Sunday, April 11, 2021

New York Times Runs Editorial Today on the Mega Banks: You Need to Pay Attention

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by Pam Martens and Russ Martens, Wall Street On Parade:
We have frequently called out the New York Times for running sycophantic articles on the big, mean, untamed Wall Street banking behemoths which just happen to be one of its home town’s largest industries and source of the biggest paychecks, which, in turn, boost its real estate markets, restaurants and retail sales – not to mention its own ad revenues. According to the Federal government’s Bureau of Labor Statistics, financial activities represented 468,600 jobs in New York City as of April 2017. According to a  report from the New York State Department of Labor on New York City’s largest industries, as of 2014 the “average annual wage ($404,800) paid in the securities and commodity contracts industry is nearly five times the all-industry average annual wage ($84,752) for 2014.”

But today, the New York Times’ Editorial Board has joined Wall Street On Parade in expressing skepticism about the Federal Reserve giving a green light on the stress tests for 34 banks last week.

Can You Hear Me Now? Ok. Maybe later.

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from Jesse’s Café Américain:
Ok. Maybe later.

“Rome and the whole pagan world was mad.

But those who had had enough of transgression and madness, those who were trampled upon, those whose lives were misery and oppression, all the weighed down, all the sad, all the unfortunate, came to hear the wonderful tidings of God, who out of love for men had given Himself to be crucified and redeem their sins.

When they found a God whom they could love, they had found that which the society of the time could not give any one—  happiness and love.”

Henryk Sienkiewicz, Quo Vadis, 1905

The Real Indian Currency Crisis (Things You Don’t Hear In The News)

by Hard Assets Alliance, via Market Oracle:
Jayant Bhandari writes: On November 8, 2016, Indian Prime Minister Narendra Modi dropped a bombshell. In a televised address at 8:00 pm, he declared that after midnight—four hours later—banknotes with face values of INR500 (US$7.50) and INR1,000 (US$15) would no longer be legal tender.

These bills comprised 86{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the monetary value of currency in circulation, so to say that panic ensued would be an understatement. The market stayed open all night as people rushed to buy gold, Rolex watches, and anything else they could get their hands on to use up their cash.

How Many Silver Bars are in the LBMA Vaults in London?

by Ronan Manly, BullionStar:
Sometime in the coming days, the London Bullion Market Association (LBMA) plans to begin publishing gold and silver vault holding totals covering the network of commercial precious vault operators in London that fall under its remit. This follows an announcement made by the LBMA on 8 May.

There are seven commercial vault operators (custodians) in the LBMA custodian vault network namely, HSBC, JP Morgan, Brinks, Malca Amit, ICBC Standard Bank, Loomis (formerly Viamat), and G4S. Note that ICBC Standard Bank has a vault which is operated by Brinks on behalf of ICBC Standard. It is also quite possible that some of the HSBC vaults, such as the famous GLD gold vault, are located within Brinks facilities.

In Order To Play In The Western Paper System One Must Pay Into The System, Continually…!

from Rogue Money:
Quick Overview: Once the world began a full blown transition into a global economy, the sovereign entities at the top of the heap took center stage. Competitive forces competing in a non-violent manner for business market share on the world stage is now more important than ever. To have major trade deficits with key world players is akin to putting yourself behind the curve. To put it bluntly, you are constantly playing “catch-up!”

If you happen to have the advantage of being the world’s reserve currency, like the USA, then you can “temporarily” stave off the final nail in your economic coffin. For reference, that would be the massive nail that defines a “needs” based product inflation. “ TEMPORARILY” is the operative word in the prior sentences.

The Coming Carmageddon

by David Stockman, DailyReckoning:
Ben Bernanke’s successors at the Fed and other global central banks still don’t get it.

Falsified debt prices do not promote macroeconomic stability. They lead to reckless credit expansion cycles that eventually collapse due to borrower defaults. We’re now seeing that play out in the auto sector, especially since anyone who can fog a rearview mirror has been eligible for a car loan or lease.

If that reminds you of the sub-prime housing disaster, you’d be right.

That, in turn, will make the looming collapse even worse, due to the sudden drastic shrinkage of credit in response to escalating lender losses.

How did we get here?

Silicon Valley Begins to Crack Visibly

by Wolf Richter, Wolf Street:
Chilling photos of for-lease signs lining the Great America Parkway

There are parts of Silicon Valley where commercial real estate is still hanging on, and there are parts where it has let go.

In Santa Clara, it has let go. Overall availability of office space in Santa Clara was nearly 19{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in the first quarter, according to Savills Studley, up from 14{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} a year ago. Only two other areas in Silicon Valley – Milpitas and North San Jose – show greater availability at respectively 23{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} and a harrowing 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

Dave Janda’s Operation Freedom – Sunday, July 2, 2017 – Keith Neumeyer

by Dave Janda, Dave Janda:
Manipulation of financial markets, Benghazi, New World Order Syndicate, Obama Care, Free Market Health Reform, Putin, The Ukraine, ISIS, Syria, The Constitution, Natural resources, Reserve currency, Corruption, gold, silver Global Elite, International Banking Cabal, debt, Federal Reserve, Too Big To Fail Banks, Crony Capitalism, Debt Ceiling, Financial implosion, Recession, Economic Depression, Freedom, Liberty

Click HERE to listen to Keith Neumeyer

Bob Rodriguez: “We Are Witnessing The Development Of A Perfect Storm”

by Robert Huebscher, Silver Bear Cafe:
Robert L. Rodriguez was the former portfolio manager of the small/mid-cap absolute-value strategy (including FPA Capital Fund, Inc.) and the absolute-fixed-income strategy (including FPA New Income, Inc.) and a former managing partner at FPA, a Los Angeles-based asset manager. He retired at the end of 2016, following more than 33 years of service.

He won many awards during his tenure. He was the only fund manager in the United States to win the Morningstar Manager of the Year award for both an equity and a fixed income fund and is tied with one other portfolio manager as having won the most awards. In 1994 Bob won for both FPA Capital and FPA New Income, and in 2001 and 2008 for FPA New Income.

In a recent quarterly market commentary Jeremy Grantham posited that reversion to the mean may not be working as it has in the past. What are your thoughts on mean reversion?

There will be a reversion to the mean. We are in a very difficult and challenging time for active managers, and in particular, value style managers. Many of these managers are fighting for their economic lives.

Stocks and Precious Metals Charts

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from Jesse’s Café Américain:
“To escape the pain caused by regret for the past or fear about the future, this is the rule to follow: leave the past to the infinite mercy of God, the future to His good Providence, and give the present wholly to His love by being faithful to His grace.”

Jean-Pierre de Caussade, Abandonment to Divine Providence

“Man has places in his heart which do not yet exist, and into them enters suffering, in order that they may have life.”