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Articles by David Stockman
Gaetz stated, “So the nation with “no fault” divorce is supposed to stay married to the Syrian Kurds…forever? We gave them weapons, money and training to run ISIS out of *their* region. Now we are supposed to entangle ourselves in their 400+ yr conflict w the Turks? Do we share values?”
https://libertyconservativenews.com/matt-gaetz-bashes-meghan-mccains-calls-for-never-ending-war/Read More »
Just when you think the Donald has lost his marbles completely, he pulls a rabbit of rationality out of the hat of Imperial Washington’s Forever Wars madness.
We are referring, of course, to his sensible decision to decline the opportunity to put American soldiers in harms’ way in an impending showdown between Turks and Kurds on the northern border of Syria. To our recollection, that particular tribal enmity has been going on for centuries and needs no help from Washington to fester on for years to come.
But already he is being monkey-hammered by the bipartisan War Party because by standing down and removing US forces from the contested towns along the border Trump is basically sounding the death knell for the neocons’ failed,
The agencies’ new trick is inserting themselves into domestic politics using leaks and media pressure. The “intel chiefs” meeting was just the first in a series of similar stories, many following the pattern in which a document was created, passed from department from department, and leaked……Many Americans don’t see this because they’re not used to waking up in a country where you’re not sure who the president will be by nightfall. They don’t understand that this predicament is worse than having a bad president.
https://taibbi.substack.com/p/were-in-a-permanent-coupRead More »
Fed Chair Jay Powell: The economy is in a good place. Now here’s a $60B per month Treasury bill buying program, multiple rate cuts and daily repo operations. How stupid do they think we are?
https://northmantrader.com/2019/10/13/control-5/Read More »
The United States has zero historic interest in the region. US troops in Syria appear to have come from the US garrison in Iraq, which, as VP Dick Cheney hoped, would become a central US military base for the entire Mideast. The Washington war party is moaning that Trump has ‘betrayed’ the Kurds. Their unofficial head, Sen. Lindsey Graham, is demanding more war in Syria – the same warrior senator who dodged the Vietnam War by joining the National Guard as a lawyer.
https://straightlinelogic.com/2019/10/12/more-stupid-war-in-syria-by-eric-s-margolis/Read More »
It’s both pathetic and laughable that Democrats, the mainstream press, and Trump critics are referring to the CIA agent who turned in Trump for his telephone call with Ukraine President Volodymyr Zelensky as a “whistleblower.”
https://www.fff.org/2019/10/09/the-cia-versus-donald-j-trump/Read More »
Just Another NYT’s Scary Bedtime Story: The “Top Secret” Russian Unit That Allegedly “Destabilizes Europe” Is A Fully Public Small Arms Training Site2 days ago
A publicly well known unit, which for more than 50 years acted as a small arms training center, is now ‘destabilizing Europe’ with operations that were, like the Skripal affair, obviously made up by ‘western’ spy services, or failed amateur coups attempts like in Montenegro. Its commander’s personal data are available on the net. The NYT story itself confirms that there are even pictures from inside the training unit’s premises:
https://www.moonofalabama.org/2019/10/top-secret-russian-unit-that-destabilizes-europe-is-a-well-known-small-arms-training-base.html#moreRead More »
Turkey Is Inundated With 3.6 Million Syrian Refugees—Why It Wants A 19-Mile “Safe Zone” On The Border2 days ago
If the campaign progresses as planned, leading the Turkish military and its Syrian allies to take control of a border stretch running 30 kilometers (19 miles) deep to the east of the Euphrates, the Syrians who could be forced to flee Idlib in the near future could perhaps be placed in tent cities in this “security belt” without being let into Turkey at all and instead transferred via Afrin and al-Bab, which are already under Turkish control.
https://www.al-monitor.com/pulse/originals/2019/10/turkey-syria-spring-of-peace-idlib-sway-timing-of-operation.htmlRead More »
Ever more hyped up on an impending China deal, every meeting, and movement of negotiators caused market spikes, a Trump tweet about “warm feelings”, a $82.7B repo operation by the Fed to keep things tidy, a sudden out of the blue $60B/month Treasury buying operation announced by the Fed, multiple Fed speakers to boot, what a scene.
https://northmantrader.com/2019/10/12/the-beginning-of-the-end/Read More »
First comes the yield curve inversion, then comes the steepening, and that’s exactly what happened this week:Read More »
Perhaps Fed Chair Powell didn’t read the BIS report. Because the very next day, during a speech at the annual meeting of the National Association of Business Economics, Powell said the Fed would soon start again doing precisely what the BIS report said has a negative impact on financial markets:
https://davidstockmanscontracorner.com/?p=354980&preview_id=354980&preview_nonce=c8f66f42f0&preview=trueRead More »
President Donald Trump’s trade wars have turned lobbying on tariff exemptions into a big business, and as the Trump administration rolled out new tariffs on Chinese imports this fall, K Street has seen more and more companies hiring lobbyists for the first time. More than two dozen mostly small- and mid-sized companies have hired a Washington lobbyist for
Powell’s Not-QE may do little more than slow the gangrene spread of recession within the US economy. Today’s China deal could quickly prove to be another “nothingburger” in a year-long process defined much more by disappointment than progress.
Note that despite their happy ride this week, markets are still closed below their all-time highs. So we still need to ask: What’s going to power them higher from here, now that they’ve gotten exactly what they wished for?
In a recent CBB, I posited it was no coincidence that instability in Chinese money markets was followed not many weeks later by instability in U.S. “repo” finance. I believe a decade of zero and near-zero rates and unrelenting global QE has fostered unprecedented leveraged speculation on a global basis. I suspect the size of “carry trades” and myriad forms of speculative leverage dwarf that from the mortgage finance Bubble era – having seeped into all corners, nooks and crannies of global fixed-income markets. Moreover, “repo,” securities shorting, derivatives and securities finance more generally are the unappreciated sources of global liquidity abundance – in tightly interconnected fundingRead More »
The Golden Golem of Greatness shifted into mad bull overdrive for last night’s Minneapolis fan rally, cussing and bellowing at the picadors of the Left who have been sticking lances in his neck for three years. Decorum is not Mr. Trump’s strong suit, but then the bull is not sent into the ring to negotiate politely for his life. The narrative of the bullring is certain death. The bull must do what he can within his nature to dispute it.
https://kunstler.com/clusterfuck-nation/in-memorium-reality/Read More »
Just when you thought it was safe to go back in the water someone poked a couple of holes in an oil tanker belonging to Iran. This sent oil prices up briefly in the vain hope of stabilizing them. But, strangely, Secretary of State Mike Pompeo was silent………I can spin a dozen motivations out of my head right now whereby everyone involved has motive to attack an Iranian tanker. And they would all sound plausible, including the one that you know Mike Pompeo is just itching to waddle away from the buffet table to announce, that Iran attacked itself.
https://tomluongo.me/2019/10/11/pompeo-cant-blame-iran-for-attacking-itself/Read More »
Greece, the one-time bond-market pariah at the heart of Europe’s sovereign debt crisis, just completed a transformative journey by joining the region’s negative-yield club.
https://www.bloomberg.com/news/articles/2019-10-09/greece-draws-negative-yield-for-first-time-in-3-month-bill-saleRead More »
When “Reserve Management” is Not Enough—-WhyThe Crybabies Of Wall Street Are Clamoring For The Real Thing (QE)4 days ago
So these Crybabies were hoping for real QE with long-term notes and bonds. And all they got was a plan focused on acquiring T-bills, on top of the new plan from a few months ago to replace longer-term Treasury securities and all MBS on the Fed’s balance sheet with a mix that includes T-bills.
https://wolfstreet.com/2019/10/10/are-the-crybabies-on-wall-street-trying-to-force-the-fed-into-qe-4-you-bet/Read More »
“President (Recep Tayyip) Erdogan and his regime must face serious consequences for mercilessly attacking our Kurdish allies in northern Syria,” Republican Representative Liz Cheney, chairwoman of the House Republican Conference, said in a statement.
https://www.reuters.com/article/us-syria-security-turkey-usa-republicans-idUSKBN1WP347Read More »
America didn’t get rich because it had politicians who were guiding, nudging, or protecting the American economy from foreigners. The American economy expanded rapidly thanks to a a growing and hard-working population that made the most of a growing supply of capital. Since the US had such a free economy, it was very attractive to foreign investors. Much of that capital was foreign-owned, but contrary to the theories of the economic nationalists, that wasn’t a problem.
https://davidstockmanscontracorner.com/?p=354866&preview_id=354866&preview_nonce=23d95a0534&preview=trueRead More »
Over the last two decades we’ve conducted our own empirical research of the influence of central bank fake money credit creation. Our methodology is simple. We observe the world about us – both good and bad. When something cockeyed crosses our sights we zoom in for a closer look.
https://davidstockmanscontracorner.com/wp-admin/post.php?post=354904&action=editRead More »
The Turkish-backed Syrian National Army (SNA), comprised of former ‘Free Syrian Army’ (FSA) and Syrian al-Qaeda linked militants (and likely former ISIS members) — now spearheading the ground invasion….Underscoring the absurd contractions of Washington’s Syria policy over the course of the past seven years of proxy war, the pro-Turkish Syrian National Army rebels are actually led by Salim Idris (among two other top commanders), the former Chief of Staff of the Supreme Military Council of the FSA.
Most Federal Reserve policymakers supported the need for an interest rate cut in September, minutes of the central bank’s last policy meeting showed, but they remained divided on the path ahead for monetary policy.
https://www.reuters.com/article/us-usa-fed-minutes-idUSKBN1WO2DPRead More »
It’s practically rote recitation at this point. Powell is more robot than thinker. The economy, he will keep saying no matter what happens, is favorable particularly because of the strong labor market. Forever strong.
https://davidstockmanscontracorner.com/?p=354725&preview_id=354725&preview_nonce=9fc9afb614&preview=trueRead More »
These days banks have a larger percentage of their funding borrowed in the term markets by issuing CDs, medium-term notes, and even bonds. Since banks manage their tenure mismatch much better, they are not as susceptible to the classic “run on the bank.” However, in recent years, new categories of financial institutions have popped-up that are more susceptible to “bank runs.”
https://www.zerohedge.com/markets/panic-repo-one-worlds-top-repo-experts-explains-what-really-happenedRead More »