Betting Against The Gods Is Now Impossible

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2019 07 17 14 03 10

Authored by Charles Gave via Gavekal Research, When meeting some clients a few weeks ago in Amsterdam, I made my usual remark about the stupidity of running negative interest rates. <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> In response my host told me a sobering story. He manages a pension fund and had recently started to build… Read More

Philippines Wants To Buy 74,000 American Assault Rifles

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2019 07 18 07 12 14

Philippine Foreign Secretary Teodoro Locsin said on Tuesday that the Philippine Army wants to buy 74,000 M-16 assault rifles with accessories from the US, following President Duterte’s 180-degree stance about not purchasing defense equipment from the West. <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Locsin made the request to US Assistant Secretary of State for East Asian… Read More

Iran Releases Dramatic Footage Showing IRGC Seizing Foreign Oil Tanker

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On a day that’s witnessed serious escalation amid already soaring tensions in the Persian Gulf, Iran has confirmed the vessel it earlier said its IRGC forces seized for “smuggling” oil is in fact Panamanian-flagged oil tanker MT Riah which had disappeared near Iranian waters starting last weekend. State TV aired dramatic footage showing multiple IRGC fast-boats swarming the clearly… Read More

"Liquidating Before Your Eyes" – PG&E's Clock Is Ticking

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Grant’s Almost Daily, submitted by Grant’s Interest Rate Observer On Tuesday, California governor Gavin Newsom signed Assembly Bill 1054, establishing a $21.5 billion wildfire relief fund and setting a June 30, 2020 deadline for fallen utility PG&E Corp. (PCG on the NYSE) to emerge from bankruptcy in order to participate. PG&E, which was found liable… Read More

Chicago's Lightfoot Demands State-Taxpayer Bailout, Then Offers CTU A 5-year Contract, 14% Raise

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2019 07 18 11 09 02

Authored by Ted Dabrowski and John Klingner via, You have to wonder whether Chicago Mayor Lori Lightfoot really thought she could get away with it.  <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Just three weeks ago, she was demanding a state taxpayer bailout of her city’s nearly bankrupt pension funds. The problem was so big, she said, she’d risk… Read More

The Three 'D's Of Doom: Debt, Default, Depression

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2019 07 18 11 04 02

Authored by Charles Hugh Smith via OfTwoMinds blog, “Borrowing our way out of debt” generates the three Ds of Doom: debt leads to default which ushers in Depression. <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Let’s start by defining Economic Depression: a Depression is a Recession that isn’t fixed by conventional fiscal and monetary stimulus. In other words, when… Read More

Fed Hints At Rapid Return To ZIRP, Sends Everything Soaring As Dollar Plunges

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NYFed Williams basically implied ZIRP is coming back and soon and that sent the market’s expectations for July rate cuts soaring (50bps now at 65%!)… <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> 2019 rate-change expectations now back above 50bps… <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Piling on, Fed’s Clarida added that research suggests acting preemptively when rates are… Read More

The "Final False Dawn" Looms

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ABOOK July 2019 TIC Official 6m 1

Authored by Jeffrey Snider via Alhambra Investment Partners, Not A Paradox Nor A Conundrum: TICked at Powell It seems a paradox, at least like it is backwards. The financial media doesn’t help because good editorial standards rely upon the opinions and beliefs of credentialed people who have no idea what they are talking about. If… Read More

Iran Offers Nuclear Deal If US Lifts Sanctions; Oil Tumbles

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2019 07 18 1

Who knew Rand Paul could be such an effective negotator. One day after the Republican senator and son of Ron Paul was reported to be Trump’s liaison to negotiate with Iran in hopes of easing tensions, sending the price of oil tumbling, the Guardian report that Iran has offered a deal with the US in which… Read More

UPDATE 4-Golf-Holmes sets pace as McIlroy cards nightmare 79 at Open

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* McIlroy starts with quadruple bogey * Holmes clubhouse leader on five-under 66 * Relentless Koepka two shots behind (Adds quotes, details) By Simon Evans PORTRUSH, Northern Ireland, July 18 (Reuters) – Rory McIlroy’s British Open hopes were in tatters after a first-round horror show at Royal Portrush on Thursday ended with the home favourite… Read More

Colorado State University Says The Word "America" Is "Not Inclusive"

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2019 07 18 9 11 42

Authored by Dave Huber via The College Fix, The latest example of higher education employees looking for something to keep themselves occupied comes from Colorado State University where its Inclusive Communications Task Force has deemed the words “America” and “Americans” non-inclusive. <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> According to Campus Reform, the school’s Inclusive Language Guide lists terms and phrases… Read More

Sanctions-Slammed Iran A "Heaven" For Bitcoin-Mining, Says Gov't Official

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2019 07 18 8 54 56

Authored by Marie Huillet via, Iranian authorities are wrestling with the rising number of citizens turning to Bitcoin mining and use as a means of coping with a sanctions-crippled economy. <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> image courtesy of CoinTelegraph Iran’s minister for information and communications technology, Mohammad Javad Azari Jahromi, told the Associated Press… Read More