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Most read articles
Andy Hoffman - Miles Franklin
Global Economy Has Collapsed
Andy Hoffman joins Greg Hunter of USA Watchdog.com to discuss the Fed, global economy is worsening, interest rates keep falling, the Dow Jones propaganda average fell a whopping 9% from its all-time highs, oil prices, gold and silver.  To listen to the interview, please click below. Video: Andy Hoffman-Fed’s Biggest Fear-Loss of Confidence in Dollar
Monday, October 27, 2014
Mish - Global Economic Analysis
"Will These Central Bank Morons Ever Learn?" asks Albert Edwards at Societe General
Central Banks and the Business Cycle I like it when someone besides a few financial bloggers takes the gloves off and starts asking some hard-hitting questions. In Cross Asset Research last week, Albert Edwards at Societe General did just that. Emphasis in italics is mine. Fragile and vulnerable in itself, the US recovery now battles against the rest of the world, which like a horror movie is dragging it down into a hellish Ice Age underworld. The problem is that at these stratospheric valua
Monday, October 27, 2014
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
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
  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
Andy Hoffman - Miles Franklin
The All-Time Biggest Lie 
In TPTB’s desperation to “manipulate, jawbone, and pray” equities back up, both the frequency and blatancy of government intervention has achieved unprecedented levels.  Not only are they in full-fledged panic mode for its own sake, knowing the world has returned to “2008, with one temporary exception,” but a slew of potentially cataclysmic – and Cartel-destroying – events are upcoming like Wednesday’s expected “QE-ending” FOMC meeting, next week’s mid-term elections, the Catalonian secession re
Monday, October 27, 2014
Mish - Global Economic Analysis
What Do Seven Billion People Do? Top 10 Mega-Cities by Population 2014 vs. 2030 Estimate
Reader Bran who lives in Spain sent some interesting charts of population, expected population growth, the world's largest cites, and what people do for a living. I don't have links for the charts, but most show the origin. Seven Billion People Breakdown 4.30 Billion Work 1.90 Billion too Young to Work 0.43 Billion Unemployed 0.58 Billion 65 or Older Total about 7.2 Billion people Cities With Projected 2030 Population of 10+ Million Top 10 Mega-Cities by Population Anyone have a
Sunday, October 26, 2014
Mish - Global Economic Analysis
Another Unbelievable Stress-Free Test; Whitewash Math and Deferred Tax Assets
In an effort to fool the public into believing the latest round of bank stress tests were actually designed to find stress, the ECB found 25 scapegoats, none of which were German banks. Reuters reports ECB Fails 25 Banks in Health Check but Problems Largely Solved. Roughly one in five of the euro zone's top lenders failed landmark health checks at the end of last year but most have since repaired their finances, the European Central Bank said on Sunday. Italy faces the biggest challenge with
Monday, October 27, 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
  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
Andy Hoffman - Miles Franklin
Median Nightmare
In the run-up to this afternoon’s supposed “end of QE”, “mainstream madness” has reached a fever pitch – as has TPTB’s “manipulation, jawboning, and prayer.”  Humanity’s dark side is fully visible in articles like “Yahoo! Finance’s illustration of QE “success”; a panel of sub-humans attacking Peter Schiff for telling the truth to the delight of CNBC’s bubble-headed, Stepford Wife host; and of course, flat out contradictions, as the dumbed down media rapidly loses touch with reality.  Meanwhile i
Wednesday, October 29, 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
Odds of Venezuelan Default Within 5 Years Hits 63%; Investors Realize Venezuela May Run Out of Money
Venezuela has nice oil reserves but the government is spending more cash than it receives from pumping oil. Investors are finally starting to realize Venezuela may run out of money and will be forced to default on bonds. Please consider Venezuelan Bond Rout Deepens as Default Specter Raised Venezuelan debt traders are beginning to consider the possibility the country may run out of money. The cost of insuring the country’s foreign-currency bonds against non-payment soared yesterday by the m
Wednesday, September 10, 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
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
Andy Hoffman - Miles Franklin
The “End of QE” – LOL
In July 2012, Barrack Obama catered to the “99% on his campaign trail” – knowing full well elections are no longer about progress (let alone, “hope” or “change”) but which candidate promises the most entitlements.  Two years later, with the nation in vastly worse shape both economically and financially, Hillary Clinton is doing the same, rehashing Obama’s “you didn’t build that” quote by saying, “don’t let anybody tell you it’s corporations and businesses that create jobs”; like Obama, suggestin
Tuesday, October 28, 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
  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
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
No Plans for Normalization: Fed Ends QE, Will Hold Rates Low for "Considerable Time", Will Reinvest
Inquiring minds may wish to slog through today's FOMC Press Release on Monetary Policy but it's really not worth the time it takes to read it. Here are a few details, generally expected The Committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase program. The Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. The Committee
Wednesday, October 29, 2014
Mish - Global Economic Analysis
NASA Rocket With Russian-Made Engine Explodes On Takeoff; Ironies Abound
Sanctions or not, NASA uses Russian-made engines to propel rockets. Yesterday, just seconds after takeoff, a NASA Antares rocket with a Russian-made engine exploded on takeoff. The mission was to carry supplies to the orbiting space station. Today, the Guardian reports that Russian rocket manufacturer insists it is not to blame for Antares crash. The Russian maker of the engine used in the unmanned US supply rocket that exploded after liftoff in Virginia denied on Wednesday that its product
Wednesday, October 29, 2014
Andy Hoffman - Miles Franklin
Nothing Has Changed, and Nothing Will
Andy Hoffman joins Kerry Lutz of the Financial Survival Network to discuss the upcoming FOMC meeting, the Swiss gold referendum, markets are crashing worldwide and surging physical demand of gold and silver.  To listen to the interview, please click below. Andrew Hoffman – Nothing Has Changed, and Nothing Will
Tuesday, October 28, 2014
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
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
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
Mish - Global Economic Analysis
Hillary Clinton: "Don't Let Anyone Tell You It's Corporations and Businesses that ...
On October 24, while campaigning for Martha Coakley for governor of Massachusetts, Hillary Clinton made one of the most absurd political statements in history "Don't Let Anyone Tell You It's Corporations and Businesses that Create Jobs." Clinton continued, "You know that old theory, trickledown economics. That has been tried, that has failed. It has failed rather spectacularly. One of the things my husband says when people say, 'What did you bring to Washington?' He says, 'I brought arithmetic.
Monday, October 27, 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
Mish - Global Economic Analysis
Meet "OSHbot" Lowes New Store Helper; Goodbye Retail Associates, Hello Robots
Goodbye Retail Associates, Hello Robots The future of shopping has arrived, and its not human. Not only do robots cost less than humans, they don't complain, they speak multiple languages, and most importantly, by scanning aisles they know where every item is in the store and can take you straight to it. Meet "OSHbot" OSHbot is the newest member of the "Fellow Robots" family, and developed in partnership with Lowes Innovation Labs. The future of shopping has arrived Retail Robotics is an
Wednesday, October 29, 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
MH17-Chief Investigator Investigates Possibility of Air-to-Air Missile, Seeks Cooperation From Russi
Spiegel Online interviews Fred Westerbeke, the Dutch lead investigator of flight MH17 crash. Westerbeke contends surface-to-air missile is the most likely scenario, but he also discusses "secret satellite images and a possible involvement of the Ukrainian military." Please consider MH17-Chief Investigator Westerbeke: "Do the Russians Have More Evidence?" Who shot flight MH17 from over Eastern Ukraine? The Dutch prosecutor Fred Westerbeke directs international investigation. He talks about
Wednesday, October 29, 2014

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