The Thanksgiving we celebrate is for the success of the Pilgrims after establishing property rights and free enterprise as that event laid the foundation for the growth of America. Were our Pilgrim and Jamestown colony forefathers to wake up from the dead and look at the graduated taxation (from each according to his ability) and welfare programs (to each according to his need) we have today they might offer us a lesson in history by simply quoting Goethe, “Those who do not learn from the lessons of history are doomed to relive them.”
According to Graves & Co., an industry consultant, oil and gas companies have laid off more than 250,000 workers around the world, a tally that will rise if oil prices remain in the dumps. “I was surprised it’s gotten this far,” Graves & Co.’s John Graves told Bloomberg in an interview. In an eye-catching statistic that highlights who exactly is bearing the brunt of the downturn, Graves says that oilfield service companies account for 79 percent of the job losses.
"It is wrong for the United Kingdom to expect the aircrews of other nations to carry the burdens and the risks of striking ISIL in Syria to stop terrorism here in Britain!"
While US floor markets are closed for the Thanksgiving holiday (equity, rates and energy futures are open until 1pm Eastern), Europe and Asia (as well as US equity futures) were busy rebounding overnight on strength in the commodity complex following yesterday's news that China's metals producers have asked for a wholesale government bailout or the "QEmmodity" as we have dubbed it, for the first time since 2009, which together with news that China would soon start arresting "malicious metal sellers" has provided a push for commodity prices across the board.
In the wilderness of the New World, the Plymouth Pilgrims had progressed from the false dream of communism to the sound realism of capitalism. This year, at a time of economic uncertainty and growing political paternalism, when we, Americans sit around our dining table with family and friends, we should remember that what we are really celebrating is the birth of free men and free enterprise in that New World of America. The true meaning of Thanksgiving, in other words, is the triumph of Capitalism over the failure of Collectivism in all its forms.
Day after day, the 'stability' in the stock "markets" (specifically in AsiaPac) is posited as 'proof' that China is 'fixed', the worst is over in EMs, The Fed can raise rates, and massive monetray policy manipulation of market signals had no mal-investment consequences. Well all of that utter crap just got obliterated as China's right-hand-man in the credit-fueled commodity boom bust - Australia - just saw its business capital expenditure collapse 20% YoY - the biggest drop ever, accelerating the crash in business spending to 11 quarters. As Goldman warns, this exposes significant downside risk to any forecast for GDP recovery in 2016.
Russia Says Turkey's Attack On Jet Was "Planned Provocation" As Ankara Moves Tanks Near Syrian BorderSubmitted by Tyler Durden on 11/25/2015 - 21:52
The question now comes down to how Russia will respond to what happened, but perhaps even more important for observers to ponder is why the US is unofficially distancing itself from its ally’s aggression. Despite both NATO and Obama giving full backing to Turkey’s fateful decision, Reuters has quoted an anonymous American military official that purposely leaked that the Russian plane was downed while over Syrian airspace, basing the assessment on heat signature detection. This raises questions about why the US is playing both sides of the fence – on one hand, publicly supporting Turkey, while on the other, strategically releasing information that conflicts with Turkey’s official depiction of events.
ISIS Releases "Greatest" Piece Of Terrorist Video Propaganda In History, Tells US, Russia To "Bring It On"Submitted by Tyler Durden on 11/25/2015 - 21:20
Despite distressed-debt funds suffering their worst losses since 2008, mainstream apologists continue to largely ignore the carnage in the credit market (even though veteran bond managers have urged "it's not just energy, it's everything.") With the number of loan deals pricing below 80 (distressed) at cycle peaks, and "a less diverse group of investors holding a lot more bonds," price swings continue to be wild but as DB's Melentyev warns, initially "all of this looks random when there is no underlying news to support the big moves. But eventually a narrative emerges -- maybe we have turned the corner on the credit cycle."
It's almost game over for Puerto Rico. The commonwealth is racing to restructure some $72 billion in debt and next week, Padilla will need to decide between a partial default on a $354 million bond payment and ensuring that the government can continue to provide basic services.
Has there ever been a major holiday more focused on materialism than the modern American Christmas? This year, Americans are planning to spend an average of 830 dollars on Christmas gifts, which represents a jump of 110 dollars over the average of 720 dollars last year. But have our incomes gone up accordingly? Of course not.
When it comes to the current round of currency war between Europe and the US, Europe is winning and the US is losing, and nowhere is this more obvious than the revenues of the largest US corporations.
Everyone has heard the phrase "this is the most important jobs report ever", and virtually every time this has been an exaggeration. However according to an analysis conducted by BofA's Vadim Iaralov, the nonfarm payrolls report on December 4 may just really be the most important jobs number. Ever.