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our mission: to widen the scope of financial, economic and political information available to the professional investing public. to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become. to liberate oppressed knowledge. to provide analysis uninhibited by political constraint. to facilitate information's unending quest for freedom.

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Productivity In America Now On Par With Agrarian Slave Economy

Submitted by Eugen Bohm-Bawerk In the first episode we showed how the US became an unsustainable service sector based economy from the 1970s onward when service sector employment diverged from manufacturing without a corresponding boost in productivity. In the second episode we laid out the consequences that transition has had on labour in terms of lower wages and benefits. In addition, we reiterated our argument that monetary policy has become slave to the service sector as it has become...

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Jim Chanos’ Dire Prediction On China: “Whatever You Might Think, It’s Worse”

"In fact, like many of us, sometimes they don't have a clue." That’s from Jim Chanos, who sat down on Friday with CNBC’s Fast Money A-Team which, like the rest of the mainstream financial media punditry, can’t seem to figure why things unravelled so quickly last week.  Chanos was referring to the Chinese government and more specifically to their efforts to simultaneously manage a decelerating economy, a currency devaluation, and a bursting stock market bubble. As we’ve said on...

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“The Seven Year Glitch” – Has The Time Come

A couple of interesting charts from State Street's "Mr Risk" Fred Goodwin, courtetsy of Saxo's Steen Jakobsen, both of which deal with business cycles, the first in the economy by way of the Citigroup surprise index which may have recently hit its local maximum and is now due for a substantial deterioration, in line with virtually all other high frequency economic indicators except for the job market which is kept afloat courtesy of low-quality, low paying waiters and bartender jobs...

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What Does The Fed Do Now? The FOMC Decision Tree

Over the past few months, numerous so-called "experts" (they know who they are) desperately tried to come up with both their own facts and their own history by saying that, far from fearing the Fed's decision, "a rate hike would be good for stocks." Well, as last week's historic VIX surge, and biggest market plunge in years confirmed, that was not the case. In fact, what happened is what we summarized in 7 words late last week: The Rate Hike Tantrum has finally arrived — zerohedge...

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A Modern-Day Shoeshine Boy Moment

By Pater Tenebrarum of Acting Man A Modern-Day Shoeshine Boy Moment There is a well-known – though likely apocryphal – anecdote from the end of the roaring 20s. It involves Joseph P. Kennedy, US ambassador to the UK from the late 1930s to mid 1940s. Before he entered the civil service and politics, he had made a name (and a fortune) for himself as a businessman and investor. On Wall Street he inter alia ran the Libby-Owens-Ford stock pool with a number of Irishmen, a loose association of...

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Is This Where The Long Lost Nazi “Gold Train” Is Located

Earlier this week, two people, a Pole and a German, said they may have found the legendary, long-lost Nazi train rumored to be full of gold, gems and guns, i.e., the prize possessions of years of Third Reich plunder, that disappeared just before the end of World War Two. As BBC first reported, the train was believed to have gone missing near what is now the Polish city of Wroclaw as Soviet forces approached in 1945. It is said, the Mail adds, that Nazis loaded all the valuables they had...

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Making Sense Of The Sudden Market Plunge

Submitted by Chris Martenson of PeakProsperity Making Sense Of The Sudden Market Plunge The global deflationary wave we have been tracking since last fall is picking up steam.  This is the natural and unavoidable aftereffect of a global liquidity bubble brought to you courtesy of the world’s main central banks.  What goes up must come down - and that's especially true for the world's many poorly-constructed financial bubbles, built out of nothing more than gauzy narratives and...

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Deez Nuts On Top Of Hillary Clinton

On Wednesday we documented the unlikely rise of dark horse Presidential candidate "Deez Nuts" who, at last count, was polling at or near 9% in three states.  Obviously, this is a story where the punchlines write themselves, and while there’s no doubt that some of Nuts’ popularity is simply a reflection of the fact that voters in Iowa, Minnesota, and North Carolina have a sense of humor, it also says something about the state of American politics and, indirectly, about Donald Trump’s rise...

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Venezuela Announces Martial Law In Border State, Dispatches 1500 Soldiers

While Venezuela's collapse to a socialist singularity best defined by total economic devastation has been chronicled extensively here over the years... ... to the point where neither the country's hyperinflation, nor the total collapse of its currency...   ... nor its return to a barter economy, nor even the fact that it has run out of condoms, fake breasts, or beer engender much of a reaction, perhaps the only thing readers seem attuned to is when will the social implosion lead to...

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Is It Time to Get into Crash Positions, Or Will The Market Just Enter A Glide Path Rather Than A Tailspin

Submitted by Charles Hugh Smith from Of Two Minds Is It Time to Get into Crash Positions? Maybe this flight won't go into a tailspin; perhaps it simply runs out of fuel.With stock markets diving around the globe, a pressing question arises: is it time to get into Crash Positions? In case you forgot how to get into Crash Positions, here's a reminder: After a dizzying 500+ point drop in the Dow on Friday, should we brace for impact? There are plenty of fundamental and technical reasons to view...

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