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The federal criminal trial of JP Morgan executives Michael Nowak, Gregg Smith, and Jeffrey Ruffo began on July 8th. These senior bankers are accused of running a years-long scheme to manipulate precious metals prices through what is known as “spoofing.”
The Bank for International Settlements has nearly ended its gold swap business, which it has been operating since 2009.
Aug 10, 2022 - 12:53:51 PDT
The central bank is added to a long list of participants in BIS efforts to introduce CBDCs globally by 2025-2030.
Actual Deficit, Calculated Change in Debt Outstanding, GREW 12% to $2.1 Trillion. That's ~9% of GDP!Aug 10, 2022 - 12:48:12 PDT
While "official" deficit (last 12 months) is down to just shy of $1 trillion ($958bn), the actual deficit, as calculated by change in debt outstanding, GREW 12% to $2.1 trillion. That's ~9% of GDP!
Fannie Mae’s Home Purchase Sentiment index has declined from 81.7 shortly after Biden was sworn-in as President to a meager 62.8 in July 2022. Of course, mortgage rates have risen quite rapidly and home price growth remains elevated as The Fed still has not trimmed its balance sheet as promised.
Aug 10, 2022 - 11:58:10 PDT
While President Biden is technically correct (CPI didn’t increase from June to July), he left out that headline inflation was still painful at 8.5% YoY and core inflation was 5.9% YoY. He also left out that CORE inflation rose 0.3% in July. And he left out that REAL earnings growth was still negative.
Aug 10, 2022 - 11:52:11 PDT
The following chart, via Acemaxx Analytics, shows that the number of emerging market countries in debt restructurings and/or defaults has exceeded the number during the Global Financial Crisis.
The number to watch is Real Final Sales, not the baseline GDPNow estimate. The difference between the numbers is inventory adjustment that nest to zero over time.
In normal times, July's consumer price index would be an eye-popping figure. Right now, it might count as good news?
All of these trends—the cannibalistic surge in tax authorities, the anti-productive regulations, the economic scarcity mentality—are all hallmarks of an empire in decline.
In Historic Overhaul, SEC Will Demand Hedge Funds Share Extensive Information, Including Strategy And ExposureAug 10, 2022 - 11:37:56 PDT
While there may not be a hedge fund industry for much longer considering everyone is now positioned dead wrong into this "most hated rally" especially in the post-CPI meltup which sent the VIX < 20, with hedge fund net leverage at 1%-ile levels over the past decade, and redemption letters about to start flying in...
Aug 10, 2022 - 11:03:37 PDT
Former Texas Congressman Ron Paul returns to Kitco to discuss how weak monetary institutions will lead to the 'inevitable collapse' of the U.S. economy. He also talks about rising tensions between Taiwan and China, and the war in Ukraine.
The markets are in danger warns macro analyst Jesse Felder.He calculates that a turning point has occurred, beginning a new era that will see a material reversal of 40 years of disinflation & globalization.This will require a massive downwards repricing of financial assets as well as an entirely new playbook for investing. What has worked well for the past several decades will not going forward. What's driving this?And what will such a world look like for investors?For his answers, watch Adam's new interview with with Jesse Felder.
Social Security Benefits Are Heading for the Biggest Increase in 40 Years: WSJAug 10, 2022 - 08:25:36 PDT
Retirees and disabled workers are on track to receive the highest cost-of-living increase in more than four decades next year.
Cash-strapped consumers are starting to trade down, swapping higher-priced goods for more affordable alternatives. That's good news for Applebee's and IHOP.
Mr. Rabin and the bar’s managers had a monthslong debate about whether to raise alcohol prices by $1 and charge $20 per cocktail, a threshold that Mr. Rabin had long resisted.
Egg Prices in US Jump 47% as Food Inflation Hits Highs Not Seen Since 1979Aug 10, 2022 - 08:17:23 PDT
Inflation is wreaking havoc on breakfast, with egg prices at grocery stores soaring a whopping 47% in July over last year, according to retail analytics firm Information Resources Inc.
Congress Is Supersizing the IRS. Here’s Why That’s Bad News for Everyday AmericansAug 10, 2022 - 07:10:33 PDT
New legislation expanding the IRS “provides 14 times as much funding for ‘enforcement’—as in fishing expedition audits—than it does for ‘taxpayer services’ such as answering the phone,” according to Ben Susser of Americans for Tax Reform.
Goin’ down! Lots of volatility in markets culminating in a 15 basis point drop in the US Treasury Note yield. Since the 10-year Treasury yield dropped only -2.7 basis points, the 10Y-2Y yield…
It is true that in a tight labor market businesses have to compete keenly for workers. But it is not true that they can do so simply by offering higher wages and passing the cost onto consumers.