Fumbling Towards Collapse

"...the real issue hidden in plain sight is how America - indeed all the so-called 'developed' nations - are going to navigate to a stepped-down mode of living, without slip-sliding all the way into a dark age, or something worse."

About Those "Overly Optimistic" Trump GDP Forecasts, There's Just One Thing

While armchair and tenured economists took Trump to task last week over his reportedly "overly optimistic" GDP projections, it is worth recalling that in 2009 when Obama took office in the midst of a recession, the former president projected GDP growth of 3.5% to 4.5% for 2010-2014. He never even got above 3%.

Was The Catalyst Fund Really The Catalyst?

"I want to believe that it was not, because the alternative, that liquidity has devolved to the point that a relatively small and formerly obscure fund can drive the entire market for days on end is quite scary as both a trader and investor."

Mattis "We're Not In Iraq To Seize Anybody's Oil"

In the latest distancing by Trump administration advisors from recent statements by the President, Defense Secretary Jim Mattis arrived in Baghdad on an unannounced visit on Monday to discuss the war effort against ISIS, and said that the US military is not in Iraq "to seize anybody’s oil."

The Week's Key Economic And Financial Events

In this holiday-shortened week, attention will be on the US FOMC minutes, housing data and consumer confidence. There will be GDP, PMI and inflation releases across the Euro Area as well as the latest Greek Eurogroup meeting. Look for GDP and public finances data in the UK.

Political Turmoil Returns To Europe: French-German Spread Blows Out To Five Year Wides

Despite a calm start to European trading, with local equity bourses posting solid early gains, European political fears have returned this morning, resultin in a blow out in French government bond yields, pushing the 10y yield now higher by 5bps and 5y up 8bps, as early losses extend after latest poll shows support for anti-euro presidential candidate Marine Le Pen rising in both election rounds.

The Unthinkable Just Happened In Spain

As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia, Spain’s national court called to testify six central bankers and one financial regulator. The previously untouchable now stand accused of authorizing the public launch of Bankia in 2011 despite repeated warnings that the banking group was “unviable.”

Paul Craig Roberts Explains The Stakes For Trump And All Of Us

"The United States is now in the extraordinary situation that the liberal/progressive/left is allied with the deep state against democracy. The liberal/progressive/left are lobbying for the impeachment of a president who has committed no impeachable offense. The neoconservatives have stated their preference for a deep state coup against democracy. The media obliges with a constant barrage of lies, innuendos and disinformation. The insouciant American public sits there sucking its thumb."

North Korea's Regime In Jeopardy After China Bans All Coal Imports

China’s move to ban coal imports from North Korea, effectively crippling the country’s already battered economy, will have two implications: it may prompt Beijing and Washington to sit deal and figure out how to "resolve" the problem, and it may risk the start of a political crisis with unpredictable regional consequences.

Maryland Considers Teaching Kids That Boys Are Presumed Guilty In Rape Accusations

"Affirmative consent" is a fuzzy concept even for adults, which is why one of them taught 10th graders in California that they must say 'yes' every 10 minutes during sex or it becomes rape. The concept was enshrined in state law in October 2015, and since then California has remained the only state to legally require "yes means yes" be taught in public schools. Maryland could soon be the second...