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The End Of "The Permanent Lie" Looms Large

For the moment, to paraphrase Alexander Solzhenitsyn, the “permanent lie [has become] the only safe form of existence”.

But the world cannot postpone, indefinitely, dealing decisively with the economic, resource management, social and political challenges we face.



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Sanders Surges As 1 Million Fake Hillary Followers Exposed

"This feels like 2008 all over again," as NPR reports the latest Iowa Poll showed Sanders just 7 points behind Hillary Clinton, who leads 37 to 30 percent among likely Democratic caucus-goers. Why 2008? As NPR notes, that's when a heavily favored Clinton stumbled and lost to Barack Obama, then a young senator whose middle name, Hussein, was the same as a dictator the U.S. had just overthrown and whose last name rhymed with America's Public Enemy No. 1. And while the socialist septuagenarian continues to surge, Hillary faces yet another 'issue', as Yahoo Tech reports, 1 million (or one third) of her 'apparent' Twitter followers are fake.



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Austrian Economics Is Now Equivalent To Terrorism Thanks To Latest Islamic State "Gold Standard" Propaganda Clip

What better way to mute demands for a return to sound money and the gold standard, than by making them equivalent to jihadist terrorism? Why, there are none, which may explain the hilarious appearance of the "Islamic State's" latest 55-minutes pro gold standard YouTube clip, which is nothing but a crash course in Austrian economics.



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Since 2014 Foreign Central Banks Have Withdrawn 246 Tons Of Gold From The NY Fed

During the last crisis period, starting in March 2007 and lasting through November 2008, foreign central banks withdrew gold for a total of 20 out of 21 consecutive months, repatriating a grand total of 409 tons of gold. The last period of peak redemption culminated with the failure of Lehman in September 2008, the near failure of AIG in October and November 2008, coupled with the Fed's bailout of the western financial system. If past is prologue, one should ask: what current or future event is driving the ongoing redemption of 246 tons of gold (and rising) from the NY Fed this time?



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The Week That Laid The Experts Bare

The week that passed has left many of the so-called “smart crowd” flummoxed, disheveled, dismayed, and disrobed from their expensive facades of “expert insightful analysis.” It seems all that “expert” as well as “insight” wasn’t all it was made out to be. In less than a week: historic records weren’t only broken – they were smashed to smithereens. And the one’s that were the most historic? They weren’t set for positive things.



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$7.1 Trillion In Global Sovereign Wealth Fund Assets: The Infographic

"The first three months of 2015 only saw a marginal increase in SWF assets in the headwind of falling oil prices. TheCityUK expects that SWFs’ assets will increase by 4% in 2015 to $7.4 trillion, well below the 12% average annual growth seen over the previous five years. Flows into some funds could turn negative. Growth in SWFs’ assets is closely related to the price of oil, as around 60% of SWFs’ assets originate from commodity exports."



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Bill Clinton Tried To Give Paid Speeches To North Korea & Congo While Hillary Was Secretary Of State

“I did not have financial relations with that dictator.”



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The Value-At-Risk Fiasco

VAR (invented at J.P. Morgan well before both the global financial crisis and their entertaining London Whale drubbing) is an expression of the largest possible loss, contained within a specified confidence interval.  We can for example explore the history of worst weekly losses in the S&P, for each month starting more than 5 years ago in January 2010 (and through May 2015).  A total of 65 months.  We can set a probability tolerance of just over 6%, and state that the probability of seeing a loss greater than this VAR should be less than or equal to ~6% (or 1 in 16 months). 



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Citigroup Chief Economist Thinks Only "Helicopter Money" Can Save The World Now

Having recently explained (in great detail) why QE4 (and 5, 6 & 7) were inevitable (despite the protestations of all central planners, except for perhaps Kocharlakota - who never met an economy he didn't want to throw free money at), we found it fascinating that no lessor purveyor of the status quo's view of the world - Citigroup's chief economist Willem Buiter - that a global recession is imminent and nothing but a major blast of fiscal spending financed by outright "helicopter" money from the central banks will avert the deepening crisis. Faced with China's 'Quantitative Tightening', the economist who proclaimed "gold is a 6000-year old bubble" and cash should be banned, concludes ominously, "everybody will be adversely affected."



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Why The Great Petrodollar Unwind Could Be $2.5 Trillion Larger Than Anyone Thinks

The virtuous circle that has sustained the dollar and buoyed USD assets for decades has definitively been broken. Now, with China's Treasury liquidation serving to exacerbate the pressure from the demise of the petrodollar, it's critical to take stock of accumulated petrodollar reserves in order to understand how large the unwind could ultimately be in a worst case scenario. As it turns out, narrowly focusing on official FX reserves could understate the size of petrodollar accumulation by some $2.5 trillion.



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Dis-Integrating America

To many Americans, even many who did not vote for him, the election of Barack Obama seemed to hold out the promise that our racial divide could be healed by a black president. Even Obama’s supporters must concede it did not happen, though we would, again, argue angrily over why.



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Did Tim Cook Lie To Save Apple Stock: The "Channel Checks" Paint A Very Gloomy Picture

Is AAPL the next AOL, and is Tim Cook the next Thorsten Heins? It all depends on China: if the world's most populous nation can get its stock market, its economy and its currency under control, then this too shall pass. The problem is that if, as many increasingly suggest, China has lost control of all three. At that point anyone who thought they got a great deal when buying AAPL at $92 will have far better opportunities to dollar-cost average far, far lower.



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Stagnant US Economic Growth Explained (In 1 Cartoon)

Presented with no comment...



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Despite Being A 'Pet Rock', The Premium For Physical Bullion Is Exploding

While status quo-huggers are all too happy to point out gold and silver's lack of utter exuberance amid this week's carnage, perhaps they need to re-comprehend the difference between a heavily manipulated 'paper' market and the surging demand for physical precious metals that is evident in the 20-plus percent premium - and rising - being paid for silver bullion currently...



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