• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

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Haunting Pictures Of A Transportation Recession As Freight Rail Traffic Plunges

The impact of the transportation recession on railroads is now very visible. Here’s how Union Pacific is dealing with this issue, via Google Earth, on May 3: 292 engines idled on a siding west of Benson, Arizona, along I-10, for a stretch of nearly 4 miles. Note how the line of locomotives curves and fades into the left edge of the photo – an once majestic and haunting sight, all these powerful machines idled on a track in the Arizona desert...


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Turkey PM To Quit, Handing Even More Power To Erdogan: What This Means For Turkey

Turkey's Prime Minister Ahmet Davutoglu says he will stand down at an extraordinary congress of his ruling AK Party later this month. Speculation about his resignation has been rife since Mr Davutoglu met President Recep Tayyip Erdogan on Wednesday. He is long thought to have disapproved of Mr Erdogan's plans to move Turkey to a presidential system of government. He announced his resignation after holding talks with party leaders. The congress would be held on 22 May.


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A "Recovery" Paradox: Job Cuts In 2016 Are Highest Since 2009 As Initial Jobless Claims Tumble

The paradoxical divergence between the government's data on initial jobless claims, which in just over half an hour is expected to print at or close to another multi-decade low, and the actual number of layoff announcements by employers as tracked by Challenger Gray, and which continues to soar is puzzling to say the least. In the first four months of 2016, employers have announced a total of 250,061 planned job cuts, up 24% from the 201,796 job cuts tracked during the same period a year ago. This represents the highest January-April total since 2009, when the opening four months of the year saw 695,100 job cuts in the aftermath of the biggest financial crisis in modern history.


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Frontrunning: May 5

  • Europe shares, oil snap four-day losing streaks (Reuters)
  • Oil rallies as Canada fire and Libya violence threaten supply (Reuters)
  • How Trump Won—and How the GOP Let Him (WSJ)
  • Hedge Fudge Managers Lose Their Swagger (BBG)
  • Turkey Premier Said to Give Up as Erdogan Tightens Grip (BBG)

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"Global LIBOR Scapegoat" Turns To Public Crowdfunding To Fund Appeal

While UBS agreed to pay $1.5 billion to quickly settle charges that the bank manipulated LIBOR, trader Tom "Libor is too high, 'cos I've kept it artificially high" Hayes wasn't so lucky however. Alas, Hayes' pockets weren't that deep and he was the scapegoat UBS chose to offer up to the masses in the wake of the scandal, eventually being found guilty and sentenced to 14 years in jail (later reduced to 11 years).


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Futures Rebound As Crude Regains $45 On Canada Fears; Turkey Hammered

While markets remain relatively subdued ahead of tomorrow's nonfarm payrolls report, after several days of losses in US stocks which pushed the S&P500 to three week lows, overnight markets ignored the latest weak data out of China where the Caixin Services PMI was the latest indicator to disappoint (dropping from 52.2 to 51.8), and instead focused on crude, which rebounded from yesterday's post inventory-build lows and briefly printed above $45/bbl over uncertainty related to the impact of Canada wildfires on production and how long will last. The bounce in WTI has meant Brent briefly traded at parity with West Texas for the first time in 6 weeks. 


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A Very Bearish Stanley Druckenmiller Blows Up At The Fed; Reveals His Biggest "Currency" Position

If anyone had wondered if Stanley Druckenmiller's recent bearishness had dissipated, or transformed into at least modest bullishness as a result of the market meltup, we have bad news.


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Another Deadlocked Election Coming Up In Spain

After six months of failed coalition attempts, Spain’s King Felipe dissolved parliament and announced new elections. I reported on this last week, but the official document dissolving parliament was signed today. New elections are on June 26. Will the results be any different?


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Majority Of Germans Think The Media Is Controlled By Political, Economic Elites

According to a recent survey, the majority of people in Germany view the news media as simply a pillar of the government and the powerfully elite. Only one third of the respondents think that the German news media is truly independent, while the majority view the government and parties as having control over particular policies, and the lobbyists and advertisers having control over the economic news.


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Guest Post: The Great Western Retreat

"This massive deployment of armed forces in our own cities is a departure from history. It is a moral disarmament, before a military one. It is Europe's new Weimar moment.."


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Notorious Hacker Makes 'Bombshell' Claim: "I Got Inside Hillary's Completely Unsecured Server"

In a dramatic development that could lead to renewed focus on Hillary Clinton's email server scandal, NBC reports that the Romanian hacker who first exposed Hillary Clinton's private email address is making a "bombshell" new claim: that he also gained access to the former Secretary of State's "completely unsecured" server.


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China Warns 'Will Respond To Trump Presidency'

Speaking through its mouthpiece Global Times, China has published its first reaction to "unpredictable" Trump's position as presumptive Republican nominee and their expectations of a Trump vs Clinton fight for The White House... "This scenario is becoming increasingly serious..."


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How A Collapse In South America Could Trigger Martial Law In The U.S.

If an economic system collapses in the woods and no one is paying attention, are there any consequences outside the woods? Well, yes, of course. As with most situations financial and global, however, consequences are not usually taken very seriously until they have spawned a vast bog of sewage we all have to then swim through. The issue is and always will be “interdependency,” and the dissolution of sovereign borders. The European Union dynamic, for example, can only end in one of two ways - the complete dismantling of the supranational body and a return to sovereignty, or, a socio-economic crisis followed by even more centralization and the end of all remnants of sovereignty. Either way, the consequences will not be pretty. The same strategy may also be used in the Western hemisphere; more specifically, the collapse in South America that almost no one in the mainstream seems to be paying much attention to.


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Where Does The U.S. Get Its Oil?

Ever wondered where the United States imports its oil from? Howmuch.net came out with some infographics to show that from 2000 to 2015. What we would highlight here is the notable shift from the U.S. depending heavily on Middle East countries and Mexico, to depending more on America's neighbor to the north, Canada.


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Buchanan: If There's A 2nd Cold War, Did Russia Really Start It?

Putin may top the enemies list of the Beltway establishment, but we should try to see the world from his point of view. Did we not ourselves slap aside the hand of Russian friendship, when proffered, when we chose to embrace our “unipolar moment,” to play the “great game” of empire and seek “benevolent global hegemony”? If there is a second Cold War, did Russia really start it?


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