Moments ago Italy’s Constitutional Court rejected a request by the country’s top union to hold a referendum on a key provision of the 2015 labor market reform which makes it easier for companies to fire workers and in doing so prevented the need for early elections, sending Italian bond yields lower.
The rise of populism isn’t the politics of rejecting experts, it is the rejection of these “experts” – who quite frankly deserve more than voter disdain. Credentials have come to be seen by a very large and growing proportion of the global population to declare incompetence, having nothing at all to do with intellectual capacity apart from objectivity. It isn’t the denial of reasoned argument but rather the logical end of it.
The main economic release this week is US retail sales, ECB minutes and a series of Chinese economic releases. There are several scheduled speaking engagements from Fed officials this week, including a webcast address by Chair Yellen on Thursday. However, the highlight of the upcoming first full week of 2017 might well be President-elect Trump's first news conference on Wednesday since his election win.
While the rest of Europe's troubled periphery has been enjoying a slow, if steady, economic improvement in recent years, in an unexpected deterioration reported this morning by Istat, Italy’s unemployment rate rose to the highest level since June 2015, as the country struggles to regain a solid economic footing.
European, Asian stocks fall and U.S. equity-index futures traded mixed on Monday with fresh memories of the Dow Jones rising to under 1 point of 20,000 on Friday. The dollar has rebounded on fresh geopolitical concerns, while the pound extends its decline from Friday and has slide to 10 week lows on a Sunday interview from Theresa May which suggested a "Hard Brexit" may be in the cards.
"To continue on this trajectory put us at risk of becoming an extension of a broken system... Upon further reflection, it’s clear that the broken system is ad-driven media on the internet. It simply doesn’t serve people. In fact, it’s not designed to."
During the last 20 years of the Soviet Union, everyone knew the system wasn’t working, but as no one could imagine any alternative, politicians and citizens were resigned to pretending that it was. Eventually this pretending was accepted as normal and the fake reality thus created was accepted as real, an effect which Yurchak termed “hypernormalisation.” Looking at events over the past few years, one wonders if our own society is experiencing the same phenomenon.
This week, twenty states began implementing minimum wage increases that were passed during 2016. As the country waits to see how these increased wages this will affect the economy, the U.S. territories have already provided us with a grim example.
The question on a lot of people’s minds has been, if machines can taxi people around and take orders and flip burgers, where does that leave the millions of individuals currently employed to fill these jobs?
The false recovery narrative will indeed die in 2017, and it will be because the globalists WANT it to die while nationalists are at the helm. This is perhaps the biggest con game in recent history; with conservatives as the fall guy and the rest of the public as the gullible mark.
Both countries would lose in a full-blown trade war, but it is the United States that has the upper hand. Trump understands this, which is why he is pushing China to get a better deal for America. If China also understands it’s in a weaker position, it will be able to avoid a lose-lose scenario.
With Wall Street expecting a 178K payrolls print for president Obama's final full monthly December jobs report, the headline December nonfarm payrolls increase of just 156K is likely to disappoint. However, the poor December headline number will be offset by the sizable upward revision to the November number, which rose to 204K, as well as the big jump in average hourly wages which rose 0.4% in Obama's last full month.