In 2006 it was exactly twelve months after delinquency rates bottomed that the recession began. If the same period applies, we are due for a recession. In the first quarter of the Great Recession in 2008, delinquency rates were only 1.45%. We are already above that level. The fact that increasing loan delinquency coincides with mountains of debt maturing in 2016 and 2017 is a topic for next time.
David Cameron told European leaders he lost the EU referendum because they failed to address public concerns over immigration, as tensions rose ahead of looming Brexit negotiations. The British PM said that fears of mass immigration were "a driving factor" behind the vote and free movement would have to be addressed in Brexit talks. He was mostly referring to Angela Merkel who blocked British demands before the referendum for an "emergency brake" on migrant numbers.
Could Brexit turn out to be a mistake? Yes. Unfortunately, we live in an uncertain world with imperfect knowledge. We can only guess at the future. However, Britain has been capably governing itself for hundreds if not thousands of years. In that light, Brexit appears likely promote the right people and ends.
"The global economy is not working for the majority of people in our country and the world. This is an economic model developed by the economic elite to benefit the economic elite. We need real change... We also need a president who respects the democratic rights of the people, and who will fight for an economy that protects the interests of working people, not just Wall Street... and other powerful special interests."
Aided and abetted by the legislatures, the courts and Corporate America, the government has been busily rewriting the contract (a.k.a. the Constitution) that establishes the citizenry as the masters and agents of the government as the servants. We are now only as good as we are useful, and our usefulness is calculated on an economic scale by how much we are worth - in terms of profit and resale value - to our “owners.” Under the new terms of this one-sided agreement, the government and its many operatives have all the privileges and rights and “we the prisoners” have none.
In his first appearance in European Parliament since the Brexit vote, UKIP leader Nigel Farage was greeted with raucous jeers and boos (presumably for enabling The Brits to exercise their democratic right to self-determination). Once EU President Martin Schulz had demanded (ironically) that they listen, Farage began his 'victory' speech by reminding his so-called peers of their laughter when he first suggested UK should leave The EU - "you're not laughing now... are you!"
"I would like to reemphasize that it’s pure foolishness to have your loyalties dictated by the lines on a map or the dictates of some ruler. The nation-state itself is on its way out. The world will increasingly be aligned with what we call phyles, groups of people who consider themselves countrymen based on their interests and values, not on which government's ID they share. I believe the sooner you start thinking that way, the freer, the richer, and the more secure you will become. The most important first step is to get out of the danger zone."
"...the increasing desperation of central bankers and their willingness to boost inflation at all cost is going to lead to a plethora of unintended consequences, all of which are likely to boost the gold price."
Things have not been going according to plan for Kuroda-san and his policy-making 'Peter-Pan's in Japan. Since The Bank of Japan unleashed NIRP on its 'saving' community - which, according to the textbooks would force money to reach for riskier investments, pumping stocks up, or flush cash into inflationary consumption - stock prices have collapsed and bond prices have exploded... In fact, in six months, bonds are outperforming stocks by a central-bank-credibility-crushing 70%!!!
European Commission President Jean-Claude Juncker didn't speak English Tuesday as he lamented the U.K.'s departure from the bloc. Juncker's official speech to EU lawmakers was made only in French and German. He did, however, respond to hecklers among the British EU lawmakers in English. Previously, Juncker has often used the EU's most widely spoken and written language as well, particularly when addressing issues close to British hearts.
China CITIC Bank Corp Ltd has launched a Canadian lawsuit to try to seize the assets of a Chinese citizen the bank claims took out a multimillion-dollar loan in China then fled to Canada. The defendant, Shibiao Yan, owns three multimillion-dollar properties in a Vancouver suburb and lives in a $3-million Vancouver home owned by his wife, according to court documents.
So there we have it, Hillary Clinton will pull millennials out of from the basement of their parents house and into the world of business simply by allowing loan deferments that don't accumulate interest. Just as long as nobody ever addresses the core issues that are driving millennials into debt with no real opportunity to repay that debt to begin with, the status quo will continue to survive, and the politicians will all be left scratching their head as to why these programs just aren't working. Once again, the Federal Reserve and its monetary polices are left intact, and the politicians won't ever be forced to make any real fiscal reforms - that would just be too difficult.