Rickards says that Trump “will probably win” and, if he, does stock markets will crash 10% and gold will rise $100 over night ... What Hillary did was appalling and there will be ‘another reckoning on November 8th’
Who says there is no wage growth? Certainly not the Labor Department, at least when it comes to black workers. In a release on Thursday, the DOL reported that seven years after the "end" of the recession, median wages for full-time black workers jumped by 9.8% in the Q3 - the biggest quarterly jump since record began in 2000.
Say what you want about Donald J. Trump, but he is correct about one thing: the Federal Reserve has, with near certainty, been holding interest rates down for political purposes - namely, to aid Hillary Clinton in getting elected president of the United States.
The Great Recession was a result of a massive monetary policy error. The Fed kept rates too low for too long, which - when coupled with lax or no regulation in the mortgage markets - resulted in a housing bubble and a crash. This then bled over to global markets. We are again suffering the effects of a massive monetary policy error. The error has already been committed, but we have just begun to endure the consequences.
Global stocks were modestly higher, before the European Central Bank gives its policy update, while investors weigh mixed earnings results. Asian stocks rise, U.S. equity-index futures are little changed. The euro touched its weakest level since July and stocks in the region fell after their first back-to-back gains in two weeks.
The narrative of a coming conflict between the East and the West has been boiling steadily as the U.S. election nears its end. Even the mainstream media is insinuating the potential for shots fired. Some believe the results of the election will determine the odds of war. There is a different position.It seems the rhetoric of East vs. West and nuclear exchange is being exploited as a distraction away from a different but almost equally catastrophic end game - the death of the U.S. dollar as the world reserve currency.
CNBC's Bill Griffeth asks should we buy this dip... Tudor Jones replies - so ironically on this 29th anniversary of the Black Monday collapse in the US equity market - "we should see massive Federal Reserve and Government intervention in the FX and debt markets to stem what has unquestionably been a panic."Nothing ever changes!
It’s difficult to make a case for a great holiday sales season or robust third quarter GDP based on the Cass Freight Index which shows shipments sank 0.4% for the month and are down 3.1% from shipments a year ago. As Cass warns, the "glimmer of ‘less bad’ hope in August" was "false hope."
"We’ve been in the eye of the storm since then... and it’s a huge hurricane with a big eye... they’ve papered it over with trillion of currency units... Now, as we speak, we’re moving into the trailing edge and it’s going to be much worse, much longer lasting, and much different than the unpleasantness that we experienced back in 2008..."
US futures were little changed, with European shares lower, and Asian stocks higher as caution returned after last night's Chinese economic data did little to clear up how the world's second largest economy is performing, and provided few positives for investors ahead of the third and final U.S. presidential debate; imminent announcements from both the ECB and the Fed also will keep traders on their toes today.
While The 'ever-fearful' Fed continues to hold rates at emergency low levels, President Obama proclaimed once again that "we've recovered quicker" as he took yet another economic victory lap. "I'm proud of our economic track record" he exclaimed, despite Harvard having blown that myth out of the water, before he turned his attention to Trump, talling him to "stop whining."
Gold remains the asset Wall Street loves to hate. It is currently under pressure due to the recent increase in rate hike odds and there was definitely a need for stale long positions to be cleared out. When we see the mainstream gang up on gold so quickly though, we tend doubt that the bears will be correct. Of course we have no crystal ball either, but we remain convinced that the monetary experiments of recent years will end quite badly.