A broadly in-line-with-expectations print in US income and spending data (+0.4% MoM and +0.3% MoM respectively) hides a bigger problem for the consumption-driven US economy. For the first time since March, the savings rate increased as US consumers dared not spend above their means (up from 5.5% to 5.7%).
Last year, over one million refugees poured into Germany. Chancellor Angela Merkel said,“Wir schaffen das” — “We can do it.” These refugees were supposed to start an economic boom. The actual results show far more German women were raped or assaulted by the refugees than found employment at the thirty largest German companies.
Just days after embattled drugmaker Mylan, which over the past two weeks has come under fire for pricing its EpiPen emergency allergy shots at $600, announced it would cut costs of its infamous anti-allergy treatment, when on Monday it announced it would launch the first generic to its allergy auto-injector EpiPen at a discount of more than 50% to the branded product's list price.
A few short months after Iran publicly demonstrated the arrival of Russian S-300 missile systems, overnight Iran's state media reported that Tehran has deployed the Russian S-300 surface-to-air missile defence system around its Fordow underground uranium enrichment facility. Iranian state TV on Sunday aired footage of deployment of the recently delivered missile system to the nuclear site in the central Iran.
Give her credit, Janet Yellen did indeed manage to leave Jackson Hole with September again “live"... Maybe just buying whatever is the applicable dip has become too beloved a crutch. Another form of corporate welfare. But both Kuroda and Coeure reiterated that their central banks are ready and prepared to do more. Someone should benefit from excessive monetary policies. Why not, for once, U.S. savers.
The dollar index rose to a two-week high on Monday, while bond yields jumped to their highest since June and global stocks sold off after senior Federal Reserve officials indicated a U.S. interest rate increase was on the cards in the near term. The Fed effect - and the stronger dollar - reverberated through markets, pressuring stocks in Europe and emerging markets, pushing oil below $47 and the commodity complex lower.
What happens next may put the past 7 years of simple "financial repression" and central bank failure to shame: in a lunch address by Princeton University economist Christopher Sims, "policymakers were told that it may take a massive program, large enough even to shock taxpayers into a different, inflationary view of the future."
We are in the midst of a huge propaganda blitz by the Pentagon and its affiliated military-industrial complex. We’ve seen the results before and hopefully they will not reoccur with such worldwide viciousness again. Is it possible that this time the Pentagon’s lurid lies will fail to awake public terror and instead incite indignation at military-industrial manipulations. That would be an outcome dearly to be desired in this awakening Internet era.
As the fight between "globalism" and "nationalism" rages in Europe, former French President Sarkozy is "demanding the opening of a center in Britain to deal with asylum seekers in Britain" while Merkel, supporter of an "open-door migrant policy," tanks in German polls.
Brazil remains totally paralyzed by the political/institutional farce. The 8th largest economy in the world, second largest exporter of food products, and largest industrial platform in the developing West is bleeding, badly. Oil workers are accusing the Mob for 1.5 million lost jobs. Huge infrastructure projects are stalled. Large construction companies are virtually broke; Odebrecht by itself fired over 70,000 workers. In parallel Temer The Usurper’s «government» has already started to enact its masterplan – straight from disaster capitalism’s playbook.
"I’ve never seen anything like this before" says longtime Aspen broker Bob Ritchie. "Aspen has never experienced such a sudden and precipitous drop in real estate sales." Meanwhile, sales in the Hamptons and Miami's luxury condo markets, are in freefall, as the bid for luxury real estate across the US has slammed shut.
But does it even matter? What we discovered this week is that one of the nation’s top officials created a private server that housed proof that she continued a secret, ongoing entwinement with her family foundation - despite ethics agreements - and that she destroyed public records. If that alone doesn’t disqualify her for the presidency, it’s hard to know what would.
Ashley Furniture announced plans to cut 840 employees and shut down their production and warehouse facility in Colton, CA making them the latest victim of Jerry Brown's $15 minimum wage. And guess where they're moving that capacity? If you guessed "a state with a 50% lower minimum wage" then you're a winner!
here is the chart revealing what may be the most unsustainable trend in China, one that is even more dramatic than China relentless debt growth: accounted for 26% of global annual capex in 2015, compared with 9% in 2006 and 5% in 2000. Hence, as China continues to invest with low return expectations, that this will continue to weigh on the global returns on capital employed.
With the recent German terrorist attacks having subsided from memory, a new Emnid poll reveals that the traditional bounce in Merkel's popularity has failed to appear and instead about 50% of Germans are now against her serving a fourth term in office after a federal election next year.