Breaking news, updates, and reports on current events.
by Simon Black of Sovereign Man By the mid-1990s, the economy of Zimbabwe was in serious trouble. The national government under its dictator Robert Mugabe had spent years confiscating private property– real estate, businesses, factories, bank deposits, etc. And unsurprisingly, this had a disastrous effect on the economy. Productive citizens and talented entrepreneurs left Zimbabwe in droves– after … Read more
Even after a full quarter of sales data in the middle of the pandemic, it is difficult to define the form of a possible recovery. More than 90 percent of second-quarter sales were actually signed before the virus hit New York in March, said Bess Freedman, managing director of brokerage firm Brown Harris Stevens. “A … Read more
(1/n) We should stop calling this "investing."It's gambling. https://t.co/xJYyDSh4pt — Jason Zweig (@jasonzweigwsj) July 2, 2020
Biggest jump in NFP but the average hourly earnings is falling apart pic.twitter.com/q8cQQaqob4 — Alessio (@AlessioTMAD) July 2, 2020 This is my first big takeaway from today's @BLS_gov report. Even as overall unemployment falls, the scale of permanent job loss is comparable to a "mild", 2001-03 recession pic.twitter.com/MgHMC8OIj6 — Guy Berger (@EconBerger) July 2, 2020 … Read more
by cefpodoxime What is yield-curve control? The yield curve (YCC) is the relationship between rates on bonds of varying durations. Investors generally demand a higher yield for holding longer-term debt, meaning that the curve is normally upward sloping. And normally, central banks manage monetary policy through short-term rates only: The Fed, for instance, creates incentives … Read more
France & Italy deflation THEN stagflation pic.twitter.com/hs2TKJM4tU — Win Smart, CFA (@WinfieldSmart) July 1, 2020 CONSUMER INFLATION EXPECTATIONS pic.twitter.com/XdryLfbnEE — Win Smart, CFA (@WinfieldSmart) July 1, 2020
What happens when the extra $600 stops but the Fed is still buying zombie debt? Does that seem fair? pic.twitter.com/0S2Dm8sEVq — Win Smart, CFA (@WinfieldSmart) July 1, 2020 As 45 million Americans lost their jobs, U.S. billionaires made $584 billion. https://t.co/D16a8QUGkc — ABC News (@ABC) June 28, 2020 https://twitter.com/freezerohedge/status/1278597866039074816 America has almost 800 billionaires, a … Read more
https://twitter.com/ThinkTankCharts/status/1278260382281478145 https://twitter.com/ThinkTankCharts/status/1278225869274861583 The U.S. government takes a nearly 30% equity stake in one of the biggest trucking companies. https://t.co/3glUcNy7sN — Lisa Abramowicz (@lisaabramowicz1) July 1, 2020 Investors think the $JNK party is over pic.twitter.com/lcUTroBjS9 — Win Smart, CFA (@WinfieldSmart) July 1, 2020 Retail should call Gamblers anonymous pic.twitter.com/RbsfDijQED — Win Smart, CFA (@WinfieldSmart) July 1, … Read more
The current market is driven by a 1999 enthusiastic gamblers mentality in 1930 economic conditions. 2020 will be known for two crashes in one year of 40% — The Great Martis (@great_martis) July 2, 2020 Citi cuts to the chase. pic.twitter.com/jTAcgHf943 — Carl Quintanilla (@carlquintanilla) July 1, 2020 Sound familiar? pic.twitter.com/K5ygANvQas — Julien Bittel, CFA … Read more
On absolute fire. Precious metals miners just had their best quarter ever! 44% over the S&P 500. 33% over Nasdaq.51% over Gold.22% over Bitcoin. What a quarter. Only the beginning. pic.twitter.com/nww3BklJbd — Otavio (Tavi) Costa (@TaviCosta) July 1, 2020 This is it. The silver rush is on. Key breakout from a bullish pennant. Further monetary … Read more
by Charles Hugh-Smith Just as the rewards of central-bank bubbles have not been evenly distributed, the pain created by the collapse of the bubbles won’t be evenly distributed, either. We’ve reached an interesting juncture in history, and I don’t mean the pandemic. I’m referring to the normalization of extremes in the economy, in social decay and in political … Read more
https://www.youtube.com/watch?v=tv2-KifcF9A The [DS] 16 year plan has failed, they are no pushing everything they have but the people are now seeing through their propaganda. Slowly the people are being united, the Silent Majority will not be silent for much longer. The patriots are in full control, they are allowing all of this to unfold so … Read more
To mark this moment in the history of insane stock prices where a tiny automaker with a global market share of 0.5% and a big loss in 2019 became the most valuable automaker in the world. By Wolf Richter for WOLF STREET. Shares of Tesla jumped 3.9% this morning to $1,130, which gave the automaker a market value … Read more
Rents in San Francisco are still crazy-overpriced. By Wolf Richter for WOLF STREET. There are now at least three factors that have plowed into the US housing market – and the rental market is reacting in near-real time to them: The unicorn-startup bust that began last year and built up into a crescendo this year; the Pandemic-inspired move … Read more
https://www.sfchronicle.com/business/article/Uber-and-Lyft-say-regulator-can-t-make-drivers-15380707.php Uber and Lyft may be headed for a showdown with the California agency that regulates them. The San Francisco ride-hailing companies, along with two smaller ride services for children called HopSkipDrive and Zum, on Tuesday filed papers challenging the authority of the California Public Utilities Commission to determine that their drivers are employees. At … Read more
An #LA cop has been filmed trying to pepper spray a driver accused of speeding – only for his attempt to end in embarrassing failure. In a follow-up video, driver #JoshSude says he got out of the car when the officer went for his taser, and was issued with a speeding ticket. pic.twitter.com/q8aQXNaplD — RT … Read more
When Fed loses its jawboning power this market will collapse like a house of cards. Until then, ride the bubble wave $SPY $SPX $NDX — hks55 (@hks55) July 1, 2020 Wow. Nasdaq is up 1% while semis (SOX) down 1%. Last time that happened was in July 2009! — Bespoke (@bespokeinvest) July 1, 2020 Citi … Read more
The oil crash is in progress but people can’t see it coming. With trillions of dollars of debt and low demand, it will be nearly impossible for the petrodollar system to recover. Henry Kissinger, the architect of current U.S. foreign affairs, is still alive, and I’m glad that he can observe today’s collapse of the … Read more
by DCG Here we go again? Apparently there is another potential flu virus with “pandemic potential” coming from the Chicoms. From BBC: “A new strain of flu that has the potential to become a pandemic has been identified in China by scientists. It emerged recently and is carried by pigs, but can infect humans, they say. The … Read more
Update: City Councilman Jose Huizar was accused of accepting more than $1.5 million in bribes and other benefits to approve or stall large building projects and shape the Los Angeles development landscape, prosecutors said on June 23. Story: https://ktla.com/news/local-news/l-a-…