Gambling

Stockman Slams "The Awesome Recovery" Narrative

"In the face of blatant dangers and even existential threats, the denizens of the Acela Corridor whistle past the graveyard with alacrity. So doing, they turn a blind eye on virtually all that contradicts the awesome recovery narrative, the indispensable nation conceit and the Washington can Make America Great Again (MAGA) delusion, among countless other fantasies."

Why Australia's Economy Is A House Of Cards

"For over a quarter of a century our economy mostly grew because of dumb luck... As a whole, the Australian economy has grown through a property bubble inflating on top of a mining bubble, built on top of a commodities bubble, driven by a China bubble....Unfortunately for Australia, that “lucky” free ride is just about to end..."

Frontrunning: November 13

  • Trump, Duterte Strike Up a Friendship, Sidestep Thorny Issues (WSJ)
  • Strong earthquake hits Iraq and Iran, at least 332 killed (Reuters)
  • GE’s New CEO to Focus on Power, Aviation, Health (BBG)
  • GE Slashes Dividend Amid Restructuring (WSJ)
  • Uber board strikes agreement to pave way for SoftBank investment (Reuters)
  • World's Top Tech Giants Amass $1.7 Trillion in Monster Year (BBG)

"Google & Facebook Are 1984" - Tax Them 'Til They Bleed

"As Google, Facebook and the CIA are ever more entwined, these companies become so important to what ‘the spooks’ consider the interests of the nation that they will become mutually protective...The world has never seen such technologies. We are simply not prepared for any of this."

Paradise Papers: Massive New Leak Exposes Tax-Haven Secrets, Links Wilbur Ross To Russia

A huge new leak of offshore tax-haven documents dubbed the "Paradise Papers", reveals again how the ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens. They also reveal that Trump's commerce secretary, Wilbur Ross, is shown to have a stake in a firm dealing with Russians sanctioned by the US.

Frontrunning: November 1

  • NYC truck attack: Investigators scour driver’s background (AP)
  • Release of House tax bill delayed until Thursday (Reuters)
  • U.S. pursues direct diplomacy with North Korea despite Trump rejection (Reuters)
  • GOP Braces for ‘All Hell’ to Break Loose Over Tax Bill (BBG)
  • Former Trump adviser’s guilty plea could rattle White House (AP)

US Futures Rebound After Disappointing Chinese, European Data

Yesterday's sharp Chinese selloff is now a distant memory after the BTFDers emerged, and this morning U.S. equity futures are once again levitating as the FOMC begins its two-day policy meeting, following an uneventful BOJ announcement on Tuesday morning which left all QE parameters unchanged. Asian stocks traded mixed steady while European shares climb.

Frontrunning: October 30

  • Paul Manafort, Who Once Ran Trump Campaign, Told to Surrender (NYT)
  • Russia Probe Puts Focus on Washington Research Firm (WSJ)
  • Trump tax overhaul under intensifying fire as Congress readies bill (Reuters)
  • House Tax Writer Gives Ground on a State and Local Tax Break (BBG)
  • Work resumes normally in Catalonia as Spain enforces direct rule (Reuters)
  • Russia Wields Oil Diplomacy, Pushing In on U.S. Interests (NYT)

World Stocks At All Time Highs After Nikkei's Record Winning Streak; Euro Slides With Spain On Edge

In an otherwise quiet session, Sunday's convincing election victory for Japanese Prime Minister Shinzo Abe’s ruling coalition, which gave it another constitution-changing supermajority, pushed the Nikkei to the highest level since 1996, after a record 15 consecutive days of gains - the longest winning streak on record - and sent world stocks to new all-time highs on Monday.