Fed's Lockhart Non-Committal On Rate Hike In September; Sees No Bubbles In Any Asset Markets

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.

Time To Get Real, Part 2: "We Need Their Drugs"

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!"

Why One Hedge Fund Is Once Again Preparing For The End Of The Euro

"The time for treating the EUR-peg as a taboo may soon be past us, and an open discussion become the dominant narrative, in pursuit of a long-term durable solution to economic stagnation, in an attempt to save the European Union, so to orderly drive the process as opposed to end up being overwhelmed by the trending course of events."

Incompetent But Not Weak: "The Fed Doesn't Know Whether To Shit Or Go Blind"

The outlook for the US economy is deteriorating, yet the Fed is trying to raise overnight rates to keep unseen inflation from rising. Success in its strategy could force consumption lower, unemployment higher, and exacerbate real output contraction. The market, however, should not underestimate the Fed’s power based on its apparent incompetence.

"If Everything's Going So Great, How Come I'm Not?"

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.

Why The Eurozone Will Self-Destruct

Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany’s finance minister, and the ECB.

Developing Countries Emulate The US, Turn Citizens Into Debt Slaves

One of the big advantages of being a Latin American or Asian country used to be - somewhat counter-intuitively - the lack of credit available to most citizens. The banking system in, say, Brazil or Thailand simply wasn’t “advanced” enough to offer credit card, auto, or mortgage loans on a scale sufficient to turn the locals into US-style debt slaves. But that, alas, is changing as those countries adopt their rich cousins’ worst habits.

America The Illiterate

We live in two Americas. One America, now the minority, functions in a print-based, literate world. It can cope with complexity and has the intellectual tools to separate illusion from truth. The other America, which constitutes the majority, exists in a non-reality-based belief system. This America, dependent on skillfully manipulated images for information, has severed itself from the literate, print-based culture. It cannot differentiate between lies and truth.