26 Million Americans Are Now “Too Poor To Shop” Study Finds

A new study finds that roughly 26 million Americans remain “too poor to shop”. The study, performed by America’s Research Group, found that about 26 million Americans work on average two or three jobs at a time which, when added together, nets just shy of $30,000 in annual income. All while supporting anywhere from two to four children.
The chairman of ARG, Mr. Britt Beemer, said in an interview with the NY Post that he first started looking into data when he was tracking a different indicator. Beemer first started tracking a group and surveying roughly 15,000 people to determine who had not finished Christmas shopping in 2014. During that year, the number was 21 percent but recently ran as high as 29%. From there Beemer decided to analyze the data further and learned American’s are seeing increasing numbers of fellow citizens who are simply just too poor to shop.
Beemer told the Post: “The poorest Americans have stopped shopping, except for necessities” and “It’s scary when you start to see things that you’ve never seen before”…”People are so pessimistic about their future”
Just this past April we wrote: “most Americans’ savings continue to decline, and millions of US households not only don’t have any money left over to save away, but are forced to resort to credit to fund day to day expenses.”

This post was published at Zero Hedge on Jul 8, 2016.

When Narratives Go Bad

By Ben Hunt Of Epsilon Theory
When Narratives Go Bad (pdf link)
How many things served us yesterday as articles of faith, which today are fables for us?
– Michel de Montaigne, The Complete Essays (1580)
* * *
That same night, I wrote my first short story. It took me thirty minutes. It was a dark little tale about a man who found a magic cup and learned that if he wept into the cup, his tears turned into pearls. But even though he had always been poor, he was a happy man and rarely shed a tear. So he found ways to make himself sad so that his tears could make him rich. As the pearls piled up, so did his greed grow. The story ended with the man sitting on a mountain of pearls, knife in hand, weeping helplessly into the cup with his beloved wife’s slain body in his arms.
– Khaled Hosseini, The Kite Runner (2003)
A fable for our times, the ultimate disposition of extraordinary monetary policy. Bad news is good news until bad news is all we know. Global growth is the wife.

This post was published at Zero Hedge on Jul 8, 2016.

June Jobs Report: 287K Jobs Added, U-6 Unemployment Rises To 9.9% , Average Wage Growth Rises To End Of Great Recession!

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.
The June Jobs Report is out. In a nutshell, 287k jobs were added, the U-3 unemployment rate rose to 4.9% and the U-6 unemployment rate (including marginally attached workers) rose to 9.9%.
Adding 287k jobs will make the talking heads at CNBC and Fox Business heads spin with joy. But it has been 7 years since the end of The Great Recession (June 2009) and U-6 unemployment is barely below the worst unemployment during both the 1990s and 2000s.

This post was published at Wall Street Examiner by Anthony B. Sanders ‘ July 8, 2016.

The Decline & Fall Of The Biggest Bond Market In The World Has Only One Inevitable Ending

Government bonds are themselves becoming more illiquid, most particularly, as CLSA’s Chris Wood notes, in a country like Japan where the Bank of Japan has been buying more than the net issuance. Monthly trading of JGBs by lenders and insurers has collapsed from a peak of 123tn in April 2012 to a record low of 15tn in May 2016.

This post was published at Zero Hedge on Jul 8, 2016.

Rickards: $10,000 – $50,000 Gold

‘People around the world are losing confidence in central bank money,’ Jim Rickards said in a recent interview. ‘When you lose confidence in central bank money, you look for other forms of money and gold is the best.’
Despite all of our talk about cryptocurrencies over the past couple of weeks, we must point out, one more time, that investing in the cryptosphere – even Bitcoin – is a gamble.
Yes, they are exciting. And, yes, some of them will be immensely disruptive. But there are a number of things that, in our shaky global environment, works against them.
If the lights go out, for example, your stash of Bitcoin, Siacoin and Synereo aren’t going to get you very far.
Strategically investing in cryptocurrencies now, in my opinion, is a vote for a better future. But self-reliance, as we’ve stated in previous episodes, is working loudly and together for Heaven and preparing silently and alone for Hell. And hoping that your future is somewhere in the middle.

This post was published at Laissez Faire on Jul 8, 2016.

Dead Pulses And Urgent Systemic Reform

Several important factors work in a powerful manner to debilitate, to distort, and to wreck the global financial and economic system. It is long past the point of effective remedy. After the Lehman kill event, every conceivable wrong move and policy was made and implemented. The investment in the corrupt elements has been so profound in the last several years, as to make remedy impossible. The official policies have been so errant and heretical, as to make remedy impossible. The distortions with the broken elements have been so dedicated in service to the ruling banker class, as to make remedy impossible. The degree of destruction has been so comprehensive and complete from desperate measures taken to preserve the system, as to make remedy impossible. The only working goal and objective for the ruling banker class is to prolong the inevitable death event, the collapse, the breakdown assured to cause a powerful sequence of events where the financial and economic system is seen as totally wrecked by even the nave and ignorant unwashed masses. The ruling bankers realize no remedy is possible. They are just trying to steal as many assets and accumulate as much gold as possible before the main bust event.
By ruling banker class is meant the central bankers who control the critical government offices in the United States and its primary allied states, who assign their henchmen in significant ministry posts and regulatory bodies, and who issue orders to the puppet generals who wage war to obstruct the Eurasian Trade Zone and to disrupt foreign nations as policy. We are witnessing the climax conclusion of failure for the Fascist Business Model which arrived on center stage following the Inside Job of 9/11. The event crystallized the move into power for the NeoCon fascists who favor big bank fraud, who pervert the legislative process, who conclude false cause for war in numerous venues. They have destroyed everything they touch, in every arena they are involved in. Their consistent trait is failure.

This post was published at GoldSeek on Friday, 8 July 2016.

Orange County inventory up 14 percent year-over-year and the art of house flipping. Taking a look at an affordable area in Orange County.

The honor of the most expensive county in Southern California goes to Orange County. There has been a nice steady increase of inventory in Orange County over the last year. You have places like Irvine that are building new homes at a quick pace (although a large number of these homes are being bought by foreign buyers and investors). There is now a healthier amount of inventory on the market. Inventory for the county is up 14 percent over the last year. Summer tends to be the time when inventory peaks so we’ll see if we level out at this point or begin trending lower. One thing that continues to go on is aggressive flips. These flips are happening in lower priced areas where older homes are typical. Today we’ll take a look at a Garden Grove property.
Flipping in the OC
If you are unable to afford a $700,000 to $1 million new home in more expensive parts of the county, you might want to try looking at Garden Grove. Of course ‘value’ is a relative term here. Yet people are largely in these categories:
-1. Broke Millennials – a large number since 2.3 million adults live at home with their parents in California
-2. Foreign buyers – a healthy number of foreign buyers are buying in California (largely from China)

This post was published at Doctor Housing Bubble on July 8, 2016.

Market Talk – July 7, 2016

A quiet day in Asia is a bit of a relief after all the recent fun and games and that is what we saw today with global markets having behaved themselves and a FED that was more than compensated for, there was really not much to play on and so we saw one of the quietest session in a while. The Hang Seng was the star performer, closing 1% on the day with Shanghai and Nikkei almost unchanged.

This post was published at Armstrong Economics on Jul 8, 2016.

Maine’s Advocate For $12 Minimum Wage Tried To Hire People For $10

Ready to be underpaid to fight for the right to demand a raise? In Maine there is an ironic situation taking place. One of the key players fighting to raise the minimum wage in Maine has recently been exposed as a hypocrite. Why? According to the Portland Press Herald, Maine People’s Alliance (MPA) has been one of the louder voices fighting for an increase to the state’s minimum wage from $7.50 to a new level of $12 per hour. However, we’ve learned that MPA had posted an ad offering $429 bi-weekly, for 21.5 hours of work per week. That works out to just over $10 per hour.
Dana Connors, president of the Maine State Chamber of Commerce, said he takes Tipping at his word that the posting was a mistake, but the ‘optics smack of a double standard.’ The state chamber has been one of the leading groups opposing the minimum wage referendum because, Connors said, it increases the wage too much too fast, and because it phases out the credit for tipped workers, such as restaurant servers. ‘If this is so important to MPA, it’s an unfortunate mistake. They should certainly practice what they preach,’ he said.

This post was published at Zero Hedge on Jul 8, 2016.

JULY 7/RECORD LEVELS OF COMEX GOLD CAUSES BANKERS TO EXECUTE ANOTHER RAID TODAY/GOLD AND SILVER HOLD UP PRETTY GOOD/3 MORE GREAT BRITAIN PROPERTY FUNDS GATED AND SOME ARE DEMANDING A HAIRCUT IN V…

Good evening Ladies and Gentlemen:
Gold: $1,360.10 DOWN $4.80 (comex closing time)
Silver19.80 DOWN 36 cents
In the access market 5:15 pm
Gold: 1360.10
Silver: 19.80
And now for the July contract month
For the July gold contract month, we had 20 notices served upon for 2000 ounces. The total number of notices filed so far for delivery: 4043 for 404,300 oz or 12.575 tonnes
In silver we had 91 notices served upon for 455,000 oz. The total number of notices filed so far this month for delivery: 938 for 4,690,000 oz

This post was published at Harvey Organ Blog on July 7, 2016.

The Bearish David Rosenberg Reemerges: “What If I Told You Employment Actually Declined 119,000 In June”

After several years of trying to put a positive spin on economic data in an attempt to validate the success of Fed policies, which in light of recent events have clearly failed with bond yields today touching new all time lows and market-derived inflation expectations about as low as they have ever been while even CNBC now admits that the only policy target of the Yellen Fed is to keep stocks as high as possible (there it is clearly succeeding for now), it was somewhat surprising to see Rosie “the bull” vaporize, and be replaced by the bearish side of David Rosenberg in such vigorous fashion today after years of hibernation.
The metamorphosis took place in what was a rather scathing take on today’s jobs report, about which he said that “it makes little or no sense that the business sector would be so cautious over committing capital to the real economy and at the same time embark on a sustained hiring spree.”

This post was published at Zero Hedge by Tyler Durden.

Consumer Credit Jumps $19 Billion In May Thanks To New All Time Highs In Student And Auto Loans

The latest consumer credit report confirmed what we have now known for years: revolving credit remains stagnant at best, with just $2.3 billion in credit card debt added in May, a modest rebound from last month’s $1.4 billion but certainly nowhere near pre-crisis monthly increase levels. Why not? Because US consumers once again found a way to “fungibly” convert non-revolving credit, namely auto and mostly student loans, into purchasing power.
And sure enough, in May another $16.2 billion in non-credit card debt was added, bringing the total monthly increase to $18.55 billion, above the $16 billion consensus.

This post was published at Zero Hedge on Jul 8, 2016.

Trader Asks: “Remember The All Time Highs After Bear’s Subprime Funds Blew Up?”

One of the most enduring legacies of the financial crisis is the death of the credible notion that traders flock in and out of “safe havens.” As Bloomberg’s Richard Breslow notes, investors don’t particularly care to seek safety. Why waste the effort when the central banks will be buying the dip if you don’t.
It’s also true that no one knows what is a haven. It’s become little more than a parlor game to advise what won’t be affected or will benefit from this or that calamity in an utterly interconnected world.
Rushes into safe assets represent no more than the private sector flow equivalent of front-running central banks. They just have a shorter shelf life.
Investors tumbled even further down the rabbit hole of ridiculous sovereign bond yields after the U. K. referendum.

This post was published at Zero Hedge on Jul 8, 2016.

Top Gold Miners Burned Record Amount Of Fuel To Produce Gold In 2015

The top two gold miners burned a record amount of fuel to produce gold in 2015. Even though Barrick and Newmont burned less overall fuel than their operations did in 2013, their consumption per ounce of gold produced was the highest ever.
This is not good news for the gold mining industry as the world has peaked in cheap oil production. While total global liquid energy production continues to be at record levels, the high-value cheap light sweet crude oil peaked several years ago. Furthermore, we are now witnessing the rapid decline of U. S. oil production as many of the shale oil fields go into terminal decline.

This post was published at SRSrocco Report on July 8, 2016.

The bizarre coincidence between the Orlando Massacre and the film Blade Runner

July 2016 – (Blade Runner Script) Bryant to Deckard: ‘There was an escape from the off-world colonies two weeks ago. Six replicants, three male, three female. They slaughtered twenty-three people and jumped a shuttle. An aerial patrol spotted the ship off the coast. No crew, no sight of them. Three nights ago they tried to break into Tyrell Corporation. One of them got fried running through an electrical field. We lost the others. On the possibility they might try to infiltrate his employees, I had Holden go over and run Voight-Kampff tests on the new workers. Looks like he got himself one.’ -Blade Runner
At first glance, it might sound like the latest suspense novel plot or a fitting metaphor for terrorists’ sleeper cells infiltrating American Society. 6 replicants or androids escape from an Off-World colony and massacre 23 people in a savage terrorist attack. They then quietly assimilate into American society before going on a violent rampage killing anybody who gets in their way. This is the basic plot of Phillip K. Dick’s science classic novel, Do Androids Dream of Electric Sheep, which became the sci-fi hit Blade Runner, directed by Ridley Scott which opened in U. S. theaters in 1982.

This post was published at UtopiatheCollapse on July 4, 2016.

US Oil Rig Count Rises Most In A Year

Having bounced off their earlier tumble lows, crude prices extended gaines despite the US oil rig count rose by another 10 this week (11 last week) to 351 – perfectly tracking the lagged crude price. This is the biggest 2-week rise in rig counts since July 2015.

This post was published at Zero Hedge on Jul 8, 2016.

S&P Back To All Time Highs After 17 Consecutive Weeks Of Mutual Fund Outflows

When it comes to soaring precious metal, and especially gold, prices there is little surprise what the source is: investors are dumping near record amount into Precious Metal mutual and ETF funds. Fund Flow tracker Lipper confirmed as much last night when in its latest weekly summary it calculated that investors poured the most money into U. S.-based funds invested in precious metals since February, adding $2 billion to these funds in the latest week.
Fund investors bid up gold and other precious metals prices during the seven-day period ended July 6 in the aftermath of the June 23 Brexit vote. SPDR Gold Shares was especially popular, taking in $1.4 billion over the week. “Investors had been down on gold for such a long period of time,” said Tom Roseen, Lipper’s head of research services.
The latest weekly inflow is simply a continuation of ongoing trends: precious metals funds posted strong gains in four of the past five weeks, rising more than 4% over the most recent week Lipper measured. The latest week marks the 10th straight week of inflows for gold funds.

This post was published at Zero Hedge on Jul 8, 2016.

Obtaining a foreign residency is a no-brainer, especially if you have a family

By 2014, inflation was at 50% in Venezuela.
Just paying the bill at a restaurant now required a thick stack of cash.
When that happened, some people simply tightened their belts and stopped going out to eat. Others saw this as a warning sign to look for another, more stable country.
Then in 2015, supermarkets started facing shortages.
So in order to get the groceries they needed, people started lining up outside of stores from early in the morning.
Others saw this as another warning sign, and started searching for jobs in other countries.
Now in 2016, those supermarket shelves are completely empty. Inflation is nearly incalculable. And the entire country has descended into crisis.
Regular people have turned to attacking supply trucks, looting stores, and combing through trash dumpsters just to survive.
As things become increasingly desperate, more and more are scrambling for a way out of the country… only to find that it’s too late.
Many countries, including the United States, have started putting up barriers to prevent a massive inflow of Venezuelan economic refugees.

This post was published at Sovereign Man on July 8, 2016.