adjani as a supercilious and bored potiche), blow a safe, rob a train, evade the hapless Metro police and start a rock band (with Jean Reno and Eric Serra).
In choosing a subway system as the backdrop for his film, Besson is able to create two distinct worlds with their own sets of societal norms and rules of conduct. The inhabitants of the subway system live in their own world, their struggles carry a certain righteousness and a much needed alternative to the conventional ways of living. Above ground in the conventional world, the gangster Fred has robbed wields power against him, sending in his henchmen and pressuring the Metro police to track Fred down at all costs.
As a clash of two different worlds, philosophies and character metamorphosis ensues, a confluence of money, information and power are at the heart of this story. The film is exuberant, subversive, glossy, beautifully constructed, and above all else FUN as hell.
Shanghai Accord vs Yen/USD Carry
"The currency rift also undermines a theory that policy makers used a Shanghai gathering of the larger Group of 20 economies in February to agree on a secret pact to weaken the dollar, similar to the 1985 Plaza Accord." - P
Another urban myth created as a distraction, bites the dust. As long as "dollar" liquidity remains an ongoing market making issue, the JPY/USD carry trade shall continue. The Yen will appreciate vs USD when that trade is on and the BOJ can bellow all it wants to no avail.
Above note, the convergence in weekly JPY/USD (large bars) vs SP500, weaker Yen vs USD, stronger SP500 and vice versa until Feb 11th. So, prior to Feb 11th -JPY/USD = +SP500 and +JPY/USD = -SP500
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