Alan Greenspan: "We're Running To A State Of Disaster"

"Entitlements are crowding out savings, and hence capital investment. Capital investment is the critical issue in productivity growth, and productivity growth in turn is the crucial issue in economic growth. We're running to a state of disaster unless we turn this around."

Jim Grant: Gold Isn't A Hedge Against Monetary Disorder, It's "An Investment In It"

"The degree of which I am bullish gold, I would characterize as 'very'. I would characterize gold not so much as a hedge against monetary disorder, but as an investment in it. People will say well that's a hedge against armageddon, no, armageddon doesnt' happen mostly, but what we are in the midst of is monetary shenanigans, and I see no real chance of being fewer of them, and a great chance there will be more of them."

Stunning Satellite Images Of The Global Tanker Oil Glut

Forbes Slashes Theranos Founder Elizabeth Holmes' Net Worth From $4.5 Billion To Zero

After Elizabeth Holmes topped the Forbes list of America’s Richest Self-Made Women with a net worth of $4.5 billion, today, the magazine lowered its estimate of her net worth  to nothing.

GM, Ford US Auto Sales Tumble In "Bellwether" Month Of May

You can't say we weren't warned. As reported over a month ago, before the surprising rebound in April retail sales, the biggest drag on consumer spending was auto sales.  One month later, this is finally starting to materialize when earlier today, both GM and Ford's US vehicle sales fell more than analysts had estimated in May. According to Bloomberg this "raises questions about stalling consumer demand." Not really: as we also warned a month ago when looking at stalling use car price changes, it was only a matter of time before the lack of demand for every low priced autos spilled over to new car sales, which it now has.

Construction Spending Collapses - Worst April Since 2009

Following a hope-strewn bounce in February and March, US Construction Spending plunged 1.8% in April (massively worse than the expected 0.6% rise). This is the biggest monthly drop since January 2011 as while religious construction surged 9.6%, Commercial, Healthcare, and Education construction all plunged with Communications and highway building collapsing 7.7% and 6.5% respectively. We ares ure wether will be blamed but the 1.5% drop in residential construction is rather notable for an April - it is the weakest April since 2009.

US Manufacturing Weakest Since 2009: "No Comfort For Those Looking For A Rebound"

Following China's drop, Japan's plunge, and Brazil's crash, US Manufacturing PMI slipped once again to 50.7 - its weakest since September 2009 amid " subdued client demand and heightened economic uncertainty." New orders bounce is over as it fell to its weakest since Dec 2015 and worse still input costs are surging to 9 month highs as employment suggest payrolls will remain under pressure. ISM Manufacturing data improved marginally - leaving 50% of the last 10 months in contraction and 50% in expansion. The improvement seesm based on a rise in prices paid and customer inventories - hardly a positive sustainable trend. As Markit concludes, "for those looking for a rebound in the economy after the lacklustre start to the year, the deteriorating trend in manufacturing is not going to provide any comfort.”

The Federal Reserve Has Created An Unprecedented Disaster For Pension Funds

If I had to choose one single institution and one single individual most responsible for the weak, putrid and unbelievably corrupt oligarch-controlled U.S. economy, I would choose the Federal Reserve and Ben Bernanke.

Oil Tumbles To $47 Handle After China PMI, Stocks Erase Yesterday's Dead-Cat-Bounce

Yesterday's panic-buying stocks into the close to ensure The Dow closed May in the green has now been entirely erased as Oil plunges to a $47 handle...

Hillary's Other $225,000 Speech - Paid By Law Firm Suing Trump University

Donald Trump has undoubtedly made the class action lawsuit against Trump University a campaign issue. But when it comes to politics, Robbins Geller Rudman & Dowd, the law firm behind the class action lawsuit, is not exactly neutral either, having paid the Clintons a total of $675,000 in fees for speeches since 2009. Hillary Clinton gave a $225,000 speech at the law firm as recently as September 4, 2014. Court records indicate 9 attorneys from Robbins Geller are listed as representing Art Cohen and the other former Trump University students in the class action lawsuit (there are three attorneys from another law firm as well). A review of the case’s docket reveals that the Robbins Geller attorneys have aggressively pursued the lawsuit, pushed for Trump to testify and for the trial to begin before the November 2016 election.

Goldman Fires Dozens Of Investment Bankers

Following an abysmal quarter for investment banks around the globe, which saw salary cuts across the board as a result of sliding revenues in virtually all product areas, we forecast that the next logical step will be ongoing major layoffs of some of the world's highest paid employees. This morning none other than the most insulated from global financial troubles bank confirmed just this when Bloomberg reported that Goldman had quietly cut investment banking jobs in the last few weeks, joining securities firms that are adjusting to a slowdown in deal activity.

Turkish Court Convicts Former Miss Turkey Of "Insulting The President"

In the latest example of petty tyranny from NATO member and U.S. government “ally” Turkey, a former Miss Turkey has been convicted of sharing a satirical poem that insulted thin-skined President Tayyip Erdogan.

Illinois Lawmakers Override Bill Veto To Ease Chicago Pension Payments, Propose "Financial Transaction Tax"

In yet another twist in the Chicago pension saga, Illinois lawmakers voted to override a veto by Governor Bruce Rauner and allow the city to defer payments to fund pensions. Meanwhile, in order to fill Illinois' empty coffers, a bill is in its early stages that would target trades on the CME, CBOE, and other markets revisiting an old idea: a tax on trading

"Sexist" Chinese Parking Lots Create Larger, Female Only Spaces

In order to "better serve" female drivers, and protect their safety, GlobalNews reports that a number of Chinese parking lots have sparked outrage after introducing “female only” parking spaces that happen to be much larger than those not assigned to a particular gender.

Global Stocks, US Futures Slide On Mediocre Manufacturing Data, Yen Surge

Following the latest set of global economic news, most notably a mediocre set of Chinese Official and Caixin PMIs, coupled with a mix of lackluster European manufacturing reports and an abysmal Japanese PMI, European, Asian stocks and U.S. stock index futures have continued yesterday's losses. Oil slips for 4th day, heading for the longest run of declines since April, as OPEC ministers gather in Vienna ahead of a meeting on Thursday to discuss production policy. The biggest winner was the Yen, rising 1%, with the USDJPY tumbling overnight and pushing both the Nikkei 1.6% lower and weighing on US futures.

European Freedom Of Speech Threatened As Social Networks Vow To Combat Self-Determined "Hate Speech"

Social media giants Facebook, Twitter, Google and Microsoft have vowed to tackle online hate speech in less than 24 hours as part of a joint commitment with the European Union to combat the use of social media by terrorists. Although these social networks are saying that there will be an attempt to balance out free expression and what they consider to be dangerous, the fact that the lines have already been blurred between the two inside the EU is quite concerning.

Ron Paul Rages "Government Can't Help... It Can Only Hurt"

Three recent stories regarding three government agencies - the IRS, the Transportation Security Administration (TSA), and the Department of Veterans Affairs (VA) - show why we should oppose big government for practical, as well as philosophical, reasons.

Wikileaks Asks If This Is The "Smoking Gun" Email That Will Bring Down Hillary

Moments ago Wikileaks unveiled what it believes may be the FBI's "smoking gun" in its case against Hillary. In a tweet, Wikileaks highlights one specific email and asks "Is this email the FBI's star exhibit against Hillary Clinton ("H")? "

Appeals Court Delivers Devastating Blow To Cellphone-Privacy Advocates

Courts across the country are grappling with a key question for the information age: When law enforcement asks a company for cellphone records to track location data in an investigation, is that a search under the Fourth Amendment? By a 12-3 vote, appellate court judges in Richmond, Virginia, on Monday ruled that it is not — and therefore does not require a warrant.

Hong Kong Retail Sales Plunge 7.5% YoY, Fall For 14th Consecutive Month

April sales of jewellery, watches, clocks and valuable gifts fell 16.6 percent in value terms, a 20th consecutive month of decline, while durable consumer goods fell the most at 31.6 percent in Hong Kong. Hardly the signal that all is well among the rich.. and poor in China.

Abenomics "Death Cross" Strikes As Japan PMI Plunges To 40-Month Lows

Since Abenomics was unleashed on the world (with QQE starting in April 2013), things have not worked out as the smartest men in the Japanese rooms predicted. In fact, with April's final manufacturing PMI printing at 47.7, operating conditions in Japan worsened at the sharpest pace in 40 months... since Abe began his three arrows. Output tumbled at the fastest pace in 25 months and new orders are the worst since Jan 2013. This is the death cross for Abenomics...

Special Forces Insider Warns Of Serious Civil Unrest This Summer: "Everything Is Right For Things To Go Very Wrong"

"For civil unrest to happen you have to have a bunch of little things that set up for the perfect situation. People are so emotionally involved in this Presidential election right now… and finally realizing there is something wrong with our country... the eyes are open... we know that something’s not right. We have a perfect conducive environment for some serious problems... you think riots in Missouri were bad? Just wait until July... wait until August. The trench has been dug and it is full of accelerants..... everything is right for things to go very wrong."

Largest US Health Insurer Exits California, Illinois Obamacare Markets

Earlier today, UnitedHealthcare continued sounding the deathknell for Obamacare , when it first announced that it would stop offering Affordable Care Act plans in Illinois in 2017 followed promptly by news the company was also abandoning California at the end of the year as well.

The Federal Reserve Has Created an Unprecedented Disaster for Pension Funds

from Liberty Blitzkrieg:
When it comes to the Fed, Congress is mired in hypocrisy. The anti-regulation, de-regulation crowd on Capitol Hill shuts its mouth when it comes to the most powerful regulators of all – you and the Federal Reserve. Meanwhile, Congress goes along with the out-of-control, private government of the Fed—unaccountable to the national legislature. Moreover, your massive monetary injections scarcely led to any jobs on the ground, other than stock and bond processors.
– From the post: Ralph Nader Destroys the Federal Reserve in Open Letter – Calls it “Out of Control, Private Government”
If I had to choose one single institution and one single individual most responsible for the weak, putrid and unbelievably corrupt oligarch-controlled U.S. economy, I would choose the Federal Reserve and Ben Bernanke.
Read More…

Obama Says “Big Nations Should Not Bully Small Ones” As U.S. Bullies Small Nations Across The World

by Brandon Turbeville, Activist Post:

Ever since World War II, the United States has prided itself on being number 1. This classification of superiority has generally been reserved for things at least perceived as being positive attributes, e.g. the biggest economy, the most upward mobility, the most effective military, etc.
However, if the United States were trying to achieve the number 1 position in hypocrisy, then President Barack Obama has made a two-week jaunt the crossing of the finish line for a country racing to be labeled as the most hypocritical nation on the face of the earth.
Step 1 was his appearance and speech in Hanoi, Vietnam on May 24. In the course of delivering a speech calling for the peaceful resolution of maritime disputes, particularly in the South China Sea, Obama uttered perhaps one of the most glaringly hypocritical statements to come from the mouth of a U.S. President. Indeed, his statement was even more hypocritical than the general “America represents freedom and democracy” claptrap. “Big nations should not bully smaller ones. Disputes should be resolved peacefully,” Obama said.
Read More

It Is Being Reported That Turkish Military Forces Have Entered Syria

by Michael Snyder Economic Collapse Blog:

There are international news reports that claim that Turkish military forces have entered Syrian territory and have established positions near the towns of Azaz and Afrin.  If these international news reports are true, then Turkey has essentially declared war on the Assad regime.  Back in February, I warned that escalating tensions in the region could be the spark that sets off World War III, but things seemed to cool down a bit in March and April.  However, this latest move by Turkey threatens to take the war in Syria to a whole new level, and everyone will be watching to see how the Russians and the Iranians respond to this ground incursion.
So far, it is the Russian media that it taking the lead in reporting about this movement of Syrian forces.  For example, the Sputnik news agency was one of the first to report Turkish military activity around the town of Azaz…
Read More

Economic Survival Expert FerFAL: Understanding Societal Collapse

by Mac Slavo, SHTFPlan:

As we write about the risks of our over-indebted economy, of our unsustainable fossil fuel-dependent energy policies, and our accelerating depletion of key resources, it’s not a far leap to start worrying about the potential for a coming degradation of our modern lifestyle — or even the possibility of full-blown societal collapse.
Sadly, collapse is not just a theoretical worry for a growing number of people around the world. They’re living within it right now.
This week, we catch up with Fernando “FerFAL” Aguirre, who began blogging during the hyperinflationary destruction of Argentina’s economy in 2001 and has since dedicated his professional career to educating the public about his experiences and observations of its lingering aftermath.
Read More

/