Thursday, July 18, 2019

Keiser Report: A Progressive Case for Hard Money (E1410)

from RT:

In this episode of the Summer Solutions 2019 for the Keiser Report, Max and Stacy are joined by Alasdair Macleod of Goldmoney.com for his hard money pitch as a solution to many of the global economic and monetary woes causing societal unrest (from Occupy Wall Street to the Yellow Vests) and despair (like the more than 75,000 annual opioid overdoses in the U.S.).

European Union more than happy to place a convicted criminal at the head of the ECB

by Kenneth Schortgen, Shotgun Economics:

With the majority of people in the West having extraordinarily short memories, it should not be surprising that there has been little question of the IMF’s Christine Lagarde being nominated to run the European Central Bank.  However if one goes back just two years you would find that Lagarde just happens to be a convicted criminal of financial crimes

International Monetary Fund chief Christine Lagarde has been convicted over her role in a controversial €400m (£355m) payment to a businessman.

California Committee Approves Measure to Create Banking Alternative for Cannabis Industry, Bypass Federal Reserve

by Michael Maharrey, Activist Post:

Last week, a second California Assembly committee unanimously passed a bill that would establish limited state-chartered banks to serve the cannabis industry. Final passage of this legislation would remove a major federal roadblock in front of the developing industry in the state and further nullify federal prohibition in practice.

Sen. Bob Hertzberg, (D-Van Nuys), along with a bipartisan coalition of eight cosponsors, filed Senate Bill 51 (SB51) on Dec. 4.  The legislation would create a self-contained banking system for the cannabis industry in California.

As Wall Street Celebrates Rising Stock Prices, Companies Are Literally Shutting Down All Over America

by Michael Snyder, The Economic Collapse Blog:

How long can the stock market possibly stay completely disconnected from economic reality?  On Monday, the Dow Jones Industrial Average rose just 27 points, but that was good enough to push it to yet another new all-time record high.  Investors have been absolutely thrilled by the extremely impressive bull run that we have witnessed so far in 2019, but there is no way that this is sustainable.  Wall Street may be celebrating for the moment, but meanwhile all of the hard economic numbers are telling us that we have now entered a new economic slowdown.  Just like in 2008, it appears to be inevitable that the party on Wall Street is about to hit a brick wall, but nobody should be surprised when it happens.  Everywhere around us there are signs of economic trouble, and right now companies are literally shutting down all over America.

London has fallen: May & Khan fiddle while crime destroys capital

from RT:

As Theresa May prepares to vacate Downing Street, Britain has never appeared so broken, fragmented and rudderless.

In London, long held up as one of the world’s major capital cities – a beacon of multiculturalism, dynamism, enterprise and opportunity – death stalks the streets and alleys of its vast sprawling housing estates. Gang warfare has grown to the point where the lives of its combatants, in the main teenage boys and youths, have been reduced to the deadly scenario of kill or be killed. Meanwhile, the conclusion that the Metropolitan Police has lost control of the streets is now impossible to avoid. According to the Met’s own statistics, we learn that between January and June this year there have been

Bank Run: Deutsche Bank Clients Are Pulling $1 Billion A Day

from ZeroHedge:

There is a reason James Simons’ RenTec is the world’s best performing hedge fund – it spots trends (even if they are glaringly obvious) well ahead of almost everyone else, and certainly long before the consensus.

That’s what happened with Deutsche Bank, when as we reported two weeks ago, the quant fund pulled its cash from Deutsche Bank as a result of soaring counterparty risk, just days before the full – and to many, devastating – extent of the German lender’s historic restructuring was disclosed, and would result in a bank that is radically different from what Deutsche Bank was previously (see “The Deutsche Bank As You Know It Is No More“).

Expectations and Opportunity Cost – Craig Hemke (15/07/2019)

by Craig Hemke, Sprott Money:

In an interview last week, I was asked if I had any regrets about owning and holding physical gold over the past six years. As you might imagine, my answer was a resounding “NO”.

Now don’t get me wrong. It has been a very difficult six years. Gold was smashed below $1525 in April of 2013 and then traded in what was mainly a $200 price range until a month ago. With price in dollar terms now breaking out of that range, I suppose the opportunity cost question was a timely one.

And what is “opportunity cost”? This from Investopedia:

Wrong Whale – Ted Butler

by Ted Butler, Silver Seek:

Here’s an amended excerpt from the weekly review sent to subscribers on Saturday, July 13 –

The 4 big concentrated silver longs, which I have been writing about for nearly a month, further reduced their net long position by 3882 contracts to 62,707 contracts. The only reporting category to have liquidated enough (or any real) number of contracts in the reporting week were managed money traders, proving conclusively that managed money traders held a significant percentage of the very strange concentrated net long position in COMEX silver. How else could I have expected managed money long liquidation by the 4 concentrated longs on Monday?

THE SILVER PRICE: Setting Up For A Breakout?

by Steve St. Angelo, SRSRocco Report:

After gold broke above a critical resistance level, held for the past five years, precious metals’ investors are now wondering, “what’s in store for silver?”  While gold surged from $1,340 to $1,440 in just one week last month, silver only went up a mere $o.70.  Thus, the Gold-Silver ratio increased from 89/1 to 94/1, in the same five-day period.

So, the BIG QUESTION many precious metals investors are asking, “Is silver going to follow gold’s move higher?” And, in several price trends in the past, silver does follow gold higher but also outperforms the yellow metal in the later stage.

Trucking, Rail Sink Deeper into “Transportation Recession”

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by Wolf Richter, Wolf Street:

After the boom comes the bust. And now is the bust.

Freight shipments in the US across all modes of transportation – truck, rail, air, and barge – fell 5.3% in June compared to June last year, after having fallen 6.0% in May, the seventh month in a row of year-over-year declines, according to the Cass Freight Index for Shipments. This decline, along with other freight indicators, including orders for heavy trucks, now clearly outline the new Transportation Recession – number 2 since the Great Recession – in this very cyclical business: