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Latest Articles: Business/Finance
Oil prices are being driven down by debt
Post Date: 2016-02-09 09:29:54 by Ada
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The price of oil is being driven down by one simple thing: debt. In a post on Monday, Mark Dow at Behavioral Macro outlined the simple, but elegant and persuasive theory about why oil prices have been driven so low and why they remain their today. Quite simply it is about how oil companies were financed. Here's Dow (emphasis mine): But on [the subject of oil] we came away with an answer, something wiser (not smarter, wiser) market types have been suppurating for several months: the supply pressures won’t stop until debt-financed production becomes equity-financed production. It really is that simple. The reasoning is clear: We know you can’t hold back production to get ...
The Sharp Pain of the Overvaluation Sword
Post Date: 2016-02-08 21:39:58 by BTP Holdings
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The Sharp Pain of the Overvaluation Sword Mike Larson | Monday, February 8, 2016 at 4:22 pm Live by the overvaluation sword, die by the overvaluation sword. That’s a painful lesson investors are learning these days, what with “FANG” stocks getting gored — and other overvalued tech stocks tanking. You remember these stocks, don’t you? I wrote about the FANGs back in November when they were artificially propping up the averages. And I wrote back in September about the serious risk of a “Tech Bubble II.” Now, we’re watching all those risks I highlighted come home to roost. Just since the beginning of the year, Amazon.com (AMZN) has fallen 27.4%. ...
The Fed's Fata Morgana
Post Date: 2016-02-08 20:37:03 by BTP Holdings
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The Fed's Fata Morgana By Jim Rickards A Fata Morgana is a kind of mirage in which distant objects at sea appear to be floating in mid-air or upside down, sometimes both. One famous literary description of a Fata Morgana occurs in Chapter 135 of Herman Melville’s masterpiece, Moby Dick. As Ahab is pulled overboard, and the White Whale rams the Pequod, Melville writes: “The ship? Great God, where is the ship? Soon they through dim, bewildering mediums saw her sidelong fading phantom, as in the gaseous Fata Morgana.” But, of course the ship was sinking, the vision was an illusion. The Federal Reserve now sees its own mirage. In a real Fata Morgana, the illusion is ...
Gold Market Update
Post Date: 2016-02-08 17:24:42 by Ada
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For the 1st time in years, everything is in place for a major bullmarket phase to get underway in gold and silver. There are two big reasons for this. One is that the dollar is looking set to drop – and has started to already. The other reason, which is of course related, is that those in power look set to attempt to loosen the intensifying deflationary stranglehold on the world economy by unleashing a global QE blitz that could dwarf anything that has come before, and will end in hyperinflation. Egon Von Greyerz talks about this in an article on King World News entitled Legend Warns Global Panic Is Coming. Don’t be put off by the lurid, blood-curdling presentation – I ...
Privatization Is the Atlanticist Strategy to Attack Russia
Post Date: 2016-02-08 13:07:28 by Ada
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NOTE: Readers are asking to know who, in addition to the Western-financed NGOs, are the Fifth Columnists inside Russia. Michael Hudson and I left the description general as Atlanticist Integrationists and neoliberal economists. The Saker provides some specific names. Among the Fifth Columnists are the Russian Prime Minister, head of the Central Bank, and the two top economics ministers. They are springing a privatization trap on Putin that could undo all of his accomplishments and deliver Russia to Western control. http://thesaker.is/putins-biggest-failure/ Two years ago, Russian officials discussed plans to privatize a group of national enterprises headed by the oil producer Rosneft, ...
Global gloom provides a silver (and gold) lining
Post Date: 2016-02-08 04:24:38 by BTP Holdings
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Global gloom provides a silver (and gold) lining Posted on February 8, 2016 by GS Early gold and silver bullion Before the first week of the new year was in the books, the Chinese stock market lost more than 14 percent and triggered circuit breakers that have led to the shortest trading day in the stock market’s 25-year history. As far as stocks are concerned, the Chinese market made huge gains — up over 100 percent — from early 2014 into early 2015. Then we had the selloff in the summer and the market came back again. Given the massive gains, it’s not surprising that there’s going to be a significant correction, circuit breakers or not. The circuit breakers, ...
THE BIGGEST ACCOUNTING HOAX SINCE ENRON
Post Date: 2016-02-07 16:10:40 by BTP Holdings
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Dear reader, In late 2000, Charles Pearse, 63, retired a millionaire. Just a few months later he was flat broke. With a portfolio worth $1.3 million, he thought he would spend his golden years relaxing on a beach, playing golf with his friends, and traveling around the world. But when his company Enron went bust, his retirement fund went from $1.3 million to $13,000… in a little more than a year. It took him 33 years to save all that money. But in the blink of an eye, he lost everything. His retirement dreams were crushed. And now he’s trying to survive on a ridiculous $1,800 monthly Social Security check. His story is not unique. When Enron collapsed in 2001, more than 20 ...
Obama bullied bank to pay racial settlement without proof: report
Post Date: 2016-02-07 10:49:41 by Ada
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Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a “racial justice” campaign that’s looking more like a massive government extortion and shakedown operation. So far, Obama’s Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti-discrimination crusade against the industry in 2013. Several other banks are under active investigation. That’s despite the fact that the CFPB had no actual complaints of racial ...
The War On Savers And The 200 Rulers Of Global Finance
Post Date: 2016-02-07 07:47:38 by Ada
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There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers. Unlike Senator Joseph McCarthy, I actually do have a list of their names. They need to be exposed, denounced, ridiculed, rebuked and removed. The first 30 includes Janet Yellen, William Dudley, the other governors of the Fed and its senior staff. The next 10 includes Jan Hatzius, chief economist of Goldman Sachs, and his counterparts at the other major Wall Street banking houses. Then there is the dreadful Draghi and the 25-member governing council of ...
Getting a D Grade … A Stock Top? … Bearish Barometer
Post Date: 2016-02-06 13:18:10 by BTP Holdings
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Getting a D Grade … A Stock Top? … Bearish Barometer The Money and Markets Team | Saturday, February 6, 2016 at 7:30 am Here’s a summary of stories from this past week of trading, with a link to the full articles online. Deflation + Debt = Disaster Virtually no one alive today has firsthand, personal experience with deflation. But you need to be aware of how it works and how it affects the markets. Dr. Martin D. Weiss examines the issue and explains. Corporate Profits Need Oil Rebound — Quickly S&P 500 earnings fell 14.1% in the third quarter of 2015 over the year-earlier period. But that becomes a 3.4% rise in earnings when the drag from the energy sector is ...
Citi: 'We Should All Fear Oilmageddon'
Post Date: 2016-02-06 11:08:49 by BTP Holdings
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Citi: 'We Should All Fear Oilmageddon' Image: Citi: 'We Should All Fear Oilmageddon' Friday, 05 Feb 2016 08:02 AM Markets are currently in a well-oiled "death spiral," according to Citigroup Inc. analysts led by Jonathan Stubbs. "It appears that four inter-linked phenomena are driving a negative feedback loop in the global economy and across financial markets," the analysts write, citing the resilient U.S. dollar, lower commodities prices, weaker trade and capital flows, and declining emerging market growth. "It seems reasonable to assume that another year of extreme moves in U.S. dollar (higher) and oil/commodity prices (lower) would likely ...
Ya Gotta Have a Plan
Post Date: 2016-02-06 10:29:58 by BTP Holdings
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Ya Gotta Have a Plan By The Mogambo Guru Richard DaughtyHaving a little time on my hands lately, I had generously offered my Valuable Mogambo Time (VMT) to provide a little free economic education to neighbors and the media. Alas, as it turned out, my sweet disposition again mislead me to mistake their natural stupidity for mere ignorance and sloth. In making the glorious announcement, I even took the time to happily go house to house, banging on doors and loudly proclaiming the glad tidings that “I’m back, you morons! Now, get out here! I want to tell you, right to your stupid faces, how stupid you are! Hup! Hup! Let’s go!” Naturally, as I always do, I expected ...
Latest Jobs Figures Offer Something for Everyone; How Will Markets Sort it Out?
Post Date: 2016-02-06 06:33:22 by BTP Holdings
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Latest Jobs Figures Offer Something for Everyone; How Will Markets Sort it Out? Mike Larson | Friday, February 5, 2016 at 4:20 pm A Rorschach test. That’s what I thought of when I saw this morning’s January jobs report. On one hand, headline job creation missed expectations by a decent margin. We created only 151,000 jobs last month, compared with an average forecast for a reading of 190,000. That was one of the lowest monthly readings over the past couple of years. The revised figures for the past couple of months show a clear deceleration, too: 280,000 in November; 262,000 in December; and now 151,000 in January. On the other hand, the unemployment rate sank to 4.9% from 5% ...
Super Bowl 50 to Resemble a War Zone
Post Date: 2016-02-05 12:45:20 by Stephen Lendman
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Super Bowl 50 to Resemble a War Zone by Stephen Lendman Anyone who’s watched football games, especially NFL ones the way they’re played today, close to the action, understands their extreme violence, what television doesn’t show - or discuss longterm physical damage to many players. Some end up with permanent disabling injuries. Traumatic head ones caused by concussions and powerful bodies smashing into each other disrupt normal brain functioning, affecting learning, thinking and other cognitive abilities. Affected players are at greater risk for developing Alzheimer’s disease or other forms of dementia, devastating their lives, shortening them. Short-term high pay ...
Hillary Clinton and Bernie Sanders Brawl Over His “Insinuation” That She’s Corrupt
Post Date: 2016-02-05 07:49:41 by Ada
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Bernie Sanders and Hillary Clinton had a series of momentous exchanges Thursday night over what Clinton called Sanders’s “artful smear” – the suggestion that taking massive amounts of money from corporate special interests had corrupted her. Clinton told Sanders during Thursday’s Democratic presidential debate that he would not find a single example of money changing her mind or her vote, and she attacked him for his criticism “by innuendo, by insinuation” that “anybody who ever took donations or speaking fees from any interest group has to be bought.” Sanders responded by citing examples of political and prosecutorial decisions in the recent ...
Savers Are About To Get Railed... (David Stockman)
Post Date: 2016-02-04 20:09:36 by BTP Holdings
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We were sitting in a small parlor in his Manhattan penthouse yesterday... “Everyday savers are getting a raw deal,” explained colleague David Stockman. “But it’s about to get even worse…” Addison and I met with David to discuss the landscape for investors like you… and how he could be of further help to you. Bill Bonner joined us. (That’s Bill with David in the featured image atop today’s issue. They're reminiscing over a cartoon lampooning David’s efforts in the ’80s to slash defense spending.) Over $1 trillion in paper wealth has been lost since we popped the cork on 2016. Forty stock markets around the globe are in a bear ...
Do NOT Ignore the Euro-Bank Crash
Post Date: 2016-02-04 19:50:12 by BTP Holdings
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Do NOT Ignore the Euro-Bank Crash Mike Larson | Thursday, February 4, 2016 at 4:22 pm Get a load of these year-to-date losses in the massive euro-banks that trade here in the U.S.: Deutsche Bank (DB), down 29.8% Credit Suisse (CS), down 31.4% HSBC Holdings (HSBC), down 14.8% Barclays PLC (BCS), down 21.1% UBS Group (UBS), down 20.6% Royal Bank of Scotland Group PLC (RBS), down 20.1% Banco Santander (SAN), down 16.6% These aren’t tiny banks, or obscure companies I’m cherry-picking to make a point. They are some of the largest banks in the world. Slightly different methodologies yield varying rankings. But ranked by assets, Barclays is the sixth-largest in the world, ...
The West Is Traveling The Road To Economic Ruin
Post Date: 2016-02-04 13:02:27 by Ada
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Michael Hudson is the best economist in the world. Indeed, I could almost say that he is the only economist in the world. Almost all of the rest are neoliberals, who are not economists but shills for financial interests. If you have not heard of Michael Hudson it merely shows the power of the Matrix. Hudson should have won several Nobel prizes in economics, but he will never get one. Hudson did not intend to be an economist. At the University of Chicago, which had a leading economics faculty, Hudson studied music and cultural history. He went to New York City to work in publishing. He thought he could set out on his own when he was assigned rights to the writings and archives of George ...
Ya Gotta Have A Plan
Post Date: 2016-02-04 08:58:28 by Ada
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Having a little time on my hands lately, I had generously offered my Valuable Mogambo Time (VMT) to provide a little free economic education to neighbors and the media. Alas, as it turned out, my sweet disposition again mislead me to mistake their natural stupidity for mere ignorance and sloth. In making the glorious announcement, I even took the time to happily go house to house, banging on doors and loudly proclaiming the glad tidings that “I’m back, you morons! Now, get out here! I want to tell you, right to your stupid faces, how stupid you are! Hup! Hup! Let’s go!” Naturally, as I always do, I expected that they would happily fling open their doors, excitedly ...
Puerto Rico Cries Wolf (Again)
Post Date: 2016-02-04 07:20:44 by BTP Holdings
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Puerto Rico Cries Wolf (Again) Published Thu, Feb 4, 2016 | Shelley Goldberg, Senior Correspondent Puerto Rico Debt Crisis: More Trouble On the Way The Governor of the Commonwealth of Puerto Rico, Alejandro Garcia Padilla, is crying wolf amid an ongoing – and deepening – debt crisis. The island’s taxpayers are on the hook to pay back a whopping $49.2 billion in debt. Actually, Puerto Rico has about $73 billion in debt – but a big slice of the debt pie belongs to its troubled utility company, as well as other government entities. Thus, the island’s obligated bond payments continue to swell. Puerto Rico's Debt Bills Are Coming Due: Island's Bond ...
Yen Soars, Stocks & Bonds Go Bonkers as Central Bankers Lose Control
Post Date: 2016-02-03 19:32:56 by BTP Holdings
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Yen Soars, Stocks & Bonds Go Bonkers as Central Bankers Lose Control Mike Larson | Wednesday, February 3, 2016 at 4:20 pm The illusion of control. Can we all admit that’s what it was now? After all, does it make sense to anyone that a handful of unelected bureaucrats and economists … holed up in gilded conference rooms in Washington, Frankfurt, Tokyo or anywhere else … could artificially prop up markets and economies forever? Sure, they could goose asset prices for periods of time. Sure, they could temporarily inflate a handful of credit-sensitive sectors. But when you think about it, the massive amounts of easy money pumped into global markets, the negative interest ...
The Dethroning of Cash: Discouraged, Penalized, Even Banned?
Post Date: 2016-02-03 19:05:10 by BTP Holdings
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The Dethroning of Cash: Discouraged, Penalized, Even Banned? Precious Metals Market Update February 3rd, 2016 Stock market gyrations and deteriorating global economic conditions in the early goings of 2016 sent investors fleeing for safety. Or at least what is commonly thought to be safety. Many in the financial media are now trotting out the bromide that “cash is king.” A sampling of recent headlines illustrates how pervasive the thinking is: “Cash Is King as China Sparks Market Turmoil” (MarketWatch, January 20, 2016) “Cash Is King in Times Like These” (Toronto Star, January 15, 2016) “Cash Is King as Europe Adapts to Negative Interest Rates” ...
Death Throes Of The Bull
Post Date: 2016-02-01 08:43:33 by Ada
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The fast money and robo-machines keep trying to ignite stock rallies, but they all fizzle because bad karma is beginning to infect the casino. That is, apprehension is growing among whatever adults are left on Wall Street that 84 months of ZIRP and $3.5 trillion of Fed balance sheet expansion, aka money printing, didn’t do the trick. Not only is the specter of recession growing more visible, but it is also attached to a truth that cannot be gainsaid. Namely, having stranded itself at the zero bound for an entire business cycle, the Fed is bereft of dry powder. Its only available tools are a massive new round of QE and negative interest rates. But these are absolutely non-starters. ...
The end is nigh for the Fed’s “Bubble Epoch”
Post Date: 2016-01-31 22:22:48 by BTP Holdings
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The end is nigh for the Fed’s “Bubble Epoch” By Bill Bonner January 31, 2016 Editor’s Note: In today’s special Daily, we’re pleased to welcome back longtime PBRG friend and Bonner & Partners Chairman Bill Bonner. Bill shows us the end of central banker control of the economy is closer than most “smart” people understand… Bill Bonner From Bill Bonner, chairman, Bonner & Partners: Twice in the last 15 years, markets have tried to correct the mistakes and excesses of the Bubble Epoch. Each time, the Fed came back with even more mistakes and excesses. Trillions in new credit… lower lending rates… easier terms… ZIRP… ...
The IMF Proposes Global Wealth Confiscation
Post Date: 2016-01-30 22:09:20 by BTP Holdings
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The IMF Proposes Global Wealth Confiscation By Damon Geller As first reported by Forbes, the International Monetary Fund (IMF) dropped a bomb in its October Fiscal Monitor Report. The report paints a dire picture for high-debt nations that fail to aggressively “mobilize domestic revenue,” which is code for “aggressively tax its citizens.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases – culminating in the direct confiscation of assets. Why is the IMF proposing this? Because global governments and central banks pumped trillions of dollars of YOUR money into the banks and stock market over ...
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