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November 11, 2017 | What You Need to Know About the Saudi Purge

Saudi Arabia, May 2017. A private yacht sails into the port at Jeddah under heavy guard. The yacht’s identity is hidden even from the port authorities. Only a handful of people are allowed near it. They deliver several boxes and the yacht sails away. The boxes contained cash. $1 billion cash. A “gift” from the […]

November 11, 2017 | Perspective Graphic: How Much Money Have Humans Created?

Ever wonder how much money exists? This video compares the world’s richest people, the biggest companies, physical currency, the gold market, the stock market, global debt, and other things to give you a sense of the size of how much money actually exists. Links: The Money Project has tons of infographics and data visualizations, and […]

November 11, 2017 | Yields Going Higher? That’s Our Guess

As a trader considering the fate of interest rates it pays to remain open to all “well-crafted stories.” Why? Because, based on many years of empirical evidence in the bag, we agree with the old saw: No one can forecast interest rates.

November 10, 2017 | Vroom-Vroom! Palladium Hits 16-Year High!

I’m catching a flight to Vancouver, but I just have to get this out before I go. This morning, palladium climbed 1.1% to $1,023.70 an ounce. That’s its highest level since 2001. A SIXTEEN-YEAR high. Source: Wow! Palladium is only a couple hundred dollars away from catching up with gold. Gold is doing well […]

November 10, 2017 | The Distribution of Pain

When you write about economics, you learn very quickly that the economy doesn’t care what you say about it. The forces that drive it are beyond any one person’s comprehension, much less control. But at the same time, the economy doesn’t work like a law of nature. Unlike gravity, for instance, the economy responds to […]

November 10, 2017 | Retraining Fossil Fuel Workers for Renewable Energy Jobs

Many of the skills integral to the fossil fuel industry are directly transferable to the renewables sector. Installing solar panels requires electricians, building wind turbines relies on welders and locating and maintaining geothermal wells depends on drilling engineers.  Recent surveys find that many workers see and want the transition to sustainable jobs, even if it […]

November 10, 2017 | Lest We

Morning rush. An old soldier stood by one of the concourse elevator banks in the bowels of the office tower where I sometimes hang out. Millennials blurred past the odd figure in his blue blazer, chest covered in medals, beret, ancient cloudy eyes. All had more time for their iPhones than a human anachronism with […]

November 10, 2017 | How the GOP Tax Plan Rips Off the Middle Class

RANCHO SANTANA, NICARAGUA – Yesterday, Senate Republicans announced their proposed tax reform measures. Instead of eliminating the inheritance tax – like the House version does – the Senate proposal would increase the exemption by $5 million per person. And instead of cutting business taxes right away, the cuts wouldn’t happen until 2019. We never met […]

November 10, 2017 | Interest Rates will Double

QUESTION: Mr. Armstrong; Thank you for an excellent conference. I have been attending since 2011. Each time you deliver a different conference and they are always better than the last. I could not help to notice on Zero Hedge they ran a piece about a Harvard University’s visiting scholar at the Bank of England who claims: “We […]

November 10, 2017 | The Retail Industry is in Big Trouble

A Bloomberg story about difficulties in the retail industry caught my eye, as I’ve written about struggles of retail stores and shopping malls before, in a Weekend Note in December 2015. At that time, shares of the on-line behemoth Amazon Inc. were trading on the stock market at $666. Recently they touched $1,135, a total value […]

November 10, 2017 | Significant Differences in Senate vs House Tax Overhaul Plan: Will Anything Get Done This Year?

There are significant differences between the House and Senate versions of the tax overhaul. Unlike the House, Senate Republicans cannot afford to lose more than two votes. Also unlike the House, the Senat has budget rules that must be met. Will the differences be resolved in reconciliation? The Wall Street Journal reports Senate Tax Plan […]

November 9, 2017 | Next Phase of Carmageddon: the Banks

Banks have started to tighten lending standards for prime and subprime borrowers, and it shows. Banks are further tightening their lending standards for prime and subprime auto loans. This process started in Q2 2016, when auto lending had reached the apogee of loosey-goosey underwriting that had boosted sales of new and used vehicles to record […]

November 9, 2017 | Fraud Alert: CRA Arrears Scam

Last year we had people leaving threatening messages on our home phone saying they were from Canada Revenue Agency and that if we didn’t pay up they would send the police to arrest us. I was amazed at the brazen aggression of their fraudulent efforts. We reported the calls to the police and CRA. Both […]

November 9, 2017 | Why Funerals Are Good for the Economy

RANCHO SANTANA, NICARAGUA – “I wanted to build a little vacation cottage.” We were getting a tour of concrete and rebar. A colleague is building a house on the ocean. It seems to have gotten away from him. “Well…” he continued. “How many times am I going to build a vacation house in Nicaragua? “So, […]

November 9, 2017 | Mush

Unless I have mush for brains, or enjoy recreational flogging, this will be the last blog for a while on why young people can’t afford to buy or rent houses in Van or T.O. It’s not because armies of 1%ers scoop and hoard those places, keeping the condos dark and the houses vacant. No evidence […]

November 9, 2017 | Retail Apocalypse? Deflationary Collapse?

Through the third quarter, 6,752 locations were scheduled to shutter in the US according to the International Council of Shopping Centers. That’s more than double the 2016 total and is close to surpassing the all-time high of 6,900 in 2008, during the depths of the financial crisis. Bloomberg writers Matt Townsend, Jenny Surane, Emma Orr […]

November 9, 2017 | Iran & War

  Iran has a very rich history that lends itself to tremendous insight into the long-term future of the Middle East. It was Cyrus the Great who conquered Lydia which was the birthplace of money issued by the state. The Persians adopted the practice and then continued to produce coins with the same design as […]

November 9, 2017 | The Great Global Reflation Trade

A funny thing happened to commodities in October. They went up. All of ’em. Or nearly all. Enough that the CRB Index busted out like an escaped felon with nothing to lose. This index tracks a basket of 19 commodities. It’s energy-heavy – 33% by weight. But it is stuffed with everything from cocoa to […]

November 8, 2017 | If Hillary Had Won, the Dow Would Still Be Trading Above 23,000

A year after Trump defeated Hillary, the stock market has had its biggest post-election run-up since 1945, when FDR was re-elected to a short-lived fourth term. Of course, Trump had no more to do with the current rally than Roosevelt or his successor, Harry S Truman, did with the post-War surge in shares. The stock […]

November 8, 2017 | The NEXT Czar within our Fed System!

Who is Randal Quarles? – Mr. Quarles is 60 -Currently managing director at the Cynosure Group, a private equity firm based in Salt Lake City. – His wife’s great-uncle is Marriner Eccles, the Fed’s chairman from 1934 to 1948. – Former lawyer for the financial industry before joining the Bush administration in 2002, first as […]

November 8, 2017 | Too Late

So the assault on the right to own property, which you don’t have, entered a new phase this week. First Vancouver, then Toronto. Not only does government strictly control rents. Now it seeks to control property owners. This should probably alarm you. “The city will not sit on the sidelines,” thundered YVR mayor Gregor Roberston […]

November 8, 2017 | Predatory Finance Still Menacing the Global Economy

When people attack and dismiss 14-year-old-world-change agent-Tesla for benefiting from relatively small tax subsidies and EV incentives in some countries, I am struck by the agony and hypocrisy of a world where the oldest, richest and most profitable sectors–big oil and big finance–continue to receive unprecedented government support and largess that is literally bankrupting nations.  […]

November 8, 2017 | How Technology Poisoned the Future

RANCHO SANTANA, NICARAGUA – Over the weekend, bitcoin rose to more than $7,500 – a 200% gain from when we bought in June. “Is that all?” replies a colleague. “I got into a bitcoin miner at 2 cents a share. It’s now trading at $7. “I’ll do the math for you. If you had put […]

November 8, 2017 | The ECM Turning Point Here in November

  QUESTION: Marty, First off, I would like to say it was truly a pleasure meeting you at the cocktail party this past weekend. Congratulations on presenting an incredible conference. It was my first time attending and I will definitely be there again next year. Furthermore, let me tell you that I was very impressed […]

November 8, 2017 | Saudi War Drums: Gold, Oil, Cryptocurrency Prices to Spike

KINGSTON, NY, 8 November 2017—Oil prices had jumped to two-year highs even before the Saudi Arabia palace purge that is now igniting concerns about oil production in the country and instability in the region. Over the last three months, oil prices began rising following hurricanes in the US that reduced supply, moderate increases in global […]

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