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The Market Is In The Biggest Speculative Price Bubble In Modern History | John HussmanNov 12, 2021 - 12:13:36 PST
Week after week on the Wealthion Channel, we discuss the lofty prices of today's financial assets. By most metrics, they have never been more richly-valued. Bears fear this is another asset bubble that will destructively implode. But bulls just smile and count their money, as they continue to enjoy amazing returns in this market, in nearly every asset class one can think of. So who's right?
Nov 12, 2021 - 11:49:03 PST
"The US Federal Reserve and Treasury have printed trillions of new dollars and sent checks to just about every American," comments Hoover Institution economist John Cochrane. "Inflation should not have been terribly hard to foresee; and yet it has caught the Fed completely by surprise."
Status of Social Security and the Trust Fund, Fiscal 2021: Beware of Vicious Dog...
Mohamed El-Erian, a Bloomberg Opinion columnist and chief economic adviser at Allianz SE, says this will go down as the worst inflation calls by the Federal Reserve ever. He's on "Bloomberg The Open."
The "Transitory" Debate Is Over: Persistent Inflation Just Hit The Highest On RecordNov 12, 2021 - 11:13:19 PST
It's get better, because one month after the signs were there for anyone who bothered to see, when BofA reported that its permanent inflation indicator had hit a record 96 out of 100 (with the transitory meter stuck at 100 since June)...
On Thursday, options traders traded the equivalent of 5 million barrels of Brent at $250 and $300 call options.
There’s no easy fix if the Federal Reserve is ultimately proven wrong about the inflation being “transitory.”
The Federal Budget Deficit in October was $165B which is 36.8% of total expenditures for the month. This is slightly below the twelve-month average where the deficit represented 39.3% of total expenditures. Over the twelve-month period, the Total Deficit was $2.65T due to total Expenditures that reached $6.7T.The two Sankey diagrams below show the monthly and twelve-month picture to depict the size of each revenue and expenditure source.
* SocGen sees gold prices averaging $1,950/oz in 1Q22 (Recasts, changes comments and updates prices). Gold prices were on track to post their best week in six months on Friday, with bullion’s appeal as an inflation hedge burnished by a surge in U.S. consumer prices.
Nov 12, 2021 - 08:16:31 PST
The managing director of a retail consultant firm said the soaring inflation crisis is one of the “worst” in modern history because it escalated quickly. Strategic Resource Group managing director Burt Flickinger told Fox Business on Thursday that the current inflation crisis “was not a crisis 12 months ago.”
A story I ran across a couple of weeks ago provides an opportunity to make fun of all kinds of people, from a silver thief, to a silver buyer, to a really bad writer who somehow managed to land a job writing web stories for a local TV station.
The nation had 10.4 million open jobs that month as the worker shortage crisis continues, data from the Bureau of Labor Statistics showed Friday. It was a modest decrease from the 10.6 million open jobs in August.
A Record Number of Americans Quit Their Jobs in September As Job Openings Surpass Unemployed WorkersNov 12, 2021 - 07:48:01 PST
As a reminder, when looking at the JOLTS report two months ago, we pointed out that for the first time ever, there were over 2 million more vacant jobs than unemployed workers. Well, fast forward to today when despite the drop in job openings, with the number of unemployed workers dropping even more, there was now a new record, or 2.8 million, more vacant jobs than unemployed workers confirming that the US labor market remains painfully cracked.
Soaring inflation is shaking up negotiations on Capitol Hill over President Biden’s Build Back Better agenda, giving Sen. Joe Manchin (D-W.Va.) and other centrists more leverage to push for a smaller reconciliation package.
\California’s gasoline prices are only two cents away from hitting an all-time high as fuel prices have soared nationwide just two weeks ahead of the Thanksgiving holiday.
Nov 12, 2021 - 07:13:03 PST
Currently, inflation of the U.S. dollar is at its highest level since 1990. The Consumer Price Index (CPI), a measure of the average monthly change in the price for goods and services paid by urban consumers, increased 0.9 percent last month, more than doubling September’s 0.4 percent increase.
This destruction of the dollar is TINA writ large: there is no alternative. The only way to keep the status quo from imploding is to print as many trillions as are needed, and this inevitably devalues the currency to the point of worthlessness.
Central bankers would do well to acknowledge that market dislocation doesn’t just afflict financial players; with borrowing costs generally jumping around in a haphazard fashion, their recent communications failures pose real risks to the real economy.
The October Consumer Price Index data came out this week. They expected it to come in hot. But not this hot. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the CPI numbers, along with another inflation index that looks even worse, and he wonders out loud how anybody can still buy into this "transitory" inflation narrative.
TD comments on the break higher for gold: The breakout has driven the China Smart Money group of funds to add a significant amount of new length in SHFE gold. Considering that Shanghai gold net length remains near multi-year lows, a change in sentiment, potentially driven by the technical breakout, could attract a significant amount of buying interest from this cohort...