Jim Grant
- None, Zero Hedge
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Articles by Jim Grant
Letter to the Editor: Rebuttal to Rep. Altendorf’s “Verify the Vote” column
Representative Altendorf suggests that Minnesota Secretary of State Steve Simon should hand over Minnesota's voter roll data to the federal government. I strongly support Simon's refusal to turn over any such information. The federal government under the current leadership is not to be trusted.
Jim Grant & Jim Bianco: Murder By Higher Rates
Grant’s Interest Rate Observer Podcast, Released on 12/1/23 (Recorded on 11/22/23) Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking.
President Trump to Sign Law Providing Aid for Americans Impacted by Coronavirus
President Donald J. Trump at NRA AAM 2016. Photo by: Jim Grant Washington D.C. -(AmmoLand.com)- President Trump announced he would be signing a legislative package providing aid to Americans impacted by the coronavirus in the following official press statement issued Wednesday. “We reached an agreement yesterday on a new legislative package that will provide strong support for American families and communities in dealing with the coronavirus.” – President Donald J.
Breaking: FLIR Discontinues All Civilian Sales
According to an anonymous source that spoke to the BurstReview YouTube channel, FLIR will discontinue civilian sales of optics this Monday, January 20th. According to BurstReview’s sources, FLIR’s board of directors and shareholders are anti-hunting and believe that only military and law enforcement should have access to thermal optics. This source also stated that FLIR allegedly laid off everyone in their civilian and hunting sales departments.
Jim Grant: The trouble with modern monetary theory
Modern monetary theory is not so theoretical anymore. In all but name, it’s the description of Republican fiscal policy in this living moment. “Federal Borrowing Soars as Deficit Fear Fades,” said the headline on page one of Tuesday’s Wall Street Journal. For the second year in a row, the Trump administration is spending $1tn more than the government expects to extract from the taxpayers. ...
Vegas Shooter Complained About Loud Country Music On Night Before Killing Rampage
In another bizarre detail about how Las Vegas shooter Stephen Paddock spent his last days at the Mandalay Bay resort and casino before launching the worst mass shooting in US history, one unidentified law enforcement source told CBS that Paddock twice called hotel security the night before the shooting to complain about loud country music emanating from the floor below.
Bitcoin Explodes To New Record High Over $5200
Having bounced back from China's exchange closures and Dimon's damning, Bitcoin just broke above its pre-China ICO ban highs and traded above $5000 for the first time in history (even as Russia decided to block local access). There was no looking back as the cryptocurrency is now trading $5240 - a new record high. As Coindesk notes, prices had dropped to a low of $2,980 in mid September after China banned token sales and local cryptocurrency exchanges.
Did Bannon Just Take Down Harvey Weinstein?
Authored by Tom Luongo via TomLuongo.me, The biggest open-secret in Hollywood was that Harvey Weinstein was a Grade-A pervert. And his ‘coming out party’ this week is incredibly intriguing. Hollywood is a dirty place. It’s Chinatown, squared. And, at this point it’s what we don’t know that is more interesting than what we’ve heard so far.
What Not To Buy In Today’s Stock Market
Authored by Vitaliy Katsenelson via RealInvestmentAdvice.com, Dear reader, if you are overcome with fear of missing out on the next stock market move; if you feel like you have to own stocks no matter the cost; if you tell yourself, “Stocks are expensive, but I am a long-term investor”; then consider this article a public service announcement written just for you. Before we jump into the stock discussion, let’s quickly scan the global economic environment.
RBOB Sinks After Surprise Build, WTI Bounces On Biggest Production Drop In 2 Years
WTI/RBOB have extended their post-API (crude build) losses overnight (not helped by IEA forecasts indicating the oil-inventory decline will halt in 2018). However, DOE data perfectly contradicted the API data with a big crude draw and big gasoline build. WTI bounced a little (helped by the biggest production cut since September 2015) and RBOB slumped.
Trump Signs Executive Order To Begin Unwinding Obamacare
Having failed to repeal (or replace) Obamacare in the Congress on three separate occasions, on Thursday morning Trump took matters into his own hands, when as previewed last night, the President signed an executive order to begin the process of unwinding Obamacare, paving the way for sweeping changes to health-insurance regulations that would allow an expansion of less-comprehensive health plans.
'Shocker' Of The Day: 'Tech' Company That Buys Movie Tickets For $10 And Sells Them For $0.33 May Not Survive
Over the past 4 weeks, the stock of a tiny New York based "IT service management" company, Helios & Matheson Analytics, Inc., has surged just over 1,300% after announcing plans to purchase a majority stake of an "innovative and disruptive technology company" called MoviePass at a $210 million valuation. So how exactly does MoviePass, the "innovative" and "disruptive" tech powerhouse that it is, plan to change the entertainment world forever, you ask?
"It Is Time To Return To Sanity" Gorbachev Urges Trump And Putin To Save Crucial Cold-War Arms Pact
Former Soviet Leader Mikhail Gorbachev the last Soviet leader, is urging Russian President Vladimir Putin and US President Donald Trump to meet face to face to resolve their differences as each side accuses the other of violating a Cold War-era arms-control treaty that Gorbachev believes is essential to maintaining peace between the two world powers.
Trump Sends Second Aircraft Carrier To Korean Peninsula With 7,500 Marines Aboard
Just one week after uttering his now-infamous "this is the calm before the storm" statement to the press ahead of a dinner with military leaders, we now learn that President Trump has dispatched a second nuclear aircraft carrier, the USS Theodore Roosevelt, filled with 7,500 marines, to the Korean Peninsula.
Mad, Mad, Mad, MAD World: News in Charts
Global Outlook – Mad, Mad, Mad, MAD World: News in Charts Alarm bells are ringing for economic fundamentalists such as Fathom Consulting. Asset prices look increasingly out of step with fundamentals, and in some cases they look downright bubbly. And other geopolitical developments are similarly alarming.
The Quiet Bull Market That Everyone Is Skeptical Of
Authored by Kevin Muir via The Macro Tourist, Although US stock markets are getting all the attention, Japan is quietly knocking up against 20-year highs. In 1995, Nick Leeson bankrupted United Kingdom’s oldest merchant bank with his Nikkei futures trading, but at least he has kept his sense of humour about it. I doubt Barings Bank shareholders find it quite so funny, yet it did give us a thrilling trader-turned-OJ chase through southeast Asia, and a not-half-bad-Ewan-McGregor movie.
Fed Officials Frantically Play Dumb to the Coming Inflationary Storm
The Fed is baffled as to why inflation remains so low. It’s a clever move, given that the reason inflation is believed to be “low” is because the Fed has been purposefully understating inflation for years. Perhaps the biggest fraud ever committed in financial history concerns the understating of inflation in the Unites States post-1971.
What Spending On 'Vice' Really Says About Retail Sales
Authored by Andrew Zatlin via MoneyballEconomics.com, Total Retail Spend Grows On Hurricane-Linked Demand First, I want to point out that the two hurricanes that have devastated Texas, Florida, and Puerto Rico have been horrible. Hundreds of thousands, if not millions of peoples’ lives were affected. And their circumstances have changed dramatically over these past couple months. BUT… these hurricanes were a positive for economists looking for a boost in spending.
Vulture Investors Swarm To Houston As Flooded Homes Sell For 40 Cents On The Dollar
"The time to buy is when after there's blood water in the streets." As 1,000's of families along the Texas shoreline continue to struggle with putting their lives back together following the apocalyptic landfall of Hurricane Harvey roughly 6 weeks ago, vulture investors are increasingly swooping in to exploit their misery with offers to buy flooded homes for cents on the dollar.
IRS Pulls Equifax Contract In "Precautionary Step"
And the hits just keep on coming... Until today's headlines indicating the possibility of another breach of Equifax's security, dip-buyers had been enjoying a few days' relief as analysts clammored to explain how one of the biggest cyberhacks of all time did nothing to hinder Equifax's business model. Tonight, they might just start questioning that as Politico reports The IRS has temporarily suspended the $7.2 million, no-bid contract it awarded to Equifax to verify the identities of taxpayers.
"You'll Love My Dick" - Amazon Suspends Video Chief After Sexual Harrassment Allegations
Amazon has reportedly suspended Roy Price, its point man in Hollywood and the head of its ambitious video program, according to ReCode. HollywoodReporter reports that in the wake of revelations about Harvey Weinstein’s alleged years-long sexual harassment and assault, a producer of one of Amazon Studios’ highest-profile TV shows is ready to talk about her “shocking and surreal” experience with Amazon’s programming chief.
"This Is A Tax Bomb": Norway Considers Massive "Tesla Tax"
Elon Musk can't seem to catch a break lately with cash burn rates surging to new highs every quarter and embarrassing rumors suggesting that the company, one that was supposed to be the most technologically sophisticated auto manufacturer in the world, has been making parts by hand to try to get Model 3s on the road.
Weinstein Speaks: "We All Make Mistakes"
"I got to get help," began Harvey Weinstein in his first public response since multiple women accused him of sexual misconduct, adding rather nonchalantly that "we all make mistakes." As The Hill reports, Weinstein spoke to reporters on Wednesday as he entered an SUV parked outside his daughter’s Los Angeles home... “Guys, I’m not doing OK, but I’m trying,” “A second chance, I hope,” Weinstein, 65, added.
Curve Flattens After Blistering 30Y Auction Stops Through, Highest Bid To Cover In Two Years
After yesterday's stellar 10Y auction, today at 1pm the Treasury sold the last of three weekly auctions, by offering $12 billion in 30Y paper to eager buyers. And eager they were, with the high yield of 2.870% stopping through the When Issued 2.874% by 0.4 bps. This was the biggest strop through on a 30Y auction going back to October 2016. It wasn't just the stop out that was strong, but the Bid to Cover as well, which at 2.530 was the highest going all the way back to September 2015.
'Hawkish' Fed Minutes Crush Yield Curve To Flattest Since Start Of Last Recession
The persistent flattening of the Treasury yield curve appears to still have legs, and that may be a sign of economic trouble ahead. As Bloomberg details, on Wednesday, the minutes of the Federal Reserve’s September meeting revealed policy makers’ resolve to stick to their tightening path. The yield curve's reaction to that un-data-dependent hawkishness is very evident...
Bitcoin Rips, Banks Dip As Fed Crushes Yield Curve To 10-Year Flats
The yield curve collapse means nothing... Don't sweat it... VIDEO While Trannies ripped higher, the rest of the equity market hummed along the unchanged line in a narrow range... (NOTE the weakness toward the end of the day which seems to have been catalkyzed by reports that Trump met with John Taylor re: fed head) The S&P dipped to unchanged on the week... The Russell 2000 has gone nowhere for 9 days (after ripping 12% higher in the prior month)...
House Passes $37 Billion Disaster-Aid Package
Disaster victims in Puerto Rico, Texas and Florida can breath a sigh of relief. A piece of legislation authorizing $36.5 billion in aid for communities affected by recent hurricanes and wildfires easily passed the House on Thursday, despite some conservatives' concerns about the growing cost of disaster relief as wildfires raging in California - expected to be the costliest in modern California history - place yet another strain on FEMA's budget.
Lousiana Cops Boycott Ford Over Support For Kneeling NFL Players
It appears Jamele Hill gave more Americans than she hope an idea when she urged protesters to - 'hit them in the wallet' - but this time it is a Louisiana sheriff's office that is boycotting Ford over the automaker's decision to support NFL players' right to peacefully protest during the national anthem.
Multiple People Shot After Gunman Opens Fire In Central Trelleborg, Sweden
A gunman opened fire at a market in the town of Trelleborg, Sweden, injuring at least four people, Sweden's Aftonbladet reports. Local media reported that at least four people had been taken to hospital. Some reports suggested that up to seven people might have been seriously injured across several locations. A police spokesman confirmed to Express that police were investigating reports of a shooting, and that an area around the crime scene has been temporarily closed.
The "Missing Slide": JPM Credit Card Charge-Offs Just Shy Of Four Year Highs
While JPM was quick to provide all the favorable data in its earnings presentation (and not so favorable when it comes to the unexpectedly sharp, 27% drop in its fixed income revenues) one thing was conspicuously missing: the slide on "Mortgage Banking And Card Services" which has traditionally been part of the bank's earnings presentation and was certainly featured prominently in Q1, if dropped last quarter.
Bill Blain: Is Today The Day?
Submitted by Bill Blain of Mint Partners “When Black Friday comes, I’ll stand by the door and catch the grey men when they dive from the fourteenth floor..” I’m sorry, but this morning’s porridge isn’t fresh. It was slammed together yesterday afternoon. As you receive this I’ll be doing some showy-off stuff in the City. No freshly scribbled early morning porridge today – just this “warmed up in the micro-wave” pap. (Incidently, one of my favourite words is Poppity-Ping – Welsh for microwave.
Trump "Angry" After Learning What State And Local Tax Repeal Really Means
In what may be the final nail in President Trump's tax reform proposal, months after the White House proposed ending a tax break for people in high-tax states - which would suggest Trump had more than enough time familiarize himself with how it all works - Trump reportedly "grew angry" when he learned that the change would hurt some middle-income taxpayers, Bloomberg reports citing people familiar with his thinking.
Hurricane Rally Stalls: GM Forced To Idle Detroit Plant Amid "Slow Demand"
General Motors' stock has experienced an unprecedented rally over the past six weeks as wall street has increasingly bought into the thesis that a one-time, short-lived, pull forward of demand from folks needing to purchase replacement cars following Hurricane Harvey in Texas and Hurricane Irma in Florida suddenly means that the company is worth about 30% more than it was the day before Hurricane Harvey struck.
Stocks Spooked By News Trump Interviewed John Taylor For Fed Chair Job
Many years ago, when it was still unclear who would replace then outgoing Fed chair Ben Bernanke, Zero Hedge endorsed John Taylor for the role of Fed chair: a futile endorsement as it had no chance of ever coming true due to Taylor's famous and long-running feud with the Fed over what the true Fed Funds rate should be, and the various pro forma adjustments the Fed imposed upon Taylor's own "Taylor Rule." Well, maybe not, because with the market convinced that the next Fed chair will be either...
Bogle, Buffett, Shiller & Tobin - Valuations Are Expensive
Authored by Lance Roberts via RealInvestmentAdvice.com, During my morning reading, I ran across a couple of very interesting articles that tied a common theme relating to the current risks in the financial markets. Via Zerohedge: 88-year-old investing icon John “Jack” Bogle, founder of the Vanguard Group, said: “The valuations of stocks are, by my standards, rather high, but my standards, however, are high. When considering stock valuations, Bogle’s method differs from Wall Street’s.
Live Feed From The Munk Debates: "Is Trump To Blame For The Crisis Of American Democracy?"
Is Donald Trump precipitating a crisis of American democracy? For some the answer is an emphatic “yes”. Trump’s disregard for the institutions and political norms of U.S. democracy is imperiling the Republic. The sooner his presidency collapses the sooner the healing can begin and the ship of state righted. For others Trump is not the villain in this drama.
"Game Changer" | Zero Hedge
Authored by Paul Brodsky via Macro-Allocation.com, Investors understand that asset markets are experiencing dynamic change (think ETFs), but have not yet broadly recognized that the fundamental nature of wealth itself is changing too. Before the decline of active asset management runs its course there will be an imperative to focus on active currency management. Wealth maintenance and creation demands a clear understanding of this transformation.
Bitcoin Tops $5800 - Up Over 20% Today
Update: Bitcoin has now topped $5800... As it seems the rest of the crypto space is being sold to fun BTC buying... * * * Having smashed through the old record high this morning, Bitcoin has blasted above $5600 as the Asian session begins. The cryptocurrency is now up 30% since the Chinese returned from their Golden Week holiday... Bitcoin is now 16% above its previous record high... As a reminder, Mike Novogratz recently suggested Bitcoin could reach $10,000 within the next year.
Empire-Destroying Wars Are Coming to America Under Trump - Part 3
Authored by Mike Krieger via Liberty Blitzkrieg blog, The first two parts of this series focused on how Trump-specific factors could lead the American empire into another series of foolish and highly destructive wars. Part 1 discussed my concerns regarding Iran deal certification, as well as Trump’s increased coziness with Arkansas Senator Tom Cotton, who appears to get turned on by the use of violent force.
Producer Prices Surge At Fastest Rate In Over 5 Years (Thanks To Hurricane Harvey)
Great news America - your standard of living just dropped little more as producer prices rose by 2.6% YoY in September, the fastest rate of increase since Feb 2012 - driven by a surge in energy prices. Some highlights: Final demand producer prices rose 0.4% in September (as expected) Final demand ex food, energy rose 0.4% m/m vs est. up 0.2% Final demand rose 2.6% y/y, matching estimate Final demand ex food, energy rose 2.2% y/y vs est.
JPMorgan Unexpectedly Reverses On Bitcoin, Says "Open-Minded To Regulated Use"
It's probably not a coincidence that on the day bitcoin hit new all time highs above $5,200, and just over a week after the WSJ reported that Goldman is planning a bitcoin trading operation, JPMorgan seems to be changing it tune.
iPhone X Makers Said To Struggle With Facial Recognition
Two weeks after the WSJ reported that Apple hit a production snag on the iPhone X, specifically as relates to critical components for the new iPhone's facial recognition technology, on Thursday the Nikkei reported that iPhone X manufacturers are still struggling to refine 3-D sensors, especially dot projectors in Apple premium handset’s TrueDepth, according to a tech executives.
One More Trader Capitulates: "It's A Bubble, Buy It"
"The world is full of bubbles," warns former fund manager Richard Breslow but that shouldn't stop you from buying 'em. In the latest capitulation of a former realist, Breslow's confessional clarifies what many, many market participants clearly believe (and what Goldman called "unusually bullish"), "The reality is, you don’t have to like equities to buy them. And that will remain true until it isn’t. For now, beauty is in the eyes of the holder." "Almost there.
NYPD, Scotland Yard Open Sex Crime Investigations Into Harvey Weinstein
Disgraced Hollywood mega producer Harvey Weinstein better enjoy his stay at the tony $2,000-a-night rehab in Arizona, because when once his “treatment” has ended, he might be facing a stint in a much less comfortable institution.
Capital Hill's Personal Pharmacist Admits Alzheimer Drugs Are Being Delivered To Members Of Congress
Authored by Joseph Jankowski via PlanetFreeWill.com, When it comes time to place your support behind a public representative who will have power in the legislative chambers of Congress, it is safe to say that most people would like to place their support behind an individual who is clear-headed, cognitively healthy, and can withstand the physical necessities needed to fulfill the travel and long work day commitments of a congressman.
Swiss Flush $3 Million In Gold And Silver Down The Drain Every Year
When it comes to flushing valuables down the toilet, the Swiss are hardly "Austrians", and appear to be equity-opportunity dumpers, whether it is fiat or hard money.
What Americans (And Canadians) Should Know About The Mexican Security Crisis
Authored by Will Ellis via Free Market Shooter blog, Saying the situation in Mexico is bad is a gross understatement. Since the marine-lead capture of notorious drug lord Joaquin “El Chapo” Guzman in Sinaloa back in 2016 and his subsequent extradition to the US in 2017, drug-related violence has skyrocketed in his native land. Multiple cartels have risen up to take El Chapo’s place, and the casualties have been out of control.
San Juan Mayor Fires Back At Trump, Calls Him "Hater In Chief"
The Mayor of Puerto Rico's capital, San Juan, Carmen Yulin Cruz fired back at President Trump after he said the US response to the hurricane-ravaged island couldn’t last "forever.” “It is not that you do not get it; you are incapable of fulfilling the moral imperative to help the people of PR,” Cruz tweeted Monday. “Shame on you! @POTUS It is not that you do not get it; you are incapable of fulfilling the moral imperative to help the people of PR.
Equifax Web-Page Goes Offline Amid Reports Of New Breach
Equifax has taken one of its web pages offline as its security team looks into reports of another potential cyber breach, the credit reporting company, which recently disclosed a hack that compromised the sensitive information of 145.5 million people, said on Thursday. "We are aware of the situation identified on the equifax.com website in the credit report assistance link," Equifax spokesman Wyatt Jefferies said in an email.
General Kelly Makes Surprise Appearance At Press Briefing With A Message For The "Fake Media"...
Making a surprise appearance at the daily White House press briefing today with Sarah Sanders, Chief of Staff John Kelly dismissed rumors that have flooded the media this week suggesting he's close to quitting and/or being fired by President Trump. "I would just offer to you that, although I read it all the time fairly consistently, I'm not quitting today. I just talked to the president. I don't think I'm being fired today.
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