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UBS Global Real Estate Bubble Index: 19 of 20 Cities Currently OvervaluedSep 27, 2018 - 05:35:24 PDT
And the one city the stats indicate is not in a bubble has a gun violence problem so pervasive, it's nicknamed "Chiraq."
Meanwhile, in Italy, the Usual Chaos, Nonsense, and Unsolvable Debt ProblemSep 27, 2018 - 05:30:03 PDT
“It is very fluid and it is changing by the minute it seems,” State Street Global Advisers’ head of EMEA macro strategy Tim Graf said. “Italy is not a situation that is going to go away,” he added, pointing to the still growing popularity of the country’s fractious anti-establishment coalition government.
After visiting with lawyers to ensure he could fend off any attempted presidential interference with Fed independence, Powell went to great lengths to reiterate that "We don't consider political factors" when making rate decisions.
Ad Nauseum, Argentina Edition: The Only Political Solution to Bad Debt is More Bad DebtSep 27, 2018 - 05:09:00 PDT
After seven sovereign debt defaults, you'd think it would be clear, yet again, that this isn't going to work. But because facing financial reality is too painful, the IMF is shoveling another hopelessly doomed $57B Argentina's way.
"The Eurozone has been built on quicksand. The examples of more than 200 former currency unions suggest rather vividly that a currency union needs to be either backed by a political union or it needs to have an exit option. The eurozone, markedly, has neither."
"Over the last nine years, a major theme from the wit and wisdom of Notes From Underground has been that FED policy is not rocket science, the premise being that no matter how much math is applied the forecasting ability of the FOMC has been less than stellar because of the use of flawed models..."
Lynette is back with a robust update including what goes on during a currency collapse, and how the monetary system is actually reset. Here are the details...
The DX bounced to 94.40, then was pulled back to the 94.25 area. Gold conversely bounced to $1199 before sliding back to $1,194. It was $1,195 bid at 4PM with a loss of $7.
In a recent podcast, Peter Schiff talked about the "Trump tariff put" - this idea that the president will be able to call off the trade war to rescue the market should it start to fall. Peter called that idea nonsense.It is the type of wishful thinking, the type of just ignoring all of the bad news, whistling past the graveyard, the type of mentality that you have in a bull market where everything is good news and there is nothing to worry about."In his most recent podcast, Peter tackled another similar myth - that a divided government will be bullish for the market.
Apparently, the American consumer has bought into the notion that everything is great in the economy. Consumer confidence surged to an 18-year high this month and is close to the all-time record.The Conference Board Consumer Confidence Index jumped to 138.4, up from 134.7. Analysts expected a dip.
Technical damage to the dollar is severe, and the bond market tells us inflation is coming. The markets are speaking. Here's what they're saying about gold...
74% of Forward Corporate Earnings Guidance Estimates for Q3 Have Been NegativeSep 26, 2018 - 12:27:51 PDT
Low-quality earnings, driven by a recent one-time corporate tax cut and years of super-cheap debt, go away when the effects of that tax cut disappear as quickly as they were realized and interest rates increase.
Gold & Silver "Sell Off" As The Fed "Hikes" Rates For The 8th Time Since December, 2015September 26, 2018
The Fed just hiked rates. Here are the FOMC details plus gold, silver and the dollar's reaction. Also watch the Powell press conference right here...
Fed Hikes Rates and Sends Hawkish Signal to Markets That More Are on the WaySep 26, 2018 - 11:25:02 PDT
With the removal of a single word — "accommodative" — from the Fed's statement, Powell tells the market in no uncertain terms that there will be no coddling this bubble market and more rate hikes are in the offing.
“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” CEO James Hackett said at a Bloomberg conference in New York, “The irony of which is we source most of that in the U.S. today anyway. If it goes on any longer, it will do more damage.”
And whom, exactly, in a rising mortgage rate environment is looking to buy these bubble-priced houses? ZIRP put anyone resembling a primary-residence buyer in a house years ago. And now that debt is getting more expensive with every interest rate hike, investors are looking to cash out before the crash.
Move Over, Military: US Will Soon Spend More on Debt Interest Than DefenseSep 26, 2018 - 09:07:06 PDT
When you rob from Peter to pay Paul, eventually Peter comes looking for his money. Plus interest. The price for eternal can-kicking is getting higher by the moment.
The UK is set to exit the EU, and the prospects of a deal are as gloomy as ever. Here's how a messy 2019 Brexit could affect the price of gold...
It May Be All Eyes On The Fed Today, But Those Shorts Better Keep All Eyes On Gold & SilverSeptember 26, 2018
SD Midweek Update: There will be market movement today, and it might just be a "tale of two halves" for gold & silver. Here's why...
“You see the same cyclical, endogenous behavior, and the signs are almost always the same. The catalyst tends to be a great theorem that goes bad because it’s abused and it’s levered up." With every imaginable sort of consumer, corporate, and government debt leverage at all-time highs, it's not if something will unravel, it's what and when.