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Chronicling The QE Follies: Bernanke’s Swell Gift To The Big Four Banks / By David Stockman / April 18, 2014

I recently pointed out that the Fed’s 5-year campaign to drive the 30-year mortgage rate from 6.5% to 3.3% had accomplished nothing except to touch off another of those pointless “refi” booms which enable homeowners to swap an existing mortgage for a new one carrying a [...]

Investing the Family Money on Planet Debt / BY BILL BONNER / APRIL 18, 2014 AT 10:00 AM

Today, I want to talk about something I believe will be critical to our mission of building long-term family wealth: the saturation of debt in the global economy. We no longer live onPlanet Earth. We now live on Planet Debt.


It’s Time to Retire Gross Domestic Product (GDP) as a Measure of Prosperity / By Charles Hugh Smith / APRIL 17, 2014

What if we used wellness (Gross Domestic Happiness) as a metric for prosperity rather than GDP?

Distilling an economy’s success in delivering “prosperity” to a single number has outlived its purpose. Zachary Karabell describes the birth of GDP in far less complex times [...]

Wednesday’s Drivers: China Growth Slows, UK Employment Grows / By Marc Chandler / April 15, 2014

The US dollar is firmer against the yen and dollar-bloc currencies, but is weaker against the euro and especially, sterling. Sterling has been lifted by an unexpected decline in the unemployment rate to below 7%, the threshold under the previous forward guidance framework.

The news spurred [...]

The Richest Man In Asia Is Selling Everything In China / By Simon Black / April 16, 2014

Here’s a guy you want to bet on– Li Ka-Shing.

Li is reportedly the richest person in Asia with a net worth well in excess of $30 billion, much of which he made being a shrewd property investor.

Li Ka-Shing was investing in mainland China [...]

Fed Rigs Markets, Not the Flash Boys / By Michael Pento / Tue, Apr 15, 2014

There’s been a lot of attention being paid to high frequency trading (HFT) as of late. The question has been raised as to whether or not HFT rigs markets. It is true that HFT adds nothing to GDP and is simply a legalized form of [...]

What The Heck Is Going On With US Treasuries In Belgium? / By Wolf Richter / APRIL 16, 2014 AT 5:30AM

The tiny country of Belgium – my beloved hunting grounds for three years a while back – with a GDP of $484 billion, a country which you can cross by bicycle in a single day if you’re really fit, a country that became famous [...]

The One Condition Under Which The US Treasury Permits Korea To Manipulate Its Currency / By Tyler Durden / 04/15/2014 18:31 -0400

From the just released “Semiannual Report on International Economic and Exchange Rate Policies”

Korea’s current account surplus further increased to 6.1 percent of GDP in 2013 – the highest since 1999 – compared to 4.2 percent in 2012. Korea is one of only a few surplus [...]

Greece’s Grand Decoupling, the Nuclear Option and an Alternative Strategy: A comment on Münchau / By Yanis Varoufakis / April 14, 2014

In his latest Financial Times column Wolfgang Münchau concurs with much of what I have written here (on the Greek social economy’s deep coma) and here (on the reasons why investors are piling in) but goes on to suggest that Greece should seriously consider exiting the [...]

A Gift from the White House: Your 2013 Federal Taxpayer Receipt / By Melissa Melton / April 14, 2014

As if transparency is the biggest issue here, the White House has sent out an interactive 2013 federal taxpayer receipt to show you how the money our government spent supposedly broke down last year…you know, as if you or I really had a say in any [...]

The End Game For The United States Will Be Catastrophic / April 12, 2014

Today the man who had his interview censored and entirely erased out of a CNBC segment warned King World News that the the end game for the United States will be catastrophic. This is an incredibly powerful piece with Michael Pento, the man who someone in an ivory tower made [...]

The Real Deal or An Economic Mirage? / VERN GOWDIE / APRIL 12, 2014 AT 10:00 AM

Take a look at the following recent headlines:

Shopper-led economic recovery. Green shoots starting to sprout. Housing approvals up. House prices tipped to keep rising. Share market to rise again in 2014. Australian dollar stronger on economic outlook. GDP growth rate higher than forecast.


All Hail The Draghi Put: The Global Bond Market Is Now Well And Truly Broken / By David Stockman / April 11, 2014

The evil of modern central banking can nowhere better be seen than in this week’s mad stampede into $4 billion of Greek bonds. The fact is, Greece is not credit-worthy at nearly any coupon yield, but most certainly not at the 4.75% sticker that was attached [...]

China’s Fractures Widens: Property Trust Sales Crash By 49% / By David Stockman / April 11, 2014 at 1:23PM

David Stockman, Budget Director under President Reagan and author of the bestseller, The Great Deformation: The Corruption of Capitalism in America. This article originally appeared on David Stockman’s Contra Corner.

China is the site of the greatest credit bubble and consequent construction boom in [...]

All That Money But Where’s The Beef! / By David Chapman / April 11, 2014

This is a picture of the “Velocity of Money” (US M2). In many respects, this is not a pretty picture. I suppose nothing that has been falling for upwards of 16 years can be considered a sound investment. The velocity of money has broken lows set [...]

Picturing The Gap Between Hope And Reality In Stocks / by Tyler Durden / 04/10/2014 09:15 -0400

Companies will have to increase profit margins to all-time records in order to meet estimates, is the message of utter hope embedded in the forward expectations for earnings and sales growth. As Bloomberg reports, Oppenheimer’s Andrew Burkly warns this is “a scenario we view with ongoing [...]

Great Graphic: GDP Per Capita: Whose Lost Decade? / By Marc Chandler / April 7, 2014

This Great Graphic was tweeted by Sony Kapoor. It shows GDP per capita for four large European countries and Japan. Per capita takes on increased importance given demographic considerations, like the actual decline in Japan’s population.

On a per capita basis, it is difficult to see [...]

Your Share of China’s $1.5 Trillion in Savings / By Dan Amoss / Apr 7, 2014

China is undergoing wide-ranging economic reforms. There will be winners, and there will be losers…

China’s powerful leadership is backing away from the stimulus measures it’s used in the past. Stimulus used to involve ordering banks to unleash a wave of new lending.

But the marginal [...]

Ignore The Lies and Protect Your Wealth / By Andrew Hoffman / April 8, 2014

It’s early Tuesday morning, and I’m sitting in one of the most peaceful places imaginable the Denver airport at 5:00 AM, where I’m the only sole in sight. This evening, Miles Franklin is hosting a “Protect Your Wealth” dinner in Minneapolis, Minnesota where Andy Schectman and [...]

Comedy Of Forecast Errors: Here Are The IMF’s Latest Projections Of Economic Growth / by Tyler Durden / 04/08/2014 10:03 -0400

Another quarter, and another attempt at predicting the future by the people whose predictions have become the biggest butt of all economics jokes, even more so than Paul Krugman columns.

We are talking, of course, about the IMF’s World Economic Outlook update.

It is here [...]

March gold imports jump to 10-month high in India / By Shivom Seth / April 7, 2014

Mumbai (Mineweb) -

India’s gold imports in March rose to nearly 50 tonnes, the highest since the Reserve Bank of India’s import curbs came into force in May last year, according an estimate by the the All India Gems and Jewellery Trade Federation, an organisation that [...]

What Will It Take To Prevent A 2008 Redux?

Zero Hedge / By Andrew Hoffman / April 7, 2014

It’s Monday morning, and rarely do I feel so challenged in picking a single topic to write of; as the weekend’s “horrible headline” list is as long as at any time in recent memory – regarding a variety of terrifying topics from the [...]

Rash of ECB Comments–Separating the Noise from the Signal / By Marc Chandler / April 7, 2014

There is a battle within the European Central Bank. Some want to take stronger action. Others do not think it is necessary. It is not just a matter of counting up who is on what side of the issue. It is not simply about majority rules. [...]

Nigeria just doubled the size of its economy with a stroke of a pen. / by Simon Black / April 7, 2014

Over the weekend, Nigeria’s government made an accounting adjustment in how it calculates its GDP statistics.

By changing the base-year in GDP calculations from 1990 to 2010, Nigeria increased the reported size of its economy by 89% over the weekend.

So with a stroke of a [...]

Q1 GDP To Tumble As Trade Deficit Surges Most Since September / by Tyler Durden / 04/03/2014 09:07 -0400

So much for those already abysmally low Q1 GDP forecasts. Moments ago, the Census Bureau released trade data for February which crushed expectations of an improvement from $39.1 billion (revised to $39.3 billion) to $38.5 billion, and instead rose 7.7% to $42.3 billion, the highest monthly [...]

France Seeks Forbearance / By Marc Chandler / March 1, 2014

French President Hollande, fresh from a stunning defeat in local elections is signaling that he will once seek the EC (and Germany’s) forbearance to relax the fiscal rules yet again for the euro zone’s second largest economy.

Yesterday INSEE reported that France’s 2013 budget deficit [...]

Stocks On Speed: Leverage Spikes, As Does Risk Of Crash (Look At That Insane Chart!) / By Wolf Richter / MARCH 31, 2014 AT 1:36AM

Margin debt is a crummy predictor of a stock market crash. But after it starts spiking, it has a bone-chilling habit of peaking right around the time stocks crash. In the last fifteen years, it spiked three times: during the final throes of the [...]

UK current account gap second widest on record / By Szu Ping Chan / 28 Mar 2014 12:23PM GMT

On an annual basis, the current account deficit rose to 4.4pc of GDP – or £71bn – in 2013, slightly narrower than the deficit of 4.6pc of GDP recorded in 1989.

Britain’s yawning current account deficit hit its second widest level on [...]

What can we expect from new Fed Chairman Janet Yellen? / by Patrick Barron / March 27th, 2014

No change.

Oh, you want more? Well, OK, I suppose I can give more of an explanation than that. Groucho Marx used to tell a joke on himself that “I wouldn’t want to belong to any club that would admit me as a member.” That pretty [...]

Daily Pfennig: Interest rate expectations in firm control / By Chuck Butler / March 28, 2014 8:01am

In This Issue.

* Another housing disappointment… * Waiting for the March jobs report… * Brazil and South Africa going higher… * Norway to hold…

And, Now, Today’s Pfennig For Your Thoughts!

Interest rate expectations in firm control…

Good day.and welcome to Friday morning. It’s [...]