Only In Cali: New Bill Would Imprison Healthcare Workers For Using Incorrect Pronouns With Patients

California has a well-earned its reputation for introducing wacky legislation. Jerry Brown’s bill specifically written to regulate cow farts is a personal favorite of ours. For those who missed it the first time around, here is a brief recap of our post entitled “Only In California – Governor Jerry Brown Signs Bill To Regulate Cow Flatulence“:
In yet another attack on California businesses, yesterday Governor Jerry Brown signed into law a bill (SB 1383) that requires the state to cut methane emissions from dairy cows and other animals by 40% by 2030. According to a statement from Western United Dairymen CEO, Anja Raudabaugh, California’s Air Resources Board wants to regulate animal methane emissions even though it admits there is no known method for achieving the the type of reduction sought by SB 1383.
“The California Air Resources Board wants to regulate cow emissions, even though its Short-Lived Climate Pollutant (SLCP) reduction strategy acknowledges that there’s no known way to achieve this reduction.“
Among other things, compliance with the bill will likely require California dairies to install “methane digesters” that convert the organic matter in manure into methane that can then be converted to energy for on-farm or off-farm consumption. The problem, of course, is that methane digesters are expensive and with California producing 20% of the country’s milk we suspect that means that California has just passed another massive “food tax” on the country.

This post was published at Zero Hedge on Aug 18, 2017.

Week in Review: August 19, 2017

The headlines this week were dominated by last weekend’s events at Charlottesville. Of course, instead of rejecting the the sort of overly politicized society that makes such escalation inevitable, politicians of both sides tried to seize the moment. As such, we have the returning distraction over the battle over confederate monuments – an issue easily remedied by privatizing them.
Lost in the noise of yet another pseudo event is the true root of political violence: the rejection of genuine liberalism. The growth of government comes at the expense of civility.

This post was published at Ludwig von Mises Institute on August 19, 2017.

WORLD GOLD & SILVER PRODUCTION: Fact vs Conspiracy

Unfortunately for precious metals investors, there continues to be a great deal of misinformation about how much gold there is in the world. The biggest culprit confusing precious metals investors is what I call, LOUSY CONSPIRACIES. Those who promote these unsound conspiracies aren’t able to differentiate between FACTS or FICTION.
This will be a short post, but it is important as it will lay some ground work for articles to come out over the next several weeks in comparing the new Bitcoin and Crypto currency market versus the Gold and silver.
While conspiracies do indeed take place, they are based upon sound facts and evidence that either proves a conspiracy has taken place, or proves the official story is bogus. On the other hand, Lousy Conspiracies are easy to destroy when facts and sound evidence is brought forward. Unfortunately, even when the facts or sound evidence is laid out step by step, those who either promote or believe these lousy conspiracies… continue to do so.
This has to be one of the most frustrating areas of my research, writing and analysis. It seems as if I receive emails at least once a week bringing up one of the favorite LOUSY CONSPIRACIES up once again.

This post was published at SRSrocco Report on August 19, 2017.

‘Inconvenient’ Fact: Morgan Stanley Says Electric Cars Create More CO2 Than They Save

For all the funds out there looking to fill their portfolio with “environmentally conscious” companies working diligently to avert an inevitable global warming catastrophe that will result in the extinction of the human race, we guess in lieu of their actual fiduciary duties to simply make money for their investors, Morgan Stanley has compiled a list of how you can get the most ‘environmental healing’ per dollar invested.
As MarketWatch points out, it’s not terribly surprising that of the 39 publicly-traded stocks analyzed, the solar and wind generation companies landed at the very top of Morgan Stanley’s environmentally friendly the list.
Morgan Stanley identified 39 stocks that generate at least half their revenue ‘from the provision of solutions to climate change,’ something it said was a central component of investing to make a difference, as opposed to just a making a buck. ‘In our view, impact investing needs to begin with companies whose products and services have a notable positive environmental or social impact,’ wrote Jessica Alsford, an equity strategist at the investment bank.
Not surprisingly, alternative-energy companies ranked the highest in terms of their positive impact, and the ‘top five climate-change impact stocks’ were all manufacturers of solar and wind energy: Canadian Solar, China High Speed Transmission, GCL-Poly, Daqo New Energy, and Jinko Solar.

This post was published at Zero Hedge on Aug 18, 2017.

“Almost Cataclysmic”: Barclays Reveals Which Restaurants Are Most Exposed To Collapsing Malls

/ Aug 18, 2017 8:10 PM
We’ve spent a lot of time this year discussing the complete collapse of mall-based retailers, a collapse which has resulted in more store closures in Q1 2017 than all of 2016 and will likely claim more victims by the end of this year than any year since the great recession nearly a decade ago. Here are a couple of recent examples:
Visualizing America’s Retail Apocalypse 2017 Will Be The Worst Year For US Retail In History “The Retail Bubble Has Now Burst”: A Record 8,640 Stores Are Closing In 2017 But those mall-based apparel companies aren’t the only ones suffering the dire consequences of collapsing mall traffic. For years, the casual dining space has become more and more saturated with new concepts resulting in thinner and thinner margins for the restaurant industry. Now, with foot traffic in malls collapsing these same restaurants are about to experience the brutal realization that declining traffic, massive fixed costs, rising minimum wages and razor thin margins aren’t a great combo.
Thankfully, Barclays’ restaurant team, led by Jeffrey Bernstein, has identified which publicly-traded restaurants are about to get screwed the most. Here’s a summary:
Of the large publicly-traded casual dining chains, Cheesecake Factory ‘wins’ the ‘most screwed’ award with 93% of their locations heavily dependent on mall traffic.

This post was published at Zero Hedge by Tyler Durden.

Bannon: “The Trump Presidency That We Fought For Is Over”

/ Aug 19, 2017 12:51 PM
In his first interview shortly after the White House announced that it was parting ways with Trump’s chief strategist, Steve Bannon told the Weekly Standard on Friday afternoon that “the Trump presidency that we fought for, and won, is over.” After confirming his departure Bannon said that ‘we still have a huge movement, and we will make something of this Trump presidency. But that presidency is over. It’ll be something else. And there’ll be all kinds of fights, and there’ll be good days and bad days, but that presidency is over.’
In his interview with the conservative publication, Bannon predicted that in the wake of his departure, Trump’s administration would “be much more conventional” as his absence from the White House would make it ‘much harder’ for Trump to pave a way forward on issues like ‘economic nationalism and immigration.’ He also predicted that republicans would “moderate” Trump:
‘I think they’re going to try to moderate him,’ he says. ‘I think he’ll sign a clean debt ceiling, I think you’ll see all this stuff. His natural tendency – and I think you saw it this week on Charlottesville – his actual default position is the position of his base, the position that got him elected. I think you’re going to see a lot of constraints on that. I think it’ll be much more conventional.’
In Bannon’s view, his departure is not a defeat for him personally but for the ideology he’d urged upon the president, as reflected in Trump’s provocative inaugural address in which he spoke of self-dealing Washington politicians, and their policies that led to the shuttered factories and broken lives of what he called ‘American carnage.’ Bannon co-authored that speech (and privately complained that it had been toned down by West Wing moderates like Ivanka and Jared).

This post was published at Zero Hedge by Tyler Durden.

Doug Noland: Crisis of Confidence

Global markets are indicating heightened vulnerability. Thursday trading saw the S&P500 decline 1.54%, the second biggest decline of 2017. The session also saw the junk bond market under pressure. A notable $2.18bn of junk fund outflows this week spurred the headline, ‘Risk Exodus Gets Real With Biggest Fund Redemptions in 6 Months.’ Currency markets are increasingly unstable. The euro traded to 1.1838 on Monday and fell to a trading low of 1.1662 on Thursday. The dollar/yen rose to 110.95 on Wednesday before reversing course to a near nine-month low of 108.60 during Friday trading. Gold traded to $1,300 in early Friday trading, the high going back to the election. Early-week market relief over the North Korean situation quickly shifted to unease over festering domestic issues.
August 16 – Wall Street Journal (Gabriel Wildau): ‘One of the most influential analysts of China’s financial system believes that bad debt is $6.8tn above official figures and warns that the government’s ability to enforce stability has allowed underlying problems to go unchecked. Charlene Chu built her reputation as China banking analyst at credit rating agency Fitch, where she was among the earliest to warn of risks from rising debt, especially in the country’s shadow banking system… In her latest report, Ms Chu estimates that bad debt in China’s financial system will reach as much as Rmb51tn ($7.6tn) by the end of this year, more than five times the value of bank loans officially classified as either non-performing or one notch above. That estimate implies a bad-debt ratio of 34%, well above the official 5.3% ratio for those two categories at the end of June… ‘What I’ve gotten a greater appreciation for is how everything is so orchestrated by the authorities,’ she said. ‘The upside is that it creates stability. The downside is that it can create a problem of proportions that people would think is never possible. We’re moving into that territory.”

This post was published at Wall Street Examiner on August 19, 2017.

Dilbert’s Scott Adams Explains “How To Know You’re In A Mass Hysteria Bubble”

History is full of examples of Mass Hysterias. They happen fairly often. The cool thing about mass hysterias is that you don’t know when you are in one. But sometimes the people who are notexperiencing the mass hysteria can recognize when others are experiencing one, if they know what to look for.
I’ll teach you what to look for.

A mass hysteria happens when the public gets a wrong idea about something that has strong emotional content and it triggers cognitive dissonance that is often supported by confirmation bias. In other words, people spontaneously hallucinate a whole new (and usually crazy-sounding) reality and believe they see plenty of evidence for it. The Salem Witch Trials are the best-known example of mass hysteria. The McMartin Pre-School case and the Tulip Bulb hysteria are others. The dotcom bubble probably qualifies. We might soon learn that the Russian Collusion story was mass hysteria in hindsight. The curious lack of solid evidence for Russian collusion is a red flag. But we’ll see how that plays out.

This post was published at Zero Hedge on Aug 18, 2017.

The Real Story Behind Goldman’s Q2 Trading Loss: How A $100M Gas Bet Went Awry

Goldman Sachs FICC-trading income was an unexpectedly ugly blemish on what was already a poor Q2 earnings report. And while the FDIC-backed hedge fund initially blamed the decline on lower trading revenues, lack of volatility and depressed client activity…

… there was more to the story. The Wall Street Journal has uncovered what really happened: A $100 million bet on regional natural-gas prices gone awry after production problems at a local pipeline sent prices soaring, decimating Goldman’s position.
‘Goldman wagered that gas prices in the Marcellus Shale in Ohio and Pennsylvania would rise with the construction of new pipelines to carry gas out of the region, said people familiar with the matter. Instead, prices there fell sharply in May and June as a key pipeline ran into problems.’
More specifically…

This post was published at Zero Hedge on Aug 18, 2017.

Rogoff Tells Central Banks More Negative Interest Rates Will Be Needed

Kenneth Rogoff, the Professor of Economics at Harvard University, is stuck in a time warp where he cannot think out of the box even once. He is telling the central banks that the next recession they will have to resort to negative interest rates and they should prepare now. Despite the fact that negative rates have failed to work in Europe or Japan, seems to be nothing to really consider. So what after almost 10 years of failed policies at the European Central Bank, it will eventually work maybe in 12 or 13 years? It just requires patience? Well even a broken watch is correct twice a day for a brief moment in time.
This is the problem with academics. They don’t get the calls for help. A friend in the central bank of Canada referred a major Canadian company to us.

This post was published at Armstrong Economics on Aug 19, 2017.

U.S. Has 3.5 Million More Registered Voters Than Live Adults – A Red Flag For Electoral Fraud

American democracy has a problem – a voting problem.
According to a new study of U. S. Census data, America has more registered voters than actual live voters. It’s a troubling fact that puts our nation’s future in peril.
The data come from Judicial Watch’s Election Integrity Project. The group looked at data from 2011 to 2015 produced by the U. S. Census Bureau’s American Community Survey, along with data from the federal Election Assistance Commission.
As reported by the National Review’s Deroy Murdock, who did some numbers-crunching of his own, “some 3.5 million more people are registered to vote in the U. S. than are alive among America’s adult citizens. Such staggering inaccuracy is an engraved invitation to voter fraud.”

This post was published at Zero Hedge on Aug 18, 2017.

Gold Is Money: It’s Elemental!

Gold is money. That’s one of the main reasons you want to own gold.
Gold possesses all of the characteristics of money Aristotle listed 2,000 years ago. The philosopher said sound money must be durable, portable, divisible, and have intrinsic value. You can check off all four of these characteristics for gold. You can also add a fifth characteristic to Aristotle’s list. Sound money cannot be easily manipulated by central bankers – i.e. created out of thin air. That’s why the yellow metal has held its value over time while fiat currencies have fallen in value.
But a chemistry professor at University College London said there is an even more elemental reason gold is money.
Gold is boring. Chemically speaking that is.
In a 2013 BBC article, Andrea Sella argued that its chemical makeup makes gold the perfect element to function as money. It is stable. It doesn’t react with other elements. It doesn’t break down over time.
In fact, gold was chemically destined to be money.

This post was published at Schiffgold on AUGUST 18, 2017.

Weekend Reading: Losing Faith?

33% of surveyed asset managers in latest BoA ML GFMS believe corporate profits will improve, down from 58% earlier in year $SPX $SPY pic.twitter.com/u8HC2l6PTB
— Babak (@TN) August 15, 2017

Last week, I penned the following:
‘Now, you would suspect the possibility of nuclear war might just be the catalyst to send markets reeling, but looking at the market’s reaction on Thursday, I suspect there will be t-shirts soon reading:
‘I survived the threat of nuclear war and the ‘great crash of 2017′ of 1.5%’’
Of course, as markets touched on their 50-dma, the algos kicked in hard on Monday morning sending the markets surging higher. The reason, according to the media, was the reduction in global risk as Donald Trump briefed Kim Jung-Un about the U. S.’s retaliatory response should North Korea decide to attack Guam.
I was able to acquire a copy:

This post was published at Zero Hedge on Aug 18, 2017.

Current AI Recession Forecast: June 2019

Earlier this year, FS Insider discussed a new machine-learning “forecasting engine” developed by San-Diego-based Intensity Corporation used for economic and revenue forecasting, large-scale investing, supply chain optimization, and a wide range of other areas.
The current forecast their platform is giving for a US recession is June 2019, which is updated daily on their website here along with a one-year forecast history (shown below).

This post was published at FinancialSense on 08/18/2017.