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
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
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
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
A stunned equity market could not believe that Batman Powell and Doveboy Bullard dared to talk down the odds of a 50bps rate-cut in July… Ugly day in China overnight after Monday’s snoozefest… <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Mixed bag in Europe with a weak open but France and Spain rallying into the… Read More
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
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
Authored by Peter Schmidt via The92ers.com, 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
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
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
Authored by Patrick Buchanan via Buchanan.org, “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
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
The regular occurrence of traffic jams in major cities is not an immutable fact of urban life. Private roads show us the path out. A shortage occurs when the price of a scarce good is set below the market-clearing price. If the state monopolized milk production, produced a fixed quantity of milk every year, set… Read More
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
In what appears to be an exercise in expectations management, White House officials are talking to Reuters to set the table for this weekend’s meeting between Trump and Xi at the G-20. The goal of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the June 28-29 G20 summit in Japan… Read More
Authored by Jesse Colombo via RealInvestmentAdvice.com, 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
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
Authored by Haley Zaremba via OilPrice.com, 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
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
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