Tag Archives: newsletter

There isn’t a day that goes by in 2017 where some study is released or anecdote is published purporting a sinister labor market development. There is a shortage of workers, we are told, often a very big one. The idea is simple enough; the media has been writing for years that the US economy was recovering, and they would very much like to either see one and be proven right (and that recent revived populism is...

What Constitution? One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes. There, on public display, is an overt record of a critical defect.  A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money. If you...

A former Credit Suisse banker pleaded guilty on Wednesday to charges of aiding Americans in hiding millions of dollars from US tax authorities. Credit Suisse was fined in 2014 for helping US tax avoiders. Susanne Rüegg-Meier, who worked in the Zurich office of Credit Suisse between 2002 and 2011, entered the guilty plea while on trial in a federal court in Alexandria, Virginia, for conspiring to defraud the United...

– Gold hedge against currency devaluation – cost of fuel, food, housing – True inflation figures reflect impact on household spending– Household items climbed by average 964%– Pint of beer sees biggest increase in basket of goods – rise of 2464%– Bread rises 836%, butter by 1023% and fuel (diesel) up by 1375%– Gold rises 2672% and hold’s its value over 40 years– Savings eaten away by money creation and negative interest...

Summary South Korea proposed resuming military and humanitarian exchanges with North Korea. The European Union may sanction Poland over its controversial judicial overhaul. Turkish Prime Minister Yildirim announced a cabinet shuffle after meeting with President Erdogan. Turkey’s worsening relations with Germany will come with economic costs. South African Reserve Bank surprised markets by starting the easing cycle with...

Swiss Economics Minister Johann Schneider-Ammann on Tuesday expressed satisfaction with his two days of meetings with senior Trump administration officials, capping efforts to boost cooperation between Switzerland and the United States on education, jobs and trade. He also invited Ivanka Trump,  the daughter and adviser to US President Donald Trump, and other Trump administration officials to visit Switzerland so that...

The term “ghost city” is a loaded one, often deployed to skew toward a particular viewpoint. In the context of China’s economy, it has become shorthand for perhaps the largest asset bubble in human history. While that may ultimately be the case, in truth China’s ghost cities aren’t about the past but its future. There is a great deal that is misunderstood about the country’s path toward urbanization and modernity. A...

Goods and Services Tax, and Gold (Part XV) Below is a scene from anti-GST protests by traders in the Indian city of Surat. On 1st  July 2017, India changed the way it imposes indirect taxes. As a result, there has been massive chaos around the country. Many businesses are closed for they don’t know what taxes apply to them, or how to do the paperwork. Factories are shut, and businesses are protesting. [embedded...

 Bank of England warn that “bigger systemic risk” now than in 2008 BOE, Prudential Regulation Authority (PRA) concerns re financial system Banks accused of “balance sheet trickery” -undermining spirit of post-08 rules  EU & UK corporate bond markets may be bigger source of instability than ’08 Credit card debt and car loan surge could cause another financial crisis PRA warn banks returning to similar practices to...

Completing a busy day of US economic data, Industrial Production was, like retail sales and inflation data, highly disappointing. Prior months were revised slightly lower, leaving IP year-over-year up just 2% in June 2017 (estimates for May were initially 2.2%). Revisions included, the annual growth rate has been stuck around 2% now for three months in a row, suggesting like those other accounts a pause or even...