• Tag Archives Barack Obama
  • Countries Are Ramping Up On Gold Purchases As The Dollar Takes A Dive – Episode 1340a

    The following video was published by X22Report on Jul 24, 2017
    Existing home sales slump, this is the weakest summer since 2011, this is not a good sign. Caterpillar sales increase because of the purchases from China and the Asian sector, this is fading already. Obama’s economy was one of the weakest economies we have seen since 1971. IMF forecast for US growth has been revised lower, it also revised global growth. Visa and other credit card issuers are pushing a cashless society to increase profits through transaction fees. Turkey and many other countries are purchasing a huge amount of gold. Janet Yellen confirms that the US dollar is collapsing.


  • A Pro-Growth Move

    When President Trump was elected last November, the stock market threw a pro-growth party that resulted in a robust year-end rally for the major indices. Stock market participants were enthused by the prospect of reduced regulations, increased infrastructure spending, the repeal and replacement of the Affordable Care Act (aka Obamacare), and, most importantly, tax reform.
    That enthusiasm manifested itself in the outperformance of value stocks, but in more recent months, growth stocks have flexed their muscle and have been leading the major indices to new record highs.
    The shift in leadership has been plain to see and it plainly suggests that the stock market isn’t as hopeful as it once was that the assumed pro-growth legislation will come to pass.
    That has been discouraging in an economic sense because the real-time economic data have served as a reminder that the US economy is still stuck in its low-growth rut.

    This post was published at FinancialSense on 07/24/2017.


  • Technical Scoop – Weekend Update July 23

    It was another quiet week for the markets even as the S&P 500 hit new all-time highs less than 25 points from 2,500. Investor focus continued to be on Trump and the goings-on at the White House. For months, years even, Republicans and Trump vowed that there would be health care reform by ending Obamacare and bringing in their own version. Tax reform was another part of the agenda that was top in investors’ minds. By week’s end, health reform lay in tatters and tax reform is becoming doubtful. Despite a number of iterations of repeal-and-replace Obamacare, in the end they did not satisfy enough Republican senators to push it through the Senate. It went either too far or not far enough. In desperation, they went for a straight repeal and that one proved to be dead on arrival.
    After six months of Republicans controlling the White House, Congress, and the Senate they have not been able to pass one piece of major legislation. While seemingly it has not weighed on the stock markets, it does appear to be weighing on the US Dollar as the US$ Index sunk to new 52-week lows. As to tax reform, well, that appears to be going nowhere either and deadlines loom at the end of the fiscal year September 30, 2017. The debt ceiling is looming once again as the Treasury is poised to run out of money in early October – unless, of course, they agree to extend it once again. The debt ceiling debate is becoming increasingly rancorous, but not between Republicans and Democrats – instead, between Republicans and Republicans. The White House is on one side and Congress on the other, with one wanting and recognizing the need to raise the debt ceiling while the other wants to slam on the brakes for their own agenda.
    Things continue to heat up on the Russian investigation front. Donald Trump Jr., Paul Manafort, and Jared Kushner, the principals at the heart of the Russian meeting that was initially denied, are due to meet a Senate judiciary committee on July 26. Things continue to whirl around the investigation with constant implied threats from the White House leveled at special counsel Robert Mueller if the investigation expands into Trump’s finances. It ought to be interesting given Mueller’s authority especially if it clashes directly with the President. The President also slammed his Attorney General for recusing himself in the Russian investigation and if he had known that in advance, Jeff Sessions would never have been appointed. Something about throwing your report under the bus it seems. Finally, the President said that since he has the power to grant pardons he could pardon himself. Nothing said about the ensuing constitutional crisis.

    This post was published at GoldSeek on 23 July 2017.


  • How Accurate Are CBO Forecasts? The Answer In Two Charts

    Even as the Republican effort to repeal Obamacare in recent months has suffered one humiliating loss after another, at the hands of none other than the very same Republican party, one government agency has been repeatedly scapegoated for the GOP’s failure to come up with a credible and passable alternative to Obamacare: the Congressional Budget Office. Then agan, while hardly an excuse for their sheer incompetence, the GOP is certainly right to point the finger at the CBO’s track record of “forecasts”, one which we have mocked here on occasion after occasion after occasion.
    And here, in just two charts, is why when it comes to matters of predictive accuracy, the CBO is almost as bad as the Federal Reserve.

    This post was published at Zero Hedge on Jul 22, 2017.


  • Well Well, Look What We Have Here…

    “The ObamaCare reform fiasco looks like a tipping point toward a strain of toxic political paralysis that might literally kill the government as we’ve known it. Over the many months of debate, congress never even got around to raising the salient issue: that the 18-or-so-percent of the economy ‘health care’ represents consists largely of outright racketeering.”
    Yep.
    Oh, and I believe it’s now up to 19% and change, soon be 20.
    And somewhere not far from there the entire mess comes apart.
    3+% real GDP expansion cannot be achieved when one dollar in five is literally stolen for an alleged “service” that is worthless at best and kills you at worst.
    Let us not forget that to consume you must first produce, or convince someone you will in the future (he then lends you what you spend, of course.) The latter has been made easy over the last 30 or so years (since the early 1980s) by a generally-declining interest rate environment.
    You take a million dollar loan @15% interest and you have to come up with $150,000 a year or the come take your property.
    But when the rate falls to 10%, you can borrow a million and a half, spending the other $500 large.

    This post was published at Market-Ticker on 2017-07-21.


  • Healthcare Plan Collapse Rekindles Doubts About Trump Economic Agenda

    The dollar plunged after Republicans in Congress abandoned their plan to overhaul Obamacare this week.
    The plan to ‘repeal and replace’ the Affordable Care Act collapsed after Senators Mike Lee and Jerry Moran joined fellow Republicans Susan Collins and Rand Paul opposing it. In fact, ‘repeal and replace’ was a misnomer. The Republican plan kept many key elements of Obamcare in place. It was more of a Republican revamp than any kind of repeal.
    Nevertheless, pundits and analysts widely viewed the failure to get healthcare reform done a major stumble for Republicans, and it seems to cast doubt on the Pres. Trump’s ability to advance his ambitious economic agenda. Reuters put it this way:

    Republican’s healthcare failure spelled uncertainty for Trump’s other top agenda items of tax reform and an infrastructure overhaul, leaving the president without any major legislative accomplishments six months into his tenure.’
    The announcement of the breakdown in Congress rattled financial markets and sent the dollar to a 10-month low. Gold and silver both saw gains.

    This post was published at Schiffgold on JULY 19, 2017.


  • What The Senate’s Healthcare Fiasco Means For Trump Policies: Goldman Explains

    Now that Trump’s hope to replace Obamacare is dead indefinitely following last night’s mini rebellion in the Senate , and only the possibility of repeal remains although even that is not likely, pundits are asking what this means for Trump’s overall agenda, and whether it will accelerate or further delay (or block outright) the implementation of any other Trump proposal, chief among which is budget resolution, increasing the government debt ceiling and passing tax reform. Regarding the latter, the stakes are especially great because as Bank of America explained earlier, “there is a general consensus that without tax reform the GOP could lose their majority in the House.”
    Still, for a market that has gotten used to ignoring everything out of Washington, if not virtually all newsflow, the reaction will likely be delayed because as BMO’s Ian Lyngen writes, investors will likely ‘start looking at the issue more closely in the coming weeks, but don’t expect any visceral market response till the 11th hour from either Congress or the markets.” Still, they warn that ‘the broader implications of this health-care failure may reverberate a bit more over time than markets may be currently assuming.”
    So while we wait for the market response, what happens next? Overnight Goldman’s chief political analyst Alec Phillips writes that while Congress may still pass a health bill, it just won’t be this one and notes that the “enactment of much more narrowly-focused health legislation is still possible this year, in light of problems facing the individual insurance market for 2018.”

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


  • Dollar Tumbles, Euro Soars After Obamacare Repeal Dies; China Intervenes To Halt Rout

    Bulletin headline summary from RanSquawk
    The USD-index dropped to 10 month lows amid fading hopes of US reforms after Obamacare repeal effectively died last night. Soft CPI from the UK and NZ weigh on both currencies Looking ahead, highlights include BoE’s Carney and the API Crude report The Dollar Index sank to its lowest level since September, a fresh 10-month low, after two more Republican defections on Monday night doomed the proposed GOP healthcare plan in the Senate. And while Treasuries rose on concerns about inflationary pressures and the viability of the Trump stimulus agenda, S&P futures rebounded gingerly from session lows, and were up 0.01% after posting nominal declines earlier in kneejerk reaction to the Senate news.

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


  • New Study Finds U.S. Healthcare System Ranks Dead Last Compared To Other Developed Nations

    As Republicans sit on the precipice of fumbling what will likely be their one opportunity to repeal and replace America’s failed Obamacare experiment, a new study just released by The Commonwealth Fund found that the U. S., despite spending more money per capita than any other country on the planet, has the worst healthcare system in the developed world.
    The Commonwealth Fund focused on evaluating five main areas of the healthcare system, including care process, access, administrative efficiency, equity and health care outcomes and analyzed 72 indicators within those fields. Of the 11 countries included in the study, the U. S. ranked dead last by a fairly staggering margin.
    The United States spends far more on health care than other high-income countries, with spending levels that rose continuously over the past three decades (Exhibit 1). Yet the U. S. population has poorer health than other countries.
    Timely and accessible health care could mitigate many of these challenges, but the U. S. health care system falls short, failing to deliver indicated services reliably to all who could benefit. In particular, poor access to primary care has contributed to inadequate prevention and management of chronic diseases, delayed diagnoses, incomplete adherence to treatments, wasteful overuse of drugs and technologies, and coordination and safety problems.

    This post was published at Zero Hedge on Jul 17, 2017.


  • Here’s a Simple Breakdown of the Senate Healthcare Bill’s Latest Changes

    This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Reposted with permission.
    Congressional Republicans unveiled their newest version of the Senate healthcare bill – known formally as the Better Care Reconciliation Act (BCRA) – yesterday (July 13).
    The latest version offers a few slight differences from its predecessor, which was revealed on June 22.
    Among the new healthcare bill’s changes:
    More funds would be set aside for the opioid crisis A provision would allow people to pay for premiums using a health savings account Two taxes targeting the wealthy would be maintained from Obamacare The updated legislation also includes a modified version of the ‘Cruz Amendment’ – pushed by Sen. Ted Cruz (R-TX) – that would allow providers to offer ‘skimpier’ insurance plans with cheaper monthly costs.

    This post was published at Wall Street Examiner by Money Morning Staff Reports ‘ July 14, 2017.


  • Global Capital Markets Have Added Over $11 Trillion Since Trump’s Election

    Since President Trump’s election, global equity markets have added more absolute value than at any time in history (around $12 trillion) – surpassing the front-running exuberance that started when Bernanke hinted at QE2 in 2010.
    The value of global equity markets reached a record high $76.28 trillion yesterday, up a shocking 18.6% since President Trump was elected. This is the same surge in global stocks that was seen as the market front-ran QE2 and QE3

    Of course, some might say this is driven by animal spirits. Still others will proclaim this is all Trump as Obama’s suppressive boot on the throat of business is lifted.
    However, there is another explanation… a $1.4 trillion addition to global central bank balance sheets seems to have a curiously strong correlation to the gains…

    This post was published at Zero Hedge on Jul 14, 2017.


  • Will Trump Use Obama’s “Secret Debt Ceiling Plan” To Avoid A U.S. Treasury Default?

    After voting to repeal and replace Obamacare 60 times under the Obama administration, Senate Republicans, now that it counts, are locked in a heated civil war over how or if they should even modify the controversial legislation. As proven time and again, despite sharing a common party, conservative and moderate republicans have very little else in common.
    So, while many may think that a repeat of the 16-day government shutdown in 2013 is unlikely while a single a party controls all three branches of government in Washington D. C., we suspect it may not be quite as simple as that. Without a budget in place that truly balances, conservative republicans will most likely be unwilling to approve debt ceiling increases no matter who is sitting in the White House.
    While republicans have attempted to get ahead of the game by passing a debt ceiling increase well in advance of a breach, efforts so far have failed. And while it may seem far away, the U. S. government will reach its statutory limit on borrowing some time in October. So how will Mnuchin handle the Treasury Department if Republicans fail to act and Democrats refuse to play ball? Turns out Obama had a plan for that. Per Bloomberg:
    When the nation almost breached its debt ceiling six years ago, the Federal Reserve and Treasury drew up contingency plans that were kept secret until January, when transcripts of an Aug. 1, 2011 conference call at the central bank were released after a customary five-year lag.

    This post was published at Zero Hedge on Jul 14, 2017.


  • The CBO Scores President Trump’s Proposed Budget

    The Congressional Budget Office has scored President Trump’s first budget proposal. In the report, the CBO finds significant reductions in the US government’s annual budget deficits compared to their baseline estimates, which reflect their projections of how those deficits would have grown if the spending policies of the previous Obama administration were allowed to continue on autopilot.
    Here’s how the CBO’s analysts summarized the effects of President Trump’s proposals on the budget:
    Compared with CBO’s baseline projections, the deficit under the President’s proposals would be slightly larger in 2018, about the same in 2019, and smaller in each year between 2020 and 2027, according to CBO and JCT’s estimates (see Figure 1). The cumulative deficit from 2018 through 2027 would be reduced by $3.3 trillion from the $10.1 trillion in CBO’s baseline….
    As a result of those smaller deficits, debt held by the public would also be lower under the President’s proposals than under current law. Federal debt held by the public would equal 77 percent of GDP this year and would hover around 80 percent for most of the 10-year period. That ratio would be lower – about 11 percentage points of GDP lower by 2027 – than the amounts projected in the baseline (see Figure 2).

    This post was published at FinancialSense on 07/14/2017.


  • Controversial Alaskan gold mine could be revived under Trump’s EPA

    The Trump administration has taken a key step toward paving the way for a controversial gold, copper and molybdenum mine in Alaska’s Bristol Bay watershed, marking a sharp reversal from President Barack Obama’s opposition to the project.
    The Environmental Protection Agency on Tuesday proposed withdrawing its 2014 determination barring any large-scale mine in the area because it would imperil the region’s valuable sockeye salmon fishery. The agency said it would accept public comments on the proposal for the next 90 days.
    ‘The facts haven’t changed. The science hasn’t changed. The opposition hasn’t changed,’ said Taryn Kiekow Heimer, a senior policy analyst at the Natural Resources Defense Council, which has fought the proposed mine. ‘The fact that it’s the wrong mine in the wrong place hasn’t changed. But the politics have changed.’
    The EPA’s latest action stems from a legal settlement in the spring with Pebble Limited Partnership, a subsidiary of the Canadian firm Northern Dynasty Minerals Ltd. The settlement did not grant an immediate approval for the polarizing project, but it did begin to clear the way for the company to apply for federal permits – a path the Obama administration had thwarted.

    This post was published at Washington Post


  • Is This The Generation That Is Going To Financially Destroy America?

    Did you know that the federal government is going to spend more than 4 trillion dollars this year? To put that into perspective, U. S. GDP for the entire year of 2017 is going to be somewhere between 18 and 19 trillion dollars. So when you are talking about 4 trillion dollars you are talking about a huge chunk of our economy. But of course the federal government doesn’t bring in 4 trillion dollars a year. At the beginning of Barack Obama’s first term, we were 10.6 trillion dollars in debt, and now we are nearly 20 trillion dollars in debt. That means that we have been adding more than a trillion dollars a year to the national debt. When you break that down, that means that we have essentially been stealing more than a hundred million dollars from future generations of Americans every single hour of every single day to pay for our debt-fueled lifestyle. Even Federal Reserve Chair Janet Yellen is warning that this is not sustainable, and yet we just keep on doing it.
    Nobody can pretend that what we have today is the kind of limited federal government that our founders intended. When federal spending accounts for more than 20 percent of GDP, it is hard to argue that we haven’t moved very far down the road toward socialism. As I mentioned above, total federal spending will surpass 4 trillion dollars for the first time ever in 2017…

    This post was published at The Economic Collapse Blog on July 12th, 2017.


  • Enjoy Your Dependence Day, America

    It was not that long ago that a group of men and women in this nation decided they had enough.
    They didn’t have electric power. They didn’t have Teslas. Most homes didn’t have any sort of “plumbing”; there was an outhouse, as the named implied, out back — which was little more than a pit and a shack around it. Taking a bath required heating water over a fire, which then could be poured into a tub; a “shower” was unheard of. Indeed these people didn’t have cars; they rode horses or walked, and many could not afford a horse, so feet it was. There was no “welfare”, no AFDC and no Obamacare. If you didn’t work you either found someone who took pity on you — privately — or starved. They did have firearms, but not because someone gave them to them, and in fact the government kept trying to confiscate them or limit what they could own or where they could carry them.
    The genesis of the American Revolution was a modest but real increase in taxes that the Crown attempted to impose, especially on what was at the time an effective national beverage — tea. I remind you that at the time the effective tax rate in the Colonies was a mere 2%, and the increase proposed was tiny.
    Yet it, along with a government that wanted to tell people how to live, pushed the nascent Americans far enough over the edge that they grabbed rifles and told the soldiers — and the Crown to “get out.”

    This post was published at Market-Ticker on 2017-07-04.


  • Gold And Silver – Why No Rally? Lies, Lies, And More Lies.

    One thing certain of all politicians, no matter where in the world, they all lie. The US federal government, that captive political body beholding to Wall Street interests, also a subsidiary of the international bankers that controls the West and all fiat-issued currency, is one of the worst when it comes to lies and deceit, primarily because Europe can only play a poor second fiddle to federal US dictates. South America can offer no resistance, nor can South Africa.
    China is beginning to flex its overblown might, and Russia, while in opposition, remains under attack by the West, led by the Neocons [Nazi-types] from the US Deep State trouble makers. The only thing the federal US government does is start wars, and if there is a war going on anywhere around the globe, the US is either directly or indirectly responsible. Wars feed the [fading but still formidable] military might as a means of keeping the fiat Ponzi scheme, aka the ‘dollar,’ alive as the [diminishing] world reserve fiat currency.
    Every US administration, at least since the 16th president, Lincoln, in 1861, has been utterly deceitful to the American, indeed world-wide, public. Almost everything that comes from every administration is based on lies, lies, and more lies. Bush, the first, Clinton, Bush the second, Obama, and now Trump, have been ardent liars about everything.
    The Bushes and Clinton were willing sycophants serving the interests of the elites at the expense of all Americans. ‘Yes, we can’-Obama was full of naive hope that quickly turned into yet another executioner for the elites, not fulfilling a single campaign promise and basing his entire presidency on selling the American interests to Wall Street and the international bankers. Obama was a sickening excuse for a president and hid his lying character from the American public.

    This post was published at Edge Trader Plus on Saturday 1 July 2017.


  • JUNE 30/OPTIONS EXPIRY FINALLY OVER/CHINA FURIOUS AT THE USA FOR SALE OF $1.4 BILLION IN ARMS TO TAIWAN/3 USA STATES IN PRECARIOUS POSITION AS THEY HAVE NOT PASSED THEIR BUDGET: ILLINOIS,CONNECTI…

    GOLD: $1240.70 DOWN $3.50
    Silver: $16.57 DOWN 2 cent(s)
    Closing access prices:
    Gold $1245.50
    silver: $16.65
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1261.24 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1253.05
    PREMIUM FIRST FIX: $8.23

    This post was published at Harvey Organ Blog on June 30, 2017.


  • Goldman No Longer Believes Republicans Can Repeal Obamacare: Here’s Why

    One month after Goldman gave up on Trump being able to pass any major (or minor) tax package in 2017, overnight – in the aftermath of Senate GOP’s deplorable failure to find the needed 51 votes to ” repeal and replace” Obamacare- Goldman’s Washington analyst Alec Phillips throws up his hands, and no longer believes that passage of Obamacare is possible.
    In a note that looks at the current state of health legislation, titled appropriately enough “Nearing the End”, Goldman summarizes that Senate Republican leaders have postponed the vote on health legislation that had been tentatively scheduled this week. A vote is possible in two weeks, but further delays are possible.
    Phillips does note that there are still some arguments in favor of eventual enactment: Republicans will be under pressure to follow through on a long-standing political commitment, and the estimated deficit reduction and tax cuts in the health bill could be useful in passing tax legislation later. Fixing the existing program for the coming year will also be necessary.
    However, he is skeptical and says that “these factors are likely to be outweighed by the political obstacles. Estimates of the potential increase in the uninsured population seem unlikely to improve substantially even after revisions to the bill. Public support for the effort is also weak, and intraparty divisions appear to pose too many obstacles. At this point, enactment of broad health legislation like the House passed or the Senate is contemplating seems unlikely.”

    This post was published at Zero Hedge on Jun 28, 2017.


  • The Fed’s Third Mandate Is Official

    There has been a whole lot of ink spilled on the reason for the Fed’s recent break from data dependence. Many pundits believe the Federal Reserve’s hawkish guidance, even in the face of low inflation readings, is a partisan attempt by Yellen & Co. to derail the weak recovery. I don’t buy that argument. To think the FOMC board would leave rates easy for Obama or Hillary, but raise them for Trump is just foolish. The Fed might be incompetent, but they aren’t so blatantly biased.
    I have speculated the Federal Reserve’s deviance from data dependence can better be explained by the adoption of a third mandate – financial conditions (Rejoining the Dark Side), but my theory involved a fair amount of reading in between the lines. Until now…
    This morning, at a speech at the BIS Annual General Meeting, Bill Dudley came right out and stated unequivocally that the Federal Reserve was targeting financial conditions.

    This post was published at Zero Hedge on Jun 26, 2017.