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White House Proposes Stopgap Bill With Disaster Aid As Congress Hashes out Trillions in SpendingSep 7, 2021 - 11:33:57 PDT
The White House proposed a stopgap measure to fund the government as lawmakers haggle over a $1 trillion infrastructure bill and a $3.5 trillion budget package.
Bank of Japan Ends its Massive QE that Started when Abenomics Became Economic Religion of JapanSep 7, 2021 - 11:27:50 PDT
One of the largest central banks ends QE. End of an era for Japan: Large-scale money printing was one of the three official legs of Abenomics.
Index quality and duration are also factors. Some suggest the quality of junk is better now than then. The WSJ comments "54% of bonds in the ICE BofA U.S. high-yield index carry an average double-B credit rating, the highest ratings tier below investment grade. That is up from 47% two years ago and 38% in 2008, just before the financial crisis."
"The history of metals as monetary commodities is long, difficult, and highly contentious. With The Story of Silver, William Silber has earned his spot on that part of the library shelf." ~ Joakim Book
We are in an odd situation where it’s unclear if labor is scarce or abundant. Many employers can’t seem to find enough qualified workers, but the August jobs report said 8.4 million are unemployed and millions more underemployed.
Ask for a roast beef sandwich at an Arby’s drive-thru east of Los Angeles and you may be talking to Tori — an artificially intelligent voice assistant that will take your order and send it to the line cooks. “It doesn’t call sick,” says Amir Siddiqi, whose family installed the AI voice at its Arby’s franchise this year in Ontario, California.
In a recent article, we explain that Burry is taking this approach because he fears inflation could get out of hand. If that's going to happen, then real assets would likely do a lot better than tech stocks because:
"The Democrats' tax on plastics is a tax on every middle income American 50 times a day," said Grover Norquist, president of Americans for Tax Reform. "For Dustin Hoffman in The Graduate, the answer was 'plastics.' The question was, 'What will Democrats tax next?'"
These are all places I've been before and have seen unhoused folks over the years, but it's different this time. There are more encampments, for sure. And they're in new parts of cities. No longer tucked away in alleys and empty lots as places for homeless folks to catch some unmolested sleep, they're becoming places where people live - they're communities.
“Debt Ceiling Farce 2021”: Let’s See How Close to Zero Congress Will Let it Get this TimeSep 7, 2021 - 08:16:35 PDT
At the current rate of outflows, the out-of-money date is in mid-October. “Extraordinary measures” might extend it into November.
U.S. Congress Stuck Between a Rock and a Hard Place on Raising Debt LimitSep 7, 2021 - 07:50:53 PDT
Democrats and Republicans will start what could become a monumental game of chicken this month over raising the limit on U.S. government borrowing, as Congress attempts to avert an historic debt default.
Sep 7, 2021 - 07:45:28 PDT
Democrats are grappling with how to avert a government shutdown while advancing infrastructure and budget bills at the heart of President Joe Biden's agenda.
Investor confidence in the German economy declined for a fourth month in September after global supply disruptions worsened and infection rates surged, threatening to disrupt Europe’s strong recovery.The ZEW institute’s gauge of expectations fell to 26.5 from 40.4 the previous month, the lowest in 1 1/2 years. The outlook for the euro zone also deteriorated...
Sep 7, 2021 - 07:42:03 PDT
.The Bank of Japan should set a more achievable inflation target to avoid getting stuck with endless stimulus, according to a former deputy governor. “It’s about time the BOJ set a realistic price goal rather than rigidly targeting 2%,” said Hirohide Yamaguchi, who left the bank in 2013, just before Governor Haruhiko Kuroda took the helm.
El Salvador Bought $21 Million of Bitcoin As It Becomes First Country To Make It a Legal CurrencySep 7, 2021 - 07:38:24 PDT
The posts came hours before El Salvador’s bitcoin law, which was passed in June, took effect Tuesday. El Salvador is the first country to accept bitcoin as legal currency, which will work alongside the U.S. dollar. Proponents and critics around the world will be watching to see how this unprecedented experiment plays out.
The emergency federal jobless benefits are set to end on Labor Day, while another three million people will lose their additional $300 boost to state unemployment benefits, barring government intervention.
Gold prices fell on Tuesday, retreating further from a 2-1/2 month peak hit last week, as a firmer dollar and a rise in U.S. Treasury yields dented demand for safe-haven bullion.
Sep 7, 2021 - 05:39:16 PDT
Moscow: Russia’s central bank says a new financial crisis on the scale of the 2008 collapse could happen in less than 18 months if global inflation is not kept in check.
Concern that the liquidity crisis at China Evergrande Group will worsen is hammering China’s dollar junk bonds and potentially raising the cost of borrowing for real estate companies. Yields on the notes, which are dominated by property firms, rose to 12.9% on Friday, a Bloomberg index shows. That’s the highest since March last year when concern over the...
"By trying to pursue their declared goals through the monetary and interest rate policy tools at their disposal, they are, in fact, continuing to imbalance and wrongly 'twist' the real economy in ways that will result in instability."