Gross Domestic Product

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Fearing Capital Controls, Tourists Request Hotel Safes In Greece

“Clients want to feel secure that if something happens, they’ll have funds. They’re coming with more cash.”

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Rand Paul: "Americans See The Rot In The System...And Want It To End!"

"My tax plan would blow up the tax code and start over. Today, the American people see the rot in the system that is degrading our economy day after day and want it to end. That is exactly what the Fair and Flat Tax will do through a plan that’s the boldest restoration of fairness to American taxpayers in over a century."

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The Fallacies Of GDP

The common error of confusing growth with progress goes largely unnoticed, though it permeates all macroeconomic analysis. There is no better example of this mistake than the fallacies behind the interpretation of Gross Domestic Product.

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Greece Refuses To Blink; EU Says Noncompliance "Not An Option"

On the heels of what appeared to be an ultimatum from EU creditors, Greece remains defiant on pension cuts and a VAT hike, testing the troika's resolve as the countdown to the next maybe-deadline continues. Meanwhile, Germany warns that Grexit could embolden EU "separatist" movements and Dijsselbloem reminds Tsipras that noncompliance isn't an option.

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Deutsche Bank CEOs “Shown Door” – World’s Largest Holder of Derivatives In Trouble?

Deutsche Bank’s derivatives position is truly enormous. It was recently estimated to be around $54 trillion. Germany's GDP, the 4th largest in the world, was a mere $3.64 trillion in 2015. Were Deutsche Bank caught off-side in its derivatives positions there is not a government or institution on earth that could bail it out and it could lead to contagion in the German financial system and indeed in the global financial system.

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Overnight, In Chinese Stocks...

As the afternoon session opened overnight in China, stocks were crashing 6-7% (after dropping over 10% and soaring over 15% in the 5 days prior). With record and exponentially growing margin trading one can only imagine the vast majority of new account-holding housewives were stopped out of various positions. Which makes us wonder, just who the mysterious buyer of last resort was that lifted Chinese stocks ever-so-linearly all the way back to unchanged (and in fact green for Shanghai). We suspect you know the answer, and sure enough, just as Bloomberg notes, who cares about China's economy when stocks are rising this much? Simply put, this is bread-and-circuses distraction for the masses of Chinese facing the harsh economic reality of a post debt-fueled bubble bursting.

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Tsipras Sticks To "Red Line" Rhetoric Cornered By Party Radicals

"An early election would be possible, but the least likely: the PM will likely be able to pass an agreement through parliament with opposition support, in turn generating strong incentives for a shift to a more moderate coalition within the existing parliament rather than a new electoral campaign following a painful compromise with European creditors," Deutsche Bank says, laying out the likely outcome if and when Greek PM Alexis Tsipras does finally accept an unpopular deal with creditors.

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Top 10 Military Spenders

A man of distinction in today’s world is a man that throws his money in military monkey business, the shenanigans that our wealthiest nations excel at.

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Is Our Economy's Cinderella Carriage About To Turn Into A Pumpkin?

The Fed insists that Cinderella's carriage is forever golden, ignoring the increasingly obvious reality that the carriage is turning back into a pumpkin before our eyes. The Fed's magic was always a short-term fix, akin to over-fertilizing and over-poisoning our economy to create the illusion of massive growth in profits and stock, bond and home valuations. Now that the magic is wearing off, the reality is going to hit everyone who believed the fantasy of permanent asset bubbles especially hard.

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The US Department Of Commerce Officially Jumps The Shark, Will "Double Seasonally Adjust" GDP Data

It's official: after seeing it work so well for years in China, the US Department of Commerce's Bureau of Economic Statistics has officially replaced all of its excel models with just one function. The following.

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5 Things To Ponder: Everybody's Got One

No matter what investors SAY they will do, they will almost always succumb to the emotional investment mistakes caused by being human.

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Greece May Need To Issue IOUs Schaeuble Says After Latest Failure To Reach A Deal

"German Finance Minister Wolfgang Schaeuble conceded the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail," Bloomberg reports. Meanwhile, "sideline" negotiations between Greek PM Tsipras and Angela Merkel breakdown in Riga.

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Housing Recovery - Real Or Memorex

The rising risk to the housing recovery story lies in the Fed's ability to continue to keep interest rates suppressed. It is important to remember that individuals "buy payments" rather than houses. With each tick higher in mortgage rates so goes the monthly mortgage payment. With wages remaining suppressed, 1 out of 3 Americans no longer counted as part of the work force or drawing on a Federal subsidy, the pool of potential buyers remains tightly constrained. While there are many hopes pinned on the housing recovery as a "driver" of economic growth in 2015 and beyond - the lack of recovery in the home ownership data suggests otherwise.

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Stocks Slump After Liesman Reports GDP To Be "Double Seasonally-Adjusted" Upward

"The government agency charged with calculating the nation's growth rate is acknowledging problems with its numbers and pledging a series of fixes over the next several months", Steve Liesman reports, confirming that the BEA is about to do precisely what we predicted two days ago and seasonally adjust its seasonally adjusted data in what might very well be the most blatant instance of goal-seeking in the history of statistical analysis.

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