Archive

February 20th, 2014

Hot Pockets Recalls 8 Million Pounds Of Meat Due To "Diseased & Unsound Animals"

Last year saw a great number of widely publicized instances of food fraud and general nastiness when it came to the various items many of us regularly put in our bodies. From “fake tuna,” to rat meat in the streets of Shanghai, to alcohol in New Jersey diluted with “river water,” the list was seemingly endless. While 2014 has been off to a slow start, it appears the corporate food industry in America is trying to make up for lost time. According to a news release from the USDA on Valentine’s Day: "Rancho Feeding Corporation, a Petaluma, Calif. establishment, is recalling approximately 8,742,700 pounds, because it processed diseased and unsound animals and carried out these activities without the benefit or full benefit of federal inspection." Basically if you live California, Florida, Illinois, Oregon, Texas and Washington you should stay away from Hot Pockets.

Pivotfarm's picture

Since when did the people at the top have even the slightest inkling about what the poor people down below, the ones that we have trampled on, might be in need of to help them get out of the poverty that is entrenching their lives?

Here Is How High Frequency Trading Hurts Everyone

The market value of a stock quote continues to plummet. As Nanex shows so graphically below, it's taking more quotes to get the same amount of trading done in today's stock market, meaning that everyone has to process more information than ever before, yet actual trading continues to stagnate... not just taking money out of the pockets of investors, but actually destroying wealth (not merely redistributing it).

Groupon Enters Bear Market On "Lack Of Growth" Scare

While deciphering the adjustments, compulsory one-off charges, promises, ranges, and hopes, dreams, and unicorn tears is hard, the market saw headline beats in EPS and Revenues and surged GRPN above $12 enabling CNBC to proclaim it a winner before moving on... then someone (or maybe a machine) read the statement... "Groupon expects Adjusted EBITDA for the full year to be slightly above 2013 levels." That's just not gonna cut it when you can spend $19 billion on the hope of exponential growth... and sure enough, GRPN shares collapsed - down over 23% from the after-hours highs.

Stocks And Silver Soar On China PMI Miss

Headlines will suggest that today's rally was due to the beat in US PMI (a data item that doesn't even rank on Bloomberg's scale of economic importance) and chose to ignore the misses (macro and micro) in everything else (which must be weather-related), the facts are different - it was simply an AUDJPY-inspired almost perfect correlation levitation from the post-China-PMI miss lows - more China QE to come. Having decoupled from USDJPY overnight, today's melt-up in stocks recoupled the all-important fun-durr-mental pair and lifted the Russell 2000 back to unchanged for 2014. With OPEX tomorrow, VIX was noisy and remains bearishly divergent from stocks (though was offered today). Credit markets lifted with stocks. Treasury yields rose back to modestly higher on the week. Gold and silver rose on the day starting from the China PMI miss (as did the USD with most of the majors losing ground against it). US Macro hits fresh 6-month lows.

The One Investment You Want To Avoid At All Costs

4.1%... yield on 5Y state-owned Indian company bond rated near junk...

Central bankers have destroyed money and interest rates to the point that near-bankrupt companies in shaky jurisdictions can borrow money for practically nothing. It’s an utter farce.

The UK's 2-Tier Economy - London (And Everyone Else)

London’s economy may be decoupling from the rest of the U.K. at an accelerating pace. As Bloomberg's Niraj Shah explains, the capital’s contribution to U.K. output, house prices and financial jobs are all at a record high while the suicide rate is at a series low... while the rest of the nation is 'not'.

Cognitive Dissonance's picture

Two Ice Floes

To express any uncertainty whatsoever was, and still is, considered a sure sign of weakness and will never be entertained. This belief is nearly universally held and is of course promoted by all self proclaimed authorities.

Will Consumer Credit Drive The Next Economic Boom?

The mirage of prosperity created by massive levels of debt has begun to show it foundational cracks. Without increased levels of personal savings, production and investment there is little ability to achieve stronger economic growth. While we can certainly "hope" for something different, there are some basic laws which are insurmountable. The physics of debt is one of them.

Ron Paul: "Ukraine Is Their Business, Not Ours"

"The American people are very leery of getting involved in another squabble in some other country," warns Ron Paul following the breakdown in the truce in Ukraine and President Obama's drawing of more red-lines. In this succinct interview with FOX, the former congressman sums it up perfectly, "That’s their business, and it certainly isn’t ours," he said. "We’ve tried it for too long, and the American people are sick and tired of it, and we’re also out of money." Indeed, but the Keynesians must be getting excited...

Meanwhile In The "Democratic" Republic Of Congo...

It seems the Democratic Republic of Congo has been learning its diplomacy from other nations...

  • *DEMOCRATIC REPUBLIC OF CONGO POLICE FIRE ON OPPOSITION RALLY
  • *CONGO POLICE FIRED TEAR GAS, BULLETS AT RALLY IN BUKAVU
  • *CONGO POLICE BLOCKED OPPOSITION LEADER KAMERHE AT RALLY
  • *CONGO OPPOSITION SAY SEVERAL WOUNDED AFTER SHOTS FIRED

Of course, we will have to see if China (who has been building interest in Africa), Russia, the US, or France (who seem to like to stir things up in Africa) get involved?

Caracas Is Burning As Maduro Warned May Face Military Coup

With all eyes focused on Ukraine, the situation in Venezuela has once again escalated as protest leader Leopoldo Lopez' arrest (and possible 10 year jail sentence) prompted more violence overnight. However, as we warned, the government crackdown is starting to raise concerns about the stability of the government.

*VENEZUELA PROTESTS ESCALATING INTO NATIONWIDE UNREST; ESCALATION OF PROTESTS PUTS STABILITY OF GOVT AT RISK; RISING VIOLENCE COULD LEAD TO MADURO OUSTER BY MILITARY: IHS

As opposition leader Capriles asks Venezuela's military to uphold the constitution, he exclaims that "the poor' must participate for government to change.

European Union Commits To Sanctions Against Ukraine

Following hours of talks between three European foreign ministers and Ukrainian President Viktor Yanukovych in Kiev, the EU has decided to go ahead with sanctions:

  • *EU COMMITS TO SANCTIONS AGAINST UKRAINE
  • *EU TO WORK OUT UKRAINE ASSET FREEZE, VISA BAN SOON
  • *EU TO SUSPEND UKRAINE EXP0RT LICENSES FOR `REPRESSIVE' GEAR

Having already proclaimed this move as "blackmail", we are sure the Russians will be utilizing this move to further their support for the catastrophically divided nation.