The Speed of Sour: LIBOR Now Inverted, Too

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ABOOK June 2019 LIBOR 1m3m Spread

Last week, for the first time since February 2008, the LIBOR curve inverted. The 3-month tenor has been on the move downward for some time. The 1-month rate has been gentler in its slope. Last Thursday, the two finally crossed. As unnatural as inversion in the UST curve or elsewhere, it’s another sign of imminent… Read More

Paul Craig Roberts Exposes The Diminishing American Economy

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2019 06 24 5 27 43 0

Authored by Paul Craig Roberts, Since June 2009 Americans have lived in the false reality of a recovered economy.  Various fake news and manipulated statistics have been used to create this false impression.   <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> However, indicators that really count have not supported the false picture and were ignored. For example, it is… Read More

Trump Admin Sues 'Omerosa' For Ethics Violations

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2019 06 25 13 52 46

Former White House aide and unlikable reality-show character, Omerosa Onee Manigault Newman (‘Omerosa’), is being sued by the US government over an ethics violation related to financial disclosures. <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Reuters reports that the government is accusing her of knowingly failing to file a required public financial disclosure report after her White… Read More

Google Ethics Team Busted Calling Prominent Conservative Jews "Nazis": Veritas

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In a second day of bombshells from James O’Keefe’s Project Veritas, a leaked document reveals what appears to be members of Google’s “transparency and ethics” group calling prominent Jewish conservatives Ben Shapiro and Dennis Prager “Nazis,” along with Canadian psychologist Jordan Peterson, who is not Jewish.  <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> The email was leaked to Veritas following their Monday… Read More

10 Spending Habits That Can Leave You Broke

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signature nilus mattive

This post 10 Spending Habits That Can Leave You Broke appeared first on Daily Reckoning. I’m all for treating myself to some of life’s luxuries, but I won’t splurge to the point where it starts to hurt my finances. Sadly, for a lot of Americans the latter is true. In fact, the average US adult… Read More

US Set To Delay New China Tariffs… And Why This Is The Worst-Case Market Scenario

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Over the weekend, when previewing the most likely outcome of the Trump-Xi talks, Goldman’s political analyst Alec Phillips said that “a commitment to re-engage seems the most likely outcome. US officials, including President Trump and US Trade Representative Lighthizer, have emphasized their interest in restarting talks.” As Phillips further noted, “in the two analogous face-to-face… Read More

The Fatal Conceit Of Central Planners Dies Hard

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Authored by Peter Schmidt via, There are two important points to remember when it comes to the financial crisis of 2008.  The root cause of the financial crisis was a “purely human factor.  This human factor is the completely false sense of omnipotence, self-importance and entitlement among the country’s elite, as well as the… Read More

From Their Lips To No One’s Ears

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ABOOK June 2019 Foreign Repo Pool History 1

I thought this one needed a separate notation, though the same subject as the previous article. We’re still talking about the foreign repo pool, or monetary policy’s original reverse repo. It’s basically a way for overseas official governments and central banks to tell the Fed’s New York branch they’re uncomfortable with the dollar condition. How… Read More

As H20 "Bank Run" Accelerates, Its Assets Plummet By $3 BIllion

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Yesterday when describing the latest developments surrounding the Natixis-owned, ill-named H20 Asset Management, which has found itself in a toxic spiral of holding illiquid assets yet facing growing redemptions following Morningstar’s questioning of the “liquidity and appropriateness” of some of H2O’s corporate-bond holdings as well as potential conflicts of interest, and suspended its recommendation on… Read More

Buchanan: Will Joe Repudiate His Segregationist Friends?

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Authored by Patrick Buchanan via, “Apologize for what? Cory should apologize. He knows better. There’s not a racist bone in my body.” Thus did a stung Joe Biden answer rival Cory Booker’s demand he apologize for telling contributors, in a southern drawl, “I was in a caucus with James O. Eastland, He never called… Read More

Is This Why The US Media Is Pushing For A War?

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Following President Trump’s upset election in 2016 followed by more than two years of constant ‘Russiagate’ coverage, there now appears to be a “Trump slump” across all forms of media as we wait for what promises to be popcorn-worthy debates between Trump and his Democratic challenger in 2020.  <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Top news… Read More

No F-35 For Turkey If Russia Arms Deal Goes Forward: US Envoy

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The United States will stop Turkey from flying and developing the F-35 stealth jet if Ankara moves forward with their purchase of Russia’s S-400 missile system, according to Kay Bailey Hutchison, the US envoy to NATO.  <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> “There will be a disassociation with the F-35 system, we cannot have the F-35… Read More

Why Interest Rates Don't Need To Rise Much To Cause Recessions Now

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TotalDebtvsGDP 1

Authored by Jesse Colombo via, As the probability of a U.S. recession in the next year grows rapidly (it may be as high as 64%), many bullish economists and financial commentators are unsurprisingly downplaying this risk. One of their main arguments is that interest rates have not been hiked aggressively enough to tip the economy over… Read More

When You Can’t Hear Yourself: The Other Reverse Repo

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ABOOK June 2019 Foreign Repo Pool History

A lot of times, what becomes most frustrating about all of this eurodollar business is trying to get other people out of the conventional mindset to open up to the idea that there is something more going on. It’s the myth of the “maestro”, how there is just no way these Ivy League Economists could… Read More

Can AI Save The Nuclear Industry?

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Authored by Haley Zaremba via, Attitudes about nuclear energy are changing, with pundits on both sides of the aisle touting its benefits for extremely efficient and relatively clean energy. Despite an ever more positive public opinion, the nuclear industry in the United States, the largest in the world, is currently experiencing a downturn, even going so far… Read More

GM to spend $20 mln more on equipment upgrade at Arlington plant

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FILE PHOTO: A general view of the front entrance at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. REUTERS/Mike Stone/File Photo (Reuters) – General Motors Co said on Tuesday it would invest an additional $20 million to upgrade equipment at the automaker’s Arlington Assembly plant in Texas, ahead of the launch of… Read More

Stocks Extend Losses After Bullard, Powell Comments

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2019 06 25 10 01 26

Update: Fed Chair Powell is speaking now and is less than his recently dovish self. Signaling that they will “monitor,” Powell added that “damage arises when policy bends to political interests” seemingly signaling a more hawkish bias than the market’s greed requires… <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> *  *  * St.Louis Fed President Jim Bullard… Read More