The number one reason to buy gold bullion given the new risks in the 21st century digital age is “cyber financial warfare” and the risks this poses to people’s assets that are held online, according to James Rickards.
The title of this year’s Jackson Hole meeting – “Designing Resilient Monetary Policy Frameworks for the Future” – is a telling one. It is actually a call to a specific goal, rather than the typical generic one. You get the feeling that the Fed has something on its mind... Translation: Fed projections have been wrong, and the central bank doesn’t know how to make them any better in the future.
“I don’t know what Trump would do if he’s elected,” said Mark Glyptis, president of the United Steelworkers Local 2911 and a Trump supporter, who voted for Obama in the past two elections. “But I know what Hillary would do..."
The last 20 years have brought great wealth to a few while most of the population was lucky to break even. Whether you’re a member of the elite/protected class or one of the unprotected, it’s hard to deny this reality. Globalization has created divisions between skilled and unskilled workers. Too few of the gains from growing trade are going to the unprotected class. They’re angry. We’re seeing this backlash now in people’s attraction to Trump, who promise to bring jobs back.
"Falling rates of global trade growth have attracted much comment by analysts and officials, giving rise to a literature on the ‘global trade slowdown’ giving the impression of world trade losing momentum, but growing nonetheless. The sense of the global pie getting larger has the soothing implications... but our first finding that the rosy impression painted by some should be set aside...trade volumes have plateaued... Except during global recessions, a plateau lasting 15 months is practically unheard of since the Berlin Wall fell."
If you thought yesterday was chaos - with Debbie down, moaning media, booing Bernie fans - today could start with another raucous rabble as the state roll-call vote will take place. Debbie Wassserman Schultz's just-as-biased replacement Donna Brazile will address the crowd (grab the popcorn), as will Nancy Pelosi, but the headliner of the night - surely there to doom-and-gloom more evil Trumpiness - is Bill Clinton.
After the turmoil of last week's RNC, this week' Democratic Nation Convention is off to an even more chaotic start (no matter what the surrogates desperately try to say). Wasserman Schultz resignation and decision not to 'gavel in' the convention is over-shadowed by the increasingly loud voices of Bernie (who will speak tonight) supporters booing any mention of Clinton-Kaine, but according to the mainstream media, Michelle Obama's headline speech tonight will bring the party together.
"While seemingly elegant in theory, globalization suffers in practice. That is the lesson of Brexit and of the rise of Donald Trump in the United States. And it also underpins the increasingly virulent anti-China backlash now sweeping the world. Those who worship at the altar of free trade, including me, must come to grips with this glaring disconnect."
"I am sorry to be the bearer of bad news, but I gave it to you straight last summer when I told you that Donald Trump would be the Republican nominee for president. And now I have even more awful, depressing news for you: Donald J. Trump is going to win in November. This wretched, ignorant, dangerous part-time clown and full time sociopath is going to be our next president. Here's why..."
To all Americans tonight, in all our cities and towns, I make this promise: We Will Make America Strong Again. We Will Make America Proud Again. We Will Make America Safe Again. And We Will Make America Great Again. THANK YOU.
Ahead of the vote on Brexit, IMF head Christine Lagarde warned of a prolonged period of uncertainty. After the vote, Largarde said Brexit provided the EU a better opportunity for reform. Today Largarde is certain of disastrous consequences if another large county turns protectionist. In doing so, she pointed her finger at Donald Trump.