National Weather Service
The Fed stimulates absolutely nothing but the media’s descriptions of it and the various economists and their models that depend solely on them being successful in doing so. If recessions are emotional and irrational pessimism as the monetary textbooks believe, then QE and ZIRP are just right sort of “happy pills” to push emotions back to the “right” direction. Is it any wonder the economy is in danger of sinking toward catastrophic failure?
Seven years ago, the U.S. Army War College issued a report calling on the military to be prepared should they need to put down civil unrest within the country. Summarizing the report, investigative journalist Chris Hedges declared, “The military must be prepared, the document warned, for a ‘violent, strategic dislocation inside the United States,’ which could be provoked by ‘unforeseen economic collapse,’ ‘purposeful domestic resistance,’ ‘pervasive public health emergencies’ or ‘loss of functioning political and legal order.’ The ‘widespread civil violence,’ the document said, ‘would force the defense establishment to reorient priorities in extremis to defend basic domestic order and human security.’” At what point will all of the government’s carefully drawn plans for dealing with civil unrest, “homegrown” terrorism and targeting pre-crime become a unified blueprint for locking down the nation?
The one thing to note about today's "decisive" jobs number, is that most are scrambling to warn that they really have no idea what it will be due to yet another unprecedented instance of cold weather and snow in the winter (see "Goldman Warns Snow May Leads To Lower Jobs Number, But Snowstorms Will Result In Higher Wages"). The reality is that, based on recent ADP trends and the shale patch reality and recent ISM/PMI surveys, today's NFP should print well below 200,000 (unless some 100,000 bartenders were hired in the deep of winter), not where Wall Street consensus expects it, at 235,000 (on a range of 150K to 370K.
The last time US weather was this bad, annualized US GDP crashed from 2.3% to -2.9%.
Who can forget the farce conducted by Canada's labor statistics office back in August when, as we reported, "Canada Releases Atrocious Jobs Data; Then Revises It Above The Highest Estimate Following Public Outcry." It was then that we got our first hint that when it comes to massaging data, Canada is on par with China and even the US. Well, Statistics Canada just outdid itself moments ago when it reported that those 185,700 jobs gains it had previously reported for all of 2014... well, it was only kidding, and after a second look, the number has been revised a whopping 35% (!) lower to only 121,300. How long until a lightbulb goes over the BLS' head and the US department of seasonal adjustments decides to do the same?
- Fed seen remaining patient with rate guidance amid global turmoil (Reuters)
- National Weather Service apologizes for blizzard forecast miss (CBS)
- Greek PM Tsipras pushes on with radical change, markets tumble (Reuters)
- Obama Drops Plan to Raise Taxes on ‘529’ College Savings Accounts (WSJ)
- Hard Choices on Easy Money Lie Ahead for Fed Chief (Hilsenrath)
- Debt That Once Boosted Its Cities Now Burdens China (WSJ)
- Skymark Said to File for Bankruptcy After Airbus Deal Flops (BBG)
- Heavy Fighting Drains Ukraine Government’s Options and Finances (WSJ)
While the #Blizarrdof2015 may have been a dud, it is the skies above New York, some 10,000 feet and above, that is where the real action lies. Or rather doesn't. As this real time snapshot of airplane traffic over New York, not a plan is to be found.
As reported first yesterday, the North East in general, and NYC in particular, are about to be hit with a "historic" blizzard that may bring over 24 inches inches of snow in various places: a total accumulation which would make the "Blizzard of 2015" one of the top 5 worst snowstorms in the history of the city, and it the total snowfall rises over 27 inches, it would be the worst snowstorm in NYC history.
Schools in Chicago, Boston and other large cities closed on Thursday as sub-zero temperatures and bitter winds gripped central and eastern United States for a third day and, as Reuters reports, meteorologists warned there was little relief in sight. A stunning 83.8% of America was freezing this morning (and 12.9% below zero) as an Arctic air blast from Canada hit the U.S. Midwest, Mid-Atlantic and Northeast, with many parts around minus 10 Fahrenheit (minus 23 Celsius), the National Weather Service said.
As previously reported, the anticipated Polar Vortex 2.0 has struck, pushing temperatures in all 50 states to below freezing, while heavy snow prompted a state of emergency in western New York and contributed to the deaths of four people. According to Reuters, it was the coldest November morning across the country since 1976, according to Weather Bell Analytics, a meteorologist consulting firm. It remains to be seen how many GDP percentage points were wiped out as a result, unless of course, this time it will be different from last winter. But it was the situation in upstate New York, especially around Bufallo and parts of Erie County, where things got most dire and where 60 inches (1.5 m) of snow accumulated, with more falling, said Steven Welch of the National Weather Service near Buffalo. It gets worse: forecasters are calling for more snow on Thursday, as much as three feet more, for a total of up to 100 inches over four days - a year's worth for the region!
As the G-20 meeting comes to a 'successful' end with back-patting congratulations having agreed to create $2 trillion more GDP out of thin air (or maybe hookers and blow), it appears that someone - or more than one - among these nations was less than diplomatic towards every nations' best friend - America. As AP reports, The State Department has taken the unprecedented step of shutting down its entire unclassified email system as technicians repair possible damage from a suspected hacker attack. Earlier attacks have been blamed on Russian or Chinese attackers, although their origin has never been publicly confirmed.
When scientists start using phrases such as "the worst drought" and "as bad as you can imagine" to describe what is going on in the western half of the country, you know that things are bad. Thanks to an epic drought that never seems to end, we are witnessing the beginning of a water crisis that most people never even dreamed was possible in this day and age. The following are 20 signs that the stunning drought is starting to become apocalyptic...
Anyone hoping for a resolution of the biggest economic conundrum of modern times will have to wait. What is the conundrum you ask? Simple: whether or not extreme adverse weather is positive or negative for GDP. It appears that any expectation Arthur would devastate the east coast, with either positive or negative GDP consequences, has been cancelled. Because not only has Arthur just been lowered to a Category 1 hurricane from 2, but now appears to be moving away from the east coast entirely.
When American explorers first traveled through north Texas, Oklahoma and Kansas, they referred to it as "the Great American Desert" and they doubted that anyone would ever be able to farm it. But as history has shown, when that area gets plenty of precipitation the farming is actually quite good. Unfortunately, the region is now in the midst of a devastating multi-year drought which never seems to end. Right now, 56 percent of Texas, 64 percent of Oklahoma and 80 percent of Kansas are experiencing "severe drought", and the long range forecast for this upcoming summer is not good. In fact, some areas in the region are already drier than they were during the worst times of the 1930s.