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Presenting The "Boiling Frog" Slowdown

Whenever the topic of recession comes up, the mainstream and especially economists (redundant) become quite defensive about the possibility. Just a few days ago, presidential candidate Donald Trump claimed the US was headed for “a very massive recession” and that it was “a terrible time right now.” The Washington Post, as you would expect, was skeptical of the claim because orthodox economics will have none of it, writing that Trump is “embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts," because there is no obvious recession, only unexplained (to the mainstream and economists) slowdowns, nobody feels the boiling water...

The Costs & Consequences Of $15/Hour

The unintended consequences of a minimum wage hike in a weak economic environment are not inconsequential. Furthermore, given that businesses are already fighting for profitability, hiking the minimum wage, given the subsequent “trickle up” effect, will lead to further increases in productivity and “off shoring” of jobs to reduce rising employment costs. So much for bringing back those manufacturing jobs.

David Stockman: "Trump Unbound"

At the end of the day, Trump has petrified the Wall-Street Washington establishment for good reason. He loudly rejects the War Party consensus on foreign intervention. And he has tapped into a deep vein of main street alienation from the phony recovery and economic fixes promulgated by the Fed and its beltway henchman.

UK Prime Minister Admits He Had A Stake In His Father's Offshore Trust

David Cameron and his wife owned shares in the Panamanian trust set up by his late father, before selling them for around £30,000 in 2010, he has told ITV News. The prime minister made the revelations about his involvement with the offshore fund set up by his father Ian - exposed in the Panana Papers - in an interview with Political Editor Robert Peston. Mr Cameron said he made a profit on around 5,000 units the couple owned in Blairmore Investment Trust, but insisted the money was subjected to UK tax rules.

Millionaires Are Fleeing Chicago In Record Numbers

Millionaires are leaving Chicago more than any other city in the United States on a net basis, according to a report by New World Wealth. About 3,000 individuals with net assets of $1 million or more (not including their primary residence) moved from the city last year, representing about 2% of the city's high net worth individuals.  It is unclear where they went: cities in the United States that saw a net inflow of millionaires included Seattle and San Francisco. One thing is certain: they couldn't wait to get out. 

Guest Post: Why Hillary Clinton’s Paid Speeches Are Relevant

Hillary Clinton’s paid speeches are not relevant because of anything that they said, but because the organizations that paid typically $225,000 to her, for each of them, were paying a servant, for extremely valuable services that that servant is being expected to provide to the owners and top executives of that organization if that servant becomes the U.S. President (or, in the case of her husband Bill) for valuable services that already were provided by that servant when he was a President. They’re pay-offs, for services that are anticipated, or else that have already been provided. They are not (such as the author was assuming) for “the speech.”

Nigel Farage On The Future Of Politics

The era of top-down political operations is ending. Mass membership, open, accessible political movements are the future. Membership structures that are low-cost but allow involvement for those wishing to participate from the comfort of their own homes is where politics is headed, engaging an entirely new section of the population who have been left behind by the distant, remote current political structures. 

For Mario Draghi, None Of This Was Supposed To Happen

It'll be four weeks tomorrow that Draghi fired his quadruple bazooka and yet European markets are in apathetic mode. We show the returns of our usual selection of global assets since the cob the night before the last ECB meeting on March 10th. Perhaps markets haven't been helped by a renewed but unrelated fall in Oil (Brent -9.1%, WTI -6.3%) since this point but it's noticeable that outside of commodities the worst performers have generally been areas of the market that Draghi tried to help.

Here Are Some Of The Americans In The "Panama Papers"

Today we finally get some answers to the question on everyone's lips: who are the Americans in the Panama Papers? Surprisingly, there are no politicians of note are in files but plenty of others. Among them: retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.

What Bull Market?

...the market has created exactly $0 of additional purchasing power for investors over the past 15 years. That’s right, none, zilch, nada.