Neurosurgeon-turned-Presidential candidate Ben Carson has been under attack this week by the defenders of the Keynesian faith as he questioned fiat money and flirted with a new gold standard.
Stretched debt-to-income, increased contract work (to the detriment of full-time work), and record housing prices are forcing Canadians to monetizing assets through ride-sharing, AirBnB and through additional contract work.
As tensions boil on the international stage, eight U.S. cities in two months abolished a federal holiday that has long insulted and infuriated the indigenous population and many others - Columbus Day - but that’s not all. These eight cities (including three just last week) then replaced much-maligned October 12 “holiday” with one long overdue: Indigenous Peoples Day. Meanwhile, in Detroit, someone took an ax to the forehead of a Christopher Columbus bust (with fake blood spilling out).
After an initial knee-jerk reaction (perhaps on better-than-expected exports - signalling perhaps the devaluation 'worked), AsiaPac stocks are tumbling rapidly as the 11th monthly decline in imports (down a stunning 17.7% YoY in Yuan terms) signaling significant domestic weakness (and thus a larger drag on global growth). Policymakers are already stressing a weaker Yuan will boost exports, and despite recent Yuan strength, it appears the currency wars are far from over.
14 Months after abandoning the "Game of Thrones"-esque frozen-water-wall containment plan for Fukushima, Bloomberg reports that TEPCO expects to begin freezing a soil barrier by the end of the year to stop a torrent of water entering the wrecked Fukushima nuclear facility, moving a step closer to fulfilling a promise the Japanese government made to the international community more than two years ago. Officials noted, rather uninspiringly, the frozen wall, along with other measures, "should be able to resolve the contaminated water issues before the Olympic games."
The world is beginning to realize that a seachange in world affairs occured on September 28 when President Putin of Russia stated in his UN speech that Russia can no longer tolerate Washington’s vicious, stupid, and failed policies that have unleashed chaos, which is engulfing the Middle East and now Europe. Simply put, Washington’s impulsive use of power is a danger to America and to the world.
PBOC strengthens Yuan by most since Nov 2014
The message from China was heard loud and clear from the IMF meetings in Lima: The United States [Fed] "should assume its global responsibilities" given the dollar's status as reserve currency; "now is not the time to raise rates."
The Chairman of the House Armed Services, Mac Thornberry, slammed the Obama administration's policy on Syria in an interview published Monday. Thornberry said that he could not recall anytime during his 20 years in Congress where Russia or any other country told the U.S. when and where American forces could fly in another country. Well, there is always a first time for everything...
"We've Never Seen Anything Like This" - Dumbfounded Central Bankers Brace For "Rolling Series Of Crises"Submitted by Tyler Durden on 10/12/2015 20:15 -0400
"I heard time and again this week from governors of emerging-market central banks that it’s not the hike itself that worries them. It’s how much and when it occurs." "Delaying an increase in rates only increases volatility and uncertainty in emerging markets."
Because the "train and euip" program was such a public embarrassment, the Pentagon had to come up with a new idea to assist Syria’s “freedom fighters” now that they are fleeing under bombardment by the Russian air force only to be cut down by Hezbollah. The newest plan: helicopter ammo. No, really. The US has now resorted to dropping "tons" of ammo into the middle of nowhere and hoping the “right” people find it.
Fed chief Janet Yellen’s hesitations and the market turmoil since August seem to validate that it is impossible to stop the accommodative monetary policy, unless you accept that doing so would trigger a new global crisis. The Fed is aware that raising interest rates too fast and too high could have the same effect as pressing the nuclear button. The whole system could collapse and it cannot be taken for granted that the central banks would be able to extinguish the fire this time. Their strike force has weakened because their balance sheets are exposed to market fluctuations and their credibility was seriously damaged because the measure they have taken have failed to strengthen the economy.
Major Chinese telecom supplier Fu Chang Electronic Technology Co. (also known as Fosunny), shocked its 3,800 employees when instead of going public, the company announced it would be going dark instead when it issued a statement saying it was ceasing operations due to liquidity problems resulting from legal and debt issues.
Obama Won't Back Down After Chinese Threat, Sends U.S. Warships To Contested Islands In "Matter Of Days"Submitted by Tyler Durden on 10/12/2015 18:53 -0400
"A U.S. official confirmed Sunday that a decision had been made to conduct such patrols but said it was unclear when that might happen or where exactly. 'It’s just a matter of time when it happens,' the official said. Another U.S. official indicated that the operation could come within days."