Tag Archives: History Repeating

“This Is Government Land”: The Eternal Refrain of the Federal Occupiers

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“Whatever else one might say about the CCF, the motives animating its occupation are much more commendable than those of the squatters who illegally occupied Harney County in the 1870s. The same Regime that made ‘settlers’ and ‘county fathers’ out of the first occupiers is determined to cage or kill the CCF in the service of the same principle expressed by the execrable Indian Agent William Rinehart: ‘This is government land'”

http://www.freedominourtime.blogspot.com/2016/01/this-is-government-land-eternal-refrain.html

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Greece passes more spending cuts, tax hikes after third EU bailout

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“The approved budget makes 5.7 billion euros ($6.2 billion) in spending cuts and gathers 2 billion euros in higher taxes. The cuts include 1.8 billion euros from pensions and 500 million from defense.  There have been strikes by public and private workers over the austerity and restructuring reforms sought by the EU as part of the financial bailout aimed at keeping Greece in the eurozone.  Greece’s debt is forecast to grow to 327.6 billion euros or 188 percent of gross domestic product (GDP) from 180% in 2015. Tsipras, who came to power in January promising to defend Greeks from EU-imposed cuts and was then re-elected in September, described the budget’s passage as a ‘difficult exercise.'”

http://www.dw.com/en/greek-parliament-narrowly-approves-tough-budget-with-spending-cuts-and-tax-hikes/a-18897432

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In Copenhagen, Apartment Prices Jump 60% After Rates Go Negative

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“Denmark’s biggest mortgage bank says there’s a ‘real risk’ Copenhagen is heading into a property bubble.  Property prices in Copenhagen have risen 40-60 percent since the middle of 2012, when the central bank first resorted to negative interest rates to defend the krone’s peg to the euro. The benchmark deposit rate has been minus 0.75 percent since February as Denmark’s currency war intensified, and most analysts surveyed by Bloomberg see negative rates lasting at least through 2017.  The Danish regulator this month warned Danske Bank against pursuing a growth strategy in Sweden as the housing market there shows signs of imbalances.”

http://www.bloomberg.com/news/articles/2015-10-21/60-house-price-surge-in-copenhagen-adds-to-bubble-drum-beat

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George Soros Sees Crisis in Global Markets That Echoes 2008

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“Soros has warned of a 2008-like catastrophe before. On a panel in Washington in September 2011, he said the Greece-born European debt crunch was ‘more serious than the crisis of 2008.’ Soros, whose hedge-fund firm gained about 20 percent a year on average from 1969 to 2011, has a net worth of about $27.3 billion, according to the Bloomberg Billionaires Index. He began his career in New York City in the 1950s and gained a reputation for his investing prowess in 1992 by netting $1 billion with a bet that the U.K. would be forced to devalue the pound.”

http://www.bloomberg.com/news/articles/2016-01-07/global-markets-at-the-beginning-of-a-crisis-george-soros-says

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Societé General Strategist: Yellen’s Dithering Fed Is Destined for Infamy

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“The Federal Reserve’s failure to recognize its role in driving the third dangerous asset bubble in 15 years will destroy the central bank’s reputation for good, said Albert Edwards, global strategist at Societe Generale. Edwards said it’s too late to avoid another massive collapse in asset prices.  ‘This time the Fed’s largesse has fueled another corporate debt explosion,’ he said. ‘The real rate of corporate borrowing is even greater than was seen during the late 1990s tech bubble. This is 100 percent attributable to the Fed’s excessively loose monetary policy.'”

http://www.newsmax.com/Finance/StreetTalk/Albert-Edwards-Janet-Yellen-Ben-Bernanke-Alan-Greenspan/2015/12/17/id/706234/

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‘Big Short’ Genius Thinks Another Financial Crisis Is Looming

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“Well, we are right back at it: trying to stimulate growth through easy money. It hasn’t worked, but it’s the only tool the Fed’s got. Meanwhile, the Fed’s policies widen the wealth gap, which feeds political extremism, forcing gridlock in Washington. It seems the world is headed toward negative real interest rates on a global scale. This is toxic. Interest rates are used to price risk, and so in the current environment, the risk-pricing mechanism is broken. That is not healthy for an economy. We are building up terrific stresses in the system, and any fault lines there will certainly harm the outlook.”

http://nymag.com/daily/intelligencer/2015/12/big-short-genius-says-another-crisis-is-coming.html

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Is ‘Peak Auto’ the Latest Threat to the Markets?

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“More than 19% of today’s loans are going to subprime or ‘deep subprime’ borrowers — and total volume for lower credit score borrowers is just shy of its 2005 record.  Indeed, lenders are basically giving loans to anyone with a pulse. The New York Fed recently found that application rejection rates have dropped to 3.3% from more than 10% a few years ago. The average loan now stretches out to a record 67 months, while 27% of U.S. loans sport terms of six to seven years. That’s because buyers can’t afford their monthly payments any other way. Bottom line: If you own auto stocks or stocks leveraged to the auto industry, sell them.”

http://www.moneyandmarkets.com/peak-auto-latest-threat-markets-75131

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US auto loans hit $1 trillion for first time

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“The loan balances have been driven up by a combination of three factors — strong car sales, rising car prices and low interest rates.  Interest rates are low. Borrowers with top credit scores can get loans for less than 3%.  But the amount owed is up 11%, a sign of the increase in the size of car loans due to rising prices.  The average amount borrowed is about $21,700, and buyers owe nearly $18,000 on average. The average new car purchase price now stands at $32,529, according to sales tracker TrueCar. The average car loan balance is rising faster than it is for mortgage loans, according to TransUnion.  The average payment now stands at just under $400 a month.”

http://money.cnn.com/2015/11/16/autos/car-loans-trillion-dollars/

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Puerto Rico Defaults On Bonds: Return Does Not Come Without Risk

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“Many American investors bought Puerto Rican bonds over the past five years as we all searched desperately for yield in the face of the Federal Reserve pushing interest rates down to historic lows. Normally, investors understand that higher yields come with greater risks. However, during the past six years of extraordinary interventions by the Fed into all sorts of financial markets, many investors may have decided that those higher yield investments weren’t really all that risky.  Puerto Rico’s problems may serve as a much-needed wake up call to investors. As rates rise, capital will move back toward safety and the risk premium demanded of higher risk projects is likely to increase.”

http://www.forbes.com/sites/jeffreydorfman/2016/01/04/puerto-rico-bond-defaults-early-reminder-to-investors-return-does-not-come-without-risk/

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Jeffrey Tucker: Two Faces, One Totalitarianism

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“What does totalitarianism mean? Ludwig von Mises in 1919 described it as the ideology that admits no limits on the power and competence of the state. There is no aspect of life that is conceptually beyond the reach of the political sphere. That is to say, the state is potentially or actually master of the totality of society.  Each side in the great ideological divide of our time admits some limits of state power. Working together, however, each giving what the other wants in a great political exchange, we might have that real thing: a total state.”

https://tucker.liberty.me/two-faces-one-totalitarianism/

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