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Does anyone know what happened to Ambrose Evans-Pritchard of the Telegraph? I have not seen a piece by him since mid March
From the Telegraph website:
He is writing a book.
I only read his articles.
THE FEDERAL RESERVE IS THE ROOT OF ALL EVIL!
WHY IS THIS NOT THE #1 BUMPER STICKER IN AMERICA?
WHY IS THIS NOT ZERO HEDGE'S MOTTO?
Wait till Q2 earnings are released. They will all show the true extent of the damage Fukushima inflicted on manufacturing worldwide. Thats when the real shit will hit the fan.
If its at or near 0 percent growth, it'll be nothing short of jaw dropping. The mainstream media will bury the story after a day though.
Yep. If it's bad, blame it on Japan. If it's really bad, blame it on the weather.
How do rogue elements of the CIA provide "firm evidence that the gold in Ft. Knox is not there" ??? It couldn't be video of empty vaults because they are full of tungsten bars, right ? If the tungsten bars have been stolen too....these are hard times ! Monedas 2011 Comedy Jihad World Tour
The gold in Fort Knox has been leased out. Most of the gold we have now is in Swiss banks near the border with Italy.
This paper was posted the other day by acrabbe and it is quite interesting.
Thanks Orly....it's also quite long ! "It is not in the nature of the Hoarder Beast to not know where his stash is !"....Monedas 2011 Only Socialist governments could "misplace" 8,000 tons of Gold ??? Let me serenade you this morning ! http://trololololololololololo.com/
if history is any indicator, the /ES will quietly make it's way to a 10 point + gain in the overnight session thus providing the market with a nice "gap up" in the morning. the news will hit, it will be shit, and the market will lose about half it's "gapped up" gains. At that point it will likely trade sideways til the 3PM viagra which will lead to the 3:45 market erection with the EOD pop shot to a new HOD.
The market is now officially a porno shoot. Everybody please...bend over.
ISM... I tried looking up that stock symbol, But nothing came up.
He posted a comment on the Chinese push for thorium reactors here http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/839398... which stated he was headed out to the Majan highlands for a while.
No idea when he is expected back.
And @ Cookie, Evans-Pritchard is on sabattical until Julyhttp://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/
Long live bizzaro world.
How come you didn't do the Dallas fed today? The negative miss was a good setup for mirth making.
Following the bloody economic trifecta, any additional reports of economic collapse would have merely forced the CME to reduce ES margins to < 0.
They will give me money if I buy futures?... I think pass.
That second graph is lopsided. It looks as though larger surprises are becoming more common.
El Dorado ~ Iron Maiden
Gotta tell you a storyOn a cold winters nightYou'll be sailin for gloryBefore you know what is right
So come over here nowI got a vision for youIt's my personal snake oilIt's just something I do
I'm the jester with no tearsAnd I'm playing on your fearsI'm a trickster smiling underneath this mask of love and deathThe eternal lie I've toldAbout the pyramids of goldI've got you hooked at every turn your money's left to burn
You'll be wanting a contractYou'll be waiting a whileI'd like to give you my contactBut that isn't my style
Well you only get one chanceAnd it's too good to missIf I gave a lot to yaThen I wouldn't exist
Greed, lust and angry prideIt's the same old, same old rideThe smoke and mirrors visions that you see are just like meI'm a banker's faceWith just a letter out of placeI know someone just like you knows someone just like me
El Dorado come and playEl Dorado step this wayTake a ticket for the rideEl Dorado streets of goldSee those over soldYou've got one last chance to try
So gone is the gloryAnd gone is the goldWell if you need a storyI've come it has to be told
Well you can say I'm a devilAnd I wouldn't say noBut out here on the dark sideHey, on with the show
So is toldBig and bad and twice as boldThis ship of fools is sinking as the cracks begin to growThere is no easy wayFor an honest man todayWhich is something you should think of as my life boat sails away
US corporations not only offshored their production for US consumer markets, but they simultaneously moved offshore “US GDP, US tax base, US consumer income, and irreplaceable opportunity for American citizens.”
It is not news that many of the millions of jobs added from 1990 to 2008 are “non-tradable” or jobs that don’t produce goods and services that can be exported and, therefore, can’t be produced in locations distant from their markets, i.e., offshored.
But research just released from Michael Spence and Sandile Hiatshwayo shows, in fact, that almost all of the incremental employment of 27.3 million jobs created were non-tradable, with a whopping 10.4 million jobs in government and health care alone.
Paul Craig Roberts, in his major piece this week, “How Offshoring Has Destroyed the Economy,” says “tradable jobs” that are producing goods and services that can be exported, add more value to the economy.
Says Roberts: “When a country’s tradable goods and services are converted by offshoring into its imports, it is thrown back on low productivity domestic service jobs for its employment. These domestic service jobs, except for dentists, lawyers, teachers, and medical doctors, do not require a university education. Yet, America has thousands of universities and colleges, and the government endlessly repeats the mantra that ‘education is the answer.’
“But with engineering, design, and research jobs offshored, and with many of the jobs that remain within the US filled by foreigners on HB-1 and L-1 visas, we now have the phenomenon of American university and college graduates, heavily indebted with student loans, jobless, and living with their parents, who support them.
“Spence also acknowledges that the change in the structure of American employment from higher productivity to lower productivity jobs is the reason both for the stagnation in US consumer income and for the rising inequality of income. Sending middle class jobs abroad raised the earnings of capital. Spence understands that the lack of growth in consumer income has resulted in a shortfall in domestic demand, resulting in high unemployment. He could have added that jobs offshoring also gave us the Federal Reserve’s policy of pumping up consumer debt as a substitute for the missing growth in consumer income. There is an obvious limit to the ability to maintain the growth of consumer demand via the growth of indebtedness."
Says Roberts: “To find a Nobel-prize-winner documenting the high cost of globalism to developed economies is extraordinary. For the Council on Foreign Relations to publish it suggests that the Establishment, or some part of it, suspects that its hubris has run away with its fortunes, and that different thinking is needed to restore the US economy.”
Paul Craig Robert’s May 31 article can be found on Counterpunch.
I am into my second year at College some time ago and learn that the immigrants come over from India and other places, take over what is to be MY internship with a eye towards either taking MY future spot in IT or going back to India or some place to teach others.
Fook IT. There are other things that cannot be shipped off shore. Like truck driving. Not very many people can do that job for longer than 3 months anyway.
I got out of College with some Debt. I consider myself lucky compared to my class mates who hung in there and are now riding bikes to the auto parts store for part time work to get by with something to eat several times a week.
The rest promptly graduated and fled this no good dead end State for the big cities with it's never ending lust for "Educated" people to work the cases brought on by the unwashed masses.
I'm headed back for grad school in the fall. It might be worthless, but its pretty inexpensive. Theoretically, I might actually make money on it depending on what my taxes look like. I just hope the education bubble doesn't casue the school to go bankrupt before I get my masters. After that, I couldn't give a hoot about my alma mater.
Hats off to ya. IT ain't easy, contantly learning and working to earn your keep. Then some dickhead company wants you to train the new guy to take over your job at half the pay.
Paul Craig Roberts puts it very well. The reality may well be that the miracle of post-industrial growth was illusory, based upon credit expansion and the willingness of the growig wealth of the mercantile nations to fund it. I used to visit many businesses and stare at the staff sitting in their cubicles and wonder what they did and how it added value. The suspicion was the legion of paper pushers were unnecessary, and eventually they would be jettisoned leaving high levels of service sector workers with nothing to do and nowhere to go.
We've created a jobless recovery through massive amounts of monetary stimulus, but there is no evidence we have created something that is sustainable. Even worse, we have a conveyor-belt of younger people arriving into this mix with no skills or opportunities that make them useful, but who are somehow supposed to generate the output to cover the dotage of the retiring baby-boomers who've voted themselves the most generous, underfunded, entitlements imaginable.
But, TPTB are only focused on getting through the next day to look far enough ahead...
This about sums up why we are here.... If you look beyond its conclusion and project any kind of roll back then which developed economy do you think would be most resiliant? Whose workers will take the $1 per hour job? Not the USA and not the Eurotrash. It will be the Japanese who come out ahead in any retro balance move. They will work for $1 an hour for the honour it brings (and a bowl of rice). Who will be hurt the most of the developing economies? China obviously. I forsee a revolt in China preceeded by years of brutal repression.
I think the market will cue on social/political now. Japan could easy go into a fiscal meltdown which may send their govt into a meltdown. Slight rumors on wires today about no confidence votes etc re: Japan
If a primer for QE3 is double dip fears for the US, Asia aint gonna sit back on this one - as they are slowing down too.
Global tension cycle kicking in...
There is no way the Swiss (weak econ), Finnish and German public are going to let Greece get away with another bailout.
Market has lost the plot at the moment, the way Asia was trading in the last 4hrs was mental
How would that bode for the Swissie vis-a-vis the USD and EUR?
USDCHF trading at all-time lows and there is a long-term bullish Gartley pattern that has shown up on the Weekly chart.
Europe is waking up now. I think Asia lost the plot today, weird contrarian trades on the AUD and NZD...it was back to front.
As far as the CHF, a bullish patten is forming because it's all about EUR again. It was (IMO) a false breakout on a wonky Greek article (deal being finalized). Bring up your risk trade (AUD) and risk averse trade (CHF) you'll see divergence forming. Meaning = bull trap.
Huge shorts were sqeezed today on the AUD, like maybe a option stop had to be knocked out...hard to say. Full on trading taking place now. Watch your charts
Orly, just in
What "bizzarro" market? Market appears as bizzare or non-bizzare as any other period over the last 15 years to me.
Fixed it for ya.
This is like watching a train wreck unfold in slow motion...
I've been doing that, watching the wreck that is, for almost a decade now. The only good news is that I'm all the way down the DABDA ladder.
God grant me serenity,
to change the things I can,
accept the things I can't,
and wisdom always to know the difference...
Don't fly planes into the IRS, fly them into the nearest Syn-agog or ADL building!
Meanwhile...on the other side of the atlantic....
The housing bust continues - it's more of a long slow deflate than a short sharp collapse (like the US)
Unfortunately - unlike other western nations - the entire UK economy is totally reliant on the housing market as it's been an 'atm' for most homeowners during the boom.
One thing that is certain - this picture shows what a 'square root' housing recession looks like.
I dare anyone to look at the graph and claim there is light on the horizon. Even money printing isn't making any difference - and of course the asking prices for houses are still near the boom levels - showing that there is a diconnect in the brain between seller and reality!
New data out today in the UK - PMI into double dip territory and mortgage approvals hit an all time low (45,166) - although the graph begs to differ.
Guess what's being blamed? - the 'extended bank holiday' - because nobody goes looking for houses on bank holidays do they??
Time to short the UK market - the cash cow of property is finished and there is no replacement in sight.
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