Since May, CEO confidence among America's largest companies had stagnated - even as stocks did what they do and rise, rise, rise. That changed when Bullard (now explained as "misunderstood" by the market) set fire to stocks with his QE4 hints and Plunge Protection Team rescue. However, the last 2 weeks have seen a noticable collapse once again in CEO confidence, according to Bloomberg's Orange Book index, even as stocks reach new higher all-time-er highs. As Bloomberg's Rich Yamarone notes, recent earnings calls highlight the headwinds companies face: Executives cite “softness in consumer spending,” a “challenging” climate, “fairly stagnant economy,” and “cautious” optimism. Currency valuations are front and center.
This past month, a real-life guild of thieves was formed. With 51 governments pledging their support to each other for the protection of their ignoble craft of theft. And another 30 pledging to join by 2018.
More than originally estimated, apparently...
Based on the lessons of history, all empires collapse eventually; thus, the probability that the US empire will collapse can be set at 100% with a great deal of confidence. The question is, When? (Everyone keeps asking that annoying question.)
- Turkey says Syria town about to fall as Islamic State advances (Reuters)
- Only now? Growth worries grip stocks, oil (Reuters)
- Hong Kong Protest Leaders ‘Furious’ at Agenda for Talks (BBG)
- Earthquake Damages Thousands of Homes in Southern China (BBG)
- Keystone Be Darned: Canada Finds Oil Route Around Obama (BBG)
- Where Is North Korea's 31-Year-Old Leader? (BusinessWeek)
- Australia to Revise Employment Data (WSJ)
- Americans Living Longer as Fewer Die From Heart Disease, Cancer (BBG)
- A 401(k) Conundrum: Can You Make Cash Pile Last for Life? (BBG)
- China Services Sector Slows in September (WSJ)
"During the quarter, the company acquired 5.3 million shares of FedEx common stock. As of August 31, 2014, no shares remained under the existing share repurchase authorizations. Share repurchases benefited earnings in the quarter by $0.15 per diluted share."
The Puerto Rico Electric Power Authority (PREPA) Bond: Nondisclosure Agreement Creates Two Classes of BondholdersSubmitted by rcwhalen on 09/16/2014 03:07 -0500
Suddenly, we now have a new class: those bondholders who are under the NDA versus those who are not.
You may be familiar with the story of how the US government confiscated gold bullion and then made owning it illegal back in 1933. Actually this event is more accurately termed a nationalization. Americans were forced under harsh penalties to sell their gold at an artificially low “official price.” Many have speculated that the US government could once again turn to gold confiscation/nationalization if it became desperate enough. But would the US government really turn to a 1933-style grab again? We would argue that they wouldn’t, but that doesn’t mean the threat to your gold has diminished. Quite the opposite.
- Barack Obama's 'vacation from hell' (Politico)
- Russian aid convoy checked; military vehicles mass near Ukraine (Reuters)
- Ukraine Says APCs Entered From Russia to Aid Insurgents (BBG)
- Islamic State Said to Challenge Al-Qaeda for Leadership (BBG)
- Missouri protests calmer after governor puts black police captain in charge (Reuters)
- Finally someone will prove the US is a pyramid scheme (in a 1000 page presentation): Ackman’s Pershing Square Sues U.S. Over Fannie, Freddie (BBG)
- Banks, Financial Firms Load Up on Cheap Debt (WSJ)
- Putin to Meet Finnish President as Threat of Cold War Grows (BBG)
Why are so many plagues hitting the United States all of a sudden? Yes, one can always point out bad stuff that is happening somewhere in the country, but right now we are facing a nightmarish combination of crippling drought, devastating wildfires, disastrous viruses, dying crops and superbugs that scientists don’t know how to kill.
Cases of the chikungunya virus are appearing in the United States at a level that is far higher than anything health officials have seen in recent years, and now there are two confirmed cases of people that have not even traveled out of the country getting the virus. That means that the chikungunya virus is starting to spread in America, and once it starts spreading it is really hard to stop. Fortunately, the U.S. has not really been affected by this disease in recent years, but an epidemic has already been declared in Puerto Rico, and some experts are now saying that it is only a matter of time before we see one in the United States.
As WSJ reports, last week's geopolitical chaos and distraction was ideal for a news dump, and the White House didn't disappoint: On no legal basis, all 4.5 million residents of the five U.S. territories were quietly released from ObamaCare. It seems the costs of healthcare soared in these five territories due to uneconomic mandates - which woul dhave been a disaster PR-wise for the administration and so, under cover of catastrophe, WSJ reports all of a sudden last week HHS discovered new powers after "a careful review of this situation and the relevant statutory language," that enabled them to 'selectively exempt' American Samoa, Guam, Puerto Rico, Northern Mariana Islands, and Virgin Islands from Obamacare. And all while vacationing...
- 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)
- Microsoft to announce biggest round of job cuts in 5 years (BBG)
- Palestinian rocket fire persists, Israel warns truce at risk (Reuters)
- China tells U.S. to stay out of South China Seas dispute (Reuters)
- Merkel Resists Sundering U.S. Ties Over Spying Affair (BBG)
- BES slide, tumbling German sentiment hit markets (Reuters)
- Top 1 Percent Is Even Richer Than Surveys Say, ECB Paper Finds (BBG)
- Puerto Rico Utility May Default on January Interest Payment (BBG)
- Can't Get a Job From an Algorithm, or So It Seems as Hot Resumes Go Nowhere Fast (BBG)
- Bank of China-CCTV drama may reveal power struggle in Beijing (SCMP)
Martin Armstrong warns that 50% of the municipal governments in Germany are on the verge of bankruptcy. This is part of the reason they are looking for bail-ins and even Merkel has determined they cannot allow any referendums fearing the people will vote against the EU. The Bremen state government has now imposed a spending freeze today. The reason has been the unexpected expenditure and revenue shortfalls in the total amount of 60 million euros. Politicians cannot see that this system is doomed. They keep looking for everything possible to raise more and more taxes. It is just amazing who disconnected government are from the reality of the economy. Everything is geared to move toward the confiscation of wealth not reforming the system.