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$20 Trillion In Government Bonds Yield Under 1%: The Stunning Facts How We Got There

  • There have been 606 global rate cuts since LEH
  • $12.4 trillion of central bank asset purchases (QE) since Bear Stearns
  • The Fed is operating a zero rate policy for the longest period ever (even exceeding the WW2 Aug’37-Sep’42 zero rate period)
  • $6.3 trillion global government bonds currently yielding <0%
  • $20.0 trillion global government bonds currently yielding <1%
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"Social Expenditures" In the US Are Higher Than All Other OECD Countries, Except France

While redistributive social spending in the US is indeed different from many other countries, the overall magnitude is actually greater (both proportionally and in absolute terms) in the US than in almost all other countries measured. One can argue that the way that the wealth is redistributed through public policy in the US is "wrong" or "suboptimal." But, to argue that there is less redistribution as a result of public policy in the US than elsewhere is simply wrong.

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First China, Now Russia: US Navy Chief Debates European Escalation Amid "Fears For The Global System"

In a shockingly quick confirmation of our gravest concerns, Admiral John Richardson, chief of naval operations, told The FT that the navy was reassessing its global posture in the face of the Russian activity, which stretches from the Black Sea and Mediterranean to the Pacific. Amid China's island-building in the South China Sea (30% of global trade), and Russia's highest level naval activity in 20 years in The Mediterranean (20% of global trade), Richardson warns, rather ominously, the "ambiguous motivations" of China and Russia raised fears about the health of a global system that ensures freedom: "It again perturbs that global system," he said, adding that "the current model... has been threatened?"

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A Market Worthy Of The Line: "Do You Feel Lucky?"

The now immortal line spoken by Clint Eastwood as "Dirty Harry" (1971 Warner Bros.) has never fit as a descriptor these financial markets more so than it does today. For if you believe you’re investing as opposed to gambling? These markets are now poised to show everyone the difference.

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The Relevance Of Gold - Sprott's 3 Litmus Tests

The investment thesis for gold has never been limited to popular relationships, such as CPI-type inflation, financial meltdown or political instability. We prefer to focus on the irretrievable gap between financial assets (claims on future output) and productive output (GDP). In essence, the most compelling reason to own gold is that financial assets have lost their underpinnings to sustainable productive output.

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As The Economy & Confidence Slumps, Americans Are Hording This 'Commodity'

With the trick-or-treat-fest over, Americans will be shocked to open their credit-card statements at the end of the month and find it considerably higher than normal for this time of year. As American's consumer comfort has tumbled and economic data has plunged, it appears the 'average joe' has turned to one thing to make it all better - candy. Having soared 5.7% in September alone - the biggest jump since April 2012 - as broad CPI was unchanged, Candy prices in America have never been higher as, yet again, greed is good (especially when every part of your 'dream' is falling apart).

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The Global Test Most Will Fail: Surviving The Bust That Inevitably Follows A Boom

Booms powered by credit, new markets and speculation are followed by busts as night follows day. This creates a very difficult test for every nation-state facing the inevitable bust: how does the leadership deal with the end of the boom? As the world is about to learn once again, the "fix" may make the next bust even more destructive.

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Turkey's Ruling Party Gets "Surprising" Boost In Election As Erdogan Poised For Victory

Either i) state-sponsored terrorism is effective at scaring the electorate, ii) the vote was fixed, or iii) both...

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Here Are 16 Times Obama Promised No "Boots On The Ground" In Syria

"So again, I repeat, we're not considering any open-ended commitment. We're not considering any boots-on-the-ground approach."

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China's Manufacturing Misses; Nonmanufacturing Worst Since 2008 Despite Unprecedented $1 Trillion "Debt Injection"

The most anticipated economic release over the weekend was the early glimpse into China's manufacturing and non-manufacturing sectors via the two key PMI surveys released by China's National Bureau of Statistics, to get a sense if the slowdown across China is stabilizing or, as some have suggested, rebounding. It did not: overnight the NBS reported that the manufacturing PMI remained unchanged in October at 49.8 missing consensus estimates of a modest rebound to 50.0, its third consecutive month in contraction territory.

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Congresswoman Calls US Effort To Oust Assad "Illegal," Accuses CIA Of Backing Terroists

"The US and the CIA should stop this illegal and counterproductive war to overthrow the Syrian government. It puts us in that position of a possible head to head conflict with Russia which brings us... to the brink of a World War III-type scenario."

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ISIS Releases Video Of Alleged Russian Airplane Mid-Air Exposion After It Claims Responsibility For Disaster


In other words, a proxy organization of US "shadow government destabilizing operations", trained in U.S. ally Turkey, and openly funded by both U.S. allies Saudi Arabia and Qatar, just took down a Russian plane.

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Analyst Warns Of Turbulence: "Geopolitical Dislocations Could Result In Key Resource Supplies Disappearing"

Instability pervades the entire system, encompassing everything from financial markets to social safety nets. And while it is easy to ignore the seriousness of current events because stock markets remain at record highs and mainstream pundits continue to toe the recovery line, the fact is that an unexpected and seemingly minor event could well send the entire world into a tailspin.

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Fed Admits "Something's Going On Here That We Maybe Don't Understand"

In a somewhat shocking admission of its own un-omnipotence, or perhaps more of a C.Y.A. moment for the inevitable mean-reversion to reality, Reuters reports that San Francisco Fed President John Williams said Friday that low neutral interest rates are a warning sign of possible changes in the U.S. economy that the central bank does not fully understand. With Japan having been there for decades, and the rest of the developed world there for 6 years, suddenly, just weeks away from what The Fed would like the market to believe is the first rate hike in almost a decade, Williams decides now it is the time to admit the central planners might be missing a factor (and carefully demands better fiscal policy).

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