McKinsey

"Technology Is Replacing Brains As Well As Brawn" - Challenging The 'Official' Automation Narrative (& Social Order)

...even if the academics are right and new high-skill jobs emerge to replace the ones that are being automated away, huge disruptions would still await. Large portions of the global workforce would still need retraining. And if work becomes a luxury, widespread joblessness and greater inequality could make it increasingly more difficult for the government to maintain social order.

Nomura Demands $134,000 For Premium Research

As Wall Street scrambles to find a market clearing price for the true value of its now unbundled research, a first attempt comes from Nomura, which has proposed that clients pay as much as 120,000 euros ($134,000) a year to access their favorite analysts

McKinsey: Banks Will Have To Slash 30% Of Analyst Jobs To Comply With New Research Rules

"Two to three global banking players will preserve their status in the new era, winning the execution arms race and dominating trading in equities around the globe.  Over the coming five years, banks will need to make hard choices and play to their strengths. Not only will the top ranks be thinned out, there will be shakeouts in regional markets."

Is This The Scariest Chart For Central Banks?

"Monetary policy has left the allocation into risky assets stretched at very high prices in a modest recovery with major structural issues still unresolved. The efficacy of existing policy tools in the future seems greatly diminished."

Frontrunning: June 5

  • Saudis, U.A.E., Bahrain and Egypt Cut Ties With Qatar (WSJ)
  • Saudi-Led Alliance Cuts Ties With Qatar (BBG)
  • Saudi, Egypt lead Arab states cutting Qatar ties, Iran blames Trump (Reuters); Qatar asks citizens to leave UAE within 14 days: embassy (Reuters)
  • London Fortifies Bridges to Protect Pedestrians From Attack (BBG)
  • Bank at Center of U.S. Inquiry Projects Russian ‘Soft Power’ (NYT)

"How Does This Ever End?" An Interview With Lacy Hunt

"...our results will mirror Japan over time... They've tried to solve an indebtedness problem by taking on more debt... the secular low in long treasury bonds is not at hand.. [rates] are not going to be able to stay up. The economy is too fundamentally weak..."

April Was Cruel… To The US Treasury

Last month was not so good to the US Treasury. “Individual Income and Employment Taxes, Not Withheld” (the Treasury line item for receipts outside the customary withholding process) were down 5.7% year over year to $182 billion. Moreover, this is the lowest April haul since 2012. The April tax receipts of 2013 to 2016 ran between $193 billion (2014) to $219 billion (2015). This year’s receipt totals are far from those.

This One Trade Changed 400 Years Of History In Just Four Hours

On September 7, 2016, Barclays facilitated a $100,000 trade of cheese and butter between Irish food company Ornua and the Seychelles Trading Company. This small trade will be just as revolutionary as the first email sent. Here’s why...

Jamie Dimon Warns "Something Is Wrong" With The US

"Our problems are significant, and they are not the singular purview of either political party. We need coherent, consistent, comprehensive and coordinated policies that help fix these problems. The solutions are not binary – they are not either/or, and they are not about Democrats or Republicans."

The Big Contraction - An Interview With James Howard Kunstler

"We’ve been sowing the seeds for our predicament since the end of World War II. You might even call this process “The Victory Disease.” In practical terms it represents sets of poor decisions with accelerating bad consequences..."

Consuming Our Future: Das Warns "The Model Was Always Doomed To Fail"

"Only lowering our living standards will achieve sustainable growth... Debt, energy consumption, housing affordability or superannuation – it’s all based on a financial system that’s in fact a completely fictional model. This model was always doomed to fail – eventually."