Archives for August 2013

The US Economy- Does Money Grow On Trees- Video – CNBC Africa

Courtesy of Lee Adler of the Wall Street Examiner What happens after the US Federal Reserve ends quantitative easing? How will it impact on the US economy and in turn, on markets around the world? Join CNBC Africa Anchor Lindsay Williams in his quest to find out where the US economy is headed, as he […]

Public Banking Institute Calls Largest Wall Street Banks “Unsafe,” and Backs It Up

Courtesy of Pam Martens. Mike Krauss, Founding Director of the Public Banking Institute The Public Banking Institute has released a new video making serious claims, backed by graphs and government documents, that the largest Wall Street banks are an unsafe choice for the savings of moms, pops and public payrolls. Citing a December 10, 2012 […]

Hank Paulson’s Recollections: Mile Wide, Inch Deep

Courtesy of Larry Doyle. Might Hank Paulson have selective amnesia or whatever happened to real journalism? My former question actually could be posed to most pols, bankers, and regulators over the last number of years.  The latter would apply even longer than that. Well I guess posing tough questions and demanding answers in this day […]

Tired of Perpetual War? What Can You Do About It?

Courtesy of Mish. The warmongers are flooding the airwaves, beating the drums of war, even though UN inspectors have not even had time to investigate whether Syria uses chemical weapons. The Financial Times is at the head of the list. Financial Times Case #1 Writer Gideon Rachman says Echoes of the Iraq war are eerie […]

Mortgages Plunge 42% from Year Ago in Spain, 38th Consecutive Drop; Signs of Recovery? Spain Need Another Bailout?

Courtesy of Mish. Prime Minister Mariano Rajoy wants you to believe the Spanish economy is improving. One look at housing suggests any improvement is an illusion. Here are some highlights from a translation of the La Vanguardia article Mortgages plummet 42.2% in June The number of mortgages for home purchase in June fell 42.2% compared […]

House Prices Are Rising Faster Than Case Shiller Says, Market Is Tight

Courtesy of Lee Adler of the Wall Street Examiner Forget the severely lagged and smoothed Case Chiller Index which reported that the median US house sale price in June was up 11% year over year. That actually represents the 3 month average contract price with a time mid point of mid March. Are you interested […]

War of “Non-Intervention”

Courtesy of Mish. The ludicrous headline of the month goes to Financial Times writer Richard McGregor who claims Barack Obama marshals his forces for war of non-intervention in Syria. All official US statements, be they on the record or in behind-the-scenes briefings, are peppered with words such as “limited”, “surgical”, and “intermediate”, to emphasise how […]

Financial Times: “World Is Doomed To An Endless Cycle Of Bubble, Financial Crisis And Currency Collapse”

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. It's funny: nearly five years ago, when we first started, and said that the world is doomed to an endless cycle of bubble, financial crisis and currency collapse as long as the Fed is around, most people laughed: after all they had very serious […]

NAR Finally Admits Rising Rates Crippling Housing

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Pending home sales missed expectations for the first time in 3 months, falling 1.26% MoM (vs a 0.0% expectation). This forward-looking measure of housing based on actual contract signings suggests that all the anecdotal evidence of an artificial echo-boom in real estate coming to […]

Federal Reserve Internal Survey: ‘Will Beatings Continue Until Morale Improves?’

Courtesy of Larry Doyle. The Federal Reserve has to be one of the single most opaque institutions not only in our nation but in the world. I often think of the Fed as having a door in which those inside can see out, but those outside can never see in. In light of this premise, I […]

The “Grave Threat” Hearing You’ve Never Heard About

Courtesy of Pam Martens. Patrick McHenry, Chair of the House Financial Services' Oversight and Investigation Subcommittee One day after terrorists set off a bomb at the Boston Marathon leaving a tragic trail of senseless human suffering, the U.S. House of Representatives held a scheduled hearing to debate another form of terrorism – the kind of […]

CNBC Core Viewership Drops To Fresh 20 Year Low, Worst Nearly Since Inception

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. If last night the year 1993 was notable for India, as the Rupee had its largest plunge since March of that year two decades ago, today 1993 is just as memorable for CNBC. The reason: according to the latest Nielsen data, in July the […]

Currency Lessons: Think a Sinking Currency is Always Good For Manufacturers?

Courtesy of Mish. Currency Lessons Brazil learned a currency lesson first, now India. Is Australia next? Japan? The lesson I am talking about is the widely held misconception that a sinking currency will make manufacturers more competitive and thus help the economy. A friend from Australia emailed such thoughts to me a few days ago […]

Images From ‘Surgical’ Damascus Explosions

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. At least 50 people have been killed in two strong explosions that ripped through the Syrian capital, Damascus, in the deadliest attack on the capital since the country's uprising began 14 months ago. The explosions heavily damaged a military intelligence building. The blasts happened […]


DUPLICITY AND A GOOD CANING By Russ Winter of Winter Actionables When I try to hazard a guess about what US policy is about,  the word “duplicity” comes to mind.   The Syrian crisis should be no exception. Although WWIII is not out of the question, it far more likely that the US has signaled […]

The Immense (And Needless) Human Misery Caused By Speculative Credit Bubbles

Courtesy of Charles Hugh-Smith of OfTwoMinds blog, Financialization and the Neocolonial Model of credit-based exploitation leave immense human suffering in their wake when speculative credit bubbles inevitably implode. Discussions of the global financial crisis tend to be bloodless accounts of policy and "growth." This detachment masks the immense and totally needless human misery created by financial […]

Is Obama Another Bush Clone? Another Nixon Clone?

Courtesy of Mish. Case For Nixon Guardian writer Jeff Jarvis says As a Democrat, I am disgusted with President Obama. I voted for Obama reluctantly, but never did I imagine he would become another Richard Nixon.   What are you thinking, Mr President? Is this really the legacy you want for yourself: the chief executive […]

China Warns US About Cutting Tapering Too Soon, Proposes BRIC Foreign Currency Fund

Courtesy of Mish. The focus for the entirely useless upcoming G20 meeting is fear over US tapering, capital flight, and liquidity. Reuters reports Ahead of G20, China urges caution in Fed policy tapering. The U.S. Federal Reserve must consider when and how fast it unwinds its economic stimulus to avoid harming emerging market economies, senior […]

Stocks Rocked, Bonds Flopped

By Paul Price of Market Shadows Total return numbers tell the story. Over the latest three years the more equities you owned, the better you did. Hiding in bonds (from poor macro-economic conditions) backfired as fixed income suffered lackluster, or even negative returns. The generational low interest rates set in the spring of 2012 may never be seen […]

Get Ready for Larry Summers as Next Fed Chair

Courtesy of Larry Doyle. Has there ever really been a doubt that Larry Summers would be the next chairman of the Federal Reserve? Not in these parts. Remember, President Obama — just like his predecessors — will announce who the chairman of the Federal Reserve will be, but that does not mean that he actually […]

The Global Economy Suffers From Hypothermia

Courtesy of The Automatic Earth. We've used the analogy before, in particular to describe what happened to the Roman Empire during the latter days of its existence. Looking around various economies in the world today, the same analogy once again comes to mind. One might say that what we see these days is analogous to […]

George Melloan: Pity the Big Banks – the Problem Is Populists

Courtesy of Pam Martens. George Melloan has done a deep disservice to the ever-shrinking pool of ethical investigative writers covering Wall Street, civic-minded prosecutors, and to the underpaid but dedicated career regulators overseeing the financial markets. (No, the revolving door from Wall Street to Washington hasn’t quite killed off all that is good.)  Yesterday, Melloan penned […]

Gold, France, a Currency Crisis, and Other Things

Courtesy of Mish. Here is an interview I did with Fabrice Drouin Ristori at GoldBroker regarding gold, France, and other topics that I would like to share. Fabrice Drouin Ristori: Mish, you write a lot of commentaries about the European economic crisis, going from bad to worse. For instance Portuguese Bond Yield Spiked to 8%, […]

Japan Finance Minister Seeks Record Debt Servicing on Interest on National Debt; What’s Next?

Courtesy of Mish. Be prepared for more stories like this because they are surely coming: Japan MOF to seek record debt-servicing costs in Fiscal Year 2014/15 Japan’s Finance Ministry will request a record 25.3 trillion yen ($257 billion) in debt-servicing costs under its fiscal 2014/15 budget, up 13.7 percent from the amount set aside for […]