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The class of those who have the ability to think their own thoughts is separated by un unbridgeable gulf from the class of those who cannot.
Ludwig von Mises  
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In the last hour
Mish - Global Economic Analysis
Home Prices Drop in 69 of 70 Chinese Cities; Did the Pool of Greater Fools Run Out?
China eased purchase restrictions last month ending its four-year campaign to contain home prices. And what a ridiculous campaign it was. Prices are down less than 1% this month and less then 1% year-over-year. Bloomberg reports China Home-Price Drop Spreads as Easing Doesn’t Halt Fall. Prices dropped in 69 of the 70 cities in September from August, the National Bureau of Statistics said in a statement today, the most since January 2011 when the government changed the way it compiles the dat
Saturday, October 25, 2014
In the last 4 hours
Mish - Global Economic Analysis
  Hyperventilation Charade: EU Demands Another €2.1 Billion from UK, "We Won't Pay," Says Furious Came
Things are about to get more interesting in the EU as a review of budget procedures shows the UK, Greece, and Italy owe more money, but Germany and France will get money back. Curiously, this came about following a review of non-profit organizations from churches and universities to trade unions, charities and sports clubs. The time period is 2002-2009. Cameron's Obvious Bluff UK prime minister David Cameron is already battling French President Francois Hollande abroad, and UKIP at home. Thu
Friday, October 24, 2014
In the last 24 hours
Andy Hoffman - Miles Franklin
Brink’s Montreal – The World’s Best Precious Metals Storage Program
Following the 2008 financial crisis, Miles Franklin sought to create a unique storage program, encompassing all the positive aspects one’s “storage checklist” would require, whilst excluding the myriad negatives.  To that end, we pursued a situation where one could be 100% confident their metal was not just a “paper entry” on a computer; but alternatively… a real, fully segregated stash, within a non-financial institution, easily retrievable or saleable, amenable to American investors, verified
Friday, October 24, 2014
More than 24 hours ago
Mish - Global Economic Analysis
Japanese Style Deflation Coming? Where? Fed Falling Behind the Curve? Which Way?
There's some interesting discussion points in the UK-based Absolute Return Partners October 2014 Letter, by Niels C. Jensen, most of which I agree with, others not. Japan-Style Deflation in Our Backyard? It is no secret that we have been long-standing believers in deflation being a more probable outcome of the 2008-09 crisis than high inflation. What has changed over the past six months is that the world has begun to move in different directions. Whereas rising unit labour costs in the U.S. m
Friday, October 24, 2014
Mish - Global Economic Analysis
European Service Prices Plunge at Steepest Rate Since January 2010; Reflections on Keynesian Stupidi
The Markit Flash Eurozone PMI shows the steepest fall in output prices since global crisis and renewed job losses, in spite of an otherwise stable PMI. The Eurozone saw a marginal upturn in growth of business activity in October, according to the flash PMI results. The headline Markit PMI ™ rose from September’s ten-month low of 52.0 to 52.2, signalling the first upturn in the pace of expansion for three months. However, the index remained below the average seen in the third quarter, and was t
Friday, October 24, 2014
Andy Hoffman - Miles Franklin
Pre-Election/FOMC Drama
On his weekly podcast, Andy Hoffman discusses the stock market, market manipulation of all markets, the 10-year Treasury yield, Obamacare, oil prices and the housing market.  To listen to the audio, please click below. Download the Audio File: Pre-Election FOMC Drama Video: Pre-Election FOMC Drama
Friday, October 24, 2014
Mish - Global Economic Analysis
French Private Sector Output Falls at Sharpest Rate in Eight Months; Tale of Two Europes
France Looking for growth in Europe? You won't find it in France, but for now you can still find it in Germany (for now). The Markit Flash France PMI shows French private sector output falls at sharpest rate in eight months. Key Points Flash France Composite Output Index falls to 48.0 (48.4 in September), 8-month low Flash France Services Activity Index falls to 48.1 (48.4 in September ), 8-month low Flash France Manufacturing Output Index falls to 47.6 (48.4 in September ), 2-month low
Thursday, October 23, 2014
Andy Hoffman - Miles Franklin
Pre-Election FOMC Drama
On his weekly podcast, Andy Hoffman discusses the stock market, market manipulation of all markets, the 10-year Treasury yield, Obamacare, oil prices and the housing market.  To listen to the audio, please click below. Download the Audio File: Pre-Election FOMC Drama Video: Pre-Election FOMC Drama
Thursday, October 23, 2014
Andy Hoffman - Miles Franklin
2.2% Is the New 2.6%
It’s very early Thursday morning, in a historically manipulated financial world that has become an utter vortex of propaganda, ignorance and complacence.  As David Stockman put it yesterday, “there is a PPT, and it is the Federal Reserve.”  More broadly, the world’s “financial leaders” have become addicted to rigging everything from stocks to economic data to media coverage; as often as not, completely oblivious that what they are doing is not only wrong and ill-fated but destroying the lives of
Thursday, October 23, 2014
Mish - Global Economic Analysis
Late Payments by Ibex Companies Hits €47 Billion, 169 Days (3 Times Legal Time Limit); Ibex vs. DOW
Lack of significant improvement in payments by IBEX companies to suppliers is yet another another sign there isn't much of a recovery in Spain. La Vanguardia reports Late Payments by Ibex Companies Hits €47 Billion, 169 days (nearly 3 times the legal time limit). Ibex is the name of the Spanish stock market exchange. Via translation from La Vanguardia. < Delinquency of the Ibex 35 exceeds 47 billion euros and the average payment is 169 days late, almost three times the limits set by law, acc
Thursday, October 23, 2014
Andy Hoffman - Miles Franklin
The “Volatility” Fallacy
Today’s theme shouldn’t surprise you at all – of the horrific manipulation of every aspect of the U.S. economy and financial markets.  This month it has surged to unprecedented levels; first of all, ahead of the “all-important” mid-term elections; secondly, to “cover” the planned end of overt QE; and last but not least, to prevent what clearly was beginning to look like commencement of the end game. Let’s start with yesterday’s “miraculous” equity and Treasury yield surge – and capping of gold,
Wednesday, October 22, 2014
Mish - Global Economic Analysis
US Airdrops Load of Weapons ...
In yet another embarrassing moment for the Obama administration, Isis Claims it has US Airdrop of Weapons. A US airdrop of arms to besieged Kurds in Kobani appears to have missed its target and ended up in the hands of Islamic State (Isis) militants. Video footage released by Isis shows what appears to be one of its fighters for in desert scrubland with a stack of boxes attached to a parachute. The boxes are opened to show an array of weapons, some rusty, some new. A canister is broken out to
Wednesday, October 22, 2014
Mish - Global Economic Analysis
Saxo Bank CIO Jakobsen Predicts Another "Shock Drop" in Markets; Addicted to Cheap Money
Inquiring minds are tuned into the Saxo Bank's 4th Trading Debate on Volatility and Performance. Another "Shock Drop" in Markets Saxo Bank CIO Steen Jakobsen says Another 'Shock Drop' is Coming and it's Coming Soon Steen takes the view that central bank policy is creating a 'fantasy land' for investors and he points out that the recent 'day dive' in markets was a closer reflection of reality. Steen outlines his suggestions for trading ahead of another dip in mid November with targets for t
Wednesday, October 22, 2014
Mish - Global Economic Analysis
  McDonald's Vows Fresh Thinking After Net Income Declines 30%; Mish Offers Some Advice
A 30% net income decline for McDonald's is quite startling to most. I wonder why such a decline took so long. In response to that pathetic performance, McDonald’s Vows Fresh Thinking. McDonald’s Corp. outlined plans for what it called fundamental changes to its business as it reported one of its worst quarterly profit declines in years, driven by problems in nearly every major part of its business. The 30% decline in net income for the period ended Sept. 30 was the latest in a string of dis
Wednesday, October 22, 2014
Mish - Global Economic Analysis
McDonald's Vows Fresh Thinking After Revenues Decline 30%; Mish Offers Some Advice
A 30% decline in revenues for McDonald's is quite startling to most. I wonder why such a decline took so long. In response to that pathetic performance, McDonald’s Vows Fresh Thinking. McDonald’s Corp. outlined plans for what it called fundamental changes to its business as it reported one of its worst quarterly profit declines in years, driven by problems in nearly every major part of its business. The 30% decline in net income for the period ended Sept. 30 was the latest in a string of di
Wednesday, October 22, 2014
Tim Iacono - Iacono Research
Dow 200+ Point Up/Down Days
I don’t know why this chart fascinates me so, but it does… /* Wednesday, October 22, 2014
Andy Hoffman - Miles Franklin
Changing Of the Guard
When we wrote the world is “coming apart at the seams” last week, we weren’t kidding!  Watching Western “manipulation mechanisms” blatantly attempt to prevent universal realization that we have arrived at “2008, with one temporary exception,” it could not be clearer how close the end game is to arriving in full force.  Yesterday, for example, as global stocks and sovereign yields plunged to new 52-week lows, the U.S. manipulators came in with a vengeance – at the same 10:00 AM EST “key attack ti
Tuesday, October 21, 2014
Mish - Global Economic Analysis
James Grant Conference Video: Inflation Expectations, Growth, Policy Problems; Europe Has Become Jap
Here's an interesting video from the recent James Grant Conference. The title of this year's conference is Investing Opportunistically, Separating the Beta from the Alpha. The first five minutes are introductions and attendee notes you may wish to skip over. The opening speech was by Marc Seidner, CFA at GMO, on inflation expectations. Note: you may have to click on the play arrow twice to start the video. Last year at this time a majority thought tightening was inevitable and bonds were
Tuesday, October 21, 2014
Tim Iacono - Iacono Research
Tuesday Morning Links
MUST READS China growth slows to five-year low – BBC China’s Slowing Growth Is OK – For Now – WSJ Ebola crisis turns a corner as U.S. issues new treatment protocols – Reuters When It Comes to Beheadings, ISIS Has Nothing Over Saudi Arabia – Newsweek Oil at $80 a Barrel Muffles Forecasts for U.S. Shale Boom – Bloomberg Triple Whammy Looms for China’s Oil Refiners as Crude Plunges – Businessweek “Anti-Petrodollar” Total CEO Dies In Freak Plane Crash In Moscow – Zero Hedge Goldman: Stock Market is
Tuesday, October 21, 2014
Andy Hoffman - Miles Franklin
Has The Great Unravelling Begun
Andy Hoffman joins Kerry Lutz of the Financial Survival Network to discuss U.S. retail sales, the Dow Jones Propaganda, currencies crashing around the world, the dollar index not “strong” and gold and silver.  To listen to the interview, please click below. Andrew Hoffman – Has The Great Unravelling Begun
Tuesday, October 21, 2014
Tim Iacono - Iacono Research
The History of Money
After stumbling upon this item at the Telegraph with an infographic on the history of money, I went searching for the source, only to find that there are tons of infographics on the subject as shown below: You’d think the central bank powers that be would have some appreciation for this subject and, more importantly, a recognition of how far we have strayed from whatever might have been considered “normal” for the last few thousand years, but they probably don’t. /* Tuesday, October 21, 2014
Mish - Global Economic Analysis
M&A Deals Fail At Highest Rate Since 2008
In yet another potential market topping sign, M&A Deals Fail At Highest Rate Since 2008 The value of deals that fail to complete has reached its highest level since 2008, in the latest sign that the best year for mergers and acquisitions since the financial crisis will also feature a number of high-profile failures. Three large deals collapsed last week, adding to the list of wrecked deals and coinciding with a sharp jump in equity market volatility that sapped confidence in stocks and put a
Tuesday, October 21, 2014
Andy Hoffman - Miles Franklin
A New Hope
Long-time readers know I am the ultimate Star Wars fan.  In my view, George Lucas is the Albert Einstein of movie-making; and joining with Disney has only made the franchise stronger.  One of my favorite Star Wars creations is the recently completed, seven-season animated serial “Star Wars-Clone Wars” – of which, I woke up Sunday morning at 3:00 AM to watch the final seven episodes. Star Wars’ creators clearly have very strong political views – in my view, quite similar to the majority of Miles
Monday, October 20, 2014
Mish - Global Economic Analysis
  Eurozone Rotting to the Core; Four Possibilities; Beyond the Math 
On October 6, I noted German Factory Orders Slump 5.7%, Most Since January 2009. The previous month was up 4.9%, so I averaged the two months noting "The average result is a decline of 0.4% per month, for the last two months. That process also means four consecutive months of decline." German numbers were particularly volatile allegedly due to timing of school holidays, but there is no way to smooth out four consecutive months of decline as anything other than overall weakness. Germany Slash
Monday, October 20, 2014
Tim Iacono - Iacono Research
Hopeful at Barron’s
There’s a clear sense of “let’s just get this correction over with” at Barron’s over the weekend in Big Money Poll: The Bull Will Be Right Back ($) where the graphic below appeared. We’ll see if Mr. Market cooperates. So far this morning, Mr. Market seems grumpy. /* Monday, October 20, 2014
Tim Iacono - Iacono Research
Monday Morning Links
MUST READS Dow futures fall sharply after IBM miss – USA Today Asia shares surge after Wall Street rally – Channel News Asia Four Lessons of a Wild Market Week – Bloomberg European Central Bank starts stimulus purchases – AP Russian rouble weakens on debt downgrade – BBC Russian Finance Minister: Oil prices won’t recover – RT News Who’s Afraid of the Russians Cutting Natural Gas Supplies? – Bloomberg BIS chief economist warns of dangers of easy money – Channel News Asia On the Tendency of Large
Monday, October 20, 2014
Mish - Global Economic Analysis
  Challenge to Keynesians "Prove Rising Prices Provide an Overall Economic Benefit"
The ECB has been concerned about falling consumer prices. I propose that's 100% stupid, yet that's the concern. When the euro declined vs. the US dollar, the ECB was happy that inflation would inch back up. The fear now is that falling oil prices will take away the alleged gain of a falling euro. With that backdrop, credit the Financial Times for the absurd headline of the week: Eurozone Fails to Benefit from Weak Currency as Oil Price Slides. Pity the policy makers given the job of rescuing
Monday, October 20, 2014
Mish - Global Economic Analysis
Nonperforming Spanish Loans Near All-Time High as Overall Credit Shrinks
Huky Guru posted a couple of interesting charts on his blog today about shrinking credit but rising percentage of nonperforming Spanish bank loans: NPLs of banks rebounded to 16.59%. Seven points higher than in the 1994 crisis. Spanish Bank Shrinking Credit Nonperforming Loans The "real" numbers are normalized to account for a change in methodology.  Today's number is just off the all-Time high of 16.73 percent in January of 2014. The "official" high was 13.62% in December of 2013. Both
Sunday, October 19, 2014
Mish - Global Economic Analysis
  FBI Director Warns Google and Apple "If You Don't Decrypt Phones, We'll Do It For You" 
The Fourth Amendment to the US Constitution is crystal clear in meaning. The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. FBI Director, James Comey, an Obama appointment, does not give a damn what the Constitution
Saturday, October 18, 2014
Mish - Global Economic Analysis
Free Market Response to Ebola
In response to Obama's Lame Response to Ebola; No Protocols but Lots of Fearmongering one person responded that I was "over-cooking the Ebola crisis". Amusingly, another reader accused me of "underplaying the crisis". A third reader asked "what is the free market response?" A similar question arose in a comment to Acting Man's post The Ebola Outbreak – A Black Swan. Before tackling the free market issue, let's first review the government's response to date. Airport restrictions but only at
Saturday, October 18, 2014

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