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Meet The Disability Judge Who Snoozes In Court And Always Awards Benefits----$2.5 Billion So Far

So it is only a matter of time before the Ponzi unravels. When it does, a profound truth will become self-evident. Namely, that when a modern democracy promises universal benefits to the entire population without means testing or other rigorous proof of need, it thereby promises to bankrupt itself.....

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This $1 Trillion M&A Quarter Is "Different": What Turnip Truck Did Bloomberg Reporter McCracken Ride To Wall Street!

So, yes, ironically, this time is different. The Fed is so far off the deep-end that today's trillion dollar M&A quarter surely represents a ticking time bomb that will dwarf the LBO blow-up last time around.

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How Japan Blew Its Savings Surplus: What A Keynesian Dystopia Looks Like

Financially speaking, Japan is fast becoming a Keynesian dystopia. Its entire economy is now hostage to a fiscal time bomb....

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All Japanese Financial Roads Lead To The Printing Press: How The Government Pension Fund Plans A Masssive Bond Dump Into A Dead JGB Market

And who will buy negative return bonds to be off-loaded by the GPIF? Why the BOJ. In Japan, all financial roads lead to the printing press.....

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Fed's Court Jester Flip-Flops Again: Low Inflation Scold Bullard Now Sees "Inflation Moving Higher"

Bullard's embarrassing bloviations are thus perhaps the best refutation of monetarism and fiat central banking that has yet come along....

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Now Comes The Great Insanity: European Government Bond Rates Lowest In 200 Years, But Debts Highest Ever

but as Deutsche Bank's Jim Reid explains, a glance at France, Italy, and Spain bond yields over the last 200 years shows that this really is a unique time in history (and not in a good way)....

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Draghi's Horrible Threat: "Are We Finished? The Answer is No" !

Taken at face value yesterday's action by the ECB amounted to a monetary farce. How could any adult believe that a benchmark rate cut of 10 bp from an already microscopic level of 25 bps would move the needle in an economic zone that is already groaning under of the weight of $60 trillion in public and private credit market debt?

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Canary In The Iron Ore Pits: Prices Plunge Below $100; Massive Glut Building

The deformations in the global economy arising from the central bank fueled credit deluge of the last two decades become more visible and foreboding by the day. One vector of special salience is the global iron ore market where prices have now punctured the $100 per ton mark to $94, and are down 50% from a peak of $200 in 2012....

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Military Keynesians' Mission Accomplished: Iraqi Air Force Destroyed (2003); Iraqi Air Force Recreated (2014)

Keynes did once say only half facetiously that the most direct route to spurring flagging demand would be to have gangs digging holes and then filling them back up. The Washington War Party has now apparently turned Keynes' aphorism into an extension of statecraft....

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Part 1. The ZIRP Economy Unmasked: Zero Growth In Private Labor Hours Since 1998

Every now and again the apparatchiks who dutifully tend Washington's statistical sausage factories accidently let loose a damning picture of what goes on inside. In that vein the BLS has just published the equivalent of a smoking gun. Namely, a study showing that in 2013---the year of 32% stock returns---the business sector of the US economy generated no more labor hours than it did way back in Bill Clinton's blue dress period (1998) yet produced 42% more output in real terms:

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