Jun 21

The New Confessions of an Economic Hit Man

@Amazon.com: The New Confessions of an Economic Hit Man ($12.62):

Shocking Bestseller: The original version of this astonishing tell-all book spent 73 weeks on the New York Times bestseller list, has sold more than 1.25 million copies, and has been translated into 32 languages.

New Revelations: Featuring 15 explosive new chapters, this expanded edition of Perkins’s classic bestseller brings the story of economic hit men (EHMs) up to date and, chillingly, home to the US. Over 40 percent of the book is new, including chapters identifying today’s EHMs and a detailed chronology extensively documenting EHM activity since the first edition was published in 2004.
Continue reading »

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Jun 21

Hedge Fund Manager Charged In Insider Trading Case Commits Suicide:

Last week, we reported on the historic insider trading bust that took place at the soon to be sold Visium Capital, in which, among other accusations, U.S. Attorney Preet Bharara in Manhattan charged Sanjay Valvani of fraudulently making $25 million by gaining advance word about U.S. Food and Drug Administration approvals of generic drug applications. Moments ago, Dow Jones reported that the same Sanjay Valvani, charged in the Visiuam insider trading case, was found dead this morning in an apparent suicide.

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Jun 21

Jun 17, 2016

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Jun 21

Jun 10, 2016

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Jun 20

FYI.


keep-calm-and-vote-for-brexit

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Jun 20

GOING EAST:

I’m sure the Chinese just like shiny stuff. They have trust in the U.S. fiat currency and its dominance as the world currency. Right?

Silver-SGE-AG-Delivery

Gold-SGE-AU-Delivery

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Jun 20

H/t reader squodgy:

“No volume.
No Trade.
Freefall.
Got an umbrella?”


19.06.2016

Description:

Gold and financial expert Jim Sinclair says $10 trillion in negative debt is beyond stupid. Sinclair contends, “When you make the mistake of paying for the privilege for investing in an absolute insolvent, you are in the biggest bubble in the history of finance. When this tears loose, it’s going to be the biggest tear of the fabric of our lives that we have ever experienced. There are so many things happening and starting to unravel, but nothing is bigger than paying for the privilege of investing in an insolvent.” Continue reading »

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Jun 19

junk

The Problem With Corporate Debt:

Taking Off Like a Rocket

There are actually two problems with corporate debt. One is that there is too much of it… the other is that a lot of it appears to be going sour.

frank-modell-that-s-harvey-beston-he-s-in-junk-bonds-new-yorker-cartoon

Harvey had a good time in recent years…well, not so much between mid 2014 and early 2016, but happy days are here again!

As a brief report at Marketwatch last week (widely ignored as far as we are aware) informs us: Continue reading »

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Jun 19

empty-wallet

So You Didn’t Get Rich…:

Waa! It’s not fair!

We baby boomers were told that if we worked hard and saved, we could spend the last quarter of our lives living comfortably and free from financial worries. Our parents told us. Our employers told us. Even the government told us.

How often, during our years of toil, did we daydream about those future days? The leisurely breakfasts, the afternoons golfing, dinners with friends, weekends with our grandchildren…

(Note to younger people: Don’t stop reading. What I’m saying here applies to you too—in spades!)

But now that we are reaching retirement age, the promise is beginning to feel like a fraud. Continue reading »

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Jun 19

statue-of-liberty-crying

Noam Chomsky On The Breakdown Of American Society & A World In Transition:

The US is facing uncertain times. While it remains the only global superpower, it is no longer able to influence events and outcomes to its liking, at least not for the most part. Frustration and worry about the risk of upcoming disasters seem to far outweigh US voters’ hopes for a more rational and just world order. Meanwhile, Noam Chomsky argues, the rise and popularity of Donald Trump is occurring due to the fact that US society is breaking down.

In this exclusive interview with Truthout, Noam Chomsky addresses contemporary developments in both the United States and around the world and challenges prevailing views about class warfare, neoliberalism as the outcome of economic laws, the role of the US as a global power, the status of emerging economies and the power of the Israel Lobby.

CJ Polychroniou: Noam, you have said that the rise of Donald Trump is largely due to the breakdown of American society. What exactly do you mean by this? Continue reading »

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Jun 19

Jun 13, 2016

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Jun 18

May 15, 2016 Continue reading »

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Jun 18

Slavery in Thailand: How Southeast Asian Slaves Catch the Seafood Eaten in the US:

BANGKOK — Seafaring slave ships didn’t vanish in the 19th century. They still persist.

And there’s a good chance they’re catching your dinner.

Just a few years ago, the dark underworld of forced labor in Thailand’s fishing sector was little known. The dirty secrets of this $7.3 billion powerhouse industry have since been explored by the media and international watchdog groups.

But this international outcry has changed little on the lawless seas, where men still slave away on Thai-captained trawlers under savage conditions. Implications for the US are disturbing: Thailand is America’s second-largest seafood supplier behind China.

The men who haul these fish from the sea were typically suckered into working for zero pay. Almost all of the victims are smuggled from destitute villages in Myanmar or Cambodia under false promises of gigs in factories, farms or construction yards.

GlobalPost’s award winning 2012 investigation “Seafood Slavery” tells the grim saga of escaped slaves lorded over and tortured by Thai captains. Those who resist are often murdered. Continue reading »

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Jun 18

You are currently living through the dumbest monetary experimental end game in history (including Havenstein and Gono’s):

We have seen several explanations for the financial crisis and its lingering effects depressing our global economy in its aftermath. Some are plain stupid, such as greed for some reason suddenly overwhelmed people working within finance, as if people in finance were not greedy before 2007. Others try to explain it through “liberalisation” which is almost just as nonsensical as government regulators never liberalised anything, but rather allowed fraud, in polite company called fractional reserve banking, to grow unrestrained. Some point to excess savings in exporting countries as the culprit behind our misery. Excess saving forces less frugal countries reluctantly to run deficits, or so the argument goes.

While some theories are pure folly, others are partial right, but none seem to grasp the fundamental factor that pulled and keep pulling the world into such unsustainable constellations witnessed in global finance, trade and capital allocation. Continue reading »

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Jun 17

Rio Declares State Of “Public Calamity”, Warns Of Total Collapse In Security, Health And Transport:

Earlier today, the IAAF announced that Russian track and field athletes would be banned from the Rio Oympics due to allegations of systematic doping. Rune Andersen, who heads the IAAF task force overseeing Russia’s attempts to reform, said that a “deep-seated culture of tolerance, or worse, appears not to be materially changed”. “No athlete will compete in Rio under a Russian flag,” he said.

Perhaps instead of fighting this decision, Putin’s response should be a simple “thanks” because just hours later, and just 49 days before the start of the Olympics, the Rio state government declared a state of “public calamity” (yes, that’s the technical term) warning of a risk of total collapse in public security, health, transport and virtually everything else, because as the local government explained, the financial crisis is preventing it from fulfilling its requirements for the Games. Continue reading »

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Jun 17

The Stock Market Crash Of 2016: Stocks Have Already Crashed In 6 Of The World’s 8 Largest Economies

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Jun 17

In Furious Tirade, Citi Lashes Out At “Utterly Misguided” Central Bankers, Invokes Weimar Republic’s Von Havenstein:

In what may be merely a peculiar case of serendipity, just last night we mentioned the name of the infamous president of Weimar Republic’s Reichsbank, Rudolf von Havenstein, in the context of the BOJ’s proud announcement that it now held more than a third of all Japanese government bonds at the end of March (so even more currently).

Well, either Citi’s Gregory Marks was following our amused observation, or in an act of odd confluence of thought invoked the spirit of Rudy von Havenstein completely independently, when overnight he unleashed a furious tirade at both negative rates and “utterly misguided” central bank policies in general and negative rates in particular in “Let’s Take Stock: The Efficacy and Merit of Negative Rates.”

The full note, which is on par with Deutsche Bank’s just as angry recent rant against the ECB, is presented in its entirety below. Continue reading »

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Jun 17

Deutsche Bank: “This Chart Is Even More Appropriate To Show A Broken Financial System“:

Yesterday, DB’s credit strategist Jim Reid (whose bank just hit a new record low stock price earlier this morning), said that “If One Wanted A Simple Indicator Of A Broken Financial System, Then This Is It”, and proceeded to show the chart of the 10 Year Bund yield, which is now well in the negative territory. Today Reid, in his quest to show how broken the global “market” has become as a result of relentless central bank tinkering, and has come up with what he believes is an even better example.

This is what he said: Continue reading »

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Jun 17

Bitcoin’s Largest Competitor Hacked: Over $59 Million “Ethers” Stolen In Ongoing Attack:

One month ago, Fred Ehrsam, co-founder of Coinbase in a sweeping, 2,500-word blog post, took aim at what he called a “stagnant” bitcoin community that he characterized as being outperformed by innovators working on the Ethereum network. In the post, Ehrsam sought to position Ethereum as a possible competitor to bitcoin, indicating his belief that the competing protocol could “blow past bitcoin entirely” (perhaps he was merely peeved at the lack of commission fees Coinbase was generating). In his post, Eshram said: “There is nothing that bitcoin can do which Ethereum can’t. While Ethereum is less battle tested, it is moving faster, has better leadership and has more developer mindshare. First mover advantage is challenging to overcome, but at current pace, it’s conceivable.” Continue reading »

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Jun 17

Highest Shelter Inflation Since September 2007 Means More Headaches For A Trapped Fed

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Jun 16

Question of the Day: When Was the Last Time the Yield on German 10-Year Bonds Went Negative?:

Think back. Many readers have been trading for 10 or 20 years. A few have been trading for 30 or more years. What was it like the last time German 10-year bond yields went negative?

That is sort of a trick question. Most likely you were not alive, no matter how old you are.

As translated from Spanish, my friend Guru Huky posted the answer on his blog today: And the last time the German bond stood negative was …. surprise surprise.

German 10-Year Yield Since 1807

Hyperinflation_10YBund

Huky Comments Continue reading »

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Jun 16

collapse-usa


U.S.-Economy

15 Facts About The Imploding U.S. Economy That The Mainstream Media Doesn’t Want You To See:

You are about to see undeniable evidence that the U.S. economy has been slowing down for quite some time.  And it is vital that we focus on the facts, because all over the Internet you are going to find lots and lots of people that have opinions about what is going on with the economy.  And of course the mainstream media is always trying to spin things to make Barack Obama and Hillary Clinton look good, because those that work in the mainstream media are far more liberal than the American population as a whole.  It is true that I also have my own opinions, but as an attorney I learned that opinions are not any good unless you have facts to back them up.  So please allow me a few moments to share with you evidence that clearly demonstrates that we have already entered a major economic slowdown.

The following are 15 facts about the imploding U.S. economy that the mainstream media doesn’t want you to see: Continue reading »

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Jun 16

Bombshell: Big Banks Funding Production of Internationally Banned Weapons:

Despite the international ban on cluster bombs, more than 150 financial institutions have invested $28 billion in companies that produce them, according to a new report released Thursday.

Bank of America, JP Morgan Chase, and Wells Fargo are among the 158 banks, pension funds, and other firms listed in the “Hall of Shame” compiled by the Netherlands-based organization PAX, a member of the Cluster Munition Coalition (CMC).

The report, titled Worldwide Investments in Cluster Munitions: A Shared Responsibility (pdf), finds that the leading investors come from 14 countries including the U.S., the UK, and Canada. Of the top 10 overall investors, the U.S. is home to eight. Japan and China round out the last two. Continue reading »

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Jun 16

The Minimum Wage Pain Continues: Hundreds More To Be Fired At Walmart:

Walmart reported relatively decent Q1 results, however one item that was apparent is that costs are still a factor in the business, as operating income was lower y/y even on increased revenues.

We’ve discussed many times the fact that Walmart has been overly eager to boost everyone’s wage in order to appease the living wage crowd, and as a result the company has had to move forward with massive layoffs and store closings to try and mitigate the impact on profits. Earlier this month we also noted that Walmart is testing out drones that when operational, will be able to carry out what once were human tasks in its large distribution centers. This effort will further position the company to be able to shed more labor and benefit expense in the future. That said, Walmart isn’t waiting for the drone initiative to come online. Continue reading »

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Jun 16

A Dexterous Warehouse Robot Does Things Amazon’s Automated Helpers Can’t:

The Toru robot can take items off the shelf all by itself, which means less need for human helpers.

A German firm called Magazino believes it has built a better warehouse robot: the Toru. Unlike the robots used in Amazon warehouses that help locate items for shipping by moving entire shelves, Toru robots can pick up individual items.

“The [Amazon] approach saves a lot of human work spent on walking around, but there is still the need for a human worker to eventually pick the item off the shelf,” explains Magazino CEO and cofounder Frederik Brantner (see “Inside Amazon’s Warehouse, Human-Robot Symbiosis”). Continue reading »

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Jun 16

Silver ETF Holdings Soar To Record Highs:

With precious metals prices soaring this week, month, and year on the back of flailing Fed credibility, it is not entirely surprising that assets in exchange-traded funds backed by silver have swelled as investors seek a haven from global economic and political risk. In fact, as of today, Silver ETF holdings have never been higher…

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Jun 16

Wal-Mart Experimenting With Robotic Shopping Cart for Stores:

Wal-Mart Stores Inc. is working with a robotics company to develop a shopping cart that helps customers find items on their lists and saves them from pushing a heavy cart through a sprawling store and parking lot, according to a person familiar with the matter.

Such carts are an emerging opportunity for robotics companies as brick-and-mortar stores look for innovative ways to match the convenience of Amazon.com Inc. and other online retailers, said Wendy Roberts, founder and chief executive officer of Five Elements Robotics. Continue reading »

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Jun 15

EU-Brexit

IIF Chief Warns “Brexit Bigger Threat To Global Economy Than Lehman”:

As Brexit appears to gathering pace among British voters, Bloomberg Briefs interviews Hung Tan, executive managing director at the Institute of International Finance in Washington, DC., to understand the global impact of a decision by Britain to leave The EU…

Q: What would happen if Britain voted to leave the EU?
A: It is not Lehman in the short term in terms of markets being in a panic or chaotic mood, because the central banks will try to pacify that. But it is more significant than Lehman in its longer-term impact on global growth. Through trade and investment channels, there will be a downward impact on growth. Continue reading »

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Jun 15

10Y bund DB

Deutsche Bank: “If One Wanted A Simple Indicator Of A Broken Financial System, Then This Is It”:

If there is one bank that is more concerned than any other about global central bank unorthodoxy, it is Deutsche Bank which as we reported yesterday, saw its stock price drop to a record low yesterday. As such it is not surprising that in his overnight note, DB’s Jim Reid focuses on the “broken financial system” and highlights the one indicator that confirms just how broken the system is: the Bund Yield.

This is what he said: Continue reading »

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Jun 15

Industrial Production Plunges For 9th Straight Month – Longest Non-Recession Streak In 100 Years:

For the 9th month in a row, US Industrial Production declined YoY – down by 1.4% – with 0.4% monthly drop twice as bad as expected. Every subcomponent of the data also declined markedly. Most worryingly, and despite near record highs in stocks, this is the longest streak of IP weakness without a broad economic recession in US history… it’s different this time?

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