Friday, September 2, 2016

As The World Economy Is Burning Central Bankers Are Clueless...

by Egon Von Greyerz, Gold Switzerland:
The more things change, the more they stay the same. The financial world loves focusing on some future event that they think will change everything. There is always some economic data, an important meeting like G20, the Fed, the ECB or a speech by Yellen or some other central bank head who hasn’t got a clue what is happening or what will happen. So now at the end of August, markets have all been focusing on Yellen’s speech at Jackson Hole Wyoming. Jackson Hole is of course a very befitting name since what the Fed is starring into is a massive black hole into which major parts of the financial system will disappear.
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The Fictional Recovery Is Ending, The Economy Is Sliding Into The Collapse Quickly

from X22Report:

ARE YOU READY FOR THE END GAME? […It’s Coming] — Andy Hoffman


Andy Hoffman is back to kick off September by helping us document the collapse. From 6.2 BILLION in PAPER Gold dumped on the futures market in just the past week to BREXIT 2 which Andy predicts is coming in November when Trump beats Hillary, the end game is coming into focus quickly.

California Just Passed A $1 Billion Tax On The Whole Country That No One Noticed

If you eat food then you're among the consumers that get to absorb California's latest $1 billion tax on the U.S.

Reuters Floats Disturbing Trial Balloon: "The ECB May Be Forced To Buy Stocks"

On the verge of running out of bond to monetize, the ECB has engaged in something fed had expected: it is buying bonds from itself. But according to a troubling Reuters "trial balloon" that may be just the beginning: as Reuters writes, the "ECB may soon be forced to follow the Bank of Japan's example and buy equities as part of any expanded stimulus programme."

How Millennials Could Bring The Oil Industry To Its Knees

Maybe in better times, the staggering population of the millennial demographic would be a hurdle over which Big Oil could easily leap. But times are tough, and that isn’t our today.

"August Curse" Continues As Payrolls Miss, Rise By Only 151,000; Hourly Earnings Disappoint

With Wall Street expecting another solid month of payroll growth, following multiple-sigma outlier prints in June and July, the whisper expectations was for a miss on the back of the previously discussed "August Curse" which has seen a consistent miss in the month of August for the past decade, and that is precisely what happened when moments ago the BLS reported that in the month of August only 151K jobs were added, missing the 180K consensus by nearly 30,000 jobs.

Where The August Jobs Were

Having observed the quantitative aspect of today's weaker than expected previously, we look at the qualitative job additions in August where we find that, once again, the bulk of job additions went to lowest-paying jobs.

WTF Chart Of The Day: US Factory Orders Tumble For Longest Streak In History

21 Months... US Factory Orders have decline year-over-year every month since October 2014 (the end of QE3). This is the longest period of decline in US history (since 1956) and has always indicated the US economy is in recession...

New York ISM Crashes Back Into Contraction

July's surreal surge from 45.4 to 60.7 has been entirely erased as August's NY ISM business conditions index plunges back to 47.5 with purchases, revernues, and expected future demand all tumbling...

Goldman Says Weak Payrolls "Just Enough For September Hike", Raises Odds From 40% To 55%

Growth in nonfarm payrolls was weaker than consensus estimates at +151k, but above the pace Fed officials typically consider sufficient to hold the unemployment rate steady over time—the so called “breakeven rate”. We therefore see this report as just enough for a large majority of officials to support a September rate increase. We have therefore raised our subjective odds of a hike this month to 55% from 40%.

VIX Flash-Crash To 11 Handle Sends Stocks To One-Week Highs

Bad news is good news once again...

Conquistador Trump

Trump’s stance in Mexico City and Phoenix reveals that there is no turning back. The die is cast. He is betting the election on his belief that the American people prefer his stands to Clinton’s call for amnesty. The “well-being of the American people” may be the yardstick by which U.S. policies will be measured in a Trump presidency. This is also applicable to Trump’s stand on trade and foreign policy.

The Most Troubling News For The Fed In Today's Jobs Report

Average weekly earnings for all employees not only declined from $884.08 to $882.54 over the past month (with weekly earnings for production and non-supervisory workers likewise declining from $727.92 to $727.10), meaning that on an annual basis, the 1.5% increase was the worst print in 32 months.

"Bad News" Jobs Data Sparks Kneejerk Buying Panic... In Everything

Gold is leading the way but everything is rallying on thge back of a payrolls print that disappointed expectations and unwound J-Hole jawboning... and the USD Index is dumping...

Death Panel Discussion: Obamacare Costs Skyrocket; When Does It Stop?

Companies are taking advantage of a mix of laws that force insurers to include essentially all expensive drugs in their policies, and a philosophy that demands that every new health care product be available to everyone, no matter how little it helps or how much it costs. Anything else and we’re talking death panels...If Obamacare did not force insurers to provide coverage for every drug, and if Medicare put a cap on costs, prescription drug prices would crash. The same applies to operations and every other aspect of health care. Government is the problem, not the solution.

Your Last Minute Payrolls Preview: What Wall Street Expects

In just half an hour, the August payrolls report, critical in framing the Fed's September decision according to Stanley Fischer, will be released. Here are the key consensus expectations...

Putin Joins "OPEC Headline" Fray, Pushes For Oil Production Freeze, Iran Exemption

Overnight the debate over the fate of the OPEC oil production got a new and unexpected entrant when Russian president, Vladimir Putin said he’d like OPEC and Russia to reach a deal to freeze supply and expects the dispute over Iran’s participation can be resolved. Putin sided with Iran saying that oil producers recognize that the middle-eastern nation, which has mostly restored the output halted during three years of trade restrictions, deserves to complete its return to world markets

70,000 Left Without Power As Hurricane Hermine Makes Landfall

Some 70,000 households were left without power after Hermine was became the first hurrican to make Florida landfall since 2005, slamming Florida's northern coast for, before it weakened to a tropical storm and ploughed its way overland toward the Atlantic Coast on Friday.

August Payrolls Loom: Futures Flat, Dollar Rises, Treasuries Slip

The much anticipated payrolls day, expected to provide at least some more clarity on future Fed policy, has arrived and heading into today's report both price action and newsflow has been muted. U.S. equity index futures were fractionally higher, as European stocks rise 0.6% while Asia was flat. Gold fell as the dollar rose, while comments by Vladimir Putin which endorsed an OPEC oil production freeze while granting Iran an exemption, have pushed oil higher.

US Agreed to Secret Loopholes for Iran Nuclear Deal

from TRU News:
Institute for Science and International Security, a Washington-based think tank, says the United States and its negotiating partners agreed to secret loopholes in the Iran nuclear deal to allow evasion of restrictions.
David Albright, think tank prez, former UN weapons inspector: Report based on information provided by several officials of governments involved in the negotiations.
“The exemptions or loopholes are happening in secret, and it appears that they favor Iran.”
Report: Exemptions were approved by the joint commission the deal created to oversee implementation of the accord
White House official: Admin briefed Congress “frequently and comprehensively” on the joint commission’s work.
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The Mysterious Guardian Of The U.S. Stock Market

by Scott Rabinowitz, Investment Research Dynamics:
Yes, this has all become mentally exhausting for anyone that has been around what are still referred to as “markets for the past 25 years. In fact, I’d say it has become mentally exhausting to anyone still capable of thinking on their own, not having to be spoon fed an explanation for every logical and illogical outcome that seemingly approaches at a more rapid rate as each day passes. To most thinkers, it is frustrating that fundamentals seem to be nothing more than an old pastime to everyone else. Our world has succumbed to an existence in which a mere few can and will dictate their desired outcomes as if it is a certainty and not just an experiment in which unintended consequences are nothing more than a potential nuisance.
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It Starts: Rents Drop in 10 of the Top 12 US Markets

by Wolf Richter, Wolf Street:
Check out the rental trends in your own city.
The construction boom of apartment and condo buildings around the US, especially in high-priced metro areas on the East Coast and the West Coast, is now colliding with the reality of squeezed household incomes and soaring rents. As a consequence, in many of the hottest markets – including San Francisco, where the explosion in rents is called “The Housing Crisis” – rents have started to drop.
Landlords are competing with a surge of new supply from new apartment and condo developments. Incentives, such as one month free rent, a rarity in hot markets like San Francisco, have reappeared. And in some of the neighborhoods with new apartment towers, the “now leasing” banners are everywhere.
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Greg Hunter-Weekly News Wrap-Up 9.2.16, Trump, MSM Lies, Clinton Foundation, Internet Tax, Freight Bankruptcy, Gold Delivery and Obamacare

from Greg Hunter:

Greg Hunter of talks about the most important news stories from the past week.


by Jeff Berwick, The Dollar Vigilante:
We have recently written about how Angela Merkel in Germany has encouraged her citizens to begin stockpiling food and provisions to protect themselves in the event of an “attack”.
Since, in the last week, the US State Department has issued an updated travel warning for Israel, the West Bank, and the Gaza strip as well as Turkey.
And now, just this week, Russians are being awakened by the deafening noise of emergency war sirens as a simultaneous “military combat readiness check” took place for Russian soldiers from August 25th-31st according to Russian Defense Minister Sergei Shoigu. Vladimir Putin ordered these readiness checks in the Southern, Western, and Central military districts.
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The Transformation Of Wall Street In Two Photos: The UBS Trading Floor In 2008… And 2016

from Zero Hedge:
Back in its heyday, the trading floor in UBS’ Stamford office, once the largest in the world and big enough to hold 23 basketball courts, was a symbol of everything that went right on Wall Street. Packed with traders, it was a non-stop cacophony of screaming, constant motion and furious energy – to an outsider sheer chaos, which somehow ended up generating millions in profits for the bank every day. Some time around 2008, just before the financial crisis hit, it looked like this.
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Jim Willie: QE & Negative Interest Rates (NIRP) Destroyed Sovereign Bond Markets!

from WallStForMainSt:


from Harvey Organ:
The Shanghai fix is at 10:15 pm est and 2:15 am est
The fix for London is at 2 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds within 15 minutes of London’s first fix.
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Martin Armstrong Rages "Children Are Once Again The Number One Tool Of Propaganda"

"Whenever you see a story using children, it is the first sign of propaganda. Whenever they use children, it is to cover-up something or to get you to support some agenda."


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