The Sad State of the Financial Web

Popular perceptions about how to succeed in the stock market do not mirror the more boring reality. And faulty perceptions, plus inflated expectations, can cost you a lot of money. Jimmy Atkinson shows some of the disconnects between beliefs and reality which can get you into trouble. He also provides a great list of worthwhile reading at the end.

[Continue Reading]

California Has Never Experienced A Water Crisis Of This Magnitude – And The Worst Is Yet To Come

Courtesy of Michael Snyder of The Economic Collapse

Things have never been this dry for this long in the recorded history of the state of California, and this has created an unprecedented water crisis.  At this point, [Continue Reading]

Mish with Gordon Long: Video Interview on the Troubles in Illinois and Greece

Courtesy of Mish.

A week ago, Gordon Long at Macro Analytics interviewed me for the third time on Financial Repression. Long made the interview available today.

The subject this time is Illinois pensions and turmoil in Greece.

I believe a minimum of seven Illinois cities are in serious and immediate [Continue Reading]

What you need to know about the FOMC’s dot plot

Josh Brown argues, convincingly, that studying dot charts from the Fed is a complete waste of time. There is nothing there. You may as well flip through a child's book of connect-the-dots animal pictures. 

What you need to know about the [Continue Reading]

The Importance of RMB Internationalization

Outside the Box: The Importance of RMB Internationalization

By John Mauldin

For the last four years, I have been highlighting the idea that when Beijing floats the renminbi, the  currency may go down, not up, which is the exact opposite of what those who [Continue Reading]

The 10th Man: Piston Hurricane

The 10th Man: Piston Hurricane

By Jared Dillian

An old friend from the Coast Guard visited me over the weekend. He is retired and now works as an emergency planner.

If there’s one thing government folks do, it is [Continue Reading]

Tax Revenue Collapses in Greece; Government Denies Capital Controls; Citizens Pull €2bn in Three Days

Courtesy of Mish.

Knowing that a default is now inevitable, Greek citizens made a decision to stop paying taxes. The result was foreseeable: Greek Government Suffers Collapse in Revenue in May.
The Greek government suffered a collapse [Continue Reading]

CPI Jumps 0.4% on Gasoline Prices, Still Flat From Year Ago; Debt Deflation Dynamics

Courtesy of Mish.

The headlines on today’s CPI jump of 0.4% are all over the map. If you want a slant one way or another you can find it.

For example:

Reuters says [Continue Reading]

Please Mr. President, No More Northeast Defense Lawyers on the SEC

Courtesy of Pam Martens.

By James A. Kidney: June 18, 2015

James A. Kidney, Former SEC Trial Attorney

President Obama has two vacancies to fill on the five-member Securities and Exchange Commission.  One will be a Democrat and the other [Continue Reading]

The S&P 500 vs Recent Tightening Cycles


The S&P 500 vs Recent Tightening Cycles

Courtesy of 

The Merrill Lynch RIC team sees a slow and low hiking cycle on the horizon, with a Fed Funds [Continue Reading]

Correlations aren’t Constant


Picture: Geralt at Pixabay

Correlations aren’t Constant

Courtesy of 

The trouble with evaluating the success or failure of an asset [Continue Reading]

Fed Lift-Off or Crawl-Off?

Courtesy of Mish.

Nothing much changed as a result of today's FOMC meeting. If you are having trouble falling to sleep, I have the cure. Read today's FOMC Statement as it's sure to do the trick.

The Financial Times reports [Continue Reading]

Let’s Just Get This Greece Thing Over With

Courtesy of John Rubino.

Guys, please. As much as we all love a good crisis, this is getting old. The threats, the name-calling, the apocalypse certain to occur if one side doesn’t immediately cave to the other’s unreasonable demands. Seems like your Greek tragedy has been going on forever, [Continue Reading]

Greece Declares Troika Debt Illegitimate, Odious, Illegal; German Official Calls Greek Leaders “Clowns”; Expulsion From EU?

Courtesy of Mish.

The war of words between Greece and its creditors took a leap in intensity today, with Greece declaring its debt illegal and odious, and Germany calling the Greek leaders “clowns”.

Debt Illegitimate, Odiousness, Illegal, Unsustainable

Please consider a few snips from a translation of the [Continue Reading]

Greek Parliamentary Debt Committee Declares All Debt Illegal

Courtesy of The Automatic Earth.

Jack Delano Street scene on a rainy day in Norwich, Connecticut 1940

For a while now, I’ve had a German saying floating around my files, [Continue Reading]

Wall Street Front Group Pleads for Government Help in New York Times OpEd

Courtesy of Pam Martens.

Kathryn S. Wylde, President and CEO, Partnership for New York City

After the U.S. government pumped the secret, astronomical sum of more than $13 trillion into Wall Street [Continue Reading]

Biggest Glut In Recorded Crude-Oil History Taking Shape

Courtesy of ZeroHedge. View original post here.

The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable, according [Continue Reading]

Daily News


Financial Markets and Economy

In Turnabout, Disney Cancels Tech Worker Layoffs (NYTimes)

In late May, about 35 technology employees at Disney/ABC Television in New York and Burbank, Calif., received jarring news. Managers told them that they would all be laid off, and that during [Continue Reading]

The Warren Buffett Economy, Part 5: Why Its Days Are Numbered

Courtesy of David Stockman of Contra Corner

If Warren Buffett and his ilk weren’t so hideously rich, main street America would be far more prosperous. I must hasten to add, of course, that this proposition has nothing to do with the zero-sum anti-capitalism of left-wing ideologues like Professors Piketty and [Continue Reading]

Is Telling Lies A Democratic Right?

Courtesy of The Automatic Earth.

Jack Delano Conductor picks up message from operator on the Atchison, Topeka & Santa Fe 1943

While I’m on the Greece topic again today, I can’t help but pointing out some of [Continue Reading]

Radishes, Onions, and the Stupidity of Debt


Connecting the Dots: Radishes, Onions, and the Stupidity of Debt

By Tony Sagami

My father was fiercely religious, but he only went to church twice a year: Christmas and Easter. It wasn’t that he lacked faith; there was just too much farm [Continue Reading]

Greece Played Germany Like a Violin; Horrified Syriza Demands ‘Icelandic’ Default

Courtesy of Mish.

A time-based analysis of eurozone taxpayer liabilities shows the Greek game-masters played German creditors like a violin.

What got me thinking about this in detail was a recent statement by Financial Times writer Wolfgang Münchau that France and Germany stand to forfeit €160 billion if Greece defaults.

On [Continue Reading]

The Automatic Earth Moves To Athens

Courtesy of The Automatic Earth.

Dmitri Kessel Protest against Britain’s murders of partisans, Athens 1944

Next week, on June 25, I will come to Athens (I wish Nicole could join [Continue Reading]

What’s The Real Unemployment Rate In The US?

Courtesy of Charles Hugh-Smith, OfTwoMinds

By my reckoning, roughly 60% of the civilian work force is fully employed and 40% are marginally employed or unemployed.

Officially, the unemployment rate in the U.S. is 5.6%, meaning 5.6% of the work force is temporarily out of a [Continue Reading]