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The Fatal Fallacy Of Faith In The Fed's Assumed Powers

Doing as Yellen and her counterparts demand is the biggest risk of all. The Yellen Doctrine requires that central banks be both correct and able, abilities that have been (and can only be) in utter short supply. Her view would show more proactive and effective central bank management where only reactive and impromptu, last minute white-knuckling has abounded. Central banks have been in the past year only holding on for dear life, which is where obscurity has been their benefit. In the end, however, it will bring about their own downfall as it only serves to make matters worse. Yellen wants the central bank to be viewed as almost godlike, but they continually reveal themselves weak, deceptive and ineffectual; eschewing all long run sustainability in order to just make it through one day at a time.

Is Mario Draghi About To Go Full-Kuroda? RBS Says ECB Could Buy Stocks

Now that Mario Draghi has telegraphed more easing from the ECB come December, the question is what exactly the bank will announce. Will Draghi cut the depo rate further into negative territory? How long into 2017 will PSPP be extended? Given the scarcity of purchasable paper, will the ECB expand the universe of eligible assets and if so, will Draghi go full-Kuroda knowing full well that you never, ever go full-Kuroda?

Competitor Offers Equivalent To Turing's Scandalous $750 Pill For Just $1

Having become an overnight social and industry outcast, at least Turing Pharma's Martin Shkreli had one thing going for him: a business model that afforded him solid margins, because despite promising to cut the price of the scandalous Daraprim, Turing did not do that. Now, however, even that may be in jeopardy following news that San Diego-based specialty drug maker Imprimis Pharmaceuticals, says it can make a close, customized version of Daraprim for a paltry $1 a pill, NBC reports. That's a big contrast to the $750-a-dose that Shkreli said Turing was going to start charging for the same drug. 

Yellen & Kuroda Live In A "Fantasy Fiat World Divorced From Actual Business Conduct"

Given what the Japanese have been subjected to in the past two and a half years of QQE, it is nearly criminal to suggest they need only more of it. None of it has worked as promised and stated, so what might have changed? Absolutely nothing except the arrangement of qualifiers and excuses that litter the same shared central bank speech delivered over and over of late. Kuroda says “robust”, Yellen proclaims “strong”, and both only confirm they live not of this world’s economy.

Leaked E-Mail: CIA Director Says US Screwed Up On Iran After 9/11

"The gratuitous labeling of Iran as part of a worldwide “axis of evil” by President Bush combined with strong U.S. criticisms of Iran’s nascent nuclear program and its meddling in Iraq led Tehran to the view that Washington had embarked on a course of confrontation in the region that would soon set a kinetic focus on Iran. Even Iran’s positive engagement in helping repair the post Taliban political environment in Afghanistan was met with indifference by Washington."

CEO Of Europe's Largest Zinc Producer Hints At Default: Bonds Hit Record Lows, Stock Plunges Most Ever

Complacency seemed ready to set back in, with Glencore stock recently rising as high as its recent equity offering price of 125p. And then today we noticed that not only is Glencore's CDS back above 700 bps, the widest it has been in three weeks, but that another mining company has fallen into the market's crosshairs, this time Belgium-based (with Zurich HQ) Nyrstar NV, Europe's largest refined-zinc producer, whose stock crashed the most since its initial public offering in 2007, while it bonds tumbled to a yield of 19%, suggesting a default may be imminent.

Hillary Clinton Faces The Music At Benghazi Hearing - Live Feed

In one of the most-watched hearings in historuy on Capitol Hill, former Secretary of State Hillary Clinton faces one of the biggest tests of her career – not to mention her presidential campaign – as she testifies before the Select Committee on Benghazi in the House of Representatives. This, of course, is not the first time, but one wonders if she will come out swinging with her "what difference does it make" persona, or be buried in the minutia of her private email server. As WSJ notes, the national response to the attacks that killed four Americans in Benghazi on Sept. 11, 2012, was complicated by secrecy, tragedy and national politics... and the people still want answers.

Undermining Property Rights In San Francisco

We have ceased to live in a free market economy a long time ago. The only sector of the economy that has managed to remain relatively free in many ways is the technology sector, because it innovates so rapidly that it tends to stay a step or two ahead of politicians and the oligarchies giving them their orders. They simply cannot catch up quickly enough with regulating all these innovations to death. Lately technology has begun to invade the turf of a number of established service businesses... and that appears to be a problem for the crony 'capitalist' crowd.