Wednesday, August 3, 2016

Bill Gross Talks "Sex", Answers "Honestly" What Happens When The Financial System Breaks Down

"Without growth, a credit-based economy ultimately devolves into Ponzi finance, and at some point implodes..... I don't like bonds; I don't like most stocks; I don't like private equity. Real assets such as land, gold, and tangible plant and equipment at a discount are favored asset categories."

Priebus Furious After "Disastrous" 48 Hours For Trump, Said To "Plot Intervention"

Republicans close to Donald Trump's orbit are "plotting an intervention with the candidate after a disastrous 48 hours led some influential voices in the party to question whether Trump can stay at the top of the Republican ticket without catastrophic consequences for his campaign and the GOP at large."

Oil Algos Panic-Buy WTI To Yesterday's Highs, Run Stops

Just because....

The Car Bubble... And Cash For Clunkers II?

The economic backwash of too-expensive new cars and the reappearance in the marketplace of affordable alternatives (good used cars) is causing sales of new cars to wilt, probably precipitously, as invariably happens in a Boom Bust cycle. The car industry will squeal for help from Uncle Sam – just like back in the early 2000s. And Uncle will be happy to oblige, as he always is... But Uncle’s “help” always comes at a cost.

A "Revolted" French President Lashes Out At Donald Trump: "His Excesses Are Sickening"

While over the past week Trump has hardly needed outside help to generate a spectacular dose of media scandals, overnight an unexpected attack came from none other than French socialist president Hollande expressed extreme revulsion at Donald Trump’s “excesses” in the U.S. presidential campaign and warned against the authoritarian tone adopted by the Republican nominee.

Revealing The Real Rate Of Inflation Would Crash The System

The grim reality is that real inflation is 7+% per year.

Prepare For "War At Sea" China Defense Minister Warns

In the latest escalation of bellicose rhetoric over the territorial dispute involving the South China Sea, Chinese Defense Minister Chang Wanquan warned of offshore security threats and urged for a "substantial preparation for a people's war at sea" to safeguard sovereignty, China's Xinhua writes.

Oil Dumps'n'Pumps After Unexpected Crude Inventory Build Offset By Production Cut

A susprisingly large draw at Cushing (according to API) overnight sparked buying in crude ahead of today's DOE data (despite USD strength). Despite API's 1.34mm draw, DOE reported a 1.4mm build in Crude inventories (with a 2mm draw expected). Crude plunged on the data despite a big draw in gasoline (but build in Distillates). But, after 3 weeks of production rises, US crude output slowed this week... sending crude higher once again...

European Banking System Bloodbath Continues Post-Stress-Test

For the 3rd day in a row, Unicredit shares are halted limit down as the "confidence-inspiring" European banking system stress tests have utterly failed... as European banking stocks are reeling once again (now down 10% post-stress-test).

Services Data Disappoints: Suggests "No Signs Of US Economy Moving Up A Gear" In Q3

Following Monday's confusing manufacturing data (PMI up, ISM down), today's Services economy data suggests growth is just as confused and muted as PMI flatlined from June with activity at its weakest in 5 months and new business slowing down. ISM Services missed expectations (dropping modestly to 55.5 from 56.5) with employment dropping from 52.7 to 51.4 (despite a bump in new orders). But, as Markit concludes, "those looking for signs of the US economy moving up a gear in the third quarter will be disappointed by the PMI readings for July."

What The Media Will Be Obsessing About Today: Trump Asks "Why Can't We Use Nuclear Weapons"

While the topic of a $1.7bn bribe from US taxpayers to Iran is apparently ignored by the mainstream media, today's anti-Trump narrative scaremongery will be focused, we are sure, on MSNBC's Joe Scarborough's comments, citing an unnamed source, that "Donald Trump asked three times, in an hour-long foreign policy briefing, "why can't [The US] use nuclear weapons."

Here Comes The Mandatory Bitcoin Database

It was only a matter of time. In the wake of multiple terror attacks, the European Commission is moving towards creating a mandatory, centralized database of Bitcoin ownership. Of course, their official reason is that Bitcoin is being used to finance terrorism...But the reality is that these governments have hated Bitcoin since the beginning.

"Mysterious Redaction" Exposes Chaos Inside China's Central Planning Black Box

Gold Slides Off Brexit-Spike Highs, Oil Tumbles As Dollar Jumps

Having rallied back up to Brexit day spike highs at $1370, it appears - despite equity weakness - that a sudden burst of USD buying has sparked a brief slide in precious metals with gold retracing some of yesterday's gains... Oil prices are also sliding on USD strength (having tagged $40).

Another Bear Market Warning Looms In The GDP Data

While the market may appreciate further, irrespective of weak economic data, declining earnings and historical precedent, periods like today, characterized by extreme valuations and weak economic activity, have ultimately proved disastrous for investors.

ADP Employment Continues To Lag Payrolls As Goods-Producing, Construction Jobs Slide

Following June's epic bounceback in nonfarm payrolls - the biggest delta to ADP in 6 years - Zandi and his crew at ADP 'got back to work'. June's 172k print was revised higher to 176k with July's 179k print beating expectations of 170k modestly (but still well below the payrolls levels). Once again goods-producing jobs fell (down 6k) as Services dominated (+185k) as ADP warns “this month’s employment number falls short of the 12-month average primarily because of slowing in small business hiring.” The weakness in construction spending is echoed in ADP's reported slide in construction jobs.

Retail Woes Continue: Kate Spade Plunges 17% After Slashing Guidance - Blames Lack Of Tourists

It wasn't the hot weather, rainy weather, or Brexit, but Kate Spade still found a convenient scapegoat on which to blame its underperformance after reporting a lower-than-expected quarterly profit as the accessories and apparel maker offered more discounts. Tourists, or rather the lack thereof.

Hillary Bikini Mural Gets Ironic "Revision" After Public Decency Complaints

In an ironic turn of events, Lushlux decided to depict Hillary wearing a burqa, and left a message for the ultra PC, hyper-sensitive government folks. “If this Muslim woman offends u, u r a bigot, racist, sexist Islamophobe.” Be careful what you wish for...

Emirates Boeing 777 Crash Lands In Dubai

Emirates Airline reported that its flight EK521 was involved in an "accident" which occurred at 12:45pm local time (08:45 GMT) on Tuesday, without giving further details. Gulf News reported that an Emirates flight from India made an emergency landing at the airport and all passengers were escorted to safety.

World Stocks Drop For Third Day On Growing Concerns About Central Bank Policy, Tumbling Oil

After 7 consecutive drops in the Dow Jones, the Industrial average is set for an 8th decline with US equity futures modestly lower in the premarket as risk-averse sentiment persists overnight. Oil’s continued slide and recent plunge into a bear market, despite some stabilization this morning just south of $40, has finally rekindled global growth concerns, and is keeping a lid on bullishness. European stocks are little changed, while Asian stocks and S&P futures fall.

Japan's Top Credit Analyst Predicts 30Y Treasury Yield Plunging To Zero In 2 Years

In a time when one strategist after another is pointing to the latest rebound in rates and bond yields, and furiously declaring - to anyone who cares to listen - that this is it, yields are now and forever done going lower, Toshihiro Uomoto, Nomura Holdings’s chief credit strategist, in a report issued overnight, forecast that the yield on 30-year US Treasuries could plunge to zero in two years as a result of yield-starved "Japanese money" flooding the US and chasing returns of US Treasuries.

With Terror And Rape Spreading, "Self-Defense Weapons Permits Hit Record Highs" In Germany

Where firearms and guns have been taken away, people are desperate to turn to whatever means of self-defense they can find. And in the wake of a total crisis from aggressive migrants and lone wolf terrorists, the people of Germany are lining up in droves for permits to carry non-lethal guns that fire flares, shoot blanks or release gas.

White House Caught Secretly Airlifting $1.7 Billion US Taxpayer Cash To Tehran To Ensure Iran Nuclear Accord Success

What Donald Trump has proclaimed the worst deal ever made, may just have become worst-er. The shocking truth behind the US-Iran nuclear deal, as WSJ reports, is the Obama Administration airlifted $1.7bn of cash in 'compromise' payments (read - bribe) to Tehran to ensure the release of 4 captured sailors coincidentally the same weekend as the signing of the nuclear deal.

US Begins Upgrading Its Nuclear Bomb Arsenal

Obama has given the go-ahead for work to begin on upgrading the B61 airborne nuclear bomb, as the Pentagon is eager to embark on a multi-billion-dollar scheme to improve the US nuclear arsenal. The decision by the NNSA authorized the program to enter a post-engineering phase, which comes after four years of work. As a result, the first upgraded bombs are set to roll out by 2020. The B61 has been the principal US airborne nuclear bomb since 1968, when the first version was commissioned

The End Of IMF Credibility (Or Why Christine Lagarde Should Be Fired... But Won't Be)

The IMF’s Independent Evaluation Office (IEO) issued a report a few days ago entitled ‘The IMF and the Crises in Greece, Ireland, and Portugal’. It is so damning for managing director Christine Lagarde and her closest associates, that it’s hard to see, certainly at first blush, how they could all keep their jobs. But don’t be surprised if that is exactly what will happen. Because organizations like the IMF don’t care much, if at all, about accountability. Their leaders think they are close to untouchable, at least as long as they have the ‘blessing’ of those whose interests they serve.

Why Did Khizr Khan Delete His Law Firm's Website?

Why was the website of KM Khan Law Office taken down?  Does it have anything to do with the firm's work on the the EB-5 Foreign Investor Visa Program which Senator Chuck Grassley described as "riddled with flaws and corruption" and that the Department of Homeland Security warned could "be used by Iranian operatives to infiltrate the United States?"

Peter Schiff: Time Is Running Out, "Crisis Worse Than 2008 Coming"

"...The Fed only has only one option at this point: Continue to fake it for as long as possible by printing more money or let the whole system come crashing down. BUT... The world has caught on, and the gig is up"

Europe’s Banking System Out of Options as Access to Unlimited Credit Pretty Much Done

from Rogue Money:
Last week, Reuters issued a report which shows that quantitative easing has never stopped for the four major central banks, and that they are printing over $1 trillion every six months in new liquidity to support their markets. And incredibly, what began as programs to purchase non-performing toxic debt from financial institutions has morphed into both direct equity buying, and now with the ECB, the purchasing of corporate debt.
So with so much stimulus money being printed now, and over the past eight years, how is it possible that banks, particularly in Europe, can be so insolvent and once again be on the cusp of collapse?
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Just Who is the Enemy?

by Tim Price, Sovereign Man:
“..I sat at my desk wringing my hands, transfixed by the tragic slapstick of British politics..
“We are in the biggest domestic political crisis of my life..
“This is only the second time I can remember when the normal, trivial business of office life has stopped — and stayed stopped..
“I’ve witnessed a few surprising general election results, a few terrible terrorist events, a few sporting triumphs and defeats where we stopped and gawped and worried or marvelled for a little, but it never lasted long..
“The only other time I can remember when everything ceased was after 9/11..
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Execs Flee GLD – The Revolving Door at the SPDR Gold Trust

by Ronan Manly, via Silver Doctors:
This development concerns the very high level of executive staff turnover at World Gold Trust Services, the New York based ‘Sponsor’ of the mammoth gold GLD gold-backed Exchange Traded Fund that is listed on the NYSE.
For within the space of less than 3 years, World Gold Trust Services has gone through 4 Chief Executive Officers (CEOs) and 3 Chief Financial Officers (CFOs). By any standard this is a huge amount of senior executives moving through the roles, and would normally ring alarm bells in the corporate governance departments of major institutional investors. Perhaps it has caused concern among institutional investors of the SPDR Gold Trust (GLD), but if it has, it has gone unreported.
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What Would Happen When The Internet Goes Down

by Ken Jorgustin, Modern Survival Blog:
Try this and see what happens in your household… pull the plug on your internet router. How long will it take before there are inconveniences or upset people (especially the younger ones) …
I have been having issues with my internet service all week, and this morning it went ‘belly up’ – no internet. Having spent some time on the phone with my Internet Service Provider, they finally concluded to send someone out tomorrow (probably a hardware issue with the modem itself).
It got me to thinking about how we might fare if the internet were to go down, and it’s a scary thought…
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The Economic Collapse Is Like A Ticking Time Bomb, When It Hits Zero It’s Over – Episode 1038a

from X22Report:

Home ownership falls in the UK. US personal income declines as more people use credit to survive. US auto sales decline in July. Students are defaulting on their student loans and the government is trying to collect. The construction boom is over in the US, building is slowing. Baltic Dry Index declines. Aetna quits Obamacare. Obama will try to pass the TPP during the lame duck session of congress.

Donald Trump Warns Americans To Get Out Of The Stock Market As The Dow Falls For A 7th Day In A Row

by Michael Snyder, The Economic Collapse Blog:
One thing that you have to appreciate about Donald Trump is that unlike most politicians, he actually says what is on his mind. On Tuesday, Trump told Fox Business that he had already gotten out of the stock market, and that he foresees “very scary scenarios” ahead for investors. And of course things have already started to get a bit ominous for those holding stocks over the last week and a half. The Dow Jones Industrial Average has now closed down for seven days in a row, and that is the longest losing streak that we have seen since the panic of last August. Over the past 12 months we have seen virtually every other major global stock market experience at least one major crash. Could the U.S. markets be next?
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Clinton Cash: Khizr Khan’s Deep Legal, Financial Connections to Saudi Arabia, Hillary’s Clinton Foundation Tie Terror, Immigration, Email Scandals Together

by Mathew Boyle, Breitbart:
Khizr Khan, the Muslim Gold Star father that the mainstream media and former Secretary of State Hillary Clinton have been using to criticize Donald J. Trump, has deep ties to the government of Saudi Arabia—and to international Islamist investors through his own law firm. In addition to those ties to the wealthy Islamist nation, Khan also has ties to controversial immigration programs that wealthy foreigners can use to essentially buy their way into the United States—and has deep ties to the “Clinton Cash” narrative through the Clinton Foundation.
Khan and his wife Ghazala Khan both appeared on stage at the Democratic National Convention to attack, on Democratic presidential nominee Hillary Clinton’s behalf, Donald Trump—the Republican nominee for president. Their son, U.S. Army Captain Humayun Khan, was killed in Iraq in 2004. Khizr Khan, in his speech to the DNC, lambasted Donald Trump for wanting to temporarily halt Islamic migration to America from countries with a proven history of exporting terrorists.
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President Obama Signs Bill that Forever Exempts Big Food from Placing GMO Labels on Food Packages

by Julie Wilson, Natural News:
While Americans were bustling about in preparation for their weekend, President Barack Obama quietly signed a bill late Friday afternoon that will likely forever keep people in the dark about the presence of genetically modified organisms (GMOs) in their food.
Drafted by Senate Agriculture Chairman Pat Roberts, R-Kan., and ranking Democrat Debbie Stabenow of Michigan, the legislation gives food producers the option to disclose GMO ingredients through digital codes, instead of the mandatory, on-package labels called for by 90 percent of citizens.
Consumers wishing to learn about GMO ingredients will have to use smart phones to scan a barcode on food packages that reads: “Scan here for more food information.” The percentage of GMOs in a food product that requires QR code labeling will be decided by the future Secretary of Agriculture.
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