Saturday, January 25, 2020

Keiser Report: How much do Wall St. managers cost US taxpayers? (E1258)

from RT:

In the second half, Max interviews author and banker, Mitch Feierstein of PlanetPonzi.com, about Trump’s trade war, stock buybacks and the latest in the bond markets.

Carmageddon in Detroit

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by Wolf Richter, Wolf Street:

Suddenly it gets ugly – but these are still the good times.

It’s confession time among the Detroit automakers: GM, Fiat Chrysler, and Ford all got ugly, in unison, in one day, something we haven’t seen since the Financial Crisis.

Back at the end of May, GM shares (GM) were trading at $38 when it announced that SoftBank, the Japanese company that is blowing borrowed billions left and right, would invest $2.25 billion in GM’s self-driving car unit Cruise. By June 11, GM shares had shot up to $45. But this morning they’re at $37.16. That’s a 17% plunge from June 11, including the 5% drop Wednesday and today.

Fed Concerns About Growth AND Inflation?!

by Chris Marcus, Miles Franklin:

Federal Reserve chairman Jerome Powell gave his latest economic update last week, and his assessment that he’s concerned about both growth and inflation means that the case for investing in precious metals is as strong as ever.

Federal Reserve Chairman Jerome Powell delivered an upbeat assessment of the economy and said it justified continued interest rate increases. But he opened the door to a potential policy shift and outlined risks if escalating trade tensions result in permanently higher tariffs.

The Fed expects recent tax cuts and an increase in federal spending to boost spending and investment at a time when the labor market is already tight. This has put officials on the lookout for signs the economy could be overheating.

COMEX OPTIONS EXPIRY DAY: OUR BANKERS RAID GOLD/SILVER METAL AND GOLD/SILVER STOCKS

by Harvey Organ, Harvey Organ Blog:


GOLD DOWN $5.65 TO $1226.30 AND SILVER DOWN 10 CENTS TO $15.48/CHINA THROWS IN THE TOWEL AND ENGAGES MASSIVE STIMULUS/CHINA’S RHETORIC WITH THE USA ON TARIFFS ESCALATES: CALLS WASHINGTON ENGAGING IN EXTORTION/USA THREATENS TURKEY TO RELEASE THE PASTOR/MORE SWAMP STORIES FOR YOU TONIGHT

SOCIALIST ECONOMICS 101: Venezuela Lops Five Zeros Off Currency To Combat Gigantic Inflation

by Hank Berrien, Daily Wire:

On Wednesday, President Nicolas Maduro of socialist Venezuela announced an unusual plan for dealing with the gargantuan inflation plaguing his country: lopping five zeros off of the country’s currency, the bolivar. “Five zeroes fewer, so that we may have a new, stable financial and monetary system,” he stated.

Maduro, whose original plans were to cut only three zeros from the currency, as former president Hugo Chavez did in 2008, plans to link the bolivar to the country’s Petro cryptocurrency on August 20, then call the new currency the Sovereign Bolivar. The problem with linking the currency to the cryptocurrency is that the petro has weak credibility because of a lack of confidence in Maduro’s government. According to the International Monetary Fund, inflation will reach one million percent by the end of 2018.

SF to regulate private companies’ free meal benefits by forcing tech workers to go out for lunch

from Fellowship Of The Minds:

San Francisco’s rents are so outrageous that many workers cannot afford an apartment much less a home. Companies providing free/reduced cost meals are no doubt a much-needed benefit due to the cost of living in San Francisco.

Lunch at McDonald’s can cost $8.00 (average in SF). Let’s take a look at lunch costs at other restaurants in the area, shall we?

I specifically searched for restaurants located near Google with good reviews and found the following:

Power Grid Could Buckle During Extreme Heat Wave: Here’s How to Keep Cool

by Daisy Luther, The Organic Prepper:

The power grid in the US is old and tenuous, and with the current “heat dome” that has settled over the southwestern part of the country, the risk of demand outstripping supply is very real. High-temperature records were set in several states yesterday:

  • Death Valley, CA: 127
  • Las Vegas, NV: 112
  • Palm Springs, CA: 121
  • Phoenix, AZ: 116

How Technology Bolsters Your Right to Work, Choose, and Earn

by Doug Casey, International Man:

It’s hard to remember how hard it was to look for work – or leave your current job – before technology changed everything.

Consider what LinkedIn does for you. It allows you to have your own identity apart from your current employer, as if you own your labor. You gather your own network and keep it as you move from job to job.

You can job hunt without seeming to betray your boss. You can be available for job offers too, even if you don’t think of yourself as being on the market. When you change jobs, you can add that to your profile with a few clicks and have that change announced to your network. Otherwise everything is the same. You are faced with a daily variety of choice among employers competing to hire you for your skills. Or you can very easily go solo, choosing to gig and contract as your own personal business.

Prepare for a Chinese Maxi-devaluation

by Jim Rickards, Daily Reckoning:

The news is being dominated by breathless headlines about the new trade war between the U.S. and China. But this trade war has been brewing for years and came as no surprise to readers of my newsletter, Project Prophesy. In fact, the new trade war is simply a continuation of the currency wars that began in 2010.

I’ve warned for over a year that President Trump’s threats of tariffs should be taken seriously, while most of Wall Street discounted Trump’s talk as mere bluster. Now the trade wars are here as we expected, and they will get much worse before they are resolved.