A 64-year-old put his life savings in his carry-on. U.S. Customs took it without charging him with a crime.

A 64-year-old Cleveland man is suing U.S. Customs and Border Protection after agents strip-searched him at an airport in October and took more than $58,000 in cash from him without charging him with any crime, according to a federal lawsuit filed this week in Ohio. Customs agents seized the money through a process known as civil asset forfeiture, a law … Read more

Update on the Splendid Rental Bubbles & Crashes in the US

Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter Chicago’s rents in free-fall, Washington DC’s suddenly plunge, New York’s fall to third place. But rents soar in Southern California and other parts. Bay Area and Seattle “mixed.” Four observations first: One, New York City’s median asking rent for two-bedroom apartments – long the second-highest in the country, after San Francisco … Read more

George Soros: EU Should Deal With Refugee Crisis By Keeping Borders Open, Taking On Debt

via dailycaller: Left-wing billionaire George Soros wants the European Union to deal with the continent’s refugee crisis by maintaining an open borders policy and running up the EU’s credit. The EU should take on debt in order to help improve economics conditions in Africa, as part of its response to the ongoing refugee crisis, Soros … Read more

The 60/40 Portfolio Is Doomed Amid Rising Interest Rates

BY JARED DILLIAN I’ve said this many times. When rates go up sharply, stuff blows up because lots of people are negatively exposed to higher rates. Households, corporations, and governments are all negatively exposed to higher rates—in different degrees. Back in 1994, we found that it was Mexico, Procter & Gamble, and Orange County, California who all … Read more

Russia To Build 5th-Generation Nuclear Subs With Hypersonic Missiles

by stockboardasset Vladimir Dorofeyev, CEO of Russia’s Malakhit Marine Engineering Design Bureau, told TASS in 2015 that “the work on the fifth-generation of submarines is already underway.” Now an anonymous source deep within the Russian defense sector told TASSon Thursday that the Husky-class fifth-generation nuclear-powered submarine will be armed with Zircon hypersonic missiles with a deployment date … Read more

The US Military Has Too Many Aircraft Carriers

by Duane Norman, Free Market Shooter Recently the troubled USS Gerald R. Ford has been making headlines, in yet another embarrassing moment for the US Navy’s troubled acquisition process: The previously undisclosed problem with a propulsion system bearing, which occurred in January but has yet to be remedied, comes as the Navy is poised to request approval … Read more