"I'd like to think that logic and reality will prevail; that distaste for being told how great the world is has become sufficiently revolting and obviously false to stir the world’s populace to end the imbalances. But that, again, will take time, perhaps a good deal of time; until then, whenever it hopefully is, central banks continue to operate with impunity even though the risks of their intemperance rise exponentially..."
After yesterday's positive close in the Dow Jones, which hasn't had a losing day since July 7 and which took the series of consecutive green closes to 8 in a row - the longest stretch since 2013 - the index will look to lock in its 9th green day in a row with futures currently trading well in the green. It's not just the US - equities edged higher in Asia and Europe as positive earnings results from some of the world’s biggest companies countered concern the global economy is losing steam. The dollar strengthened while gold retreated.
Immigration is now at the center of American and British politics. Trump and Farage see immigration as an existential threat. But do the United Kingdom and the United States have especially large foreign-born populations? Is the number of foreign-born residents in those countries rising at rates faster than in other countries? And how is the composition of the foreign-born population changing?
The highlight of the first day of the Republican convention was the speech by Donald Trump's wife Melania, who was seeking to make a memorable impression on the world, and may have done just that... only not in the way she had envisioned. Because in her potentially breakthrough moment, Melania appears to have lifted some of her first night convention speech from a surprising source: a similar speech by none other than Michelle Obama.
Britain's decision to leave the European Union may have sent shockwaves across the financial community; but it was not the first 'difficult divorce' they have faced. The Kingdom of Great Britain saw a different kind of Brexit 240 years ago: the American revolution... and "Amerexit" brought its own wave of chaos, that lasted for a decade.
Contagion is the reason Italy’s banking crisis is all of a sudden Europe’s biggest existential threat. Greece’s intractable problems are out of sight, out of mind; Brexit momentarily spooked investors and bankers; but Italy’s banking woes have the potential to wipe out investors and undo over 60 years of supranational state-building in Europe.
David Folkerts-Landau, the chief economist of Deutsche Bank, has called for a multi-billion dollar bailout for European banks. Speaking to Germany's Welt am Sonntag, the economist said European institutions should get fresh capital for a recapitalization following a similar bailout in the US. What he didn't say is that the US bailout took place nearly a decade ago, in the meantime Europe's financial sector was supposed to be fixed courtesy of "prudent" fiscal and monetary policy. It wasn't.
Nothing is more shameless in a bedazzling sort of way than rich banksters standing on the public curb with their hands out. Such is the spectacle across Europe today as its largest banks begin to crash.
If you wanted a more clear example of why people have not only left this "market" along with many of the business/financial media outlets, this interview just about says it all.You can replace every-time he said "Theranos" with "current monetary policy" and "Ms. Holmes" with "Chair Yellen" and the narrative and storytelling would be about the same.
Populism, nationalism, and xenophobia all contributed to the victory of the “Leave” campaign in the United Kingdom’s recent referendum on membership in the European Union. But these forces float on the surface of a larger sea change: a fundamental shift worldwide in the relationship between the state and the market.
It is a little-understood historical fact that each nation has a shelf life. After a nation has peaked and a majority of the people have traded in their work ethic for the undeliverable promise of ever-increasing governmental largesse, the decline is set in stone. When this has taken place, it’s not only the work ethic that’s in a terminal decline. The nation heads inexorably downward in other ways...