ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 24 17:54

Most Americans live paycheck to paycheck

No matter how much you earn, getting by is still a struggle for most people these days.

Aug 24 17:38

Uber Wants You to Know it’s Not Collapsing

Aug 24 17:28

As First NAFTA Round Opens in Secrecy, Digital Rights Groups Fear Another TPP

he opening round of a series of negotiations over a proposed revised North American Free Trade Agreement (NAFTA) began this week in Washington, D.C. between trade representatives from the United States, Canada, and Mexico. Already it is clear that the office of the U.S. Trade Representative (USTR) has ignored our specific recommendations (to say nothing of USTR Robert Lighthizer’s personal promises) about making the negotiations more open and transparent. Once again, following the failed model of the Trans-Pacific Partnership (TPP), the USTR will be keeping the negotiating texts secret, and in an actual regression from the TPP will be holding no public stakeholder events alongside the first round. This may or may not set a precedent for future rounds, that will rotate between the three countries every few weeks thereafter, with a scheduled end date of mid-2018.

Aug 24 16:14

A Sinister War On our right to hold cash.

An operation that began as a seemingly obscure academic discussion three years ago is now becoming a full-blown propaganda campaign by some of the most powerful institutions in the industrialized world. This is what rightly should be termed the War on Cash. Like the War on Terror, the War on Cancer or the War on Drugs, its true agenda is sinister and opaque. If we are foolish enough to swallow the propaganda for complete elimination of cash in favor of pure digital bank money, we can pretty much kiss our remaining autonomy and privacy goodbye. George Orwell’s 1984 will be here on steroids.

Aug 24 14:48

Forget OPEC, China Controls Oil Prices

Aug 24 14:01

Wall Street Banks Warn Downturn Is Coming

HSBC Holdings Plc, Citigroup Inc. and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle.

Aug 24 13:57

22 Retailers Closing the Most Stores

Aug 24 11:42

Have We Seen the Peak in Housing and Autos?

Aug 24 08:14

China demands U.S. immediately withdraw N. Korea sanctions, warns they will damage ties

China demanded Wednesday that the United States immediately withdraw new sanctions on companies and individuals trading with North Korea, saying that such punitive measures will damage Sino-U.S. ties.

The Treasury Department imposed sanctions Tuesday on 10 companies and six people from China and Russia that it said had conducted business with North Korea in ways that advanced the country’s missile and nuclear weapons program.

Aug 24 08:08

Germany shifts 50,000 gold bars overseas back to Frankfurt amid Eurozone collapse fears

The Bundesbank today announced it has shipped the last of the gold it had been storing at France's central bank, Banque de France.

The lot of 53,780 bars, each weighing 27.5lbs, will now be kept in vaults beneath the bank's Frankfurt headquarters.

Should Germany face an economic emergency, the precious metal can be converted into pounds or dollars.

Aug 24 06:50

Did The Economy Just Stumble Off A Cliff?

The signs are everywhere for those willing to look: something has changed beneath the surface of complacent faith in permanent growth.

Aug 23 17:42

Nice Stock Bounce, But…

Aug 23 16:57

Banks Earn Record Profits in Q2, Savers Sacrificed: FDIC

$9 trillion in deposits go a long way.

Aug 23 16:46

Apple Asks Users To Fund Far-Left SPLC Even Though They Have $320m In Assets

Apple iTunes users are being asked to fund the far-left Southern Poverty Law Center in order to "fight hate" even though they have around $320 million in assets.

Apple CEO Tim Cook donated $1 million to the SPLC as well as another $1 million to the Anti-Defamation League in the wake of Charlottesville. He's told employees their donations to the two far-left groups will be matched and has even begun asking users of iTunes to pony up cash of their own to fund the SPLC.

Aug 23 15:34

A Peak Above All Others

Aug 23 13:03

REPORT: 19 things millennials are killing

Aug 23 11:58

ExxonMobil, Kochs, Israel Pushing Washington to Partition Iraq and Syria

The currently stateless Kurds sit astride the Iraq-Syria border on land blessed/cursed with oil, other resources, and geopolitical significance. Is it any wonder that mega-corporations and their client states are looking to use the Kurds, stoke conflict, and exploit the situation?

Years before the U.S. illegally invaded and then occupied Iraq, plans were circulating within the Pentagon to partition the country along “sectarian” lines, with the express purpose of allowing the U.S. and its regional allies to better control oil resource production and movement within the Middle East.

In Syria, the same narrative of partition has more recently been circulated as the “only” solution to the nation’s sectarian divisions, divisions which did not emerge until they were artificially created in 2011 when the current conflict began and later fomented by hostile foreign actors.

Webmaster's Commentary: 

So it's the old "invade, divide, and conquer" routine, ordered by Trump's corporate masters, which he seems to be fulfilling now, in Syria and Iraq.

Aug 23 10:35

'Psychologically scarred' millennials are killing countless industries from napkins to Applebee's — here are the businesses they like the least

Brands such as Buffalo Wild Wings, Ruby Tuesday, and Applebee's have faced sales slumps and dozens of restaurant closings as casual-dining chains have struggled to attract customers and increase sales.

In August, Applebee's announced it would close up to 135 restaurants, in part because it focused too much on winning over millennials and forgot its "Middle America roots."

"Millennial consumers are more attracted than their elders to cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quick-serve restaurants," Buffalo Wild Wings CEO Sally Smith wrote in a letter to shareholders earlier this year.

Aug 23 10:33

It Begins, China Pulls West Investment Dollars & Redirects It East

US workers wages collapse, people will now accept less for work.  

Aug 23 09:46

Moscow 'preparing inevitable response' as US hits Russians with new sanctions over N. Korea

Moscow has fired back at the latest round of US sanctions targeting Russian interests, as Washington blacklisted one Russian company and four individuals for their alleged dealings with North Korea.

On Tuesday, the US Treasury revealed it had imposed sanctions on 16 Russian and Chinese nationals and companies for their alleged dealings with North Korea. The Treasury claims the sanctions are in line with the internationally agreed measures against North Korea’s missile and nuclear weapons programs. The companies are accused of working with blacklisted individuals, helping develop the North Korean energy sector, help it place workers abroad or move money from abroad. As a result, their US assets are frozen and Americans are forbidden from doing business with them.

Aug 23 09:27

Plaza Hotel, Once Trump's Crown Jewel, Is Again For Sale

Here’s some news that might interest the President.

The Indian owners of the Plaza Hotel have hired a broker to sell the New York City landmark, according to the Wall Street Journal. The step is “a sign that a world-wide scramble among investors, celebrities and governments to acquire the property could be nearing an end.”

Perhaps more than any other property (Trump Tower included), the Plaza Hotel is emblematic of Donald Trump’s meteoric rise in the world of New York City real estate. The hotel had for years been an object of fascination for Trump, who reportedly jumped at the opportunity to buy it from Texas billionaire Robert Bass in 1988. According to the New York Times, Trump paid $400 million for the hotel, an unprecedented sum for a hotel at the time.

Aug 23 08:37

There's A New Subprime Crisis, But It's Not What You Think

A decade on from the financial crisis, the reports today about the sub-prime lender Provident Financial have given us a nasty case of déjà vu.

Within the space of a year, its loan repayment rates have fallen from 90 per cent to 57 per cent – leading to profit warnings, the departure of its chief executive, and a collapse in its share price.

It feels like a frighteningly familiar story. Overstretched customers at the bottom of the economic food chain rack up unaffordable loans from greedy financiers. When the music stops, the credit failures cascade upwards, bringing down lender after lender until the whole financial edifice comes apart.

Aug 23 07:44

Provident Financial plunges 800,000 families into financial alarm as shares plummet

The blue-chip FTSE 100 listed company saw £1.7 billion wiped off its value after being hit by several body blows.

It is believed to be the biggest one-day stock price fall for a firm listed on the FTSE 100 index.

The company, which focuses its core business on lending to people who are struggling financially, was forced to issue its second profit warning in three months.

It is preparing to lose up to £120million this year in its door-to-door loan division, affecting around 800,000 customers, the company said.

Shares in the company crashed by a huge 66 per cent yesterday, from £17 to 589.5p, wiping almost £1.7billion from its stock market value.

Aug 23 07:02

Here’s how the next recession begins

In other words, the economy is overdue for a recession.

And the rapid loss of hundreds of thousands of jobs could certainly end up triggering it.

Aug 23 06:47

Technically Speaking: BTFD Or Is This Time Different?

Since the end of the financial crisis, each market decline has been met with support by the Federal Reserve either through “verbal accommodation” or directly through “monetary interventions.”

Aug 22 15:53

Britain's budget in SURPLUS for the first time in 15 YEARS with £200m boost

BRITAIN received more money in taxes and other income than it spent in July, putting the national finances in surplus for the first time since 2002, in a huge economic boost ahead of Brexit.

Amid a surge in income from self-assessed tax payments, the state was up by £0.2billion last month, according to the Office for National Statistics.

Borrowing tends to be lower in July than other months, due to the timing of income tax payments.

But it has been 15 years since the Government received enough income to fund its spending commitments without having to borrow.

Aug 22 15:47

UK condemned over 'shocking' export of deadly weedkiller to poorer countries

A highly toxic weedkiller not authorised for use in the EU is being exported to developing countries from a UK factory. Paraquat, a pesticide so lethal that a single sip can be fatal, has caused thousands of accidental deaths and suicides globally, and was outlawed by EU states in 2007.

Aug 22 14:58

A Furious China Responds To Latest Sanctions: Demands "U.S. Immediately Correct Its Mistake" Or Suffer Retaliation

Less than 4 hours ago, the US Treasury announced that in the the latest set of actions targeting North Korea's "WMD program", among the entities sanctioned would be several Chinese and Russian companies and individuals. We said that "what this latest round of sanctions will achieve, is to further anger Beijing and the local population." Well, we didn't even have to wait all day for China to respond on the next morning as it traditionally does, and according to Reuters citing an embassy spokesman, Beijing was so furious with the US "provocation" it scrapped its own protocol of waiting during a "cooldown" period, and instead ripped right back, "urging" the U.S. to "immediately correct its mistake"' of sanctioning Chinese firms over North Korea, to avoid impact on bilateral cooperation.

Aug 22 11:23

Russia pays last Soviet debt

Payment of $152 million to Bosnia clears all outstanding Soviet debt

Aug 22 10:38

The Myth That Bill Clinton Ever Balanced The Federal Budget. The National Debt Hasn't Gone Down Since 1957.

In recent years, there's become a myth that Bill Clinton balanced the budget. While he may have come close , the facts are the budget hasn't been balanced a single year since 1957. This is the best indictment of Keynesian economics and the myth that politicians will do the right thing. Hiding the cost of wars , S&L bailouts, and other "off budget items" has been hiding the problem of government spending from the public. It also helps to have economically ignorant journalists .

Aug 22 10:27

Germany, France and Italy plot EU power to BLOCK 'politically motivated' Chinese takeovers

BRUSSELS should be given powers to rule on whether or not Chinese takeovers of major European companies are motivated by political rather than economic goals, a major report says today.

Aug 22 10:26

'Bad choice' Macron's popularity plummets as he scrambles to please EU on France's deficit

EMMANUEL Macron’s popularity rating has plummeted to one of the lowest on record for a new French president as he struggles to force through unpopular policies designed to placate EU beancounters.

Aug 22 10:26

Merkel's nightmare! United States set to decimate German car industry after Trump threats

ANGELA MERKEL is facing her worst nightmare as Germany’s behemoth motor industry is under threat from United States-based Tesla.

Aug 22 10:23

Treasury Slaps Sanctions On China, Russia Entities And Individuals Over North Korea

In a move that is certain to infuriate China further and result in another deterioration in diplomatic relations between Washington and Beijing, moments ago the United States slapped both Chinese and Russian entities and individuals with new sanctions in the Trump administration's escalating attempts to pressure North Korea to relent and stop its nuclear program and occasional missile launches.

The Treasury Department's Office of Foreign Assets Control said it would target 10 entities and six individuals who help already sanctioned people who aid North Korea's missile program or "deal in the North Korean energy trade." The U.S. also aims to sanction people and groups that allow North Korean entities to access the U.S. financial system or helps its exportation of workers, according to the Treasury:

Webmaster's Commentary: 

It is deeply disturbing how quickly financial sanctions become preludes to wars against those countries which have been sanctioned.

Aug 22 10:22

Mnuchin: I Assume Fort Knox Gold Is Still There

US Treasury Secretary ‘assumes’ the gold is still in Fort Knox, 64 years after it was audited.

81 years after it was built Fort Knox received its third visit from a US Treasury Secretary yesterday, Steven Mnuchin.

The fortified facility is reportedly surrounded by 30,000 soldiers, tanks, armored personnel carriers, attack helicopters, and artillery. Despite this, there is still concern as to whether the gold is there.

As he headed in, Mnuchin told an audience “I assume the gold is still there…It would really be quite a movie if we walked in and there was no gold.”

Aug 22 08:24

Will The Deteriorating Economy Be Blamed On The Eclipse, Seems That Way

The corporate media is reporting that the solar eclipse will cost the retail industry millions of dollars.

Aug 22 08:16

Stock & Bond Markets in Denial about QE Unwind, but Banks, Treasury Dept Get Antsy

“Let markets clear.” It’ll be just “a financial engineering shock.”

Aug 22 08:03

US Gross National Debt to Spike by $800 Billion in October?

The other option: too ugly to even imagine.

Aug 22 07:34

KINDER MORGAN PAID $115,000 TO MASS. STATE POLICE TO STOP PROTESTS AGAINST PIPELINE

New documents reveal the Massachusetts State Police were paid over $100,000 by Kinder Morgan Inc to prevent local activists and representatives of indigenous communities from stopping the Connecticut Expansion Pipeline project.

The Narragansett have been fighting to stop destruction of sacred ceremonial stones. Ultimately, the FERC approved the permit for construction despite the land being covered under Article 97 of the Massachusetts Department of Energy and Environmental Affairs’ Land Disposition Policy. After pursuing legal strategies for stopping the project, activists opted to take their fight to the frontlines of the pipeline construction.

Webmaster's Commentary: 

It is "open season" on the American people, and their resources, at this point in American history; all that can be sold and privatized, will be sold and privatized.

Aug 21 16:20

Current AI Recession Forecast: June 2019

Aug 21 16:05

Bitcoin Price Blows Past $4,000

Aug 21 15:22

Gold Will Trade Like Bitcoin | Edward Karr

Aug 21 15:11

It’s Time To Audit The Fed

We’ve been told over and over again it can’t be done, while defying those expectations each step of the way, and we now have a President who has indicated his support for Audit the Fed. Let’s shock the establishment again by pushing it over the finish line.

Aug 21 12:21

The Clever Games Tax "Reformers" Play

Reuters reports that President Donald Trump and congressional Republicans are now tackling tax reform. Staffers are working straight through the August recess, with proposed legislation expected to be released in September.

Aug 21 12:00

California Pensions are being taken away.

Aug 21 11:46

Ron Paul Warns “50% Stock Market Plunge Conceivable… And It Won’t Be Trump’s Fault”

The former Republican Congressman from Texas believes escalating dysfunction in Washington will create even more pain for Wall Street.

Aug 21 11:07

Ray Dalio's Gravest Warning Yet: "I Am Tactically Reducing Risk... This Is Broadly Similar To 1937"

Two weeks after Ray Dalio warned in his latest letter to Bridgewater clients that the right trade in the current environment is to buy gold in case "things go badly", the head of the world's biggest hedge fund is out with his gravest warning yet, saying that he is "concerned about growing internal and external conflict leading to impaired government efficiency." In his LinkedIn post, he writes that he "continues to closely watch how conflict is being handled a guide, and I’m not encouraged.”

Webmaster's Commentary: 

The world was feverishly preparing for war at this time, and Japan invaded Manchuria in 1937, which many historians actually see as the starting point for World War 11.

With US geopolitical tensions extraordinarily high against China; North Korea, Russia and Iran right now, it makes perfect sense for Dalio to make this comparison.

Aug 21 10:57

Are Markets Sleepwalking Into A Debt Ceiling Crisis: Mnuchin Issues Another Warning

Over the weekend, Morgan Stanley reminded its clients that perhaps the biggest threat facing markets over the coming weeks is the “three-headed policy monster” inside Washington: raising the debt ceiling, passing a budget and embarking on tax reform. As MS cross-asset strategist Andrew Sheets noted, "none are easy, but we see the debt ceiling as the most immediate test."

Aug 21 09:26

Lord Rothschild: "Share Prices Are At Unprecedented Levels, This Is Not A Time To Add Risk"

"We do not believe this is an appropriate time to add to risk. Share prices have in many cases risen to unprecedented levels at a time when economic growth is by no means assured. Geopolitical problems remain widespread and are proving increasingly difficult to resolve." - Lord Jacob Rothschild

Aug 21 07:56

BEWARE THE "THE CULTURAL CIVIL WAR" NARRATIVE: YOU'RE BEING PLAYED

Remember the "Russians hacked our election!" hysteria - or have you already forgotten? That entire narrative collapsed under a deluge of factual evidence that the Democratic National Committee (DNC) data release was an insider job, and a compelling lack of evidence of any other Russian hacking.

That failed narrative has now been replaced with a new mass hysteria: "a new cultural Civil War is inevitable." In this narrative, America has succumbed to us-versus-them divisions divided by all-or-nothing ideological bright lines.

Snap out of it, America: you're being played, just as you were played by the absurd "Russia hacked the election" mania.

Webmaster's Commentary: 

The other names for this ploy are "divide and conquer", and "misdirection."

Aug 21 07:53

HOW THE ELITES ARE DIVORCING FROM REALITY: THE ECONOMIST'S

The Western globalist elites have not digested Trump’s victory or Brexit yet. They are having a hard time dealing with their ideological failures, and when the reality dares not to comply with their day dreaming, they go online and create a parallel world, where their “expert” predictions always turn right and their failures cannot be questioned.

The Economist‘s portal named “what if”, a neo-liberal, wishful thinking echo chamber, is the point in case.

Its latest piece attributes magical powers to the new hero of the elites, Emmanuel Macron, who soundly defeated “evil” Marine Le Pen in May. For The Economist, Macron is nothing short of Jesus as he was correspondingly depicted on the monthly’s cover walking on water:

Webmaster's Commentary: 

It has been long demonstrated that when a society's elites are singularly unhappy with reality, they create" realities" of their own, which have utterly nothing to do with facts on the ground.

Aug 21 07:51

US Asset Bubbles Crack as Frantic China “Restricts” Outbound Investments

What happens to prices when the biggest, reckless buyer walks away?

Aug 21 07:11

A Universal Basic Income is Not the Solution

A government provided social welfare check for everyone with nothing in return is not the solution to the growing scarcity of good-paying occupations. We must realize our population is not to be treated as a growing financial drain on society, but the critically impactful driver to our continued prosperity. We must all engage and contribute, not be pushed into the boundaries of irrelevance. We must stop thinking that providing a meager government check with nothing in return is the antidote to creating a future utopian society. That would only lead to the gradual discontent and decay of our society that has been built on hard work, perseverance, innovation, participation, and endless possibilities.

Aug 21 06:37

Bank runs in Hong Kong following introduction of facial recognition withdrawals in Macau

Hong Kong’s ATM network has been hit with a surge in withdrawals by customers using China UnionPay bank cards in the wake of facial recognition technology being introduced at cash dispensing machines in Macau. Monetary chiefs in Hong Kong have declined to deny or confirm information obtained by the South China Morning Post that ATMs have seen a “staggering’’ rise in withdrawals since the casino hub introduced the recognition technology in May as part of a bid to stem illegal capital flight from mainland China.

Aug 21 06:14

Slack CEO Voices His Support for Universal Basic Income

The co-founder of Slack has voiced his support for basic income. He along with Facebook's Mark Zuckerburg and SpaceX CEO Elon Musk wish to see its implementation.

Aug 21 06:13

Virgin's Sir Richard Branson is latest billionaire backing basic universal income

AI and automation will make many jobs obsolete, he said.

Aug 21 04:07

Stock/Bond Ratio could breakdown here

Aug 20 19:29

The Neocons Are Pushing the USA and the Rest of the World Towards a Dangerous Crisis

Trump wins. Problem: he will be completely alone. The Neocons have a total, repeat total, control of the Congress, the media, banking and finance, and the courts. From Clinton to Clinton they have deeply infiltrated the Pentagon, Foggy Bottom, and the three letter agencies. The Fed is their stronghold. How in the world will Trump deal with these rabid “crazies in the basement“?

I went on to suggest that Trump’s only option would be to follow Putin’s example and do the the Neocons what Putin did to the oligarchs. Clearly that did not happen.

Less than a month ago I warned that a ‘color revolution ‘ was taking place in the USA.

Aug 20 18:51

The reward for hard Brexit: Economy to swell by £135bn EVERY YEAR, experts calculate

THERESA May's plans for a hard Brexit could boost the UK economy by £135 billion a year, top economists have predicted.

They believe the UK could reap trade gains worth £80bn annually by removing tariffs for both the European Union and the rest of the world.

Deregulating the economy and other Brexit-related policies could provide a further £40bn a year boost, they added.

The 16 pro-Brexit economists made the glowing assessment of the UK's future outside the EU in a new 50-page report.

Aug 20 08:01

ARE PROFIT AND HEALTHCARE INCOMPATIBLE?

In the good old days of the 1950s and 1960s, U.S. healthcare was more localized, and the central state (federal government) wasn’t the Sugar Daddy for the cartels. Hospitals were community hospitals (what a quaint idea in today’s hyper-cartelized system) managed by physicians and administrators who saw their role as serving the community rather than arranging for $20 million annual salaries and millions of dollars in stock options.

This is why the cartels love Medicare For All proposals: the federal government–protector and funder of the cartels–will give the cartels a blank check not just for the 120 million people currently drawing benefits from Medicare/Medicaid but for all 325 million Americans.

Fast facts on Medicare and Medicaid (Center for Medicare and Medicaid Services)

Medicare Beneficiaries: 57.7 million
Medicaid Beneficiaries: 72.3 million
estimated dual Beneficiaries (drawing benefits from both programs): 10 million

Total Beneficiaries: 120 million

Webmaster's Commentary: 

We not only have a military industrial complex in the country; we also have a medical industrial complex, which thrives when patients stay ill, both from mandated medications, and lousy eating habits.

You have to wonder at the "push" toward mandated vaccines, and why the medical industrial complex has been so keen (with purchased, legislative "assistance", no doubt) to force you to have vaccines. There is a medical reason, and its name is nagalese.

This is what this chemical, found in most US vaccines right now, does:

REVEALED: Cancer industry profits 'locked in' by nagalase molecule injected into humans via vaccines... spurs tumor growth... explains aggressive vaccine push

GCMAF, Nagalese, and cancer

Nagalese in vaccines

Molecule in most vaccines spurs cancer growth, is the reason for vaccine push

I hope I have your attention by now; the medical industrial complex is not about wellness, but about profits, and by any means necessary.

Aug 20 06:50

John Williams - A Move to Impeach Trump Will Tank Dollar, Markets at Risk to Plummet

Economist John Williams says, “A big factor in the dollar’s value is political stability or the perceived political stability.

Aug 19 10:01

Mexico a Paradise for Oligarchs: Poverty, Inequality Soar as Wealth Rises

Mexico is nothing if not a land of bewildering contrasts. Economically speaking, the country is a regional powerhouse. On the one hand, it boasts one of the richest “official” billionaires on the planet; on the other, some of the worst income inequality rates in the Western hemisphere. It places 20th on the list of countries with the most millionaires but it’s also home to the 15th largest population of poor people on the planet.

Aug 19 09:06

Merkel, called 'traitor', defends refugee stance in rowdy east Germany

German Chancellor Angela Merkel was greeted with shouts of "traitor" by a rowdy group of right-wing protesters in east Germany on Thursday as she defended her decision to allow hundreds of thousands of refugees into the country.

Roughly five weeks before an election in which she is expected to win a record-tying fourth term, Merkel veered from her stump speech, acknowledging "difficult times" in 2015 when a flood of asylum seekers, many from the Middle East, entered Germany.

It was her first campaign stop in eastern Germany, parts of which have been fertile ground for anti-immigration politics.

"Many people were worried. They said to themselves: 'What about us? Are we still important or are only the refugees important'?" she told a crowd of several thousand in the central market square in Annaberg-Buchholz, a town in the state of Saxony near the Czech border.

Webmaster's Commentary: 

Notice that this question remains unanswered in the rest of her speech.

Immigration ultimately means votes; that is what Merkel's party is counting on, in the long term, regardless of the harm and displacement it is causing German nationals now.

Aug 19 06:32

Did Stocks Cross The ‘Median’?

Aug 18 14:38

What The Mainstream Doesn’t Get About Bitcoin

The real demand for bitcoin will not be known until a global financial crisis guts confidence in central banks and politicized capital controls.

I’ve been writing about cryptocurrencies and bitcoin for many years. For example: Could Bitcoin Become a Global Reserve Currency?

Aug 18 11:27

Jordan Goodman – Our Bubblicious Economy

Aug 18 11:17

USA Is Now Twice As Likely To 'Default' Than Germany

While the market turmoil (stocks down a few percentage points from all-time record highs) is being pinned on various factors (from North Korea, Trump, & Cohn to terrible retailer earnings and J-Hole anxiety), we suspect the real cause of market uncertainty is starting to peak through - the looming debt ceiling crisis that has now become too big and too imminent to ignore.

Of course, uncertainty in The White House is starting to make investors realize the chance of successfully navigating the debt ceiling crisis without a government shutdown are dwindling...

With the T-Bill market pricing in serious disruption at the end of September, the risk of a technical default for US Treasury debt is starting to rise and is now spiking relative to Germany.

Webmaster's Commentary: 

And please remember; September is just a couple of weeks away!

Aug 18 11:03

Cryptocurrencies Exploding: This Is Nuts

Aug 18 11:01

A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can't sail but as a result of Venezuela's imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo. It's the latest sign of the financial troubles plaguing state-run oil company PDVSA in the aftermath of the latest US sanctions against the Maduro regime, and evidence that banks are slashing exposure to Venezuela across the board as the Latin American nation spirals into chaos.

As Reuters reports, following the recently imposed US sanctions, a large number of banks have closed accounts linked to officials of the OPEC member and have refused to provide correspondent bank services or trade in government bonds. The stranded tanker is one direct casualty of this escalation.

Aug 18 11:01

Carmageddon: Deep Subprime Auto Delinquencies Spike To 10-Year Highs

If you're still on the fence about whether the auto market in this country is anything but a massive bubble being propped up by extremely loose credit underwriting standards, then we think Equifax has just provided some definitive evidence that just might push you over the edge.

In discussing delinquency trends in deep subprime auto ABS deals, Equifax Chief Economist Amy Crews Cutts recently pointed out that 2016 and 2017 vintage deals are mysteriously performing more like 2007 securitizations than those underwritten in 2010.

Aug 18 10:41

Elite Banker Jumps from London Stock Exchange Building with a Chilling Warning

Although he has yet to be named by police, workers described him a “one of the bigwigs”.

According to one of the witnesses, he “ran along the walkway shouting and put one hand on the glass wall and jumped over it with both feet.”

“He didn’t even hesitate. He was shouting, ‘the end is coming! Get out while you still can!'”

“It was awful.”

Aug 18 10:31

The Great Disconnect: Markets vs. Economy

The general consensus is the rise in capital markets, despite global weakness, geopolitical risks and sluggish employment and wage growth, is clearly a sign of economic strength as witnessed by rising corporate profitability.

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