Saturday, June 23, 2018

Foreigners turn away from Treasuries just when needed most: Analyst

The biggest buyers of U.S. Treasuries have turned fickle on U.S. debt, just when they may be needed most. Peter Boockvar, chief market analyst at The Lindsey Group, points out that for a fourth month in a row, foreigners were net sellers of U.S. notes and bonds, dumping $13.1 billion...

King Coal Is Losing His Throne

Peabody Energy joins a growing list of coal miners who are going broke thanks to a perfect storm of cheap natural gas, the slowdown in China, and tougher environmental rules. Peabody Energy, the world’s biggest privately owned coal mining company, filed for bankruptcy protection in the United States on Wednesday....

Fed’s Eric Rosengren Sees Reasonable Case for Gradual Rate Increases

Federal Reserve Bank of Boston president finds U.S. economy resilient despite drag from overseas. Federal Reserve Bank of Boston President Eric Rosengren said Friday that “a reasonable case can be made” for tightening interest rates to avoid overheating the economy. Holding rates at their current low level for much longer risks...

East Coast Ports Hit By Import Decline

Ports from New York to Savannah said container volumes fell in May as concerns about the economy and high inventory levels curbed import demand. Imports slumped at some of the East Coast's busiest ports in May, as high business inventories and shifting trade patterns that favor the West Coast curbed...

Why This Market Meltdown Isn’t a Repeat of 2008

U.S. economy and financial system are in a very different place now. The end isn’t nigh. Yes, there are losses, and big ones, as financial markets on Friday extended a brutal selloff that has ricocheted around the world since the year’s start. The carnage has become so pronounced it has...

A canary down the coal mine that predicted the 2008 crisis is signalling another...

A measure of international trade often seen as a bellwether for the global economy has crashed to its lowest level ever, fueling fears we could be heading for another 2008-style crash. Back in November, the Baltic Dry Index dropped below 500 for the first time in recorded history, and it...

It’s Worse Than 2008: CEO Of World’s Largest Shipping Company Delivers Dire Assessment Of...

Earlier today, we highlighted the rather abysmal results reported by Maersk, the world’s largest shipping company. To the extent the conglomerate is a bellwether for global growth and trade, things are looking pretty grim. Maersk Line - the company's golden goose and the world's largest container operator - racked up...

Jim Rickards: The U.S. Dollar Is A Shadow Gold Currency – The New Case...

Get ready to dispose of your preconceived notions regarding the Federal Reserve and its take on gold! Is it possible that the Fed wants a higher gold price after all? That is what Jim Rickards reveals in this riveting interview with Palisade Radio. Upon quick review, the Federal Reserve today...

Brexit Accelerates the British Pound’s 100 Years of Debasement

In 1967, U.K. Prime Minister Harold Wilson declared devaluation wouldn’t diminish the “pound in your pocket.” Chancellor of the Exchequer Norman Lamont admitted he was heard “singing in the bath” after sterling’s link to the deutsche mark was severed in 1992, sending the currency tumbling. If history is any guide,...

Banks Assert Constitutional Right to Billions in Subsidies

A trade group for the nation’s largest banks has asserted a constitutional right to risk-free profit from the Federal Reserve. Rob Nichols, the chief lobbyist for the American Bankers Association, argued in a comment letter Thursday that a recent federal law reducing the dividend on the stock that banks purchase...

An exorbitant privilege? Implications of reserve currencies for competitiveness

Could the US prioritize domestic growth and jobs over its global responsibilities, sparking greater currency volatility that threatens competitiveness? Sharp exchange rate volatility is a sign of stress in the world currency system and has reignited debate about whether the dollar will continue to be the world's primary reserve currency...

Reform the Fed

Janet Yellen has betrayed the American people and will go down as one of the worst chiefs of the Federal Reserve in history. Her decision to raise interest rates earlier this week guarantees a continuing weak recovery, suppressed wages, and entrenched inequality. In response, the left should add a central...

Deutsche Bank: The Fed is probably screwed

The Federal Reserve wants to do two things right now: Prepare markets for future interest rates hikes Raise interest rates But the problem, according to Deutsche Bank's global economics team, is that by preparing markets for future interest rate hikes the Fed potentially hampers its ability to actually carry out those hikes in...

Services Trade in Focus as TISA, TTIP, RCEP Aim for 2016 Conclusion

Services trade governance could see some significant developments in the coming year, as various major trade initiatives confirmed separately last month that they hope to reach conclusion in 2016. In recent weeks, negotiators for three major pacts – the Trade in Services Agreement (TISA), the Transatlantic Trade and Investment Partnership...

TTIP Must Die So the West Can Live

Free-market evangelists say the U.S.-EU trade deal is essential to the future of transatlantic diplomacy. But dangerous economics could unravel centuries of partnership. In the last few years, almost everyone invested in Europe’s relationship with the United States, and vice versa, has become fixated on the free trade agreement known...

Don’t listen to the ruling elite: the world economy is in real trouble

Andy Xie says those attending the G20, Davos and other wasteful meetings are wrong to try to pin the blame for the turmoil on people’s psychology; all signs point to a prolonged period of global stagnation and instability. The G20 working group meeting in Shanghai didn’t come up with any...

Central Bankers’ Wisdom Faulted as Gold Holdings Surge 25%

The great gold rush of 2016 is gathering pace. Holdings in exchange-traded funds have now surged by a quarter, with investors taking advantage of lower prices over the past two weeks to enlarge stakes on rising concern about central bank policy making worldwide. The holdings have increased to 1,822.3 metric...

War Threat Rises As Economy Declines

The defining events of our time are the collapse of the Soviet Union, 9/11, jobs offshoring, and financial deregulation. In these events we find the basis of our foreign policy problems and our economic problems. The United States has always had a good opinion of itself, but with the Soviet...

Wall Street Is in Charge in Argentina (Again)

Hours after Argentina cut a deal with New York hedge funds to end a nasty, 15-year-old debt dispute, the government’s top economic officials took to the podium in Buenos Aires to bask in the moment. First to speak that February evening was the finance minister, Alfonso Prat-Gay. He’s an old...

Obama Administration Gives Up on Pacific Trade Deal

Congressional GOP leaders indicated they wouldn’t consider Trans-Pacific Partnership in lame-duck session. A sweeping Pacific trade pact meant to bind the U.S.and Asia effectively died Friday, as Republican and Democratic leaders in Congress told the White House they won’t advance it in the election’s aftermath, and Obama administration officials acknowledged...

It’s lonely out there for central bankers in a low growth world

A blockbuster week for global monetary policy ended on a whimper and started with a bang. Central bankers round the world are realising their pump-priming policy actions are having a diminishing impact, an awkward insight just as they're forced to be more experimental and more risky. The next obvious trick is...

Treasury Market’s Biggest Buyers Are Selling as Never Before

They’ve long been one of the most reliable sources of demand for U.S. government debt. But these days, foreign central banks have become yet another worry for investors in the world’s most important bond market. Holders like China and Japan have culled their stakes in Treasuries for three consecutive quarters, the...
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Gold supply to drop by 7 pct by 2021 – Newmont CEO

Due to the past price performance of gold, supply is constrained says Gary Goldberg, president and CEO of Newmont Mining. "We see the medium- to long-term as being very good," said Goldberg in an interview with MINING.com earlier this month talking about gold prices and buying trends in India and...

Fed knows policy doesn’t work anymore but it won’t admit it: Strategist

The policies of global central banks received another bashing Thursday with a London-based investment strategist launching a stinging analysis of the U.S. Federal Reserve. Minutes released late Wednesday from the Fed's latest policy meeting showed some voting Federal Reserve policymakers expected a further U.S. interest rate increase will be required...

Asia markets capitulate as UK votes to leave European Union

Asian stocks cratered, gold prices surged and the dollar briefly plunged below 100 against the yen on Friday as financial markets were rocked by results from the UK referendum on European Union (EU) membership that pointed to a Brexit. The UK voted to leave the EU, a dramatic turn that...

Durable Goods Orders Weaken Amid Global Headwinds

Some economists cut GDP outlook as businesses seem reluctant to spend. WASHINGTON—A key measure of U.S. manufacturing health tipped back into decline last month, evidence that headwinds from weak global growth, low oil prices and financial volatility are weighing on company spending. New orders for durable goods - products designed to...

BlackRock to Wind Down Macro Hedge Fund

BlackRock, the world’s biggest asset manager, is closing a billion-dollar hedge fund that made money for investors with bets on macroeconomic trends around the world. The BlackRock Global Ascent hedge fund has lost 9.4 percent this year and investors in the $1 billion fund were notified over the last week...

The Lapis Lazuli Eurasian Corridor and the Central Asia, South Asia Electricity Transmission and...

Color Revolutions? The US State Department’s “Hoagland-Blinken Doctrine” Is Washington’s Plan For Central Asia By Andrew Korybko, April 14, 2015 The first part of the article examined the US’ stated goals in Central Asia, its geopolitical jealousy of Russia and China for their successes there, and the Color Revolution infrastructure that it’s...

A Key Similarity Between Snowden Leak and Panama Papers: Scandal Is What’s Been Legalized

FROM THE START of the reporting based on Edward Snowden’s leaked document archive, government defenders insisted that no illegal behavior was revealed. That was always false: Multiple courts have now found the domestic metadata spying program in violation of the Constitution and relevant statutes and have issued similar rulings for other mass surveillance programs;...

Brexit: buy gold searches up 500% after pound nosedives

Internet searches for 'buy gold' spiked by a staggering 500 per cent in the hours following the UK's decisions to leave the EU, according to Google Trends. The price of the precious metal went up as much as 8.1 per cent to nearly $1,360 an ounce, its highest level since...

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