The Latest

Global Correction Time: Dr. Copper Facing Chinese Double Whammy

18 months ago we first brought the world’s attention to the end of what has now been exposed as among the largest ponzi schemes in history – the Chinese Commodity Financing Deals (CCFDs) – pointing out how this meant commodities like copper were likely to come under pressure as firms liquidate what minimal holdings they had (and sell out futures hedges) to manage the risk of unwinds in these quasi-collateralized deals. Since then, copper prices have indeed plunge……

Contra Club

Global Correction Time: Dr. Copper Facing Chinese Double Whammy

18 months ago we first brought the world’s attention to the end of what has now been exposed as among the largest ponzi schemes in history – the Chinese Commodity Financing Deals (CCFDs) – pointing out how this meant commodities like copper were likely to come under pressure as firms liquidate what minimal holdings they had (and sell out futures hedges) to manage the risk of unwinds in these quasi-collateralized deals. Since then, copper prices have indeed plunge……

Not A Lot of Bets On Stress Tests

We will find out Sunday if all the rumors are correct (and by how much) about a significant portion of European banks either failing or still with their “feet wet” after the usual comedy of the stress tests. You never really know with these types of weighty events, as there are all sorts of biases…

Contra News & Views

Beneath The White House Numbers Game: 71 Percent of Obamacare Enrollment Gains Due to Medicaid

While health insurance coverage — whether in the private market or in Medicaid — grew by 8.5 million individuals in 2014, the vast majority (71 percent) of that gain was due to increases in Medicaid. According to the authors, “[T]he inescapable conclusion is that, at least when it comes to covering the uninsured, Obamacare so far is mainly a simple expansion of Medicaid.”

The Great War—–Birthplace Of The Big State

In this renewed tradition, the works of Ralph Raico, Robert Higgs, Jeff Riggenbach, Hans-Hermann Hoppe, Richard Gamble, Paul Gottfried, Thomas Woods, Joseph Stromberg, and others expanded the materials and subjects of revisionist studies of the war, giving new life to an older school of thought, very much parallel to the re-emergence of Austrian economics as a dynamic, rigorous system of scholary thought…..

Yellen’s Insouciant Denial: Inequality Is Growing Due To The Very Fed Policies She Long Championed

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She is failing to appreciate how Mr. Bernanke’s extraordinary quantitative easing program, started in the wake of the financial crisis, has only widened the gulf between the haves and have-nots. If she does understand, she certainly made no mention of it in her speech in Boston. Indeed, there was no mention whatsoever of the Fed’s easy monetary policies at all, let alone how they have helped to cause income inequality….

Washington’s Feckless War On Russia Is Accelerating The Empire’s Decline

Second, it must be understood that at this point the American ruling elite is almost entirely senile. The older ones seem actually senile in the medical sense. Take Leon Panetta, the former Defense Secretary: he’s been out flogging his new book, and he is still blaming Syria’s Bashar al Assad for gassing his own people! By now everybody else knows that that was a false flag attack, carried out by some clueless Syrian rebels with Saudi help, to be used as an excuse for the US to bomb Syria—you know, the old “weapons of mass destruction” nonsense again……