Marc Faber Racist Diatribe Costs Him CNBC, Fox Slots; Sprott Board Seat

FYI.

Marc Faber Racist Diatribe Costs Him CNBC, Fox Slots; Sprott Board Seat:

Update: as previewed earlier, Sprott announced that at the request of the Board of Directors and Sprott management, Marc Faber has resigned as a director of the Company effective immediately.

“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” said Peter Grosskopf, CEO of Sprott. “We pride ourselves on being a diverse organization and comments and behavior of this sort will neither be condoned nor tolerated. We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors.”

Separately, both CNBC and Fox Business Network, cable channels where he had appeared in the past, said they won’t invite him on in the future.

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Marc “Dr. Doom” Faber is in trouble, only this time it’s not for yet another doomsday forecast which hasn’t come true, but for launching into a racially charged diatribe telling subscribers to his newsletter that he was glad that “white people populated America, and not the blacks.”

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Car-Bomb Kills “One-Woman WikiLeaks” Who Led The Panama Papers Revelations

Car-Bomb Kills “One-Woman WikiLeaks” Who Led The Panama Papers Revelations

Meet Daphne Caruana Galizia, the journalist who led the Panama Papers investigation into corruption in Malta.

A blogger whose posts often attracted more readers than the combined circulation of the country’s newspapers, Caruana Galizia was recently described by Politico as a “one-woman WikiLeaks”.

To John Dalli, a former European commissioner whom she helped bring down in a tobacco lobbying scandal, Galizia is “a terrorist.”

To opposition MPs, she’s a political force of nature, one who fortunately has her guns aimed at the other side of the aisle.

“She single-handedly brought the government to the verge of collapse,” says one MP. “The lady has balls,” says another.

Galizia’s mantra was simple: blog relentlessly about the “cronyism that is accepted as something normal here. I can’t bear to see people like that rewarded.”

Her blogs were a thorn in the side of both the establishment and underworld figures that hold sway in Europe’s smallest member state.

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UK inflation hits five-year high of 3% as food prices rise

The squeeze on households intensified last month as the cost of living increased at the steepest rate since April 2012.

Inflation rose to 3% in September, its highest level in more than five years, the Office for National Statistics (ONS) said.

The Consumer Prices Index (CPI) measure of inflation rose from 2.9% in August thanks partly to higher food prices – adding to the squeeze on households as pay growth lags behind.

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The Last Two Times We Saw This The Economy Was In A Recession – The Pentagon Is Worried That A Cyber Attack Could Cause A Stock Market Crash – (Videos)

H/t reader Squodgy:

“He’s issuing daily updates as the events become so numerous.”

Yes, and I am also posting updates like crazy.

We are definitely living in very interesting times.

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Companies Double-Dip by Providing Treatments for Diseases Caused by Their Products

Companies Double-Dip by Providing Treatments for Diseases Caused by Their Products:

Imagine being paid to be both part of the problem and part of the solution. It would be like having someone pay you to open a bottle of red wine and pour it all over their white carpet. Then they pay you to steam-clean it, too.
Seems silly, but that’s essentially what’s going on with many modern-day pharmaceutical companies. People are paying for products that are making them sick. Then, the same company that produced that product offers another product to treat the problems they caused. Pharmaceutical companies are double-dipping into consumers’ pockets by treating diseases brought about by their own products.

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Should The Middle Class Pay More For A Loaf Of Bread Than The Poor?

Should The Middle Class Pay More For A Loaf Of Bread Than The Poor?:

“The Iowa plan may capture millennials, but because of the screw job on the wealthy, those making over 400% of the poverty rate will drop out… Effectively the state said if you can afford to pay more you must pay more. Imagine grocery stores charging $15 for a loaf of bread if you make $48,241 but only 48 cents if you make up to $18,090… The idea is preposterous.

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Financial stress pushing MILLIONS of Australians into food insecurity

Financial stress pushing millions of Australians into food insecurity:

A shocking 3.6 million Australians, or 15% of the population, have experienced uncertainty around where their next meal is coming from in the last 12 months, a new report from Foodbank Australia has revealed.

This morning Australia’s largest hunger relief organisation, Foodbank, released its annual Foodbank Hunger Report which highlighted that it’s not just the unemployed and homeless who are experiencing food insecurity. Almost 50% of those struggling to feed themselves and their families are actually employed.

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Balancing Britain’s books: Where have our ‘missing billions’ gone?

Balancing Britain’s books: Where have our ‘missing billions’ gone?:

A whopping £500bn has fallen off Britain’s balance sheet, or so a revision to official data appears to show.

UK investors were thought to have ramped up spending abroad, giving Britain a cushion of sorts against economic and political turmoil – the net international investment figure turned positive last year for the first time since the financial crisis.

Yet revisions from the Office for National Statistics indicate that was an illusion. Unexpectedly, the stock of foreign investments in the UK still outweighs British investments abroad.
What is the net international investment position?

This measures the amount of money that British investors put into foreign assets, minus the amount foreign investors put into UK assets.

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What the Headlines Got Wrong about Retail Sales

What the Headlines Got Wrong about Retail Sales:

No, our American consumers didn’t suddenly perform a  miracle.

As part of the data dump on Friday, the Commerce Department released its estimates for retail sales for September. If you just looked at the headlines, you’d get the impression that our American consumers suddenly had gone out to splurge, fired up by two powerful, destructive, and deadly hurricanes:

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Greece: August sees billion euro uptick in unpaid taxes – “They will impose you a huge & unbearable tax but will not catch up” — Saint Kosmas Aetolos

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Asset-Stripping by Private Equity Firms Is Booming

Asset-Stripping by Private Equity Firms Is Booming:

Here are the numbers. Peak chase-for-yield by institutional investors?

Most of the brick-and-mortar retailers that have filed for bankruptcy protection to be restructured or liquidated over the past two years have been owned by private equity firms – including the most recent major casualty, Toys ‘R’ Us. Part of how PE firms make money is by stripping capital out of their portfolio companies via special dividends funded by “leveraged loans” – more on those in a moment – leaving these companies in a very precarious condition.

So just how much have PE firms paid themselves in special dividends extracted from their portfolio companies? $4.76 billion in the third quarter, bringing the year-to-date total to $15.3 billion. So the year-total for 2017 is going to be a doozie.

H/t reader Squodgy.

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Julian Assange Thanks US Govt For His 50,000% Gain On Bitcoin As Russia Unveils ‘CryptoRuble’

Assange Thanks US Govt For His 50,000% Gain On Bitcoin As Russia Unveils ‘CryptoRuble’

Once again the unintended consequences of government intervention are exposed

In 2010 – following the release of sensitive government documents related to wars in Afghanistan and Iraq – John McCain and Joe Lieberman led a bipartisan attempt to cut off WikiLeaks funding by forcing ‘traditional’ payment systems to block them.

7 years later and the price of Bitcoin has… risen…50,000%!

And Julian Assange chose yesterday to thank the US government and its corporatocracy for his forced investment…

As CoinTelegraph concludes, Wikileaks has been on the forefront of revealing government corruption, and Assange has lived as a fugitive in the Ecuadorian Embassy in London since 2012. With all the antigovernment rhetoric, it’s no wonder Assange is not friendly with pro-government fiat currencies. Wikileaks and its founder represent the sort of non-governmental control that Bitcoin is founded upon.

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WORLD’S LARGEST OIL COMPANIES: Deep Trouble As Profits Vaporize While Debts Skyrocket

WORLD’S LARGEST OIL COMPANIES: Deep Trouble As Profits Vaporize While Debts Skyrocket:

The world’s largest oil companies are in serious trouble as their balance sheets deteriorate from higher costs, falling profits and skyrocketing debt.  The glory days of the highly profitable global oil companies have come to an end.  All that remains now is a mere shadow of the once mighty oil industry that will be forced to continue cannibalizing itself to produce the last bit of valuable oil.

I realize my extremely unfavorable opinion of the world’s oil industry runs counter to many mainstream energy analysts, however, their belief that business, as usual, will continue for decades, is entirely unfounded.  Why?  Because, they do not understand the ramifications of the Falling EROI – Energy Returned On Invested, and its impact on the global economy.

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Amid Management Exodus, Tesla Fires Hundreds Of Workers

Amid Management Exodus, Tesla Fires Hundreds Of Workers:

In an absurd demonstration of Musk’s bizarre management style, the company said the mass terminations have “generally boosted worker morale”, as high-performing employees have been rewarded; it was unclear what the up to 700 layoffs, pardon, exit events did to worker morale.

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Bitcoin Is Now Bigger Than Morgan Stanley

FYI.

Bitcoin Is Now Bigger Than Morgan Stanley:

On the back of (unconfirmed) rumors suggesting China may back down from its harsh stance of ICOs and crypto exchanges following this week’s National Congress, the price of Bitcoin soared overnight, testing near $5900 before falling back a little this morning. That has pushed Bitcoin’s market cap above $90 billion for the first time, surpassing PayPal, Netflix, and Morgan Stanley

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