• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

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Caught On Tape: Massive Brawl Breaks Out In Turkish Parliament

Tensions were already high as Turkish president Erdogan has been accusing HDP of ties to the outlawed Kurdistan Workers' Party (PKK), and the fight started as the two sides debated a constitutional amendment that would strip lawmakers of their legal immunity...


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How Many More 'Molenbeeks' Are There In France?

"There are today, we know, a hundred neighborhoods in France that present potential similarities with what's happened in Molenbeek." - Patrick Kanner, Minister for Urban Areas.


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"Smart Money" Has Never Been More Bearish On Silver

For the moment, silver’s intermediate-term bull market remains in force, albeit with a record level of bearishness on the part of the “smart money”.


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Pimco Global Economic Advisor Suggests QE Should Buy Equities Next

FELS: QE SHOULD FOCUS ON CREDIT AND POTENTIALLY EQUITY BUYING


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When Is A Boot On The Ground Not A Boot On The Ground?

No one disputes that U.S. military forces are fighting in combat in Iraq and Syria -- except maybe President Barack Obama and some members of his administration.


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"The TTIP Is Doomed" - France Threatens To Reject Obama's Huge Transatlantic Trade Deal

Following this weekend's leak by Greenpeace demonstrating not only that the TTIP is driven entirely by narrow corporate interests, but that Obama is openly willing to reneg on his pro-environment agenda just to pass the Transatlantic Treaty at any cost, the blowback arrived earlier today when France became the first major European nation which threatened to reject the huge free trade deal between the U.S. and the European Union, because according to AP "it's too friendly to U.S. business and probably doomed."


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Meanwhile, Traders Are Getting Angrier With Every Passing Day

"We’re condemned to serial bouts of severe volatility having been trained to dismiss real and knowable risks as just improbable black swans....  Central banks can’t keep giving markets everything they want, or the volatility in the end will be catastrophic"


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When A Nation Is Doomed - A Definition...

Cynics, skeptics, and fiction-peddlers are frowned upon by the Obama administration (and the mainstream media) when it comes to our glorious leader's economic miracle. So we thought a simple litmus test might be useful to judge just how 'doomed' the nation really is...


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A Surprise From JPM: "Pundits Are Urging Investors To Chase Performance; We Believe This Would Be A Mistake"

"Equities had a meaningful rebound from the February lows, and we now find many who didn’t want to add at the time, are looking to enter the market at these levels. Indeed, pundits are urging investors to “chase performance”. We believe that this would be a mistake; complacency has crept into the market again, technicals appear overbought and the upturn in activity appears to be stalling."


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U.S. Gasoline Prices Hit 6 Month High, Keep Rising

The average price of gas in the United States is now at $2.22, up 8 cents over last week, hitting a 6-month high. This, in stark contrast to February’s ultra-low gas prices of $1.68 per gallon - a level that had not been since the end of 2008. The 30% surge off the lows is the largest seasonal spike since 2007...


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Treasury Yields Tumble Most In 3 Months Despite Fed's Williams Warning

Having pushed higher yesterday, it appears 'investors' have had a sudden change of heart and are panic-buying bonds today, despite Fed's Williams warning that: WILLIAMS SAYS U.S. TREASURIES ARE PRICED EXTRAORDINARILY HIGH. Treasury yields are down 5bps (2Y) to 9bps (10Y) with non-stop buying since Europe opened. 30Y yield's 7.5bps drop is the biggest since Feb 18th, pushing the yield back to its 20-day moving average.


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Three Years After Going Public, Fairway Files Chapter 11

Back in April 2013, during the height of the IPO scramble, the NYT gushed about Fairway's just concluded IPO: "Until recently, Fairway was not much more than a popular market on Manhattan’s Upper West Side, where residents went for goods like smoked salmon, medjool dates and cheeses. Today, it is a fast-growing 12-store grocery chain with ambitions of opening 300 outlets across the country." Just over three years later, the once successful IPO is now a distant memory and soon enough, so will the company behind it because overnight Fairway Group Holdings filed for Chapter 11 bankruptcy protection,


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WTI Crude Crumbles To $43 Handle As Demand Fears Grow

Remember when the low oil price was an "over-supply" issue and nothing at all to do with the other side of the same coin - dwindling demand? Well it appears that reality is dawning that a record glut combined with tumbling global growth (confirmed by weakness in China PMI, US PMI, and now EU growth expectations) is sending crude prices lower, back to a $43 handle for the June contract...


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What Goes Up (Slowly On No Volume) Plunges Quickly

Yesterday's 'odd' gains in stocks amid dismal data and weakness across every asset class have been entirely erased this morning... in a hurry...


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Either Reverse All The Perverse Incentives Or The System Will Implode

As you no doubt noticed, every perverse incentive is the cash cow for a vested interest or cartel. That's why the perverse incentives will endure until the system implodes under their pathological weight.


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