Federal investigators revealed another blow to Detroit Public Schools this week. Meet Carolyn StarkeyDarden - the system’s former grant-development director - who has just been charged on suspicion of obtaining nearly $1.3 million by lying about children’s tutoring services. As The Burning Platform's Jim Quinn rages, this is called the “No School Administrator Left Behind” Program.
On December 10, 2014 the city of Detroit exited bankruptcy. It was the largest municipal bankruptcy in US history. The bondholders were totally screwed in favor of the pensioners (not that I generally like bondholders). Regardless, everything was supposed to be fixed. It wasn’t.
One of the most beat to death gun control arguments is “Your odds of dying go WAY higher if you have a gun in the home! No one should own guns, guns are deadly!” Now replace the word “gun” with “opioid-based painkillers” – yes, I mean the Percocets, Vicodins, Oxycontins, and all the others. Now your argument is somewhere between 5 and 107 times as pertinent, depending on the classification of suicide, and addiction/accessibility.
New accounting rules show Chicago has understated its pension liabilities by $11.5 billion. At the end of 2015 the stated liability was $7.1 billion. Today it’s $18.6 billion. That’s a jump in net liabilities of 168%. Mayor Rahm Emanuel has hopes pinned on union concessions and help from the state legislature. Neither is likely. Let’s stop pretending there is another solution, because there isn’t.
A small team of U.S. troops was on the ground in Yemen and Navy ships with Marines aboard were offshore to support friendly forces against an al-Qaeda offshoot as the U.S. deepened its involvement in yet another Mideast civil war, the Pentagon admitted Friday.
Behold the leader of the free world: "Obama drinks water in Flint, Michigan. Says the water is 'drinkable'."
As time goes on the city of Chicago is rapidly turning into a crime infested hell hole, rife with poverty, debt, and racial tension. The city is well on its way to joining the likes of Detroit, and there may be no escaping that eventuality. That’s why many of the city’s wealthy elites are getting the hell out of there. The Chicago Tribune reports that roughly 3,000 millionaires have left the city over the past year alone, which amounts to about 2 percent of their wealthy population. This is the largest exodus of wealthy people in the United States, and one of the largest in the world.
- Gloomy start to results season hits shares (Reuters)
- Stocks Rise Around World as Commodities Advance; Bonds, Yen Drop (BBG)
- Oil hits 2016 high above $43 on producer meeting hopes (Reuters)
- Rosneft chief Igor Sechin says low oil prices will not last (FT)
- Banks Face Massive New Headache on Oil Loans (WSJ)
- Wells Fargo Misjudged the Risks of Energy Financing (BBG)
... consider mom and pop and other people who read Barron’s. They are saving for retirement and to put their kids through college. They might have depended on a historic 8%-like return from stocks and bonds. Well, sorry. When interest rates get to zero—and that isn’t the endpoint; they could go negative—savers are destroyed. And savers are the bedrock of capitalism. Savers allow investment, and investment produces growth.
How far we have fallen! The American Dream used to be attainable to all who worked hard, and freedom was still a tangible thing that many experienced. People used common sense and wisdom from experience to make it through life. Today, most people are dumbed-down consumers who only know what they have been told through the television, unable to think independently even if they tried.
- Stocks up as investors look to end bruising week on a high (Reuters)
- Treasuries Set for Two-Week Gain; Greenspan Warns of Global Risk (BBG)
- Yellen, alongside Fed alum, says rate hikes on track (Reuters)
- Oil Prices Lifted by Fed Comments on U.S. Economy (WSJ)
- China says G20 summit should be about economics, not politics (Reuters)
- Cameron Accused of Hypocrisy for Stake in Father's Offshore Fund (BBG)
It’s not the more fickle and systemic nature of the FIRE economy that makes manufacturing particularly important. It goes well beyond that...
Dear Mayor Emanuel, it may be about time to get on the phone with Detroit and ask for pointers on how to efficiently navigate the bankruptcy process...
Home prices are rising faster than wages in most of the United States, making homeownership increasingly difficult for average Americans in some of the most populous areas of the country, according to a report released on Thursday. The report found that home price growth exceeded wage growth in nearly two thirds of the nation's housing markets so far this year, with urban centers like San Francisco and New York City among the least affordable.
Only Gold has the history, depth, unique qualities, loyalty of the elite and transitional power to challenge any man, any nation, any system on earth, past, present and future. The Dynasties understand this, because they have both witnessed and authored this axiom across generations of asset accumulation. As the sand peters past the last curve of the hour glass the Dynastic hand is clear to see. So the Neo-cons need to beat Russia, and soon, as only Globalism can keep the markets enchained.