The idea that you can fix bad debt with more debt is as prevalent as the idea that the US economy can be binge hiring while careening into recession. What’s truly sad is that those two mistakes are really, at root, the same. The road ahead to real recovery and sustainable growth starts with “unlearning” monetarism. It is a huge task.
New York governor Andrew Cuomo, in a letter Saturday to the state Health Department and the Department of Environmental Conservation, called for the probe into the Indian Point NPP after he said Entergy, the plant's owner, reported "alarming levels of radioactivity" at three monitoring wells, with one well’s radioactivity increasing nearly 65,000 percent.
Now that talking about NIRP in the US is no longer anathema but a matter of survival for market participants for whom frontrunning the Fed's policy failure has emerged as a prerequisite trade, the question is: what are the mechanics of NIRP, what are the implications of negative rates for US markets. Here is the handy answer
"Folly For The Ages": After Buying Back 63 Million Shares At $83, Hess Just Sold 25 Million Shares At $39Submitted by Tyler Durden on 02/06/2016 - 16:22
The bottom line: Hess just sold 25 million shares at a price of $39 after purchasing 63 million shares through 2015 at an average price that was more than double, or $83 share. As Reuters puts it, "this modern Hess era is a case study that should be required reading in boardrooms everywhere."
"They'll Return To Their Countries In A Wooden Coffin": Iran, Syria Warn Saudis, Turks Against Ground TroopsSubmitted by Tyler Durden on 02/06/2016 - 15:51
"This will be like a coup de grace for them. Apparently, they see no other way but this, and if this is the case, then their fate is sealed.”
The announcement that China will start targeting the yuan against a basket of currencies and not the dollar is consistent with the strategy of undermining the dollar's value. While the view of a looming Yuan devaluation seems almost universal, GoldMoney's Alasdair Macleod warns instead that something else may be a foot - China will sell her dollars not to protect the yuan, but to dispose of an overvalued currency.
The United Nations Working Group on Arbitrary Detention has ruled that Wikileaks’ Julian Assange has been arbitrarily detained by the “democratic” governments of Sweden and the UK and is entitled to his freedom and compensation for detention by the two “democratic” governments. We will see if the ruling has any effect on the behavior of “the two great champions of liberty.”
Five years ago, in July of 2011, the house at 4182 West 8th Avenue in Vancouver in sold for $4.6 million. It now rests vacant, abandoned and rotting.
Is it time to panic yet?
In a breaking development that has been completely ignored by mainstream news sources, the leaking natural gas well near Los Angeles, California is now reportedly spewing lethal levels of radioactive material, according to a report from Steve Quayle and a group with expertise in nuclear material.
The Great Depression was the most severe economic depression ever experienced by the Western world. It was during this troubled time that the world’s most famous case of deflation also happened. The resulting aftermath was so bad that economic policy since has been chiefly designed to prevent deflation at all costs.