This is the final stage of the collapse of the Roman Empire. When the state runs out of money, it historically attacks the people. In Rome, whole armies began sacking their own cities to get paid. The police are doing just that. Whatever they can confiscate goes to funding their own pensions. This is a national problem that will only get much worse going into 2020. We have nobody in Washington representing the people any more.
And thus the utter craziness of monetarism is on full display, in that after arguing that declining oil prices are good for American consumers, they are also suggesting that monetary policy is “too tight”, and thus oil prices are contradictorily “too low.” That betrays the central aspect of this orthodox embracing of lower energy prices as nothing more than a shaky rationalization – they still are not comfortable with low prices but accept them lest anyone get worried about what they really suggest. Orthodox monetary theory is, when stripped of its academic trappings, dedicated to high oil prices and low wages.
Apparently taking a page out of China's book, Factually reports the Philadelphia Federal Reserve office (apparently aware of the worthlessness of their fiat currency) sends old currency to local power plants, where it's burned for electricity. As WSJ reports, The Fed destroys more than 5,000 tons of U.S. currency a year - most of it once went to landfills, but the central bank has pushed for years to go green with all that green. It appears we have come a long way from the Federal Reserve Bank of Richmond’s 1953 annual report when it boasted it had "money to burn."
A Fool’s paradise is what the once great “land of opportunity” is in real danger of becoming if the adults don’t stop acting like children and actually care about what’s beneath the headlines or between the book covers. Rather than the headlines of who’s between the covers with who. Today far too many are only taking in the “headlines” along with what’s known as “headline numbers.” This is an abject lesson in Tom Foolery.
Very quietly and under the radar, authorities in China have cracked down on Christmas celebrations in China, deeming them "Western spiritual pollution." As CNMNews reports, for several years, a virtual rush to convert to Christianity has been underway in China, both in its Protestant and Catholic versions. The Department of Education this year issued a directive to limit Christianity’s appeal to young people, banning Christmas events and celebrations in schools and kindergartens, deemed “kitsch” and “un-Chinese”. The crackdown has also been spreading to universities and colleges nationwide. The result is nowhere more evident than in Google's traffic in China...
While the US-led coalition claims that the first fighter jet was "not downed" by ISIS, the fact that ISIS is now claiming to have downed a 2nd fighter jet in Balad (north of Baghdad) and captured the pilot, suggests the west may not be being entirely honest (two 'crashes' in a week is perhaps more worrisome than 2 'shot down' in a week). What is even more disturbing is the fact that ISIS has taken to social media to ask how the first captured Jordanian pilot should die...
"Current equity valuations provide no margin of safety for long-term investors. One might as well be investing on a dare..."
About 12 hours after AirAsia flight QZ8501 with 162 people on board disappeared and lost all contact with Jakarta air traffic control at 6:17 am local time (11:17 pm GMT Saturday), the aircraft searching for any clue of what may happened to the second unexplained disappearance of an airplane flying in the region, have been called off due to nightfall even as ships will continue their search through the night. As Sky News reported, "Rescuers scouring the Java Sea have halted their search because it is getting dark, Indonesia's transport ministry said. Hadi Mustofa said: "We ended at 5:30 pm (1030 GMT) because it was getting dark. The weather was also not too good as it was getting really cloudy. "Tomorrow we will begin at 7 am, or even earlier than that if the weather is good."
Half a century ago, Clint Eastwood killed a whole lot of people for "a fistful of dollars." This Christmas, a particularly agitated customer nearly killed the staff at a McDonalds over the matter of a fistful of cents, or some $0.40 to be precise. The best part: it was all caught on tape.
Sometimes you just have to smile (but mostly just scream). Volatilities across all asset classes have crashed back towards complacent levels in the last few days as, apparently driven by utter confusion by The Fed, stocks have soared, vol compressed, and risk vanquished. There is, however, one asset that is back at near-record-high vol...
With Greek CDS surging to near post-bailout highs (and short-end bond yields back above 11%), it appears the market is anxious of the endgame as tomorrow's 3rd and final 'snap-election'-saving vote looms. Following Samaras fearmongering yesterday, it appears Germany is starting to fear the worst (and play down its effect), as Merkel's bloc states "the prospect of a Greek sovereign default is no longer a concern for euro member countries and financial markets," adding "hope that Greece’s international partners would pay if the country’s policymakers refuse to carry out necessary reforms is misplaced." However, as Bruno de Landevoisin notes, "what is at stake is none other than the prosperity of the common man pitted against the privilege of concentrated power."
Ever wondered how the mainstream media keeps a straight face when 'reporting' on Fed policy?
Following a reported "minor" accident three weeks ago, Ukraine's Zaporizhia nuclear power plant, Europe's largest and the 5th biggest in the world, was shutdown. The 'glitch' it appears has reoccurred as RT reports, one of the reactors at the Zaporizhia Nuclear Power Plant has automatically shut down. Causes are still being investigated.