DCLeaks, a website that releases information on powerful political figures, has had part of its website taken offline after releasing a cache of documents on billionaire donor George Soros. The @DCLeaks Twitter account has also been suspended from Twitter for reasons unknown.
The website had previously released 2,500 internal Open Society Foundation (OSF) documents in order to “shed light on one of the most influential networks operating worldwide.” OSF is one of Soros’ networks of organizations.
One month ago, we said that “it is not looking good for the US housing market”, when in the latest red flag for the US luxury real estate market, we reported that sales in the Hamptons plunged by half and home prices fell sharply in the second quarter in the ultra-wealthy enclave, New York’s favorite weekend haunt for the 1%-ers.
Reuters blamed this on “stock market jitters earlier in the year” which damped the appetite to buy, however one can also blame the halt of offshore money laundering, a slowing global economy, the collapse of the petrodollar, and the drastic drop in Wall Street bonuses. In short: a sudden loss of confidence that a greater fool may emerge just around the corner, which in turn has frozen buyer interest.
A beachfront residence is seen in East Hampton, New York, March 16, 2016.
We concluded this is just the beginning, and sure enough, several weeks later a similar collapse in the luxury housing segment was reported in a different part of the country. As the Denver Post reported recently, high-end sales that fuel Aspen’s $2 billion-a-year real estate market are evaporating, pushing Pitkin County’s sales volume down more than 42 percent to $546.45 million for the first half of the year from $939.91 million in the same period of 2015. Continue reading »
Here is an excerpt from an informative article by Dmitry Orlov:
A whiff of World War III hangs in the air. In the US, Cold War 2.0 is on, and the anti-Russian rhetoric emanating from the Clinton campaign, echoed by the mass media, hearkens back to McCarthyism and the red scare. In response, many people are starting to think that Armageddon might be nigh—an all-out nuclear exchange, followed by nuclear winter and human extinction. It seems that many people in the US like to think that way. Goodness gracious!
But, you know, this is hardly unreasonable of them. The US is spiraling down into financial, economic and political collapse, losing its standing in the world and turning into a continent-sized ghetto full of drug abuse, violence and decaying infrastructure, its population vice-ridden, poisoned with genetically modified food, morbidly obese, exploited by predatory police departments and city halls, plus a wide assortment of rackets, from medicine to education to real estate… That we know. Continue reading »
H/t reader squodgy:
“He is definitely
A riddle wrapped in a mystery inside an enigma; or a God. Erm!”
George Soros claims he is a god and “the creator of everything,” however the billionaire globalist also warns he is a “self-centered” god who believes “normal rules do not apply” to him.
“I fancied myself as some kind of god …” he wrote. “If truth be known, I carried some rather potent messianic fantasies with me from childhood, which I felt I had to control, otherwise they might get me in trouble.“
When asked by Britain’s Independent newspaper to elaborate on that statement, Soros doubled down:
“It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.“Since I began to live it out? Those unfamiliar with Soros would probably dismiss that claim as nothing more the typical blathering of an irrelevant madman. But those who have followed his career and sociopolitical endeavors realize that while he may be mad, he is a mad billionaire, and billionaires tend not to be irrelevant. Continue reading »
The price tag for the cost of police to fight the protesters is small in comparison to the cost of cleaning up an oil spill.
With the steady stream of protesters pouring into the area around the Dakota Access pipeline demonstration near the Standing Rock Indian Reservation, state and county officials are asking North Dakota Governor Jack Dalrymple for financial assistance.
Native News Online reports that Governor Dalrmple issued an emergency declaration for southwest and south central North Dakota. Continue reading »
Six months since Larry Summers first suggested “it’s time to kill the $100 bill,” and three months after The ECB actually killed the €500 Note, another Harvard scholar is reinvigorating the war on cash. Amid claims that paper money fuels corruption, terrorism, tax evasion, and illegal immigration, Ken Rogoff (ironically of “It’s Different This Time” infamy) says the US should get rid of the $100 bill (and $50s and $20s) proposing, in his words, “a ‘less-cash’ society, not a cashless one, at least for the foreseeable future.”
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Even as speculation had built up that the “apolitical” Fed would not dare to hike rates ahead of the election to avoid a market swoon, one which would significantly boost Trump’s presidential odds, so far nobody – either on the left or the right – had suggested to Yellen not to hike rates before November 8, for one simple reason: it would immediately crush the scripted narrative of an independent Fed (something which Fed governor Lael Brainard apparently was unaware of when she donated repeatedly to the Hillary Clinton campaign), a narrative which benefits both republicans and democrats who can pretend they are busy in Congress simply by pointing at the all time high in the S&P500, which alas is simply a function of global asset bubbles.
However, that changed earlier today when, just one day after Janet Yellen’s closely watched Jackson Hole speech which may or may not have opened the door to a September rate hike, Barney Frank – one of the architects of the 2010 Dodd-Frank “Wall Street Reform” act – and a staunch supporter of Hillary Clinton, told The Hill it would be a mistake for the Federal Reserve to raise interest rates before the election. Continue reading »
H/t reader squodgy:
“A year later and it’s still falling, but “nobody seems to notice, nobody seems to care” and the media remains silent.”
Decade of Stagnation of Industrial Production in the US, Japan, EU
Adding to the picture of crummy demand for goods around the world, the CPB Netherlands Bureau for Economic Policy Analysis, a division of the Ministry of Economic Affairs, just released its preliminary data of its Merchandise World Trade Monitor for June.
Trade volumes rose 0.7% in June from May, after falling 0.5% in May, but were about flat year-over-year, and below the volumes of December 2014!
On a quarterly basis – it averages out the monthly ups and downs – world trade fell 0.8%, contracting for the second quarter in a row. Continue reading »
In 1960, the city of Detroit was the greatest manufacturing city that the world had ever seen. Nearly two million people lived there, and it had the highest per capita income in the United States. That may be hard to believe, because today it actually has one of the lowest per capita incomes of all of our major cities. Over the decades more than a million people have left the city, and thousands of abandoned homes have been torn down. But there are still tens of thousands of abandoned dwellings that remain standing, and some have sold for as little as one dollar in recent years. Once Detroit was the envy of the entire planet, but now it has become a global joke and in other countries they love to do news stories about “the ruins of Detroit” to show how rapidly America is rotting and decaying. Sadly, Detroit is far from alone, because there are other formerly great manufacturing cities that have declined just as fast as Detroit has.
Earlier today, I came across a video that contains footage that someone recently captured as they drove through the city of Detroit at night. To say that the footage is disturbing would be a tremendous understatement… Continue reading »
With 85% of Wall Street telling Citi they expect a “dovish hike signal” from Yellen tomorrow, which means a polite request for another BTFD opportunity, even if as BofA says “expectations for a dovish Fed are coinciding with macro strength in the US (most obviously in housing & consumer spending) as well as highest level of wage inflation since Jan’10“…
… here is a quick reminder of where we currently stand from BofA’s Michael Hartnett, from a brief note titled The Liquidity Supernova & the “Keynesian Put.”
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Risk assets are now supported by the new ”Keynesian Put”, the expectation that fiscal measures will be deployed to combat any renewed weakness in the economy/markets (independently of any larger political projects). But asset prices remain primarily supported by excess monetary abundance across the world: Continue reading »
Deutsche Bank’s war of words with the ECB is not new: it was first unveiled in February when, as we wrote at the time “A Wounded Deutsche Bank Lashed Out At Central Bankers: Stop Easing, You Are Crushing Us.” Europe’s largest bank, with the massive derivatives book, then upped the ante several months later in June, when its chief economist Folkerts-Landau launched a shocking anti-ECB rant in which it warned of social unrest and another Great Depression.
Ironically, these infamous diatribes hurt more than helped: telegraphing to the market just how hurt DB was as a result of the ECB’s monetary policy, the market punished its stock, which has been recently trading within spitting distance of all time lows, in effect making Deutsche Bank’s life even harder as it now has to contend not only with its own internal profitability problems, but also has to maintain a market-facing facade that all is well. So far, it has not worked out very well, prompting numerous comparisons to another infamous bank.
So, in what may have been DB’s loudest cry for help against the ECB’s unwavering commitment to rock-bottom interest rates, the bank’s CEO, John Cryan, warned in a guest commentary ahead of the Handelsblatt Banking Summit titled, appropriately enough “Banks in Upheaval”, to be held in Frankfurt on August 31 and September 1, that “monetary policy is now running counter to the aims of strengthening the economy and making the European banking system safer.” Continue reading »
Volatility is the name of the game. Stocks are acting up, but standing strong. Oil is propelling higher and the US dollar is falling. Turmoil around the world has never been higher and an ominous shadow is lurking in the background, ready to strike.
The situation that we now face is ultimately going to end in a collapse of epic proportion. The financial world is now a ticking bomb that is just waiting to explode – I know this, you know this and even if the masses don’t, they can feel it in their bones. Continue reading »
H/t reader squodgy:
“If we can’t all learn from the situation in Venezuels, which has been created by the banksters as a lesson to the people for wanting to share the spoils of their oil assets, then we have no hope.
It is coming to us all, we have had enough warnings and notice, we have no excuse.”
Venezuela — Life in Venezuela now consists of empty grocery stores, record rates of violent crime, and widespread shortages of just about everything. The economic and political conditions have been deteriorating for years, but recent stories coming from this once-rich nation are astonishing. Bars have run out of beer, McDonald’s can’t get buns for their Big Macs, and rolling blackouts are a regular occurrence. The average person spends over 35 hours a month waiting in line to buy their rationed goods, and even basics like toilet paper and toothpaste are strictly regulated.
The fiasco began when the price of oil collapsed and sent Venezuelan finances into chaos. The oil-dependent nation, despite its imposing government policies, couldn’t prevent the fallout. The current problems are further compounded by rampant corruption throughout the Venezuelan government. The likelihood of a peaceful resolution is decreasing by the day, and political dissents are likely to be met with brutal crackdowns. The desperation of the masses could explode violently under the right circumstances, and there are few things more dangerous to a nation than a hungry population. Continue reading »
(AFP) – Germany’s economy, Europe’s largest, grew by 0.4 percent in the second quarter, federal statistics office Destatis said in data released on Wednesday.
Gross domestic product (GDP) increased by 0.4 percent between April and June, adjusted for seasonal, calendar and price effects — slower than the unexpectedly strong 0.7 percent expansion in the first quarter.
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“…the only way gold loses is if normal business and private sector cycles come back. If that is the case, gold goes back $100 per ounce. The other outcomes: deflation, stagflation, hyperinflation are all good for gold.” As for a return to a gold standard, Shvets has more bad news: “Gold standards come back after the war, not before the war.”
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The tragedy of Venezuela continues unabated, but that doesn’t mean the government of President Nicolás Maduro has stopped trying to fix problems like the devastating scarcity of food which has led to malnutrition, riots, food truck hijackings, vigilante lynchings of petty thieves, and the starvation of zoo animals.
No, Maduro hasn’t admitted the failure of Chavismo — the brand of Bolivarian socialism imposed on the oil-rich country by his late predecessor Hugo Chavez — instead, Venezuela’s embattled leader has launched a war on “anxiety.”
The National Superintendency of Fair Prices has reportedly instituted a policy of fining bakeries that allow lines to stretch out their front doors, according to PanAmPost. The head of this particular bureaucracy, William Contreras, claims the lines aren’t a true indicator of a severe shortage of bread, but rather, a political “strategy of generating anxiety.”
Contreras claims there is no shortage of raw materials to make bread, but seems to not understand that bakeries just bake bread, they don’t process the different kinds of wheat used to make the flour that’s then used to make bread. Continue reading »
After a global call to arms, the Anonymous campaign against the global banking industry, OpIcarus seems to be gaining major momentum, as eight more financial institutions have been taken down after the initial attack on the Central Bank of Greece – followed by a similar DDoS attack on the Central Bank of Cyprus.
According to a video released in conjunction with OpIcarus, the attack on Bank of Greece marked the beginning of a “30-day campaign against central bank sites across the world.” This massive push, according to the video, aims to “strike at the heart of [the] empire by once again throw[ing] a wrench into the machine.”
In some of the most recent attacks over the weekend, hackers reportedly targeted the Central Bank of the Dominican Republic, the Dutch Central Bank, the Central Bank of Maldives, and Guernsey Financial Services Commission, according to the official @OpIcarus Twitter account. Continue reading »
Seemingly no amount of empirical evidence can convince progressives that raising minimum wages to artificially elevated levels is a bad idea. Somehow the basic idea that raising the cost of a good ultimately results in lower consumption of that good just doesn’t compute. Though it does seem odd that progressives in states like California lean heavily on higher taxes as a way to curb, for example, fuel consumption. Could it be that the left actually does understand the basic economics of the minimum wage debate but don’t find the math behind it to be particularly “politically expedient” in certain instances?
Despite the motives behind it, one thing is certain, the calls for a federal minimum wage hike are growing louder. Hillary recently endorsed a federal minimum wage hike and Bernie has proposed the “Pay Workers a Living Wage Act” in the Senate that proposes mandating a federal $15 minimum wage to be phased in over just 4 years (see “Dear Hillbama, $15 Federal Minimum Wage Equals 7 Million Job Losses“). Perhaps Bernie forgets that not everyone lives in extremely expensive cities like New York and San Francisco. Continue reading »
It’s not uncommon to hear that the growth in student loan debt is like a time bomb threatening to blow up the U.S. economy. Now, you can watch it tick. Continue reading »