• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

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"Off The Grid" Indicators Suggest US Economy Not Ready For 'Liftoff'

Every quarter ConvergEx's Nick Colas reviews a raft of unusual and less examined datasets with an eye to refining and adding perspective to the more traditional macroeconomic analyses. This quarter’s assessment of everything from large pickup truck and firearms sales to Google search autofills for “I want to buy/sell” shows a U.S. economy that is reasonably strong but growing only very slowly. The chief areas of concern: Food Stamp participation is still very high at 45.6 million Americans (14% of the total population) and indicators like used car prices and large pickup sales are flat.



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Crude Slips On Surprise API Inventory Build

After 8 weeks of drawdowns in crude inventories, API reports a 1.9 million barrel build in the past week. Crude's response is a 60c drop for now...



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Fed Examines Wealth Redistribution Program; Decides It's Not Worth It

After seven long years of aggressively defending a monetary policy regime that's served to exacerbate the divide between the haves and the have-nots, the Fed looks at whether "the legend of Robin Hood" offers any helpful pointers about how to reignite America's economic growth engine. Spoiler alert: the Fed doesn't think "taking from the rich to give to the poor" would be very productive.



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The US Constitution (2015 Edition)

Presented with no comment...



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Who Could Have Seen This Coming?

It appears Central Bank omnipotence is under threat once again....



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Gross Says Hold Cash, Prepare For "Nightmare Panic Selling"

That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.



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China's "E*trade Babies" Wiped Out In Market Crash

The relentless, limit-down trading in Chinese stocks that unfolded last week and continued into Monday (despite the PBoC's best efforts to arrest the slide with an emergency rate cut) has wreaked havoc on China's rookie money managers and their unsuspecting clients with losses amounting to as much as 80% in some structured funds.



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Greece Becomes First Developed Country To Default To The IMF

*IMF SAYS GREECE FAILED TO MAKE PAYMENT DUE TUESDAY
*IMF BOARD INFORMED THAT GREECE IS NOW IN ARREARS



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"Diva Of Distress" Dissed: Court Tosses Lynn Tilton's Lawsuit Against SEC, Which Is Suing Her For Fraud

Just hours after the SEC sued Lynn Tilton for CLO fraud, the "Diva of Distress" countersued the SEC to stop it from pursuing its civil charge, alleging the SEC violated her constitutional rights or something. As she said then, "I hold hope that our nation will allow a fair fight for truth, to defend integrity and intent against allegations and provides fair forums," Tilton posted on Twitter. Our nation did not.



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EFSF Confirms Greek Bailout Expires Today

Despite rumors from The Time of Malta (seriously!!), Greece's largest creditor by far - the European Financial Stability Fund (EFSF) - has confirmed that "it's over": EFSF CONFIRMS GREECE FINL ASSIST PROGRAM EXPIRES TUESDAY. This means the last aid tranche is now unavailable and any remaining bank-recap funds will be cancelled. So no extension, no suspension of referendum, and no talks until the referendum is over.



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Could Armenia Be The Next Ukraine?

When Konstantin Kosachyov, the head of the Russian Federation Council's International Relations Committee, said the protests in Armenia against a 16.7 percent power price hike follow a color revolution scenario sponsored by Western powers, many commentators rushed to compare the crisis in Yerevan with the 2014 protests in Kyiv that toppled the pro-Russian president, Victor Yanukovych. However, the street protests in Armenia have more to do with the overall economic situation in the country than with proxy clashes between foreign countries.



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Obama Talks The Other "N" Word

"N"onsense...



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Don't Blame Austerity: Five "Dastardly" Ways Italy Burned Through Taxpayer Money

What has really been going on in Europe over the past 5 years, if the debt load kept creeping higher, and yet little money was actually making its way to the broader population? The answer is simple: abuse of taxpayer funding, also known as fraud and corruption. As Italy's TheLocal reports, the EU anti-fraud office, Italy currently has 61 open investigations into fraud involving EU funds. This means Italy has the second highest number of investigations in the EU, ranking just below Greece's neighbor to the north, Bulgaria.



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Former Senator Slams Washington As Corrupt "Sewer", Calls For Outraged Young Americans To Revolt

"On a more personal level, how can public service be promoted as an ideal to young people when this sewer corrupts our Republic? At this point in early twenty-first-century America, the greatest service our nation’s young people could provide is to lead an army of outraged young Americans armed with brooms on a crusade to sweep out the rascals and rid our capital of the money changers, rent seekers, revolving door dancers, and special interest deal makers and power brokers and send them back home to make an honest living, that is, if they still remember how to do so."



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