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Detroit "Celebrates"

It's different this time for sure when this makes headlines...

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The Biggest Crooks In America Are Now The Cops

In a world where everyone is a lawbreaker, it’s hard to spot the real criminals.

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Frontrunning: June 3

  • Obama signs bill reforming surveillance program (Reuters)
  • Tsipras to meet Juncker in Brussels for talks on agreement (AFP)
  • Spot the irony: OECD cuts global growth forecast, says recovery taking hold (Reuters)
  • The Secret Money Behind Vladimir Putin's War Machine (BBG)
  • Companies' Borrowing Spree Darkens Stock Market Future (BBG)
  • How OPEC Hurt Big Oil (WSJ)
  • What's OPEC Going to Do With Iran's Million Barrels a Day? (BBG)
  • Draghi’s Europe Looks Healthiest for Years Despite Greece (BBG)
  • Bund yields inch higher, euro holds ahead of ECB (Reuters)
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1812: The Inconsequential War That Changed America Forever

The “inconsequential” war certainly and drastically changed America, of that there is no doubt. Whether for the good, or bad, you’ll have to decide for yourself. On the positive side, the war did cement American independence. It proved that to defeat America on its home ground, a very, very large army, and a great commitment to prolonged and bloody war, was going to be needed. On the negative side; the war left the country with constitutional revisionism, centralized power, protectionism, mercantilism, expansionism, blind patriotism, and militarism. That decentralist small-government thingy conceived by the Founding Fathers didn’t last very long, did it? One must wonder “War, what is it good for? Was it all worth it?”

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States Turn To Pension Ponzi Scheme To Close Funding Gaps

“When you’re borrowing money for pensions, you’re getting a new credit card to pay off the old one, and you still haven’t paid off the old one.”

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Low Wages & Unemployment Are An Existential Crisis For Millions

If millions of young Americans don't start earning more money, they can't afford to have children, or take care of them properly, and that is the end of us as a nation.

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You Know It's A Fiscal Crisis When... Republicans Raise Taxes

"Six years after the recession ended, many U.S. states are hard pressed to balance budgets because of a sluggish recovery and their own policy decisions and in fact, thirty-two states faced budget gaps in fiscal 2015 or 2016 or both." Bloomberg reports. Indeed, state and local governments are so broke that "even Republican governors loath to raise taxes have proposed higher levies."

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Democracy Under Fire: Troika Looks To Force Greek Political "Reshuffle"

It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors, but as we noted on Wednesday, it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests. Indeed, it's time to take a hard look at the political ramifications of the June 5 IMF deadline and ask if the troika will, in the final analysis, be successful in using financial leverage to undermine the democratic process.

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"Kept Afloat With Nothing But Happy Thoughts"

The Fed stimulates absolutely nothing but the media’s descriptions of it and the various economists and their models that depend solely on them being successful in doing so. If recessions are emotional and irrational pessimism as the monetary textbooks believe, then QE and ZIRP are just right sort of “happy pills” to push emotions back to the “right” direction. Is it any wonder the economy is in danger of sinking toward catastrophic failure?

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Obama Just Called This "Rotting, Decaying Hellhole" A Symbol Of "Promise For The Nation"

Speaking in Camden, New Jersey, President Obama just uttered the following Detroit-esque words of doom:


We discussed Camden in 2012, 2013, and 2014... and had a different opinion.

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Guest Post: Why Syriza Will Blink

Once again, Greece seems to have slipped the financial noose. This brinkmanship is no accident. Since coming to power in January, the Greek government, led by Prime Minister Alexis Tsipras’s Syriza party, has believed that the threat of default – and thus of a financial crisis that might break up the euro – provides negotiating leverage to offset Greece’s lack of economic and political power. But their calculation is based on a false premise.

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Chicago "Junking" Triggers $2.2 Billion Payment, Deepening Financial Crisis

Following an Illinois Supreme Court ruling that struck down a pension reform plan aimed at closing a $100 billion funding gap, Moody's downgrades Chicago to junk, giving the city the dubious distinction of being the only major city "in recent history" to carry such a low rating other than Detroit. Chicago now faces accelerated payments to creditors of more than $2 billion.

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America's Vanishing Worker: The Truth Behind The "Recovery" Propaganda

There is propaganda, and then there is the harsh reality, as shown by the case of Denny Rder, 47, of Decatur, Illinois: "look closer, and this city of 75,000 resembles many communities across the industrial Midwest, where the unemployment rate is falling fast in part because workers are disappearing: moving away, retiring or no longer looking for a job."

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Frontrunning: May 11

  • Full picture of Clinton charities' foreign government funding remains elusive (Reuters)
  • Greece Readies for Another Week of Deadlines (BBG)
  • Greece says deal will be 'difficult' at Eurogroup meeting (Reuters)
  • Saudi Arabia’s Rulers Snub Arab Summit, Clouding U.S. Bid for Iran Deal (WSJ)
  • Saudi Aramco Said to Plan Spending $80 Billion Overseas (BBG)
  • The $900 Billion Influx That’s Wreaking Havoc in U.S. Bills (BBG)
  • Cameron rules out another Scottish independence vote (Reuters)
  • Banks Prep Defense for Anti-Wall Street Campaigns (WSJ)
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