Archive For: November 2014

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The Q3 Surge Wasn't All That: How The BEA Fudge Factory Goosed The GDP Print

So if that "statistical" amount of money you thought you had saved in the BEA's savings.xls spreadsheet just dropped by 10%, fear not dear Americans: it was all used for a good cause: to fabricate a much stronger than expected Q3 GDP number.

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More Central Bank Monetary Heroin Will Spark Currency Race To The Bottom, Global Implosion

In a column on his Contra Corner blog, Stockman said spend-thrift central bank policies globally – from the U.S. to Europe and Asia – have set up a bout of industrial deflation that is bound to be devastating.

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French Mercantilism At Work: Culture Bureaucrats Want To “Erase US Internet Companies From Existence”

We have previously reported on the French obsession with stifling competition to the vast detriment of the consumer, so as to protect established businesses with all sorts of legal restrictions. A prime example of this nonsense is that the French have made free shipping by Amazon illegal in France........ Mercantilism has never died in France, and today it is imposed under the guise of the so-called “cultural exception”.....

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The Fed's Golden Goose Kills The Bear, Fattens The Rich, Shafts The Rest

What this means is that there is no such thing as a trickle down recovery. This brings me back to my original point that if we do not acknowledge that the market no longer has any relationship to the broader economy then we will fail to implement appropriate policies to stimulate economic growth. And by failing to do so we continue the devastation to the middle class. The continuation of the notion that the Fed guaranteeing rising stock prices will somehow boost economic growth despite 6 years of failing to do so is a complete failure by our policymakers......

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Mind The CBO/Keynesian "Output Gap": Its Fictional And Manipulated To Hide Failure Of QE

As I have said before, the handoff from Bernanke to Yellen was significant not just in terms of background but also in philosophy and viewpoint. Both were strictly academic statisticians (they call themselves economists) but there was an immense shift about QE. To be fair, there is some evidence that thoughts about QE had changed...

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Fed's "Wealth Effects" At Work: Calif Housing Market Bifurcates, Top-End On Fire

The Fed's wealth effect kicks in: "Mind-blowing" how the luxury market has been “completely on fire." The rest, well....

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Morning Macro Call With Keith McCulough: This Ziploc Market Has 1000 Lbs Of Nasty In A 1-Lb Bag

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Pot Calls The Kettle Black: McCain Attacks Obama For His Own Failed Interventionism

Unfulfilled by such a victory for peace and freedom, unwilling to go home when our war, the Cold War, was over, Bush 43 decided to bring the entire Warsaw Pact, three Baltic states, and Moldova, Ukraine and Georgia into NATO. For this project, Bush had the enthusiastic support of McCain, the neocons and the liberal interventionists.

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Another Sign Of Global Cooling: Largest Drilling Rig Operator Suspends Dividend

The last time the world's largest oil and gas drill operator, Seadrill, halted its dividend payment was in 2009, shortly after Lehman had filed and the world was engulfed in a massive depression....So the fact that the stock of Seadrill collapsed by 20% today following a shocking overnight announcement that it had once again halted its dividend...

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For Whom The Consumer Confidence Bell Tolls: What Wall Street Pitch Men Never Mention

The trend is your friend, but maybe not when it extends to meet a secular downtrend. That’s what the Consumer Conference Board’s Consumer Confidence (aka the ConCon Con) Index showed today. It shocked Street conomists, whose consensus guesstimate was a reading of 96. Instead it came in at 87. I see little value in this…

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