Saturday, September 30, 2017

Are Corrupt Socialists Responsible for the Horrific Situation in Puerto Rico?

An informative series of tweets from David Stockman:

SUNDAY Murray Sabrin on the Julie Briggs' Roundtable

Murray Sabrin with Julie Briggs
Murray Sabrin emails:
I will be a guest on Julie Briggs' Sunday morning Roundtable at 11am, 1250 on the AM dial or online, Hope you will tune in.
Amazon in NJ, Trump tax plan and more with a distinguished panel.  
Catch this if you can, Murray is not afraid to confront the statists that are on the show.


How Ben Franklin Structured His Day

Friday, September 29, 2017

Don't Fall for Tax Reform

By Jeff Deist

Please don't fall for tax reform.

It’s a con, and a shell game. It's a promise every presidential candidate makes, including Trump. But we ought to be suspicious of grandiose talk about Congress reforming anything. Tax reform proposals always evade and obscure the real issue, which is the total cost-- financial, compliance, and human-- taxes impose on society. The fundamental questions about war and entitlements and state power go unasked. We never consider whether Congress really needs to spend more than $4 trillion in 2018, or how it managed to double federal spending in only 15 years.

Since those questions are never seriously raised, every proposal necessarily

Trump Says He'll Decide on New Fed Chair in Two to Three Weeks

President Trump said Friday he’ll decide who will be the next leader of the Federal Reserve within three weeks, and has met with at least two candidates this week.

Trump and Treasury Secretary Steven Mnuchin met Thursday with former Federal Reserve governor Kevin Warsh (SEE: Trump Considering Bilderberg Crony to Head the Federal Reserve).

Reports indicate that Trump and Mnuchin also interviewed Federal Reserve governor Jerome Powell on Wednesday.


Trump Considering Bilderberg Crony to Head the Federal Reserve

Kevin Warsh, arriving as a Bilderberg meeting.
The Wall Street Journal is reporting that President Donald Trump and Treasury Secretary Steven Mnuchin met with former Federal Reserve governor Kevin Warsh on Thursday to discuss his potential nomination as the next Fed chairman.

If Trump is looking for a crony Wall Street establishment insider to head the Fed, Warsh is his man.

From 2002 to 2006, Warsh was a member of

Stockman Rips Mnuchin-Cohn Tax Plan: 122 Million Tax Filers Earning Under $100K Will Get Essentially Zero Net Tax Cuts

Cohn and Mnuchin
Regular readers of know that I have stated here several times that Trump's tax reform is a scam.

Trump is nothing but a Manhattan street hashlak and the reform is what you would expect from a street hashlak---short on details and long on BS.

Trump turned the task of designing the three card monte tax reform stunt over to Treasury Secretary Steve Mnuchin and National Economic adviser Gary Cohn.

This suggests that Trump may be a hashlak with a sense of humor. For the detailed work of tax reform minutia, he has put in charge an admitted dyslexic with a short attention span, Cohn, and the Treasury Secretary whose number one priority appears to be to lead a Carly Simon imagined life with his trophy wife.

It may explain why the tax reform outline is only nine pages long. As David Stockman notes, it is just three words each per day in office.

But speaking of Stockman, he is absolutely the best person to wade through the BS in the plan.

He was the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan. He is probably the best number cruncher ever to ever do US government policy work.

His bottom line conclusion of the tax plan released by Trump's short attention span tax reformers:

Theresa May Threatens Trade War After US 219% Tariff on Aircraft Built in Northern Ireland

The latest anti-trade protectionist move out of the Trump administration is a 219 percent import duty on Bombardier aircraft built in Northern Ireland.

British Prime Minister Theresa May has threatened a trade war over the tariff.

May has

Thursday, September 28, 2017

The Real Crazy Reason Saudi Arabia Has Decided to Allow Women to Drive

It's because of a crazy Trumpian-type economic nationalism being pursued by the King's son, Crown Prince Mohammed bin Salman

Financial Times columnist Roula Khalaf writes in an essay titled, Saudi reverse on women drivers propelled by economics:
King Salman issued a royal decree announcing that women could drive as of June 2018...

King Salman and his ambitious 32-year-old son and crown prince, Mohammed bin Salman (MbS), are on a path of adjustment. Since [the Crown Prince] taking over two years ago, the king has been seeking to recalibrate the relationship with the clerics and to promote Saudi nationalism as an alternative source of legitimacy...

[A]llowing women to drive is the result of both political calculation and economic necessity. As the king paves the way for his son to take over, what was long considered impossible in Saudi Arabia has become possible....

The transformation[the Crown Prince] envisions requires a greater role for women in the economy and a smaller one for foreign workers. And this makes the granting of certain freedoms, including the ability to drive oneself to work, more pressing.

The "Wolf Of Wall Street" Says Jamie Dimon Is Right About Bitcoin

Jordan Belfort
Jordan Belfort, the inspiration for Leonardo DiCaprio’s character in the 2013 Martin Scorsese film “The Wolf of Wall Street,” told the Street that he believes Dimon is right, adding that bitcoin “isn’t a great model.”

“Basically, the idea that it’s being backed by nothing other than a program that creates artificial scarcity it seems kind of bizarre to me,” he said/

He also claimed that he knows people who lost money in the Mt. Gox hack, and that the incident served as a wakeup call.

“They could steal it from you I know people who have lost all their money like that..."

He went on to say, and this should scare any libertarian, "If any digital currency demonstrates long-term viability, it will probably be one that’s backed by a central bank."


(via ZeroHedge)

Senate Confirms Makan Delrahim to DOJ (Antitrust)

By a vote of 73-21, the Senate on Wednesday evening confirmed Makan Delrahim to head the Antitrust Division of the U.S. Department of Justice.

The powerhouse corporate law firm Davis Polk put out a Client Alert on Delrahim after his nomination in March.

It included this:
Mr. Delrahim’s antitrust views are generally in line with previous Republican-appointed
AAGs, leaning towards a more flexible, industry-specific approach with greater
willingness to consider the potential for conduct or transactions to increase innovation
or expand markets. In what would be a major change from his most recent
predecessors, we expect a greater focus on, and willingness to credit, anticipated
procompetitive benefits and benefits to the U.S. economy from merger transactions and
other conduct, particularly with regard to intellectual property and innovation.
Mr. Delrahim has taken several positions that indicate he is not rigidly ideological and
will take a pragmatic, case-by-case approach to enforcement, evidenced by his stance on
protecting innovation, his role in previous antitrust investigations during an earlier stint
at the Antitrust Division, and his experience in the political sphere.
Finally, through his prior role at the Senate Judiciary Committee and his current role in
the Trump Administration, Mr. Delrahim has more political experience and more direct
experience inside the administration than most prior antitrust AAGs. As a result, he is
likely to have a keen understanding of, and ability to navigate, the political attention and
competing agendas that major deals and antitrust investigations can—and may
While at the law firm  Brownstein Hyatt Farber Schreck, Delrahim worked as a lobbyist for Comcast, Google, Blue Cross Blue Shield Association, Johnson & Johnson, and Ultimate Fighting Championship.


(ht Felix Bronstein)

Why Are Oil Prices Going Up?: Major Shift in Saudi Arabia Oil Price Strategy

Saudi Oil Minister Khalid Al-Falih
Reuters reports today from inside sources:
 Aramco’s initial public offering (IPO) - expected to be the biggest in history - is forcing the kingdom to rethink its OPEC policies.

Riyadh’s stance represented a shift, OPEC sources said, from its decades-old role of advocating restraint and seeking to convince fellow members like Algeria, Venezuela and Iran that prices rising too fast benefited alternative energy providers.

“Saudi Arabia is now the main price hawk,” said a high-level OPEC source. He added he was surprised how quickly the kingdom shifted from its policy of prioritizing market share, by pumping oil at full tilt, to supporting production cuts following its decision to list Aramco.
So do you really need a high-level OPEC source to be aware of this?

Not if you read the EPJ Daily Alert.

This is what I wrote in the June 1 ALERT just before the oil price started to take off:
 Accelerating price inflation is my primary reason to be bullish on oil, but as I have pointed out numerous times Saudi Arabia wants the oil price strong going into the late 2018 Aramco IPO.
They are plotting. I am confident they are watching inventory levels and will cut back as necessary to continue the general drain on inventories.

Note: Past spectacular insights and analysis do not guarantee future spectacular insights and analysis.


Why the Government Crackdown Now on Under the Table NCAA Basketball Payments?

Veteran basketball journalist Peter Vecsey says under the table  payments to top college basketball players has been going from almost the day James Naismith invented the game:
In December of 1959, Boys High School coach Mickey Fisher told a reporter, “There are all kinds of pressures on me.”

The New York colleges were desperately trying to keep [his player]Connie Hawkins in town...

As a [high school] senior sensation, Hawkins was considered a must-procure attraction for Madison Square Garden...

During a preseason scrimmage, the St. John’s freshman coach and chief recruiter, Lou Carnesecca, one season removed from coaching Archbishop Molloy H.S. to a spotless 33-0 record, sat next to Fisher on the bench.

“Look, Mickey,” said Carnesecca, who wound up replacing Joe Lapchick, forced to retire four years later at 65 as required by St. John’s mandatory age policy, “we want Hawkins badly. But I’m not going to bother you. You just collect the offers. When you get them all,

SF Federal Reserve President Calls for Higher Inflation Targets

Central banks around the world should consider co-operating and co-ordinating efforts to change their 2% inflation targets, John Williams, president of the Federal Reserve Bank of San Francisco, told the Central Banking journal.

Williams believes 2% price inflation targets adopted by most of

What the NCAA Would Look Like if the Government Didn't Protect It as a Cartel

By Gary North

It is one of the biggest stories in the media today: four assistant basketball coaches have been accused of taking bribes. Here is a summary from CBS News:
"The picture of college basketball painted by the charges is not a pretty one," Joon H. Kim, the acting United States Attorney for the Southern District of New York, said at a Tuesday afternoon press conference. "Coaches at some of the nation's top programs taking cash bribes, managers and advisers circling blue-chip prospects like coyotes, and employees of a global sportswear company funneling cash to families of high school recruits. ... For the 10 charged men, the madness of college basketball went well beyond the Big Dance in March. Month after month, the defendants exploited the hoop dreams of student-athletes around the country, allegedly treating them as little more than opportunities to enrich themselves through bribery and fraud schemes."Each arrested coach is facing up to 80 years in prison.
Obviously, this is exceedingly serious business. I want to stress the word "business."
I don't want to discuss the legal issues involved. I am not a lawyer. If I were lawyer, I would find out how to make a buck on taking one side or the other, and I would cash in. But I am simply a lowly journalist, struggling to put food on the table
Let's talk about the economics of bribery.

BREAKING Wolfgang Schäuble to Step Down as German Finance Minister

Wolfgang Schäuble
Wolfgang Schäuble has announced he will step down as Germany’s finance minister, in what amounts to a momentous changing-of-the-guard in European financial policymaking, reports the Financial Times.

A budget hawk, he delivered a string of balanced budgets from 2014 onwards.

Schäuble was denounced by

Wednesday, September 27, 2017

Japanese Banks Plan to Launch Digital Currency in Time for 2020 Tokyo Olympics

Japanese banks plan to introduce a digital currency ready for the 2020 Tokyo Olympics, reports the Financial Times.

A consortium of banks, led by Mizuho Financial Group and Japan Post Bank, has won support from the country’s central bank and financial regulator to launch the J Coin, an electronic currency to

Rand Paul Predicted This

Rand called it.

Good news:

Senator Rand Paul predicted that the phony Cassidy-Graham "repeal" and replace would fail in Congress and that President Trump would then sign an executive order to allow people to buy healthcare across state lines.

This appears to be exactly what is going to occur. It is far from the repeal of government intervention in the healthcare sector but it is a move in the right direction.

Rand saw

This is Why You Need to Keep Three Months Worth of Emergency Cash Under Your Mattress


DRUDGE Trump Tax Cut Betrayal; Taxes Going Up

I never expected President Trump to cut taxes. I always saw the phony promise as just another Trump street hustle.

Shifting taxes around but not much else.

Matt Drudge now sees this. Here is his feature headline right now:


Also see: Trump Tax Plan Calls for a "Tax on Taxes"; Screws New York, New Jersey and California Taxpayers

Trump Tax Plan Calls for a "Tax on Taxes"; Screws New York, New Jersey and California Taxpayers

The first details of President Trump's tax "reform" are starting to leak from the White House.

While Trump will no doubt criss-cross the country proclaiming he is making large tax cuts, it is mostly a scam with simply new points of taxation. It is mostly a shifting of the tax burden.

One remarkable example of this is that Trump's plan will

Major Trump Shift on Infrastructure: May Support Trillion Dollar Public Funding

President Donald Trump told a bipartisan group of lawmakers Tuesday that he didn’t favor public-private partnerships to finance public works anymore, casting doubt on a central pillar of his administration’s infrastructure building plans, reports The Wall Street Journal.

Speaking to members of the House Ways and Means Committee about his plans to change the tax code, Trump said such partnerships, in which

DEFAULT LOOMS: Hartford Downgraded Further Into Junk Status

Two credit-ratings firms on Tuesday downgraded the city of Hartford further into junk status, citing an increased likelihood of default as early as November.

S&P Global Ratings knocked down Hartford’s rating by four notches to CC. Moody’s Investors Service lowered its rating for Connecticut’s capital city by two notches to Caa3.

The city faces a deficit approaching

Paul Krugman: Destruction Worshiper

By Ivan Jankovic

Ludwig von Mises once allegedly tried to encourage his students to speak up more freely in class by saying: “Don’t be afraid to speak up. Remember, whatever you say about the subject and however wrong it might be, the same thing has already been said by some eminent economist” (PDF, p.50). One of the ideas that students should be least afraid to freely entertain in this regard is that natural disasters could be economically beneficial.
Every single year, hordes of eminent economists saturate the airwaves and newspaper columns with warnings that

Tuesday, September 26, 2017

An Italian Economist Says Berlusconi and Trump are the Same … Except Trump is Meaner

 Luigi Zingales
Here is the transcript of a fascinating interview of, Italian-born, University of Chicago Booth School of Business professor Luigi Zingales, by Business Insider's Sara Silverstein:

Sara Silverstein: And can we talk a little bit about Trump? I know that in your first draft of one of your books — I don't know how long ago is that?
Luigi Zingales: It was 2011.
Silverstein: Okay 2011, you had a chapter about how somebody like Donald Trump could become president and you use Berlusconi as an example but you cut it from the book. Why did you cut it and what did you say?
Zingales: So I cut it because one of my colleagues who was kind of enough to read the first version told me that I was crazy, that I would lose credibility to the book if I were to keep that in. And I think that for me, it was a very easy conclusion because the book that came out in 2012 was about how the United States is looking more and more like Italy — and not unfortunately in the good wine and food — but in the form of the way the economy is run, the form of corruption where it’s

Republicans Agree to RAISE Bottom Tax Rate

Do you really trust these three with tax "reform"/
As I have stated here many times, the current tax "reform" under discussion is really just a shell game that moves the point of taxation around.

Top White House and GOP leaders have agreed to raise the lowest individual tax rate from 10 to 12 percent, paired with doubling the standard deduction, reports Axios.

The maneuver will benefit some but will result in higher taxes for others. Trump is planning on calling the move a "tax cut."

The top tax bracket is expected to be cut from 39.6% to 35%.

Limitations on many other deductions are expected.


Uber To Cease Operations In Quebec

The statists are getting more and more aggressive with their attacks on Uber.

Just days after London refused to renew Uber's license to operate in that city, the Montreal Gazette reports that Uber will cease operations in Quebec as of Oct. 14.

The final straw for Uber, which has been negotiating with the Quebec government for months in an effort to co-exist with the taxi industry, reportedly was a government demand that its drivers submit to a 35-hour training program already imposed on taxi drivers, according to MG.

Uber reportedly feels such

How the Fed Plans to ‘Unwind’ $4 Trillion in Debt it Owns: "It could turn out badly"

By John Crudele 

All right, it’s official.

The Federal Reserve really, really, really is going to start to unwind the $4 trillion-plus in stimulus it put into the US economy to fight the Great Recession.

Really, it is.

The Fed said so last week. No more talk. It’s time for real action. Really.

The problem is, the Fed hasn’t yet

Reserve Private Bathrooms Across NYC with a New App

File under: I love entrepreneurship.

Heroic, skip the government "cleaned" filthy public bathrooms at Penn Station and Grand Central Station.

Timeout reports:
We've all been there: You're hustling across Manhattan going about your day and, out of nowhere, you feel like you're going to pee your pants. Sure, popping into a Starbucks, buying a drink and haggling for the bathroom code is one remedy to the situation, but if you've gotta go, those precious minutes could be the difference between the sweet relief of a toilet and a set of moist trousers.
But a new app aims to

Silicon Valley Entrepreneurs Are Not Libertarians

According to The Economist, they favor free trade, but also economic redistribution by governments:


Harvard's Top Enrolled Course is 'Economics 10a: Principles of Economics'

This is the collegiate epicenter from where Keynesian economics propaganda starts.

"Economics 10a: Principles of Economics" is the most popular fall course among Harvard undergraduates.

According to data released by the Faculty of Arts and Sciences registrar’s office, Ec10a’s 627 undergraduate enrollment surpassed “Introduction to Computer Science I” 606 undergraduates by 21 students.


How the U.S.-Backed War on Yemen Advances Globalism

Foreign correspondent Alex Newman reports:


Monday, September 25, 2017

STOCKMAN: Hey, Bulls, Give A Knee To The Donald---He Really IS Your Worst Nightmare!

David Stockman says a fiscal bloodbath is coming and all that is needed is for the bulls to give Donald the knee.

Amazon Will Soon Home Deliver Chipotle, Five Guys, Denny’s, Cold Stone Ice Cream and More

When Jeff Bezos isn't cutting crony deals with the government, he can be quite the entrepreneur.

Amazon and an online-ordering company, Olo, has just announced a partnership, allowing restaurants in Olo’s massive portfolio of more than 200 restaurants in 40,000 locations to

REBELLION: This is the Reaction to London's Failure to Renew Uber's License

London Mayor Sadiq Khan, will he deliver the knockout punch to Uber? 
When a people still have a good lot of freedoms and you take away one they really use--and they can protest the takeaway, protest is exactly what happens.

Robert Colvile writes for the Financial Times:
When Transport for London, an independent regulator overseen by the mayor, announced that

Shortlist Compiled of Possible Fed Chairman Candidates (All Keynesians)

The White House has created a list of about a half-dozen candidates to be the next leader of the Federal Reserve, including its current chair, Janet L. Yellen, and the president’s chief economic adviser, Gary D. Cohn, reports The New York Times.

The list also includes Jerome H. Powell, a member of the Fed’s board of governors; Kevin Warsh, a former Fed governor; and the Stanford University economist John B. Taylor.

The group should be generally considered

Sunday, September 24, 2017

The Big Winner in Sunday's German Election Was a Far Right Lesbian Goldman Sachs Economist

"Xeenophobic populism has returned to German national politics with a bang, this time in the guise of a 38-year-old lesbian investment-banking economist," writes Foreign Policy.

FP continues:
 Alice Weidel is the unusual figure who has come to symbolize the far-right Alternative for Germany’s (AfD) goal-line run into the Bundestag. The AfD’s astounding 13.4 percent finish makes it the first openly chauvinistic, illiberal party to capture seats in Germany’s foremost democratic institution since the early postwar years. Should the Social Democrats (SPD) enter another “grand coalition” with Merkel’s Christian Democrats (CDU), the AfD, as the largest opposition force in the Bundestag with over 60 seats, would become Oppositionsführer, the de facto leader of the opposition.
In part, the AfD owes its promotion into prime-time German politics to

Best Rand Paul Tweet Ever


Washington Post: Washington is Confused Because Rand Paul Stands on Principle

I am not making this up.

 Amber Phillips reports for the Washington Post:
Of all the contradictory and confusing positions Republicans have taken this year as they try to repeal Obamacare, the one Sen. Rand Paul (R-Ky.) has staked out is the most head-scratching to Washington....his answer comes down to principle: Get rid of all of Obamacare, or bust.
Yup, this confuses Washington, Rand Paul really wants

Who Really Pays the Evil Obamacare Penalty Tax

The Wall Street Journal has the data:
IRS data offers insight into who paid the law’s individual mandate penalty in 2015 for not buying health insurance, the latest year for which figures are available. Spoiler alert: The payers aren’t Warren Buffett or any of the other wealthy folks Democrats say they want to tax. More than one in three of

Moody's Slams Theresa May: UK Credit Rating Downgraded

Just hours after Theresa May's delivered her big Brexit-related, "Shared History, Shared Challenges, Shared Future" speech in Florence, Italy, the UK’s credit rating was downgraded by Moody’s.

The UK prime minister delivered the landmark speech on Friday with the aim of unlocking the stalled Brexit negotiations. But Moody's was unimpressed.

The bond rating service reduced the credit rating a notch to Aa2, or two rungs below the triple A rating Britain had enjoyed for 35 years until 2013.

The rating agency said:

Saturday, September 23, 2017

WARNING Federal Reserve to Launch Its Own E-currency: Fedcoin

By Robert Wenzel

The U.S. Federal Reserve will not only issue its own cryptocurrency but will also make sure Americans use it, according to Doug Casey.

“To start with, I suspect it’s going to be

INVESTIGATION Another Idiotic Mnuchin Government Flight: NYC to DC

Treasury Department investigators are probing an Aug. 15 trip taken by Secretary Steven Mnuchin from New York to Washington, D.C., in which he used a government jet that cost American taxpayers at least $25,000, ABC News reports.

Mnuchin flew up to

Zuckerberg to Sell Up to $12 Billion of His Facebook Shares

Mark Zuckerberg writes on his Facebook page:
I want to share some important news about Facebook and how Priscilla and I are funding our philanthropy... I anticipate selling 35-75 million Facebook shares in the next 18 months to fund our work in education, science, and advocacy.
Does Zuck believe we Facebook stock is at a top?

The sale would result in proceeds based on the current price of Facebook shares of up to $12 billion.

He currently owns shares valued at approx. $70 billion.


Friday, September 22, 2017

The Real Story Behind Why Uber Lost Its License to Operate in London

Government has raised its ugly head in London to clearly demonstarte that it is evil.

Uber will not be issued a new private hire license, Transport for London  said.

TfL concluded Uber was not fit and proper to hold a London private hire operator liclicense
It said it took the decision on the grounds of

TWITTER BATTLE: Donald Trump v. Rand Paul

It started, naturally, with President Trump:
But Senator Paul just did sit there and take the nonsense. He spoke truth to President:

The Global Arms Trade is Booming

It turns out that US created global chaos is good for the global miltary-industrial complex.


Federal Reserve Global Plotting in Switzerland

John Williams
A little birdie tells me that Federal Reserve Bank of San Francisco President John Williams, who use to work directly under Fed chair Janet Yellen when she was president of the SF Fed, is in Zurich at a closed to press Swiss National Bank Research Conference.

He will speak on “What to Expect from the Lower Bound on Interest Rates: Evidence from Derivatives Prices.”

Glenn Rudebusch, Executive Vice President and Senior Policy Advisor at the SF Fed, is also attending and will be speaking on “A New Normal for Interest Rates? Evidence from Inflation-Indexed Debt” (LOL, they think low price inflation is the new normal)


Thursday, September 21, 2017

Steve Bannon Held Secret Meeting Last Week in Beijing

Steve Bannon flew to Beijing last week for a secret meeting with the second most powerful Chinese Communist party official, less than a month after the former chief White House strategist declared that America was at “economic war with China,” reports The Financial Times.

According to one person in China familiar with the situation, Bannon travelled to Beijing to meet Wang Qishan, the head of the Chinese Communist party’s anti-corruption campaign. The meeting occurred at Zhongnanhai, the Chinese leadership compound, after Mr Bannon had visited Hong Kong to give a closed-door speech at a big investor conference hosted by CLSA, a Chinese state-owned brokerage and investment group.

“The Chinese reached out to Bannon before his Hong Kong speech because they wanted to ask him about economic nationalism and populist movements which was the subject of his speech,” said a second person familiar with the situation, according to FT.

Wang, who is seen as the second most powerful person in China after President Xi Jinping, arranged through an intermediary for a 90-minute meeting after learning that Bannon was speaking on the topic, according to the second person, who stressed there was no connection to President Donald Trump’s upcoming visit to China.


STOCKMAN: "A Frightful Fiscal Demographic Time Bomb"

I am not against cutting income taxes but David Stockman, the former OMB director under Ronald Reagan, has a great idea in calling for a cut in payroll taxes.

And Stockman's take on Trump's tax "reform" and the current state of government finances are spot on.

Also a very interesting comment about Alan Greenspan and how he started it all.

And also this from Stockman: "Rand Paul the only guy speaking truth to power."


Jim Rogers says ETF Holders Will Get Mauled by ‘The Worst’ Bear Market Ever

“When we have the bear market, a lot of people are going to find that, ‘Oh my God, I own an ETF, and they collapsed. It went down more than anything else.’ And the reason it will go down more than anything else is because that’s what everybody owns,” Jim Rogers said in an interview with RealVision TV.


Steve Bannon is Wrong: Tariffs Did NOT Fuel American Economic Growth

Bannon, wrong on tariffs.
By Don Boudreaux
Among the most destructive of the many zombie-like myths that continue to haunt the ideological and political landscape is the one that insists that because

Securities and Exchange Commission Was Hacked

The Securities & Exchange Commission has disclosed that hackers penetrated its electronic system for storing public-company filings last year and may have traded on the information.

The SEC said it was investigating the source of the hack, which exploited a software vulnerability in a part of the agency’s Edgar system, a comprehensive database of filings made by thousands of public companies and other financial firms regulated by the SEC.

The commission said the hack was detected in 2016, but that regulators didn’t learn about the possibility of related illicit trading until August, when they started an investigation and began cooperating with what the SEC called “appropriate authorities.”

It is time for a government commission to determine whether the large amounts of data collected by government agencies can be properly secured and significant limits be placed on such government data gathering.


Wednesday, September 20, 2017

Theresa May Launches Stinging Attack on Donald Trump in United Nations Speech

Theresa May tonight launched a stinging attack on Donald Trump minutes before a face-to-face meeting with the US President, reports the UK's Mirror.

The Prime Minister railed against his decision to pull America out of the Paris climate change deal and blasted nations which erect trade barriers and pursue protectionism.

She warned against moves which “undermine support for the forces of liberalism and free trade that have done so much to propel global growth”.

Addressing the United Nations General Assembly in New York, May issued slap downs to rump, Russian president Vladimir Putin and North Korean dictator Kim Jong-un.

She called on nations to ensure “that those who flout the rules and spirit of our international system are held to account; that nations honour their responsibilities and play their part in upholding and renewing a rules-based international order that can deliver prosperity and security for us all”.

The PM added: “As the global system struggles to adapt, we are confronted by states deliberately flouting – for their own gain -the rules and standards that have secured our collective prosperity and security.”