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Jamie Dimon Explains Why He Is Raising The Wage For Some JPM Workers From $10.15 To $12 Or More

At JPMorgan Chase, we’re starting by giving thousands of employees a raise.  Our minimum salary for American employees today is $10.15 an hour (plus meaningful benefits, which I’ll explain later), almost $3 above the current national minimum wage. Over the next three years, we will raise the minimum pay for 18,000 workers to $12 to $16.50 an hour, depending on geographic and market factors.

The Chinese Will Need Another Bailout

Here we go again. China is primed for more bailouts as their corporations and State Owned Enterprises (SOE) continue burning through billions of yuan.

Gartman Capitulates On Shorts: "We Have Had Quite Enough; We Want Out Now"

As noted here Wednesday, June 29th we had orders in the equity futures markets to sell the S&P at 2045; to sell the EURO STOXX 50 at 2837 and to sell the Nikkei at 15,800…two thirds of a unit for each so that we’ll be short of two units in total now that all are filled. As of this morning, the S&P is 2127 (-4.0% against us)... We have had quite enough; we want out now… losing 1.6% on average. Cover these positions immediately… or sooner.

Deutsche Bank's Chief Economist Calls For €150 Billion Bailout Of European Banks

David Folkerts-Landau, the chief economist of Deutsche Bank, has called for a multi-billion dollar bailout for European banks. Speaking to Germany's Welt am Sonntag, the economist said European institutions should get fresh capital for a recapitalization following a similar bailout in the US. What he didn't say is that the US bailout took place nearly a decade ago, in the meantime Europe's financial sector was supposed to be fixed courtesy of "prudent" fiscal and monetary policy. It wasn't.

2007 All Over Again... Banking Crisis Imminent

The US is drifting back into yet another banking crisis. Despite the headline numbers (like Friday’s largely-fictitious jobs report) that imply a stable, modest expansion, under the surface the financial system - composed of business loans, bank profits, etc. - is deteriorating fast.

The Prospects For Money

"In my view, this new bout of turmoil in financial markets is the prelude to the final demise of government currency..."

Theory Of "Conspiracy Theorists"

It seems to have become one of the most popular ways of ridiculing somebody’s argument or position, calling into question someone’s sanity or even somebody’s right to their very own existence in recent years are "You’re a conspiracy theorist!","That sounds like a conspiracy theory to me!" The definition of conspiracy insists on the “evil, harmful, bad” side of things.  In other words; in the English language, it is impossible to conspire to do good. Here however are some alternative definitions of “conspiracy theorist”: someone who has seen through the bullshit; and/or someone who questions the statement of known liars.

 

With Over $13 Trillion In Negative-Yielding Debt, This Is The Pain A 1% Spike In Rates Would Inflict

There is now $13 trillion of global negative-yielding debt. And, as the WSJ writes, even a small increase in interest rates could inflict hefty losses on investors. With the 2013 "taper tantrum" the Fed sparked a selloff as it discussed ending its bond-buying program known as quantitative easing. A repeat "would be very painful for a lot of people" said J.P. Morgan. This is just how painful.

Stockman Warns Of "Awful Price To Be Paid For One-Way Markets"

The boys and girls on Wall Street are now riding their bikes with no hands and eyes wide shut. That’s the only way to explain Friday’s lunatic buying spree in response to another jobs report that proves exactly nothing about an allegedly resurgent economy.

How George Soros Singlehandedly Created The European Refugee Crisis - And Why

In 2015, a Sky News reporter found “Migrant Handbooks” on the Greek island of Lesbos. It was later revealed that the handbooks, which are written in Arabic, had been given to refugees before crossing the Mediterranean by a group called “Welcome to the EU.” Welcome to the EU is funded by—you guessed it—George Soros' Open Society Foundations. Soros has not only backed groups that advocate the resettlement of third-world migrants into Europe, he in fact is the architect of the “Merkel Plan.”

4 Shot, 1 Killed After Black Gunman Fires At Passing Cars On Tennessee Highway, Targeting Police, Whites

A man accused of shooting indiscriminately at passing cars and police on a Tennessee highway told investigators he was angry about police violence against African-Americans, authorities said Friday. Scott, who is black, was wounded in the shootout with police. One woman died and three others, including one police officer, were injured in the rampage All the people he shot were white, police confirmed.