Saturday, February 27, 2021

Auto Sales Tank Again In June – It’s Worse Than Headline Reports

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by Dave Kranzler, Investment Research Dynamics:
June auto sales on a “SAAR” basis (seasonally adjusted annualized rate) fell 1.2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from May to 16.5 million “SAAR.” The non-SAAR number available from sources like Autonews.com show a 3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year over year drop from June 2016. The year over year comparison for the same month eliminates seasonality and it eliminates statistical errors compounded by the annualization calculation.

It was the 6th month in a row that auto sales declined. June’s 16.5 million SAAR was 11.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} below the all-time high of 18.7 million SAAR (December 2016). This is a large decline that is not being given much attention in the financial media.

Parents to Pay the Price when Australian Housing Bubble Bursts

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by Wolf Richter, Wolf Street:
Home prices jump to new record amid surging supply and declining real wages.

“The government, opposition, central bank (RBA), prudential regulator (APRA), FIRE sector (finance, insurance, and real estate industries) and their economists predictably deny the existence of a housing bubble. They firmly assert a severe downturn in the residential property market cannot and will not occur” — LF Economics.

So when home prices sagged on a monthly basis in May, the fretting began. But now it is ascribed to a seasonal quirk because in June home prices jumped again, according to CoreLogic:

Financial Independence Day

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by Andy Hoffman, Miles Franklin:
Today, we’re going to start with two extremely powerful quotes, regarding the history of monetary destruction…
“An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense…that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire, and that each implies and requires the other.”

…and what we can, and must do, to stop it…

“It’s time for us to declare our independence from an oppressive government that seeks to control our money and our lives in ways unimaginable to those who rebelled against the British Crown in 1776.”

Buy Gold Near $1,200 “As Insurance” – UBS Wealth

by Mark O’Byrne, Gold Core:
– Buy gold near $1,200 “as insurance” – UBS Wealth
– UBS believe investors should take advantage of gold’s first monthly decline
– “We like the insurance qualities for gold” on uncertainty
– Strong demand, weak output and low dollar to support
– Warning as North Korea tests intercontinental ballistic missile
– Launch of ICBCM is a “new escalation of the threat” and revives geo-political risks
– Syria, Qatar, Saudi, Israel, Iran risks mean Middle East remains powder keg
– Academic research points to gold’s role as a safe haven
– Gold as Safe Haven a must read for investors

Italy Openly Discusses Euro Exit in Parliament: Debt Restructuring or “Italeave” on the Way?

by Mish Shedlock, Mish Talk:
In Europe, where it is essentially taboo to publicly discuss anything deemed politically incorrect, some interesting conversations are taking place in the Italian parliament regarding the future of Italy in the eurozone.

Via email, Eurointelligence asks Is Italy heading for debt restructuring or euro exit?

We are reporting from an important conference in Rome yesterday that has caught the Italian news headlines this morning – on the future of Italian public debt. It was organized by the Five Star Movement, held in the Italian chamber of deputies, and openly discussed issues such default mechanism inside the eurozone, sovereign debt restructuring mechanisms, parallel payment systems, and of course euro exit.

The Truth About North Korea: It’s Booming

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by Alexander Mercouris, The Duran:
As North Korea tests another long range missile reports from North Korea confirm that far from being in crisis its economy is in the midst of a boom.

Both the US and Russia say that the Hwasong-14 missile which was launched today is of intermediate range, and is not as North Korea claims an intercontinental ballistic missile (“ICBM”). It seems that whilst the missile can cover all of Alaska it does not have the range to reach the rest of the continental United States.

Though this is almost certainly true – and is in accord both with what Chinese and Russians specialists say about the North Korean ballistic missile programme – the fact that the very first test of such a powerful and sophisticated missile appears to have been completely successful highlights North Korea’s growing mastery of ballistic missile technology.

Japan Officially Removes Taxes from Purchase and Sale of Bitcoin

by Kenneth Schortgen, The Daily Economist:
On July 1, a new law went into effect which removes all taxation from the buying and selling of Bitcoin in the nation of Japan. And with their already having recognized the cryptocurrency as a viable medium of exchange within their monetary system, the world’s third largest economy has moved another step closer to recognizing Bitcoin as a legitimate currency.

Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.

Fine Gold versus F.I.N.E. Central Banks

by Gary Christenson, Deviant Investor:
On the other hand central banks create trillions of fiat currency units – dollars, euros, yen, quataloos, whatever – from nothing and use those currency units for purchases … Apple stock, salaries for a thousand Ph.D. economists, office buildings, lobbyists, politicians, gold bullion etc.

It is unfair that the Fed creates trillions of dollars from nothing and values those dollars equally with other dollars created from the efforts of millions of businesses and individuals.

UNFAIR? Of course it’s unfair. That’s the point! With their “unfair” ability to create fiat currency that spends the same as existing currency, central bankers increase their power and wealth at the expense of citizens. They own or control governments, congressmen, CEO’s, commercial bankers and more.

The End of Markets, Part III – Jeff Nielson

by Jeff Nielson, Sprott Money:
We no longer have markets, not in the sense of international exchanges for human commerce. What we have, instead, is a 24/7 computerized price-rigging operation – which has hijacked all of our market infrastructure.

The entity responsible for this enormous systemic crime is very familiar to regular readers: the One Bank . Part II of this series ended with a pledge to provide readers with evidence. Not evidence of (mere) manipulation. Such evidence exists in abundance, and a considerable amount of evidence was presented in the first two installments of the serial manipulation of the silver market.

Sentiment Naturally Changes With Each Skirmish, As The Financial War Proceeds

by argentus maximus, TF Metals Report:
I listened to Craig in his pretty unique podcast of this Independence Day weekend, ( TFMR Podcast – Friday, June 30 ) and I totally appreciate his honesty and candour, and value that. Not many business owners have the chutzpah to openly discuss their difficulties with clients. It indicates humanity, honesty, ability to talk about difficulties and what is being done about them, during the process. And trust in their clients, which can only be built up incrementally over time. Weaker individuals wait until afterwards before saying anything that might show less than an invincible public image, if they ever dare say it.

I think that Turd isn’t doing anything “wrong” when a decline of subscribers becomes visible, though I am sure a lot of soul searching goes into it, because business is important.Seafarers have to sail through storms to get to the other side, that’s all. Unfortunately this is simply the bear grinding out the bullish element to incentivise the move of assets away from weaker individuals and over into the “right hands”. After the property is owned by “the right pockets” it will rise in price. It has always been so since capital could be used in a weaponized way, which was of course the end of capitalism there and then … a longer time ago, I believe, than many people think.

How to Build an Exceptional Offense

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by Simon Black, Sovereign Man:
Today I’m going to show you how to build a strong offense.

Once you have a strong defense that protects everything you have, a good offense positions you for gain.

It helps you move the ball down the field, grow your wealth and achieve exceptional investment returns… all while taking minimal risk.

Step #1: Invest outside of the mainstream

When I say outside the mainstream, I don’t mean weird or highly risky. I mean beyond conventional wisdom… in other words, beyond stocks and bonds.