Archives for December 2014

The Year in Five Narratives

Courtesy of The Automatic Earth. John Vachon Auto of migrant fruit worker at gas station, Sturgeon Bay, Wisconsin Jul 1940 Let’s see, how do we close this year in a proper manner? I already wrote that 2014 for me has been The Year Propaganda Came Of Age. Likewise, looking forward, I said that The Biggest […]

Bluff of the Day: Germany Warns “Greece is No Longer of Systemic Importance For the Euro”

Courtesy of Mish. In the obvious bluff of the day, Euro zone No Longer Obliged to Rescue Greece, Merkel Ally Says. Actually, the eurozone was never obliged to rescue Greece, and in fact did not rescue Greece. Rather the EU and Troika rescued European banks holding Greek bonds. Here’s the actual bluff. In an interview […]

Scenes From a (Suddenly) Nude Beach

Courtesy of John Rubino. Warren Buffett’s classic observation that “You only see who’s swimming naked when the tide goes out” is being tossed around more frequently these days, as the world gets yet another deflation scare. Zero Hedge just published a great piece on this topic, which should be read in its entirety. In the […]

Clips from Today’s Halftime Report

First videos: moving out of strong performers and betting on "catch-up" with small caps and European stocks. Sixth video down: Gerald Storch's thoughts on the retail space. Joshua Brown discusses how he's investing in energy in the second to last video. The last video is about what insiders are buying and selling in the energy sector.  […]

2015 Housing Trends: Will The Echo Bubble Continue Expanding?

Courtesy of Charles Hugh Smith Of Two Minds Considering the reality that only the top 5% have benefited from the policies of the past six years, it's difficult to see how the Echo Bubble can continue expanding in 2015. After two years of bubble-type price increases, the big question for housing in 2015 is: will the Echo […]

November’s Deflation Figures the Fed Would Rather You Not See

Courtesy of Pam Martens. Janet Yellen, Federal Reserve Chair According to the U.S. central bank, the Federal Reserve, in its December 17, 2014 policy statement delivered by the Federal Open Market Committee, America has become a veritable oasis in a sea of economic turmoil. Economic activity is “expanding,” labor conditions have “improved further,” housing spending […]

Vermont Throws in the Towel on Inane Single-Payer “Medicare for All” Proposal; Live and Let Die; Why Does Single-Payer “Work” in Europe?

Courtesy of Mish. Proponents of the single-payer healthcare idea who tout the idea such a system will save money need only look at Vermont to see reality. Vermont Governor Peter Shumlin, a single-payer advocate, threw the single-payer idea on the ash heap of history admitting what any sensible person knew from the onset: The plan […]

Janet Tavakoli’s “Financial Journalism: Best of 2014”

Janet Tavakoli gives her financial journalism awards for the year. This year, Bloomberg News gets applauded for breaking a series of stories about global currency manipulation, bold collusion, and bank managers and crony regulators getting continually rewarded for their crimes.  Financial Journalism: Best of 2014 By Janet Tavakoli writing at Huffington Post Excerpt: Global Currency Manipulation Reportage by Bloomberg News […]

1000% Inflation in Venezuela?

Courtesy of Mish. Those looking for hyperinflation can find it in Venezuela. Here's the question of the day: How bad is Venezuelan inflation and how bad can it get? Bloomberg reports Venezuelan 1,000% Inflation Seen by BofA Without Weaker Bolivar Venezuela President Nicolas Maduro, set to announce a new currency system today, needs to devalue […]

The Rigging Triangle Exposed: The JPMorgan-British Petroleum-Bank Of England Cartel Full Frontal

Courtesy of ZeroHedge. View original post here. The name Dick Usher is familiar to regular readers: he was the head of spot foreign exchange for JPMorgan, and the bank's alleged chief FX market manipulator, who was promptly fired after it was revealed that JPM was the bank coordinating the biggest FX rigging scheme in history, […]

The 5 Phases of Bitcoin Adoption

The 5 Phases of Bitcoin Adoption By Mauldin Economics The 5 Phases of Bitcoin Adoption What will it take for Bitcoin to gain broad adoption and become the foundation of a new global financial system? Worth Wray sat down with Barry Silbert, founder of the Bitcoin Investment Trust, to discuss. As one the most active […]

Saudi Facing Largest Deficit In Its History

Courtesy of Andy Tully via OilPrice The nearly 50 percent plunge in the price of oil during the past six months is expected to leave oil-rich Saudi Arabia with its first budget deficit since 2011 and the largest in its history. The budget, announced on Dec. 25, will include spending during fiscal 2015 of $229.3 billion, […]

Doug Parker: The Status Of The Drought In The U.S. West

Courtesy of Adam Taggart via Peak Prosperity 2014 saw the extension of a historic drought across the US West. Croplands withered or were fully abandoned. Water rationing was enforced. Well tables dropped. The price of many vegetables and meats have skyrocketed. But the past month has seen a welcome set of rain systems arrive along the […]

It’s Beginning to Look a Lot Like Christmas – of 2008

Courtesy of Pam Martens. There Is a Wizard of Oz Quality to the Federal Reserve These Days We are watching a collapse in industrial commodity prices, including crude oil. Yields on junk bonds (high yield debt) have risen dramatically. Investors have sought out the safe haven of U.S. Treasury notes, driving the yield lower as […]

Alaska Governor Warns State’s Fiscal Situation “Critical” As Oil Price Drops

Courtesy of ZeroHedge. View original post here. Narrative, we have a problem. What is billed day after day as 'unequivocally good' is entirely not good for Alaska (oh and Texas and Pennsylvania and…) as with oil prices dropping, AP reports Alaska Gov. Bill Walker has halted new spending on six high-profile projects, pending further review. […]

Things To Do In 2015 When You’re Not Yet Dead

Courtesy of The Automatic Earth. Unknown GMC truck Associated Oil fuel tanker, San Francisco 1935 America has managed to construct an entirely one-dimensional political system. There’s no discernible difference left between left and right, other than in spin language pre-cooked for the sole purpose of faking the concept of elections. There’s very right and ultra […]

The Government Problem

The Government Problem Courtesy of Robert Reich  Some believe the central political issue of our era is the size of the government. They’re wrong. The central issue is whom the government is for. Consider the new spending bill Congress and the President agreed to a few weeks ago. It’s not especially large by historic standards. Under the […]

The Republican’s Magical Mystery Tour (Starting Next Week)

The Republican’s Magical Mystery Tour (Starting Next Week) Courtesy of Robert Reich According to reports, one of the first acts of the Republican congress will be to fire Doug Elmendorf, current director of the non-partisan Congressional Budget Office, because he won’t use “dynamic scoring” for his economic projections. Dynamic scoring is the magical-mystery math Republicans have been pushing […]

The Zombiefication Of America

Courtesy of Michael Snyder via The End of The American Dream Do you know people that seem like they have had their souls sucked out of them?  On dictionary.com, a “zombie” is defined as “the body of a dead person given the semblance of life, but mute and will-less, by a supernatural force, usually for some […]

What If The World Can’t Cut Its Carbon Emissions?

Courtesy of The Automatic Earth NPC Tank truck with plow clearing snow, Washington, DC 1922 This is an article from our friend Euan Mearns’ site, Energy Matters, written by Euan’s co-conspirator, Roger Andrews. It was originally published here. Roger Andrews: Many people, including more than a few prominent politicians, accept that global warming must be […]

Gmail Dead in China, All Google Products Blocked; Reserve Currency Silliness Review

Courtesy of Mish. Access to Gmail in China was difficult, but not impossible. Workarounds included Outlook, Apple Mail, and third-party Gmail hosts. Starting last Friday, the "Great Firewall" became nearly impenetrable as China’s Censors Took Final Step in Blocking Gmail. In the six months since Google’s mail service Gmail was blocked in mainland China, users […]

2014 In Review: How Could Gold Bugs Have Been So Wrong?

Courtesy of John Rubino. Twelve short months ago, the immediate future looked like a lock. Overvalued equities had to fall, ridiculously-low interest rates had to rise, and beaten-down precious metals had to resume their bull market. The evidence was overwhelming. Debt in the developed world had risen to $157 trillion, or 376% of GDP, by […]

Snap Elections in Greece; 3-Year Bond Yield Tops 12%; Potential Cascade! Who Has the Upper Hand?

Courtesy of Mish. Despite fearmongering by Greek prime minister and the EU, prime minister Antonis Samaras fell 12 votes short of a needed majority to elect a new Greek President. As a result, snap elections will be held on January 25. Stavros Dimas, a former EU commissioner, captured 168 votes in Monday’s decisive third presidential […]

David Bird, Missing Wall Street Journal Reporter, Foresaw an Oil Crash

Courtesy of Pam Martens. David Bird, Missing Wall Street Journal Reporter, Enjoyed Walking and Running. On the cold, wintry afternoon of January 11, 2014, David Bird, a reporter who covered energy markets for the Wall Street Journal, told his wife he was going out for a walk and left his home in Long Hill, New […]