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Martin Armstrong Warns "This Time Is Very Different"

"...this time it is substantially different. Government is now on the hook, which is part of the reason why they are moving to eliminate cash to prevent bank runs and to force society to comply with their demands....They have lied to themselves and to the people. We have to crash and burn – that part is inevitable. Only when the economy turns down will we then argue over solutions."



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Guest Post: America Has No Enemy More Lethal Than The Neocon

Those men who wrote our Constitution made it perfectly intelligible to anyone who cared to read it. They also left some flexibility in its articles to ensure that as time passed and circumstances changed the document would remain viable as the indispensable protector of the republic they created and of the liberty of citizens. In recent decades, however, Americans have been treated to an endless stream of politicians, academics, lawyers, and pundits who describe the opaqueness of the Founder’s Constitution and the need for “experts” to decipher or infer what the document means. But their words are lies, there are no such things as universal values. There is only one value common to all men in all times and that is the universal lust for gaining and exercising arbitrary power, and that power is exactly what the Jacobin/Neocon crowd is after.



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Chinese Stocks Are Crashing

In what appears to have been sparked by the Hanergy debacle, The Shanghai Composite has extended yesterday's losses and is now officially in "correction" - down over 11% from its highs yesterday. The much-heralded Shenzhen Composite is also down over 11% from yesterday's highs. Intraday, a small opening ramp has been demolished in Shenzhen, CHINEXT, and CSI-300. This is the biggest 2-day drop since August 2009.



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Elizabeth Warren Needs You To Help Her "Blow Debt Free College Wide Open"

"Our goal is simple: Get Congress on record in support of debt-free college and spark a movement to make it a reality. This resolution can be the start of something big -- but we need your support to blow it wide open. Are you with us?"



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The Clinton Foundation Paid Sidney Blumenthal $10K/Month As He Gave Horrible Libya Advice To State Dept

"While advising Mrs. Clinton on Libya, Mr. Blumenthal, who had been barred from a State Department job by aides to President Obama, was also employed by her family’s philanthropy, the Clinton Foundation, to help with research, “message guidance” and the planning of commemorative events, according to foundation officials... Much of the Libya intelligence that Mr. Blumenthal passed on to Mrs. Clinton appears to have come from a group of business associates he was advising as they sought to win contracts from the Libyan transitional government."



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This Is What Happens When A Millennial Tries To Get A Job

Heavily-indebted millennials are quickly finding out what it means to enter the job market during the "waiter and bartender recovery" as recent graduates with advanced degrees opt for serving tables and pouring drinks thanks to poor employment prospects. “You’re like, ‘I’ll do anything and apply for everything, but usually it’s an electronic filing and you’re spending all your time on it and never hear back. So far, I have applied for around 30 jobs, if not more, and have heard back on two of them."



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Super-Tanker Surge Signals More Crude Carnage To Come

"The supply of oil continues to build," warns the CEO of one super-tanker fleet, and "all of this oil needs to go somewhere," which is why the surge in super-tankers to a seven year high strong suggests all is not well in the world's hopeful 'demand' picture. With charter rates up a stunning 57% in the last few weeks with millions of barrels being stored on ships is another indication that the oil glut is yet to dissipate (and in fact, as Bloomberg reports, is getting worse - with almost half a billion barrels of oil in transit to buyers at the start of June, the most this year). With OPEC's meeting around the corner, a sudden realization of this rising glut may send prices plummeting once again.



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Paul Craig Roberts Rages "Free Financial Markets Are A Hoax"

There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of US power. It is just as amazing that Americans and Europeans are so trapped in The Matrix that they have no inkling that their future has been destroyed.



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The Leading And Most "Distinctive" Causes Of Death In Your State

The "average" American isn't doomed to die from a heart attack. According to a recent study by the CDC looking at the most distinctive deaths by state, by which they mean which type of death is abnormally represented relative to the national mean, Americans have a veritable cornucopia of ways in which they "pass" depending on which state they call home.



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Meanwhile In India, It Is So Hot The Roads Are Melting, "One Billion People Impacted"

While we patiently await Wall Street's weathermen, formerly known as economists, to blame the next swoon in US GDP on California's relentless drought, now in its fourth year, we wonder how many double seasonally-adjusted, pro-forma, non-GAAP GDP points India's blistering heatwave will bring. Because if California thinks it has it bad, India has it far worse. According to AccuWeather,  the severe weather "could have a significant impact on lives and property for more than a billion people in Asia during the summer of 2015." It is so hot, in fact, that the read is literally melting...



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Emergency Powers Give Barack Obama Authority Over Just About Everything During A Major National Crisis

Presidents have always exercised emergency powers, but now thanks to dozens of new laws, regulations, court decisions and executive orders, Barack Obama is the most powerful president in all of U.S. history. Of course the U.S. Constitution does not actually give the president any special powers during a time of national emergency, but over time presidents have decided that they should be able to exercise such powers and the courts have generally agreed with them.



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In Shocking Move, Goldman Slashes America's Long-Run "Potential GDP" From 2.25% To 1.75%

Having recently cut its estimate of US trend productivity growth to 1.5%, in a shocking move earlier today, Goldman admitted US trend growth is far less than previously speculated and lowered its long-term potential GDP. The bank says: "after adjusting for a drag from government sector productivity and incorporating an updated assessment of trend labor force growth, we now see long-run potential GDP growth at 1¾%, half a percentage point below our prior estimate." This is a huge deal as Goldman just recalibrated every single economic (i.e., inflation, employment) and financial (i.e., bond rates, leverage) equation by more than 20%, not to mention the amount of implied residual slack in the economy. In short, an absolutely massive amount!



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Putting The 'Great' In Great Depression, Stephen Roach Warns On TPP's Currency Rules

History has not been kind to major trade blunders. Just as the Smoot-Hawley Tariff Act of 1930 sparked a global trade war that may well have put the “great” in the Great Depression, Congressional enactment of enforceable currency rules today could spark retaliatory actions that might devastate the free flow of trade that a sluggish global economy desperately needs.



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States Turn To Pension Ponzi Scheme To Close Funding Gaps

“When you’re borrowing money for pensions, you’re getting a new credit card to pay off the old one, and you still haven’t paid off the old one.”



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