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.
“While their contributions will diminish slightly, the condition of the funds will revert back to something that is totally unsustainable and in danger of being completely insolvent within 10 to 15 years. Hundreds of millions in savings from rationalized pension benefits will be lost that will either have to be made up from reductions in city services, increased taxes or by allowing these funds to further deteriorate."
- Dow's Freakish Bounce Makes Investors Whole, Can't Erase Doubts (BBG)
- R.I.P. Dollar Rally as Dovish Fed Spurs Worst Slump Since 2011 (BBG)
- Global Currencies Soar, Defying Central Bankers (WSJ)
- Oil hits 2016 high above $42 on production and demand outlook (Reuters)
- The U.S. Is Exporting Its Oil Everywhere (BBG)
- Hillary Clinton’s Allies Launch Plan to Undercut Donald Trump Now (WSJ)
- Trump or Cruz? Republicans face tough choices as primary race churns forward (Reuters)
- The Week the Republican Party Melted Down (BBG)
- Rust Belt Could Be Donald Trump’s Best Route to White House (WSJ)
- China’s Leaders Put the Economy on Bubble Watch (WSJ)
- Top Chinese Official Rebutts Soros Prediction for Hard Landing (BBG)
"central bankers seem ever intent on going lower, ignorant in my view of the harm being done to a classical economic model that has driven prosperity – until it reached a negative interest rate dead end and could drive no more."
After a disappointing Tuesday, Ben Carson is out...