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In the last hour
Andy Hoffman - Miles Franklin
“Significant Underutilization of Labor Resources”
Do you want to know what hyper-inflation looks like?  Well guess what?  Despite what the “experts” tell you, it is decidedly not a “thing of the past.”  The most famous 20th century example was Weimar Germany, where stocks soared as the Reichsmark collapsed; but far more recently, the same thing occurred in 2009 Zimbabwe.  In both cases, the illusory nominal stock gains were eventually swamped by permanent real losses relative to inflation – and precious metals – which is where many of the world
Thursday, July 31, 2014
In the last 4 hours
Tim Iacono - Iacono Research
‘Ol Greenie Sees a Market Correction
Former Federal Reserve Chairman (and, lest we forget, namesake of this blog) Alan Greenspan talks with Betty Liu and Tom Keene of Bloomberg about the near certainty of a stock market correction sometime in our collective, not-too-distant future. According to this Reuters report (I could only get about three minutes into this 18 minute segment before feeling nauseous), Bubbleman states the obvious when concluding “you have to assume somewhere along the line we will get a significant correction”.
Thursday, July 31, 2014
Tim Iacono - Iacono Research
Thursday Morning Links
MUST READS Argentina defaults for second time – BBC As US economy accelerates, Fed remains cautious – AP Moscow fights back after sanctions; battle rages near crash site – Reuters Global QE ends as China opens second front in bond tapering – Telegraph Fed Tunes Into Yellen Still Playing Labor-Market Blues – Bloomberg The most important sentence to come out of the latest Fed meeting – Vox Banco Espirito Santo Plunges After Posting 3.6 Billion-Euro Loss – Bloomberg Marc Faber: Expect A Deflationar
Thursday, July 31, 2014
In the last 24 hours
Andy Hoffman - Miles Franklin
4% World
For economic truth-tellers like the Miles Franklin Blog, we are living through Dark Ages – which commenced when the global economy peaked in 2000, and expanded when it permanently broke in 2008.  Its cancerous impact has become ubiquitous starting with the no-holds-barred corruption of economic data – as exemplified by this damning article published this morning.  Moreover, financial markets have been temporarily commandeered by overt and covert money printing, funding “manipulation teams” such
Wednesday, July 30, 2014
Mish - Global Economic Analysis
Political Greenwashing: US Exports Coal Pollution to Europe; What About China?
While president Obama brags about clean energy advances in the US (mostly hot air and subsidies to uneconomic businesses), the US quietly exports pollution to Europe. Coal is a particular good example. Please consider US Exports Help Germany Increase Coal, Pollution LUENEN, Germany - One of Germany’s newest coal-fired power plants rises here from the banks of a 100-year-old canal that once shipped coal mined from the Ruhr Valley to the world. Now the coal comes the other way. The 750-megawa
Wednesday, July 30, 2014
More than 24 hours ago
Tim Iacono - Iacono Research
Economy Expands at 4.0% Annual Rate in Q2
The Commerce Department reported that the U.S. economy expanded at a rate of 4.0 percent in the second quarter, well above the consensus estimate of 3.0 percent, and the contraction during the first quarter was revised up from a -2.9 percent rate to -2.1 percent. Inventory growth was the primary reason for the strong expansion as this component contributed 1.7 percentage points to the overall growth rate after subtracting 1.1 percentage points to the first quarter rate. Consumer spending also c
Wednesday, July 30, 2014
Tim Iacono - Iacono Research
Wednesday Morning Links
MUST READS As Fed meets, key issues likely to stay unanswered – AP Decision-Day Guide: QE Tapering to Inflation – Bloomberg Five Things to Watch in Wednesday’s U.S. GDP Report – WSJ Time almost up for Argentina to avoid debt default – Reuters How Argentina’s Default May Trigger $29 Billion in Claims – Bloomberg New sanctions for Russia—here’s where they’ll hurt – CNBC West seeks to inflict more economic pain on Russia – AP Carnage at U.N. school as Israel pounds Gaza refugee camp – Reuters Europ
Wednesday, July 30, 2014
Mish - Global Economic Analysis
M.A.D. Sanctions; Two Games at Once
M.A.D. Sanctions Sanctions are a lose-lose-lose game. Consumers lose, businesses loses, countries lose. And the hypocrisy alone is appalling. The EU wants sanctions to hurt Russia "more" than the EU. Thus the EU let a French military sale to Russia go through, while blocking transactions and travel of Russians who had virtually nothing to do with this mess. Knockout Blow? For all their efforts will the US or EU accomplish anything with the sanctions on Russia? Financial Times writer Chris
Wednesday, July 30, 2014
Mish - Global Economic Analysis
Whopping 35% Have Debt in Collection! Delinquent Debt in America: By Region and Metro Area, Where Is
The Urban Institute has an interesting 14-page synopsis on Delinquent Debt in America. By percentage, the number of people in collections is largely concentrated in the South, while amount owed shows no geographic pattern. The Urban Institute uses 2013 credit bureau data from TransUnion to measure how many Americans are reported as at least 30 days late, not including late payment of mortgages. The institute also examines how many Americans have debt in collections and the amount of this debt.
Wednesday, July 30, 2014
Andy Hoffman - Miles Franklin
A Tale of Two Bubbles
It’s a special day for me – as a year ago today, I was in Guangzhou, China meeting my adopted daughter for the first time.  Below is a picture of wife Diana, myself, and baby Sylvie in July 2013; as well as Sylvie today, age 2½, thriving beyond our wildest expectations.  Due to ongoing changes in China’s “one child policy” – which for all intents and purposes is nearly eliminated, a process we expected to take 18 months took more than seven years.  We feel blessed in every way and wouldn’t have
Wednesday, July 30, 2014
Mish - Global Economic Analysis
Whopping 35% Have Debt in Collection! Delinquent Debt in America: By Region and Metro Area, Where Is
The Urban Institute has an interesting 14-page synopsis on Delinquent Debt in America. By percentage, the number of people in collections is largely concentrated in the South, while amount owed shows no geographic pattern. The Urban Institute uses 2013 credit bureau data from TransUnion to measure how many Americans are reported as at least 30 days late, not including late payment of mortgages. The institute also examines how many Americans have debt in collections and the amount of this debt.
Wednesday, July 30, 2014
Tim Iacono - Iacono Research
Tuesday Morning Links
MUST READS The Fed in denial – CNBC A third of Americans delinquent on debt – USA Today Geopolitical Risk Rises for Global Investors – Bloomberg Israel Strikes Fuel Tanks at Gaza’s Only Power Plant – NBC News Significant new EU sanctions on Russia expected – Washington Post Argentine Default Drama Nears Critical Stage – WSJ Social Security – The Train Wreck That Doesn’t Need to Happen – Fiscal Times Medicare, Social Security Disability Fund Headed in Different Directions – WSJ Is This The Chart
Tuesday, July 29, 2014
Tim Iacono - Iacono Research
U.S. Home Price Gains Slow … or Reverse
Standard & Poor’s reported(.pdf) that U.S. home price gains have slowed dramatically in recent months and, on a seasonally adjusted basis, home prices have now declined for the first time in two-and-a-half years as shown below. As the the non-seasonally adjusted data and the year-over-year data in this report traditionally receive more attention than the adjusted data, few news headlines are indicating (gasp!) U.S. home price declines, but that may soon change. The 20-City Home Price Index rose
Tuesday, July 29, 2014
Andy Hoffman - Miles Franklin
The New Hail Mary Trade
Andy Hoffman joins Kerry Lutz of the Financial Survival Network to discuss the upcoming Fed meeting on Wednesday, record low Italian and Spanish yields, housing numbers are down, 2Q GDP numbers,  interest rates going to go higher and Ukraine. To download the audio,  please click below. Andrew Hoffman – The New Hail Mary Trade
Tuesday, July 29, 2014
Mish - Global Economic Analysis
  Ukrainians Ordered to War, Women Burn the Military Writs
The war in Ukraine is going so well that soldiers are unpaid and men are ordered to serve whether they want to or not. Hats off to a group of women who confront a Ukrainian soldier and burn military writs right in front of the soldier's face. Writ Burning Video Video link: Ukrainians Burn Writs Transcript Woman to Ukrainian soldier: Who are you? Soldier: I am the head of the local recruiting center. Woman: Why are you bringing military writs? Soldier: It's an order from above. I can'
Tuesday, July 29, 2014
Mish - Global Economic Analysis
Calling All Munitions and Fighter Plane Experts: Is German Pilot Claim "Air-to-Air Attack" Brought D
Peter Haisenko, a German aviation expert made a claim yesterday that air-to-air fire brought down MH17. The above link is to a translated page. As a lay person, it's easy to be persuaded by such arguments. Moreover, even if Haisenko is an aviation expert, one has to wonder about his munitions expertise. I have some questions later, but first let's take a look at some images and a translation of Haisenko's thesis. Haisenko provides this High-Res Image of MH17 Cockpit. Click on chart for s
Tuesday, July 29, 2014
Andy Hoffman - Miles Franklin
Need Or Want, Demand Is Dying
Here’s all you need to know – starting with today’s COMEX gold and silver options expiration.  Trust me, it’s no “coincidence” that we witnessed the 56th “Sunday night sentiment” raid of the past 57 weeks and 267th “2:15 AM” attack of the past 301 trading days. Moreover, TPTB are still reeling from Friday’s rare “key upside reversal” in the PM markets – and more importantly, the Treasury yield plunge that further solidified the “most damning proof yet of QE failure”; i.e., the inexorable decline
Monday, July 28, 2014
Mish - Global Economic Analysis
IMF Warns Pound Overvalued; What About Other Currencies?
Is the British pound overvalued? What about the Euro? The US Dollar? The Yen? Curiously, economists make that case for all of those currencies. And today, the IMF is pounding the drums with this proclamation "Overvalued" Pound Prevents Rebalancing. The International Monetary Fund warned on Monday that the pound was “overvalued” and preventing the rebalancing of the economy away from a reliance on spending and imports. In its annual assessment of the UK economy, the fund said sterling was
Monday, July 28, 2014
Andy Hoffman - Miles Franklin
They’re Screaming We’re Not Going to Let You Out
Andy Hoffman joins Rory Hall from The Daily Coin to discuss the 10 year Treasury yield, the bond market, negative GDP growth, big attack on gold and silver, the U.S. economy collapsing, home sales are dropping, China and Russia.  To listen to this interview, please click below. Andy Hoffman They’re Screaming We’re Not Going to Let You Out
Monday, July 28, 2014
Tim Iacono - Iacono Research
Monday Morning Links
MUST READS Banks accused of rigging silver price – BBC The Danger of Too Loose, Too Long – WSJ Is the Fed fueling a giant stock market bubble? – Motley Fool Ultrawealthy pile into private equity, hold line on stocks, cash – CNBC EU Agrees to Russia Sanctions; US Could Arm Ukraine – Fiscal Times Reports: Ukrainian Fighter Jets Were with Malaysian Flight 17 – Washington’s Blog Secret Tunnels Under Israel Reveal Threat From Gaza – Bloomberg Why the super rich are running scared of inequality – Busi
Monday, July 28, 2014
Mish - Global Economic Analysis
No BBC Video Removal Scandal After All; Evidence of Military Planes Shadowing MH17 Mounts
On July 23 the BBC deleted a video report from correspondent Olga Ivishina regarding the crash of MH17. This has caused quite a stir in the blogosphere because the deleted video contained eyewitness reports of military aircraft flying on the same day, shadowing Mh17. Here is the deleted video from cache: Катастрофа рейса MH17 Би би си в поисках Бука 23 07 2014, LQ  Global Research Canada has some interesting translation clips in Deleted BBC Report. “Ukrainian Fighter Jet Shot Down MHI7″, Do
Monday, July 28, 2014
Mish - Global Economic Analysis
Ukraine's Army Advances; Unguided Rockets Kill Civilians; Demise of Rebels?
There are lots of conflicting, even contradictory news reports regarding Ukraine in the past couple of days. Let's take a look at a few of them starting with the Bloomberg report Ukraine Army Advances as EU Plans Tougher Putin Sanctions. Ukraine’s army advanced on a last main separatist stronghold as the U.S. said Russian President Vladimir Putin is poised to give the rebels heavy weapons and European Union leaders considered their toughest sanctions yet on Russia. Ukrainian troops are battl
Monday, July 28, 2014
Mish - Global Economic Analysis
"Place to Avoid" - French Blogger Fined $2,000 for Writing Bad Restaurant Review
Want to review a French restaurant? Only good reviews are allowed in France. Caroline Doudet a blogger who runs the site “Cultur'elle,” found that out when she wrote a restaurant review that the French court said "ranked too high in a Google search" (as if any writer can know in advance how many times a blog will be read, or what its ranking will be). Link to Cached Review of "Place to Avoid" Doudet was ordered to change the title of her blog and pay a fine. Instead she took it down. Howev
Monday, July 28, 2014
Tim Iacono - Iacono Research
The Weekend Update is Now Available
The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here. There will be no changes to the model portfolio or the buy ratings this week, but last week’s covered call sales are covered in the following discussion topic: Last Week’s Covered Call Sales The executive summary is as follows: Ongoing violence in both Ukraine and Gaza combined with some disappointing earnings results for some major corporations and U.S. stocks gave
Sunday, July 27, 2014
Mish - Global Economic Analysis
Bad Day for Bad Teachers, Good Day for Kids
This is a guest post courtesy of Richard Berman at the Capital Research Center, under the title A Bad Day for Bad Teachers. Summary: In 1954, the U.S. Supreme Court issued the landmark decision Brown v. Board of Education, which struck down racially segregated schools because, the court said, they were inherently unequal and they unjustly harmed poor and minority children. Last month, a California court cited Brown v. Board as it struck down multiple state laws, passed at the behest of tea
Sunday, July 27, 2014
Mish - Global Economic Analysis
Japan Exports and Trade Balance vs. the Yen; Abenomics in Review
Despite the widely touted success of Abenomics, a few charts will prove success is all hype and no reality. Let's start with a chart of the Yen. $XJY Yen Monthly click on any chart for sharper image The Yen went on a tear from mid-2007 to mid-2011, rising from 80.55 to 132.18. Since then, the Yen declined to and 94.83 and is currently at 98.26. The Yen was in this general area, at times, in 2004, 2005, 2008, 2009, and 2014. One intent of Abenomics was to devalue the Yen to aid exports. Ho
Sunday, July 27, 2014
Mish - Global Economic Analysis
  Who's Winning the War in Ukraine? Answer May Shock You!
Here's the question, not of the day, but of the month: Who's Winning the War in Ukraine? That may sound like a simple question, but it isn't. That question leads to a second question "In whose eyes?" It also depends on the definition of "war". And it also depends on the definition of "win". And finally it depends on which media source you believe. Military Aspect From a military aspect, I have seen reports from both sides. The Western media portrays Ukraine on the march with the rebels surr
Saturday, July 26, 2014
Mish - Global Economic Analysis
  SBU Cleans Website of Bogus "Proof"; Mystery of 312 Grows
An image from the Security Service of Ukraine ("SBU") that purportedly showed a Buk heading back to Russia at nighttime, has now been removed from the cite. I made a screenshot of the image and posted it in Ukraine Caught in Third Major Lie? Magic Number 312. The image once was at the bottom of this SBU page: Russia is trying to hide the evidence of his involvement in a terrorist attack in the skies over Ukraine. Here is the image I posted, now removed. CNN Complicit as Well? Shortly aft
Saturday, July 26, 2014
Mish - Global Economic Analysis
France Unemployment New High, Output Down 15th Month; Prices Drop 27th Month; Activity Up in Periphe
The grim economic news from France keeps piling up. Today, Europe Online reports Number of Unemployed in France Hits New High. The number of unemployed people in France has hit a new high as the country grapples with the fallout of the financial crisis and a sluggish eurozone recovery, the Labour Department reported Friday. At the end of June, there were 3.398 million people who were registered as being without a job in the eurozone‘s second-largest economy - 0.3 per cent more than in the pre
Saturday, July 26, 2014
Mish - Global Economic Analysis
Obama Shenanigans on 'Factoryless' Exports, Taxes, Employment, Jobs
Corporate Deserters President Obama was beating the drums on Thursday in Los Angeles regarding corporate tax deserters, companies that move headquarters or tax shields to another country in order to escape high US tax rates. The LA Times provides the details in President Obama Hits 'Corporate Deserters' in Populist L.A. Speech. Tearing into companies he dubbed “corporate deserters,” President Obama on Thursday launched an election-year push to make it harder for U.S. companies to avoid payi
Friday, July 25, 2014

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