A stock market crash is coming, and the Democrats and the mainstream media are going to blame Donald Trump for it even though it won’t be his fault. The truth is that we were headed for a major financial crisis no matter who won the election. The Dow Jones Industrial Average is up a staggering 230 percent since the lows of 2009, and no stock market rally in our history has ever reached the 10 year mark without at least a 20 percent downturn. At this point stocks are about as overvalued as they have ever been, and every other time we have seen a bubble of this magnitude a historic stock market crash has always followed. Those that are hoping that this time will somehow be different are simply being delusional.
He’s huge. Outsized. He fills the news hole at any moment of any day. His over-tanned face glows unceasingly in living rooms across America. Never has a president been quite so big. So absolutely monstrous. Or quite so small. He’s our Little Big Man…….Think of him as the end of the world as we, or maybe anyone, including Vladimir Putin, knew it. To me, that means one thing, even though most of you won’t agree: I think we owe Donald Trump a small bow of thanks and a genuine debt of gratitude…… He’s teaching us just how deeply disturbed our American world actually is, or he wouldn’t be where he is…Into this quagmire, the gods dispatched the man who loves MOAB, who drools over “my generals,” who wants to build a “big, fat, beautiful wall” on our southern border, but was beyond clueless about where power actually lay in Washington.
First we will look at two very simple gold charts, with 50 and 200 day simple moving averages, RSI and MACD, both daily and weekly….. What is to be said about the daily and weekly price charts of gold itself? They actually look fine – even though prices remain within a trading range that has held for three months, we see a few tentatively encouraging technical signs. The most important fundamental data (i.e., the ones that are currently most closely correlated to gold prices) have actually slightly improved since we last discussed them (they’re still in more or less neutral ranges, but slightly better – such as real interest rates, the relative performance of bank stocks vs. the SPX or the US dollar…). So the neutral to mildly encouraging technical picture is actually lining up well with the fundamental picture at the moment, in that both have improved, but are still in limbo.
Muammar Gaddafi warned Tony Blair in two fraught phone conversations in 2011 that his removal from the Libyan leadership would open a space for al-Qaida to seize control of the country and even launch an invasion of Europe. The transcripts of the conversations have been published with Blair’s agreement by the UK foreign affairs select committee, which is conducting an inquiry into the western air campaign that led to the ousting and killing of Gaddafi in October 2011. In the two calls the former British prime minister pleaded with Gaddafi to stand aside or end the violence. The transcripts reveal the gulf in understanding between Gaddafi and the west over what was occurring in his country and the nature of the threat he was facing…….Torture one day, passports the other. Lovely. And it still gets better: MI6 didn’t just have close contacts with Libyans in Manchester, it knew the alleged perpetrator’s family, and used his father multiple times as on operative.
China is in the greatest financial bubble in history. Yet, calling China a bubble does not do justice to the situation. This story has been touched on periodically over the last year. China has multiple bubbles, and they’re all getting ready to burst. If you make the right moves now, you could be well positioned even as Chinese credit and currency crash and burn.
There’s a clear winner in this year’s tax policy debate so far: The status quo. Republicans are scouring the tax code, searching for breaks to eliminate to offset the deep rate cuts they desire. But the biggest tax breaks are surviving and the boldest ideas for change are on political life support or already dead. Republican proposals for border-adjusting the corporate tax, ending the business interest deduction and making major changes to individual tax breaks for health and retirement all hit resistance within the GOP. The only big revenue-raising provision with anything close to Republican consensus is repealing the deduction for state and local taxes, and that faces objections from blue-state lawmakers in the party.
But employment is not an end in and of itself. Rather, it is a means to an end: namely the increased standard of living that the worker obtains by trading his labor for wages. In a free market, employment is a value creation process — with jobs stemming from the wants and needs of consumers as conveyed through the price system. It is this productive nature of free-market jobs that make them desirable and capable of increasing a worker’s standard of living. Wages spring directly from, and are proportional to, the degree in which a job creates wealth by helping to satisfy an unmet need. As is the case for all mutually-agreeable trades in a free market, both sides gain and wealth is created: the worker receives wages that he values more than his labor and the consumer receives a product or service he values more than its price. In other words, a worker’s wages are reflective of the additional wealth he helped create, which enables his newly improved standard of living. Because government-created jobs are devoid of this wealth creation process, they are merely a transfer of wealth from taxpayers to the program’s beneficiaries.
Just as American Democrats know for an undeniable fact that Jimmy Carter is our nation’s greatest living man of peace, I contend that Zbig’s anti-Russian stance makes him nearly as great a humanitarian, and certainly a model Democrat in 2017. And Zbig knew, as I and all good Democrats know, that the greatest fight of our generation is the fight against Vladimir Putin. Poverty, starvation, refugees, terrorism, climate change – everyone in America is realizing that if we can just get rid of Putin, everything else will surely fall into line. Surely!
Saudi Arabia is not just any tired dictatorship with an abysmal human-rights record but one of the most spectacularly dysfunctional societies in history. It takes in half a billion dollars a day in oil revenue, yet is so profligate that it could run out of money in half a decade. It sits atop 18 percent of the world’s proven oil reserves, yet is so wasteful that, at current rates, it will become a net importer by the year 2030. Its king travels with a thousand-person retinue wherever he goes while his son, Deputy Crown Prince Muhammad bin Salman, plunked down $550 million not long ago when a 440-foot yacht caught his eye in the south of France. Yet this pair of royal kleptocrats dares preach austerity at a time when as much as 25 percent of the population lives on less than $17 a day in trash-strewn Third World slums.
Prophetically foreshadowing the current crisis (and apparent action plan), leaked CIA documents from the reign of Bashar al-Assad’s father in the 1980s show a Washington Deep State plan coalescing to “bring real muscle to bear against Syria,” toppling its leader (in favor of one amenable to US demands) , severing ties with Russia (its primary arms dealer), and paving the way for an oil and gas pipeline of Washington’s choosing……