Having previously effused over gold and holocaust jews, bailouts, and handouts, Buffett & Munger took aim at Europe, well more implicitly Greece, during today's annual octagenerian-fest.
Munger on Euro strains: You shouldn't create a partnership with your drunken, shiftless brother in law.
And Buffett's (implicit Grexit) retort: the euro can and probably should survive but it will take some changes...
As he previously said, Germany must stop Greek dog peeing on its rug.
It seems that for the global warming lobby, all that is necessary to set everything right is to hand control of the global economy over to governmental central planners. In their minds, the machinery of government only needs to be set in motion, and everything will be done with righteous precision to preserve the climatological status quo by increasing the cost of energy and cutting economic activity. The costs of such a venture, whether in money or in human lives and human comfort, need never be considered, because, we are told, the only alternative is the total destruction of planet earth. This “Follow Us or Die!” routine is a propagandist’s dream of course, but in real life, where more rational heads - on occasion - prevail, the costs of any proposed government action must be considered against the costs of the alternatives.
It appears The US Ministry of Truth has been hard at work this week...
A quick look at the list below reveals why economists are praying, for consumers' sake, that oil and gas prices stay low and remain "unambiguously good" for all those who rushed to buy gas guzzling trucks and SUVs. Because if the plunge in oil and gas prices failed to spur a spending spree in the US in the first quarter, then a surge right back to historic price levels will hardly do miracles for American discretionary income once it again costs ~$100 to fill up one's gas tank.
We heard from several central banks in the last few days, and what they had to say was just one more reminder that we are in a Hill Street Blues financial world. So, hey, let’s be careful out there - and then some!
Peering into the froth of a cappuccino, we noticed various sized bubbles. There is a fine line between froth and bubbles. As we continued our gaze, both eventually disappeared. Stirring made the frothy bubbles disappear more quickly. Markets are beginning to stir (more later). Unsustainable states ultimately end.
The final and ultimate round of the Crisis that begin in 2008 will occur when faith is lost in the Central Banks.
Facing a pensioner rebellion and a looming payment due to the IMF, Greece’s back is now truly against the wall. As Handelsblatt reports, even if a deal were reached with creditors this weekend, it may now be logistically impossible for Greece to make a €780 million payment scheduled for May 12. Oh well, there's always war reparations...
"Colombia is the next star of Latin America" - Sam Zell
For those who require still more proof that the rally in US equities has become inextricably linked with corporations leveraging their balance sheets to repurchase their own shares, JP Morgan is out with an in-depth look at buyback trends which strongly suggests that buyback activity is in fact responsible for driving US stocks to record highs.
Yogi Berra, one of the keenest observers of the human condition, is said to have once remarked "It is tough to make predictions, especially about the future." And so it is.
The final Q1 GDP revision was just released and we saw that GDP has again missed expectations by such a large margin that 2015 is another write off for a 3% growth year. Almost comically we heard the same excuses we got last year. “Weather was wintery and next year is going to be the turnaround year”. So in order to explain to these supposed economic and market ‘experts’ who seem wholly incapable of understanding economic and market forces with any sense of accuracy, let’s run through a few fundamentals.
With London, Paris, and Basel’s compliance, Nazi Germany had just looted 23.1 metric tons of gold without a shot being fired.
6 Baltimore Cops Charged After MD Attorney Finds Them "Grossly Negligent...Freddie Gray's Death Was A Homicide" - Live FeedSubmitted by Tyler Durden on 05/01/2015 22:37 -0400
It appears the situation in Baltimore just got a lot more serious as MD State Attorney Marilyn Mosby states that charges have been filed against 6 Baltimore PD police officers, arrest warrants have been issued for the charged cops, and that Gray's death was a homicide.