Mike Rowe Slams Celebrity Political Endorsements: Election Is Like “The Final Episode Of American Idol”

After Mike Rowe received a letter asking him to encourage his ‘huge following’ to get out and vote in the presidential election, the wise host of ‘Somebody’s Gotta Do It’ replied with quite the eye-opening civics lesson.
Rowe noted that voting is ‘an important right that we all share, and one that impacts our society in dramatic fashion. But it’s one thing to respect and acknowledge our collective rights, and quite another thing to affirmatively encourage people I’ve never met to exercise them. And yet, my friends in Hollywood do that very thing, and they’re at it again.’
More from Rowe’s reply:

This post was published at Zero Hedge by Tyler Durden / Aug 21, 2016.

The Fed’s Latest Comedian: Stanley Fisher

Stanley Fisher embarrassed himself and the Fed today by regurgitating the standard Fed threat to raise rates in 2016. The Fed officials are starting to sound like that teacher on the Peanuts cartoon:
We are close to our targets,’ Fischer said in a speech at the Aspen Institute in Aspen, Colorado on Sunday. ‘Looking ahead, I expect GDP growth to pick up in coming quarters, as investment recovers from a surprisingly weak patch and the drag from past dollar appreciation diminishes,’ he added, without giving explicit views on his rate outlook. LINK
Someone needs to put a muzzle on these guys. The economy is meeting the Fed’s goal of what, creating the lowest labor force participation rate in history? I have to believe the Fed is looking at the real economic data reports and not the seasonally manipulated annualized rate garbage fed to us by the likes of the Government, auto industry and housing industry. Retail sales, including and especially restaurant sales, are declining and possibly on the verge of collapsing. Same with housing. I have been reviewing the real data in-depth in my weekly Short Seller’s Journal.
It’s especially funny that Fisher is bragging about a strong in economy from his perch at the Aspen Institute in Aspen, Colorado. Why? Because Aspen real estate is collapsing:Brokers At A Loss To Explain Sudden, Precipitous Drop In Aspen Real Estate:

This post was published at Investment Research Dynamics on August 22, 2016.

“It’s Not Some Barbarous Relic” – Trump Adviser Urges Return To Gold Standard

Q&A with Dr. Judy Shelton, the only female economist advising the Trump campaign.
Donald Trump is no policy wonk.
He is pitching himself as the best man for the presidency based on his track record as businessman, and his ability to surround himself with the ‘best’ people – not on his knack for writing white papers. This, of course, means that it is important for voters to understand whom he is surrounding himself with, and what sort of ideas they hold.

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


We have been highlighting the wave of billionaires who are all getting out of the stock market this summer and buying gold. Well, now it’s a trillionaire.
Of course, he’s not ‘officially’ on top in the ‘most wealthy’ lists… but that is because the Rothschilds have been experts in hiding their wealth for centuries.
When Jacob’s great-great-great-great grandfather, Mayer Amschel Rothschild, died in 1812, his will explicitly stated that no public inventory of his estate was to be published and that no legal action was to be taken with regard to the value of the inheritance. It’s also been suggested that the Rothschilds use private, unrecorded, limited partnerships to accumulate wealth (you know, like all the ones in the Panama Papers).
By the end of the 19th century it was estimated that the Rothschild family controlled half the wealth of the world. No one can prove it of course, but it seems likely. You can see their fingerprints on many current events. In fact, their family has likely caused and financed both sides of nearly every war since and control virtually every central bank (to see a full list of all their crimes against humanity click here).
And so, when Jacob Rothschild says that he is buying gold because the central banks are out of control, you have to laugh. He and his family have been in control of the world’s central banks for centuries.
But he has said it nonetheless. In his semi-annual address to shareholders of RIT Capital Partners, Jacob Rothschild, announced that they are reducing stock market and currency exposure and increasing their gold holdings and warns that the world is now in ‘uncharted waters’ and that the consequences are ‘impossible’ to predict.
He stated:

This post was published at Dollar Vigilante on AUGUST 21, 2016.

The Bank of England Turns to More Easy Money

Earlier this month, the Bank of England altered the bank rate of interest for the first time since 2009, pushing it from 0.5% down to 0.25%, with a further cut to 0.1% expected later in the year, and an accompanying 70 billion programme of new quantitative easing.
This dramatic – if predictable – shift in British monetary policy (further detailed in a recent Mises Wire article), has already had a significant short-term impact, with sterling falling by 1.5% against the dollar within the first half-hour after BoE Governor Mark Carney’s announcement. However, in the days since, there have been ominous rumblings in certain corners of the British economy, which hint at possibly far more grave, long-term consequences of the decision.
With central banks around the world falling into step in a seemingly inexorable race toward negative interest rates, it is worth paying particular attention to these little clues coming to the surface in Britain, and the possible bigger problems they could be pointing to on the horizon. The host of consequences which Britain will likely suffer in the coming months, may serve either as a warning to central bankers and politicians around the world against pursuing the same policies, or as a harbinger of the grim future into which the world economy may be beginning its descent.

This post was published at Ludwig von Mises Institute on Aug 21, 2016.

A Postmodern Tragedy In One Part: “The Fed Is Observing The Market And The Market Is Observing The Fed”

In Deutsche Bank’s weekly credit report, derivatives strategist Aleksander Kocic – who over the past year has demonstrated a flair for the post-modern essay style – has written the following fascinating brief tragedy (or rather, comedy) in one brief part, explaining all every Fed watcher needs to know.
Avoiding the perplexed gaze, by DB’s Aleksander Kocic
Anyone observed requires the presence of an observer who, if he is observed by the object of his observation, himself becomes an object of observation, a situation which has a destabilizing effect, for the original observer discovering that he has been observed by his object feels caught in the act and, since being caught in the act produces embarrassment, this usually leads to aggression.
For example, observing someone through a peephole at the moment when the observed person notices the eye on the other side of a peephole, and when the observer catches his gaze, he either breaks through the door or leaves, but the observation can no longer continue. For such circular observation to remain sustainable there has to be a symbolic pact between the observer and the observed subject that their gaze will never be caught. Only that is stable.

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

On Again with Greg Hunter of USA Watchdog

It was a pleasure to visit with Greg Hunter again late last week.
Greg and I covered a bunch of relevant topics over the course of this 29-minute discussion. Greg has posted a full summary on his site here: As you prepare for another volatile week in the markets, please carve out some time to give this a listen.

This post was published at TF Metals Report on Sunday, August 21, 2016.

A Good Reason Not to Panic’ about July’s Plunging Home Sales

I get chills when insiders tell outsiders ‘not to panic.’
Home sales plunged 10.9% across the US in July from a year ago, ‘the biggest national sales decline since April 2011,’ nationwide real estate broker Redfin reported, adding chillingly, ‘but there’s a good reason not to panic.’
When insiders tell outsiders ‘not to panic,’ I get worried. This is what July home sales volume in the US looked like, according to Redfin:

This post was published at Wolf Street by Wolf Richter ‘ August 21, 2016.

Goldman “Explains” Why Yellen Lost Credibility: “In Our View, The Fed Has Been Unlucky”

While historically the Kansas Fed’s Jackson Hole symposium has not lead to dramatic market moves (with the exception of 2010 when Ben Bernanke unveiled QE2), it has traditionally served as a springboard for the Fed to prepare the market for any major shifts in policy, such as the 2013 tapering of QE. So having skipped the 2015 central banker conclave, all eyes will be on Janet Yellen this Friday, where as Bloomberg’s Daniel Kruger predicts it will be all about “coming to grips with the idea that our economic future is currently staring back at us in the mirror” as a result of numerous recent admissions by current and former (most notably Ben Bernanke) central banks, who have been increasingly focused on r*star (or the natural interest rate) as an indication that the US economy can no longer grow at its historical pace absent a major fiscal stimulus.
The topic of the meeting (“Designing Resilient Monetary Policy Frameworks for the Future“) belies the notion that some hard truths are going to be served up. Among them should be acknowledgments that the Fed’s terminal rate is lower than officials have forecast and that central banks, once seen as omnipotent, have thrown their best punches and will be operating from positions of weakness for the foreseeable future. In other words, as Kruger puts it, this is the new normal, and it could get worse.
The WSJ’s Jon Hilsenrath confirms as much, saying that “for much of the post-financial-crisis era, U. S. Federal Reserve officials have held to a belief that they could get back to their old way of doing things. Growth would resume at a modest pace, annual inflation would climb to 2% and interest rates would gradually rise from near zero to a normal level near 4% or higher.” However “as they prepare to gather at their annual retreat in Jackson Hole, Wyo., officials are grimly coming to a view that it isn’t going to happen that way.”
Hilsenrath admits that the Fed, in turn, “is starting to see that rates aren’t going to return to normal and the way it conducts monetary policy and deals with recessions is going to have to change.”

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

A Default Spree Is Coming… And It’s Going to Be Ugly

Junk bonds may be rallying but it has little to do with corporate credit quality, which just keeps deteriorating.
As of the end of August, 113 companies had defaulted on their debt in 2016, already matching the total number of defaults from 2015. The year-to-date default count was also 57% higher than a year earlier.
In case anyone is paying attention (it appears they are not), the last time defaults were this high was in 2009 when 208 companies failed during the financial crisis.
Standard & Poor’s is now projecting that the annual default rate will hit 5.6% by June 2017 with 99 junk-rated companies expected to default in the 12 months ending June 2017. That would significantly exceed the 79 U. S. companies that defaulted in the previous 12-month period ending June 2016, which resulted in a 4.3% default rate.
While low oil prices are a major contributor to this ugliness, energy companiesonly accounted for 57% of the defaults in the 12 month period ending in June 2016.
That means that there is plenty of distress to go around…

This post was published at Wall Street Examiner by Michael E. Lewitt ‘ August 21, 2016.

The CEO’s Great Advice About Whistleblowers Never Mentions Them

The New York Times has a columnist who interviews business leaders. He interviewed, Bracken Darrell, Logitech’s CEO in a column entitled ‘Be Sure to Tell the Boss What’s Wrong.’ When we, the co-founders of Bank Whistleblowers United, hear a phrase like that our ears perk up. It is exactly the right message the CEO should send. The people who most obviously take that message to heart, in the most difficult circumstances for the employee and where following the CEO’s advice is most vital to the firm, are whistleblowers. Despite the title of the article, and the famous role that whistleblowers played in disclosing the frauds that drove the most recent financial crisis, the CEO never mentioned whistleblowers. The entirety of the discussion of basis for the title of the article is shown below.
What changes did you make when you joined Logitech in 2013?
Early on, we defined several values in the culture that I didn’t think were there enough. One of them was speaking up, and that’s the most important one. When people go through a tough time, as Logitech had for about four years, everybody’s talking about problems. But if nobody listens to them they stop talking about problems, so you don’t know what they are.

This post was published at Wall Street Examiner by William Black ‘ August 21, 2016.

Clinton Campaign Refuses To Answer Questions Over Foundation Funding

In a somewhat shocking interview, CNN does not lob softballs at Clinton campaign manager Robby Mook when herefuses to answer the simple question of why The Clinton Foundation will continue to accept funding from homosexual-killing, terrorist-funding foreign entities… until she becomes President, when it will beunacceptable for more than half of her donors.

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

The Answer To Whether The Oil Market Has Rebalanced

There has been much debate in this oil industry regarding this subject with a lot of poor analysis, no analysis at all, opinions, raw speculation, pure conjecture and every investment bank in the world talking their book on this subject. So we thought we would settle this question once and for all so that everybody is on the same page. We analyzed the Oil Market to determine this question definitively by checking the actual data. The only valid way of determining this matter in a rational and constructive manner.

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

One ‘Think Tank’ Claims $15 Federal Minimum Wage Equals 7 Million Job Losses

The elections are only a couple of months away and the populist vote-getting mantras are on full display.
Take the minimum wage, for example. Hillary Clinton wants a FEDERAL minimum wage of $15 per hour. Sounds great, right?
But the Heritage Foundation (located in Washington DC, a short walk from Union Station) has an interesting study claiming that a $15 Federal minimum wages will result in a loss of 7 million jobs.

This post was published at Wall Street Examiner on August 20, 2016.