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The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.
John Kenneth Galbraith  
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In the last 4 hours
Steve Keen - Debt Deflation
Are the students revolting, or is it economics?
Tweet TweetMain­stream econ­o­mists have long ignored the dynam­ics of pri­vate debt, money and banks to their detri­ment. Now more than ever, a real­is­tic and non-orthodox approach to eco­nom­ics is needed. Last week I made my first over­seas trip on which I ticked the box ‘Aus­tralian res­i­dent depart­ing per­ma­nently’. It’s given me cause to reflect on my career as an aca­d­e­mic econ­o­mist (and part-time jour­nal­ist) in Australia. This week, I com­menced a new role as Head of the School
Thursday, July 24, 2014
In the last 24 hours
Mish - Global Economic Analysis
  "No Perry Mason Moment": US Intelligence Admits "No Direct Evidence Linking Russia to MH17"
Earlier today, and several times recently, I received emails accusing me of being a Russian spy and asking me how much I was receiving from RT. I find such accusations highly amusing. Here's the deal: Few bloggers are willing to discuss MH17 for fear of getting it wrong. Whereas I suspect nearly everything, but especially reports coming from Kiev and the US. My reasons are threefold: There are more questions surrounding Kiev and US reports than Russian reports. Kiev has been caught twice in
Wednesday, July 23, 2014
More than 24 hours ago
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Capping The Recovery™ By Distributing Paper Wealth
"It would convert the Treasury of the United States into a manufactory of paper money. It makes the House of Representatives and the Senate, or the caucus of the party which happens to be in the majority, the absolute dictator of the financial and business affairs of this country. This scheme surpasses all the centralism and all the Caesarism that were ever charged upon the Republican party in the wildest days of the war or in the events growing out of the war." James A. Garfield,  on a resol
Wednesday, July 23, 2014
Mish - Global Economic Analysis
Holier than Thou: Why Should Anyone Believe the US, Ukraine, or Russia? What is the US Attempting to 
I am quite tired of rhetoric from the Obama administration and Kiev regarding the situation in Ukraine. Hardly any of it is believable. Indeed, some Ukraine propaganda efforts of Kiev are so amateurish they appear as sloppy acts of desperate coverups. If so, then it is far more likely Ukraine is the guilty party, not the separatists. If you are innocent, you do not choose such tactics. What is the US and Kiev Attempting to Hide? Earlier today, Obama Issued a Stern Warning to Russia coupled
Tuesday, July 22, 2014
Jesse - Le Cafe Américain
  Thom Hartmann: The Crash of 2016 
This is a view of how we got here and where we are going that you are unlikely to hear from the mainstream media.
Monday, July 21, 2014
Mish - Global Economic Analysis
Video of MH17 Hit by Missile; Update ... 
Reader David sent an email and accompanying video that purportedly shows the Malaysian Flight 17 being hit by missile. Let's take a look. David Writes ... It appears as if the right engine and wing area took the hit. The camera operator is able to record the moment of impact in the first 2 seconds of this clip. Note the smoke burst left behind on impact with the #2 engine area. There is a 18 second delay (speed of sound delay) due to the distance and altitude of the explosion. Question: How
Sunday, July 20, 2014
James West - Midas Letter
  Putin’s Folly: Shooting Down Malaysian Airlines Flight MH17 
In the ‘fog of war’, tragic mistakes are to be expected. But in the case of Malaysian Airways Flight MH17, Russian militants have attacked a civilian aircraft and essentially murdered 298 citizens of mostly European countries who have no part in the hostilities. Adding to the evidence of the malice inherent in the act, the plane was cruising at 33,000 feet when hit by a missile, according to early reports. At this point, it is not a given that the attack was originated by the Russian side of wha
Saturday, July 19, 2014
Egon von Greyerz - Matterhorn AM
2008 Meltdown Revisited – There’s No Solution
I just had the pleasure of being interviewed by Greg Hunter of USA Watchdog. Amongst other things we discuss the demise of the dollar which of course is timely with the announcement today of a BRICS Contingent Reserve Arrangement. Bail-ins will be the norm as the banking system fights for survival and 2008 will seem like a gentle rehearsal in relation to the calamities that we will see in fi
Thursday, July 17, 2014
Chris Ciovacco - Ciovacco Capital Management
Retirement: Are You Exposed To False Diversification Risk?
Retirement: Is Your Due Diligence Complete? While building a growth-and-income portfolio for retirement, many investors have properly addressed steps 1, 2, and 3 in the list below. As we will demonstrate via step 4, portfolios consisting of a diversified basket of blue-chip dividend payers may leave investors exposed to higher than anticipated risks in a bear market. Therefore, adding step 5 to your prudent dividend approach can improve your odds of protecting and growing your retirem
Wednesday, July 16, 2014
Mac Slavo - ShtfPlan
The Final Warning: Individual Investors Piling Into Stocks, Market Leverage Hits All Tim 
The story goes that in the Winter of 1928 Joe Kennedy, father of President John F. Kennedy, went to have his shoes shined. When the shoe shine boy finished he offered Kennedy a tip. “Buy Hindeburg,” he said. Kennedy promptly sold off all of his stock holdings. Within a year the United States saw a massive stock market crash that wiped out the life savings of millions of Americans and ushered in a decade’s long Great Depression. When asked why he sold all his stocks Kennedy replied, “You know it’
Tuesday, July 15, 2014
Mish - Global Economic Analysis
Making Sense Out of "Contradictrions That Make No Sense"
A New York Times headline by Floyd Norris reads In U.S. Data, a Baffling Contradiction. The same article, by the same author, appears on Yahoo!Finance as In U.S. Data, a Contradiction That Makes No Sense. The first quarter of this year was the worst for the United States economy since the depths of the Great Recession in early 2009. During the same period, employers hired more people than in any quarter over the last six years, signaling gathering strength in the economy. It is hard to imag
Monday, July 14, 2014
Rick Ackerman
Global Giddiness at a Cyclical Peak?
The financial system’s interminable endgame continued last week with a hiccup in global markets that was attributed to liquidity problems at a Portuguese bank. Some might have hoped Europe’s problems were behind us, especially with the spate of ginned-up stories concerning Spain’s miraculous economic recovery – if not in statistical fact, then speculatively in the shrinking spread between yields on Spanish paper and the debt of countries whose economies remain a few more steps distant from eclip
Monday, July 14, 2014
Mish - Global Economic Analysis
Will Guerrilla Warfare Linger Long After Ukraine Takes Donetsk?
Pro-Russian rebels in Ukraine hope for support from Putin, but no such support is on the horizon. It may be weeks or longer , but one by one, the Ukrainian army is taking back rebel-controlled areas. Next up, Donetsk: A rebel city encircled by Ukraine’s army. A week has passed since the turning point of the Ukrainian army’s triumph in Slavyansk, 110km north, the rebels’ main stronghold in eastern Ukraine, but from which the militants fled last Saturday. Many headed to Donetsk, vowing to make
Saturday, July 12, 2014
Mish - Global Economic Analysis
BIS Slams the Fed; Ridiculous Question of the Day: "Is The Fed Going To Attempt A Controlled Collaps 
Earlier today, reader Charles asked me what I thought about an article on ZeroHedge entitled "Is The Fed Going To Attempt A Controlled Collapse?" The question stems from lengthy (256 page PDF) from the BIS Annual Report (Bank for International Settlements) that stated among other things "The only source of lasting prosperity is a stronger supply side. It is essential to move away from debt as the main engine of growth." The BIS slammed the Fed in numerous places and in numerous ways, especiall
Friday, July 11, 2014
Mac Slavo - ShtfPlan
Shock Report: 70 Million People Would Be Starving in the Streets Without Government Welf 
Amid all the talk of recovery by politicians, economic officials and big business leaders, the fundamental numbers behind all the propaganda tell a starkly different story. Home sales have dropped to record lows, more people are out of the workforce than anytime in the last 50 years, and cash-strapped consumers have run out of money to fuel economic growth. By all meaningful measures the American boom times of old are gone. A recent report from the Department of Health and Human Services suggest
Friday, July 11, 2014
Mish - Global Economic Analysis
Paris to Tax Empty Offices at 20-40% of Rental Value; Price Crash On the Way 
The ideas from France get nuttier and nuttier as time goes by. Via translation from Les Echos, please consider Paris Will Tax Empty Offices. The Paris City Council approved Tuesday a tax on commercial vacant properties. The main objective according to city planners is to encourage the conversion of empty offices into housing, not to "create a new tax". The city plans to tax owners of vacant commercial premises at 20% of the rental value of the first year, 30% the second, 40% the third year, fr
Wednesday, July 09, 2014
Mish - Global Economic Analysis
Big Brother's Right to Censorship and Erase History; Misplaced Hope For a "Limited Big Brother"
Let's take a look at disturbing aspects of censorship, in which thousands of references to people have virtually disappeared from the internet following an EU ruling on the "Right to Be Forgotten" in which individuals have the right to ask search engines to remove links with personal information about them. Wikipedia provides the background for discussion. The right to be forgotten ‘reflects the claim of an individual to have certain data deleted so that third persons can no longer trace them
Tuesday, July 08, 2014
Rick Ackerman
  When Will the Fed Tighten? Never. 
I worked some numbers over the weekend in order to refine my forecast for Fed policy. One prediction that has stood the test of time is that any real tightening by the central bank is as likely as a Martian invasion. Turns out that when you crunch the latest data available, a Martian invasion winds up being 1.835 times as likely as any Fed tightening now or in the future. The formula I used to handicap this bet is proprietary and somewhat esoteric, so I won’t go into it here. But the bottom line
Monday, July 07, 2014
Alasdair Macleod - Finance and Eco.
A tale of two certainties
It is common knowledge that Japan is in extreme financial difficulties, and that the currency is most likely to sink and sink. After all, Government debt to GDP is over 250%, and the rate of increase of retirees has exceeded the birth rate for some time. A combination of population demographics, escalating welfare costs, high government debt and the government's inability in finding a solution to Japan's ongoing crisis ensures for international speculators that going short of the yen is a no-bra
Sunday, July 06, 2014
Mac Slavo - ShtfPlan
Watch As Citizen Truck Driver Pulls Over Cop for Speeding and Cell Phone Use: “You Are B 
Truck driver Brian Miner was hauling a load through Illinois last week when a police cruiser passed him at a high rate of speed. According to Miner, who captured the incident on his dash cam, the officer was not only going well over the 70 mile per hour posted speed limit, but was also on his cell phone, a violation of Illinois State law. Miner, who had his cruise control set at 65 miles per hour, took the law into his own hands and immediately begin honking his horn to signal to the officer tha
Tuesday, July 01, 2014
Mish - Global Economic Analysis
  Radical Stupidity: Academics Endorse $20,000 Income for Everyone, Working or Not
If you made less than $20,000 annually, but were guaranteed $20,000 whether you worked at all, would you work? Most wouldn't. And it should be obvious why: People like free time and they would gladly take more of it if they got paid for doing nothing (about $9.61 per hour). Academic Wonderland Academics in wonderland need some remedial education because they have not figured out what should be blatantly obvious. Please consider Guaranteed $20K income for all Canadians endorsed by academics.
Tuesday, July 01, 2014
Mish - Global Economic Analysis
French Bank BNP Paribas Pleads Guilty Criminal Conspiracy Charges, Fined Record $9 Billion; Anyone H 
Today, French bank BNP Paribas plead guilty Monday to criminal money-laundering laws by helping clients dodge sanctions on Iran, Sudan and other countries. As part of the settlement, BNP will pay a record penalty of close to $9 billion. Former ECB president Jean-Claude Trichet said the fine was neither fair, just, nor proportionate and carries risks for the global financial system. CCN Money has the synopsis in BNP Paribas to Pay Nearly $9 Billion Penalty. On Monday in an agreement with the
Tuesday, July 01, 2014
Mish - Global Economic Analysis
What Would be the Effect of a Substantial Hike in the Minimum Wage?
In response to 100% of U.S. Employment Growth Since 2000 Went to Immigrants, reader Mike wonders what effect a rise in minimum wage would have. Mike Writes ... Hi Mish. Thanks for a very interesting post. I hope the mainstream media will pick up on this. Here's a question for you: Do you think a rise in the minimum wage would bring more citizens into the workforce and and reduce the welfare rolls? By the way, I am against laws that restrict the free will of consenting adults, employers and
Monday, June 30, 2014
Steve Keen - Debt Deflation
An open letter to Brussels
Tweet TweetThe Euro­pean Sta­bil­ity and Growth Pact is based on the prin­ci­ple that sta­bil­ity and growth are enhanced when gov­ern­ment deficits are either min­imised or elim­i­nated. I want you to dis­pas­sion­ately con­sider an argu­ment that reaches a dif­fer­ent con­clu­sion. It may sound like some­thing you have heard before from oth­ers and already dis­missed. But bear with me. When con­sid­ered from a strictly mon­e­tary point of view, an econ­omy can be regarded as hav­ing five major
Monday, June 30, 2014
Mish - Global Economic Analysis
Meet "Ray" Your Valet Parking Robot
US News has an interesting article on using robots to park cars at an airport in  Duesseldorf, Germany. You can schedule an appointment with "Ray", your parking robot, via smartphone or simply by leaving your car in a designated spot. "Ray" Your Parking Robot AP Photo/dpa, Federico Gambarini US News comments on the "Uncanny Valet" Ray can carry any standard car weighing up to 3 metric tons (3.31 tons)  249 parking spaces are reserved for robots The service costs 29 euros a day and targe
Monday, June 30, 2014
Mish - Global Economic Analysis
Three More GM Recalls Today: When Will It End?
In a seemingly unending series of recalls, GM announce three more recalls today. This set involves pickup trucks, SUVs, Corvettes, and police cars. With every announcement, I wonder "Is this the last?" But here we go again. The Wall Street Journal reports GM Discloses Yet Another Recall. General Motors Co. disclosed three new recalls on Friday covering more than 473,600 vehicles, including some of its latest Corvette sports cars, amid stepped up safety reviews. The nation's largest auto m
Sunday, June 29, 2014
Mish - Global Economic Analysis
Divided Iraq Inevitable; Isis Targets Baghdad Green Zone; Obama's Inane Weapons Proposal
A breakup of Iraq is now inevitable, even as the US and Iran are ideologically aligned in preventing that outcome. And while the US is still worried about potential problems a separate Kurdistan may cause, Turkey is Ready to Accept Kurdish State in Historic Shift. “In the past an independent Kurdish state was a reason for war [for Turkey] but no one has the right to say this now,” Huseyin Celik, spokesman for the ruling AK party, told the Financial Times. “In Turkey, even the word ‘Kurdistan
Saturday, June 28, 2014
Andy Hoffman - Miles Franklin
  Beach Ball at Record Depths!
Throughout history, humanity has been plagued by the irresistible urge to accrue wealth at the expense of others.  In financial markets, this cancer has been particularly malignant; but never like today, given the advanced “tool chest” of “new age” fraudsters.  Throughout history, fiat money has caused more financial, mental and in some cases physical pain than any such tool.  However who could have conceived the damage it could cause when combined with high frequency trading algorithms, worldwi
Friday, June 27, 2014
Mac Slavo - ShtfPlan
The U.S. Economy Has Collapsed: “This Is A Monstrous Negative Revision” 
For months the administration, financial pundits and Wall Street analysts made it a point to inform Americans about the healthy state of our economy. One of the key metrics they’ve used as proof of recovery was the Gross Domestic Product (GDP) which measures the productive output of the U.S. economy as a whole. Earlier this year the U.S. Bureau of Economic Analysis noted that this measure was showing positive growth. But now, after a second official revision, all of that purported growth used to
Thursday, June 26, 2014
Mish - Global Economic Analysis
Diving Into the GDP Report of -2.9% Growth
The first quarter GDP initial projection was 0.1%. The second estimate came in at -1.0%. Today the third estimate came in at -2.9%. Gosh, first quarter weather was far worse than anyone realized. Let's dive into the First Quarter 2014 Third Estimate from the BEA for some weather-details. Real GDP declined 2.9 percent in the first quarter, after increasing 2.6 percent in the fourth. The downturn reflected a downturn in exports, a larger decrease in private inventory investment, a deceleration
Thursday, June 26, 2014