• Tim Knight from...
    11/26/2014 - 19:43
    I read your post Pity the Sub Genius and agreed with a lot of what you wrote. However you missed what I think is the biggest killer of middle class jobs, and that is technological...

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The Tragedy Of Propping Up The Matrix Of Lies

All of this mighty, tragic effort to prop up a matrix of lies might have gone into a set of activities aimed at preserving the project of remaining civilized. But that would have required the dismantling of rackets such as agri-business, big-box commerce, the medical-hostage game, the Happy Motoring channel-stuffing scam, the suburban sprawl “industry,” and the higher ed loan swindle. All of these evil systems have to go and must be replaced by more straightforward and honest endeavors aimed at growing food, doing trade, healing people, traveling, building places worth living in, and learning useful things.



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Russian Crew Boards 1st Mistral Carrier As France Quietly Completes Construction Of 2nd Ship

Once again it appears France is speaking from both sides of its mouth. As Hollande openly stands behind moar sanctions against Russia and 'talks' about withholding delivery of the first Mistral-class helicopter carriers to Russia, ITAR-TASS reports the construction of the second ship - ironically named Sevastopol, after the capital of Crimea - has been carried out according to schedule. Furthermore, judging by the rhetoric of foreign affairs minister d'Artagnan that "France’s obligations to Russia under the contract on the helicopter carrier must be fulfilled," it appears Putin will get his way soon.



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Blistering Demand For 2 Year Paper Send Entire Curve Tighter

If the sellside community was expected to side with the Fed and sell Treasury paper, especially near maturities, then today's 2 Year auction, which just priced at a hot 0.542%, or 1.1 bps through the 0.553% When Issued, indicating more than ample demand for Treasury paper. Further confirming the demand was the surging Bid to Cover, which at 3.714 was the highest of 2014, and the most since December's 3.767.The internals too showed demand across all buyer classes, with Directs taking down 16.2%, Indirects getting 35.83% of the auction and Dealers left with 48%, or just a fraction below the 12 month average.



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It's Decision Time For Gold, Miners, And The Dollar

Rising gold and US dollar is the most economically favourable environment for gold equities - particularly those with production. If the number of dollars you receive per unit of gold increases, and at the same time the value of those dollars increases, your revenue increase will reflect both inputs.



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MassMutual Senior Vice President Found Dead, Stabbed In Chest In Apparent Homicide

A week after stunned Tribeca woke up to news of a grizzly death in which a Citigroup managing director living on Greenwich Street was found dead in his bathtub with a slashed throat and the lack of a suicide weapon on the scene suggesting there was foul play involved, another banking executive was killed over the weekend, when 54-year-old Melissa Millian, a senior vice president at MassMutual, was found lying in a road in Simsbury, Connecticut, having been stabbed in the chest.



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Gold & EUR Drop After ECB's Coeure Counters Weidmann's Warnings

More of the same blather from Europe as following Weidmann's earlier comments with regard the high-hurdles that the ECB still faces over sovereign QE, Coeure has come out to counter that by noting that the ECB does not have to see deflation to act and that they want to have a discussion of asset-purchases next week. EUR faded the Weidmann gains and Gold and silver are sliding as USD strengthens.



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Artist's Impression Of The Obama Branches Of Government

Presented with no comment...



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Here Are The Most Popular "Hedge Fund" Stocks in The Third Quarter

We find that, unsurprisingly, AAPL has regained its top spot as the global hedge fund hotel's most beloved stock. In fact, 4 of the 5 most widely held names are all tech names, with GOOG, MSFT and FB rounding out the top 4, and only Citigroup as the outlier in the top 5. Perhaps more notable is that the former hedge fund darlings AIG and GM, have been abandoned by the HF crowd, and were in 9th and 16th place, respectively.



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"We Fired Some Folks..." President Obama Discusses Chuck Hagel's Resignation - Live Feed

The earlier 'under pressure' resignation of Secretary of Defense Chuck Hagel means President Obama has to make a personnel announcement... explaining exactly what characteristics he is looking for as he prepares to invade the middle east? One wonders if he will assume the duty of SecDef?



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Dallas Fed Unchanged in November, Despite 11 Of 15 Components Declining

Of the 15 sub-indices under the Dallas Fed Manufacturing survey, only 4 improved in November with New orders tumbling, and wages, number of employees, and average workweek all sliding notably. So, with that in mind, thanks to a surge in 'hope'-based business activity outlook 6 months forward (from 13.3 to 18.3), the Dallas Fed printed 10.5 (against expectations of 9.0) and unchanged from October's 10.5. The number of employees shrank to its lowest in 6 months.



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Ukraine Central Bank Admits Gold Outflow, Calls It "Optimization Of Reserve Structure"

A week after we reported that the head of the Ukraine central bank admitted in an unofficial, informal interview that Ukraine's gold is gone, all gone, moments ago the Central Bank revealed that, sure enough, the gold holdings in the civil war-torn country have tumbled, as a result of a decision in September to "increase the share of US dollars in a reserve basket", or in other words, to sell the gold. Just don't call it that: in fact, as of today we have a brand new buzzword for gold liquidations: "optimization of international reserves."



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Brent Plunge To $60 If OPEC Fails To Cut, Junk Bond Rout, Default Cycle, "Profit Recession" To Follow

While OPEC has been mostly irrelevant in the past 5 years as a result of Saudi Arabia's recurring cartel-busting moves, which have seen the oil exporter frequently align with the US instead of with its OPEC "peers", and thanks to central banks flooding the market with liquidity helping crude prices remain high regardless of where actual global spot or future demand was, this Thanksgiving traders will be periodically resurfacing from a Tryptophan coma and refreshing their favorite headline news service for updates from Vienna, where a failure by OPEC to implement a significant output cut could send oil prices could plunging to $60 a barrel according to Reuters citing "market players" say.



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Service PMI Misses, Tumbles To 7-Month Lows, "Extreme Weather" Warning For GDP Issued

On the heels of the biggest miss on record for US Manufacturing PMI (which corresponded un-decoupling-ly with disappointing European and Chinese Manufacturing PMIs), Markit's Services PMI printed 56.3, missing 57.3 expectations and notably down from October's 57.1 to 7 month lows. As Markit notes, the index has now pointed to softer growth of business activity in each of the past five months, to signal a sustained loss of momentum since the post-crisis peak seen in June. What is even more worrying...  Markit points out that the economic upturn has lost considerable momentum, and with extreme weather hitting parts of the country, growth could slow even further.



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ISIS' First Administration Casualty: Chuck Hagel Resigns Under Pressure From Obama

It appears some folks might be scapegoated... As NY Times reports, Defense Secretary Chuck Hagel is stepping down, under presssure. President Obama made the decision to ask his defense secretary — the sole Republican on his national security team — to step down last Friday, as a recognition that the threat from the Islamic State would require a different kind of skills than those that Mr. Hagel has, and that his team has struggled to stay ahead of an onslaught of global crises.



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The Mystery Of America's "Schrodinger" Middle Class, Which Is Either Thriving Or About To Go Extinct

On one hand, the US middle class has rarely if ever had it worse. At least, if one actually dares to venture into this thing called the real world, and/or believes the NYT's report: "Falling Wages at Factories Squeeze the Middle Class." In short, it says that America's manufacturing sector, and thus middle class, is being obliterated: "A new study by the National Employment Law Project, to be released on Friday, reveals that many factory jobs nowadays pay far less than what workers in almost identical positions earned in the past. And then, paradoxically, at almost the same time, there's this from Bloomberg: "Lower-wage workers saw bigger pay gains over the past year than the highest earners, reversing the trend from earlier stages of the recovery." In short: the state of the US middle class is truly in the eyes of the beholder.



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