It must be tempting for the believers to again revel in the brute power of the “perpetual money machine.” Yet the costs associated with the latest round of monetary inflation are steep. Not many months ago it appeared that China was determined to rein in excess, while the U.S. was ready to lead the world toward policy normalization. Today it’s become rather obvious that China is out of control and global policymakers are trapped at near zero or negative rates and perpetual QE monetary inflation. What was always sold as temporary extraordinary measures is increasingly recognized as desperate “whatever it takes” indefinitely.
A new survey of the best and worst jobs in the country has declared that being a newspaper reporter (blogger may or may not fall under this umbrella definition) is the worst career you could be pursuing.
Following Monday's decision by a special committee to commence the impeachment process against president Dilma Rousseff, all attention had been focused on the number of Congressional votes that the pro-impeachment movement would have ahead Sunday's critical vote. As a reminder, impeachment would require two-thirds support, or 342 of the 513 lower-house lawmakers, to send the case to the Senate. Then, moments ago, Brazil's Folha newspaper reported that this critical 342 threshold had been met.
Egyptians Outraged At Government Plan To Hand Over Islands To Saudi Arabia As Saudi King Arrives In TurkeySubmitted by Tyler Durden on 04/12/2016 11:27 -0400
the Egyptian government said on Saturday that the two countries had signed maritime demarcation accords that put the islands of Tiran and Sanafir in Saudi waters in the process handing over the two islands to the Saudi kingdom. As Reuters reported, "Egypt's announcement during a five-day visit by King Salman that it would transfer two Red Sea islands to its Saudi ally has outraged Egyptians, who took to social media to criticize the move"
Moments ago, in the first of two closely anticipated and watched votes, a special committee in Brazil's lower house voted 38 to 27 to begin the impeachment process against president Dilma Rousseff. But while the first key step in Rousseff's ouster has been taken, there is a long road ahead for the process and Dilma will not go quietly or without a fight.
Diversification of deposits remains vital and one important way to protect against bail-ins is owning bullion. Taking delivery of gold and silver coins and bars or owning bullion in allocated and segregated storage in the safest vaults in the world is a prudent way to protect against bail-ins.
The ultra-conservative, Wahhabism-practicing kingdom of Saudia Arabia had their sports authorities stop a match on Friday to cut a player's hair because they deemed it "anti-Islamic." A video posted online on Friday showed one player being given a last-minute haircut before a fixture to comply with Saudi Football Federation guidelines.
In late January, we asked "who will offer the first negative rate mortgage?" We didn't have to wait long before Denmark's Nordea Credit unleashed this idiocy. And now two banks in Belgium have followed suit, paying instead of charging interest on mortgages to a handful of customers. That all this will end in blood and a lot of tears is clear to anyone but the most tenured economists.
If this was the work of the CIA, it was an extremely sloppy and obvious hit job. On the other hand, if this was the work of Putin for the purposes of blackmail, it’s one of the most ingenious chess moves I’ve ever seen played on the global stage. If this theory is correct, it’s the worse case scenario for American citizens. So if Putin is behind this, and does have the goods on the U.S. elite, not only do we not get rid of the these corrupt oligarchs, we now have to live with them in an even more compromised state than they were before.
Despite the supposedly ineluctable logic of Sanders’ unelectability, many pundits now believe there has been a seismic shift in the 2016 presidential race. It is becoming increasingly obvious that Americans are sick to death of the two corporatist political establishments and will do anything to send them a message. Then there’s the matter of the Panama Papers, which once again illustrate the stark contrast in judgement between Bernie Sanders and Hillary Clinton.
As our empire erodes, and overseas tyranny evolves into full moral meltdown at home, and the economy becomes a series of bubbles, the sociopaths in charge resort to more inventive and draconian measures. Trump is neither the solution nor the answer but more like another symptom. A long simmering effect of a longer lingering cause. The cause and effect of bad governance, of corruption without any consequences.
Government efforts to tackle a glut of vacant housing in China by spurring home lending have triggered a bigger problem: a surge in risky subprime-style loans that is generating alarm. Home buyers in China normally put down a third of the cost of a new property upfront. But a rapid rise in buyers borrowing for their down payments—an echo of the easy credit that cratered the U.S. housing market and sparked the financial crisis—has led authorities to clamp down
- Cruz, Sanders score decisive victories in Wisconsin (Reuters)
- Clinton Can’t Get to New York Fast Enough After New Sanders Win (BBG)
- Trump, Clinton Have Single-Digit Leads in Pennsylvania (BBG)
- Panama law firm says data hack was external, files complaint (Reuters)
- ‘Panama Papers’ Puts Spotlight on Boom in Offshore Services (WSJ)
- Barclays partners with Goldman-backed bitcoin payments app (FT)
With only four month to go until the Brazil summer olympics, only half of the tickets have been sold. Brazil’s new minister of sports Ricardo Leyser suggested that the Brazilian government may purchase tickets that will be distributed to public schools. He said public officials must also work to boost worldwide confidence in Rio's ability to host the games and ensure travelers' safety.
The president of the Chilean branch of Transparency International resigned on Monday after documents from a Panamanian law firm showed he was linked to at least five offshore companies.
For those who are unfamiliar, Transparency International is a German-based organization that seeks to monitor and root out corporate and political corruption worldwide.