Deloitte’s Brazilian arm was fined a record $8m by a US auditing watchdog for falsifying audit reports, altering documents and providing false testimony during an investigation that unearthed what it described as its “most serious” finding of misconduct. “This is the most serious misconduct we’ve uncovered. It’s cover-up after cover-up after cover-up.”
If you have any misguided notion that a cashless society is not coming, just keep telling yourself that every time you use a debit card, credit card or your phone for your next purchase. With the elimination of cash we effectively hand over our individual human sovereignty to the banks and the government.
This week with the passing of Fidel Castro - another “distinguished” butcher comrade with all the assorted hypocrisies - we were reminded of how that scourge of humanity got a free pass yet again. The world by and large missed a great opportunity to set the historical record straight.
Did Jeff Gundlach do it again? Shortly after the DoubleLine manager told Reuters yesterday afternoon that the Trump rally is ending, that "stocks have peaked" and that it is "too late to buy the Trump trade", US stocks tumbled to session lows, and have continued to drop overnight, with S&P futures down 0.3%, alongside sliding Asian and European markets.
The political and financial establishments want you to willingly get on board with the idea of abolishing, or at least reducing, cash. And they’re pumping out all sorts of propaganda to do it, trying to get people to equate crime and corruption with high denominations of cash. Simply put, the data doesn’t support their assertion.
Total fertility rates, which can be defined as the average number of children born to a woman who survives her reproductive years (aged 15-49), have decreased globally by about half since 1960. This has drastically shaped today’s global economy, but a continued decline could have much more severe long-term consequences.
One week after JPM made the exact same forecast, warning that the recent surge in the USDJPY will fade dramatically as Dollar euphoria shifts to concerns about protectionism, overnight UBS Group’s $2 trillion wealth-management arm said yen traders have got the Donald Trump "trade" all wrong, and the yen will strengthen to 98 per dollar by this time next year.
A plane carrying 81 people, including top Brazilian football team Chapecoense, heading for the biggest game in its history, crashed on its approach to the city of Medellin in Colombia. 76 of those on board have perished.
According to Morgan Stanley, 2017 will be a year in which odds of a boom and bust have materially increased, consistent with a late-cycle US environment. So late, in fact, that one look at the chart below shows the US cycle has not only plateaued but is now stalling and is turning over.
For those who were wrong about the United States’ presidential election, it is worth suppressing emotional reactions, at least for a month or two, and attempting a dispassionate judgment about what Donald Trump’s administration may mean for the world. So here are ten likely consequences of the Trump presidency, divided equally between the good and the bad.
Brazil’s new president Michel Temer was dragged into yet another influence-trafficking scandal after his former minister of culture reportedly told police the president pressured him into authorizing a construction project benefiting another cabinet member; according to the local press, there is a recording of the conversation which according to Temer was largely innocuous.