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Articles by Max Cynical
In Furious Tweetstorm, Trump Slams San Juan Mayor, Democrats, "Fake News" Over PR Disaster Response
Update (9:45 am ET): Cruz this morning tweeted out pictures of relief workers helping the people of San Juan, adding that the "we cannot be distracted by anything else" - what sounds like a subtle dig directed at Trump. The goal is one: saving lives. This is the time to show our "true colors". We cannot be distracted by anything else.
Trump Fires Priebus, Names John Kelly New Chief Of Staff
After Thursday's bizarre, widely publicized breakdown by Anthony Scaramucci, Trump had no choice: he had to pick: the former SkyBridge founder or Reince Priebus. Moments ago Trump made his decision: in tweeting moments ago, Trump said, "I am pleased to inform you that I have just named General/Secretary John F Kelly as White House Chief of Staff. He is a Great American and a Great Leader. John has also done a spectacular job at Homeland Security.
Russia's New Voicemail: "Press 2 For Services Of Russian Hackers, Press 3 For Election Interference"
With the Russian election hacking scandal having gone from the merely strange, to the bizarre, to the ironic, to the McCarthyist, and most recently, jumping the patently absurd shark - as of last night, anyone who is against Hillary is "influenced by Russia" according to a former Clinton advisor - Russia decided to have some fun at the expense of US paranoia. On Saturday, the ministry posted the following audio file of the "new" automated telephone switchboard message for Russian embassies.
Apple Store Troll Attacks Sean Spicer: "ARE YOU A CRIMINAL AS WELL?"
A young girl named Shree chimped out on the White House Press Secretary, Sean Spicer, the other day for merely existing. Lacking all of the basic rules of decorum set forth by thousands of years of evolution, this young lady tossed barbarous questions at dear, sweet, Sean -- asking him how it felt to work for a treasonous Russian racist fascist bastard, replete with orange tones and idiotic red hats.
Soon There Could Be Only 49 States In America
Submitted by Carey Wedler via TheAntiMedia.org, Activists in California have just taken an integral step that could leave America with only 49 states in the near future. Yes California, a pro-secession organization, received approval Thursday to begin collecting signatures from residents to put “Calexit” on the ballot for a 2019 special election.
Trump Preparing Executive Orders To Begin Obamacare Repeal On "Day One"
With the Senate already having launched the process of repealing Obamacare when, as reported yesterday, Senate Budget Committee Chairman Mike Enzi released a 2017 budget resolution setting up the process to partially repeal Obamacare early in Donald Trump’s administration, on Wednesday vice president-elect Mike Pence met with Republican congressional leaders to plot the strategy of how to repeal Obama's signature healthcare law.
Wall Street Journal Finally Lashes Out "The Press Is Burying Hillary Clinton's Sins"
Even the Wall Street Journal is now fed up with the biased media coverage of the 2016 Presidential election as revealed by a scathing article written by Kimberly Strassel, a member of their editorial board. As Strassel points out, it's almost impossible to turn on the TV without hearing about Trump's "lewd" comments while coverage of Hillary "uniformly ignores the flurry of bombshells" inherent in the various WikiLeaks, FOIA releases and FBI interviews.
Due Process? A Drone Was Used To Blow Up A US Citizen Without Trial This Week
Submitted by Daniel McAdams via The Ron Paul Institute for Peace & Prosperity, The Dallas shootings have ushered in a very new world for US citizens. For the very first time, drones have been used on US soil to kill Americans without trial or charges. The suspected shooter in yesterday's tragic killings, US Army veteran Micah Xavier Johnson, was, according to police and press reports, holed up in a parking garage and would not give himself up.
The Inequality Debate is an Outgrowth of Political Correctness and Over the Top Liberalism (Video)
By EconMatters We delve into the topic of Inequality in this video. This debate has really picked up steam the last 10 years, and the pandering of the mainstream media for rating`s purposes to the general populous regarding this issue is quite detrimental to the actual problem. If you want more of the spoils in a capitalistic society you better be exceptional or "unequal" in nature relative to your competition.
Price To Sales Ratio - Another Nail In The Market's Coffin?
Authored by Michael Lebowitz of 720Global.com (via RealInvestmentAdvice.com), 720 Global has repeatedly warned that U.S. equity valuations are historically high and, of equal concern, not properly reflective of the nation’s weak economic growth potential. In this article we provide further support for that opinion by examining the ratio of equity prices to corporate revenue also known as the price to sales ratio (P/S).
About That Historic Collapse In Sterling: It Was "Only" The 9th Biggest Drop Going Back To 1862
Over the past several days, the financial media has been preoccupied with the fascinating - and historic - drop in sterling which as this site also noted, was the biggest in history. As it turns out, that is not the case, as the data was limited by the available records on file with major service providers such as Bloomberg and Reuters. However, if one goes back in time, as DB's Jim Reid has done, it appears that Friday's sterling move was rather puny by true historical comparisons.
Obama Administration Protectionism Goes "Nuclear" - Seeks "Total Ban" On Chinese Steel
Submitted by Michael Shedlock via MishTalk.com, Protectionists are on the cusp of a “Pyrrhic victory” over China. No one will like the results when it happens. A huge global trade war is on the horizon, regardless of whether Hillary or Trump wins the election. The die is cast: US Steel Given Green Light to Seek China Import Ban.
We Think Copper Takes That Next Leg Down (Video)
By EconMatters It is rather bearish when copper is fading both the overall commodities rally and equities being at all-time highs in a major risk on mode. We think Copper is ultimately going lower, and is a short here. When the entire market rolls over, and the technicals start to break in copper, the downside momentum will pick up speed substantially. VIDEO Š EconMatters All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle
Royal Canadian Mint Smashes All Records, Strongest Sales Ever of Silver Maples
Written by Nathan McDonald (CLICK FOR ORIGINAL) It seems like every other week I write an article that states "a new record has been broken". It is truly a sign of the times and an indication of the events that are unfolding all around us in this upside-down world we now find ourselves in. This article is no different. It's another strong indication of what is happening behind the scenes amongst the "smart money".
Oil Spikes On Yet Another OPEC "Oil Freeze" Headline
Just when you thought the February through April recurring headline nightmare is over, in which an "unnamed source" repeatedly promised that an OPEC oil output freeze is imminent, it has come back to life just hours ahead of the OPEC meeting.
The $6 TRILLION Corporate Debt Implosion Begins in T-Minus 3...2...
The corporate bond market is a $6 trillion time bomb waiting to go off. It took the US to grow its corporate bond market to $3 trillion. Thanks to the Fed implementing ZIRP and holding rates there for seven years, we’ve doubled the corporate bond market, adding another $3 trillion in corporate debt… since 2009. These bonds are junk… literally. The average credit rating is junk. All told, since 2012, 75% of companies accessing the bond market have had a credit rating of single-B.
The Consequences Of $50 Oil
On Thursday Brent crude rose above $50 while the WTI rose to $49.85. The rise in prices came after the EIA reported a dramatic fall in U.S. inventories. The weekly drop of 4.2 million barrels, far more than the 2 million that was expected, triggered a sharp rise in a market which had been growing increasingly bullish, sending the Brent price above $50 on Thursday morning. It is the first time in seven months that the price has reached this level.
The Biggest Bubbles: China vs. The U.S.
There is perhaps no other area where the tunnel-vision, hypocrisy, and corruption of the U.S. media is more visible than with respect to its nearly incessant China-bashing. Previous commentaries have exposed such vacuous drivel again and again and again.
"Unequivocally" Great News America - Gas Prices Are Soaring
Judging by the exuberant equity market, it is not 'low' gas prices, but high gas prices that are "unequivocally good" for America - after all the market is ultimate arbiter of how the average joe feels, right? However, if you drive a car - or gas-hungry truck - you may have noticed something in the last month or so - gas prices at the pump are up almost 25% from the mid-Feb lows, the biggest surge since July 2009.
Nine Meals From Anarchy
In 1906, Alfred Henry Lewis stated, “There are only nine meals between mankind and anarchy.” Since then, his observation has been echoed by people as disparate as Robert Heinlein and Leon Trotsky. The key here is that, unlike all other commodities, food is the one essential that cannot be postponed. If there were a shortage of, say, shoes, we could make do for months or even years. A shortage of gasoline would be worse, but we could survive it, through mass transport or even walking, if necessary.
A Crisis In American Housing
Americans are realizing something is wrong with the system. You can see it this year with the rise of outsiders in both political parties. People realize the system is rigged. Instead of some folks that kowtow and simply move forward like subservient lemmings, millions are mobilizing and taking action. Many are voting with their wallets. The number of renter households has increased by 10 million over the last decade while net homeowners has been stagnant.
Who's Anti-American?
Submitted by Bill Bonner of Bonner & Partners (annotated by Acting-Man/com's Pater Tenebrarum), Yesterday, one dear reader wrote in to say we were “cynical” and “anti-American.” Today, we rise to defend our reputation… such as it is. Cynical? Nah… We’d need a big dose of positive thinking and earnest optimism to be cynical. According to the Oxford English Dictionary, people who are cynical are “suspicious,” “doubting,” and “skeptical.” We’re way beyond that.
The Streak Is Over - Stocks Suffer Down Week 'Despite' Bombings, Hawks, & Dismal Data
As we tweeted at the open, between plunging durable goods, the slide in Services PMI and the tumble in Q1 GDP expectations, it's surprising it took this long to push the Dow green Before we start, you are here... This is what the day looked like across the asset classes... (dismal data sparked panic buying once the stock 'market' opened)... The S&P and Dow desperately clung to unchanged as Small Caps ripped...
Blindly Dancing At A Top: A Statistical Look At The Rally
If it's too good to be true, then it probably is! We've seen this show before and admonished about it beforehand (here, here). In the 25 trading days since February 11 (when the S&P closed at 1829), the market surged at an average daily gain of 0.5%. The S&P fell 0.5% in 10 of those 25 days, netting a whopping 13% total. The remaining 12 trading days contributed just 0.1% daily to the post-February 11 surge.
Bundesbank President: "Helicopter Money Isn’t Manna Falling From Heaven"
Not everyone was delighted by Mario Draghi's decision on March 10 begin monetizing corporate bonds: chief among them was Bundesbank president Jens Weidmann whose opposition to unorthodox monetary policies is well known, and whose "Northern Block" was among those voting against the ECB's QE expansion (Weidmann himself was not among those voting last week).
"Are We Sure He's A Mormon?": Trump Questions "Choke Artist" Romney's Religious Credentials In Utah Rally
He got up in front of a crowd at the University of Utah and lambasted Donald Trump. "If we Republicans choose Donald Trump as our nominee, the prospects for a safe and prosperous future are greatly diminished," Romney said. "If Donald Trump’s plans were ever implemented, the country would sink into prolonged recession.” And that was the nice part of the speech.
Here Is The Math: Trump "Almost Certain" To Win Republican Nomination Before Convention
First it was all a joke. A media sideshow. A publicity stunt that no one really understood the purpose of. Donald Trump was actually going to run for President. His campaign slogan: “Make America Great Again.” It was laughable. Soon after the billionaire announced his candidacy, his nascent bid for the White House took on a more serious tone, but not because anyone was taking him more seriously.
Feudalism - Then & Now
The American public has two clear choices: Fight back, or accept serfdom. If you think of the country as in decline, as most people do, and you think the cause is the predatory behavior of the big-money elites, as most people do, then you must know you have only two choices — acceptance and resistance. Why do neo-liberal Democrats, like the Clinton campaign, not want you to have big ideas, like single-payer health care?
Putin's Multi-Millionaire, Media Mogul Was Murdered In A Luxury DC Hotel
Back in early November we reported that in a shocking twist of events, Mikhail Lesin - a close ally of Putin and the man credited with "inspiring" the creation of Russia Today - was found dead on an upper floor in The Dupont Circle hotel in DC. Lesin was Russia’s Minister of Press, Television and Radio from 1999 to 2004 and also served as Putin’s media adviser. In 2013 he assumed a role as an executive at Gazprom-Media.
Super Tuesday Recap: Trump "Schlongs" GOP Field, Hillary Extinguishes "The Bern"
It was a “super” Tuesday indeed for Donald Trump and Hillary Clinton who both moved closer to securing the nomination for their respective parties yesterday evening. Trump won 7 out of eleven states in what he called “an amazing evening.” The billionaire and presumptive nominee took Georgia, Alabama, Tennessee, Massachusetts, Arkansas, Virginia, and Vermont in what amounted to a rout of the field. “I feel awfully good,” he told reporters in Florida.
Most "Priced In" Policy Since 2011 - Why Draghi Better Not Disappoint
Mario Draghi better put up or shut up at the next ECB meeting as the market is more-than-pricing-in a very significant deposit rate cut (deeper into NIRP). In fact, at -56bps, 2Y German bond yields are the most "priced in" since 2011 (and bear in mind he disappointed in December). And in close up - Draghi "disappointed" in December Though ironically that surge in yields in December enabled more Bunds to be eligible (albeit briefly) for Draghi's mass purchase scheme.
Dear Warren, Nothing Lasts Forever
In his latest letter to investors, Cherry-Coke-sipping Warren Buffett went full fiction-peddle-tard.
US Government Releases 2015 Financial Statements: "Keeps Getting Worse"
Hot off the presses, the US government just published its audited financial statements this morning, signed and sealed by Treasury Secretary Jack Lew. These reports are intended provide an accurate accounting of government finances, just like any big corporation would do. And once again, the US government’s financial condition has declined significantly from the previous year. For 2015, the government reports $3.2 trillion in total assets.
According To This, 2016 Is Set To Be The Most Volatile Year On Record
It is different this time. So far in 2016, there has been 23 days where the S&P 500 has moved +/- 1%. To put that in context, in the last 60 years, no other year has started off with such volatility. 2016 is now the "most volatile" year on record... And for those wondering about VIX in context - S&P Implied Vol just dropped back to its historical volatility, which is picking up once again.
A "Furious" Greece Recalls Austrian Ambassador: "We Will Not Be A Warehouse Of Souls"
For Greece, Europe's worsening refugee crisis amounts to an "insult to injury" scenario. Just six months after Angela Merkel and the Brussels cabal put Athens through round after round of "mental waterboarding" on the way to granting the country a third bailout and preventing Greece from marking a messy exit from the common currency, Alexis Tsipras now finds himself on the front lines of a mass Mid-East migration to Western Europe.
Richmond Fed Slides Back Into Contraction As New Orders Collapse
With the biggest drop in New Orders since September, Richmond Fed Manufacturing survey dropped to -4 (missing expectations of +2), hovering at its weakest in over 3 years. Across the board the components were weaker with order backlogs and shipments plunging, average workweek and wages dropping, and capacity utilization worst since October. Prices (paid and received) dropped notably as future expectations for wages, workweek, and employees all fell. As Shipments (and New Orders) collapse...
NAR Warns Of Overheating Home Prices As Existing Home Sales See Biggest Annual Jump Since 2013
While it may not be quite the Vancouver-type feeding frenzy for Chinese money launderers, the US existing home sales market (at least until its inevitable downward revision courtesy of the permabullish NAR) continued to chug higher in January, when the number of existing homes sold rose to a 5.47MM annual rate, up 0.4% from the 5.45MM in December, and the strongest pace since the 5.48MM sold last July, beating expectations of a -2.5% drop; in fact the print was higher than the top estimate in...
"Dear Bernie, I'm Sorry. I Am The Problem With America..."
Authored by Rob May, originally posted at Medium.com, I agree with Bernie Sanders. The economy is rigged. In fact, it’s what my father, who is very conservative, taught me about life. Some find it surprising because the general position of liberals seems to be that conservatives don’t realize, or won’t acknowledge, this rigged economy.
2016 Is Off To A 'Good' Start
If bad news is good news again (which judging by Bullard's bullshit overnight it is), then 2016 is off to a 'great' start... What did you do Janet?
OECD Demands "Urgent" Policy Response As Global Growth Heartbeat "Flatlines"
Last year, virtually all the very “serious people” threw in the towel on global growth and trade. It’s been apparent for quite some time (like say, a couple of years) that the slump in trade growth has likely become structural and endemic as opposed to transient and cyclical in the post crisis world. As WSJ noted last autumn, 2015 marked the third year in a row that the rate of growth in global trade trailed the already sluggish expansion of global GDP.
Crypto-Wars Escalate: Congress Plans Bill To Force Companies To Comply With Decryption Orders
Seemingly angered at the temerity of Apple's Tim Cook's defense of individual's privacy and security, Congress has escalated the 'crypto-wars' that are dividing Washington and Silcon Valley. In its most directly totalitarian move yet, WSJ reports that Senate Intelligence Committee Chairman Richard Burr (R., N.C.) is working on a proposal that would create criminal penalties for companies that don’t comply with court orders to decipher encrypted communications.
Kyle Bass Is Dead Wrong About Chinese Banks Says Chinese Bank
You see it’s not that China’s economy is “landing hard” and it’s not that a massive yuan devaluation is almost a foregone conclusion. No, it’s that “manipulators,” “speculators,” financial “predators,” and all sorts of other nefarious foreign meddlers are colluding to destabilize the country’s economy and financial markets for personal gain. If it were up to the Beijing, this gang of evildoers would be rounded up and jailed until they agreed to confess their “crimes” on live television.
There Are Now 3,700 U.S. "Boots On The Ground" In Iraq
While global stock markets fail to rebound from recent lows, the US military is using every available distraction to build up the military presence in Iraq, and as the US defense secretary admitted moments ago: Considering a typical battalion has anywhere between 300 and 800 soldiers, at what point does the Pentagon stop calling it the politically palatable "boots on the ground" and start calling it what it really is: an army?
Forget About "Stocks For The Long Run"
Submitted by Bill Bonner of Bonner & Partners (annotated by Acting-Man.com's Pater Tenebrarum), After a year of wandering the globe, we are back in the homeland… and ready to turn in our passport. Travel can be fun. It can also be “broadening.” But the most interesting thing about it is not so much what you find out about other places. It’s what you discover about your home. You return to the land you once knew, as T.S. Eliot put it, and know it for the first time.
"Peddling Fiction" - US Economy Grew A Paltry 0.69% In The Fourth Quarter, Missing Expectations
And so the final quarter of 2015 is in the history books and we can officially accuse the US Bureau of Economic Analysis of "peddling fiction" about the US recovery, because at a growth rate of 0.69%, the annualized rate of economic growth was the lowest since the first quarter of 2015 when it grew an almost identical 0.64% which was blamed on the harsh weather. This time however, there is no easy scapegoat.
Put Up Or Shut Up: Ted Cruz Challenges Trump To "Mano-A-Mano" Throwdown For $1.5 Million
That’s fron Ted Cruz, who mocked Donald Trump for boycotting the last GOP debate before the Iowa caucuses. For anyone who somehow managed to miss it, Trump “isn’t bothering” with the event thanks to the fact that Fox anchor Megyn Kelly is one of the moderators. The two famously clashed during the first Republican debate when Kelly dared to ask Trump whether he thought calling women “disgusting animals” was language befitting of a US President.
FBI Arrests Oregon Militia Leader, Six Others; One Dead
“They're doing all the things that shows that they want to take some kinetic action against us,” Robert "LaVoy" Finicum, spokesperson for the militiamen occupying the Malheur National Wildlife Refuge said on Monday, in an interview that would be his last.
"The Spread Beyond EM And Materials Is Alarming" - Citi's Global Earnings Revision Index Drops To 7 Year Low
With the fourth quarter earnings season in progress, some 15% of S&P 500 companies have already reported resulted for the past quarter, and while 73% have beat EPS thanks to such pathetic gimmicks as Intel's effective tax rate collapse, less than half of companies (or 49%) have beat on the top line. What is worse, is that for Q4 2015, the blended forecast earnings decline is -6.0%, while revenues are expected to sink by 3.5%.
"And Now For Something Completely Different"
With everyone focusing on China, oil and the dollar, here is BMO's Mark Steele taking a loot at something few are concerned about so far. That will change shortly. And Now For Something Completely Different Typically, when banks look as awful as they do, and believe us they do look awful, we focus on the credit default swaps on the FSA’s too-interconnected-to fail list.
Taiwan Election: How a DPP Win Would Tick Off China
Taiwan will elect a new president and parliament on January 16. The current President Ma Ying-jeou, from the Nationalist party (Kuomintang, KMT, led by Chiang kai-shek before his demise in 1975), will complete his second term in May. During the eight years President Ma has been in power, he has focused on improving relations with China, and achieved the most cordial terms since the end of the Chinese civil war in 1949.
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