ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Dec 10 15:30

How to piss off 99% of the people

Dec 10 14:45

How poor or rich is your county?

Dec 10 14:12

NYSE facing critical 20-year support test!

Dec 10 11:36

Apple files appeal to overturn iPhone sales ban in China

Apple is appealing a broad iPhone sales ban in China, the company told CNBC Monday.

The ban of some older iPhone models followed a request for injunction by Qualcomm, which has been locked in a legal battle with Apple for years. The chipmaker is alleging patent violations on features that lets users reformat the size and appearance of photos and manage applications on a touch screen when navigating through phone apps.

The two preliminary injunctions were granted Monday by the Fuzhou Intermediate People's Court in China. Apple says that it did not violate these patents and that the ban goes beyond the scope of the injunction itself.

Dec 10 11:18

Bye-bye dollar: India & UAE agree to trade in local currencies

New Delhi and Abu Dhabi have inked a currency swap agreement to boost trade and investment without involvement of a third currency like the US dollar.

The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.

“The bilateral currency swap agreement between India and UAE is expected to reduce the dependency on hard currencies like the US dollar,” the embassy said.

Dec 10 11:01

US sets 'hard deadline' for China trade talks

Washington has said it needs to see progress in trade talks with China before March 1 or tariffs will go up. Separately, Beijing has said the US should withdraw its arrest warrant for Huawei executive Meng Wanzhou.

Dec 10 10:56

Japan GDP Tumbles After Biggest CapEx Collapse Since Financial Crisis

In a world where economic growth is rapidly slowing down, and in many case contracting outright, the latest news out of Japan will hardly boost confidence that an economic recovery is just around the corner.

Moments ago Japan's Cabinet Office reported that the already contracting Q3 GDP was far worse than initially estimated, printing at -2.5% Q/Q annualized, below the -2.0% expected, and more than twice as bad as the original estimate of -1.2%. On a sequential basis, nominal GDP declined 0.7%, below the 0.5% consensus estimate.

Dec 10 10:56

Wall Street's Corruption Runs Deeper Than You Can Fathom

Of the myriad policy decisions that have brought us to our current precipice, from the signing of the North Atlantic Free Trade Agreement (NAFTA) to the invasion of Iraq and the gerrymandering of House districts across the country, few have proven as consequential as the demise of Glass-Steagall. Signed into law as the U.S.A. Banking Act of 1933, the legislation had been crucial to safeguarding the financial industry in the wake of the Great Depression. But with its repeal in 1999, the barriers separating commercial and investment banking collapsed, creating the preconditions for an economic crisis from whose shadow we have yet to emerge.

Carmen Segarra might have predicted as much.

Dec 10 10:55

Yet Another Trillion-Dollar Unfunded Liability: Why California Is Burning

The apocalyptic fires that hit California last month have left observers scratching their heads and wondering how destruction on that scale could be possible – and how much it will cost in the future if the causes aren’t addressed immediately.

This morning’s Wall Street Journal concludes that 1) the problems aren’t being addressed and 2) this failure is going to cost a fortune that no government is prepared to cover

Dec 10 10:43

EU will soon establish alternative payment channel allowing Iran to bypass US sanctions – Mogherini

Brussels will create an alternative payment channel to facilitate financial transactions between the European Union and Iran in the near future to bypass US sanctions, the EU’s top diplomat, Federica Mogherini, has announced.

Dec 10 10:38

China summons US envoy to lodge ‘strong protest’ over Huawei executive's arrest – FM

Beijing has summoned the US ambassador and lodged a “strong protest” over the detainment of Huawei CFO Meng Wanzhou, China's foreign ministry announced, according to Reuters. Washington should also "withdraw" its arrest warrant.

Any further measures will depend on the next steps taken by the US, Vice Foreign Minister Le Yucheng told the ambassador, the news agency says.

Meng was arrested while changing planes in Vancouver on December 1. She now faces possible extradition to the United States over allegedly lying about her company's ties to SkyCom, a company that tried to sell US-manufactured technologies to Iran despite sanctions.

Dec 10 10:34

Neocons Sabotage Trump's Trade Talks - Huawei CFO Taken Hostage To Blackmail China

CNN reports that White House chief of staff John Kelly is expected to resign soon. There have been similar rumors before, but this time the news may actually be true. That is bad for Trump and U.S. policies. Kelly is one a the few counterweights to national security advisor John Bolton. His replacement will likely be whoever Bolton chooses. That will move contFrol over Trump policies further into the hands of the neo-conservatives.

It was Bolton who a week ago intentionally damaged U.S. relations with China.

The U.S. Justice Department arranged for Canada to arrest the chief financial officer of Huawei, Meng Wanzhou, over alleged U.S. sanctions violations with regards to Iran. The case is not over the sanction Trump recently imposed, but over an alleged collision with the sanction regime before the nuclear deal with Iran. The details are still unknown.

Dec 10 10:16

Dollar Slides After Goldman Capitulates, Pulls March Rate Hike Forecast

For months, Goldman's optimistic take on the economy drew raised eyebrows across both the sell and buyside, and nowhere more so than the bank's forecast for 4 Fed rate hikes in 2019, a number that is even higher than the Fed's own dot plot forecast which anticipates 3 rate hikes next year, not to mention the market's own implied prediction of less than 1 rate hike in the coming year.

Well, on Sunday night Goldman capitulated and in a note titled "The Ides of March" published late on Sunday by Jan Hatzius, the banks capitulated on its optimistic, and hawkish, projections, and now calls for less than a 50% probability of a rate hike in the March.

How does Hatzius justify this long-overdue capitulation? It's hardly the recent economic data, which while conceding that it has slowed down, Goldman notes that it has transitioned from "exceptionally strong to merely strong."

Dec 10 09:59

Gavin McInnes, the founder of the group the Proud Boys, Has Been Unpersoned on Youtube -- ALL CHANNELS DOWN

They are wiping Gavin McInnis from the internet. We were always at war with Eurasia.

Dec 10 09:38

Beijing Threatens “Severe” Retaliation Against Canada If Huawei CFO Is Not Released

China’s warning marks an escalation in Beijing’s rhetoric as investors worry that the arrest could cause the shaky trade detente between the US and China to devolve into acrimony.

Dec 10 09:31

The Pension Fund That Ate California

After spending years dogged by unpaid debts, California labor leader Charles Valdes filed for bankruptcy in the 1990s—twice. At the same time, he held one of the most influential positions in the American financial system: chair of the investment committee for the California Public Employees’ Retirement System, or CalPERS, the nation’s largest pension fund for government workers. Valdes left the board in 2010 and now faces scrutiny for accepting gifts from another former board member, Alfred Villalobos—who, the state alleges, spent tens of thousands of dollars trying to influence how the fund invested its assets. Questioned by investigators about his dealings with Villalobos, Valdes invoked the Fifth Amendment 126 times.

Dec 10 09:30

Break-in reported at detained Huawei executive’s house as she fears for her health in jail

Police have responded to a break-in at the Vancouver house said to belong to the husband of Meng Wanzhou, the detained Huawei CFO who says she is suffering from health problems in Canadian jail.

Police collected evidence at the scene of the break-in but made no arrests, according to local media sources. There are no details yet available about the number of people involved, nor the motivation for the break-in, particularly whether it is related to the high-profile international arrest of the home-owner’s wife, who is pending extradition to the United States.

Dec 10 08:59

Gold and Silver Gained 2% and 3% Last Week While Stocks Dropped Nearly 5%

Gold acted as a safe haven last week and is again acting as a safe haven in December.

It has performed well despite the rout in stocks in Ireland and globally. U.S. stocks including the S&P500 and Nasdaq were down nearly 5% last week, while gold was 2% higher and silver over 3% higher.

Gold and silver saw even larger gains in euros, pounds and most other fiat currencies and are seeing gains in most fiat currencies in 2018.

Dec 10 08:22

Behind the US attack on Chinese Smartphones

After having imposed heavy taxes on Chinese merchandise - 250 billion dollars - President Trump, at the G-20, accepted a « truce » by postponing further measures, mainly because the US economy has been struck by the Chinese retaliation.

But apart from these commercial considerations, there are also some strategic reasons. Under pressure from the Pentagon and the Intelligence agencies, the USA forbade the use of Smartphones and telecommunications infrastructures from the Chinese company Huawei, warning that they may potentially be used for espionage, and pressured their allies to do the same.

Dec 10 08:12

Liquidity, Volatility, and a Credit Bust

Dec 09 17:28

Historic Debt Is At The Core Of Our Economic Decline

Debt in itself is not necessarily just a tool to gain more wealth; it is also a tool to change and mold societies through financial leverage and disaster. To understand who is creating any fiscal downturn, and to understand who benefits from economic crisis, one only needs to consider who controls the debt.

Dec 09 10:30

Small caps could fall 20% from here

Dec 09 10:18

US, China Trade War Fallout: Argentine Cherries to Flood Beijing Markets

During the G20 Summit in Buenos Aires, Argentina, last week, Argentina and China reached a trade agreement on, among other things, cherry exports, as the South American country strives to become “the world’s supermarket.”

The agreement will be signed on Sunday by Argentine President Mauricio Macri and Chinese President Xi Jinping, Argentina's agro-industry secretary, Luis Miguel Etchevehere, told the South China Morning Post (SCMP) Saturday.

Dec 09 09:44

"We Don't Think It's Time To Panic Yet" As Heavy-Duty Truck Orders Plummet

One of the charts that has kept deflationists asleep at night for the past two years and provided cover to the Fed it its tightening strategy was the one below showing the exponential surge in transportation prices as a result of an acute scarcity of truck drivers which has sent trucking prices soaring, and led to a historic spike in Class 8 truck orders as supply scrambles to keep up with demand (much of which is the result of businesses rushing to front-load trade ahead of even higher tariffs with China).

Dec 09 05:56

Who Will Get The Blame For The Collapse?

Dec 08 20:22

Eddie Lampert’s Next Play: Inside the Hedge Fund War at Sears

Edward Lampert isn’t done with Sears yet. Neither are Sears’s enemies on Wall Street.

Six weeks after the storied department store chain filed for bankruptcy, Lampert is maneuvering to salvage what he can from the worst investment of his life...

Dec 08 11:57

What Ohio’s Tax Gimmick Really Means for the Blockchain Industry

By Max Gulker

Quickly browsing the headlines on November 26, you might be forgiven for having thought some much-needed good news for Bitcoin had hit the wire. “Ohio Becomes First US State to Allow Taxes to be Paid in Bitcoin” was the headline at CoinDesk, echoed in many other media outlets. Even a quick look shows, however, that this was merely a feel-good piece of legislation that bundled a user-friendly cryptocurrency exchange that companies could have easily accessed on their own with electronic tax filing.

But when is a gimmick more than just a gimmick? Behind the tax announcement and a few other seemingly cosmetic measures, Ohio might be communicating something of substance to the nascent blockchain industry...

Dec 08 11:49

Fed comments, Trump watching stocks

Dec 08 11:35

MADURO: ALL VENEZUELAN OIL WILL BE SOLD IN PETRO CRYPTOCURRENCY

Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the leader is touting as the first state-backed oil-backed digital currency.

Dec 08 11:27

NEOCONS SABOTAGE TRUMP'S TRADE TALKS - HUAWEI CFO TAKEN HOSTAGE TO BLACKMAIL CHINA

CNN reports that White House chief of staff John Kelly is expected to resign soon. There have been similar rumors before, but this time the news may actually be true. That is bad for Trump and U.S. policies. Kelly is one a the few counterweights to national security advisor John Bolton. His replacement will likely be whoever Bolton chooses. That will move contFrol over Trump policies further into the hands of the neo-conservatives.

Dec 08 11:18

The 'Everything Bubble' has popped

Dec 08 10:39

What is SkywayBridge.com?

The following is an interview we conducted with the administrator for the website SkywayBridge.com. The website tracks suicide attempts and suicides from the Skyway Bridge. The Skyway Bridge is in the Tampa Bay area of Florida. It joins the cities of St. Petersburg and Palmetto/Bradenton together.

CT: What is SkywayBridge.com?

SB: SkywayBridge.com is a website focused on those that choose to jump off the Skyway Bridge of their own accord and less about the iconic structure that greets tourists as the gateway to Tampa Bay.....

Dec 08 09:52

Israel Signs Pipe Deal to Rival Russia as Gas Supplier to Europe

Following two years of negotiations, Israel has signed an agreement with Italy, Greece, and Cyprus to lay the longest gas pipeline in history, Israel’s Channel 2 reported Saturday night.

The pipeline will traverse a distance of 1,242 miles and lie at a depth of between 1.8-to-3 miles. It will provide gas to Europe from Israel’s offshore fields.

Dec 08 09:46

OPEC agrees to cut oil output by 1.2 million barrels per day, despite US pressure

OPEC and its partner countries have agreed to cut oil output by a combined 1.2 million barrels per day (bpd), Iraq's oil minister said, despite pressure from the United States to reduce the price of crude.

"We'll cut 1.2 million bpd total," Thamer Abbas al-Ghadhban told reporters after a meeting of the international organisation in Vienna, as reported by AFP news agency.

Al-Ghadhban said the amount - equivalent to more than one percent of global oil production - would comprise an 800,000 bpd reduction distributed among the 14 members of OPEC and 400,000 by non-cartel partners, including Russia.

Dec 08 09:43

Employment, NYSE margin debt

Dec 08 09:19

Hypocrisy Is Baked Into The Policy Process

By Veronique de Rugy

I have written in the past about the profound inconsistencies that exist in government. For instance, Congress routinely passes legislation that works against the consequences of existing statutes. A good example is the nest of legislation regulating agriculture. It includes provisions that increase the price of food (e.g., the sugar program) and others that lower the price of food for some buyers (e.g., food stamps).

Dec 08 08:56

Trend Carefully

Dec 08 08:00

Shorting Is Becoming A Meme..

Dec 08 06:43

Are We in a Recession Already?

Dec 08 06:28

Change Happens Fast

Dec 07 15:31

Huawei Executive Had at Least 7 Passports From China, Hong Kong - Court Files

Dec 07 13:36

PUTIN ANNOUNCED: Soon the end of negotiations with Serbia

Russian President Vladimir Putin expects the negotiations of the Eurasian Economic Union with Serbia on the Agreement on Trade Preferences soon to be completed.

"We expect that negotiations on preferential trade agreements with Singapore, Israel, Serbia and in the future with India and Egypt will soon be completed," Putin said at a meeting of the Supreme Eurasian Economic Council, according to the Russian agency Tass.

Speaking about EEU member states, Putin said that they should consider the idea of creating a common payment infrastructure, which, he said, would improve the stability of the national payment systems of the EEA countries, enabling them to be less dependent on dollars and other foreign currencies.

Dec 07 12:52

Gusher: Feds ID largest energy find ‘ever,’ worth 7 years of fuel

The Interior Department has identified a massive basin of oil and natural gas in Texas and New Mexico, enough to cover nearly seven years of all U.S. needs.

"Christmas came a few weeks early this year," said Interior Secretary Ryan Zinke in announcing the discovery, which his department described as the “largest continuous oil and gas resource potential ever assessed.”

Dec 07 12:51

Huawei CFO Arrest is a ‘Declaration of War’ Says Editor of Global Times

The arrest of a top Chinese technology executive by Canadian authorities acting at the behest of the United States is threatening to upend the Trump administration’s efforts to sustain a trade truce with China.

The arrest of Sabrina Meng, the chief financial officer of China’s largest mobile phone marker, has been condemned by Chinese officials, who are calling for her immediate release. The U.S. has reportedly requested Meng be extradited to New York, where she would reportedly face federal charges of violating Iran sanctions.

Dec 07 12:47

US 'more likely than not' to double China tariffs when truce ends

The bottom line on President Trump's trade truce with China is this, says Goldman Sachs: Once negotiators have finished their three months of talks, the U.S. is 'more likely than not' to double most of the tariffs imposed on its rival's products this year.

In other words, the risk of further escalation in a trade dispute between the world's two largest economies has been delayed rather than significantly reduced, and concerns that the conflict will hurt corporate profits while undermining the benefits of last year's GOP-led tax cuts are likely to continue casting a pall over U.S. financial markets.

Already, a nearly weeklong swoon in U.S. stocks has wiped out initial gains after Trump announced the results of his negotiations with Chinese President Xi Jinping in Buenos Aires.

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