Harvard PhD Robert Epstein explains his new study revealing Google's search bias in favor of Hillary Clinton...a bias he estimates could shift as many as 3 million votes in the upcoming presidential election in the US.
First out of the gate among the Fed speakers today (before they go dark) is Dennis Lockhart (non-voter) commenting positively on the economy and jobs, shrugging off the recently terrible ISM data stating "I believe the economy is sustaining sufficient momentum to substantially achieve the committee's monetary policy objectives in an acceptable medium-term time horizon," but questioned inflation still running below mandate.
With traders in the US arriving at their desks, the global selling appears to be accelerating and as Bloomberg notes, "a selloff in fixed income is starting to snowball into a global market rout" driven by what Reuters dubbed "growing concerns that global central banks' commitment to the post-crisis orthodoxy of super-low interest rates and asset purchase programs may be waning."
On the current path, the world is experiencing the largest artificial asset allocation in modern history, one that is driven by a misguided interest rate regime that has lost its efficacy and is producing more harm than good. Yet the fear of withdrawal pain is keeping central bankers from doing the inevitable: Quit. The response is predictable: "I need the drugs!"
In this letter we are taking up the ambitious goal of painting a picture of the global economic landscape as we see it, in order to walk you through the investment process that we been fine tuning for this less-than-exciting picture.
Whether it's struggling to keep up with the rising cost of living, a 0% return on savings, working longer hours while real wages stagnate, scrimping to pay back education loans, despairing at the abuses of power in our banking and political systems, or lamenting the loss of nourishing social interaction in our increasingly isolated and digital lifestyle - most "regular" people find their own personal experiences to be at odds with the rosy "Everything is awesome!" narrative trumpeted by our media.
Given that Donald Trump is the 'devil incarnate' if one listens to any of the Clinton surrogates, Democrats are growing more and more concerned as Hillary's 'insurmountable' lead has collapsed to its lowest since the conventions. With her campaign reportedly warning media to 'tread carefully' on health concerns, The Hill reports anxious Democratic senators are urging Clinton to "be more open, show your soul, focus on the economy and talk about blue-collar jobs."
Global economies have enjoyed a perfect storm of positive demographic trends over the past 3 decades. Deutsche warns that "extrapolation of the last 35 years could be the most dangerous mistake made by investors."
“Buying equities will put additional pressure on corporate CEOs to cut expenses and to postpone investments, fostering even greater Main Street resentment toward the financial elite. Consumer confidence won’t rise as consumption and economic growth stagnate. Having so clearly sided with owners of capital, rather than the employees of capital, global central banks are likely to become an easy target for populist ire.”
We've written frequently in recent weeks about weakening prices for luxury real estate across the country...now it seems as though the weakness is spreading to lower pricing tiers as well, at least in NYC