"You don't get into restaurants for the money because THERE IS NO FUCKING MONEY. But you need to survive to continue your art and the deck is being stacked higher and higher against the average restaurant every year."
After incorrectly predicting virtually every "surprise" for 2016 one year ago, the bulls better beware because in Byron Wien's list of "ten surprises" for 2017, the 83-year-old Blackstoner has turned decidedly bullish this time, and expects the S&P to surge to 2,500 while the US economy grows at a brisk 3%. With that, he may have just doomed any hope for a non-recession in 2017.
"When it comes to Texas’ public retirement systems, one of my greatest concerns is that there are other ticking time-bombs, like the DPFP, out there getting ready to explode. It’s not just Dallas’ pension plan that’s taken on excessive risk to chase high yield in a low-yield environment."
Huge market euphoria in the absence of economic improvement, promised tax changes giving rally winners reason to wait to take profits until 2017, Obama scorching the earth everywhere, and numerous other forces mean the stock rally is going down.
As of today, the experiment in "basic income" has officially begun, after Finland became the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to 560 euros ($587), in a "unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment."
The American people have been punked by their own government and their central bank, the Federal Reserve, for years and the jig is now up. In 2017 both will lose their authority and legitimacy, a very grave matter for the survival of this republic.
The eighth anniversary of Zero Hedge is just around the corner, and so, for the eighth year in a row we continue our tradition of summarizing what our readers found to be the most relevant, exciting, and actionable news of the year. We bring you the articles that you, dear reader, found to be the most interesting in the past 365 days.
If one wants to place blame, then blame rests squarely on the shoulders of the legislature that authorized the plan and established the absurd pension assumptions... However, politicians will never point the finger at themselves. So the witch hunt is on.
"The utter contempt with which privileged Eastern liberals such as myself discuss red-state, gun-country, working-class America as ridiculous and morons and rubes is largely responsible for the upswell of rage and contempt and desire to pull down the temple that we're seeing now."
Open societies are in crisis, and various forms of closed societies – from fascist dictatorships to mafia states – are on the rise. Because elected leaders failed to meet voters’ legitimate expectations and aspirations, electorates have become disenchanted with the prevailing versions of democracy and capitalism. Open society needs defending...