What The IRS Just Revealed Should Start A Wave Of Outrage

Just imagine if this had been a Republican presidential administration these past seven years. The media would have been all over it like white on rice. However, for some very apparent reason, the liberal progressive media has dismissed or ignored scandals, faults, issues of deception, lies, abandonment of Americans to die, and tyrannical unconstitutional actions. Now the IRS has finally revealed its nefarious actions to us all – and it’s far worse than we thought.

Next Banking Scandal Explodes in Spain

In recent days the stock of Spain's Banco Popular has once again begun to crumble following allegations that Popular is also doing some creative selling of its own. The Spanish investment group Blackbird claims that the bank is offering customers dirt-cheap loans or refinancing deals, at an interest rate of just 2.5%, as long as they use some of the funds to purchase the bank’s new shares. “Popular is offering loans to its customers on the condition that they subscribe to the rights issue… and then deposit the €1.25 per share in their bank accounts.”

China Oil Imports Drop To Four Month Low As Demand Is Expected To "Moderate Significantly" In 2016

Oil imports by China fell to a four-month low in part due to congestion at one of its biggest ports curbed purchases from independent refiners. Inbound shipments in May totaled 32.24 million metric tons. That’s equivalent to 7.62 million barrels a day , down 4.3 percent from the previous month, and the lowest since January. It gets worse; according to an analysis from S&P Global Platts "China's oil demand growth is expected to moderate significantly in 2016 as gross domestic product growth slows on the back of economic rebalancing."

How Central Banks Created "Trumpism"

Trump is only a symptom of a far larger problem. The economic conditions that have paved the way for “Trumpism” are really a result of decades of monetary disorder brought to us by central banks. In the 18^th century, British economist John Stuart Mill wrote “most of the time the machinery of money is unimportant but when it gets out of control it becomes the monkey wrench in all the other machinery of the economy.” There should have been a second sentence about how the dysfunction of the invisible hands attributable to the monetary disorder endangers political liberalism.

Half Of Washington DC Employers Have Cut Jobs, Hours Due To Minimum Wage Increases - And It's Going To Get Worse

The District of Columbia has seen the minimum wage increase from $8.25 an hour in 2014 to a rate of $11.50 an hour today, and just yesterday an increase to $15 an hour was approved. According to a report from the Employment Policies Institute, nearly half of Washington, DC employers said they have either laid off employees or reduced the hours of employees to adapt to the District of Columbia's minimum wage hikes since 2014. Washington, DC is validation of former McDonalds' CEO Rensi's theor, that the minimum wage would wipe out thousands of entry level jobs for those who don't have very many other options.

Beyond Brexit: Favorable Opinion Of EU Plunges Everywhere, Especially France

The UK is not the only country with increasing doubts about the EU.

Goldman Turns Downright Gloomy, Warns Market "Despair" Is Coming, Prepare For A Major Drawdown

As Goldman warns in a note overnight, "Large equity drawdowns often mark the end of an equity cycle and tend to coincide with a recession or financial market/geopolitical shock or a combination, which tend to result in a sharp equity correction driven by a decline in both earnings and valuations." As it turns out, Goldman thinks precisely such a "drawdown" is coming...

Global Stocks "Most Expensive" In 6 Years As Bond Yields Hit Record Lows

As global growth expectations collapse, so do bond yields (now at new record lows for developed markets) but that doesn't stop equity 'investors' from piling into already richly-valued stocks on the hope that next year will be the year when global macro and micro hockey-stick projections will work out...

The Beveridge Confusion: Hiring Tumbles Despite Job Openings Rising To Record High

In a surprising twist, today's JOLTS report revealed that while job openings continued rise, and in fact hit a record high. actual hiring slowed down substantially: at 5.092MM new hires in the month of April, this was the lowest since September of 2015. As the chart below, which correlates the 12 month change in NFPs to hires, the labor market may indeed be rolling over.

Crude Chaos After Inventories Drop But Production Rises Most In 2016

When the machines saw that US crude production rose by the most since Jan 1st, prices plunged back below $51... but the machines didn't like that, and following last night's API-reported draw, DOE confirmed the 3rd weekly drop in inventories for overall crude and Cushing (the latter more than expected) which juiced oil prices back higher. However, DOE also showed considerably larger than expected builds in Gasoline and Distillates (biggest in 2 months).

These Are The Bonds The ECB Is Now Buying

Today is a historic day for the corporate bond market: with the launch of the ECB's CSPP, Mario Draghi is now directly buying European investment grade non-financial bonds. This means that no longer will European corporate bonds trade based on their fundamentals, but purely on expectations of frontrunning future ECB purchases, such as the following...

The Most Bullish Open Yet (as 10Y Yields Tumble Below 1.70%)

For the 6th day in a row, the fact that the US equity market is 'open' has been a panic-buying event for "investors" - no matter what the overnight trading activity or news...

China Says The US "Deliberately Hyping Up" Latest Spy Plane Intercept

"One of the intercepting Chinese jets had an unsafe excessive rate of closure on the RC-135 aircraft. Initial assessment is that this seems to be a case of improper airmanship, as no other provocative or unsafe maneuvers occurred" Pacific Command said, without saying how close the Chinese fighter came to the US plane. One official told CNN that the jet was never closer than 100 feet however. China's Defense Ministry told Reuters "judging by the report, the US side is again deliberately hyping up the issue of the close surveillance of China by US military aircraft."

The Simulacrum Market: "Unfilled Gaps Must Never Be Filled"

This is what happens when you strip out volatility and game the system: the system loses all natural resiliency and becomes increasingly brittle and fragile. By making the stock market the only game in town, the Powers That Be can no longer afford to let it decline for any reason.

Gold & Silver Are Surging As Post-Payrolls Buying Accelerates

NIRP Blowback: Commerzbank Plans To Hoard Billions In Euros In Vaults, Avoid ECB

As The ECB threatens deeper and deeper NIRP, because that's what the 'economy' needs, it seems unintended (though entirely foreseeable) consequences abound. Just three months after Munich Re - the world second-largest reinsurer - started buying gold and hoarding cash to counter negative rates, in order to avoid The ECB's increasing 'fees' for depositing cash with the central banks, Reuters reports that Commerzbank - one of Germany's largest lenders - is mulling the possibility of hoarding billions of euros in vaults. So it would appear that a policy designed to encourage banks to lend money is instead forcing them to hoard it...

What War on Terror? Obama Admin Doesn’t Want Russia to Bomb Al-Nusra aka Al-Qaeda’s Affiliate in Syria

from Rogue Money:
The headline from ABC News over the weekend said it all: “US Asks Russia to Not Hit Nusra Front in Syria, Moscow Says”. Even with the caveat ‘Moscow says’, the absurdity of the United States government claiming to be waging a forever ‘war on terror’ against Al-Qaeda the organization that supposedly masterminded the 9/11 terrorist attacks while insisting that Russia not bomb AQ’s franchise in Syria, Jabhat al-Nusra, is now evident to the entire sentient world. So too, is the fundamentally fraudulent nature of the ‘war on terror’, which will enter its fifteenth year this September 11th and which features young men who were toddlers when the World Trade Center towers were hit enlisting in the Marines or the U.S. Army to potentially fight in Afghanistan or ‘Syraq’.
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Consumers in Texas Begin to React

by Wolf Richter, Wolf Street:
The worst plunge since the Financial Crisis
OK, this is anecdotal evidence supplied graciously by the Dallas Fed, via the comments in its Texas Service Sector Outlook Survey. It’s how a business in “Professional, Scientific and Technical Services” sees the Texas economy. There are other businesses that are doing well, and some of the comments confirm that. Not everyone is getting slammed. But….
We were up 7.5% for the year through March. April alone put us down 2% year to date. That is what is going on out here in the real world … dang little! We are a 56-year-old family-owned company that averages 17% growth per year.
This economy is in and headed deeper into the tank faster than all the talking heads can spin their silly data and metrics to portray the story most beneficial to whatever lines their pockets best today. That said, Texas and our commodity-driven markets may set us apart as some sort of dark anomaly.
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Fascist Zionist: NY Governor Signs Executive Order to Punish People Who Criticize Israel

by Claire Bernish, The Free Thought Project:
New York Governor Andrew Cuomo feels strongly enough that Israel has been horribly bullied by the growing success of the BDS (boycott, divestment, and sanctions) movement, so he signed an executive order — quite likely unconstitutional in scope — in response.
Right before participating in last Sunday’s Celebrate Israel parade, Cuomo tweeted:
“I am signing an Executive Order that says very clearly we are against the BDS movement. If you boycott Israel, New York will boycott you.”
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Gowdy Publishes New Memo on Benghazi: Game-Changing Info Promised in Final Report

from TRU News:
In a recent memo released by Congressman Trey Gowdy (R-SC), the Chairman of the Select Committee on Benghazi says his investigation has uncovered new game-changing information about the September 11th 2012 attacks in Libya.
“This investigation has uncovered new information that will change how the public views what happened before, during, and after the attacks,” Gowdy wrote.
Released on June 5th, the memo was addressed to Congressman Elijah Cummings (D-MD), the ranking minority member on the Select Committee on Benghazi, and a man which Congressman Gowdy wrote has led a “two-year obstruction” of the investigation.
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Facebook Is Now Deliberately Suppressing Pro-Gun Posts

by Joshua Krause, The Daily Sheeple:
Last month a former Facebook worker admitted that his colleagues routinely stifled conservative news stories and prevented them from showing up in the news feed, even when they were trending among Facebook users. They were also ordered to promote stories that weren’t trending at all. Facebook has of course, vehemently denied these claims.
However, the owners of several gun based Facebook pages would probably disagree with that. They’re claiming that the social media platform has been actively suppressing their posts for the past few months. According to the social media manager for Alien Gear Holsters, “Content that would normally reach our nearly one million followers has steadily dropped to a fraction of what it once was, despite our page’s continual growth of new followers.”
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