Given the vicious downward spiral of competitive devaluation that is washing around the world's economic bathtub, it appears - just as we saw during The Great Depression - that currency wars have given way to mal-investment-fueled protectionism as US launches the first missile in the trade wars with a massive 266% tariff on imports of cold-rolled steel. “There’ll be a short-term benefit,“ said John Packard of Steel Market Update. ”However, in the long run, the U.S. mills are always going to want more tariffs, and it’s questionable how much more [protection] they can get."
Around 40% or people who would respond to negative rates said that they would hoard cash. The risk is that this negative sentiment will infect the real economy, serving to depress spending. If so, the danger is that NIRP will have an impact on economic growth that is not merely non-linear, but perversely negative.
The populist revolt fueling non-mainstream political movements in both Europe and the US flows from a single source: you can not fool all the people all the time. The central lie of our time is that governments can and should forcibly assume control of individuals’ lives, in the name of vague and always shifting greater goods. The Command and Control Futility Principle holds that governments and central banks can control one, but not all variables in a multi-variable system. The number of variables global governments and central banks have arrogated to their purported control has grown beyond measure. Breakdowns are visible everywhere, and as those failures exact their ever-increasing toll on the masses, the masses are pushing back.
Obama has been carrying out a bipartisan Republican-and-Democratic foreign policy; it’s the policy of America’s aristocracy. Its results have been horrible for the world, but they’ll be even worse if it succeeds.
The closure of borders in the north of Greece has created chaos: thousands of refugees and migrants wandering from Athens to Idomeni without knowing where to sleep and what to eat, where to lay their kids and elderly to sleep.
"Ellwood National Forge Co., Irvine, Pennsylvania (W52P1J-16-D-0041); and General Dynamics Ordnance and Tactical Systems, Garland, Texas (W52P1J-16-D-0042), were awarded a $682,900,000 firm-fixed-price, foreign military sales contract (Turkey) for BLU-109 penetrator bomb bodies and components"
A tenuous ceasefire went into effect on Saturday in Syria where the skies are momentarily free of Russian warplanes. Virtually no one thinks the deal will hold as Russia and Hezbollah have reserved the right to hit al-Nusra, which operates in many of the same areas as the "moderate" rebels that are subject to the agreement. As for the opposition, they, like a HY manager in a junk bond rout, fear they're "headed towards being liquidated."
There are few good reasons to go to war, but the US faces the danger of being dragged into World War III for the worst of reasons. In Syria, the US will either fold or go all in. On past form, it will choose the latter and rue it ever after. Few Americans, inside or outside the government, realize either that those are the choices or that the stakes are so high. Sadly, such realizations may come only when their sons and daughters are drafted, or as the image of a mushroom cloud fills the screens of their mobile devices.
"Leaving a dead pig with the words 'Mutti Merkel' on it isn't just tasteless, but demonstrates fundamental failings of democratic education and conviction"...
Don't look now, but Europe's migration commissioner has just slapped an expiration data on the EU: it's 10 days from now. If no concrete progress is made by the time EU officials convene a summit with Turkey early next month, Brussels says "the whole system will completely break down."
“When a minor comes to Belgium have to explain what the normal ways of treating women here in Flanders [are]," a Red Cross spokeswoman says, describing a course the organization offers to new refugees. We're not entirely sure what "the normal ways of treating women in Flanders" are, but we're reasonably certain they don't involve taking caterers into the basement and raping them.
“Greece will not accept unilateral actions. Greece can also carry out unilateral actions. Greece will not accept becoming Europe’s Lebanon, a warehouse of souls, even if this were to be done with major [EU] funding.”
Turkish truck driver "Ali D's" wife wouldn't stop cursing at Recep Tayyip Erdogan when the President appeared on television. "Record it and file a complaint" if you don't like it, she said, daring her husband to take the issue up with the courts. So that's just what Ali D. did.
"Was that you, the ones with a torch?"...