Used-Car Wholesale Prices Surge, Retail Volume Drops. New Cars Sink Deeper into Carmageddon

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Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter The Chart of Carmageddon. Prices of used vehicle that were sold in May at wholesale auctions rose 4.0% compared to May last year, according to Manheim, the largest auto-auction house in the US, running about 8 million vehicles through its venues a year. The chart of the Manheim Used Vehicle Value Index, … Read more

JP Morgan Chase, Citi, Barclays, and RBS Fined for Currency Rigging

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Authorities in Switzerland have fined five banks, including Royal Bank of Scotland (RBS) and Barclays, for fixing foreign exchange trading through cartels dubbed “Three Way Banana Split” and “Essex Express”. The WEKO competition regulator said it had issued penalties totalling 90m Swiss francs (£71.3m). They were issued weeks after the European Commission imposed larger fines on the … Read more

Druckenmiller: Global Debt A Looming Problem

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via benzinga: Billionaire hedge fund manager Stanley Druckenmiller told CNBC Friday that the U.S. could be in trouble when the next recession hits thanks to the massive amount of corporate debt companies are holding. Druckenmiller isn’t the only expert concerned with debt levels around the world, as borrowing has seemingly accelerated in recent years to record levels. Scary … Read more

A truly bizarre trend is having an impact on the economy — wealthy people and corporations have so much money they literally don’t know what to do with it.

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A truly bizarre trend is having an impact on the economy — wealthy people and corporations have so much money they literally don’t know what to do with it. Why it matters: At a time when growing income inequality is fueling voter discontent and underpinning an array of social movements, the top 1% of earners and … Read more

Google’s gaming system Stadia is coming in November

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https://edition.cnn.com/2019/06/06/tech/google-stadia-release-date/index.html ​ The system, which was originally announced in March, will act like a Netflix for video games. Google says it will eventually allow people to play games directly over WiFi from any TV with Chromecast, computer with a Chrome browser, and Google Pixel phones. There are no downloads as the games themselves exist on … Read more

Game over. The grand central bank experiment of the last 10 years has ended in utter and complete failure.

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by northmantrader Game over. The grand central bank experiment of the last 10 years has ended in utter and complete failure. The games of cheap money and constant intervention that have brought you record global debt to the tune of $250 trillion and record wealth inequality are about to embark on a new round of peddling … Read more

Rate cuts are great until you realize why rates are being cut

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https://twitter.com/GeorgeAFreemen/status/1137100082879389696 cycling down into summer pic.twitter.com/AxDhCxELvP — Alastair (@StockBoardAsset) June 7, 2019 Global Growth Barometer & S&P 500 pic.twitter.com/Xw3HHfkaI0 — Tracy Shuchart (𝒞𝒽𝒾 ) (@chigrl) June 8, 2019 The correlation between utilities & Treasuries has decisively turned negative! Such shifts tend to precede bear markets and recessionary periods. Did we officially dip into the bloody … Read more

Trump: “Stocks Would Be 10,000 Points Higher If Fed Kept Rates Lower”

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from Zero Hedge Late last year, when President Trump first raised the possibility that the Federal Reserve could cut interest rates, everybody dismissed this as more unhinged ramblings from a president who, they said, didn’t understand monetary policy or the business cycle, or the needs of savers. But things have changed dramatically since then. And the … Read more

Reverses Policy, It Happened Exactly As Planned

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The [CB] is declining rapidly, the [CB] economy cannot be saved, it can only be kicked down the street. This is exactly what the patriots have planned, to kick it down the street past the 2020 elections. The jobs numbers, housing and retail numbers are sliding, its time for stimulus and multiple rate cuts. Wolf … Read more

George Soros revealed as key funder in big-money campaign to thwart Brexit

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Left-wing billionaire George Soros is pumping hundreds of thousands of dollars into a campaign looking to sabotage British voters’ 2016 decision to leave the European Union. The U.K. Daily Telegraph first reported late Wednesday that Soros has delivered £400,000 ($560,000) to the anti-Brexit “Best for Britain” campaign via his Open Society Foundations. He also hosted big-money donors at … Read more

Robert Mueller withheld exculpatory evidence

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https://youtu.be/y3lsllMNTQg Bob Mueller should be subpoenaed by Sen. Lindsey Graham to testify before the Senate, since Rep. Jerry Nadler won’t have him testify before the House. What did Mueller know and when did he know it? And why did he (on SEVERAL occasions) withhold exculpatory evidence? Lock him up!’ The Deep State refers to the … Read more