• Tim Knight from...
    09/19/2014 - 20:15
    I was originally going to title this post "Jackie DeAngelis Must Die", but I thought she might take it the wrong way.

New York Times

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US May Send Military Aid To Ukraine; Accuses Russia Of Violating Nuclear Arms Treaty With ICBM Launch





If the specter of the second cold war descending into outright smoldering status doesn't send the S&P promptly to all time highs, nothing will. Moments ago the White House accused Russia of violating the 1987 missile treaty, in response to a still unspecified ICBM launch, calling the "breach" a "very serious matter." Bloomberg added that at issue was a ground-launched ICBM missile. And just so it is clear that the US is now picked the "escalation" of the prisoner's dilemma,  also moments ago AGP reported that the US is now weighing the risks of aiding Ukraine militarily. Specifically, senior American military officers are discussing the possibility of "providing Ukraine with more precise intelligence that would allow it to target missiles held by pro-Russian forces, US officials said Monday."

 
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Indexation Is A Socialist Way Of Allocating Capital





"In effect, by pursuing indexation we have introduced a socialist way of allocating capital in the heart of the capitalist system... As we all know, socialism is the ultimate form of freeloading. It has never worked, and it never will. This indexation is one of the most obvious forms of parasitism we have ever encountered."

 
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Singapore Takes More Steps To Becoming Global Gold Hub





Singapore’s plans to become a gold and precious metals hub took a key step on Thursday. Jim Rogers, Jim Sinclair and Marc Faber have extolled the virtues of owning physical coins and bars in Singapore. “Individuals are making a mistake if they’re holding all their assets in one country.…I still have the majority of my gold in Switzerland, but I am already moving gold to Asia,” Faber recently said.

 
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‘Apocalypse’ Krugman Ignores History, Keynes And Lenin’s Warnings





When it comes to the apocalypse, Krugman likes to have his apocalyptic cake and eat it too. Krugman says that the recent concern about “debts and deficits” was a “false alarm.” He attempts to paint those who were concerned about the debt crisis as scare mongers. He sarcastically says that “the debt apocalypse has been called off.”

 
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The Rot Within, Part II: Inflation Is Not "Growth"





Just as the Federal Reserve cannot directly force you to stick the needle of monetary heroin (debt) into your arm, it also can't force employers to pay employees more. The ultimate hubris of the Keynesian Cargo Cult (which includes the global economy's central banks) is the naive notion that they can manipulate an entire system with a few levers such that the desired outcome--and only the desired outcome--is the output. The idea that you can change one input in an interconnected system of systems and only affect the one output you want is not just naive and simplistic: it requires a level of blindness and incompetence that is off the charts.

 
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Key Piece of Video “Evidence” for Russian Responsibility for Malaysian Plane Shootdown Debunked





Video of Rebel Buk Launchers Headed Back to Russia? No – Images From Ukraine-Held Territory Since May

 
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A "Tone-Deaf" Obama Mocked By The NYT For Vacationing While The World Burns





For an administration in its sixth year, juggling presidential optics is nothing new. And with some rare exceptions, the public relations team around the president has remained consistently stubborn about refusing to let the never-ending stream of political, economic or international crises affect Mr. Obama’s daily schedule. The current myriad incidents are no exceptions: Moments after making a grim statement about Ukraine on Friday, the president popped into the East Room, where the first lady, Michelle Obama, was holding a mock state dinner for children to promote her Let’s Move nutrition initiative. “My big thing,” he confessed to the kids, “chips and guacamole!” There was plenty of laughter all around.

 
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"Buying The Car Was The Worst Decision I Ever Made" - The Subprime Auto Loan Bubble Bursts





It has been over six months since we first highlighted the growing deterioration in the quality of auto loans and mentioned the 's' word (subprime) as indicative that we learned nothing from the financial crisis. Since then, auto loans (and especially subprime in the last few months) have surged to record highs; and most concerning, recently has seen delinquencies and late payments spike. The reason we provide this background is that, thanks to The NY Times, this story is now hitting the mainstream media as subprime-quality car buyers (new and used) realize the burden they have placed on themselves thanks to exorbitantly high interest rates (and a rapidly depreciating 'asset'). As one car 'owner' exclaimed, "buying the car was the worst decision I have ever made."

 
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The Losers From U.S. Sanctions: AMERICAN Businesses





U.S. Sanctions Against Foreign Nations Are Hurting American Companies

 
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Frontrunning: July 16





  • BRICS set up bank to counter Western hold on global finances (Reuters)
  • Fed's Yellen Hedges Her View on Rates (Hilsenrath)
  • China GDP Grows 7.5% in Second Quarter (WSJ)
  • Get More Acquainted With Your Knees as Boeing Reworks 737 (BBG)
  • Israel Warns Gazans of New Attack After Hamas Rejects Truce (WSJ)
  • Israel poised for Gaza incursions after truce collapses (Reuters)
  • China Housing Sales Fall in First Half of 2014 (WSJ)
  • IBM to offer iPads and iPhones for business users (Reuters)
  • Fed's George says strengthening economy warrants quick rate rise (Reuters)
 
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"A Restless President Weary Of The Obligations Of The White House..."





What’s so amusing about this week’s article from the New York Times titled, At Dinner Tables, Restless President Finds Intellectual Escape, is that the author appears to be quite sympathetic to Obama. She seems to want to portray the President as a real statesman; one who is so far above politics and the pedestrian task of being Commander in Chief that he finds it necessary to flee his responsibilities in order to find intellectual escape while dining extravagantly with “elites” in Europe. In contrast, he merely comes across as the arrogant, disconnected, oligarch coddler he is.

 
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What Hardcore Pornography Can Teach Us About Asset Bubbles





Exactly 50 years ago last month the US Supreme Court ruled on the now famous case of Jacobellis v. OhioAt stake was whether a French movie with graphic sexual content could be outlawed by the state via its obscenity laws. The court ruled that it could not because the film wasn’t hardcore pornography. How could they tell? In an explanation that has now turned into one of the most famous quotes in court history, Justice Potter Stewart explained that although he could not define exactly what hardcore porn was, “I know it when I see it” Like porn, asset bubbles are also hard to define, but given our economic history, and especially our recent economic history, we know it when we see it, and now we see it everywhere. We all see it. Apparently the only people that don’t see the bubbles are the people creating them.

 
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Orwell Would Be Proud: US Media Admits Divine Right To Decide What Public Needs To Know





"The government really needs to get its message out to the American people, and it knows that the best way to do that is by using the American news media, said Shanker. The relationship between the government and the media is like a marriage; it is a dysfunctional marriage to be sure, but we stay together for the kids."

 
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