Mayor de Blasio Vows To Make New York A Safe Space From “Excesses Of Trump”

Five days after meeting with president-elect Donald Trump in what was described as a “candid meeting”, New York Mayor Bill de Blasio delivered what Bloomberg dubbed a “campaign-style rebuke to the President-elect” vowing to resist the “excess of Trump” including federal efforts to deport undocumented immigrants, push more aggressive police actions against minorities or remove health services from women and the poor.
De Blasio said he would sue to stop the federal government if the Trump administration went forward with a plan to require all Muslims to register in a database, the mayor said in a speech before hundreds of supporters on Monday denouncing many of Trump’s policies, said, “we will sue to block it.”
‘We worry about a nation that was meant to be inclusionary becoming exclusionary,’ de Blasio said. ‘We worry about deeper division. We worry about the negation of the American dream.’

This post was published at Zero Hedge on Nov 21, 2016.

When Americans Shall Say ‘Peace And Safety’…

Millions of Americans are expecting a new ‘golden age’ for America under Donald Trump, but is that what they are going to get? There is always optimism when a new president is elected, but I don’t know if I have ever seen anything like the euphoria that many Trump supporters are expressing right now. Look, I voted for Donald Trump and I want him to be as successful as possible. But when Donald Trump becomes our next president on January 20th, that does not mean that all of the great problems that our nation is facing will somehow magically disappear. If you listen to some people, they make it sound like America is going to experience nothing but peace, prosperity and blessing for decades to come. I would love it if that was indeed going to be the case, but unfortunately that is simply not the truth.
We are currently on a path that leads to national suicide, and unless we change our ways it isn’t going to matter who is in the White House.
I keep hearing about how our new president is going to ‘unify’ the nation, but that is going to be extremely difficult to do considering the fact that we are now more divided than ever. In fact, a brand new Gallup survey found that an all-time record high 77 percent of all Americans believe that we are ‘greatly divided when it comes to the most important values’.
I keep hearing about how we are now entering a golden age of peace and prosperity, but how is that supposed to happen while we are still butchering millions of innocent children in our abortion mills?

This post was published at The Economic Collapse Blog on November 21st, 2016.

Will Trump’s New Financial-Engineering Loophole Make Stocks Rally and Bonds Crash?

Goldman and the rest of Wall Street are smelling the money.
The profits that US corporations earned overseas, and that have remained untaxed in the US, have ballooned to $2.6 trillion, according to Congress’s Joint Committee on Taxation, cited by Bloomberg. This ‘overseas cash’ made it onto Trump’s agenda. Wall Street and our Corporate Titans are licking their chops. They can smell a tax holiday or a new loophole to encourage them to ‘repatriate’ this ‘overseas cash.’
Goldman Sachs now told its clients what these corporations are going to use this ‘cash’ for. You guessed it: financial engineering.
The exact amount of this ‘cash overseas’ remains a mystery. The numbers thrown around – including the $2.6 trillion above – are guesses. There is no official data. Companies are not required to disclose the details of their assets, in what currencies they’re denominated, or where they’re domiciled.
But in 2004, the last time there was a tax holiday for ‘overseas cash,’ our Corporate Titans ‘repatriated’ $300 billion at a tax-holiday rate of 5.25% and used 92% of if for share-buybacks.
The number of jobs that were promised to be created as a result of this repatriation? Forget it. But the number of share-buybacks soared by 84%.

This post was published at Wolf Street on November 21, 2016.

Gold Daily and Silver Weekly Charts – Risk On Trump

After the bell there was a 7.3 magnitude earthquake off the cost of Fukushima prefecture, about 160 miles from Tokyo . A tsunami warning has been issued.
I hope that all of you in the affected areas will be listening to instructions carefully. I will be remembering you all in my prayers, as I do for all readers of Le Cafe each week, without fail, in addition to all the special intentions of my correspondents and their families.
We had the first snowfall of the season this weekend past. It was quite the surprise to see an inch of snow on the ground in the early morning after heavy rains the night before. I am glad I am keeping up with the yardwork. Some places north of here in the higher elevations had six inches of snow.
Winter is coming.
Gold and silver were largely marking time today ahead of the Comex precious metals option expiration tomorrow in his holiday-shortened week.

This post was published at Jesses Crossroads Cafe on 21 NOVEMBER 2016.

The War on Cash is Not Over… It’s About to Intensify

The Trump Presidency has distracted from the next major move to be implemented by Financial Elite.
That move is a cash ban.
Cash, particularly physical cash (as in bills and coins) is a huge problem for insolvent banks.
Indeed, it is the ONLY problem they have yet to address.
If you’re a large bank and you’re overleveraged due to excessive assets to capital ratios (particularly assets that are at risk of losing value or default) there are three key issues you need to control.

This post was published at GoldSeek on 21 November 2016.

Do Larger Budget Deficits Stimulate Spending? Depends on Where the Funding Comes From

The U. S. equity markets have rallied in the wake of Donald Trump’s presidential election victory. Various explanations have been given for the stock market rally. President-elect Trump’s pledge to scale back business regulations are favorable for various industries, especially financial services and pharmaceuticals. Likewise, President-elect Trump’s vow to increase military spending is an undeniable plus for defense contractors. But another explanation given for the post-election stock market rally is that U. S. economic growth will be stimulated by the almost certain business and personal tax-rate cuts that will occur in the next year, along with the somewhat less certain increase in infrastructure spending. It is this conventional-wisdom notion that tax-rate cuts and/or increased federal government spending stimulate domestic spending on goods and services that I want to discuss in this commentary.
Although I have been a recovering Keynesian for decades, I got hooked on the Keynesian proposition that tax-rate cuts and increased government spending could stimulate domestic spending after having taken my first macroeconomics course way back in 19 and 65. I was so intoxicated with Keynesianism that I made a presentation about it in a political science class. I dazzled my classmates with explanations of the marginal propensity to consume and Keynesian multipliers. My conclusion was that economies need not endure recessions if only policymakers would pursue Keynesian prescriptions with regard to tax rates and government spending. Reading the body language of my classmates, I believed that I had just enlisted a new cadre of Keynesians. That is, until one older student sitting in the back of the class raised his hand and asked the simple question: Where does the government get the funds to pay for the increased spending or tax cuts? I had to call on all of my obfuscational talents to keep my classmates and me in the Keynesian camp.

This post was published at FinancialSense on 11/21/2016.

US Treasury Risk Spikes To 3 Year High Versus Stocks

“Riskless” US Treasury bonds are at their riskiest relative to “risky” stocks since the summer of 2013’s Taper Tantrum… and at the same time, bonds are ‘cheapest’ to stocks in over a year…
US Treasury bond risk is at its highest in 9 months as US equity risk hovers back near 2-month lows pushing the relative risk to its highest since Aug 2013…

This post was published at Zero Hedge on Nov 21, 2016.


Gold closed at $1209.60 UP $1.10
silver closed at $16.51: DOWN $0.10
Access market prices:
Gold: 1214.00
Silver: 16.62
The Shanghai fix is at 10:15 pm est and 2:15 am est
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
Shanghai morning fix Nov 21 (10:15 pm est last night): $ 1224.23
NY ACCESS PRICE: $1210.50 (AT THE EXACT SAME TIME)/premium $13.50
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1224.54
London Fix: Nov 21: 5:30 am est: $1213.75 (NY: same time: $1213.75 5:30AM)
London Second fix Nov 18: 10 am est: $1213.10 (NY same time: $1213.10, 10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

This post was published at Harvey Organ Blog on November 21, 2016.

Dallas Mayor Admits Police Pension Pushing City Toward “Fan Blades Of Municipal Bankruptcy”

A few months ago we wrote that the Dallas Police and Fire Pension Fund was on the verge of collapse after a series of shady real estate investments resulted in massive markdowns of pension assets, the ouster of the fund’s CIO and an FBI raid of it’s largest real estate investment manager (see “Dallas Cops’ Pension Fund Nears Insolvency In Wake Of Shady Real Estate Deals, FBI Raid“). We summed up the fund’s dilemma as follows:
The Dallas Police & Fire Pension (DPFP), which covers nearly 10,000 police and firefighters, is on the verge of collapse as its board and the City of Dallas struggle to pitch benefit cuts to save the plan from complete failure. According the the National Real Estate Investor, DPFP was once applauded for it’s “diverse investment portfolio” but turns out it may have all been a fraud as the pension’s former real estate investment manager, CDK Realty Advisors, was raided by the FBI in April 2016 and the fund was subsequently forced to mark down their entire real estate book by 32%. Guess it’s pretty easy to generate good returns if you manage a book of illiquid assets that can be marked at your “discretion”. The rampant fraud at the DPFP left the fund over $3BN underfunded and its board of directors with no other option but to seek a $1.1BN infusion from taxpayers to keep the fund afloat. Even worse, a review of the pension’s financials revealed $2.11 of annual benefit payments to members for every $1.00 contributed to the plan by members and taxpayers (mostly taxpayers)…the typical pension ponzi whereby plan administrators borrow from assets reserved to cover future liabilities (which are likely impaired) to cover current claims in full.

This post was published at Zero Hedge on Nov 21, 2016.

About that ‘Fair Share’

There are two words that kept coming up over and over again over the last 20 months during the US Presidential circus: ‘fair share’.
Hardly a day went by without hearing that certain taxpayers ‘need to pay more of their fair share.’
It sounds really great, and given the voter statistics, this idea resonated with tens of millions of people. After all, who could possibly be against fairness?
When you dive into the numbers, however, the data doesn’t support this assertion at all.
According to IRS figures, households that earn more than $1 million annually, roughly 0.4% of all taxpayers, pay a total of $364 billion in federal income tax.
This amounts to roughly 27% of all the US federal individual income tax that’s collected.
So in other words, the top 0.4%, pays 27% of the total tax bill.
If you extend this analysis to the upper middle class, i.e. the top 24.5% of households earning more than $100,000 per year, the numbers are even more dramatic.

This post was published at Sovereign Man on November 21, 2016.

“Record Highs” For Everyone…

One. Big. Squeeze…
Everything must be awesome…
Russell 2000 longest win streak since 2003 – new record high Nasdaq new record high S&P 500 new record high – 2,200 looms Dow new record high – 19,000 looms S&P and Dow are now up over 8% from the limit down lows of the election…

This post was published at Zero Hedge on Nov 21, 2016.

The Central Banks Indicated Their Next Move, Ban Cash, Raise Rates, Crash It All – Episode 1133a

The following video was published by X22Report on Nov 21, 2016
According the Chicago Fed, the economy is not robust and growing. The US government fakes the retail sales numbers. Former CEO of UBS says the central banks are at a point of no return. The global ban on cash is not over, the central bank is pushing for an interest rate hike which signals the beginning of the crash of the economy. The TPP is dead and China is making deals with nations looking for a trade deal.

India’s Currency Debacle – An Interview with Jayant Bhandari

A Major Crisis
Last week Jayant Bhandari related the story of the overnight ban of certain banknotes in India under cover of ‘stamping out corruption’ (see Gold Price Skyrockets In India after Currency Ban Part 1 and Part 2 for the details).
The problem is inter alia that the sudden ban of these banknotes has hit the Indian economy quite hard, given that 97% of all transactions in the country are cash-based. Not only that, it has certainly created fresh avenues for corruption – which should have been expected (whether it will succeed in its aim of stamping out other types of corruption remains to be seen – we doubt it).
Moreover, the poorest of the poor are suffering the most on account of the ban, not least because the promised replacement of the banned banknotes is apparently hitting major logistical snags and may take much longer than thought.
Readers interested in this story may want to listen to an interview Jayant has recently given to Maurice Jackson of ‘Proven and Probable’, which we have embedded below. A quick note on errata: at 1:45 and 1:57, Jayant says ‘2,000 dollars’ – he obviously meant to say ‘2,000 rupees’.

This post was published at Acting-Man on November 21, 2016.

ECB Rejects Buying Stocks As Draghi Drops The ‘C’ Word To EU Parliament

Mario Draghi just dropped the c-word. In his address to the EU Parliament, the ECB President explained that financial-stability risks are “for the time being, contained.” Having admitted that Deutsche Bank is correct that negative rates certainly hurt bank profits, Draghi remains “committed to accomodative policy.” But it was ECB executive board member Benoit Coeure that spoiled the party by rejecting the narrative of ECB stock buying.
Buying stocks is ‘in theory possible’ but the ECB is ‘far away from being in the place where we will need to do it,’ ECB executive board member Benoit Coeure says on panel in Munich.
‘It has been done by the Bank of Japan for instance but it’s clearly not in the discussion today. We never discussed it’ ‘What we are doing is exactly what must be done to bring inflation back to 2 percent. At some point we’ll start scaling it down. Not yet’ On unconventional policies: ‘We don’t intend to keep them forever. When we see inflation coming back to 2 percent sustainably, we’ll start winding it down’ ‘Inflation is still very low’ But all eyes were on Mario Draghi as he address EU Parliament…

This post was published at Zero Hedge on Nov 21, 2016.

The ‘Trump Effect’ Now Versus Later

Peter Schiff recently appeared on Alternative Media Television (AMTV) to discuss the so-called ‘Trump effect’ on the US economy. So far, the stock market has gone through some downs after the president-elect’s surprise win and now back up with the Dow Jones average nearing record highs.
There’s also been last week’s bond rout, which sent long-term yields soaring as bond prices dropped. The yield on the 10-Year Treasury saw its largest two-week increase since 2001, up 5.9 basis points to 2.337%. The selloff was driven by ‘rising inflation expectations and the market’s near-certainty that the Federal Reserve will raise interest rates in December,’ according to MarketWatch.
Trump’s ‘effect’ on expectations of higher inflation come from his infrastructure projects and fiscal spending promises while Janet Yellen’s recent comments have a December hike at an almost certainty. However, fiscal spending won’t be the magic bullet many are hoping for given the impossibility of servicing the national debt. Higher rates will only serve to uncover the current ‘recession masquerading as a recovery’ we’ve had since 2008, according to Peter:
‘Tighter money will drain so much revenue from the US Treasury because it’s going to sink the economy in recession and it’s going to cause government outlays to go up because the cost of servicing the enormous national debt will skyrocket.’

This post was published at Schiffgold on NOVEMBER 21, 2016.