Thursday, September 29, 2016


by Geoffrey Grider, Now The End Begins:
If you want to see who won the first presidential debate, forget the polls. Look out your window, and you will see the line of people who want to come and listen to Donald Trump speak stretching out so far you really cannot see the end of it or even close.
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How Reuters "Tweaked" Its Latest Poll (Again) To Show A Clinton Lead

Rigged? Here's how Reuters "tweaked" it's latest poll to create an artificial 8.5% swing toward Hillary...

Mainstream Media Silent as Democrats Threatening Government Shutdown

by Michael DePinto, Freedom OutPost:
How many Americans know that we are less than 100 hours away from a government shutdown over the federal budget? If you listen to Senator Elizabeth Warren in the video below, aka Pocahontas, you might think it is the Republicans who are the ones threatening the shutdown, but then again… we’ve heard this story before.
The truth is, other than the “race card,” blaming Republicans for a looming government shutdown is one of the last moves left in the liberal playbook. Listen to how insane Warren sounds in the video below, and then wait until you learn what is REALLY going on in the subsequent video…
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Stock Chart PROVES Deutsche Bank CRASHING Like Lehman Part 2!

from The Money GPS:

Pain Spreads To Germany's Second Biggest Bank: Commerzbank Scraps Dividend, Fires 20% Of Workforce

With Deutsche Bank mercifully missing from overnight headlines for the first day in almost two weeks, it is time to bring attention to Germany's second largest bank which, as a Handelsblatt leak cautioned earlier in the week, confirmed it is also going through a historic rough patch.

Major Dollar Shortage Exposed In Europe As Deutsche Bank Contagion Spreads

"Storm in a teacup" this is not.

EU Banking Mayhem, One Bank at a Time, then All at Once

by Wolf Richter, Wolf Street:
Investors are not amused.

The European banking crisis simply doesn’t let up. Currently, the big two German banks are grabbing the headlines away from the Italian banks, due to their size and the damage they could do to the global financial system. Other banks are in bigger trouble still, and some have already collapsed, with bailouts and bail-ins getting lined up.
Deutsche Bank had to endure a horrendous Monday after it was leaked on Friday that Merkel had refused to entertain bailing out the bank before the general elections a year from now. Merkel’s popularity has gotten broadsided recently, and bailing out bank bondholders with taxpayer money is just not popular at the moment.
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Stanley Fischer's Novel Idea: "We'd Be Better Off With A Price For Using Money"

The end game of central bank lunacy is surely near. Even the Fed heads appear to be mumbling bits and pieces of truth in public.

Apple, Nasdaq Slide On Report Of Exploding iPhone 7

First it was Samsung, now it's Apple's turn. According to a just released report by Boy Genius Report, an iPhone 7 did what its main South Korean competitor has seemingly mastered: it exploded.

Outflows From Active Funds Surpass A Record $200 Billion

Over the last several years, we have observed an accelerating trend of flows out of active funds and into passive vehicles. Price sensitivity of investors to fees, coupled with poor performance trends, have conspired against active funds, and year-to-date flows out of active have reached a post-crisis high. As of this moment, the outflows from active funds have surpassed $200 billion: an all time high.

Stocks Slammed: S&P Gives Up OPEC Gains Despite Oil's Rally

Well that de-escalated quickly...

Watch Live As Wells CEO John Stumpf Gets Grilled On The Hill Again: Five Things To Look For

Wells Fargo embattled CEO John Stumpf returns to Capitol Hill for the second time in 10 days, for a contentious hearing with the House Financial Services committee. Despite Stumpf's belated clawback of $41 million in unvested stock, which took place only after tremendous congressional and populist outrage, his job remains very much under threat.

Mainstream Media Still Silent As Dakota Access Pipeline Protests Spread, Construction Blocked In Iowa

The media blackout of opposition to the Dakota Access Pipeline continues as widening protests, which have now blocked pipeline construction in Iowa, go unreported by the national corporate media.

Final Q2 GDP Comes At 1.4%: US Set To Grow At Slowest Pace Since Financial Crisis

Putting the US economy data in context, over the last 12 months real GDP continues to drop, sliding to 1.28% even with the modest upward revision, and has been below 2% in the last three quarters.

Jobless Claims Joke Of The Day

Initial jobless claims remain stuck at four decade lows (254k this week)... so where are all the jobs?

Post-February Uptrend In Stocks Being Tested

Key indices across the U.S. equity market are testing their uptrend lines stemming from the February lows.

India Assets Slide After Modi Launches "Surgical Strikes" In Kashmir, Killing Two Pakistani Soldiers

India conducted "surgical strikes" on suspected terrorist camps just across the border in Pakistan, marking its first direct military response to an attack on an army base it blames on Pakistan. The military offensive was the worst since 1999, when then-Prime Minister Atal Bihari Vajpayee - also a member of Modi’s nationalist Bharatiya Janata Party - responded to what he said was repeated cross-border infiltrations by militants in Kashmir.

Bank Of England Governor Warns Of ZIRP/QE "In Perpetuity"

“Deep structural forces have combined to depress the level of interest rates at which the economy would be in equilibrium...The neutral rate of interest is closer to zero than it used to be."

Trump’s Mirage of Spending Cuts Will Make America’s Collapse Great

by David Haggith, The Great Recession Blog:
In the first debate, Hillary Clinton called Trump’s tax plan “trumped-up, trickle-down” economics. It’s the one thing that came out of her mouth that I had to entirely agree with. Many others are saying it, too:
New analysis from a nonpartisan group finds that Donald Trump’s latest tax proposals would increase the federal debt by $5.3 trillion over the next decade, compared with $200 billion if Hillary Clinton’s ideas were enacted. The Committee for a Responsible Federal Budget looked at Trump’s newly revised tax plan as well as other proposals…. Trump has also proposed a sharp increase in spending on the military and veterans. He has proposed some spending cuts, but the committee calculated they wouldn’t come close to balancing the budget. (Newsmax)
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The Banquet Of Consequences Is Being Served

by Adam Taggart, Peak Prosperity:
ast week, the Federal Reserve decided to keep US interest rates unchanged, marking its 96th month of life at the zero bound. Apparently, for all of its “data dependence”, the Fed feels the economy could still benefit from *just* a little more of its ZIRP happy juice.
But as anyone with a little common sense will tell you, More is not always better. It’s quite possible to have too much of a good thing.
And in its pursuit to kick the can for a little longer, the Fed has crossed a dangerous line. Dangerous not just to the health of our market economy (that line was crossed a long time ago); but to its own existence. A central bank’s authority is based on faith in its power to effect its mandate. Last week’s decision was so toothlessly passive that even the Fed’s cheerleaders are beginning to question if it has any clue for how to escape from the corner it has painted itself into.
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If Elizabeth Warren Wants to Probe Worker Abuse on Wall Street, Start With the Unprecedented Rash of Deaths and Suicides

by Pam Martens and Russ Martens, Wall St On Parade:
On September 22, 2016 eight Senate Democrats, including Elizabeth Warren, Bernie Sanders, Jeff Merkley and Sherrod Brown, wrote to the Department of Labor requesting an investigation of the banking behemoth, Wells Fargo, to determine if it violated labor laws. The letter came amidst the public outcry over news that Wells Fargo’s employees had opened as many as 2 million customer accounts without authorization in order to meet stringent sales quotas for cross-selling products. The Senators wrote in the letter:
“…dozens of former and current Wells Fargo employees have come forward to describe the lengths they went to in order to meet the bank’s aggressive sales quotas. When quotas weren’t met, employees faced threats of termination; mandated hours of unpaid overtime; harassment; and other forms of retaliation. For years Wells Fargo employees have described a management culture characterized by ‘mental abuse,’ being forced to work overtime ‘for what felt like after-school detention’ during the week and on weekends, and being ‘severely chastised and embarrassed in front of 60-plus managers.’ ”
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The Petro-SDR: World Money Rising

by Jim Rickards, DailyReckoning:
The response to U.S. efforts to cheapen the dollar in 2010 — 2011 was not long in coming. It came from four directions — IMF, Russia, China, and Saudi Arabia. Enter the new world money: Petro-SDR.
Less than a year after Obama’s declaration of a new currency war, the IMF released a paper that is a blueprint for implementation of a new global reserve currency called the Special Drawing Right (SDR), or world money.
On December 1, 2015, the IMF announced that the Chinese yuan would be included in the basket of currencies used to determine the value of one SDR. With China onboard, the SDR is poised to become the de facto global reserve currency.
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How Constant Is Gold’s Purchasing Power?

by Koos Jansen, Gold Seek:
An often-perceived analysis in the gold community is that gold is the constant in our global economy. But is this true? Yes and no. Allow me to share my observations. Although gold has an exceptionally constant nature, and we have yet to see another currency that can compete with gold’s constant nature, the reality is, that there is no exact constant in economics. In any market all goods, assets, currencies, etc. continuously fluctuate in value relative to each other due to ever changing supply and demand dynamics. Having said that, in this post we’ll examine gold’s constant nature by measuring its purchasing power in the short (weeks) medium (years) and long term (decades). Additionally, we’ll compare our findings to fiat’s nature.
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Conspiracy Theorists Were Right — Congress to Expand TSA in Other Forms of Travel Like Bus & Train

by Claire Bernish, The Free Thought Project:
No one’s favorite government agency, the U.S. Transportation Security Administration, will be harassing innocent travelers on buses and trains, if new legislation — unsurprisingly proposed after rather questionable ‘attacks’ in New York City and New Jersey on September 18 — passes as expected.
Several U.S. senators from both sides of the aisle apparently want to make travelers lives’ a veritable hell of red tape and insidious surveillance by increasing putative ‘security’ for rail lines, highways, and marine routes by adding presence and screening procedures at Megabus depots, Amtrak stations, and more.
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Private Equity: a Formula for Fraud

from BATR:
How quaint, private equity sounds like the very definition of capitalism. Well, peel back this onion and the tears come streaming from your eyes. As with any insider investment scheme, the devil is in the details. So when these operations fell under government regulation, some optimists felt good that the government would protect the limited partners and the entire financial system. Just how did it work out?
Mike Konczal reports in The SEC Has Revealed Astounding Corruption in Private Equity.
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