by Jeff Berwick, The Dollar Vigilante:
Bill Gross just made headlines by explaining that Japan was bankrupt
and its central bank would have to acquire the nation’s debt and then
“forego repayment.”
What billionaire Gross is talking about here is a debt jubilee. And we’re not surprised. We’ve predicted this after all. I’ve often said that Japan will be the first to fall.
Nearly a year ago, we launched our Shemitah analysis by predicting near-term market chaos. Markets promptly crashed late in August. Then at the beginning of 2016, we explained that the upcoming year was a historical “Jubilee” and that it would continue to worsen until the end day on October 2, 2016 – though larger Shemitah Trends would be ongoing.
We’ve been tracking the events of 2016 and they have conformed to our predictions, beginning with a massive stock market pullback and a significant rise in the price of gold against the dollar in the first few months of the year.
Read More
Bill Gross just made headlines by explaining that Japan was bankrupt
and its central bank would have to acquire the nation’s debt and then
“forego repayment.”What billionaire Gross is talking about here is a debt jubilee. And we’re not surprised. We’ve predicted this after all. I’ve often said that Japan will be the first to fall.
Nearly a year ago, we launched our Shemitah analysis by predicting near-term market chaos. Markets promptly crashed late in August. Then at the beginning of 2016, we explained that the upcoming year was a historical “Jubilee” and that it would continue to worsen until the end day on October 2, 2016 – though larger Shemitah Trends would be ongoing.
We’ve been tracking the events of 2016 and they have conformed to our predictions, beginning with a massive stock market pullback and a significant rise in the price of gold against the dollar in the first few months of the year.
Read More
by Wolf Richter, Wolf Street:
Zell gets even gloomier, hammers ZIRP, starts selling.
“No one has ever accused me of not being a realist,” Sam Zell told CNBC. The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential was talking about the markets for office and apartment buildings in some major cities that have already peaked.
“Overall we’ve come off this extraordinary period of liquidity and this extraordinary period of low interest rates,” he said. “I think we’re unlikely to see a repeat of that going forward, and I think we’re going to see more supply in what had been pretty tight markets.”
And he has been selling. Back in 2007, he once again proved his sense of market timing. As the commercial property bubble was already teetering, he sold Equity Office Properties Trust to Blackstone for $23 billion, not including $16 billion in debt. Then prices crashed, and commercial property defaults hit the banks. As the dust was settling at the end of the Great Recession, he went on a shopping spree.
Read More
by Paul Craig Roberts, Paul Craig Roberts:
The Saker reports that Russia is preparing for World War III, not
because Russia intends to initiate aggression but because Russia is
alarmed by the hubris and arrogance of the West, by the demonization of
Russia, by provocative military actions by the West, by American
interference in the Russian province of Chechnya and in former Russian
provinces of Ukraine and Georgia, and by the absence of any restraint
from Western Europe on Washington’s ability to foment war.
http://thesaker.is/how-russia-is-preparing-for-wwiii/
Like Steven Starr, Stephen Cohen, myself, and a small number of others, the Saker understands the reckless irresponsibility of convincing Russia that the United States intends to attack her.
It is extraordinary to see the confidence that many Americans place in their military’s ability. After 15 years the US has been unable to defeat a few lightly armed Taliban, and after 13 years the situation in Iraq remains out of control. This is not very reassuring for the prospect of taking on Russia, much less the strategic alliance between Russia and China. The US could not even defeat China, a Third World country at the time, in Korea 60 years ago.
Read More
Governments and Banks...don't think twice about turning your children into cannon fodder for profit...
Zell gets even gloomier, hammers ZIRP, starts selling.“No one has ever accused me of not being a realist,” Sam Zell told CNBC. The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential was talking about the markets for office and apartment buildings in some major cities that have already peaked.
“Overall we’ve come off this extraordinary period of liquidity and this extraordinary period of low interest rates,” he said. “I think we’re unlikely to see a repeat of that going forward, and I think we’re going to see more supply in what had been pretty tight markets.”
And he has been selling. Back in 2007, he once again proved his sense of market timing. As the commercial property bubble was already teetering, he sold Equity Office Properties Trust to Blackstone for $23 billion, not including $16 billion in debt. Then prices crashed, and commercial property defaults hit the banks. As the dust was settling at the end of the Great Recession, he went on a shopping spree.
Read More
The Saker reports that Russia is preparing for World War III, not
because Russia intends to initiate aggression but because Russia is
alarmed by the hubris and arrogance of the West, by the demonization of
Russia, by provocative military actions by the West, by American
interference in the Russian province of Chechnya and in former Russian
provinces of Ukraine and Georgia, and by the absence of any restraint
from Western Europe on Washington’s ability to foment war.
http://thesaker.is/how-russia-is-preparing-for-wwiii/Like Steven Starr, Stephen Cohen, myself, and a small number of others, the Saker understands the reckless irresponsibility of convincing Russia that the United States intends to attack her.
It is extraordinary to see the confidence that many Americans place in their military’s ability. After 15 years the US has been unable to defeat a few lightly armed Taliban, and after 13 years the situation in Iraq remains out of control. This is not very reassuring for the prospect of taking on Russia, much less the strategic alliance between Russia and China. The US could not even defeat China, a Third World country at the time, in Korea 60 years ago.
Read More
Governments and Banks...don't think twice about turning your children into cannon fodder for profit...
UK To Stockpile Tanks, Heavy Equipment Close To Russia's Border
Submitted by Tyler Durden on 05/29/2016 - 19:22 As if on cue, NATO made it even more explicit that its primary prerogative remains to provoke Russia into an offensive move, when over the weekend the Times reported that the British military may soon start stockpiling tanks and other heavy equipment in Eastern Europe as part of NATO's military beef up close to Russia's border. The decision may come at the upcoming NATO summit in Warsaw in July.
"Bill Clinton Was Here": The Elite One-Percent’s 'Orgy Island' Exposed
Submitted by Tyler Durden on 05/29/2016 - 17:37 If you can name it — it has likely taken place this the lavish private island off the coast of Puerto Rico which boasts a beautifully landscaped plush luxury estate complete with its own helipad, privy only to certain members of the global elite.
Another Real Estate Crash Looms: Sam Zell Dumps Holdings, Warns "The Fed's Deferred Reality For Too Long"
Submitted by Tyler Durden on 05/29/2016 - 13:35 Everything seems to be booming again – easy money, easy lending, rising prices, and a bread and circused populous. But appearances can be deceiving and highly acclaimed billionaire investor Sam Zell isn’t buying the hype... noting the nearly 50 million Americans on food stamps, the six million millennials living in their parents’ basements, or the massive spike in business debt delinquencies.
Artist's Impression Of Small Business In Obama's America
Submitted by Tyler Durden on 05/29/2016 - 18:15 Cynics, skeptics, and fiction-peddlers...
Cash-Strapped ISIS Is Selling Sex Slaves On Facebook: Asking Price $8,000 Each
Submitted by Tyler Durden on 05/29/2016 - 17:08 "To all the bros thinking about buying a slave, this one is $8,000,” begins the May 20 Facebook posting by Almani. The same man posted a second image a few hours later, this one a pale young face with weepy red eyes. "Another sabiyah [slave], also about $8,000,” the posting reads. "Yay, or nay?"Homeland Insecurity
Submitted by Tyler Durden on 05/29/2016 - 17:05
Unintended Consequences: Easy Money = Overcapacity = Trade Wars
Submitted by Tyler Durden on 05/29/2016 - 16:35 So what happens to all that Chinese steel that was on its way to the US and EU before slamming into those prohibitively high tariffs? One of three things: Either it’s sold elsewhere, probably at even steeper discounts, thus pricing US and EU steel exports out of those markets. Or it’s stockpiled in China for future use, thus lowering future demand for new steel production and, other things being equal, depressing tomorrow’s prices. Or many of China’s newly-built steel mills will close, and China will eat the losses related to this malinvestment. Each scenario results in lower prices and financial losses somewhere. Put another way, as far as steel is concerned, the world’s fiat currencies are rising in value, which is the common definition of deflation.
"All Men Are Not Created Equal" Louisiana State Rep. Rejects Declaration Of Independence
Submitted by Tyler Durden on 05/29/2016 - 16:05 "One thing I do know is... all men are not created equal.. it's unfair to aks our children to recite [the declaration of independence] that's not the truth... In 1776 Dr. King was not even born..."
Venezuela's Gold Reserves Plunge To Lowest Ever As Maduro Repays Debt With Gold
Submitted by Tyler Durden on 05/29/2016 - 15:32 Venezuela’s gold reserves have plunged to their lowest level on record after the country sold $1.7 billion of the precious metal in the first quarter of the year to repay debts. The country is grappling with an economic crisis that has left it struggling to feed its population.The OPEC member’s gold reserves have dropped almost a third over the past year and it sold over 40 tonnes in February and March. Gold now makes up almost 70% of the country’s total reserves, which fell to a low of $12.1 billion last week
Over 40 Shot As Violence Erupts In Chicago During Memorial Day Weekend
Submitted by Tyler Durden on 05/29/2016 - 15:10 Less than a week ago, after reporting that shootings in Chicago were up an astonishing 50% from the same time in 2015, Chicago's police superintendent Eddie Johnson proclaimed "as we look toward the summer months, violence will not be tolerated." Johnson didn't give any further details around what the plan was actually going to be to stem the violence other than volunteers would be asked to work overtime during the Memorial Day Weekend. Sadly, as the Chicago Tribune reports, whatever plan Johnson had didn't work and violence in Chicago has erupted once again. So far this Memorial Day weekend, there have been 40 people shot (4 killed, 36 wounded)
If You Think Cultural Fragmentation Is Bad Now...
Submitted by Tyler Durden on 05/29/2016 - 14:45 As technology continues to fragment communication and the spread of ideas, people will continue to pursue their own individual interests with the effect of further cultural divergence. We are heading toward a world where we can build our own echo chambers and shut off anything we find offensive or unpleasant. In other words, if you think that cultural fragmentation is bad now — or that the Trump supporters are suggesting extreme measures in order to reimpose a degree of cultural hegemony - you ain’t seen nothing yet. The decentralization of warfare through the adptation of drone technology and things like 3-D printed guns and bullets means that many skirmishes will likely be fought over this stuff again.
Army Tests Driverless Vehicles On Michigan Roads To "Save Lives, Cut Costs"
Submitted by Tyler Durden on 05/29/2016 - 13:00 Forget McDonalds and minimum wage blowback, the U.S. Army Tank Automotive Research, Development and Engineering Center (TARDEC) is set to send a convoy of vehicles along a stretch of Interstate 69 in Michigan as part of an initial testing of driverless military vehicle equipment on public roadways. The autonomous technology, designed to "save the lives of soldiers serving overseas," is the latest step for the army as it progresses towards its goal of unmanned Abrams tanks and helicopters.
Senators Slam Loretta Lynch: End The Climate Change Witch Hunt
Submitted by Tyler Durden on 05/29/2016 - 12:26 In light of the continued push by state AGs to go after Exxon on climate change, five senators have sent a letter to U.S. Attorney General Loretta Lynch demanding that in two weeks, the Department of Justice "immediately cease its ongoing use of law enforcement resources to stifle private debate on one of the most controversial public issues of our time - climate change." Or, said otherwise, to end the government witch hunt against political opponents of president Obama's energy agenda.
Germany's New "Integration Law"
Submitted by Tyler Durden on 05/29/2016 - 12:25 After months of haggling, Germany's coalition government has agreed on a new "Integration Law" aimed at regulating the rights and responsibilities of asylum seekers in Germany. The main focus of the law is to encourage refugees to learn enough German to be able to find a job and help pay for their living expenses. Chancellor Angela Merkel has hailed the new law as a "milestone," but critics counter that the new law is a largely symbolic measure directed at reassuring German voters and blunting the rise of the anti-immigration Alternative for Germany party, accusing Merkel of "no longer being concerned about the interests of Germans and the future of their nation, the protection of their living environment and their cultural identity."
Campaigning in Kentucky, Hillary Clinton said she’ll put husband Bill
in charge of “revitalizing the economy” to create jobs – with little
further elaboration.Former labor secretary in his administration, Robert Reich, said her remarks suggest “she’s no longer touting the successes (sic) of the Obama economy or even linking herself to it.”
Today’s economy differs vastly from the 1990s. Bill Clinton’s policies set the stage for thirdworldizing America. His rap sheet includes:
• eight years as Wall Street’s man in Washington, facilitating unprecedented casino capitalism;
• NAFTA and the World Trade Organization, responsible for millions of industrial and other US jobs lost as well as environmental destruction;
Read More
The IAEA issued a new report reconfirming that Iran is “complying with
the P5+1 nuclear deal, and that Iran’s stockpiles have all remained
below the limits set forth in the deal.”The ‘deal’ has been selectively imposed, mainly by the US, as a propaganda and war-weapon against Iran, which the US has sought to reconquer since its proxy dictator was overthrown in 1979. While forcing Iran to comply with the strict regime, Washington ignores nuclear violations and ambitions by its allies or proxies, such as Israel and Saudi Arabia.
The US itself remains the world’s leading violator of nuclear weapons law and the only country that has used nuclear weapons on people, including in human experimentation.
Read More
by Nick Giambruno, International Man:
Having been a longtime listener of Tom Woods’ superb podcast, The Tom
Woods Show, I was delighted when he asked Doug Casey and me to come on
the show.
We had an in-depth discussion on our recent trip to Zimbabwe and some of the shocking things we found.
I think you’ll find our conversation below informative and entertaining.
Tom Woods: It’s a pleasure to talk to both of you.
Let’s start by talking about a place most people really aren’t thinking a lot about, but when they do, they think of hyperinflation… And that’s Zimbabwe.
Now, I understand you were recently in Zimbabwe. Have things improved since the currency stabilized?
Doug Casey: Well, I think they have improved a little bit.
Read More
Having been a longtime listener of Tom Woods’ superb podcast, The Tom
Woods Show, I was delighted when he asked Doug Casey and me to come on
the show.We had an in-depth discussion on our recent trip to Zimbabwe and some of the shocking things we found.
I think you’ll find our conversation below informative and entertaining.
Tom Woods: It’s a pleasure to talk to both of you.
Let’s start by talking about a place most people really aren’t thinking a lot about, but when they do, they think of hyperinflation… And that’s Zimbabwe.
Now, I understand you were recently in Zimbabwe. Have things improved since the currency stabilized?
Doug Casey: Well, I think they have improved a little bit.
Read More
by Bill Bonner, Acting Man:
Geniuses in Charge
BALTIMORE, Maryland – Is there any smarter group of homo sapiens on the planet? Or in all of history? We’re talking about Fed economists, of course.
Not only did they avoid another Great Depression by bold absurdity…giving the economy more of the one thing of which it clearly had too much – debt. They also carefully monitored the economy’s progress so as to avoid any backsliding into normalcy.
And where do we get this penetrating appraisal? From the Fed economists themselves, of course. Bloomberg:
“The U.S. Federal Reserve’s decisions to delay interest-rate hikes helped cushion the economic shocks caused by rapidly rising borrowing costs for U.S. companies from late last year through early 2016, according to economists at the New York Fed.
“By maintaining the federal funds rate lower, the FOMC managed to substantially offset the effect of tightening financial conditions on the economy,” the authors, referring to the rate-setting Federal Open Market Committee, wrote in a blog post on the bank’s website on Wednesday.”
Read More
Geniuses in ChargeBALTIMORE, Maryland – Is there any smarter group of homo sapiens on the planet? Or in all of history? We’re talking about Fed economists, of course.
Not only did they avoid another Great Depression by bold absurdity…giving the economy more of the one thing of which it clearly had too much – debt. They also carefully monitored the economy’s progress so as to avoid any backsliding into normalcy.
And where do we get this penetrating appraisal? From the Fed economists themselves, of course. Bloomberg:
“The U.S. Federal Reserve’s decisions to delay interest-rate hikes helped cushion the economic shocks caused by rapidly rising borrowing costs for U.S. companies from late last year through early 2016, according to economists at the New York Fed.
“By maintaining the federal funds rate lower, the FOMC managed to substantially offset the effect of tightening financial conditions on the economy,” the authors, referring to the rate-setting Federal Open Market Committee, wrote in a blog post on the bank’s website on Wednesday.”
Read More
The Source of Failure: We Optimize What We Measure
Submitted by Tyler Durden on 05/29/2016 - 18:50 The problems we face cannot be fixed with policy tweaks and minor reforms. Yet policy tweaks and minor reforms are all we can manage when the pie is shrinking and every vested interest is fighting to maintain their share of the pie. Our failure stems from a much deeper problem: we optimize what we measure. If we measure the wrong things, and focus on measuring process rather than outcome, we end up with precisely what we have now: a set of perverse incentives that encourage self-destructive behaviors and policies.
Sen. Bernie Sanders, the first openly socialist U.S. presidential
candidate, won’t become the Democratic Party’s nominee, no matter how
much his supporters kick and scream about the unfair advantages awarded
his chief rival for the Oval Office, Hillary Clinton.But sometimes dreams don’t come true, and for a reason: Some entity somewhere is trying to spare Sanders supporters (and the rest of the American public) the pain and agony and despair that socialism would bring to the United States.
That entity is even providing a modern-day example, if anyone at Sanders’ rallies cares to take an honest look: Venezuela, a once-successful capitalistic country that has descended into an economic death spiral, thanks to more than a decade of bad, socialist government.
Read More
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