Erik Townsend welcomes Jim Grant to MacroVoices. Erik and Jim discuss new Fed governor Powell, treasury yields and how far the FED go before something breaks. They discuss his outlook on inflation, gold, junk bonds, China and the drivers of long term debt cycles. They reflect on History and what happened when the FED did not bail out the banks in 1920 and considerations on what actions the US government can take to deal with the debt.
The gold-silver ratio has been one of the most reliable technical ‘buy’ indictors for silver, whenever the ratio climbs above 80. The gold-to-silver ratio has now spiked above 85, which is the highest level of this entire 18-year bull market! In fact, you have to go back 27 years to 1991 for the ratio to be higher than it is today. The gold-to-silver ratio is a powerful trading signal that can help to identify buying or selling opportunities in the precious metals sector. The ratio represents the number of silver ounces it takes to buy a single ounce of gold. It might sound simple, but this ratio is more powerful than it may seem at first blush. Amazingly, the ratio is currently higher than it was at the depths of the 2008-09 financial crisis. Read More
If you’re doing well right now, what else really matters? The stock market seems to be on a bizarro perpetual escalator to neverending prosperity, despite rafts of economic fundamentals that paint a portrait of debt-bloated, weak economy, oceans of free debt have been available for years on end to fund lifestyles well beyond earned means, and so long as one has sufficient exposure to risk assets, why bother worrying about big-picture insolvencies that are still years away? Read More
Regardless of circumstance or family background, Tony believes everyone has the ability to make choices that affect their future positively or negatively. In The Millionaire Choice, he shares the principles and actions he applied during his journey to becoming a millionaire to reveal how, with the right financial knowledge and choices, anyone can become a millionaire.
I’ve read all of Matt Kratter’s books. Why? I used the simple but powerful strategies in Covered Calls, Rubber Band Stocks, Monthly Cash Machine, and Rocket Stocks. The Options strategies realized an annual yield exceeding 12% coupled with Stock Equity strategies yielding an annualized 90%. I simply followed the strategies because I’m a novice, not the brightest bulb. These strategies were adequate for advancing stock markets but there are now signs of an approaching market in decline. The BEAR has been observed prowling so I read Matt’s newest selection Bear Market Trading Strategies. I’m now informed, ready for the declining markets and am enthused. Matt has again gifted his readers with his talent of deconstructing the complex so a rational novice may continue to conservatively place trades. He advises on how to avoid negative-carry and using Options cautiously, trading with the trend. Matt advises of the dangers and promotes rationality and caution. He tells you the best times to buy and sell using simple highest price/closing price indicators. Then Matt tells the reader how to determine when the Bear is returning to the den. He devotes a chapter on how to short momentum stocks using the simple 50 and 200 day moving averages and provides historical data as confirmation. Matt wraps up by providing a strategy of buying certain stocks that other investors are selling. There are strategies in this book that I would be uncomfortable with but there are other strategies that I am comfortable with. I’ll choose and carefully implement those comfortable strategies and, given my past profitable experiences with Matt’s books, I’ll make a few nickels. ...and be sure to view Matt's videos!
Anya Parampil reports on the US stock market downturn which began on Wednesday, finding that the mini-crash has rippled throughout international markets. Anya talks to Peter Schiff, CEO of Euro Pacific Capital, and Bart Chilton, Host of RT’s Boom Bust, to discuss what’s behind the meltdown and whether or not it could evolve into something to more severe.
Now that may work in a gently trending market. It has not worked at certain times and junctures in which both stocks and bonds decline together. So my sense is that there’s a lot of money in risk parity and that a forceful rise in interest rates, a steep decline in bond prices, is going to force liquidation of some part of the risk parity portfolios.
A bear market rally is when the stock market posts gains for days or even weeks. It can easily trick many investors into thinking the stock market trend has reversed, and a new bull market has begun. But nothing in nature or the stock market moves in a straight line. Even with a normal bear market, there will be days or months when the trend is upward. But until it moves up 20 percent or more, it is still in a bear market.
Americans are now so polarized that they “no longer share basic sympathies and trust, because they no longer regard each other as worthy of equal consideration.” Codevilla blames the progressives and their attitude of moral superiority, but his explanation is independent of who is to blame. I blame both sides. The Constitution and our civil liberties took a major hit from the “conservative” Republican regime of George W. Bush.  Read More
The public pension fund system is approaching apocalypse.  Earlier this week teachers who are part of the Colorado public pension system (PERA) staged a walk-out protest over proposed changes to the plan, including raising the percentage contribution to the fund by current payees and raising the retirement age.   PERA backed off but ignoring the obvious problem will not make it go away.
Money has been around for most of human history. From Mesopotamia (or even earlier), all civilizations have employed some kind of medium of exchange to facilitate transactions regardless of their geographical locations, legal and economic systems, religious beliefs or political structures. Have you ever wondered why? In a brief essay entitled “On the Origins of Money,” the nineteenth-century Austrian economist Carl Menger provides an answer to this question. Menger argues that money emerged spontaneously in different times and places to overcome the disadvantages of barter and facilitate the expansion of trade. Which disadvantages?  Read More
The result is banks and their attending insiders are a de facto Committee of Central Planners in the great Soviet style. What is fashionable and exciting to them can happen, and what they dislike or disapprove of for any reason can never happen. And once on a completely fiat system, this is how capital is allocated through our entire system: badly. Read More

In the biggest move, the gauntlet has been cast by the Chinese as they challenge the U.S. petrodollar, with the formal announcement of a March 26th start for gold-backed-yuan oil futures trading.  Asian secret society sources say the Year of the Dog, which is just starting, usually brings volatility (in this case presumably in the financial markets) before things settle down into a new normal as the year progresses. Read More

Gambling is according to Wikipedia the wagering of money (or something of value) on an event with an uncertain outcome. Three elements are required for gambling, consideration, chance, and prize. Thus, you make a bet and if you are lucky you win a prize but you can also lose it all. Gambling has been around for thousands of years and maybe longer. The first 6-sided dice dates back 3000 years. Eventually gambling became more organised as casinos were established. The first well known casino was set up in Venice in the early 1600s. Read More
A recent The New York Times article described how Vanguard, the $4.2 trillion mutual fund, is the fastest growing fund due to the attractiveness of passive investment vehicles and the average 0.12% fee the fund charges. The low fee is something I applaud as I strongly believe fees in the financial world should be minimal or performance related where nothing is paid if the manager doesn’t deliver.
That head of state, President Tsai Ing-Wen placed a congratulatory phone call to President-elect Trump after his election in December of 2016. The acceptance of that phone call made headlines at the time. On Monday, news broke that the USS Antietam, a guided missile cruiser, and the USS Curtis Wright, a guided missile destroyer, had traversed their way through the Taiwan Straight.
After a little bit of a lull, the international currency crisis is back with a vengeance.  Currencies are collapsing in Argentina, Brazil, India, Turkey and other emerging markets, and central banks are springing into action.  It is being hoped that the financial chaos can be confined to emerging markets so that it will not spread to the United States and Europe.  But of course the global financial system is more interconnected today than ever before, and a massive wave of debt defaults in emerging markets would inevitably have extremely serious consequences all over the planet. Read More
I’ve been asked to comment on the most recent market decline. My initial reaction was, markets go up and they go down. America is a great country but the US Constitution doesn’t guarantee always-rising markets. I sat down and I wanted to write a reassuring message. I wanted to express my empathy. Somehow, I found that my reservoir of empathy was empty: After recent decline the market is still up twenty-something percent from the beginning of 2017.
At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very hard. And that assumes you pay no taxes on your dividends, which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes. What were you thinking? Read More
Eighth Interest Rate HikeAs expected, the Federal Reserve raised interest rates for the eighth time, today. The rate is now 2 to 2.25 percent, so I guess the midpoint is 2.125%. The move was highly anticipated, of course, even I expected the Fed to raise rates. At this point I had been expecting that for some time ever since the Fed first began ...…
Russiagate originated in a conspiracy between the military/security complex, the Clinton-controlled Democratic National Committee, and the liberal/progressive/left. The goal of the military/security complex is to protect its out-sized budget and power by preventing President Trump from normalizing relations with Russia. Hillary and the DNC want to explain away their election loss by blaming a Trump/Putin conspiracy to steal the election. The liberal/progressive/left want Trump driven from office. 
BTW, in this, the VA with its 0 downpayment loans has 1 (yep 1) REO, FHA with its 3 1/2% down had 1 (yep 1 REO), Freddie has 4 REOs and Fannie has 14. The other 50 or 60 REOs are the product of Wall St and securitization. Here it is NOT the government-backed 0 -3 1/2% down loans that are defaulting. Not is it the loans by the community banks – they have only 2 or 3 between the 3 -4 community banks here. What is defaulting are the loans written by the Big Banksters and sahdy otufits like OptionOne, Countrywide etc – most of which those lenders kept and a smaller number they peddled to Fannie/Freddie who are making them take them back.
The issuer of a municipal bond receives a cash purchase price at the time of issuance in exchange for a promise to repay the purchasing investors, or their transferees, (the bond holder) over time. Repayment periods can be as short as a few months (although this is very rare) to 20, 30, or 40 years, or even longer. The issuer typically uses proceeds from a bond sale to pay for capital projects or for other purposes it cannot or does not desire to pay for immediately with funds on hand. Tax regulations governing municipal bonds generally require all money raised by a bond sale to be spent on capital projects within three to five years of issuance.[13] Certain exceptions permit the issuance of bonds to fund other items, including ongoing operations and maintenance expenses in certain cases, the purchase of single-family and multi-family mortgages, and the funding of student loans, among many other things.
Editor's Note: It is unusual for "the Bear" to focus on non-financial issues. This story is revelant to your financial survival because of the depth of depravity that, not only Dees, but most, if not all of his associates participate. The Southern Poverty Law Center (SPLC) is a left wing control group that, in 2004, accused yours truely of running the only one man terrorist organization in the United States.
A month ago, I noted that prevailing valuation extremes implied negative total returns for the S&P 500 on 10-12 year horizon, and losses on the order of two-thirds of the market’s value over the completion of the current market cycle. With our measures of market internals constructive, on balance, we had maintained a rather neutral near-term outlook for months, despite the most extreme “overvalued, overbought, overbullish” syndromes in U.S. history. Read More

RATE AND REVIEW this podcast on Facebook.https://www.facebook.com/PeterSchiff/reviews/Strong Dollar Policy?There used to be a lot of talk about the so-called Strong Dollar Policy. We had the Strong Dollar Policy when Bill Clinton was President, George Bush; I guess when Barack Obama was President, as well. I've talked about it, I've written abo ...…
In 1962, Smokey was paired with a female bear, "Goldie Bear", with the hope that perhaps Smokey's descendants would take over the Smokey Bear title.[35] In 1971, when the pair still had not produced any young, the zoo added "Little Smokey", another orphaned bear cub from the Lincoln Forest, to their cage—announcing that the pair had "adopted" this cub.
"We believe 2018 marks the beginning of a wide trading range (2400-3000) that could last several years. While the price damage may not be extreme at the index level, it may feel and look a lot like a bear market. We think this "rolling bear market" has already begun with peak valuations in December and peak sentiment in January. We have a mid-June 2019 target for the S&P 500 of 2,750," Wilson says.
POST YOUR REVIEW OF THIS PODCAST ON iTunesVoting Responsibly for FreedomI am "pro" young people because I want them to grow up in a free country. I want them to have every opportunity to be as prosperous as possible. Democracy is actually an enemy of freedom. Young people have a better chance to achieve their goals if the 18-19-20 year old gene ...…
According to a 2017 study by the Federal Reserve, 44% of Americans wouldn’t be able to cover an unexpected $400 expense without borrowing or selling something. Yes, nearly half the country can’t come up with $400 cash in an emergency. That’s stunning. The slightest mishap—a toothache, a minor car problem—will send them into debt or force them to sell something.
RATE AND REVIEW this podcast on Facebook.https://www.facebook.com/PeterSchiff/reviews/Dead Cat Bounce Flattens OutThe Dow Jones was down a little over 200 today, closing back below 26,000. NASDAQ composite down 124 - that's a bigger percentage decline, 1.7%, approximately. The Composite is being led lower by the tech stocks, particularly the FA ...…
Key information about new issues of municipal bonds (including, among other things, the security pledged for repayment of the bonds, the terms of payment of interest and principal of the bonds, the tax-exempt status of the bonds, and material financial and operating information about the issuer of the bonds) typically is found in the issuer's official statement. Official statements generally are available at no charge from the Electronic Municipal Market Access system (EMMA) at http://emma.msrb.org operated by the Municipal Securities Rulemaking Board (MSRB). For most municipal bonds issued in recent years, the issuer is also obligated to provide continuing disclosure to the marketplace, including annual financial information and notices of the occurrence of certain material events (including notices of defaults, rating downgrades, events of taxability, etc.). Continuing disclosures is available for free from the EMMA continuing disclosure service.
Whether it's stated or not, one source of the inchoate outrage triggered by Russian-sourced purchases of adverts on Facebook in 2016 (i.e. "meddling in our election") is the sense that the U.S. is sacrosanct due to our innate moral goodness and our Imperial Project: never mind that the intelligence agencies of all great powers (including the U.S.) meddle in the domestic affairs and elections of other nations, including those of allies as well as geopolitical rivals-- no other great power should ever meddle with U.S. domestic affairs and elections. Read More
Hoover, on the other hand, apparently became convinced that bear raids on the stock market were intended to damage his presidency. In April 1932, a French stock market rag was raided by Paris police, its female editor accused of being in the pay of Russian and German interests who were trying to induce a panic on the New York market. In desperation, Hoover ordered the Senate to open an investigation into the affairs of Wall Street.
In just the past few years, global asset values have risen to the biggest bubbles in history. Unfortunately, this doesn’t seem to be a concern to the market because most people believe they are getting richer. However, rapidly rising digital riches can easily turn into digital losses, just as quickly. But, this will likely remain a secret until the major fireworks begin in the markets by the this fall or within the next 1-2 years.
“Title I” FISA surveillance of U.S. citizens is the most intrusive, exhaustive and far reaching type of search, seizure and surveillance authority, permitting the FBI to look at every scintilla of Mr. Page’s life.  All communication, travel and contact can be opened and reviewed.  All aspects of any of Mr. Page’s engagements are subject to being secretly monitored.   This is an entirely different level of surveillance authority, the highest possible, and has nothing to do with FISA-702 search queries (Title VII) of U.S. persons.
Hoover, on the other hand, apparently became convinced that bear raids on the stock market were intended to damage his presidency. In April 1932, a French stock market rag was raided by Paris police, its female editor accused of being in the pay of Russian and German interests who were trying to induce a panic on the New York market. In desperation, Hoover ordered the Senate to open an investigation into the affairs of Wall Street.
The “Title I” designation as a foreign agent applied retroactively to any action taken by Mr. Page, and auto-generates an exponential list of other people he came in contact with.  Each of those people, groups or organizations could now have their communication reviewed, unmasked and analyzed by the DOJ/FBI with the same surveillance authority granted upon the target, Mr. Page.
The issuer of a municipal bond receives a cash purchase price at the time of issuance in exchange for a promise to repay the purchasing investors, or their transferees, (the bond holder) over time. Repayment periods can be as short as a few months (although this is very rare) to 20, 30, or 40 years, or even longer. The issuer typically uses proceeds from a bond sale to pay for capital projects or for other purposes it cannot or does not desire to pay for immediately with funds on hand. Tax regulations governing municipal bonds generally require all money raised by a bond sale to be spent on capital projects within three to five years of issuance.[13] Certain exceptions permit the issuance of bonds to fund other items, including ongoing operations and maintenance expenses in certain cases, the purchase of single-family and multi-family mortgages, and the funding of student loans, among many other things.
Eleven GOP members of Congress led by Rep. Ron DeSantis (R-FL) have written a letter to Attorney General Jeff Sessions, Attorney John Huber, and FBI Director Christopher Wray - asking them to investigate former FBI Director James Comey, Hillary Clinton and others - including FBI lovebirds Peter Strzok and Lisa Page, for a laundry list of potential crimes surrounding the 2016 U.S. presidential election.
When TBTFs are allowed to mark to market their securitized assets, they have little to no incentive to liquidate other non-performing assets on their books, including underwater mortgages, notes, etc. Banks are in no rush to offload inventory, as that would simply cause another panic out of their SIVs. And so long as FASB allows mark to model, they will continue to leak out shadow inventory. Sorry, but I don’t buy your premise on iota.

Identifying and measuring bear markets is both art and science. One common measure says that a bear market exists when at least 80% of all stock prices fall over an extended period. Another measure says that a bear market exists if certain market indexes -- such as the Dow Jones Industrial Average and the S&P 500 -- fall at least -15%. Of course, different market sectors may experience bear markets at different times. The bear market that occurred in the U.S. equity markets from 1929 to 1933 is one of the most famous bear markets in history.


The gains have been fairly broad based. Currently, according to data from StockCharts, 76.2% of S&P 500 components are trading above their 50-day moving averages, a closely watched technical level that is typically seen as a proxy for positive short-term momentum. In late August, only 41.5% of components were above this level. Currently, 73.8% of components are above their 200-day moving average, up from about 62% in early September.
If you were standing in the smoldering ashes of 9/11 trying to peer into the future, you might have been overjoyed to discover this happy snapshot of 2018: There has been no subsequent major terrorist attack on America from Al Qaeda or its heirs. American troops are not committed en masse to any ground war. American workers are enjoying a blissful 4 percent unemployment rate. The investment class and humble 401(k) holders alike are beneficiaries of a rising GDP and booming stock market that, as measured by the Dow, is up some 250 percent since its September 10, 2001, close. The most admired person in America, according to Gallup, is the nation’s first African-American president. Read More
Enclosed are our Student Aid Report and a copy of (Another University’s) Award Letter per our recent telephone conversation. We discussed our family’s present financial situation and how it would be financially difficult for Heather to attend Anywhere University unless the university reconsiders her financial aid amount. You said you would do everything possible to provide additional assistance for Heather and suggested we send you the above-stated information.
The mirage that we are still in a strong bull market, and not on the brink of a bear one, has more to do with this year’s fast-rising earnings than a sharply falling stock market, which is typically what leads investors to run for safety. The classic definition of a bear market is when a stock market average such as the Dow or the S&P 500 has dropped 20 percent from its highs. But that’s probably not the best one. The more important factor to consider when gauging whether investors are feeling upbeat about stocks, and, by extension, the economy, is what they are willing to pay for the earnings that those companies generate.

2. Should I choose to move and rent, the growing differential (between value and cost) becomes my growing rental income year in year out. And, this rental income goes up even if there is NO appreciation in the house’s value (the house, and rent the house can generate, merely moves up and keeps up with inflation; the real values stay flat). If I were to add the likely stream of increasing amounts on rental payments to my previous return calculation, I would get well over 5% annual returns previously mentioned.
Dark Ages is not a silly username—it is a compelling fear that we are repeating the mistakes of all great civilizations, with arrogance that we can merely crush nations that will not continue to take our paper for their tangible goods. I don’t know whether folks dismiss this ranting as nonsense or actually are concerned that this is where we are headed. I cannot imagine a rainbow behind this cloud, although I was in North Carolina recently and saw a beautiful rainbow to the east, while death and destruction were occurring underneath that storm.
With an unemployment rate recently as low as 4.3% and an expansion more than 8 years long, we are clearly very close to the end of this cycle. What we know from history is that stock market valuations become more and more inflated, relative to earnings, over the course of every business cycle. Recessions begin typically a year after the unemployment rate bottoms, but bear markets start in much closer proximity to the cycle's peak. I dont think this time will be different.
There is occasional confusion between bear and bare in adjectival uses (as in "he rubbed his bear arms"), but bear is properly a noun and only used like an adjective in the financial phrase bear market. All other uses refer to the state of being uncovered or naked and should therefore be bare: "bare necessities," "bare essentials," "bare arms," "bare bones," "bare-knuckle," and so on.

The Spanish government is about to fall after the Ciudadanos party decided to join PSOE (socialist) and Podemos in a non-confidence vote against PM Rajoy. Hmm, what would that mean for the Catalan politicians Rajoy is persecuting? The Spanish political crisis is inextricably linked to the Italian one, not even because they are so much alike, but because both combine to create huge financial uncertainty in the eurozone.

Build America Bonds are a taxable municipal bond created under the American Recovery and Reinvestment Act of 2009 that carry special tax credits and federal subsidies for either the bond holder or the bond issuer. Many issuers have taken advantage of the Build America Bond provision to secure financing at a lower cost than issuing traditional tax-exempt bonds. The Build America Bond provision, which expired on January 1, 2011, was open to governmental agencies issuing bonds to fund capital expenditures.[9][10][11]
Is the U.S. Government hiding a massive gold deposit in the Chocolate Mountains in California?  Well, according to a few top-notch conspiracy theorists, the U.S. Congress passed the Desert Wilderness Protection Act that has cordoned off this vast gold discovery from the public.  Unfortunately, we may never know if this mammoth gold deposit exists due to the clandestine nature of our government… or will we? Read More

I suspect it began with the top in Bitcon and the other 1300-1400 related pseudo currencies back in December. I did an interview in the first week of December where I said Bitcon was in a bubble. I believed it would do the same thing every other bubble in history did. It was going to crash and take all the money of most of the investors. The piece was posted on the 10 th of December. When I did the interview, Bitcon had been going virtually straight up for months and was about $16,858, a new high. Read More
In my opinion, flyover America voted Republican because the “deplorables” want to defend Trump. They want to defend him for two reasons. One is that he spoke to their economic plight caused by the US corporations exporting their jobs, leaving the American workforce and middle class hard-strapped. The other is that the adoption of Identity Politics by the Democratic Party has made the Democrats the party that hates white people—especially white heterosexual males who are defined as the victimizer of minorities, homosexuals, and women. Read More
Of course, all of those ships have sailed. We live in a reality where past fiduciary mistakes are “corrected” by amplifying those same mistakes, as if the solution to having our heads buried in the sand is that we just haven’t buried them deeply enough; that maybe the tsunami created by generations of criminal, federal, financial mismanagement and unsustainable promises will disappear if we can just duck around this next corner and close our eyes long enough. Read More
5. The millennial generation is getting off to a slow start due to the tremendous burden of $1Trillion+ in student loans. The impact of all this debt is to create an artificial drag on spending for the largest generation in U.S. history right when we need them to pick up the slack from the second largest (and far more wealthy) generation that is retiring in droves.
In 2005, Congressman Ron Paul (R-Texas) said section 404 of the Sarbanes-Oxley Act (2002) which requires chief executive officers to certify the accuracy of financial statements caused capital flight away from the U.S. stock market.[18] Later in 2008, Paul said that the government bailouts of badly run corporations was rewarding bad behavior and punishing good behavior, and that it prevented resources from being allocated away from inefficient uses to more productive uses, and that this lowered the overall amount of wealth across the entire economy.[19]
The 2000-02 bear market environment was similar. In short, a decent market bounce was overdue but it’s too early to write off the bears. Rough start not a bad omen Prior to last week’s bounce, there was much gnashing of teeth regarding how stocks had endured one of their worst starts to a year. Investors are still scarred by 2008, when early declines proved a foretaste of further bloodletting. But, an early-year bruising is not an inherently ominous affair, says an LPL Financial note. It found 19 cases where stocks endured heavy losses during the first six weeks of the year; on average, stocks returned 5.3 per cent over the remainder of the year, with positive returns ensuing in 58 per cent of occasions. In fact, 2008 is an exceptional case: over the last 40 years, it was the only time where a rough beginning to a year was followed by double-digit losses. There continues to be much chatter about 2016 being 2008 redux but a “sizable drop from here for the rest of the year”, says LPL, “would be extremely rare”.
The most valuable bubble empirically for the purpose of our elucidation has to be the Mississippi bubble, whose central figure was John Law. Law, a Scotsman whose father’s profession was as a goldsmith and banker in Edinburgh, set up an inflation scheme in 1716 to rescue France’s finances. He proposed to the Regent for the infant Louis XIV a scheme that would be based on a new paper currency. Read More

And more to the point, even though tech has on average done well over the last 20 years, most tech firms have gone bankrupt. Buying the market and a broad basket of companies isn’t speculating. It is just assuming that, like always, in the long-term, the biggest 100-200-300 companies in the US or elsewhere will be worth more money in 10-20-30 years than today.
The Smokey Bear campaign has been criticized by wildfire policy experts in cases where decades of fire suppression and the indigenous fire ecology were not taken into consideration, contributing to unnaturally dense forests with too many dead standing and downed trees, brush, and shrubs often referred to as "fuel".[72][73] Periodic low-intensity wildfires are an integral component of certain ecosystems that evolved to depend on natural fires for vitality, rejuvenation, and regeneration. Examples are chaparral and closed-cone pine forest habitats, which need fire for cones to open and seeds to sprout. Wildfires also play a role in the preservation of pine barrens, which are well adapted to small ground fires and rely on periodic fires to remove competing species.
RATE AND REVIEW this podcast on Facebook.https://www.facebook.com/PeterSchiff/reviews/Bearish SignalSo much for yesterday's dead cat bounce. All of the U.S. stock market averages came plunging down today, in fact they all closed below yesterday's lows. So even though we had those big rallies off the lows, today, we lost the entire gain and clos ...…
Misguided Tweet About PfizerAnother misguided tweet that came out today from the President had to do with drugs:Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other count ...…
The market is not fair, but it also does not fail to show us what lies ahead if we look at its internal action very closely. This is because these market internals show us what “Big Money” is doing with their money, not what they are saying. Of course, their spokesmen and “talking heads” will try to soothe investors’ fears now. But we should vow to “follow the money”, I’d suggest. See what the Big Money is doing. We want to “anticipate the anticipations” of others (as Keynes said). But as Keynes also said, the market tends to go to extremes. At times, it is ruled by “animal spirits” rather than rationality. And as he would agree, capitalism by its very nature produces big disparities of wealth and therefore under-consumption and over-production. I would say, we are back in the 1920s again, at least in terms of Trump’s economic policies (de-regulation, tax cuts for the rich and tariffs). These are very similar to Coolidge’s main economic policies. The bull market back then lasted 8 years, August 1921 to August 1929. Our has lasted almost nine years, March 2009 to January 2018. So, a bear market is due….
The indicator I use to get a broader, real-time measure of inflation is the New York Fed’s Underlying Inflation Gauge (UIG). This gauge captures sustained movements in inflation from information contained in a broad set of price, real activity, and financial data. In December, the UIG hit its highest level since August 2006, as the below chart shows.
Following a recent barrage of negativity from former Lehman trader and current Bloomberg macro commentator, Mark Cudmore, who warned that stocks are likely to continue sliding as a short squeeze in bonds sends yields lower, overnight his Bloomberg Markets Live colleague and macro commentator, Garfield Reynolds, echoed Cudmore's growing pessimism, urging readers to "Rest Up This Easter Because Markets Face an Ugly Q2"  and that "the worst for markets is yet to come" for four reasons he lists below.
The type of project or projects that are funded by a bond affects the taxability of income received on the bonds. Interest earnings on bonds that fund projects that are constructed for the public good are generally exempt from federal income taxes, while interest earnings on bonds issued to fund projects partly or wholly benefiting only private parties, sometimes referred to as private activity bonds or PABs, may be subject to federal income tax. However, qualified private activity bonds, whether issued by a governmental unit or private entity, are exempt from federal taxes because the bonds are financing services or facilities that, while meeting the private activity tests, are needed by a government. See a list of those projects in Section 141 of the IRS Code.
Feb. 5, 2018 10:57 AM ET| Includes: BXUB, BXUC, CRF, DDM, DIA, DOG, DXD, EEH, EPS, EQL, FEX, FWDD, HUSV, IVV, IWL, IWM, JHML, JKD, OTPIX, PPLC, PPSC, PSQ, QID-OLD, QLD, QQEW, QQQ, QQQE, QQXT, RSP, RWL-OLD, RWM, RYARX, RYRSX, SBUS, SCAP, SCHX, SDOW, SDS, SFLA, SH, SMLL, SPDN, SPLX, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU-OLD, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TALL, TNA, TQQQ, TWM, TZA, UDOW, UDPIX, UPRO, URTY, USA, USSD, USWD, UWM, VFINX, VOO, VTWO, VV, ZLRG
Dark Ages is not a silly username—it is a compelling fear that we are repeating the mistakes of all great civilizations, with arrogance that we can merely crush nations that will not continue to take our paper for their tangible goods. I don’t know whether folks dismiss this ranting as nonsense or actually are concerned that this is where we are headed. I cannot imagine a rainbow behind this cloud, although I was in North Carolina recently and saw a beautiful rainbow to the east, while death and destruction were occurring underneath that storm.
The rise in European yields is to some degree a reversal of the bizarre situation in which bond markets found themselves several weeks ago. The European Central Bank's quantitative easing program created a supply shortage for bonds, and in some cases yields fell deep into negative territory. They remained negative even as the Eurozone economy was showing signs of recovery and inflation expectations were rising. The sharp increase in yields in recent days could be seen as an overdue correction.
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