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The federal government hauled in a record $3,835,390,000,000 in total taxes in the first nine months of fiscal 2022 (October through June), according to the Monthly Treasury Statement.
The Volcker recession of 1981–82 crushed inflation out of the economy, and presented economists with a new challenge: Rather than high and rising inflation, their new dilemma was low and falling inflation.
Watch politicians begin to change their tune as a brand new CNN/SSRS poll shows the majority of Americans opposing Biden's Ukraine policy. With out of control inflation and a lurking economic catastrophe, blaming everything on "Putin's price hike" is backfiring on the Administration. Also today: A new Gallup poll shows historic lows in Americans' confidence in media.
In my opinion, the Fed’s failure to heed clear lessons is a major cause of our current economic problems.
Waste is not growth, and neither are the unlimited expansion of debt and speculative bubbles.
Fear of causing the bursting of the many bubbles it has created — especially the federal government debt bubble — means the Fed’s efforts to halt price inflation will fail. However, the Fed’s actions will increase unemployment and obstruct economic growth. This will lead to, if it hasn’t already, a return to the 1970s phenomenon of “stagflation,” although this time it will be even more painful.
Yellen Vows Tough U.S. Measures Against Countries Abusing Economic OrderJul 19, 2022 - 08:23:45 PDT
U.S. Treasury Secretary Janet Yellen on Tuesday said deeper trade ties among allies could help fight inflation and thwart China's "unfair trade practices," vowing to impose harsh consequences on those who abuse the global economic order. Yellen made the comments in a policy speech in Seoul after touring the facilities of South Korean tech heavyweight LG Corp during the final leg of...
After BlackRock CEO Larry Fink warned Americans should be more concerned with food prices than oil prices, United Refining Company and Gristedes CEO John Catsimatidis voiced similar concerns Tuesday...
"The colonists ripped the British Empire apart to combat what they considered political slavery, and Southerners tried to do likewise to the U.S. Republic to maintain chattel slavery. Liberty again hangs by the purse strings and by no means must it prevail."
Jul 19, 2022 - 07:38:06 PDT
Friend of Fringe Finance Lawrence Lepard released his most recent investor letter a few days ago with his updated take the Fed, crypto, gold and macro.
Housing Bubble Getting Ready to Pop: Traffic of Prospective Buyers of New Houses Plunges,Jul 19, 2022 - 07:36:52 PDT
Homebuilder stocks have been wobbling lower all year, now down between 24% and 40%.
US Builders Abandon Single-Family Home Starts/Permits In June, Anticipating 'Renter Nation' RenaissanceJul 19, 2022 - 05:45:18 PDT
With homebuilder sentiment collapsing at its fastest rate on record in July (ex-COVID lockdowns), one could be forgiven for thinking these same homebuilders would have been slowing building starts and permit applications in June, but analysts expected improvement in June from May's ugliness.
China Holdings of U.S. Debt Fall Below $1 Trillion for the First Time Since 2010Jul 19, 2022 - 05:43:24 PDT
China's holdings of U.S. debt have fallen below $1 trillion for the first time in 12 years. Rising rates have made Treasurys potentially less attractive.
This Measure of the Money Supply Has Been Growing at the Slowest Rate Since the Great Depression: MWJul 19, 2022 - 05:35:49 PDT
The Fed is in deep trouble, if this analysis using the money supply is on target.
Why the Fed Won’t Raise Interest Rates by 100BPS Next Week, According to Goldman SachsJul 19, 2022 - 05:31:32 PDT
The Fed may refrain from taking the more aggressive route to tackle inflation, hints economists at Goldman Sachs.
A yearlong rush to the exits by institutional investors has left the stock market’s foundation delicate and given to quick swings.
Bank of Japan Governor Haruhiko Kuroda appears more determined than ever to weather political and market pressure in pursuit of sustainable inflation.
The lack of agreement on the so-called Transmission Protection Mechanism, to use its working title, may leave Lagarde with only a fudged outcome to unveil for now. That could come with the prospect of a more drawn-out process of decision-making to fully complete the creation of a credible measure.
Investors slashed their exposure to risk assets to levels not seen even during the global financial crisis in a sign of full capitulation amid a “dire” economic outlook, according to Bank of America Corp.’s monthly fund manager survey.
Expectations of global growth and corporate profits have plunged to a record low, according to a monthly BofA fund manager survey with cash levels rising to their highest in more than two decades as investors cut their exposure to risky assets.