Monthly Archives: June 2014

Is It a Crash Yet?

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“Nothing about these markets is normal – especially in the face of continued economic weakness. These markets are being shoved higher for a reason. In fact, the idea behind these nonsensical valuations is to convince investors to buy-buy-buy. Only when enough of them have entered again will markets ready themselves for a crash. We’ve stuck to our predictions of higher equity marts not because there are any underlying factors that justify these valuations – there are not. But our conviction remains that powerful players want a higher market – a sky-high market – because a crash from that elevation may be painful enough to produce a consensus for yet more market globalization.”

http://www.thedailybell.com/news-analysis/35364/Is-It-a-Crash-Yet/

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Do Not Look to Politics to Remedy NSA Overreach

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“People should leverage their own resources and abilities. They should strive to take ‘human action’ wherever possible to protect themselves and their families. Such human action probably includes the purchase of some precious metals and the implementation of a variety of sensible measures involving items necessary to survival in tumultuous times. A second passport, a domicile abroad and the creation of foreign holdings of a measure of wealth are also important. One may wish to believe in the self-cleansing aspects of regulatory democracy but history shows us that when political systems begin to unravel it is difficult for them to recover.”

http://www.thedailybell.com/news-analysis/35367/Do-Not-Look-to-Politics-to-Remedy-NSA-Overreach/

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New York Fed Massively Disagrees With DOE’s Student Loan Default Data

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“How high those delinquencies rates actually are, though, is an open question, which is turning into confusion on how to fix the problem.   The most dire assessment is that one in three borrowers trying to repay student loans was late by 90 days or more at the end of 2012, according to The Federal Reserve Bank of New York in April.  The U.S. Department of Education only publishes default statistics, and the official number of borrowers who default within two years of entering repayment is currently 10 percent. The default rate after three years is 14.7 percent.  The default rates have been widely criticized for not giving an accurate picture of the number of student loan borrowers in distress.”

http://www.reuters.com/article/2014/06/02/us-column-weston-idUSKBN0ED1GW20140602

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Delinquent US student loans hit record high, over $100 billion past due

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“The number and value of overdue student loans has reached an all-time high in the US as nearly a third of 20- to 24-year-olds are currently unemployed, according to a report by the Department of Education.  With continued concern regarding rising college costs, the amount of outstanding student loans has now reached $1 trillion, making that the largest category of consumer debt in the US aside from home mortgages.  According to the new report, eleven per cent of school loans – one hundred and ten billion dollars’ worth – are now seriously delinquent, meaning at least 90 days past due.  Bloomberg reports the employment rate for college graduates in the US is 87 per cent.”

http://rt.com/usa/record-high-us-student-debt-775/

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Bill Bonner: What Do Bond Investors Know That Stock Investors Don’t?

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“Your Rogue Economist entered the labor force when he was 14.  Thereafter, he was either in school or at work. He worked as an usher, a dishwasher, a carpenter’s helper, a mason, a painter, a truck driver, a teacher. It never took more than a day or two to find a job.  Times have changed. Now, it’s much harder to get on the bottom rung.  And according to the Financial Times, things aren’t much better for those on the economic ladder. If they are lucky enough to get a foothold… and eventually climb their way into the middle class… they will earn, on average, about as much as a middle-class wage earner a half a century ago!  How’s that for something to look forward to?”

http://www.bonnerandpartners.com/what-do-bond-investors-know-that-stock-investors-dont/

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Obama, In Europe, Announces $1 Billion European Defense Plan

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“The $1 billion security plan [is] intended to demonstrate the United States’ ‘rock-solid commitment’ to stand with Central and Eastern Europe against Russian aggression, but it did not settle nerves rattled by the crisis in neighboring Ukraine.  Arriving here for the start of a four-day swing through Europe certain to be dominated by the continuing tension with Moscow, Mr. Obama announced a program to expand military training, joint exercises and troop rotations while prepositioning equipment in the region to bolster defenses for American allies.  The president’s main goal here in Warsaw was to reassure NATO allies that once were in the Soviet orbit that they could count on American support.”

http://www.nytimes.com/2014/06/04/world/europe/obama-in-europe.html?hp&_r=1

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Here’s One Fight Uncle Sam Can’t Win

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“Economic citizenship programs are proliferating. That’s something to celebrate. These programs are a bracing antidote to the increasing tendency of governments to impose travel restrictions against their citizens, using passports as weapons. This has long been the policy of authoritarian governments like North Korea and China. But in recent years, the US and UK have made much greater use of passport revocations and even involuntary loss of citizenship against persons they perceive as ‘enemies of the state.’  Is it really surprising that a market has arisen to deal with these draconian restrictions on one of humanity’s most basic rights, the right to leave one’s own country?”

http://www.nestmann.com/heres-one-fight-uncle-sam-cant-win

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French Fried Entrepreneurs: They Are Leaving

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“Rich people in France are pulling up stakes. They will escape the tax man. (Unlike the USA, if you are not living in France, you do not pay taxes to the French government.)  Young people in France who want to start businesses say they want to leave France. A lot of them will.  France’s taxes are higher than anywhere else in Western Europe. French unions are stronger. French workers don’t put in Germanic days — or even Italian days.  Before the eyes of the world, the Keynesian experiment is going belly-up. A self-proclaimed socialist is captain of France’s economic Titanic.”

http://teapartyeconomist.com/2014/06/03/french-fried-entrepreneurs-leaving/

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The All-Seeing Eye

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“We are only now coming to understand just how much power the federal government has to peer into our personal lives.  This ‘architecture of oppression’ might not seem terribly threatening to those of us sitting comfortably in suburbia watching Netflix original series. But as the State changes the definition of a domestic terrorist by shades, and as it ratchets up the levels of taxation, regulation, and control by degrees, more and more people will come to be thought of as enemies of that apparatus.  As the State becomes more powerful and more controlling, more people will have more and more things to hide.”

http://www.fee.org/the_freeman/detail/the-all-seeing-eye

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The US and China: A Difference in Approaches

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“The threat from the US sheriff is very real.  But presumably, this bullying approach would be less effective if attempted against one of the world’s more powerful countries. If, for example, the US were to find itself in a situation such as the present one with China, in which the US appeared to be losing its battle over the dollar’s power as the world’s reserve currency, what would occur? Would the US sheriff attempt to bully China? And if the ploy did not succeed, would the US draw its six-guns and fire off a few rounds in the air for emphasis?  And if the above were to take place, what would the Chinese reaction be?”

http://www.internationalman.com/articles/the-us-and-china-a-difference-in-approaches

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