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In the last 24 hours
Jesse - Le Cafe Américain
  Ukraine: The Global Corporate Annexation
"War against a foreign country only happens when the moneyed classes think they are going to profit from it." George Orwell "War is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives. A racket is best described, I believe, as something that is not what it seems to the majority of the people. Only a small
Thursday, April 24, 2014
Mish - Global Economic Analysis
New Home Sales Plunge 14.5%; It's Not the Weather; Steen Jakobsen on Consensus vs. Reality
The Census Bureau report New Residential Sales Report shows sales of new single-family houses in March 2014 were at a seasonally adjusted annual rate of 384,000. Sales are 14.5 percent below the revised February rate of 449,000 Sales are 13.3 percent below the March 2013 estimate of 443,000 Median sales price was $290,000 vs. $260,900 in February, $257,500 in March of 2013 Average sales price was $334,200 vs. $318,900 in February, $300,200 in March of 2013 Median sales price was up 11.5% fro
Thursday, April 24, 2014
More than 24 hours ago
Rick Ackerman
Is Coke ‘Magic’, or Just Bubbly Sugar-Water?
With U.S. consumption of soda pop falling, it would appear that Coca Cola’s unwholesome ingredients are finally catching up with it.  I swore off the stuff in 1964, when I was 15 and worried that Coke would make my zits worse. What cemented my doubts was a provocative cover story in Fact, a magazine published in the mid-1960s by impresario Ralph Ginzburg that took journalistic muckraking to new heights.  In one of Fact’s notorious broadsides, the magazineasserted that drinking Coke regularly wou
Monday, April 21, 2014
Mish - Global Economic Analysis
  Ukraine Accord Broken Already; Key Uninvited Group to Peace Party Doesn't Like the Deal; Reflections
Immediately after the 4-player Ukraine accord announcement yesterday (See Ukraine Talks End in Accord; What About the Key Missing Player?) I commented ... Lots of Questions This accord raises more questions than answers. Did anyone consult the separatists? Who is going to enforce the agreement? Is there a single voice, or even a small group of voices who can speak for the separatists? If the separatists are acting on their own, then unless Russia or someone else can convince the separatis
Saturday, April 19, 2014
Tim Iacono - Iacono Research
Cheapest House in Vancouver Sells for $643K 
Tyler Cowen of Marginal Revolution notoriety points readers to two CBC News stories about the listing of the cheapest house for sale in the Vancouver market at just under $600,000 and its subsequent sale just two weeks later at almost $50,000 more than the sellers asked. From the latter, we learn the following: Vancouver’s cheapest listed single family home attracted large numbers to open houses, with two written offers pushing the final purchase price seven per cent over asking. The house was t
Thursday, April 17, 2014
James West - Midas Letter
Ivory Towers Need Toppling but Google is Watching 
Before I get rolling here, this is not a paranoid unibomber-esque manifesto. These are some political-financial-pilosophical observations that morph gradually into allegorical fable at the end which I elect to deploy in lieu of angry foot stomping both to improve entertainment value and circumvent petulance. So, without further ado: For a country that 238 years ago was established by a bunch of disenfranchised and landless commoners seeking to throw off the shackles of oppression represented by
Thursday, April 17, 2014
Mish - Global Economic Analysis
Austerity In Spain? Where? Public Debt Threatens to Exceed 100% of GDP in 2014 
EL Pais reports Spanish Public Debt Threatens to Exceed 100% of GDP in 2014 Via translation General government debt accumulated through February was 987.945 billion euros, an amount that represents 96.5% of gross domestic product (GDP). This represents a new record in the amount of money the state, communities, and the municipalities have to return to financial institutions and investment funds. In February alone, the government liabilities increased by 8.130 billion, up 8% from the previous
Thursday, April 17, 2014
Gordon Long - Market Analytics
Baltic Freight, Shipping Credit and China: Part 1
Bert Dohmen who recently authored "The Coming China Crisis" is now warning about Chinese shipping credit and what he sees in oversea freight rates. He believes there was a major dividing line that was crossed in June 2013 when overnight lending rates abruptly tripled. Though government actions quieted things down on the surface (at least temporarily), below the surface an avalanche of credit issues has ensued. China
Tuesday, April 15, 2014
Jesse - Le Cafe Américain
  His Final Journey: Remembering the 149th Anniversary of the Assassination of Abraham Lincoln 
"Unconscious, Lincoln was carried from Ford's Theatre to the nearby house of Williams Peterson at 453 10th Street. There, in a room rented to William Clark, a boarder, Abraham Lincoln died at 7:22 a.m., April 15, 1865. When Lincoln died Secretary of War Edwin M. Stanton is reported to have uttered, 'Now he belongs to the ages.'" "It is rather for us to be here dedicated to the great task remaining before us — that from these honored dead we take increased devotion to that cause for which t
Tuesday, April 15, 2014
Mish - Global Economic Analysis
France Prohibits Sending Work Emails, Answering Cell Phones, Outside Working Hours
Events in France keep getting sillier and sillier. Wasn't these new Prime minister Manuel Valls supposed to be pro business? So how does nonsense like this happen: France Prohibits Sending Work Emails Outside Working Hours Via translation from La Vanguardia Your boss sends you emails when you've already left work? Will you answer? In France, this is prohibited if the workday is finished. This is stated in an agreement between the two unions, the French Democratic Confederation of Labour (
Monday, April 14, 2014
Rick Ackerman
Only Obama Believes the Debate Is Over 
Like George Bush before him, Barack Obama unfurled a “Mission Accomplished!” banner last week that can only come back to haunt him. To assert, as Obama just did, that the Obamacare debate is settled is to flout hard truths that are negatively impacting the lives of virtually every American each and every day, hitting them literally where they live. Although the overweening arrogance of the man has undoubtedly blinded him to the risks of such hubris, Democrats running for their political lives
Monday, April 14, 2014
Jesse - Le Cafe Américain
Pay and Deregulation in the US Financial Industry 
"It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud.   The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident." Charles H. Ferguson “Thus did a handful of rapacious citizens come to control all that was worth controlling in America. Th
Sunday, April 13, 2014
Mish - Global Economic Analysis
85% of Pension Funds to Fail in Three Decades
Bridgewater Associates did an analysis of pension funds recently and concluded 85% of them will fail if returns average 4%. Bridgewater notes that public pensions have just $3 trillion in assets to invest to cover future retirement payments of $10 trillion over the next many decades. It would take an investment return of roughly 9% a year to meet those obligations. With the 30-Year long bond yielding a mere 3.5% and with stock valuation through the roof, I expect negative returns for 7-10 year
Saturday, April 12, 2014
James Turk - Goldmoney
James Turk discusses the money bubble - Interviews
The Money Bubble: What To Do Before It Pops is the latest book by James Turk and John Rubino. In their first book The Coming Collapse of the Dollar and How To Profit From It: Make a Fortune by Investing in Gold and Other Hard Assets, the authors questioned the housing bubble and advised the public to buy gold. The Money Bubble goes one step further: rather than addressing discrete asset classes, it deals with the world's major currencies – and the bubble they represent. Turk talks about how the
Friday, April 11, 2014
Mish - Global Economic Analysis
LA Commission Studies Pension Crisis, Recommends New Commission; Bankruptcy Inevitable 
The Los Angeles 2020 Commission studied amongst other things the sorry state of LA's pension mess. In a case of can-kicking extraordinaire, its recommendation was to appoint another commission to further study the problem. Please consider Report Finds Los Angeles at Risk of Decline A scathing verdict on Los Angeles’s civic health that was delivered in a one-two punch — the second on Wednesday — by a committee of lawyers, developers, labor leaders and former elected officials who make up some
Thursday, April 10, 2014
Mish - Global Economic Analysis
Brussels Tells Spain to Raise VAT Once Again
The nannycrats in Brussels really don't get it. You do not hike taxes in the middle of a depression or coming out of a depression. Yet once again, and for the nth time, that is precisely the recommendation. Via translation from El Confidencial, please consider Brussels Roadmap of Tax Reform Note: This is an extremely choppy Google translation, presented "as is" instead of my customary edits. The document is apparently technical. But has behind it an undoubted political. Not surprisingly, publ
Thursday, April 10, 2014
Tim Iacono - Iacono Research
Ukraine Crisis Escalates 
This item at the new and improved Vox website depicts the situation in Ukraine where protests and the takeover of government buildings in the country’s eastern region have reignited the crisis that began over the winter and has been on simmer so far in the spring. As noted in the report, this is how things started in Crimea before that region was annexed by Russia, so, in the words of Jesse Pinkman and Walter Williams, “There’s that.” Here’s the latest via CNN: I wouldn’t mess with that guy
Tuesday, April 08, 2014
Tim Iacono - Iacono Research
“Proceed with Caution” in this “Virtual Insanity”
Bloomberg editor-at-large and TV host Trish Regan shares some insight on what’s roiling the stock market these days in this commentary at USA Today that is full of contradiction that quickly becomes apparent in the first two paragraphs which, by themselves, may be enough to send investors scurrying back up to their hotel room to sell some tech stocks. Use of the term “virtual” was prompted by the recent Facebook acquisition of Oculus, the virtual reality headset maker, however, it was probably i
Tuesday, April 08, 2014
Mish - Global Economic Analysis
French Socialists Revolt Against Prime Minister, Threaten Vote of No Confidence
Further compounding president Francois Hollande's problem with the European Commission Rejection of France's Proposal for Deficit Target Leniency, the socialists are in open revolt against new Prime Minister Manuel Valls. The socialists consider Valls as too pro-business. They want less austerity and a reduction in personal taxes, not corporate taxes. And they are against Hollande's "responsibility pact" proposal that would reduce labor costs and cut government spending. Via translation from L
Sunday, April 06, 2014
Mish - Global Economic Analysis
Millennials Mired in "Wealth Gap" as Older Americans Gain; Housing Crash Continues to Overshadow You
Thanks to Fed printing presses coupled with an extreme case of irrational exuberance, those over 40 years old have recovered losses from the great financial collapse. However, Millennials Remain Mired in Wealth Gap, as Others Recover. For households headed by someone 40 years old or younger, wealth adjusted for inflation remains 30 percent below 2007 levels on average, according to research by economists at the Federal Reserve Bank of St. Louis. Net worth for older Americans has already reco
Sunday, April 06, 2014
Mish - Global Economic Analysis
  Nonfarm Payrolls +192,000, Unemployment Rate Steady at 6.7%; Economy Poised to Accelerate?
Initial Reaction Nonfarm Payrolls rose by 192,000 nearly matching the Bloomberg Consensus expectation of 200,000. Revisions to January and February added another 37,000 jobs. Private employment, which excludes government jobs, surpassed the pre-recession peak for the first time. Beneath the surface, this was a solid report for a change as the household survey shows a strong gain in employment of 476,000. March BLS Jobs Statistics at a Glance Nonfarm Payroll: +192,000 - Establishment Surv
Friday, April 04, 2014
Jesse - Le Cafe Américain
John Ralson Saul: Re-evaluating the Linear Approach To Trade and Globalisation
Does globalization actually deliver what we thought it would? There are a range of choices between free trade and protectionism.  Ideological commitments and purity may prevent a meaningful discussion of the situation. Is there really a surplus of goods, or is trade organized around a plutocratic economic model that is providing a scarcity of wages for labour? When local laws are leveled by the economic realities of globalization, can nations retain their own character and choice of govern
Friday, April 04, 2014
Mish - Global Economic Analysis
  Venezuela Decrees "All Properties Leased for 20 Years Will Be Sold to Tenants in 60 Days at Governme 
Venezuelan president Nicolas Maduro proves once again the capacity for stupidity is virtually unlimited. Today Maduro mandated that any properties leased for 20 years or longer will be sold to current tenants at government mandated prices, essentially confiscating all long-term rental properties. Via translation from Libre Mercado, please consider Venezuela Expropriates Properties Leased More Than 20 Years. Nicolas Maduro, president of the Republic of Venezuela decreed on Monday that propert
Friday, April 04, 2014
Charleston Voice
'The Road to Serfdom' at 70 | David Gordon - YouTube
From the panel recorded at the 2014 Austrian Economics Research Conference in Auburn, Alabama, on 20 March 2014. Sponsored by Carolyn Foss. The Road to Serfdom by F. A. Hayek, Overview An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for hal
Friday, April 04, 2014
Jesse - Le Cafe Américain
Rickards: Collapse of International Money System - Not Apocalypse, But a Change 
I am glad that Rickards came out and said this more clearly. I get worried emails from people from time to time, and I remind them that there is nothing we are facing or are likely to face, outside of an all out nuclear war, that was not faced by our fathers and grandfathers who faced two World Wars and a Great Depression in between.   It seems more frightening now because we are more aware, and we are 'carrying the ball' and are noticing more things.  When they are young, most people don't 
Thursday, April 03, 2014
Mish - Global Economic Analysis
China Sees Sharpest Contraction of Output Since November 2011; Japan Returns to Growth but Business
It's a mixed bag in Asia, but all things considered an overall weak one. Let's take a look at the data to see what bulls and bears have to cheer about. China PMI The HSBC China Services PMI Shows Sharpest Contraction of Output Since November 2011. HSBC China Composite PMI signalled that business activity in China fell for the second month running in March. Though slight, the rate of contraction was still the sharpest since November 2011, with the HSBC Composite Output Index posting at 49.3 i
Thursday, April 03, 2014
Tim Iacono - Iacono Research
The “Nice Phase of Minsky’s Cycle”
It’s kind of ironic to think of all the time and money that went into all those high frequency trading computers (i.e., the hardware design and the software development that must have both been cutting edge) that have been the subject of much debate at 60 Minutes and CNBC over the last few days, that is, when you think of them in relation to the U.S. economy. Yes, that computer hardware and software added to the nation’s economic output as did all the talk on TV, but it’s all part of the recent
Wednesday, April 02, 2014
Mark O'Byrne -
UK Budget Allows Bank Accounts To Be Raided 
Today’s AM fix was USD 1,286.50, EUR 932.45 and GBP 772.67 per ounce. Yesterday’s AM fix was USD 1,294.00, EUR 939.86 and GBP 777.78 per ounce. Gold fell $9.40 or 0.73% yesterday to $1,283.30/oz. Silver remained unchanged at $19.79/oz.    Webinar: Dr Marc Faber On Gold, Silver and Asset Allocation In An Uncertain World This Friday, April 4th at 0900 BST, Dr Marc Faber will give insights into his strategies for protecting and growing wealth in 2014 and beyond. Register today and don't miss this
Wednesday, April 02, 2014
Jesse - Le Cafe Américain
HFT: 60 Minutes Sanitizes Its Report - What Banks, What Exchanges?
There were some gaping holes in the 60 Minutes expose about the stock market being rigged. The story was spun in such a way to make one think that uncontrolled innovation had created some unfortunate and inadvertent technical arbitrage opportunities in exchange centers outside of Manhattan, but a clever insider, funded in part by ultimate insider David Einhorn and backed by the big dogs of Wall Street, had come up with a clever technical fix in a new and better exchange called IEX.  Protected b
Wednesday, April 02, 2014
Mac Slavo - ShtfPlan
Outbreak: Borders On Lock Down as Ebola Spreads: “We Will Lose Many People”
One of the world’s most terrifying viruses is multiplying. Thus far at least 70 people have died from the Ebola virus in Guinea in recent weeks and though officials have taken steps to shut down the country’s border it may already be too late. The deadly strain of hemorrhagic fever has reportedly already spread to neighboring Sierra Leone and Liberia. The virus is normally acquired as a result of the butchering of or consumption of meat from bats or monkeys, which has prompted Guinea’s governmen
Tuesday, April 01, 2014