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Total Societal Collapse: What The Media Isn't Telling You About Venezuela
Submitted by Shaun Bradley via TheAntimedia.org, Life in Venezuela now consists of empty grocery stores, record rates of violent crime, and widespread shortages of just about everything. The economic and political conditions have been deteriorating for years, but recent stories coming from this once-rich nation are astonishing. Bars have run out of beer, McDonald’s can’t get buns for their Big Macs, and rolling blackouts are a regular occurrence.
Deutsche Bank CEO Warns Of "Fatal Consequences" For Savers
Deutsche Bank's war of words with the ECB is not new: it was first unveiled in February when, as we wrote at the time "A Wounded Deutsche Bank Lashed Out At Central Bankers: Stop Easing, You Are Crushing Us." Europe's largest bank, with the massive derivatives book, then upped the ante several months later in June, when its chief economist Folkerts-Landau launched a shocking anti-ECB rant in which it warned of social unrest and another Great Depression.
How The Fed's Facebook PR Campaign Went Terribly Wrong
Over the weekend we reported that just days after the Fed's launched its first Facebook page last Thursday, in an attempt to mollify the masses with this odd public relations gambit in which the Fed tried to pass off as "one of the people", the result was... "not what it had expected." Overnight, even American Banker chimed in, reported that "when the Federal Reserve Board finally launched its own Facebook page last week, the response was as swift as it was predictable.
New Home Sales Soar Most Since 2007 Driven By Southern Sales Surge
While the accuracy of the new home sales data is notorious questionable, with regular revisions wiping out both up- and down-side outlier prints, moments ago the Census reported that in July the US saw a whopping 654K new home sales, up 12.4%, from the prior month and higher by 31% from a year ago, smashing expectations of a 580K print, and a -2% decline from last month's pre-revision print of 592K (since revised lower to 582K).
Richmond Fed Manufacturing Survey Collapses By Most On Record
Following flash PMI's drop, another early August indicator has collapsed as Richmond Fed's manufacturing survey plunges to -11 (lowest since Jan 2013) missing expectations of +6. The plunge from July's +10 to August's -11 is the largest on record - back to 1993. Biggest drop on record... Weakness was across the board with new orders crashing from +15 to -20, order backlogs and capacity utlization collapsed, and average workweek slumping.
FBI Probing If "Russian Hackers" Breached The New York Times, News Agencies
It's them Ruskies again! With pressure on Obama over his visit to Louisiana, and Hillary facing an avalanche of headlines over her "email crimes," it is time for a distraction... CNN reports, hackers thought to be working for Russian intelligence have carried out a series of cyber breaches targeting reporters at the New York Times and other US news organizations, according to US officials briefed on the matter.
3 Out 5 Texans Support Secession If Hillary Wins Presidency
In a shocking testament to just how divided our politics have become, a new Texas poll from Public Policy Polling shows that 60% of Trump supporters in Texas would support secession from the United States if Hillary wins the White House. This comes as Hillary's unfavorable ratings among Trump supporters were a "disappointing" 99% and despite the fact that the poll also finds that Trump is only leading the state, a typical Republican stronghold, by 6 points.
CNN Host Slams America's Greatest Olympian Ever For Not Being Black, Muslim Woman
Michael Phelps may be the greatest Olympian the world has ever known but for CNN host W. Kamau Bell, he is just a "tall, successful, rich white guy" who clearly didn’t "need the honor" of being chosen by his athlete peers as America's flag-bearer.
RNC Day 2: Make America Work Again - Live Feed
Republicans will officially nominate Donald Trump for president on Tuesday, and as The Hill reports, "unity" will be a major theme as the party seeks to put forth Trump as its standard bearer a day after 'Never Trump' forces were all but vanquished. With the theme "Make America Work Again", a gaggle of speakers (from Paul Ryan to Tiffany Trump) is set to lay into the Obama administration’s handling of the economy. Live Feed (due to gavel down at 1730ET)...
Republican Platform Unexpectedly Calls For A Return To Glass-Steagall
While we know better than to trust politician promises, we were surprised to read that today the GOP joined the Democrats in calling for a repeal of Gramm-Leach-Bliley, the Financial Services Modernization Act of 1999 pushed through by none other than Bill Clinton, and will seek a return to Glass-Steagall, the banking law launched in 1933 in the aftermath of the Great Depression meant to prohibit commercial banks from engaging in the investment business, and which according to many was one of...
Citi Is Stunned How Quick The "Extraordinary Political Backdrop" Is Deteriorating
Some interesting observations from Citi's Tin Fordham on "The Tempest" and What to Make of Turkey's Failed Coup, Nice Attacks, and the Emerging Politics of Fear and Anxiety. It appears that "nobody could have possibly predicted" what we said back in 2010 when the Fed launched QE2, namely that monetary policy will lead to global violence, conflict and war, and as a result is making it up as they go along. Here is Citi's turn, courtesy of Tina Fordham.
Frontrunning: July 18
Global stocks rise on SoftBank bid for ARM, dollar up vs yen after Turkey crushes coup (Reuters) U.S. backs justice for coup plotters but urges Turkey to keep rule of law (Reuters) Law and Order Will Be a Big Republican Convention Them (WSJ) SoftBank to buy UK chip designer ARM in $32 billion cash deal (Reuters) Rate-starved U.S. banks happily gobble mortgage business (Reuters) Oil Prices Steady but Products Glut Looms (WSJ) Bank of America Profit Tumbles 19% As NIM Hits Record Low, EPS...
Erdogan Purges 8,000 Cops As Europe Voices Concern Coup Was Staged With "Prepared Arrest Lists"
Overnight Turkish president Erdogan's counter-coup witch hunt continued, when thousands of police officers were suspended on Monday, widening a systemic purge of Erdogan's enemies first in the armed forces and then judiciary after a failed military coup, now focusing on the interior police force, and raising concern among European allies that it was abandoning the rule of law.
Read This Before Investing Another Cent...
While CNBC and other perma-bulls claim that the stock market is a great investment today, the smart money is already prepping for a disaster. Goldman Sachs has told its clients to “sell at the new high.” Credit Suisse just told its clients stocks “haven’t looked this worrisome since the tech bubble.” They’re correct. Stocks are in a bubble by virtually every reasonable metric. According to CAPE, stocks have only been more expensive relative to earnings TWICE in history.
US Futures Rebound Sharply From Friday's Coup Fears, Focus Shifts To M&A
Having panciked briefly on Friday night on news of a Turkish coup, which has since not only failed but been cast away as speculation rises that it was staged and designed to give Erdogan even more authoritarian power, markets have moved on and are now focusing on the main overnight event which was the surprising $32 billion bid by Japan's SoftBank for U.K.’s semiconductor giant ARM Holdings Plc which has soared 45%, crushing the recently rising short base, sending comparable semis higher in...
After Eight Years Of "Hope And Change", Voters Are Angry
Eight years ago, a simple, catchy, popular refrain emerged for a weary population which was about to suffer through the biggest financial crisis in generations. It was "Hope and Change" and it defined the presidential candidacy of an inexperienced, largely unknown senator from Illinois.
Don't Reform The Fed, Fed-Exit!
Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity, Opponents of a central bank should take advantage of the post-Brexit vote revival of secessionist sentiments to promote a secession from central banking, or “Fed-exit.” Ending the Federal Reserve's monopoly on money is the key to restoring and maintaining our liberty and prosperity. By manipulating the money supply to fix interest rates, the Federal Reserve engages in price fixing.
Celebrity Lives Matter... More
Submitted by Mike Krieger via Liberty Blitzkrieg blog, When it comes to terror attacks, we now know that #CelebrityLivesMatter. A lot. Specifically, some Nice residents expressed concern that U2 frontman Bono and other celebrities dining a half mile away from the scene of the recent terror attack received special treatment.
Deutsche Bank Loves Helicopter Money: Why "Big Inflation Is Coming... But Will First Require A Crisis"
Just over a month ago, Deutsche Bank's chief economist David Folkerts-Landau, unleashed an epic rant against the ECB, warning of social unrest and another great depression unless the ECB changes its ways.
Grant Williams: The Rising Danger Of A Bidless Market
Submitted by Adam Taggart via PeakProsperity.com, Grant Williams, veteran portfolio and strategy advisor, as well as proprietor of the economic blog Things That Make You Go Hmmm returns to the podcast this week to discuss his great concern about the liquidity risk underlying financial markets long-addicted to central bank rescue stimulus. Through life, behavior is reinforced by consequences. And since 2008, everything possible has been done to avoid the consequences.
Morgan Stanley: "To Make Up For A 10% Drop In The S&P, Treasury Yields Would Need To Go… Negative"
With both the S&P500 and Treasury prices hitting record highs as recently as one week ago, many have been confused (perhaps none more so than Goldman's clients as we reported yesterday), although the conventional fallback explanation that has again emerged, is a reversion back to the "Fed Model" according to which the lower yields go, the highest equity multiples should (and may) rise.
Italy Tasks JPMorgan With Creating A €50 Billion Bank Bailout
Three months ago, when Italy's renewed bank troubles were reemerging again, and the country unveiled its first, and certainly not last, "bad bank" in the shape of the "Atlas" (or Atlante) bailout fund, we - as well as everyone else - mocked it for one obvious reason - at only €5 billion it was far too small to make an impact, as we explained in "Size Matters: Analysts Mock Italy's Tiny "Atlas" Bailout Fund Meant To Support €360BN In Bad Debt." In late June, following the Brexit vote when the...
Trump Narrows Clinton's Lead But Latest Polls Show Voters "Hate Them Both"
The last few weeks have seen Hillary Clinton's lead over Donald Trump reduced notably from over 8pts to below 3pts as her poll numbers tumbled post-Comey.
US DOJ Accused Of Intentionally Using 21 Year Old System To Frustrate FOIA Requests
President Obama's "most transparent administration ever" is being accused of "failure by design" in the DoJ’s protocols for responding to public requests.
ISIS Takes Responsibility For Nice Attack, Warns "Crusader States" Not Safe
Despite claims that the Nice truck attacker was a radicalized Islamist, close friends of Mohamed Lahouaiej Bouhlel say it "just doesn't add up" noting "he ate pork, he drank alcohol, he hit his wife," the mainstream media narrative that he was an ISIS jihadi were 'confirmed' today.
"Helicopter Money" Won't Fix What's Broken
Submitted by Charles Hugh-Smith via OfTwoMinds blog, Creating "free money" to support bloated bureaucracies and corrupt cartels only makes the underlying problems worse. The mere mention of helicopter money has intoxicated global stock markets, which have soared on the rumor of Japanese helicopter money.
Fed Cornered: Core CPI Jumps Near 4 Year Highs As Rent Rises At Fastest Rate In 9 Years
Just as we warned, the gas price 'base effect' is pressuring consumer price indices higher (Energy +1.3% MoM - up for 3rd month in a row) but even Core CPI rose more than expected (+2.3% vs 2.2% exp) back near its highest since April 2012. Shelter costs rose 0.3% MoM (but 3.5% YoY - the highest since July 2007), along with increases in education, medical care, and airline fares also sent consumer prices broadly higher.
"The Resentment Will Explode" - In Dramatic Twist, McKinsey Slams Globalization
The IMF is getting nervous, and what it appears to be most concerned about, is a collapse of the status quo. Moments ago, in a speech in Washington, IMF head Christine Lagarde said that "The greatest challenge we face today is the risk of the world turning its back on global cooperation—the cooperation which has served us all well.
Multiple People Shot, Including One Police Officer, At Berrien Conty Courthouse In Michigan
Emergency crews are responding to an active shooting at the Berrien County Courthouse in St. Joseph according to WNDU. It happened around 2:20 p.m. Monday afternoon. According to PFZ, at least 4 people have been injured following the shooting, among them at least one police officer, with casualties also being reported. As of 2:45 p.m., Berrien County police dispatch has only confirmed a heavy police presence at the courthouse.
Stockman Warns Of "Awful Price To Be Paid For One-Way Markets"
Submitted by David Stockman via Contra Corner blog, The boys and girls on Wall Street are now riding their bikes with no hands and eyes wide shut. That’s the only way to explain Friday’s lunatic buying spree in response to another jobs report that proves exactly nothing about an allegedly resurgent economy. When the S&P 500 first hit 2130 back in May 2015, reported LTM earnings were $99.25 per share, and that was already down 6.4% from the cyclical high of $106 per share in September 2014.
Russell Napier Reveals The "Only Question That Matters For Global Investors"
From Russell Napier of ERI-C Now only one question matters for global investors --- Wo ist der Hubschrauber? (Where is the helicopter?). The decline of European commercial bank share-prices before Brexit made it clear that a monetary reflation of Europe was failing. The collapse in these same share-prices post-Brexit means that even the politicians now realise that the ECB acting alone cannot stabilize the European economy.
Wrong... Just Wrong!
By Chris at www.CapitalistExploits.at So when I came to you ragged, exhilarated, and a little bit richer two weeks ago, I referenced a buddy who I'm really grateful to know. Why? Because he's a better trader than I am and surrounding yourself with smarter people than you sure ain't a bad strategy. Today I bring you his thoughts on Brexit because, quite frankly, much of what is being written about the topic on the internet is wrong, just wrong.
Frontrunning: July 7
Global stocks and sterling bounce after Brexit bashing (Reuters) FBI director to face Republican fire over Clinton email probe (Reuters) UK's Hammond says Article 50 a decision for government, not parliament (Reuters) GOP Puts Pressure on Clinton, FBI After Lynch Closes Email Probe (WSJ) Gold’s Most Accurate Forecaster Says Prices May Go to $1,425 (BBG) Central Banks Put Squeeze on Sovereign-Debt Market (WSJ) L&G's fund arm, F&C cut value of UK property funds (Reuters) Danone Boosts U.S....
"To Reassure The Public" - Paul Ryan Asks That Hillary Not Receive Any Classified Data
Although using several different servers and sending hundreds of emails containing classified information didn't bother the FBI or DOJ enough to bring charges against Hillary Clinton, it bothered US House Speaker Paul Ryan. House of Representatives Speaker Paul Ryan has officially asked that Hillary Clinton not receive any classified information during the election campaign, something Ryan believes would reassure the public that the nation's secrets will remain secure throughout the campaign.
Why Citi Sees No Solution For The Italian Banking Crisis Any Time Soon
Italian banking problems are all political and not financial according Citigroup. Citi is out this morning defending against the erosion of trust within the system as Italy's Monte Paschi bank struggles to remain in business. What is important, from Citi's viewpoint, is that Italy's government would be able to manage the nation's banking obligations without bringing in the EU member nations, so that is a much better situation than we saw in Greece.
Property Fund Turmoil in the UK has Eerie Echoes of Bear Stearns
The fallout from Brexit continues and financial uncertainty can be seen in the markets as the British Pound continues to come under pressure and a growing number of property funds in the UK freezing redemptions. The Telegraph's Ben Marlow draws some chilling comparisons with the Bear Stearns crisis of 2007. Almost nine years since that fateful day, and the ghost of Bear Stearns is stalking the Square Mile again after the lockdown of three of the UK’s biggest property funds.
Dear Janet, What Now? Initial Jobless Claims Tumble To 43 Year Lows
While nonfarm and ADP payrolls data starts to roll over, along with The Fed's labor market conditions indicator, initial jobless claims re-plunged back to its lowest since 1973. A significant drop of 16k to 254k is the lowest - except for a brief April dip - in 43 years... Closer to the next recession... A couple more things to ignore... So now what Janet? Brexit decision done and things are holding in there and US jobs are awesome?
Frontrunning: July 5
Pound Tumbles to 31-Year Low as Its Post-Brexit Selloff Resumes (BBG) Bad Debt Piled in Italian Banks Looms as Next Crisis (WSJ) Stock Market to Bond Market: ‘La-La-La I Can’t Hear You' (WSJ) A Prime Minister, a Referendum and Italy’s Turn to Get Worried (BBG) Brexit Vote Paralyzes Companies Across Europe (WSJ) Brexit-Like Populist Pressure May Spawn ’70s-Style Stagflation (BBG) Boris Johnson backs Andrea Leadsom for Prime Minister as Tory MPs vote (Telegraph) Brexit: Theresa May demands...
Something Huge Is Coming From Japan
Posted with permission and written by John Rubino, Dollar Collapse (CLICK HERE FOR ORIGINAL) Pretend, for a minute, that your country responds to the bursting of a credit bubble by borrowing unprecedented amounts of money and using it to prop up banks and construction companies. This doesn’t work, so you create record amounts of new money and push interest rates into negative territory in an attempt to devalue your currency. But this — amazingly — doesn’t work either.
America's Female Prison Population Has Grown 800% & Nobody Is Talking About It
Submitted by Clarice Palmer via TheAntiMedia.org, Holly Harris may wear cowboy boots to work, but the Kentucky mom and Executive Director for the US Justice Action Network (USJAN) is far from your average southerner. This past Saturday, June 25th, Harris talked about her work to a group of journalists and bloggers who traveled to Washington D.C. from different corners of the country to hear from leaders of the criminal justice reform movement.
What Is It We're Celebrating, Exactly?
Submitted by Eric Peters via EricPetersAutos.com, The Fourth of July has become like Christmas – a kind of ersatz celebration with forms but not much significance. What is it we’re celebrating, exactly? A historical event – the successful separation of the colonies from the British empire. The secession of the colonies. Their rejection of the arbitrary authority of the British king and parliament. Good for the colonists. What about us? Do we not also live under the authority of arbitrary government?
Three Charts Show How Precious Brexit Is for Gold and Silver
Gold and silver have been the standout winners in the fallout from Britain’s decision to leave the European Union according to Bloomberg. They have compiled three charts showing how “precious” Brexit is for gold and silver. Investors seeking a haven from volatile currencies and equities pushed prices of the metals to a two-year high.
Italian Banks Tumble, Monte Paschi Plunges To Record Low After ECB Letter
The pain for Europe's banks, and especially those in Italy, continues this morning following the latest news surrounding the Italian bank sector. As a reminder, the Euro Stoxx Banks index was down -0.88% last week and is nearly 19% down from its pre-referendum levels.
Key Oil Upside Catalyst Gone, As Niger Delta Avengers Twitter Account Suspended
Over a month ago we declared, somewhat tongue-in-cheek, that the group that "holds the price of oil in their hands" is the quixotic, and formerly completely unknown Nigerian militant group the Niger Delta Avengers, or NDA, whose generous source of funding remains to this day unknown (although one can make some very astute assumptions as to who would benefit from the price of oil rising as a result of relentless supply disruptions).
'Elites' Called To Arms: "It's Time To Rise Up Against The Ignorant Masses"
It appears the powers that be just are not going to take it anymore. Having mistakenly allowed the people of Britain to exercise their free will, Foreign Policy's James Traub exclaims, "It's time for the elites to rise up against the ignorant masses." The Brexit has laid bare the political schism of our time. It’s not about the left vs. the right; it’s about the sane vs. the mindlessly angry...
Final Q1 GDP Rises 1.1% Despite Worst Personal Consumption In Two Years
And so the final, and largely irrelevant, estimate of Q1 GDP is in the history books. Moments ago the BEA reported that in the first quarter GDP rose a tepid 1.1%, higher than the first and second estimates of 0.5% and 0.8%, respecitvely, and also higher than consensus estimates of 1.0%. So far so good.
Case-Shiller Home Prices Rise At Slowest Pace In 8 Months As San Francisco Sales Slump
April was not a good month for home prices - despite hopeful signs from seasonally adjusted sales data. S&P Case-Shiller 20-City index rose just 0.45% MoM (well below expectations and March's 0.85% gain) - the weakest rise since Aug 2015. The broader Home Price Index hovered near unchanged for the 2nd month - the weakest since January 2012. Most worrisome, perhaps, is the 18.16% YoY plunge in San Francisco home sales... as perhaps the bubble is finally bursting. 20-City (Seasonally Adjusted) Index...
EU Officials To Unveil 'Ultimatum' Blueprint As Final Solution For European Super-State
It appears The Brits may have dodged more than a bullet in their decision to leave The EU. The foreign ministers of France and Germany are reportedly due to reveal a blueprint to effectively do away with individual member states in what is being described as an "ultimatum." As The Express reports, the shockingly predictable final solution to Europe's Brexit-driven existential crisis is an apparently long-held plan to morph the continent’s countries into one giant superstate.
Hillary's Lead Over Trump Is Either 1% Or 12% Depending On Which Poll You Believe
How is the US presidential election shaping up in the polls? Well, it depends on which media outlet one chooses to rely on. There have been two new polls released recently by major media outlets, each with vastly different results, which incidentally should not come as a surprise those who bet on a sure thing Brexit "reamain" outcome based on such things as "odds" and "polls", only to lose money.
"Back Into The Hurricane" - Doug Casey Warns "Gold Will Go Higher Than Most People Can Imagine"
Submitted by Mac Slavo via SHTFPlan.com, As fears of England leaving the European Union came to a head on voting day, a stunning scene emerged on the streets of London. Though it was completely ignored by the mainstream media, the fact that Brits were lining up in droves in front of gold and silver shops spoke volumes about financial assets of last resort during a real or perceived crisis.
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