Unemployment

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Inflation Soars To 12-Year High In Brazil As Supreme Court Jumps Into Impeachment Fight





Following a roudy session in Congress that nearly dissolved into "chaos," the Brazilian Supreme Court suspended impeachment proceedings against President Dilma Rousseff until December 16. Meanwhile, annual inflation rose to 10.5% in November, the highest in 12 years as the country's stagflationary nightmare continues unabated.

 
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ECB's Nowotny Blames "Massive Failure Of Market Analysts" For Last Week's Unprecedented Hedge Fund Losses





"I think it was really a massive failure of market analysts," Nowotny told a news conference, adding that those analysts should have paid more attention to economic fundamentals.  The comedy continued when Nowotny said that "the ECB can and will not let itself be pushed by the markets," adding that "it’s not our job to correct wrong expectations of individualsand “it wasn’t the view of the whole market." Which, of course, was a lie.

 
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Anatomy of an Oligopoly: the Beer Industry





Why does most brand-name beer taste like swill? Why has the standard of living across most of the Western world fallen by more than half over the past 40+ years? 

 
Tyler Durden's picture

America's Reckless Fight Against Evil: Six Mistakes On The Road To Perpetual War





Why do we as a nation keep on playing into the same dismal scenario and committing the same mistakes? Why this seemingly irresistible urge to fight yet another war against evil? The longer we fight, the more deeply we are seized by fear. The more we fear, the more fiercely we are determined to fight. Perhaps the point is not to win the war but to remain trapped in this vicious circle, which feels perversely comforting because it offers a sense of unified national identity as nothing else can in our otherwise deeply divided nation.

 
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Peter Schiff Warns: "The Whole Economy Has Imploded... Collapse Is Coming"





"We’re broke. We’re basically living off of debt. We’ve had a huge transformation of the American economy. Look at all the Americans now on food stamps, on disability, on unemployment... The whole economy has imploded... the bottom hasn’t dropped out yet because we’re able to go deeper into debt. But the collapse is coming."

 
Tyler Durden's picture

Bernie Sanders & The "Tyranny" Of Working For A Living





The dream and demand of Bernie Sanders and all of the other "democratic socialists" of all political parties is that all or at least significant parts of human life need to be micromanaged and controlled by government so people may be liberated from the "tyranny" of not having all they may want without finding effective ways of acquiring it through honest and peaceful work. The "freedom" about which Bernie Sanders speaks, and before him Franklin Roosevelt, in fact, involves a loss of liberty into an even greater degree of political paternalism.

 
Tyler Durden's picture

The Era Of The Rock-Star Central Banker Is Far From Over





Paul Volcker and Alan Greenspan were the Elvis and Beatles of this movement – the first to see widespread fame for their efforts. Then came Ben Bernanke, perhaps the Jimi Hendrix or Led Zeppelin of his day, taking existing tools and pushing them in new, previously unconsidered, directions.  Now, we have Janet Yellen and Mario Draghi, whose legacies are as yet undefined. They may end up like the next generation of rock stars from the 1970s – something like Bruce Springsteen, with a deep focus on common people in his music. Or, they could be the Bee Gees, who focused simply on commercial success. Only time will tell.

 
Tyler Durden's picture

European, Asian Stocks Jump As Iron Ore Joins Oil Below $40 For First Time Since May 2009





With Draghi's Friday comments, which as we noted previously were meant solely to push markets higher, taking place after both Europe and Asia closed for the week, today has been a session of catch up for both Asian and Europe, with Japan and China up 1% and 0.3% respectively, and Europe surging 1.4%, pushing government bond yields lower as the dollar resumes its climb on expectations that Draghi will jawbone the European currency lower once more, which in turn forced Goldman to announce two hours ago that it is "scaling back our expectation for Euro downside."

 
Tyler Durden's picture

It Begins: Desperate Finland Set To Unleash Helicopter Money Drop To All Citizens





Over the last few months, in a prime example of currency failure and euro-defenders' narratives, Finland has been sliding deeper into depression. Almost 7 years into the the current global expansion, Finland's GDP is 6pc below its previous peak. As The Telegraph reports, this is a deeper and more protracted slump than the post-Soviet crash of the early 1990s, or the Great Depression of the 1930s. And so, having tried it all, Finnish authorities are preparing to unleash "helicopter money" to save their nation by giving every citizen a tax-free payout of around $900 each month!

 
Tyler Durden's picture

NYT Reports On The "Biggest Risk Facing China" As Beijing Launches "Unprecedented" Crackdown On Angry Workers





“There have been arrests and crackdowns before on grass-roots labor organizations here,” one activist, He Shan, said in a telephone interview from Shenzhen, a mainland city that abuts Hong Kong. “But this is the most concentrated, the most serious. For us, this is unprecedented.”

 
Tyler Durden's picture

The Problem With "Rules-Based" Monetary Policy





Monetary policy 'rules' are no more accurate at determining interest rates than meteorologists are at forecasting the weather. The only difference between the two is that weathermen are precise on occasion, whereas the federal funds rate under the Taylor Rule is, at best, less wrong. Setting the price of money and credit in the name of unleashing the economy’s supposed potential output is the equivalent of enacting price controls on milk to unlock its full buying power. It’s a fallacy that cannot be achieved. The sooner the Fed pawns off its printing press, the sooner its market distortions will be lifted; and the sooner that each individual will be able to make rational decisions that make sense for not only himself or herself, but for the economy at large as well.

 
Tyler Durden's picture

JPMorgan Warns Of "Eye-Catching" 76% Probability Of Recession





Just days ago Citi pronounced, much to the chagrin of the status-quo-hugging Fed faithful, that given the turn in corporate profits (and concerns over margin sustainability) that the chance of a recession in the US had risen to 65% (and on that basis had a bearish outlook for US equities). Now, as other major sell-side shops jump on the equity un-bullish narrative, JPMorgan's Michael Feroli warns that in the past, a low unemployment rate, rising compensation, falling margins, and elevated durables investment have historically signaled an elevated risk that an expansion is nearing its end... and puts the probability of a US recession within 3 years at 76%. Of course, you do not need to worry, because Janet Yellen said this is not true (though failed to provide here reasoning).

 
Tyler Durden's picture

For Citi, This Is The "Greatest Event Risk" For Markets In 2016





"In the year ahead, geopolitics likely poses the greatest potential to disrupt markets in terms of event risk. There is also the potential for geopolitical risks to intersect with economic fragility in the event of a downturn, amplifying both."

 
Tyler Durden's picture

Weekend Reading: Market Forecasting





The mainstream media is increasingly suggesting that we have once again entered into a 'Goldilocks Economy.' The problem is that in the rush to come up with a 'bullish thesis' as to why stocks should continue to elevate in the future, they have forgotten the last time the U.S. entered into such a state of 'economic bliss.' You might remember this: "The Fed's official forecast, an average of forecasts by Fed governors and the Fed's district banks, essentially portrays a 'Goldilocks' economy that is neither too hot, with inflation, nor too cold, with rising unemployment." - WSJ Feb 15, 2007. Of course, it was just 10-months later that the U.S. entered into a recession followed by the worst financial crisis since the 'Great Depression.'

 
Tyler Durden's picture

Wage Gains: For Your Boss - Yes; For You - Not So Much





The next time you wonder where the Fed Chairwoman is seeing wage growth, the answer is simple: they are looking at your boss' paycheck, yours... not so much.

 
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