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Articles by Farmer Joe
DeFi Yield Farming Using wBTC
Decentralised Finance (DeFi) has reached an inflection point over the past few weeks. Projects like AAVE, Compound and Balancer Labs have been gaining traction and the total locked value (TLV) now stands at $1.64 bn At the same time efforts to bring Bitcoin to Ethereum have also been gathering speed. Wrapped Bitcoin ($wBTC) has been leading the way, with over 6000 new wBTC having been minted over the past month alone.
CNN: President Trump "Has Spent His Whole Life Bullshitting"
With the "Russians are to blame" narrative fading - due to lack of any evidence - it appears CNN has turned back to ad hominem attack 'reporting' on the Trump administration. "CNN Tonight" network host Fareed Zakaria proclaimed magnanimously that President Donald Trump has succeeded only by "bullshitting." VIDEO “I think the president is somewhat indifferent to things that are true or false. He has spent his whole life bullshitting. He has succeeded by bullshitting.
2016 Greatest Hits: Presenting The Most Popular Articles Of The Past Year
One year ago, when looking at the 20 most popular stories of 2015, we admitted that it was difficult to find a coherent theme of the key events that shook the world, and which you, our readers, found most interesting and notable: 2015 was year in which class warfare in the US approached unprecedented levels with antagonism between races, genders, ethnicities, ideologies, age groups and incomes all approaching peak levels, and spilling over, literally, on the street as the US public was...
John McCain Issues Statement On The "Integrity Of The US Election System"
Consider: Barack Obama 365 - 173 John McCain Barack Obama 69,498,516 - 59,948,323 John McCain "I didn't like the outcome of the 2008 election [where Barack Obama received almost double the electoral votes that I did]... but I had a duty to concede..." "Conceding" is one word for it. John McCain issued the following statement today regarding the integrity of the U.S. election system: "All Arizonans and all Americans should be confident in the integrity of our elections.
Senate Democrat Accuses Donald Trump And His "Friend" Putin Of Founding ISIS
The one story the media spent arguably the most time covering last week, was Trump's allegation that president Obama and Hillary Clinton were the founder and co-founder of ISIS (even as Trump subsequently backpedaled and said the accusation was simply "sarcasm"). Nonetheless, following the spike in media chatter, earlier today, Missouri Democratic Senator, Claire McCaskill, on Sunday turned the tables on Donald Trump in an attempt to disprove the Republican presidential nominee's claims.
Trump 'Close Friend' Unleashes Economic Reality Check: America Is "Lost In The Black Hole Of Entitlement"
On Monday, Thomas Barrack, a globe-trotting billionaire real-estate investor in Los Angeles who describes Trump as a "close friend," published a 12-page treatise on the economy. As Bloomberg reports, it doesn't mention Trump, but it's a kind of defense of Trump's critique of international trade. The paper is in no way an official statement from the Trump campaign; it reflects only Barrack's personal views.
Forget Teflon, Meet Clinton
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Brexit Proved It's All A Central Bank Funded Mirage
Authored by Mark St.Cyr, I keep hearing that the “Chicken Little’s” are once again being proved wrong. We keep being shown chart, after chart, after chart, after chart how the market recovers from perilous sell-offs. This is expressed as “proof” the “market” doesn’t want to go down, and has legs to vault ever higher.
Top NSA Officials’ Reaction To 9/11: “9/11 Is a Gift To The NSA. We’re Going To Get All Of The Money We Need, And Then Some” … “
What was the NSA’s reaction to 9/11 … the greatest intelligence failure in history? After all, overwhelming evidence shows that 9/11 was foreseeable. Indeed, Al Qaeda crashing planes into the World Trade Center and the Pentagon was itself foreseeable. Even the chair of the 9/11 Commission said that the attack was preventable. And a top NSA whistleblower says that the NSA had all of the information it needed prior to 9/11 to stop the attacks.
The Untold Story Behind The "Mutiny At The State Department" Where Dozens Demand War With Syria
Confirming once again that the entire US Middle-East campaign over the past 4 years has been one ongoing plan to destabilize and eliminate Syria's president Bashar al-Assad from power - certainly including the involvement of ISIS which as we reported a year ago was "created" and facilitated by the Pentagon as a tool to overthrow Assad, an analysis which yesterday gained renewed prominence - overnight the WSJ reported that dozens of State Department officials this week protested against U.S....
Vox Editor Suspended After Inciting Violence Against Trump
While Hillary and her liberal media are sticking to the embarrassingly-exposed-after-San-Jose narrative that it is Donald Trump that is inciting riots; none other than entirely unbiased and independent media organization Vox's "deputy first person editor" Emmet Rensin dropped a Twitter bomb this week that he is likely to regret greatly.
The Endless Dodge - Why Washington Doesn't Come Clean On The Downing Of MH-17
A newly posted video showing a glimpse of a Buk missile battery rolling down a highway in eastern Ukraine has sparked a flurry of renewed accusations blaming Russia for the July 17, 2014 shoot-down of Malaysia Airlines Flight 17 killing 298 people. But the “dash-cam video” actually adds little to the MH-17 whodunit mystery because it could also support a narrative blaming the Ukrainian military for the disaster.
Bernie Agrees To Debate Trump After Hillary Shun
Having been debate-shunned by Hillary "ain't got time for that" Clinton, Vermont Sen. Bernie Sanders agreed Wednesday night to debate presumptive Republican nominee Donald Trump.
Negative Interest Rates Means Passive Capital Must Incur Huge Losses in a Crash Scenario (Video)
We delve into the implications of negative interest rates, and what they are really saying about the soundness of the financial system. In short we have too many rich people doing nothing productive with their wealth.
BofA: "If You Go Down To The Woods Today It Will Be Full Of Bears"
Just days after Bank of America's equity team joined Goldman, JPM, Citi, UBS and pretty much every other bank (and Gartman) forecasting a market drop in the imminent future with a report laying out "Nine "Reasons To Worry" About A Big Market Drop", BofA's cross asset team led by chief investment strategist Michael Hartnett is out with some of his own words of "encouragement", to wit. If you go down to the woods today… it will be full of bears.
Deutsche Bank Unveils The Next Step: "QE Has Run Its Course, It's Time To Tax Wealth"
Helicopter money may be on the horizon, but if Deutsche Bank has its way, there is at least one intermediate step. According to DB's Dominic Konstam, now that the benefits QE "have run their course", it is time for the next, and far more drastic step: "the ECB and BoJ should move more strongly toward penalizing savings via negative retail deposit rates or perhaps wealth taxes.
Dear Janet, You Have A Problem - The Fed Policy 'Death Cross'
"Stock whisperer" Janet Yellen has a major problem. Despite the world's central banks' coordinated easing-driven surge in stocks off the mid-Feb lows, consumer comfort in America has collapsed to its lowest since Dec 2015. The "wealth creation" engine is not transmitting to animal spirits and exuberance among average joes... despite Jim Cramer's exposition that "Yellen is speaking for the common person." The Fed policy Death Cross... When extreme monetary experimentation fails.
Why The Corporate Media Hates Sanders (And Has A Love/Hate Thing With Trump)
Always remember who's selling whom, and who's in charge. Everyone who isn't willfully blind knows that the Corporate (mainstream) Media doesn't give the same coverage to Bernie Sanders as it does to his opponent, Hillary Clinton. Bernie's rallies go unmentioned, his victories are given short shrift and his personal narrative--practically ideal for media glorification--is mentioned in passing, if at all.
What The Charts Say: Stocks Must Remain Above 2,028 Or Channel Support Is Broken
Yesterday we presented the latest note from UBS' technical analysts, Michael Riesner and Marc Muller, who said now that the S&P had hit their near-term top target of 2,050, it was time to "sell" the "most overbought market since 2009." We suggested that, based on their recent accurate track record, that it would be prudent to follow their advice instead of Gartmaning it. So far they have been correct. So what are the key technicals levels from this point on, and what do the charts say now?
The 8 Major Problems The Next President Will Face
In around ten months, one of you will wake up as Mr. or Mrs. President. After the fabulous fun of post-inaugural balls, you will walk into the Oval Office on Saturday, January 22 and launch into your first 90 days in office. During these days, you will want to deliver on as many of your promises as possible. But instead of shadowboxing with hypothetical futures on a debate stage, you’re going to be up against cold, hard reality.
US Government Blames 9/11 On Iran, Fines Iran $10.5 Billion; Iran Refuses To Pay
On March 14th, Iran announced that it will never pay the $10.5B that a U.S. court demanded it pay for the 9/11 attacks.
Making Sense of Cents
Forex remains to be the largest market in the world and the least understood. Central banks have more influence on global markets than any other force. In other words, monetary policy is the ONLY economic indicator(s) investors should be watching, because let's face it, if the Fed raised rates to 10% like they should do and called in all that QE money, stocks would collapse. But yet Forex remains a mystery, something that someone may have mentioned or you heard about.. wait FX is a TV channel?
LeT THeM EaT TWiNKieS!
How a former Goldman banker became homeless http://www.marketwatch.com/story/how-a-former-goldman-banker-became-home... Neel Kashkari is not a household name for most Americans, probably not for most Californians either. But in his mercurial career, he has probably had more influence on our lives than we’re aware. Between 2006 and 2009, Kashkari was an aide and assistant U.S. Treasury secretary under Henry Paulson, his former boss at Goldman Sachs Group Inc.
Russia Demands End To Turkey's Efforts To Undermine Syrian Sovereignty
Over the past several days, Turkey has been busy putting the world on the course to World War III. The YPG - which Ankara identifies with the “terrorist” PKK- has contributed to the Russian and Iranian effort to cut off the Azaz corridor, the last remaining supply line to the rebels fighting to oust Bashar al-Assad in Syria.
One Of The Biggest High Frequenecy Traders Warns Of Potential Market "Catastrophe"
Back in April 2009, we wrote what may be the first seminal article predicting the failure of capital markets as a result of widespread predatory high frequency trading and fragmented market structure when we laid out "The Incredibly Shrinking Market Liquidity, Or The Upcoming Black Swan Of Black Swans." Several years later, and countless flash crashes, we have been proven right, however one thing is missing: "the catastrophe" that finally wakes up people to the dangers of all the individual...
Wall Street Reacts To The Lifting Of Iran Oil Sanctions
As was triumphantly announced over the weekend by both parties (making one wonder who actually benefited), after years of U.S. sanctions, Iran is now free to export as much of its oil as it wants after the International Atomic Energy Agency said the country had curbed its ability to develop a nuclear weapon leads to lifting of international sanctions.
Dow Dumps 150Pts Off Morning Highs As Oil Bounce Dies
Remember when oil was in the green (because Iran was "priced in") and stocks were in the green (because China was "fixed") this morning? Well, that's over. The dip-buying algo's reflex has run the stops, filled the gaps to unchanged and now stocks and crude are turning lower once again. Crude back in the red... And stock-buying algos have run stops there too...
Two-Thirds Of Young Democrats Eager To Accept Refugees From Fictional City In Aladdin Movie
Earlier in the week, many scoffed at the stereotype-confirming 30% of Republicans than supported the bombing of Agrabah - the fictional city from the Disney movie Aladdin. Now, according to WPAResearch, a new poll shows a stunning 66% of young Democrats are especially eager to take in the imaginary refugees.
The Next Domino: CANADA
The Federal Reserve has kept its zero interest rate policy (‘ZIRP’) for several years (and much longer than originally anticipated) whilst the European Central Bank seems to be getting serious about doing ‘better’ and has now reduced the deposit rate at the ECB to -0.30%. It’s already remarkable a central bank doesn’t seem to have any problem to reduce interest rates into the negative territory, but now Canada is considering making the same step as well.
Europe's On A Road To A Very Bleak Nowhere
Submitted by Raul Ilargi Meijer via The Automatic Earth blog, On the day after a bunch of European countries headed into yet another -emergency- meeting, and as the refugee situation in Greece and the Balkans was more out of hand than ever before, not in the least because the numbers of refugees arriving from -in particular- Turkey are larger than ever, let’s reiterate what should always be the guiding principle driving the response to issues like this.
More Bad News For Millennials, Who Face "Great Depression" In Retirement
Americans in their 20s and 30s are facing a retirement crisis that could plunge them back into the Great Depression, Blackstone President and COO Tony James said Wednesday.
Monsanto Stunned - California Confirms 'Roundup' Will Be Labeled "Cancer Causing"
California just dealt Monsanto a blow as the state’s Environmental Protection Agency will now list glyphosate - the toxic main ingredient in the U.S.’ best-selling weedkiller, Roundup - as known to cause cancer . Under the Safe Drinking Water and Toxic Enforcement Act of 1986 — usually referred to as Proposition 65, its original name — chemicals that cause cancer, birth defects, or other reproductive harm are required to be listed and published by the state.
Travails Of Empire - Oil, Debt, Gold & The Imperial Dollar
This is the key theme of Larry Wilkerson's presentation. He never really questions whether empire is good or bad, sustainable or not, and at what costs. At least he does not so in the same manner as that great analyst of empire Chalmers Johnson. It is important to understand what people who are in and near positions of power are thinking if you wish to understand what they are doing, and what they are likely to do. What ought to be done is another matter.
Paul Craig Roberts: The Eroding Character Of The American People
Attorney John W. Whitehead opens a recent posting on his Rutherford Institute website with these words from a song by Bob Dylan. Why don’t all of us feel ashamed? Why only Bob Dylan? I wonder how many of Bob Dylan’s fans understand what he is telling them. American justice has nothing to do with innocence or guilt. It only has to do with the prosecutor’s conviction rate, which builds his political career.
"Unleash The Bullard" - S&P 500 Breaks Below Crucial Support
In hyperinflation, the currency's purchasing power collapses. Many Fed critics have predicted this will come soon, though it hasn't happened yet. However all is not well with the dollar.
Ron Paul Warns Seizure Of Russian Assets Will Hasten Dollar Demise
Submitted by Ron Paul via The Ron Paul Institute for Peace & Prosperity, While much of the world focused last week on whether or not the Federal Reserve was going to raise interest rates, or whether the Greek debt crisis would bring Europe to a crisis, the Permanent Court of Arbitration in The Hague awarded a $50 billion judgment to shareholders of the former oil company Yukos in their case against the Russian government.
The NAR Sees "No Housing Bubble", So Here Is A Look At NAR's History Of Absolutely Disastrous Forecasts
When it comes to industry associations such as the homebuilders' National Association of Realtors, one thing is certain: their chief economists, in this case the always wrong Lawrence "Larry" Yun, never see anything but blue skies ahead... even when the second great depression is starting them in the face.
In Shocking Move, Goldman Slashes America's Long-Run "Potential GDP" From 2.25% To 1.75%
While Ben Bernanke will never agree that global economic growth has ground to a halt as a result of his monetary policies, a phenomenon which in the past year has been dubbed "secular stagnation" by the very serious weathermen (and will certainly never admit the reason for such stagnation), with every passing month one thing becomes clear: there can be no growth and certainly no prosperity for the broader population with a $200 trillion (and rising at over $10 trillion per year) overhang in...
The Big Lie: Serial Retail Sales Downward Revisions Hide Ugly Truth
Over the last 5 years, over 20% of the initial gains in Retail Sales have been 'removed' by serial downward revisions in later months. For over 65% of the time, a 'good' number prints, stocks rally, the everything-is-awesome meme is confirmed, and then a month later (or more) retail sales data is downwardly revised. 35 downward revisions and 19 upward (and 8 of last 9 downward) for an aggregate spread between initial data and revised of over 5 percentage points (of a 25% gain).
Red Flags | Zero Hedge
Earlier this week I discussed the recent interview with Mohamed El-Erian and his valuation call and holding of cash in his portfolio. Not surprisingly, that topic recent a good bit of push back due to the current "zero" rate of return and the impact of inflation over time. I understand that argument and do not disagree. However, as I stated, there is a huge difference between the loss of future purchasing power and the destruction of investment capital.
Here We Go: Goldman Declares That "The Right Policy Would Be To Put Hikes On Hold For Now"
It was just two days ago when we observed that during the latest Fed matinee, none other than Goldman's Jan Hatzius presented a slide deck suggestively titled "Hiking Rates in the Name of Financial Stability." Said slide deck, in addition to hinting that the macroeconomy (not Goldman's bonus pool mind you) may not be able to withstand the shock and horror of a 0.25% rate hike, also contained the following binomial decision tree (in which Goldman, with a straight face said that it was unclear...
The Week The Fed Loses "Patience" - Previewing This Week's Main Events
This week's main event will be the FOMC announcement on Wednesday at 2:00 pm and the subsequent press conference, the conclusion of the March 2-day Fed meeting, in which it is widely expected that Yellen will announce the end of the Fed's "Patience" with an economy in which resurgent waiters and bartenders continue to skew the job market even if it means consistently declining wages for 80% of the US labor force.
Oil Junk Bonds Cost Investors Billions
Just two weeks ago, we noted that chasing after high yield debt from beleaguered junior oil producers was likely not the best idea given the fact that geopolitical logrolling, surging supply, and shrinking storage capacity all point to further declines for crude.
US Attacks "Closest Ally" UK For "Constant Accommodation" With China
On the heels of a diplomatic spat between Hanoi and Washington regarding Russia’s use of a former US air base in Vietnam to refuel nuclear-capable bombers on the way to conducting “provocative” runs in the Pacific, we get yet another, larger, sign that it may indeed be the US that’s isolated and not (as Western media would have you believe) the Kremlin.
Meet Landlord Loans: You Too Can Be A Real Estate Speculator
Just when we thought the news flow around shoddy loan securitizations couldn’t get any better (or worse, depending on how you look at it), we get this headline from the NY Times: “Equity Firms Are Lending to Landlords, Signaling a Shift.” Forget falsifying loan documents to get underqualified borrowers into new Honda Civics on 84 month payment plans. Forget encouraging unemployed households to borrow $3,500 at 30% to buy a new refrigerator. Those schemes are so two days ago.
Time For The Market To Break Again?
(Reuters) - Barclays has been providing information to an investigation into precious metals by the U.S. Department of Justice (DoJ), the bank said in its 2014 annual report on Tuesday, a week after a similar statement by HSBC. The DoJ and the Commodity Futures Trading Commission are investigating at least 10 banks for possible rigging of precious metals markets, the Wall Street Journal reported last week, citing people close to the inquiries.
Fed's Household Credit Report Confirms It Is A Student And Car Loan "Recovery"
Earlier today the NY Fed released its quarterly, household credit report which is really just an Equifax spreadsheet where the links are hard-coded. We know this because about 8 months ago, the NY Fed intern (since seasonally-adjusted into pink-slip territory), released a #Reffing! spreadsheet that didn't even bother to remove the hard-links to said Equifax report. So what did the latest data reveal?
Global Deflation Exports To US Send Import Prices Tumbling Most Since Lehman
Import prices dropped 8.0% YoY (modestly beating expectations of an 8.9% plunge) and 2.8% MoM. The last time import prices started to fall at this pace was a month after Lehman Brothers BK'd. Of course the crash of oil prices is largely responsible as imported fuel costs slumped 16.9% YoY - the most since Dec 2008 (petroleum -17.7%).
Who Owns Greek Debt And When Is It Due?
Six key points about Greece’s debt http://jubileedebt.org.uk/reports-briefings/briefing/six-key-points-gree... The 2012 private creditor write-down was a flawed solution In 2012, two years after the bailouts began, it was finally accepted that Greece needed some debts cancelling. An agreement was reached with many private creditors to cancel 50% of the debt owed to them.
Bank Of Canada Cuts Rates, Fears Financial Stability Risks From Oil Price Shock
In what may have surprised some, The Bank of Canada cut its benchmark interest rate to 0.75% citing financial stability risks and worried about downside inflation risks. The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent.
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