JPMorgan expects U.K. won’t delay the promised in out referendum on EU membership until 2017 but will put the issue to vote in late 2016 instead. Given the ruling Conservatives have only a small majority, any legislation could fail if euro skeptics within the party vote against it, suggesting the party leadership will want to get the issue resolved sooner rather than later. The prospect of a vote could weigh on the economy, again arguing for an earlier vote, so here are the pros and cons of Brexit simplified...
Since its inception, California has always portrayed itself as the land of opportunity. Kind of like a dream within the American dream. Of course, if you ask anyone who actually lives here, they’ll tell you the truth. The only people getting rich from the dream are the ones who made it up. They prey on the gullible masses who think they can move here and become movies stars, and tech CEO’s. But more importantly, this dream is the lifeblood of our vampiric state, and always has been. Like the myths surrounding the Great Wall of China, our foundations are layered with those who fell while chasing the dream. We owe our very existence to this ever evolving scam.
London high end property prices fall 6.3% in May, prices now 7.4% lower that this time last year. Average house prices in London dwarf those of the rest of the country. London prices average £581,074 - more than 15 times the median salary - whereas the national average is £285,891.
Many activists are clamoring for a higher minimum wage. That's an admirable goal, but is that where the worst problem is? Even at the abysmally low wages of the present moment, we still have 938,000 people being turned away from McDonald's because there aren't enough McJobs. The real problem is the lack of meaningful work. In a world of machines and social alienation, meaningful work is as scarce as water in the drought-stricken California Central Valley.
New research shows that European banks are as likely to fail today as they were preceding the global economic crash 7 years ago. Bail-ins are now the rule.
Here are the cliff notes of the Icahn letter:
- Uncle Carl and his two analysts remain convinced they know how to run AAPL better than its CEO and his thousands of employees.
- Uncle Carl and his two analysts have built up a massive stake in AAPL shares which however they can't get out of in this illiquid market without tipping the market they are selling - a tip which would promptly send the stock plunging - and as a result have come to the only buyer who is big enough to buy all of Icahn's shares without destabilizing the market: the company itself.
"Water is one of the great opportunities of our times. If you look at the world there are some huge shortages developing in some parts but there is also a lot of water in other parts, just in the wrong place – like water in Siberia for instance, which is not where most people are. There are going to be wars in the Middle East over oil east of the Red Sea, but west of that there will be wars over water since there are serious water problems in that region." Jim Rogers:
The Economist is a quintessential establishment publication. Keynesian shibboleths about “market failure” and the need to prevent it, as well as the alleged need for governments to provide “public goods” and to steer the economy in directions desired by the ruling elite with a variety of taxation and spending schemes as well as monetary interventionism, are dripping from its pages in generous dollops. The magazine has one of the very best records as a contrary indicator whenever it comments on markets. While gold hasn’t yet made it to the front page, but the Economist has sacrificed some ink in order to declare it “dead” (or rather, “buried”).
By failing to prepare, you are preparing to fail
We need to wake up....and FAST!!!
Last week, Sen. Elizabeth Warren, D-Mass., and New York Mayor Bill de Blasio published their prescription for reviving the American dream. They are right to focus on the dream. They are wrong in their understanding of American history and the role government can play in restoring and fostering the dream.
"To critics who warn that pumping trillions of dollars into the economy in a short period is bound to drive up inflation, today's central bankers point to stagnant consumer prices and say, 'Look, Ma, no inflation.' But this ignores the fact that when money is nominally free, strange things happen, and today record-low rates are fueling an unprecedented bout of inflation across asset prices."
What’s left for Greece in Brussels that is beneficial to the country? We don’t see it. It makes us think more of a Stockholm syndrome by the hour. Get out, get your own currency, negotiate a treaty with Italy and Spain, maybe France. But don’t stay in a ‘union’ with outsiders who think they can tell you, Greeks, how to run a democracy, or when to hold a referendum. That can only be a road to nowhere.
It's worthwhile recalling that mainstream economists, the Federal Reserve, government agencies and the mainstream financial media all deny the economy is in recession until it falls off a cliff.