BLS Just "Revised" Away Obama's "Fastest" Wage Growth Since The Crisis

In yet another stunning tribute to the "accuracy" and "consistency" of economic propaganda (data) being reported by our government agencies, the Bureau of Labor Statistics yesterday reported a massive downward revision of 1Q 2016 YoY real wage growth...

 

Hedge Funds Haven't Generated Any Alpha Since 2011: This Is What They Blame It On

To say that hedge funds have had a tough time navigating the world of activist central banks and central-planning, would be a vast understatement. According to Barclays, in the last almost 4.5 years, HFs actually generated negative cumulative alpha starting around 2011. Here is what they blame it on.

 

The Worst Place In The World To Bank

“When it gets serious you have to lie.” Here’s the reality: Europe’s banking system is toast.

Wikileaks' Assange Hints Murdered DNC Staffer Was Email-Leaker, Offers $20k Reward For Info

The mysterious circumstances surrounding the death of 27-year-old Democratic-staffer Seth Rich have stirred Wikileaks founder Julian Assange to offer a $20,000 reward for information leading to a conviction. But it is Assange's comments during a Dutch TV interview that are most disturbing as he hinted that Rich - who was in charge of DNC voter expansion data - was the email-leaker and his death was a politically-motivated assassination.

The Last Time This Happened, US Equities Crashed

Something extremely unsusual just happened. The post-Brexit, post-QE collapse in UK Gilt yields has extended the 'cheapness' of US Treasuries to over 100bps. This is the widest absolute spread since May 2000 but at almost 3x, this is by far the greatest relative differential in history.

Oman Refuses To Attend Algeria Oil Producer Meeting, Leaving OPEC Oil "Plan" In Limbo

Oman will not participate in a meeting of oil producers and consumers in Algeria next month as it is disappointed by the group's failure to address the issue of low oil prices, Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Wednesday.  "We are moving into difficult times, and others still believe that everything will be fine. Those who expected the expensive oil producers will be run out of the business and shut down their operations, have been proved wrong."

Philippines President Calls US Ambassador "Annoying, Homosexual, Son Of A Bitch"

Philippines President Rodrigo Duterte, notorious for using profanity liberally towards others in politics, told an audience of soldiers that his recent meeting with U.S. Secretary of State John Kerry went well but that U.S. Ambassador Philip Goldberg was a “homosexual” “son of a bitch” who “really annoys me.”

Strong 10Y Auction Stops Through, As Foreign Central Bank Buyers Flood Right Back

Moments before today's auction printed just after 1.01pm Eastern, the When Issued was trading at 1.505%, virtually unchanged from last month's 1.504%, yet what a difference a month makes. Whereas last month the 10Y came with a high yield that tailed by 1.2 bps as Indirect bidders tumbled to the lowest since January 2015, today we have seen foreign central banks flood right back, as Indirects took down a whopping 72.2%, just shy of the all time high seen back in May when Indirects were responsible for 73.5% of the issue.

Vietnam Secretly Moves israeli Rocket Launchers To Disputed Islands To Counter China

While over the last several months, tensions over the South China Sea territorial dispute have mostly focused on the diplomatic war of words between China and the US, Reuters reports that in a move that is likely to substantially "raise tensions with Beijing", Vietnam has secretly fortified several of its islands in the disputed territory with Israeli-made EXTRA mobile rocket launchers 'capable of striking China's runways and military installations across the vital trade route."

Did US Consumers Finally Tap Out? BofA Internal Card Data Shows Significant July Spending Slowdown

According to Bank of America's internal aggregated credit and debit card data, consumer spending slowed in July, with retail sales ex-autos down 0.3% mom on a seasonally adjusted basis. As the bank concludes, "In our view, this sets up for a softer Census Bureau retail sales report on  Friday – we would not be surprised to see either disappointing July sales and/or a downward revision to June."

France Moves To De-Radicalize Its Mosques

France is taking steps to de-radicalize its mosques in the hopes of preventing the radicalization of its Muslim community. Since December, the French government, acting under expanded emergency powers, has shut down twenty mosques for preaching Salafism, a strict and highly politicized Sunni interpretation of Islam.

Democratic Strategist Calls For The Assassination Of Julian Assange

Amid the media-hyped furor over Donald Trump's 2nd Amendment comments and Wikileaks' suggestions about the untimely death of DNC-staffer Seth Rich, we thought it perhaps of note that Democratic strategist, and CNN host, has publicly called for the "illegal assassination of that son-of-a-bitch" Julian Assange...

Deutsche Bank Unexpectedly Found To Have Massive Capital Gap, Larger Than Its Entire Market Cap

After the ECB concluded its latest annual stress test, which as expected found no problems with Europe's largest banks, yesterday in an unexpected outcome, German economic research institute ZEW found that Deutsche Bank had the highest potential capital shortfall, as much as €19 billion in a study of 51 European banks using U.S. Federal Reserve stress test methods. The capital gap is greater than DB's entire market cap. 

Trump Walks Back Comments About "Second Amendment People"; NRA Doubles Down

The man who "always says what he means" took to the Hannity show last night to explain how that's not what he meant to say.

Latest Hillary Email Scandal Reveals State Department "Favors" To Clinton Foundation

In Hillary's latest email scandal, newly released emails, many of which were not disclosed to the FBI, show that requests for "favors" from the Clinton Foundation started to roll in just 3 months after Hillary was confirmed as Secretary of State.

Yellen's Alternate Reality Exposed: "Best Jobs Ever" Vs. "Worst Productivity In Decades"

Either the economy is like 1979, or it was never a recovery to begin with...

Crude Plunges After Surprising Builds Despite Gasoline Draw And Production Cut

Following last night's unexpected build in crude (and Cushing) inventories, DOE data confirmed the surprising build in Crude (+1.05mm - 3rd weekly rise) and Cushing's 1.2mm build is the most in 3 months. Gasoline inventories drewdown less than API reported but Distillates saw an unexpected build. Crude is whipsawing around as the bullish gasoline draw (and production cut) battles with bearishly unexpected builds in crude, Cushing, and Distillates.

Job Opening Rise As Hiring Rebounds After Sharp Drop; Number Of Workers Quitting Drop

Moments ago the BLS reported Janet Yellen's favorite labor market indicator, the JOLTS survey, which showed that in June (recall this report is 1 month delayed to the payrolls report), the number of job opening rebounded from a revised 5.514 million to 5.624 million, modestly missing expectations of 5.675 million largely in line with the range.

30 Years After The Disaster: Ukraine Plans Huge Solar Farm In Chernobyl

Energy independence, especially if you don’t particularly like the country you currently depend on, is a very strong motivator for the adoption of renewable energy. Ukraine has recently become a great case in point, after the announcement that it planned to turn part of the uninhabitable zone around the Chernobyl power plant into a large-scale solar farm.

Gilts Dumped After BOE Announces Latest QE Operation Was 4.71x Oversubscribed

After yesterday the BOE failed to attract enough selling interest to fully cover its long-maturity QE operation, bond traders were sitting on edge for the results of today's latest "POMO" open market operation, which concluded moments ago, to see if it too would have a shortfall in supply. That did not happen, and instead as the BOE revealed moments ago, there was a substantial GBP 5.51 billion in gilts offered for sale to the BOE, resulting in a comfortable, oversubscribed coverage of 4.71x.

Raoul Pal: US Dollar Shortage Causing Many Problems For Global Economy?

from WallStForMainSt:

Jason Burack of Wall St for Main St interviewed first time guest, former hedge fund manager, global macro newsletter writer and Co-Founder & CEO of Real Vision TV, Raoul Pal.

Will the Dow go up 100% and Gold 5,000%?

by Egon Von Greyerz, Gold Switzerland:
Welcome to the wonderful world of illusions. This is a world where few people can see the difference between reality and fantasy. And maybe there is no difference. Just looking at the US election and the candidates, it seems like total fantasy from this side of the Atlantic. It is difficult to take the whole election process as well as the candidates seriously. But this is the world we live in today. Having in the last week seen people in many European countries run around the countryside and cities chasing Pokémon Monsters, you wonder if the presidential candidates might also be part of the same game.
Read More

China & BIS Negotiating Deal to Settle Global Contracts in GOLD at $5,000/oz! – Jim Willie

from Silver Doctors:

Has the END-GAME Begun?

BIG NEW DEVELOPMENT ON GLOBAL FRONT: Chinese finance officials and the Basel-based BIS are NEGOTIATING A GLOBAL REFORM OF ALL BILATERAL CONTRACTS.  They strive to alter US Dollar based contracts, and CHANGE THE CONTRACT TERMS TO GOLD SETTLEMENT.
THE CHINESE & BIS ARE WORKING ON A GLOBAL CONTRACT AT THE $5000 GOLD PRICE…
Read More

THE COMING BREAKDOWN OF U.S. & GLOBAL MARKETS EXPLAINED… What Most Analysts Miss

by Steve St. Angelo, SRS Rocco:
The U.S. and world are heading toward an accelerated breakdown of their economic and financial markets.  Unfortunately, the overwhelming majority of analysts fail to understand the root cause of this impending calamity.  This is also true for the majority of precious metals analysts.
The reason for this upcoming systemic collapse of the U.S. and Global markets is quite simple when you understand the information and are able to CONNECT THE DOTS.  While it has taken me years of research to be able to finally put it all together, new information really put it all into perspective.
Read More

The Entire Economy Is Getting Ready To Hit Rockbottom

from X22Report:







/