Archive For: February 2016

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Bond Vigilantes Push Slam $258 Billion of Oil Debt----Yields Soaring

They have sold off hundreds of oil fields, eliminated thousands of jobs and slashed millions of dollars from capital spending and dividends. But in this unforgiving new world of $30-a-barrel oil, it’s barely been enough.

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Verdun 100 Years Ago----Another Barbaric Folly Of The Great War

VERDUN – One hundred years ago this week, German artillery launched a mighty barrage of one million shells at French defenses on the wooded hills and deep ravines above the ancient fortress city of Verdun. The thunderous explosions of the “trummelfeuer” were heard 160 km away.

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The Escalating War On Cash----A Threat To Civil Order

On February 16th, The Washington Post printed the article, “It’s time to kill the $100 bill.” This came on the heels of a CNNMoney item, the day before, entitled “Death of the 500 euro bill getting closer.” The former cited a recent Harvard Kennedy School working paper, No. 52 by Senior Fellow Peter Sands, concluding that the abolition of high denomination notes would help deter “tax evasion, financial crime, terrorist finance and corruption.” In recent days, former Treasury Secretary Larry Summers, ECB President Mario Draghi, and even the editorial board of the New York Times, came out in support of the elimination of large currency notes. Apart from the question as to why these calls are being raised now with such frequency, the larger issue is whether these moves are actually needed or if they merely a subterfuge for more complex economic manipulations by central banks to extend control over private wealth.

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Welfare State Failure, Fraud And Farce----A Philadelphia Story

I’ve written dozens of articles about the 30 Blocks of Squalor over the years. The 30 blocks are essentially from 69th Street to 39th Street encompassing the wretched potholed route from unsafe Upper Darby through the killing fields of West Philly. The fine union government workers in the Streets Department have consistently maintained Chestnut Street in a constant state of disrepair. Not that drivers notice.

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How The Drug Of QE Enabled BTFD Geniuses... Not.

Over the years since what is now known as “The Great Recession.” There has been one dominant factor that pushed most – if not all – collective business reasoning and acumen aside, while simultaneously, allowing even the most rudimentary “investor” to believe they were a genius. That factor was: The Federal Reserve and its iterations of one QE (quantitative easing) initiative after another.

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As China’s Economic Picture Turns Uglier, Beijing Applies Airbrush

BEIJING — This month, Chinese banking officials omitted currency data from closely watched economic reports. Weeks earlier, Chinese regulators fined a journalist $23,000 for reposting a message that said a big securities firm had told elite clients to sell stock. Before that, officials pressed two companies to stop releasing early results from a survey of Chinese factories that often moved markets.

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Weekend Reading: A Worse Forecaster Than The Fed-----It's The IMF!

  I was wrong. I wrote last year that the economists in charge of monetary policy at the Fed were the worst economic forecasters on the planet. To wit: “Importantly,...

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European Disunion

  Greece vs. Austria: Non-Friendly Acts Two days ago we came across a headline at Reuters, informing us that “Greece rages at neighbors as fears migrants could be halted”. Say what? What the hell is this supposed to mean? Is this even English? Possibly Reuters employs the same headline editor as Bloomberg….he or she is […]

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Days Of Reckoning: The Calendar Is Reconciled On Monday, Fiat Dollars Not So Much

It all seems so systematic, arranged, and orderly.  Sixty seconds make a minute, 60 minutes make an hour, 24 hours make a day, and one day equals one complete rotation of the planet earth. Roughly every 30 days the moon … Continue reading

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What Durable Goods Rebound------Actual (NSA) January Number Was Below 2007

Anything with a positive number and the mainstream will jump. The latest was durable goods which only featured a positive number in the seasonally-adjusted series. Still, it was enough to send out the usual notices that the worst is over even for manufacturing. The U.S. manufacturing sector could be on the mend after struggling for...

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